Synaptics Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Synaptics Inc. has filed its Q2 2024 10-Q report detailing financial performance and disclosures.</b>

AI Summary

SYNAPTICS Inc (SYNA) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Synaptics Inc. filed its 10-Q report for the period ending December 30, 2023. The filing covers the second quarter of fiscal year 2024. Key financial data points and disclosures related to the period are included. The company's fiscal year ends on June 26. The filing was made on February 8, 2024.

Why It Matters

For investors and stakeholders tracking SYNAPTICS Inc, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Synaptics Inc. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — SYNAPTICS Inc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures, but the specific details within the report could reveal material changes or risks.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 10-Q to understand Synaptics Inc.'s performance and any emerging risks.

Key Numbers

• 20231230 — Period End Date (Conformed period of report)
• 20240208 — Filing Date (Filed as of date)
• Q2 2024 — Fiscal Quarter (Reporting period)
• 0626 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• SYNAPTICS Inc (company) — Filer name
• 20231230 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• 0000817720 (company) — Central Index Key
• 3674 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• 0626 (date) — Fiscal year end
• 1109 MCKAY DRIVE (address) — Business address street 1

Forward-Looking Statements

• SYNAPTICS Inc. will continue to face revenue pressure in the next quarter due to ongoing market softness. (SYNAPTICS Inc.) — medium confidence, target: 2024-03-30
• The company's net loss could persist if demand for IoT and PC products does not recover. (SYNAPTICS Inc.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Synaptics Inc. operates in the semiconductor industry, focusing on human interface solutions.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Examine the risk factors section for any new or evolving risks that could impact the company.

Key Dates

• 2023-12-30T00:00:00.000Z: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-08T00:00:00.000Z: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for this period; no prior filing data is available for comparison within this context.

Filing Documents

• syna-20231230.htm (10-Q) — 2418KB
• syna-ex10_2.htm (EX-10.2) — 21KB
• syna-ex10_3.htm (EX-10.3) — 23KB
• syna-ex31_1.htm (EX-31.1) — 11KB
• syna-ex31_2.htm (EX-31.2) — 11KB
• syna-ex32_1.htm (EX-32.1) — 6KB
• syna-ex32_2.htm (EX-32.2) — 6KB
• img91929708_0.jpg (GRAPHIC) — 10KB
• img92853229_0.jpg (GRAPHIC) — 10KB
• 0000950170-24-012868.txt (&nbsp;) — 10976KB
• syna-20231230.xsd (EX-101.SCH) — 1537KB
• syna-20231230_htm.xml (XML) — 2225KB

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited): Condensed Consolidated Balance Sheets—December 30, 2023 and June 24, 2023 3 Condensed Consolidated Statements of Operations—Three and Six Months Ended December 30, 2023 and December 24, 2022 4 Condensed Consolidated Statements of Comprehensive (Loss) Income—Three and Six Months Ended December 30, 2023 and December 24, 2022 5 Condensed Consolidated Statements of Stockholders' Equity—Three and Six Months Ended December 30, 2023 and December 24, 2022 6 Condensed Consolidated Statements of Cash Flows—Six Months Ended December 30, 2023 and December 24, 2022 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 6. Exhibits 48

Signatures

Signatures 49 PA RT I—FINANCIAL INFORMATION

C ONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. C ONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) SYNAPTICS INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value and share amounts) (unaudited) December June 2023 2023 ASSETS Current Assets: Cash and cash equivalents $ 846.1 $ 924.7 Short-term investments 2.6 9.6 Accounts receivable, net 126.6 163.9 Inventories, net 125.1 137.2 Prepaid expenses and other current assets 47.0 36.6 Total current assets 1,147.4 1,272.0 Property and equipment, net 71.0 66.4 Goodwill 816.4 816.4 Acquired intangibles, net 270.4 298.5 Right-of-use assets 45.9 49.0 Non-current other assets 222.2 109.1 $ 2,573.3 $ 2,611.4 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 83.0 $ 45.8 Accrued compensation 22.4 45.9 Income taxes payable 38.0 54.0 Other accrued liabilities 103.9 108.4 Current portion of long-term debt 6.0 6.0 Total current liabilities 253.3 260.1 Long-term debt 968.7 972.0 Other long-term liabilities 131.0 135.9 Total liabilities 1,353.0 1,368.0 Stockholders' Equity: Preferred stock: $ 0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding — — Common stock: $ 0.001 par value; 120,000,000 shares authorized, 69,404,215 and 68,687,511 shares issued, 39,287,776 and 38,571,072 shares outstanding, at December 2023 and June 2023, respectively 0.1 0.1 Additional paid-in capital 1,050.5 1,009.2 Treasury stock: 30,116,439 common shares at December 2023 and June 2023, at cost ( 878.0 ) ( 878.0 ) Accumulated other comprehensive loss 0.2 — Retained earnings 1,047.5 1,112.1 Total stockholders' equity 1,220.3 1,243.4 $ 2,573.3 $ 2,611.4 See accompanying notes to condensed consolidated financial statements (unaudited) 3 SYNAPTICS INCORPORAT ED AND SUBSIDIARIES

View Full Filing

View this 10-Q filing on SEC EDGAR