$SYNA
SYNAPTICS Inc

2020 Q1 Form 10-Q Financial Statement

#000156459020022985 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $328.1M $334.0M $425.5M
YoY Change -1.77% -15.23% -1.14%
Cost Of Revenue $192.5M $218.0M $275.7M
YoY Change -11.7% -19.59% -12.53%
Gross Profit $135.6M $116.0M $149.8M
YoY Change 16.9% -5.61% 30.03%
Gross Profit Margin 41.33% 34.73% 35.21%
Selling, General & Admin $31.50M $34.20M $35.60M
YoY Change -7.89% -9.76% -4.81%
% of Gross Profit 23.23% 29.48% 23.77%
Research & Development $75.80M $82.60M $84.20M
YoY Change -8.23% -11.85% -8.68%
% of Gross Profit 55.9% 71.21% 56.21%
Depreciation & Amortization $17.70M $26.40M $27.20M
YoY Change -32.95% -2.94% -15.0%
% of Gross Profit 13.05% 22.76% 18.16%
Operating Expenses $110.2M $119.8M $124.8M
YoY Change -8.01% -11.39% -10.34%
Operating Profit $25.40M -$3.800M $25.00M
YoY Change -768.42% -69.11% -204.17%
Interest Expense -$3.300M -$4.300M -$4.300M
YoY Change -23.26% -8.51% -8.51%
% of Operating Profit -12.99% -17.2%
Other Income/Expense, Net -$3.200M -$4.300M -$4.300M
YoY Change -25.58% -8.51% -8.51%
Pretax Income $15.80M -$8.100M $20.70M
YoY Change -295.06% -52.35% -172.13%
Income Tax $10.20M -$15.30M $7.500M
% Of Pretax Income 64.56% 36.23%
Net Earnings $5.000M $6.700M $12.80M
YoY Change -25.37% -148.91% -115.53%
Net Earnings / Revenue 1.52% 2.01% 3.01%
Basic Earnings Per Share $0.15 $0.19 $0.37
Diluted Earnings Per Share $0.14 $0.19 $0.36
COMMON SHARES
Basic Shares Outstanding 34.00M 34.40M 34.50M
Diluted Shares Outstanding 35.00M 35.00M 35.10M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $472.1M $323.8M $283.0M
YoY Change 45.8% 14.26% 12.21%
Cash & Equivalents $472.1M $323.8M $283.0M
Short-Term Investments
Other Short-Term Assets $26.90M $23.20M $35.10M
YoY Change 15.95% 45.0% 91.8%
Inventory $95.50M $153.1M $145.7M
Prepaid Expenses
Receivables $238.4M $266.8M $326.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $832.9M $766.9M $789.8M
YoY Change 8.61% 15.13% 21.98%
LONG-TERM ASSETS
Property, Plant & Equipment $83.40M $104.8M $106.0M
YoY Change -20.42% -11.71% -10.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $98.60M $61.00M $49.80M
YoY Change 61.64% 34.66% 24.81%
Total Long-Term Assets $648.2M $701.7M $709.8M
YoY Change -7.62% -9.76% -10.21%
TOTAL ASSETS
Total Short-Term Assets $832.9M $766.9M $789.8M
Total Long-Term Assets $648.2M $701.7M $709.8M
Total Assets $1.481B $1.469B $1.500B
YoY Change 0.85% 1.72% 4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.90M $117.9M $172.6M
YoY Change -26.29% -10.75% 44.19%
Accrued Expenses $140.5M $121.2M $115.1M
YoY Change 15.92% 10.79% -7.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $239.2M $240.1M $299.3M
YoY Change -0.37% -10.04% 8.99%
LONG-TERM LIABILITIES
Long-Term Debt $482.0M $463.8M $459.4M
YoY Change 3.92% 3.87% 3.89%
Other Long-Term Liabilities $47.00M $38.00M $36.70M
YoY Change 23.68% 34.28% 30.14%
Total Long-Term Liabilities $47.00M $501.8M $496.1M
YoY Change -90.63% 5.69% 1659.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $239.2M $240.1M $299.3M
Total Long-Term Liabilities $47.00M $501.8M $496.1M
Total Liabilities $768.2M $741.9M $795.4M
YoY Change 3.54% -0.79% 5.66%
SHAREHOLDERS EQUITY
Retained Earnings $629.7M
YoY Change
Common Stock $1.248B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.151B
YoY Change
Treasury Stock Shares
Shareholders Equity $712.9M $726.7M $704.2M
YoY Change
Total Liabilities & Shareholders Equity $1.481B $1.469B $1.500B
YoY Change 0.85% 1.72% 4.28%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $5.000M $6.700M $12.80M
YoY Change -25.37% -148.91% -115.53%
Depreciation, Depletion And Amortization $17.70M $26.40M $27.20M
YoY Change -32.95% -2.94% -15.0%
Cash From Operating Activities $48.30M $47.30M $58.90M
YoY Change 2.11% 39.53% -7.1%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$6.500M -$4.400M
YoY Change -46.15% -18.75% -72.15%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.500M -$6.500M -$4.400M
YoY Change -46.15% -23.53% -70.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.600M 0.000 -34.90M
YoY Change -100.0% -972.5%
NET CHANGE
Cash From Operating Activities 48.30M 47.30M 58.90M
Cash From Investing Activities -3.500M -6.500M -4.400M
Cash From Financing Activities 2.600M 0.000 -34.90M
Net Change In Cash 47.40M 40.80M 19.60M
YoY Change 16.18% 31.61% -62.67%
FREE CASH FLOW
Cash From Operating Activities $48.30M $47.30M $58.90M
Capital Expenditures -$3.500M -$6.500M -$4.400M
Free Cash Flow $51.80M $53.80M $63.30M
YoY Change -3.72% 28.4% -20.08%

