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Skyworks Reports Q4 and Full Year FY19 Results

Dienstag, 12.11.19 22:15
Skyworks Reports Q4 and Full Year FY19 Results
Bildquelle: iStock by Getty Images
IRVINE, Calif. –

Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high performance analog semiconductors connecting people, places and things, today reported fourth fiscal quarter and fiscal year-end results for the period ended September 27, 2019.

Revenue for the fourth fiscal quarter of 2019 was $827.4 million, up 8 percent sequentially. On a GAAP basis, operating income for the fourth fiscal quarter of 2019 was $233.9 million with diluted earnings per share of $1.22. On a non-GAAP basis, operating income was $281.1 million with non-GAAP diluted earnings per share of $1.52.

For fiscal year 2019, revenue was $3.377 billion, with GAAP diluted earnings per share of $4.89. Non-GAAP diluted earnings per share for fiscal year 2019 were $6.17.

“Skyworks delivered solid financial results in the fourth fiscal quarter, closing a year that saw extraordinary market volatility and change,” said Liam K. Griffin, president and chief executive officer of Skyworks. “Looking ahead, we are well positioned to execute on our mission of delivering compelling 5G solutions across a growing and diverse suite of customers and markets. Our systems-level approach, highlighted by our Sky5® platform, now includes strategic capabilities in BAW, Wi-Fi 6, MIMO and custom diversity receive. Collectively, these solutions are unleashing the true potential of 5G – successfully providing a range of options to our customers while increasing the value and utility of each usage case. We are in the early innings of this substantial technology inflection, as we translate these dynamics into sustainable growth and profitability.”

Fourth Fiscal Quarter Business Highlights

  • Accelerated ramp of Sky5® portfolio supporting multiple 5G launches
  • Powered Samsung’s suite of 4G mobile devices and their first foldable 5G smartphone
  • Enabled LG’s V50ThinQ™ flagship 5G handset featuring an OLED display and dual screens
  • Supported leading infrastructure customers with 5G small cell architectures
  • Secured Wi-Fi 6 design wins with Netgear in their Orbi™ and Nighthawk platforms
  • Delivered LTE-powered IoT engines across Sierra Wireless industrial gateways and transportation platforms
  • Commenced volume production of high-performance mesh network connectivity modules for Amazon, Juniper and Ruckus
  • Ramped fully integrated LTE solutions with major automotive manufacturers
  • Shipped Zigbee® ultra-low power devices for a tier-one home security provider
  • Expanded reach at Sonos, enabling their indoor/outdoor portable smart speakers
  • Introduced cognitive chipsets for ultra-low latency, next-generation wireless gaming headsets

First Fiscal Quarter 2020 Outlook

We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.

“Strategic product ramps, content gains and an expanding footprint across a broad set of customers, end markets and applications are expected to drive sequential revenue and earnings growth in the December quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the first fiscal quarter of 2020, we anticipate revenue to be between $870 and $890 million with non-GAAP diluted earnings per share of $1.65 at the midpoint of our revenue range.”

Dividend Payment

Skyworks’ Board of Directors has declared a cash dividend of $0.44 per share of the Company’s common stock, payable on December 24, 2019, to stockholders of record at the close of business on December 3, 2019.

Skyworks’ Fourth Quarter 2019 Conference Call

Skyworks will host a conference call with analysts to discuss its fourth fiscal quarter 2019 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please visit the investor relations section of Skyworks' website. To listen to the conference call via telephone, please call (844) 583-4549 (domestic) or (825) 312-2257 (international), confirmation code: 4255806.

Playback of the conference call will begin at 9:00 p.m. Eastern time on November 12, and end at 9:00 p.m. Eastern time on November 19. The replay will be available on Skyworks' website or by calling (800) 585-8367 (domestic) or (416) 621-4642 (international), access code: 4255806.

About Skyworks

Skyworks Solutions, Inc. is empowering the wireless networking revolution. Our highly innovative analog semiconductors are connecting people, places and things spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.

Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® and Nasdaq-100® market indices (Nasdaq: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com.

