$SYNA
SYNAPTICS Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024057227 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $247.4M $237.3M
YoY Change 8.84% -27.34%
Cost Of Revenue $134.0M $127.0M
YoY Change 6.26% -17.69%
Gross Profit $113.4M $110.3M
YoY Change 12.06% -35.98%
Gross Profit Margin 45.84% 46.48%
Selling, General & Admin $38.10M $40.50M
YoY Change -17.53% -2.88%
% of Gross Profit 33.6% 36.72%
Research & Development $84.40M $83.40M
YoY Change -0.12% -5.12%
% of Gross Profit 74.43% 75.61%
Depreciation & Amortization $28.50M $25.10M
YoY Change 235.29% 195.29%
% of Gross Profit 25.13% 22.76%
Operating Expenses $126.4M $127.7M
YoY Change -9.2% -7.53%
Operating Profit -$13.00M -$17.40M
YoY Change -65.79% -150.88%
Interest Expense -$6.300M $11.90M
YoY Change 0.0% 5.31%
% of Operating Profit
Other Income/Expense, Net -$5.900M
YoY Change -15.71%
Pretax Income -$36.70M -$23.30M
YoY Change -17.16% -185.66%
Income Tax -$245.0M -$5.200M
% Of Pretax Income
Net Earnings $208.3M -$18.10M
YoY Change -990.17% -274.04%
Net Earnings / Revenue 84.2% -7.63%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share $5.02 -$0.46
COMMON SHARES
Basic Shares Outstanding 39.50M 39.30M
Diluted Shares Outstanding 39.30

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $876.9M $828.6M
YoY Change -6.14% -11.28%
Cash & Equivalents $876.9M $828.1M
Short-Term Investments $0.00 $500.0K
Other Short-Term Assets $27.80M $33.90M
YoY Change -24.04% -1.45%
Inventory $114.0M $114.1M
Prepaid Expenses
Receivables $142.4M $144.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.162B $1.123B
YoY Change -8.62% -15.87%
LONG-TERM ASSETS
Property, Plant & Equipment $75.50M $74.00M
YoY Change 13.7% 7.25%
Goodwill $816.4M $816.4M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.00M $228.7M
YoY Change -17.51% 103.47%
Total Long-Term Assets $1.663B $1.417B
YoY Change 24.14% 2.67%
TOTAL ASSETS
Total Short-Term Assets $1.162B $1.123B
Total Long-Term Assets $1.663B $1.417B
Total Assets $2.825B $2.540B
YoY Change 8.18% -6.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.50M $70.90M
YoY Change 91.05% 16.61%
Accrued Expenses $126.8M $98.80M
YoY Change -17.82% 5.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $277.2M $210.9M
YoY Change 6.57% -21.57%
LONG-TERM LIABILITIES
Long-Term Debt $966.9M $967.7M
YoY Change -0.52% -0.53%
Other Long-Term Liabilities $76.20M $125.7M
YoY Change -43.93% -17.19%
Total Long-Term Liabilities $1.043B $1.093B
YoY Change -5.85% -2.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $277.2M $210.9M
Total Long-Term Liabilities $1.043B $1.093B
Total Liabilities $1.358B $1.304B
YoY Change -0.72% -6.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.238B $1.029B
YoY Change 11.29% -9.34%
Common Stock $1.107B $1.084B
YoY Change 9.69% 10.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $878.0M $878.0M
YoY Change 0.0% 10.5%
Treasury Stock Shares
Shareholders Equity $1.467B $1.235B
YoY Change
Total Liabilities & Shareholders Equity $2.825B $2.540B
YoY Change 8.18% -6.45%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $208.3M -$18.10M
YoY Change -990.17% -274.04%
Depreciation, Depletion And Amortization $28.50M $25.10M
YoY Change 235.29% 195.29%
Cash From Operating Activities $65.00M -$13.70M
YoY Change -31.22% -112.63%
INVESTING ACTIVITIES
Capital Expenditures $11.50M $9.000M
YoY Change 121.15% -34.31%
Acquisitions
YoY Change
Other Investing Activities $500.0K $2.100M
YoY Change -98.17% -52.27%
Cash From Investing Activities -$11.00M -$6.900M
YoY Change -149.77% -25.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M 3.500M
YoY Change -94.6% -118.23%
NET CHANGE
Cash From Operating Activities 65.00M -13.70M
Cash From Investing Activities -11.00M -6.900M
Cash From Financing Activities -4.700M 3.500M
Net Change In Cash 49.30M -17.10M
YoY Change 67.12% -121.37%
FREE CASH FLOW
Cash From Operating Activities $65.00M -$13.70M
Capital Expenditures $11.50M $9.000M
Free Cash Flow $53.50M -$22.70M
YoY Change -40.09% -123.95%

Facts In Submission

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SYNAPTICS INCORPORATED
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CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-100000
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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CY2022Q3 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
30500000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
1325100000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
22000000
CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
400000
CY2022Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
300000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
-17.7
CY2022Q4 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
31400000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
1300400000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
10400000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
400000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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8800000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
29800000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
1321100000
us-gaap Profit Loss
ProfitLoss
-82700000
us-gaap Profit Loss
ProfitLoss
97000000
us-gaap Share Based Compensation
ShareBasedCompensation
92300000
us-gaap Share Based Compensation
ShareBasedCompensation
91700000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
20800000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
20200000
syna Acquired Intangibles Amortization
AcquiredIntangiblesAmortization
59900000
syna Acquired Intangibles Amortization
AcquiredIntangiblesAmortization
97400000
us-gaap Increase Decrease In Deferred Income Taxes
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17700000
us-gaap Increase Decrease In Deferred Income Taxes
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22300000
us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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4400000
us-gaap Increase Decrease In Other Operating Assets
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-2900000
us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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22800000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-80700000
us-gaap Increase Decrease In Employee Related Liabilities
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-20300000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-47700000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-46900000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2300000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-12000000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-69600000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
