$SWKS
SKYWORKS SOLUTIONS, INC.

2024 Q2 Form 10-Q Financial Statement

#000000412724000019 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $905.5M $1.046B
YoY Change -15.47% -9.29%
Cost Of Revenue $541.4M $625.7M
YoY Change -10.82% 0.0%
Gross Profit $364.1M $420.3M
YoY Change -21.55% -20.31%
Gross Profit Margin 40.21% 40.18%
Selling, General & Admin $71.20M $76.80M
YoY Change -7.77% -2.78%
% of Gross Profit 19.56% 18.27%
Research & Development $160.7M $154.4M
YoY Change 8.58% 4.18%
% of Gross Profit 44.14% 36.74%
Depreciation & Amortization $112.3M $110.8M
YoY Change -24.48% -26.33%
% of Gross Profit 30.84% 26.36%
Operating Expenses $233.7M $231.4M
YoY Change 2.05% -8.93%
Operating Profit $130.4M $188.9M
YoY Change -44.53% -30.88%
Interest Expense $6.600M -$7.100M
YoY Change -140.74% -137.57%
% of Operating Profit 5.06% -3.76%
Other Income/Expense, Net $9.600M $10.80M
YoY Change 26.32% 100.0%
Pretax Income $133.4M $192.9M
YoY Change -39.94% -25.75%
Income Tax $12.50M $9.600M
% Of Pretax Income 9.37% 4.98%
Net Earnings $120.9M $183.3M
YoY Change -38.25% -21.26%
Net Earnings / Revenue 13.35% 17.52%
Basic Earnings Per Share $0.75 $1.14
Diluted Earnings Per Share $0.75 $1.14
COMMON SHARES
Basic Shares Outstanding 160.4M shares 160.2M shares
Diluted Shares Outstanding 161.4M shares 161.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.284B $1.218B
YoY Change 74.32% 14.78%
Cash & Equivalents $1.263B $1.205B
Short-Term Investments $5.600M $12.90M
Other Short-Term Assets $539.9M $476.4M
YoY Change 26.74% 20.36%
Inventory $822.8M $835.5M
Prepaid Expenses $233.7M $261.4M
Receivables $607.4M $615.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.239B $3.146B
YoY Change 3.65% -7.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.265B $1.506B
YoY Change -22.43% 0.67%
Goodwill $2.177B $2.177B
YoY Change 0.0% 0.0%
Intangibles $1.076B $1.120B
YoY Change -15.28% -15.29%
Long-Term Investments $14.90M $3.000M
YoY Change 396.67%
Other Assets $74.90M $358.7M
YoY Change -71.05% 203.47%
Total Long-Term Assets $4.997B $5.164B
YoY Change -6.4% -5.11%
TOTAL ASSETS
Total Short-Term Assets $3.239B $3.146B
Total Long-Term Assets $4.997B $5.164B
Total Assets $8.236B $8.310B
YoY Change -2.69% -6.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.9M $149.8M
YoY Change 0.5% -9.65%
Accrued Expenses $745.1M $353.4M
YoY Change 76.9% -62.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $562.9M $606.4M
YoY Change -31.09% -48.11%
LONG-TERM LIABILITIES
Long-Term Debt $994.0M $993.6M
YoY Change -25.91% -50.09%
Other Long-Term Liabilities $36.10M $350.5M
YoY Change -91.56% 558.83%
Total Long-Term Liabilities $36.10M $1.344B
YoY Change -97.96% 2426.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $562.9M $606.4M
Total Long-Term Liabilities $36.10M $1.344B
Total Liabilities $1.900B $1.951B
YoY Change -26.53% -37.26%
SHAREHOLDERS EQUITY
Retained Earnings $6.084B $6.073B
YoY Change 6.01% 7.62%
Common Stock $257.7M $292.3M
YoY Change 79.21% 204.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.336B $6.359B
YoY Change
Total Liabilities & Shareholders Equity $8.236B $8.310B
YoY Change -2.69% -6.02%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $120.9M $183.3M
YoY Change -38.25% -21.26%
Depreciation, Depletion And Amortization $112.3M $110.8M
YoY Change -24.48% -26.33%
Cash From Operating Activities $273.4M $300.3M
YoY Change -10.6% -27.06%
INVESTING ACTIVITIES
Capital Expenditures $29.40M $35.20M
YoY Change -16.0% -33.21%
Acquisitions
YoY Change
Other Investing Activities $1.400M $2.200M
YoY Change -99.36% -104.12%
Cash From Investing Activities -$28.00M -$33.00M
YoY Change -115.3% -68.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -187.4M -91.60M
YoY Change -68.76% -68.73%
NET CHANGE
Cash From Operating Activities 273.4M 300.3M
Cash From Investing Activities -28.00M -33.00M
Cash From Financing Activities -187.4M -91.60M
Net Change In Cash 58.00M 175.7M
YoY Change -152.25% 1283.46%
FREE CASH FLOW
Cash From Operating Activities $273.4M $300.3M
Capital Expenditures $29.40M $35.20M
Free Cash Flow $244.0M $265.1M
YoY Change -9.9% -26.16%

