$SYNA
SYNAPTICS Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019018089 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $295.1M $334.0M $394.0M
YoY Change -24.04% -15.23% -11.3%
Cost Of Revenue $204.7M $218.0M $271.1M
YoY Change -21.54% -19.59% -12.41%
Gross Profit $90.40M $116.0M $122.9M
YoY Change -29.15% -5.61% -8.76%
Gross Profit Margin 30.63% 34.73% 31.19%
Selling, General & Admin $26.80M $34.20M $37.90M
YoY Change -30.21% -9.76% -0.52%
% of Gross Profit 29.65% 29.48% 30.84%
Research & Development $84.20M $82.60M $93.70M
YoY Change -6.65% -11.85% 30.87%
% of Gross Profit 93.14% 71.21% 76.24%
Depreciation & Amortization $26.40M $26.40M $27.20M
YoY Change -18.01% -2.94% 21.43%
% of Gross Profit 29.2% 22.76% 22.13%
Operating Expenses $113.9M $119.8M $135.2M
YoY Change -14.3% -11.39% 10.46%
Operating Profit -$23.50M -$3.800M -$12.30M
YoY Change 343.4% -69.11% -200.0%
Interest Expense -$6.800M -$4.300M -$4.700M
YoY Change 51.11% -8.51% 213.33%
% of Operating Profit
Other Income/Expense, Net $2.800M -$4.300M -$4.700M
YoY Change -8.51% 213.33%
Pretax Income -$37.30M -$8.100M -$17.00M
YoY Change 182.58% -52.35% -257.41%
Income Tax $8.400M -$15.30M -$3.900M
% Of Pretax Income
Net Earnings -$46.20M $6.700M -$13.70M
YoY Change 2980.0% -148.91% -404.44%
Net Earnings / Revenue -15.66% 2.01% -3.48%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share -$1.347M $0.19 -$397.1K
COMMON SHARES
Basic Shares Outstanding 34.50M 34.40M
Diluted Shares Outstanding 35.00M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $327.8M $323.8M $283.4M
YoY Change 8.9% 14.26% -13.89%
Cash & Equivalents $327.8M $323.8M $283.4M
Short-Term Investments
Other Short-Term Assets $14.60M $23.20M $16.00M
YoY Change -19.78% 45.0% -74.07%
Inventory $158.7M $153.1M $108.5M
Prepaid Expenses
Receivables $230.0M $266.8M $258.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $731.1M $766.9M $666.1M
YoY Change -1.14% 15.13% -16.15%
LONG-TERM ASSETS
Property, Plant & Equipment $103.0M $104.8M $118.7M
YoY Change -12.56% -11.71% 4.86%
Goodwill $372.8M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.10M $61.00M $45.30M
YoY Change 15.05% 34.66% 15.56%
Total Long-Term Assets $678.7M $701.7M $777.6M
YoY Change -10.73% -9.76% 63.95%
TOTAL ASSETS
Total Short-Term Assets $731.1M $766.9M $666.1M
Total Long-Term Assets $678.7M $701.7M $777.6M
Total Assets $1.410B $1.469B $1.444B
YoY Change -6.0% 1.72% 13.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.30M $117.9M $132.1M
YoY Change -37.35% -10.75% -23.42%
Accrued Expenses $136.5M $121.2M $109.4M
YoY Change 29.88% 10.79% -17.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $253.9M $240.1M $266.9M
YoY Change -10.54% -10.04% -23.41%
LONG-TERM LIABILITIES
Long-Term Debt $468.3M $463.8M $446.5M
YoY Change 3.91% 3.87% 116.54%
Other Long-Term Liabilities $30.30M $38.00M $28.30M
YoY Change -15.83% 34.28% 102.14%
Total Long-Term Liabilities $30.30M $501.8M $474.8M
YoY Change -15.83% 5.69% 115.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $253.9M $240.1M $266.9M
Total Long-Term Liabilities $30.30M $501.8M $474.8M
Total Liabilities $752.5M $741.9M $747.8M
YoY Change -2.34% -0.79% 31.29%
SHAREHOLDERS EQUITY
Retained Earnings $583.5M $629.7M
YoY Change -3.78%
Common Stock $1.266B $1.248B
YoY Change 5.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.192B $1.151B
YoY Change 11.03%
Treasury Stock Shares
Shareholders Equity $656.4M $726.7M $695.9M
YoY Change
Total Liabilities & Shareholders Equity $1.410B $1.469B $1.444B
YoY Change -6.0% 1.72% 13.79%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$46.20M $6.700M -$13.70M
YoY Change 2980.0% -148.91% -404.44%
Depreciation, Depletion And Amortization $26.40M $26.40M $27.20M
YoY Change -18.01% -2.94% 21.43%
Cash From Operating Activities $43.40M $47.30M $33.90M
YoY Change 449.37% 39.53% -34.93%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$6.500M -$8.000M
YoY Change -9.09% -18.75% 37.93%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$500.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$6.000M -$6.500M -$8.500M
YoY Change -13.04% -23.53% 46.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.50M 0.000 5.600M
YoY Change -300.6% -100.0% -108.58%
NET CHANGE
Cash From Operating Activities 43.40M 47.30M 33.90M
Cash From Investing Activities -6.000M -6.500M -8.500M
Cash From Financing Activities -33.50M 0.000 5.600M
Net Change In Cash 3.900M 40.80M 31.00M
YoY Change -77.97% 31.61% -263.16%
FREE CASH FLOW
Cash From Operating Activities $43.40M $47.30M $33.90M
Capital Expenditures -$6.000M -$6.500M -$8.000M
Free Cash Flow $49.40M $53.80M $41.90M
YoY Change 240.69% 28.4% -27.63%

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us-gaap Use Of Estimates
UseOfEstimates
<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 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>
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