237000000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
15500000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
26000000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
16300000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16600000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26100000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
13500000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
900000
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
116500000
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
0
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
0
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
1000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-146700000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28100000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
15900000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
17600000
syna Payment For Payroll Taxes Related To Net Share Settlement Of Share Based Awards
PaymentForPayrollTaxesRelatedToNetShareSettlementOfShareBasedAwards
33700000
syna Payment For Payroll Taxes Related To Net Share Settlement Of Share Based Awards
PaymentForPayrollTaxesRelatedToNetShareSettlementOfShareBasedAwards
52200000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100100000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-6000000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
-4500000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3400000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20400000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-134200000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-400000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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-700000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-96600000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
74000000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
924700000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
824000000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
828100000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
898000000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
700000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates including, but not limited to, those estimates related to revenue recognition, allowance for credit losses, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred tax assets and the associated valuation allowance, uncertain tax positions, goodwill, intangible assets, investments and loss contingencies. We base our estimates on historical experience, current period developments, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</span>
syna Account Receivable Bad Debt Charge
AccountReceivableBadDebtCharge
0
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1200000
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1300000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
16900000
CY2024Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
40300000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18700000
CY2023Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
39800000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
21600000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-18100000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
10400000
us-gaap Net Income Loss
NetIncomeLoss
-82700000
us-gaap Net Income Loss
NetIncomeLoss
97000000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39.3
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39.4
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39.1
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39.7
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0.5
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0.6
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39.3
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39.9
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39.1
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40.3
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.44
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.41
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
13500000
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
116500000
CY2024Q1 us-gaap Goodwill
Goodwill
816400000
CY2024Q1 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
71000000
CY2023Q2 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
70500000
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
43100000
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
66700000
CY2024Q1 us-gaap Inventory Net
InventoryNet
114100000
CY2023Q2 us-gaap Inventory Net
InventoryNet
137200000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
500000
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
500000
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
9800000
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
9600000
CY2024Q1 syna Cash Held In Bank
CashHeldInBank
195300000
CY2023Q2 syna Cash Held In Bank
CashHeldInBank
853900000
CY2023Q2 us-gaap Goodwill
Goodwill
816400000
CY2022Q2 us-gaap Goodwill
Goodwill
806600000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
9800000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9500000
CY2023Q2 us-gaap Goodwill
Goodwill
816400000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P4Y10M24D
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
736800000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
484600000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
252200000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
723300000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
424800000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
298500000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18300000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
97400000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
18000000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
71400000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
58300000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
23500000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10600000
CY2024Q1 syna Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
3400000
CY2024Q1 syna Finite Lived Intangible Assets Amortization Expense To Be Determined
FiniteLivedIntangibleAssetsAmortizationExpenseToBeDetermined
67000000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
252200000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The leases expire at various dates through fiscal 2034, some of which include options to extend the lease for up to seven years.