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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, including our expectations regarding the potential impacts on our business of the COVID-19 pandemic, 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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CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
300700000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
144800000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11100000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
40400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56100000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
11100000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
37400000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
32900000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20400000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2500000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
100000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
104400000
CY2020Q1 syna Reclassification Of Goodwill To Assets Held For Sale
ReclassificationOfGoodwillToAssetsHeldForSale
11000000.0
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.
syna Lease Expiration Year
LeaseExpirationYear
2026
us-gaap Operating Lease Expense
OperatingLeaseExpense
6900000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
23800000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7600000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16200000
CY2020Q1 syna Total Operating Lease Liabilities
TotalOperatingLeaseLiabilities
23800000
us-gaap Operating Lease Cost
OperatingLeaseCost
7100000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2800000
CY2019Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4000000.0
CY2020Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
20300000
CY2019Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
23400000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0421
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2300000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
7900000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
7200000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4000000.0
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2400000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1900000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
25700000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1900000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23800000
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
CY2020Q1 syna Customer Obligation
CustomerObligation
30900000
CY2019Q2 syna Customer Obligation
CustomerObligation
52000000.0
CY2020Q1 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
30000000.0
CY2019Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
26700000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7600000
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4000000.0
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
92800000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
106100000
CY2020Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
17400000
CY2019Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16200000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16200000
CY2020Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13400000
CY2019Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
14100000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
47000000.0
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
30300000
syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17900000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48700000
CY2020Q1 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-1800000
CY2019Q1 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-1800000
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-4500000
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-4200000
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
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
445019
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
43.48
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6828
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
51.12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
297612
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
73.95
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
442470
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.86
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1900000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
439141
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
64.98
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1900000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10200000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8100000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2200000
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21100000
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18900000
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2000000.0
syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
-100000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
syna Number Of Product Categories
NumberOfProductCategories
3
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328100000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
334000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1056300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1177100000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328100000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
334000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1056300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1177100000

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