$SYNA
SYNAPTICS Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021025099 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $325.8M $328.1M $388.3M
YoY Change -0.7% -1.77% -8.74%
Cost Of Revenue $170.3M $192.5M $229.0M
YoY Change -11.53% -11.7% -16.94%
Gross Profit $155.5M $135.6M $159.3M
YoY Change 14.68% 16.9% 6.34%
Gross Profit Margin 47.73% 41.33% 41.02%
Selling, General & Admin $36.80M $31.50M $31.10M
YoY Change 16.83% -7.89% -12.64%
% of Gross Profit 23.67% 23.23% 19.52%
Research & Development $77.50M $75.80M $77.00M
YoY Change 2.24% -8.23% -8.55%
% of Gross Profit 49.84% 55.9% 48.34%
Depreciation & Amortization $32.80M $17.70M $19.20M
YoY Change 85.31% -32.95% -29.41%
% of Gross Profit 21.09% 13.05% 12.05%
Operating Expenses $123.9M $110.2M $111.1M
YoY Change 12.43% -8.01% -10.98%
Operating Profit $31.60M $25.40M $34.50M
YoY Change 24.41% -768.42% 38.0%
Interest Expense -$7.300M -$3.300M -$2.700M
YoY Change 121.21% -23.26% -37.21%
% of Operating Profit -23.1% -12.99% -7.83%
Other Income/Expense, Net -$7.000M -$3.200M -$2.300M
YoY Change 118.75% -25.58% -46.51%
Pretax Income $24.60M $15.80M $32.20M
YoY Change 55.7% -295.06% 55.56%
Income Tax $10.40M $10.20M $12.00M
% Of Pretax Income 42.28% 64.56% 37.27%
Net Earnings $13.80M $5.000M $19.80M
YoY Change 176.0% -25.37% 54.69%
Net Earnings / Revenue 4.24% 1.52% 5.1%
Basic Earnings Per Share $0.39 $0.15 $0.59
Diluted Earnings Per Share $0.35 $0.14 $0.58
COMMON SHARES
Basic Shares Outstanding 35.00M 34.00M 33.50M
Diluted Shares Outstanding 39.10M 35.00M 34.40M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $756.2M $472.1M $424.8M
YoY Change 60.18% 45.8% 50.11%
Cash & Equivalents $756.2M $472.1M $424.8M
Short-Term Investments
Other Short-Term Assets $31.60M $26.90M $37.50M
YoY Change 17.47% 15.95% 6.84%
Inventory $69.30M $95.50M $82.10M
Prepaid Expenses
Receivables $233.7M $238.4M $246.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.091B $832.9M $790.8M
YoY Change 30.96% 8.61% 0.13%
LONG-TERM ASSETS
Property, Plant & Equipment $130.4M $83.40M $87.70M
YoY Change 56.35% -20.42% -17.26%
Goodwill $569.0M $362.8M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $63.70M $98.60M $84.30M
YoY Change -35.4% 61.64% 69.28%
Total Long-Term Assets $1.090B $648.2M $666.4M
YoY Change 68.19% -7.62% -6.11%
TOTAL ASSETS
Total Short-Term Assets $1.091B $832.9M $790.8M
Total Long-Term Assets $1.090B $648.2M $666.4M
Total Assets $2.181B $1.481B $1.457B
YoY Change 47.26% 0.85% -2.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.9M $86.90M $88.90M
YoY Change 23.01% -26.29% -48.49%
Accrued Expenses $150.5M $140.5M $133.1M
YoY Change 7.12% 15.92% 15.64%
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 $276.1M $239.2M $239.5M
YoY Change 15.43% -0.37% -19.98%
LONG-TERM LIABILITIES
Long-Term Debt $394.4M $482.0M $477.4M
YoY Change -18.17% 3.92% 3.92%
Other Long-Term Liabilities $77.00M $47.00M $49.00M
YoY Change 63.83% 23.68% 33.51%
Total Long-Term Liabilities $471.4M $47.00M $49.00M
YoY Change 902.98% -90.63% -90.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.1M $239.2M $239.5M
Total Long-Term Liabilities $471.4M $47.00M $49.00M
Total Liabilities $1.248B $768.2M $765.9M
YoY Change 62.51% 3.54% -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 $932.6M $712.9M $691.3M
YoY Change
Total Liabilities & Shareholders Equity $2.181B $1.481B $1.457B
YoY Change 47.26% 0.85% -2.83%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $13.80M $5.000M $19.80M
YoY Change 176.0% -25.37% 54.69%
Depreciation, Depletion And Amortization $32.80M $17.70M $19.20M
YoY Change 85.31% -32.95% -29.41%
Cash From Operating Activities $136.4M $48.30M $72.70M
YoY Change 182.4% 2.11% 23.43%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$3.500M -$3.200M
YoY Change -5.71% -46.15% -27.27%
Acquisitions
YoY Change
Other Investing Activities $4.300M $0.00
YoY Change
Cash From Investing Activities $1.000M -$3.500M -$3.200M
YoY Change -128.57% -46.15% -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 308.6M 2.600M 4.600M
YoY Change 11769.23% -113.18%
NET CHANGE
Cash From Operating Activities 136.4M 48.30M 72.70M
Cash From Investing Activities 1.000M -3.500M -3.200M
Cash From Financing Activities 308.6M 2.600M 4.600M
Net Change In Cash 446.0M 47.40M 74.10M
YoY Change 840.93% 16.18% 278.06%
FREE CASH FLOW
Cash From Operating Activities $136.4M $48.30M $72.70M
Capital Expenditures -$3.300M -$3.500M -$3.200M
Free Cash Flow $139.7M $51.80M $75.90M
YoY Change 169.69% -3.72% 19.91%

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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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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
25600000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
99000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
86100000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
25900000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
19000000.0
CY2021Q1 syna Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
20500000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
51000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
327100000
CY2020Q2 us-gaap Goodwill
Goodwill
360800000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
208200000
CY2021Q1 us-gaap Goodwill
Goodwill
569000000.0
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
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35100000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21000000.0
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9700000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6500000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
26900000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
36600000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21100000
us-gaap Operating Lease Cost
OperatingLeaseCost
7300000
us-gaap Operating Lease Cost
OperatingLeaseCost
7100000
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
2800000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y2M12D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2700000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10100000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6300000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4800000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4000000.0
CY2021Q1 syna Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
13400000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
41300000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4700000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
36600000
CY2021Q1 syna Customer Obligation
CustomerObligation
38600000
CY2020Q2 syna Customer Obligation
CustomerObligation
29000000.0
CY2021Q1 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
22100000
CY2020Q2 syna Accrued Liabilities For Inventory Purchase
AccruedLiabilitiesForInventoryPurchase
27900000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9700000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6500000
CY2021Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
20300000
CY2020Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
27600000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
90700000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
91000000.0
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
26900000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
14600000
CY2021Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
20900000
CY2021Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16600000
CY2020Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
16400000
CY2021Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
12600000
CY2020Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
13000000.0
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
77000000.0
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
44000000.0
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5700000
us-gaap Interest Expense
InterestExpense
900000
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
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25100000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70000000.0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44200000
CY2021Q1 syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-2500000
CY2020Q1 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
-11500000
syna Employee Service Share Based Compensation Tax Benefit Expense From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitExpenseFromCompensationExpense
-4500000
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
209767
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
68.73
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
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
66458
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
68.50
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4500000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10400000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17300000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
800000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22900000
CY2021Q1 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
-200000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
syna Number Of Product Categories
NumberOfProductCategories
3
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
325800000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1011800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1056300000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
325800000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1011800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1056300000

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