$SWKS
SKYWORKS SOLUTIONS, INC.

2024 Q3 Form 10-Q Financial Statement

#000000412724000070 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.025B $905.5M
YoY Change -15.91% -15.47%
Cost Of Revenue $595.1M $541.4M
YoY Change -19.66% -10.82%
Gross Profit $429.8M $364.1M
YoY Change -10.1% -21.55%
Gross Profit Margin 41.94% 40.21%
Selling, General & Admin $74.10M $71.20M
YoY Change 1.09% -7.77%
% of Gross Profit 17.24% 19.56%
Research & Development $163.5M $160.7M
YoY Change 11.38% 8.58%
% of Gross Profit 38.04% 44.14%
Depreciation & Amortization $115.4M $112.3M
YoY Change -19.41% -24.48%
% of Gross Profit 26.85% 30.84%
Operating Expenses $237.8M $233.7M
YoY Change 6.26% 2.05%
Operating Profit $192.0M $130.4M
YoY Change -24.5% -44.53%
Interest Expense -$6.900M $6.600M
YoY Change -44.35% -140.74%
% of Operating Profit -3.59% 5.06%
Other Income/Expense, Net $5.800M $9.600M
YoY Change 26.09% 26.32%
Pretax Income $58.40M $133.4M
YoY Change -76.28% -39.94%
Income Tax -$2.100M $12.50M
% Of Pretax Income -3.6% 9.37%
Net Earnings $60.50M $120.9M
YoY Change -75.29% -38.25%
Net Earnings / Revenue 5.9% 13.35%
Basic Earnings Per Share $0.75
Diluted Earnings Per Share $0.37 $0.75
COMMON SHARES
Basic Shares Outstanding 159.7M shares 160.4M shares
Diluted Shares Outstanding 161.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.574B $1.284B
YoY Change 114.34% 74.32%
Cash & Equivalents $1.574B $1.263B
Short-Term Investments $194.1M $5.600M
Other Short-Term Assets $484.7M $539.9M
YoY Change 5.12% 26.74%
Inventory $784.8M $822.8M
Prepaid Expenses $234.8M $233.7M
Receivables $508.8M $607.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.868B $3.239B
YoY Change -9.81% 3.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.280B $1.265B
YoY Change -7.9% -22.43%
Goodwill $2.177B $2.177B
YoY Change 0.0% 0.0%
Intangibles $900.5M $1.076B
YoY Change -26.32% -15.28%
Long-Term Investments $11.40M $14.90M
YoY Change 178.05% 396.67%
Other Assets $1.058B $74.90M
YoY Change 1772.74% -71.05%
Total Long-Term Assets $5.416B $4.997B
YoY Change 3.21% -6.4%
TOTAL ASSETS
Total Short-Term Assets $2.868B $3.239B
Total Long-Term Assets $5.416B $4.997B
Total Assets $8.283B $8.236B
YoY Change -1.7% -2.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.8M $160.9M
YoY Change 7.91% 0.5%
Accrued Expenses $780.5M $745.1M
YoY Change 98.35% 76.9%
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 $952.3M $562.9M
YoY Change -0.36% -31.09%
LONG-TERM LIABILITIES
Long-Term Debt $994.3M $994.0M
YoY Change 0.14% -25.91%
Other Long-Term Liabilities $35.80M $36.10M
YoY Change -18.45% -91.56%
Total Long-Term Liabilities $994.3M $36.10M
YoY Change 2164.92% -97.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $952.3M $562.9M
Total Long-Term Liabilities $994.3M $36.10M
Total Liabilities $1.947B $1.900B
YoY Change -16.95% -26.53%
SHAREHOLDERS EQUITY
Retained Earnings $6.033B $6.084B
YoY Change 2.67% 6.01%
Common Stock $309.4M $257.7M
YoY Change 45.74% 79.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.337B $6.336B
YoY Change
Total Liabilities & Shareholders Equity $8.283B $8.236B
YoY Change -1.7% -2.69%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $60.50M $120.9M
YoY Change -75.29% -38.25%
Depreciation, Depletion And Amortization $115.4M $112.3M
YoY Change -19.41% -24.48%
Cash From Operating Activities $476.1M $273.4M
YoY Change 30.26% -10.6%
INVESTING ACTIVITIES
Capital Expenditures $88.70M $29.40M
YoY Change 15.05% -16.0%
Acquisitions
YoY Change
Other Investing Activities -$182.7M $1.400M
YoY Change 16509.09% -99.36%
Cash From Investing Activities -$271.4M -$28.00M
YoY Change 247.06% -115.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.50M -187.4M
YoY Change -65.7% -68.76%
NET CHANGE
Cash From Operating Activities 476.1M 273.4M
Cash From Investing Activities -271.4M -28.00M
Cash From Financing Activities -99.50M -187.4M
Net Change In Cash 105.2M 58.00M
YoY Change -3857.14% -152.25%
FREE CASH FLOW
Cash From Operating Activities $476.1M $273.4M
Capital Expenditures $88.70M $29.40M
Free Cash Flow $387.4M $244.0M
YoY Change 34.33% -9.9%

