$SYNA
SYNAPTICS Inc

2020 Q3 Form 10-Q Financial Statement

#000156459020051445 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $328.4M $339.9M
YoY Change -3.38% -18.61%
Cost Of Revenue $193.9M $213.7M
YoY Change -9.27% -22.77%
Gross Profit $134.5M $126.2M
YoY Change 6.58% -10.43%
Gross Profit Margin 40.96% 37.13%
Selling, General & Admin $35.30M $27.90M
YoY Change 26.52% -17.7%
% of Gross Profit 26.25% 22.11%
Research & Development $80.90M $3.700M
YoY Change 2086.49% -95.89%
% of Gross Profit 60.15% 2.93%
Depreciation & Amortization $6.700M $25.40M
YoY Change -73.62% -15.33%
% of Gross Profit 4.98% 20.13%
Operating Expenses $128.5M $3.700M
YoY Change 3372.97% -97.08%
Operating Profit $6.000M $3.200M
YoY Change 87.5% -77.3%
Interest Expense -$4.800M -$3.200M
YoY Change 50.0% 68.42%
% of Operating Profit -80.0% -100.0%
Other Income/Expense, Net -$4.700M -$3.600M
YoY Change 30.56% 89.47%
Pretax Income $1.300M -$400.0K
YoY Change -425.0% -110.26%
Income Tax $3.600M $4.900M
% Of Pretax Income 276.92%
Net Earnings -$2.800M $4.000M
YoY Change -170.0% 5.26%
Net Earnings / Revenue -0.85% 1.18%
Basic Earnings Per Share -$0.08 $0.12
Diluted Earnings Per Share -$0.08 $0.12
COMMON SHARES
Basic Shares Outstanding 34.20M 33.00M
Diluted Shares Outstanding 34.20M 33.60M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.9M $350.8M
YoY Change -30.47% 33.23%
Cash & Equivalents $180.2M $350.8M
Short-Term Investments $63.70M
Other Short-Term Assets $33.70M $15.90M
YoY Change 111.95% -50.16%
Inventory $114.6M $138.2M
Prepaid Expenses
Receivables $227.8M $232.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $620.0M $737.1M
YoY Change -15.89% -6.58%
LONG-TERM ASSETS
Property, Plant & Equipment $129.2M $98.80M
YoY Change 30.77% -10.91%
Goodwill $570.9M $372.8M
YoY Change 53.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.60M $89.00M
YoY Change -22.92% 68.24%
Total Long-Term Assets $1.155B $687.2M
YoY Change 68.06% -6.61%
TOTAL ASSETS
Total Short-Term Assets $620.0M $737.1M
Total Long-Term Assets $1.155B $687.2M
Total Assets $1.775B $1.424B
YoY Change 24.62% -6.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.20M $99.00M
YoY Change -22.02% -43.56%
Accrued Expenses $163.1M $139.0M
YoY Change 17.34% 11.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $257.5M $247.5M
YoY Change 4.04% -24.01%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $472.8M
YoY Change -78.85% 3.89%
Other Long-Term Liabilities $87.30M $49.20M
YoY Change 77.44% 45.13%
Total Long-Term Liabilities $187.3M $49.20M
YoY Change 280.69% -89.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $257.5M $247.5M
Total Long-Term Liabilities $187.3M $49.20M
Total Liabilities $936.2M $769.5M
YoY Change 21.66% -5.55%
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 $838.7M $654.8M
YoY Change
Total Liabilities & Shareholders Equity $1.775B $1.424B
YoY Change 24.62% -6.59%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$2.800M $4.000M
YoY Change -170.0% 5.26%
Depreciation, Depletion And Amortization $6.700M $25.40M
YoY Change -73.62% -15.33%
Cash From Operating Activities $6.500M $47.30M
YoY Change -86.26% 928.26%
INVESTING ACTIVITIES
Capital Expenditures $3.900M $5.000M
YoY Change -22.0% -26.47%
Acquisitions -$621.8M
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$594.6M -$7.500M
YoY Change 7828.0% 87.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.00M
YoY Change -56.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.800M -16.80M
YoY Change -128.57% -56.02%
NET CHANGE
Cash From Operating Activities 6.500M 47.30M
Cash From Investing Activities -594.6M -7.500M
Cash From Financing Activities 4.800M -16.80M
Net Change In Cash -583.2M 23.00M
YoY Change -2635.65% -161.01%
FREE CASH FLOW
Cash From Operating Activities $6.500M $47.30M
Capital Expenditures $3.900M $5.000M
Free Cash Flow $2.600M $42.30M
YoY Change -93.85% -2022.73%

Facts In Submission

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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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19000000.0
CY2020Q3 syna Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
20500000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
51000000.0
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
386200000
CY2020Q2 us-gaap Goodwill
Goodwill
360800000
CY2020Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
210100000
CY2020Q3 us-gaap Goodwill
Goodwill
570900000
CY2020Q3 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The leases expire at various dates through fiscal year 2029, some of which include options to extend the lease for up to 5 years.
CY2020Q3 syna Lease Expiration Year
LeaseExpirationYear
2029
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
2400000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
38700000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21000000.0
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9200000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6500000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29700000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
38900000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21100000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1900000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2300000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1800000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000000.0
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0403
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7600000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9600000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6000000.0
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4600000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3700000
CY2020Q3 syna Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
12600000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44100000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5200000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
38900000
CY2020Q3 syna Customer Obligation
CustomerObligation
35900000
CY2020Q2 syna Customer Obligation
CustomerObligation
29000000.0
CY2020Q3 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
27600000
CY2020Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
27900000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9200000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6500000
CY2020Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
29900000
CY2020Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
27600000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
102600000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
91000000.0
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29700000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2020Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
27900000
CY2020Q3 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
15900000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
69.78
CY2020Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
63228
CY2020Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
61.42
CY2020Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16400000
CY2020Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13800000
CY2020Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13000000.0
CY2020Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
87300000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
44000000.0
CY2020Q3 syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21500000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11200000
CY2020Q3 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-3600000
CY2019Q3 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-900000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
329786
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
49058
CY2020Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
74.44
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
217500
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
71.16
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2200000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4900000
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22000000.0
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000
CY2020Q3 syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
-200000
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 syna Number Of Product Categories
NumberOfProductCategories
3
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328400000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339900000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328400000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339900000

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