$SYNA
SYNAPTICS Inc

2020 Q4 Form 10-Q Financial Statement

#000156459021004345 Filed on February 04, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $357.6M $388.3M
YoY Change -7.91% -8.74%
Cost Of Revenue $207.2M $229.0M
YoY Change -9.52% -16.94%
Gross Profit $150.4M $159.3M
YoY Change -5.59% 6.34%
Gross Profit Margin 42.06% 41.02%
Selling, General & Admin $39.50M $31.10M
YoY Change 27.01% -12.64%
% of Gross Profit 26.26% 19.52%
Research & Development $77.30M $77.00M
YoY Change 0.39% -8.55%
% of Gross Profit 51.4% 48.34%
Depreciation & Amortization $67.20M $19.20M
YoY Change 250.0% -29.41%
% of Gross Profit 44.68% 12.05%
Operating Expenses $91.90M $111.1M
YoY Change -17.28% -10.98%
Operating Profit $58.50M $34.50M
YoY Change 69.57% 38.0%
Interest Expense -$7.100M -$2.700M
YoY Change 162.96% -37.21%
% of Operating Profit -12.14% -7.83%
Other Income/Expense, Net -$6.000M -$2.300M
YoY Change 160.87% -46.51%
Pretax Income $52.50M $32.20M
YoY Change 63.04% 55.56%
Income Tax $2.400M $12.00M
% Of Pretax Income 4.57% 37.27%
Net Earnings $49.60M $19.80M
YoY Change 150.51% 54.69%
Net Earnings / Revenue 13.87% 5.1%
Basic Earnings Per Share $1.43 $0.59
Diluted Earnings Per Share $1.36 $0.58
COMMON SHARES
Basic Shares Outstanding 34.80M 33.50M
Diluted Shares Outstanding 36.50M 34.40M

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $316.9M $424.8M
YoY Change -25.4% 50.11%
Cash & Equivalents $309.9M $424.8M
Short-Term Investments $7.000M
Other Short-Term Assets $32.30M $37.50M
YoY Change -13.87% 6.84%
Inventory $73.10M $82.10M
Prepaid Expenses
Receivables $249.3M $246.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $671.6M $790.8M
YoY Change -15.07% 0.13%
LONG-TERM ASSETS
Property, Plant & Equipment $130.8M $87.70M
YoY Change 49.14% -17.26%
Goodwill $568.6M $362.8M
YoY Change 56.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.60M $84.30M
YoY Change -21.0% 69.28%
Total Long-Term Assets $1.121B $666.4M
YoY Change 68.16% -6.11%
TOTAL ASSETS
Total Short-Term Assets $671.6M $790.8M
Total Long-Term Assets $1.121B $666.4M
Total Assets $1.792B $1.457B
YoY Change 22.99% -2.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.40M $88.90M
YoY Change -16.31% -48.49%
Accrued Expenses $134.9M $133.1M
YoY Change 1.35% 15.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $225.5M $239.5M
YoY Change -5.85% -19.98%
LONG-TERM LIABILITIES
Long-Term Debt $596.1M $477.4M
YoY Change 24.86% 3.92%
Other Long-Term Liabilities $82.60M $49.00M
YoY Change 68.57% 33.51%
Total Long-Term Liabilities $82.60M $49.00M
YoY Change 68.57% -90.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $225.5M $239.5M
Total Long-Term Liabilities $82.60M $49.00M
Total Liabilities $904.2M $765.9M
YoY Change 18.06% -3.71%
SHAREHOLDERS EQUITY
Retained Earnings $606.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $888.0M $691.3M
YoY Change
Total Liabilities & Shareholders Equity $1.792B $1.457B
YoY Change 22.99% -2.83%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $49.60M $19.80M
YoY Change 150.51% 54.69%
Depreciation, Depletion And Amortization $67.20M $19.20M
YoY Change 250.0% -29.41%
Cash From Operating Activities $77.90M $72.70M
YoY Change 7.15% 23.43%
INVESTING ACTIVITIES
Capital Expenditures -$12.20M -$3.200M
YoY Change 281.25% -27.27%
Acquisitions
YoY Change
Other Investing Activities -$505.8M
YoY Change
Cash From Investing Activities -$518.0M -$3.200M
YoY Change 16087.5% -27.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.60M 4.600M
YoY Change -417.39% -113.18%
NET CHANGE
Cash From Operating Activities 77.90M 72.70M
Cash From Investing Activities -518.0M -3.200M
Cash From Financing Activities -14.60M 4.600M
Net Change In Cash -454.7M 74.10M
YoY Change -713.63% 278.06%
FREE CASH FLOW
Cash From Operating Activities $77.90M $72.70M
Capital Expenditures -$12.20M -$3.200M
Free Cash Flow $90.10M $75.90M
YoY Change 18.71% 19.91%

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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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
25900000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
19000000.0
CY2020Q4 syna Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
20500000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
51000000.0
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
354600000
CY2020Q2 us-gaap Goodwill
Goodwill
360800000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
207800000
CY2020Q4 us-gaap Goodwill
Goodwill
568600000
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.
syna Lease Expiration Year
LeaseExpirationYear
2029
us-gaap Operating Lease Expense
OperatingLeaseExpense
5000000.0
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37200000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21000000.0
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10500000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28900000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
39400000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21100000
us-gaap Operating Lease Cost
OperatingLeaseCost
3900000
us-gaap Operating Lease Cost
OperatingLeaseCost
4700000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21700000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1500000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y2M12D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0402
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6000000.0
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10200000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6300000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4800000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3900000
CY2020Q4 syna Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
13200000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44400000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5000000.0
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
39400000
CY2020Q4 syna Customer Obligation
CustomerObligation
34600000
CY2020Q2 syna Customer Obligation
CustomerObligation
29000000.0
CY2020Q4 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
26900000
CY2020Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
27900000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10500000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6500000
CY2020Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
25400000
CY2020Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
27600000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
97400000
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23400000
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15100000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26300000
CY2020Q4 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-5400000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
91000000.0
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28900000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
23900000
CY2020Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16000000.0
CY2020Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16400000
CY2020Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13800000
CY2020Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13000000.0
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
82600000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
44000000.0
us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
5
us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
5
us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
0.98
syna Percentage Of Voting Capital Stock Of Certain Foreign Subsidiaries Collateralized
PercentageOfVotingCapitalStockOfCertainForeignSubsidiariesCollateralized
0.65
CY2019Q4 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
-9000000.0
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-2700000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
329786
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
69.78
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
76060
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
61.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
53561
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
75.48
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
200165
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
71.31
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3100000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2400000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7100000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22100000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000
syna Increase Decrease In Unrecognized Tax Benefit Income Tax Penalties And Interest Accrued
IncreaseDecreaseInUnrecognizedTaxBenefitIncomeTaxPenaltiesAndInterestAccrued
-300000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
syna Number Of Product Categories
NumberOfProductCategories
3
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
357600000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
388300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
686000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
728200000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
357600000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
388300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
686000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
728200000

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