Facts In Submission

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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Depreciation
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us-gaap Asset Impairment Charges
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Income Taxes Paid
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us-gaap Interest Paid Net
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us-gaap Stock Issued1
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Dividends
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CY2023Q4 us-gaap Stockholders Equity
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CY2024Q1 us-gaap Dividends
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CY2022Q3 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Dividends
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2023Q1 us-gaap Dividends
Dividends
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StockholdersEquity
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q2 us-gaap Dividends
Dividends
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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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 nine months ended June 28, 2024, and June 30, 2023, each consisted of 13 weeks and 39 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
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<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 nine months ended June 28, 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 $56.6 million for the three and nine months ended June 28, 2024, respectively. This benefit decreased cost of goods sold by $8.9 million and $10.7 million and decreased research and development expenses by $2.4 million and $7.4 million for the three and nine months ended June 28, 2024, respectively, and decreased ending inventory by $38.5 million as of June 28, 2024. As a result of this change in accounting estimate, net income increased by $11.3 million and $18.1 million and diluted earnings per share increased by $0.07 and $0.11 for the three and nine months ended June 28, 2024, respectively.</span></div>
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2024Q2 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Goodwill Period Increase Decrease
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us-gaap Goodwill Impairment Loss
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CY2024Q2 us-gaap Goodwill Impairment Loss
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CY2024Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P12Y
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CY2024Q2 swks Completed And Transferred In Process Research And Development
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CY2024Q2 us-gaap Finite Lived Intangible Asset Useful Life
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CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
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CY2023Q2 us-gaap Finite Lived Intangible Asset Useful Life
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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167900000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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CY2023Q2 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12500000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42500000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.094
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.118
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.074
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.114
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
CY2024Q2 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
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0.68
CY2023Q4 us-gaap Payments Of Dividends Common Stock
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108900000 usd
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
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0.62
CY2022Q4 us-gaap Payments Of Dividends Common Stock
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99400000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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0.68
CY2024Q1 us-gaap Payments Of Dividends Common Stock
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109100000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2024Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
109100000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.04
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
327100000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.86
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
296700000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42700000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
142100000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
135200000 usd
us-gaap Net Income Loss
NetIncomeLoss
535500000 usd
us-gaap Net Income Loss
NetIncomeLoss
738000000.0 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159400000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
160000000.0 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.61
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2023Q3 us-gaap Prepaid Expense Current
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306000000.0 usd
CY2023Q3 swks Other Miscellaneous Current Assets
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155100000 usd
CY2023Q3 us-gaap Other Assets Current
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461100000 usd
CY2024Q2 us-gaap Contract With Customer Refund Liability
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197600000 usd
CY2023Q3 us-gaap Contract With Customer Refund Liability
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270900000 usd
CY2024Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
36300000 usd
CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
58800000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19700000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
28300000 usd
CY2023Q3 swks Other Miscellaneous Current Liabilities
OtherMiscellaneousCurrentLiabilities
44800000 usd
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
402800000 usd
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0000004127-24-000070-index-headers.html Edgar Link pending
0000004127-24-000070-index.html Edgar Link pending
0000004127-24-000070.txt Edgar Link pending
0000004127-24-000070-xbrl.zip Edgar Link pending
exhibit101-secondamendedan.htm Edgar Link pending
exhibit102-amendmenttoespp.htm Edgar Link pending
exhibit103-amendmenttonqes.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_0.jpg Edgar Link pending
image_01.jpg Edgar Link pending
image_02.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
q324exhibit311.htm Edgar Link pending
q324exhibit312.htm Edgar Link pending
q324exhibit321.htm Edgar Link pending
q324exhibit322.htm Edgar Link pending
R1.htm Edgar Link pending
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swks-20240628_cal.xml Edgar Link unprocessable
R38.htm Edgar Link pending
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R6.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
swks-20240628.htm Edgar Link pending
swks-20240628.xsd Edgar Link pending
swks-20240628_def.xml Edgar Link unprocessable
swks-20240628_pre.xml Edgar Link unprocessable
swks-20240628_htm.xml Edgar Link completed
swks-20240628_lab.xml Edgar Link unprocessable