$SYNA
SYNAPTICS Inc

2019 Q3 Form 10-Q Financial Statement

#000156459019041858 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $339.9M $417.6M
YoY Change -18.61% 0.05%
Cost Of Revenue $213.7M $276.7M
YoY Change -22.77% -8.68%
Gross Profit $126.2M $140.9M
YoY Change -10.43% 23.16%
Gross Profit Margin 37.13% 33.74%
Selling, General & Admin $27.90M $33.90M
YoY Change -17.7% -15.88%
% of Gross Profit 22.11% 24.06%
Research & Development $3.700M $90.00M
YoY Change -95.89% 3.33%
% of Gross Profit 2.93% 63.88%
Depreciation & Amortization $25.40M $30.00M
YoY Change -15.33% -4.46%
% of Gross Profit 20.13% 21.29%
Operating Expenses $3.700M $126.8M
YoY Change -97.08% -3.57%
Operating Profit $3.200M $14.10M
YoY Change -77.3% -182.46%
Interest Expense -$3.200M -$1.900M
YoY Change 68.42% -68.33%
% of Operating Profit -100.0% -13.48%
Other Income/Expense, Net -$3.600M -$1.900M
YoY Change 89.47%
Pretax Income -$400.0K $3.900M
YoY Change -110.26% -117.03%
Income Tax $4.900M -$300.0K
% Of Pretax Income -7.69%
Net Earnings $4.000M $3.800M
YoY Change 5.26% -114.34%
Net Earnings / Revenue 1.18% 0.91%
Basic Earnings Per Share $0.12 $0.11
Diluted Earnings Per Share $0.12 $0.11
COMMON SHARES
Basic Shares Outstanding 33.00M 35.10M
Diluted Shares Outstanding 33.60M 36.10M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $350.8M $263.3M
YoY Change 33.23% 31.85%
Cash & Equivalents $350.8M $263.3M
Short-Term Investments
Other Short-Term Assets $15.90M $31.90M
YoY Change -50.16% 93.33%
Inventory $138.2M $161.2M
Prepaid Expenses
Receivables $232.2M $332.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $737.1M $789.0M
YoY Change -6.58% 21.5%
LONG-TERM ASSETS
Property, Plant & Equipment $98.80M $110.9M
YoY Change -10.91% -7.27%
Goodwill $372.8M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $89.00M $52.90M
YoY Change 68.24% -7.68%
Total Long-Term Assets $687.2M $735.8M
YoY Change -6.61% -11.1%
TOTAL ASSETS
Total Short-Term Assets $737.1M $789.0M
Total Long-Term Assets $687.2M $735.8M
Total Assets $1.424B $1.525B
YoY Change -6.59% 3.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.00M $175.4M
YoY Change -43.56% 38.88%
Accrued Expenses $139.0M $124.8M
YoY Change 11.38% 0.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $247.5M $325.7M
YoY Change -24.01% 17.79%
LONG-TERM LIABILITIES
Long-Term Debt $472.8M $455.1M
YoY Change 3.89% 3.88%
Other Long-Term Liabilities $49.20M $33.90M
YoY Change 45.13% 102.99%
Total Long-Term Liabilities $49.20M $489.0M
YoY Change -89.94% 2828.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $247.5M $325.7M
Total Long-Term Liabilities $49.20M $489.0M
Total Liabilities $769.5M $814.7M
YoY Change -5.55% 11.4%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.278B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.209B
YoY Change
Treasury Stock Shares
Shareholders Equity $654.8M $710.1M
YoY Change
Total Liabilities & Shareholders Equity $1.424B $1.525B
YoY Change -6.59% 3.23%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $4.000M $3.800M
YoY Change 5.26% -114.34%
Depreciation, Depletion And Amortization $25.40M $30.00M
YoY Change -15.33% -4.46%
Cash From Operating Activities $47.30M $4.600M
YoY Change 928.26% -88.44%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $6.800M
YoY Change -26.47% -159.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.800M
YoY Change -100.0% -100.71%
Cash From Investing Activities -$7.500M -$4.000M
YoY Change 87.5% -99.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.00M $39.40M
YoY Change -56.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.80M -38.20M
YoY Change -56.02% -119.06%
NET CHANGE
Cash From Operating Activities 47.30M 4.600M
Cash From Investing Activities -7.500M -4.000M
Cash From Financing Activities -16.80M -38.20M
Net Change In Cash 23.00M -37.70M
YoY Change -161.01% -77.56%
FREE CASH FLOW
Cash From Operating Activities $47.30M $4.600M
Capital Expenditures $5.000M $6.800M
Free Cash Flow $42.30M -$2.200M
YoY Change -2022.73% -104.3%

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<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>
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CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
200000
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
400000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
4000000.0
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
3800000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33000000.0
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35100000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33600000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36100000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2019Q3 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
72100000
CY2019Q2 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
110700000
CY2019Q3 us-gaap Inventory Net
InventoryNet
138200000
CY2019Q2 us-gaap Inventory Net
InventoryNet
158700000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
271700000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
126600000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
445500000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
300700000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
144800000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18200000
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
100000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
126600000
CY2019Q3 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2019Q3 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The leases expire at various dates through fiscal year 2026, some of which include options to extend the lease for up to 5 years.
CY2019Q3 syna Lease Expiration Year
LeaseExpirationYear
2026
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
2300000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
25800000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8400000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17800000
CY2019Q3 syna Total Operating Lease Liabilities
TotalOperatingLeaseLiabilities
26200000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2300000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000000.0
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0421
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
7000000.0
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8500000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5700000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3400000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2000000.0
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1700000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
28300000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2100000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26200000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7400000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3200000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
900000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
300000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
100000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11900000
CY2019Q3 syna Customer Obligation
CustomerObligation
44700000
CY2019Q2 syna Customer Obligation
CustomerObligation
52000000.0
CY2019Q3 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
26800000
CY2019Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
26700000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8400000
CY2019Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4000000.0
CY2019Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4000000.0
CY2019Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
23800000
CY2019Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
23400000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
107700000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
106100000
CY2019Q3 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16400000
CY2019Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16200000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17800000
CY2019Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
15000000.0
CY2019Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
14100000
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
49200000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
30300000
CY2019Q3 syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11200000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16700000
CY2019Q3 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
900000
CY2018Q3 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
2700000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1191929
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
59.07
CY2019Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
68057
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
24.54
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
75300
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
65.02
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1048572
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.88
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1000000.0
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1034044
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
61.01
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1000000.0
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4900000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000
CY2019Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1200000
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
20100000
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18900000
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000
CY2019 syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
-200000
CY2019Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 syna Number Of Product Categories
NumberOfProductCategories
3
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339900000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417600000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339900000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
417600000

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