$SYNA
SYNAPTICS Inc

2016 Q4 Form 10-Q Financial Statement

#000156459016027076 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $461.3M $386.2M $323.9M
YoY Change -1.96% -17.83% -32.38%
Cost Of Revenue $322.6M $262.8M $215.8M
YoY Change 5.67% -14.17% -30.74%
Gross Profit $138.7M $123.4M $108.1M
YoY Change -16.04% -24.66% -35.39%
Gross Profit Margin 30.07% 31.95% 33.37%
Selling, General & Admin $32.30M $34.60M $36.90M
YoY Change -21.22% -13.93% -71.15%
% of Gross Profit 23.29% 28.04% 34.14%
Research & Development $73.50M $73.40M $78.20M
YoY Change -6.49% -8.82% -1.88%
% of Gross Profit 52.99% 59.48% 72.34%
Depreciation & Amortization $22.50M $25.30M $25.20M
YoY Change -14.77% 220.25% -4.55%
% of Gross Profit 16.22% 20.5% 23.31%
Operating Expenses $108.2M $117.8M $119.7M
YoY Change -9.76% -9.38% -43.48%
Operating Profit $30.50M $5.600M -$11.60M
YoY Change -32.67% -83.43% -73.93%
Interest Expense $600.0K -$900.0K -$900.0K
YoY Change -175.0% 12.5% -18.18%
% of Operating Profit 1.97% -16.07%
Other Income/Expense, Net $600.0K -$900.0K
YoY Change -175.0% 12.5%
Pretax Income $29.40M $4.700M -$23.80M
YoY Change -33.93% -85.76% -155.09%
Income Tax $6.600M $1.000M -$16.70M
% Of Pretax Income 22.45% 21.28%
Net Earnings $22.80M $3.700M -$7.100M
YoY Change -34.86% -84.45% -122.61%
Net Earnings / Revenue 4.94% 0.96% -2.19%
Basic Earnings Per Share $0.11
Diluted Earnings Per Share $635.1K $0.10 -$195.1K
COMMON SHARES
Basic Shares Outstanding 34.90M 34.80M
Diluted Shares Outstanding 35.60M

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.2M $301.4M $352.2M
YoY Change -6.67% 9.8% -11.93%
Cash & Equivalents $347.2M $301.4M $352.2M
Short-Term Investments
Other Short-Term Assets $38.60M $32.20M $28.90M
YoY Change -17.34% -23.15% -43.66%
Inventory $159.7M $152.9M $146.4M
Prepaid Expenses
Receivables $259.7M $239.5M $252.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $805.2M $726.0M $780.1M
YoY Change -9.76% -10.59% -14.84%
LONG-TERM ASSETS
Property, Plant & Equipment $115.1M $109.4M $112.7M
YoY Change -0.78% -6.81% -8.67%
Goodwill $206.8M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.30M $55.40M $40.30M
YoY Change 27.55% 48.92% 6.61%
Total Long-Term Assets $497.3M $515.2M $520.1M
YoY Change -11.35% -11.49% -13.81%
TOTAL ASSETS
Total Short-Term Assets $805.2M $726.0M $780.1M
Total Long-Term Assets $497.3M $515.2M $520.1M
Total Assets $1.303B $1.241B $1.300B
YoY Change -10.38% -10.97% -14.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.7M $153.8M $172.8M
YoY Change 1.26% -9.21% -8.33%
Accrued Expenses $127.1M $109.6M $122.2M
YoY Change 5.39% -1.44% 11.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M $18.80M
YoY Change 0.0% 14.5% 66.37%
Total Short-Term Liabilities $328.9M $304.9M $350.8M
YoY Change -17.38% -26.83% -21.47%
LONG-TERM LIABILITIES
Long-Term Debt $209.7M $213.2M $216.7M
YoY Change -6.26% -6.29% -6.23%
Other Long-Term Liabilities $19.40M $19.10M $12.50M
YoY Change -53.7% 23.23% -14.38%
Total Long-Term Liabilities $229.1M $232.3M $229.2M
YoY Change -13.74% 2.11% -6.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.9M $304.9M $350.8M
Total Long-Term Liabilities $229.1M $232.3M $229.2M
Total Liabilities $562.2M $542.4M $595.2M
YoY Change -18.46% -21.21% -18.05%
SHAREHOLDERS EQUITY
Retained Earnings $669.0M $665.3M
YoY Change 12.17%
Common Stock $944.1M $928.7M
YoY Change 10.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $917.3M $892.3M
YoY Change 36.92%
Treasury Stock Shares $24.83M $24.32M
Shareholders Equity $740.3M $698.8M $705.0M
YoY Change
Total Liabilities & Shareholders Equity $1.303B $1.241B $1.300B
YoY Change -10.38% -10.97% -14.43%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $22.80M $3.700M -$7.100M
YoY Change -34.86% -84.45% -122.61%
Depreciation, Depletion And Amortization $22.50M $25.30M $25.20M
YoY Change -14.77% 220.25% -4.55%
Cash From Operating Activities $52.40M $0.00 $113.2M
YoY Change -44.55% -100.0% 258.23%
INVESTING ACTIVITIES
Capital Expenditures -$14.60M $5.700M -$8.900M
YoY Change 180.77% -42.42% -19.09%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$14.30M $6.000M
YoY Change -2483.33%
Cash From Investing Activities -$8.600M -$20.00M -$2.900M
YoY Change 65.38% 45.99% -73.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change -80.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.400M -31.30M -163.3M
YoY Change -46.34% -74.82% 20312.5%
NET CHANGE
Cash From Operating Activities 52.40M 0.000 113.2M
Cash From Investing Activities -8.600M -20.00M -2.900M
Cash From Financing Activities 4.400M -31.30M -163.3M
Net Change In Cash 48.20M -51.30M -53.00M
YoY Change -50.56% -59.19% -369.04%
FREE CASH FLOW
Cash From Operating Activities $52.40M $0.00 $113.2M
Capital Expenditures -$14.60M $5.700M -$8.900M
Free Cash Flow $67.00M -$5.700M $122.1M
YoY Change -32.8% -337.5% 186.62%