445500000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
282400000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
456100000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
236900000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P4Y4M24D
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18100000
CY2019Q1 syna Foreign Currency Transaction Realized And Unrealized Gain Loss Net Of Tax
ForeignCurrencyTransactionRealizedAndUnrealizedGainLossNetOfTax
-100000
syna Foreign Currency Transaction Realized And Unrealized Gain Loss Net Of Tax
ForeignCurrencyTransactionRealizedAndUnrealizedGainLossNetOfTax
-800000
CY2019Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5500000
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1100000
CY2019Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
42300000
CY2018Q3 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
31600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
300000
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
Payments are generally due within three months upon completion of the performance obligation and subsequent invoicing and, therefore, do not include significant financing components.
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000
CY2019Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2019Q1 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
121800000
CY2018Q2 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
105000000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
31300000
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
26200000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18700000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
18300000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
51400000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
37500000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
32900000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
20400000
CY2019Q1 syna Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
2500000
CY2019Q1 syna Finite Lived Intangible Assets Amortization Expense After Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearSix
100000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2019Q1 syna Customer Obligations
CustomerObligations
47800000
CY2018Q2 syna Customer Obligations
CustomerObligations
26400000
CY2019Q1 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
30100000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4000000
CY2019Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
17200000
syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15800000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53100000
CY2019Q1 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
1800000
CY2018Q1 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
3700000
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
4200000
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
6400000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1618209
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
167663
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
137323
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1313223
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1231738
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
57.14
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
29.34
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
66.93
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
59.67
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
60.09
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2200000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2200000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2817
CY2018 syna Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
41400000
CY2018 syna Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
44100000
CY2018 syna Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
2700000
syna Tax Cuts And Jobs Act Of2017 Accounting One Time Transition Tax Effect Net On Income Tax Payable
TaxCutsAndJobsActOf2017AccountingOneTimeTransitionTaxEffectNetOnIncomeTaxPayable
11900000
CY2018Q4 syna Tax Cuts And Jobs Act Of2017 Change In Tax Rate Non Discrete Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateNonDiscreteIncomeTaxExpenseBenefit
1400000
CY2018Q4 syna Tax Cuts And Jobs Act Of2017 Change In Tax Rate Discrete Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateDiscreteIncomeTaxExpenseBenefit
-200000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
25300000
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
24800000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
500000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2700000
CY2018 syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
800000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
syna Number Of Product Categories
NumberOfProductCategories
3

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