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CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
800000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
5549900000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
232800000 usd
CY2023Q1 swks Stock Issued During Period Value Share Based Compensation Netof Related Taxes
StockIssuedDuringPeriodValueShareBasedCompensationNetofRelatedTaxes
14900000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
43000000.0 usd
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
9100000 usd
CY2023Q1 us-gaap Dividends
Dividends
98600000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
5732900000 usd
us-gaap Fiscal Period
FiscalPeriod
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year ends on the Friday closest to September 30. The fiscal year ending on September 27, 2024 consists of 52 weeks (“fiscal 2024”). The fiscal year ended on September 29, 2023 consisted of 52 weeks (“fiscal 2023”). The three and six months ended March 29, 2024, and March 31, 2023, each consisted of 13 weeks and 26 weeks, respectively.</span></div>
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-27
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the six months ended March 29, 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment. The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment. Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets. This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $18.9 million and $37.7 million for the three and six months ended March 29, 2024, respectively. This benefit decreased cost of goods sold by $1.8 million for each of the three and six months ended March 29, 2024, respectively, decreased research and development expenses by $2.5 million and $4.9 million for the three and six months ended March 29, 2024, respectively, and decreased ending inventory by $31.0 million as of March 29, 2024. As a result of this change in accounting estimate, net income increased by $4.3 million and $6.7 million and diluted earnings per share increased by $0.03 and $0.04 for the three and six months ended March 29, 2024, respectively.</span></div>
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
CY2024Q1 us-gaap Revenues
Revenues
1046000000 usd
CY2023Q1 us-gaap Revenues
Revenues
1153100000 usd
us-gaap Revenues
Revenues
2247500000 usd
us-gaap Revenues
Revenues
2482400000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1046000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1153100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2247500000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2482400000 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
16100000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
17000000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
17000000 usd
CY2024Q1 us-gaap Senior Notes
SeniorNotes
993600000 usd
CY2023Q3 us-gaap Senior Notes
SeniorNotes
992900000 usd
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
33900000 usd
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
57200000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
657700000 usd
CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
746800000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
143900000 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
315700000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
835500000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
1119700000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4150800000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4171700000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2849400000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2781600000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1301400000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1390100000 usd
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
CY2024Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1616100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
496600000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1119500000 usd
CY2023Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1637500000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
415400000 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1222100000 usd
swks Completed And Transferred In Process Research And Development
CompletedAndTransferredInProcessResearchAndDevelopment
55700000 usd
CY2024Q1 swks Completed And Transferred In Process Research And Development
CompletedAndTransferredInProcessResearchAndDevelopment
55700000 usd
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y
CY2023Q1 swks Completed And Transferred In Process Research And Development
CompletedAndTransferredInProcessResearchAndDevelopment
1800000 usd
swks Completed And Transferred In Process Research And Development
CompletedAndTransferredInProcessResearchAndDevelopment
9500000 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
45500000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
93600000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
51400000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
123400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
91300000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
164100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
136200000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
120900000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
97800000 usd
CY2024Q1 swks Us Gaap Finite Lived Intangible Assets Amortization Expense After Year Four
UsGaap_FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
309800000 usd
CY2024Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-4600000 usd
CY2023Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
16100000 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
7500000 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
42500000 usd
CY2024Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
14200000 usd
CY2023Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
10900000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
22500000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
25800000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9600000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27000000.0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30000000.0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
68300000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.050
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.104
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.067
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.112
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-27
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.68
CY2023Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
108900000 usd
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2022Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
99400000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.68
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
109100000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
98600000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.36
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
218000000.0 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.24
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
198000000.0 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000000.0 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
183300000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
160400000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161400000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
261400000 usd
CY2024Q1 swks Other Miscellaneous Current Assets
OtherMiscellaneousCurrentAssets
215000000.0 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
476400000 usd
CY2024Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
226700000 usd
CY2024Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
59800000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
20000000.0 usd
CY2024Q1 swks Other Miscellaneous Current Liabilities
OtherMiscellaneousCurrentLiabilities
43400000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
349900000 usd

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