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CY2016Q3 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, accrued liabilities, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, goodwill, intangible assets, investments, contingent consideration liability and loss contingencies. We base our estimates on historical experience, 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. </p></div>
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
138300000
CY2016Q2 syna Accumulated Accretion On Investment Securities
AccumulatedAccretionOnInvestmentSecurities
4400000
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
78100000
CY2016Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
59200000
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
74800000
CY2016Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
87200000
CY2016Q3 syna Inventory Charges
InventoryCharges
2800000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
281900000
CY2016Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
316100000
CY2016Q3 syna Foreign Currency Transaction Realized And Unrealized Gain Loss Net Of Tax
ForeignCurrencyTransactionRealizedAndUnrealizedGainLossNetOfTax
-100000
CY2015Q3 syna Foreign Currency Transaction Realized And Unrealized Gain Loss Net Of Tax
ForeignCurrencyTransactionRealizedAndUnrealizedGainLossNetOfTax
-1400000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2016Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2015Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2015Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2016Q3 syna Auction Rate Securities With Fair Value Having No Stated Maturity
AuctionRateSecuritiesWithFairValueHavingNoStatedMaturity
1500000
CY2016Q3 syna Auction Rate Securities Maturing Year Of Specified Amount One
AuctionRateSecuritiesMaturingYearOfSpecifiedAmountOne
2018
CY2016Q3 syna Accumulated Accretion On Investment Securities
AccumulatedAccretionOnInvestmentSecurities
4700000
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
155800000
CY2016Q3 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P4Y6M
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
42600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
48600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
34200000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3500000
CY2016Q3 syna Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
3500000
CY2016Q3 syna Finite Lived Intangible Assets Amortization Expense After Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearSix
600000
CY2016Q3 syna Customer Obligation
CustomerObligation
32800000
CY2016Q2 syna Customer Obligation
CustomerObligation
34800000
CY2016Q3 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
24100000
CY2016Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
24000000
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3500000
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3500000
CY2016Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
18500000
CY2016Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
20000000
CY2016Q3 syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2016Q3 us-gaap Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
The term loan facility requires repayment over five years with nineteen quarterly principal payments which began in the three months ended March 31, 2015.
CY2016Q3 us-gaap Line Of Credit Facility Date Of First Required Payment1
LineOfCreditFacilityDateOfFirstRequiredPayment1
2015-03-31
CY2016Q3 syna Line Of Credit Facility Final Principal Payment
LineOfCreditFacilityFinalPrincipalPayment
90000000
CY2016Q3 us-gaap Line Of Credit
LineOfCredit
231300000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14600000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11900000
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3700000
CY2015Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2900000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2711542
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
106602
CY2016Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
78309
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
45190
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2694645
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2024661
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
46.69
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
52.47
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
25.46
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
71.86
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.12
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
38.58
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
45100000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
44600000
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13700000
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13400000
CY2016Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
300000
CY2016Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1200000
CY2016Q3 syna Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
DecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
200000
CY2016Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q3 syna Number Of Product Categories
NumberOfProductCategories
2
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
6700000
CY2016Q3 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
5300000
CY2016Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
8100000
CY2016Q3 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
800000
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
3100000
CY2016Q3 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
5300000

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