Safe Harbor Statement

This news release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation information relating to future results and expectations of Skyworks (e.g., certain projections and business trends, as well as plans for dividend payments and share repurchases). Forward-looking statements can often be identified by words such as "anticipates," "expects," "forecasts," "intends," "believes," "plans," "may," "will," or "continue," and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected, and may affect our future operating results, financial position and cash flows.

These risks, uncertainties and other important factors include, but are not limited to: the susceptibility of the semiconductor industry and the markets addressed by our, and our customers', products to economic downturns; our reliance on several key customers for a large percentage of our sales; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., the effect of the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Huawei Technologies Co., Ltd. and certain of its affiliates on the Bureau’s Entity List), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, fluctuations in foreign currency exchange rates, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to obtain design wins from customers; delays in the standardization or commercial deployment of 5G technologies; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers' demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies, and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials and supplier components; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings with the Securities and Exchange Commission.

The forward-looking statements contained in this news release are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.

SKYWORKS SOLUTIONS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions, except per share amounts)

 

September 27,
2019

 

September 28,
2018

 

September 27,
2019

 

September 28,
2018

Net revenue

 

$

827.4

 

 

$

1,008.4

 

 

$

3,376.8

 

 

$

3,868.0

 

Cost of goods sold

 

421.4

 

 

504.8

 

 

1,773.0

 

 

1,917.3

 

Gross profit

 

406.0

 

 

503.6

 

 

1,603.8

 

 

1,950.7

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

106.8

 

 

103.0

 

 

424.1

 

 

404.5

 

 

Selling, general and administrative

 

55.8

 

 

54.4

 

 

198.3

 

 

207.8

 

 

Amortization of intangibles

 

4.0

 

 

6.3

 

 

22.6

 

 

18.3

 

 

Restructuring and other charges (benefit)

 

5.5

 

 

(0.2

)

 

6.8

 

 

0.8

 

 

 

Total operating expenses

 

172.1

 

 

163.5

 

 

651.8

 

 

631.4

 

Operating income

 

233.9

 

 

340.1

 

 

952.0

 

 

1,319.3

 

 

Other income, net

 

0.1

 

 

3.3

 

 

9.0

 

 

12.8

 

Income before income taxes

 

234.0

 

 

343.4

 

 

961.0

 

 

1,332.1

 

Provision for income taxes

 

23.4

 

 

57.9

 

 

107.4

 

 

413.7

 

Net income

 

$

210.6

 

 

$

285.5

 

 

$

853.6

 

 

$

918.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.23

 

 

$

1.60

 

 

$

4.92

 

 

$

5.06

 

 

 

Diluted

 

$

1.22

 

 

$

1.58

 

 

$

4.89

 

 

$

5.01

 

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

Basic

 

171.2

 

 

178.6

 

 

173.5

 

 

181.3

 

 

 

Diluted

172.2

180.2

174.5

183.2

 

SKYWORKS SOLUTIONS, INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(in millions)

 

September 27,
2019

 

September 28,
2018

 

September 27,
2019

 

September 28,
2018

GAAP gross profit

 

$

406.0

 

 

$

503.6

 

 

$

1,603.8

 

 

$

1,950.7

 

 

 

Share-based compensation expense [a]

 

4.8

 

 

2.8

 

 

13.0

 

 

14.4

 

 

 

Acquisition-related expenses [b]

 

 

 

4.5

 

 

1.9

 

 

4.5

 

 

 

Amortization of acquisition-related intangibles [c]

 

5.9

 

 

2.3

 

 

21.1

 

 

2.3

 

 

 

Settlements, gains, losses and impairments [d]

 

(0.5

)

 

3.0

 

 

68.7

 

 

2.0

 

 

 

Restructuring and other charges (benefit) [e]

 

 

 

(0.2

)

 

0.4

 

 

0.8

 

Non-GAAP gross profit

 

$

416.2

 

 

$

516.0

 

 

$

1,708.9

 

 

$

1,974.7

 

GAAP gross margin %

 

49.1

%

 

49.9

%

 

47.5

%

 

50.4

%

Non-GAAP gross margin %

 

50.3

%

 

51.2

%

 

50.6

%

 

51.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended


Quelle: Business Wire

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