syna Lease Expiration Year
LeaseExpirationYear
2034
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3000000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
2900000
us-gaap Operating Lease Expense
OperatingLeaseExpense
8800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
9100000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
45900000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
49000000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9000000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39300000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42400000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
48800000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
51400000
us-gaap Operating Lease Cost
OperatingLeaseCost
8200000
us-gaap Operating Lease Cost
OperatingLeaseCost
7000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4100000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7200000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M29D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0526
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11100000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9400000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7900000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6300000
CY2024Q1 syna Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
20300000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9200000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
48800000
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
148900000
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
168900000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4200000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5000000
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
144700000
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
163900000
CY2024Q1 syna Prepayment Of Intangible Assets
PrepaymentOfIntangibleAssets
116500000
CY2023Q2 syna Prepayment Of Intangible Assets
PrepaymentOfIntangibleAssets
0
CY2024Q1 us-gaap Deferred Income Taxes And Other Assets Noncurrent
DeferredIncomeTaxesAndOtherAssetsNoncurrent
77900000
CY2023Q2 us-gaap Deferred Income Taxes And Other Assets Noncurrent
DeferredIncomeTaxesAndOtherAssetsNoncurrent
68000000
CY2024Q1 syna Other Noncurrent Assets
OtherNoncurrentAssets
34300000
CY2023Q2 syna Other Noncurrent Assets
OtherNoncurrentAssets
41100000
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
228700000
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
109100000
CY2024Q1 syna Customer Obligation
CustomerObligation
57200000
CY2023Q2 syna Customer Obligation
CustomerObligation
58500000
CY2024Q1 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
7100000
CY2023Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
7000000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9500000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9000000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25000000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33900000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
98800000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
108400000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39300000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42400000
CY2024Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
31300000
CY2023Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
39100000
CY2024Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
34600000
CY2023Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
38100000
CY2024Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
20500000
CY2023Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
16300000
CY2024Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
125700000
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
135900000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5700000
CY2024Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
4100000
CY2023Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
4100000
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
12500000
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
12500000
syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
syna Percentageofnonvotingcapitalstock
Percentageofnonvotingcapitalstock
1
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
Under the Credit Agreement, there are various restrictive covenants, including two financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, which, after the Third Amendment, only applies if our cash and cash equivalents balance is less than $450 million as of the last day of any fiscal quarter. The leverage ratio is the ratio of net debt as of the measurement date to Consolidated EBITDA, for the four consecutive quarters ending with the quarter of measurement. The current leverage ratio shall not exceed 3.75 to 1.00 provided that for the four fiscal quarters ending after the date of a material acquisition, such maximum leverage ratio shall be adjusted to 4.25 to 1.00, and thereafter 3.75 to 1.0. The interest coverage ratio is Consolidated EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. If our quarter-end cash and cash equivalents balance is less than $450.0 million, the interest coverage ratio must not be less than 3.50 to 1.0 as of the date of determination. As of March 2024, we remain in compliance with the restrictive covenants.
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
600000000
CY2021Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2028-12-02
CY2021Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.01
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.25
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11200000
CY2024Q1 us-gaap Interest Expense
InterestExpense
11900000
CY2023Q1 us-gaap Interest Expense
InterestExpense
11400000
us-gaap Interest Expense
InterestExpense
35900000
us-gaap Interest Expense
InterestExpense
26400000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
6188000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29900000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
92300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
92400000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3083
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
52.53
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3083
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
52.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5200000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5200000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
100000
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
43600000
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
3600000
syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
600000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
syna Number Of Product Categories
NumberOfProductCategories
3
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
-200000
us-gaap Restructuring Charges
RestructuringCharges
9100000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
326600000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
326600000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1127800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1127800000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237300000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
326600000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
712000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1127800000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237300000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
326600000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
712000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1127800000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
9100000
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
200000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
200000
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
-200000
us-gaap Restructuring Charges
RestructuringCharges
9100000
CY2024Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
0
us-gaap Payments For Restructuring
PaymentsForRestructuring
9300000
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
0
CY2023 us-gaap Restructuring Charges
RestructuringCharges
0
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 syna Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 syna Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

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