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TheStreet Open House

Skyworks Exceeds Q1 FY13 Revenue And EPS Guidance

Stocks in this article: SWKS

The forward-looking statements contained in this news release are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Note to Editors: Skyworks and Skyworks Solutions are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and in other countries. All other brands and names listed are trademarks of their respective companies.

 
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
       
       
Three Months Ended
 
Dec. 28, Dec. 30,
(in thousands) 2012   2011  
 
Net revenue $ 453,723 $ 393,740
Cost of goods sold 261,158   221,890  
Gross profit 192,565 171,850
 
Operating expenses:
Research and development 58,054 46,941
Selling, general and administrative 38,128 42,909
Amortization of intangibles 8,156 6,312
Restructuring and other charges 1,644   720  
Total operating expenses 105,982 96,882
 
Operating income 86,583 74,968
 
Interest expense (11 ) (481 )
Gain on early retirement of convertible debt - 76
Other income, net 270   99  
Income before income taxes 86,842 74,662
Provision for income taxes 20,349   17,536  
Net income $ 66,493   $ 57,126  
 
Earnings per share:
Basic $ 0.35 $ 0.31
Diluted $ 0.34 $ 0.30
Weighted average shares:
Basic 189,377 183,956
Diluted 194,001 189,682
 
 

SKYWORKS SOLUTIONS, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

       
       
Three Months Ended
 
Dec. 28, Dec. 30,
(in thousands) 2012   2011  
 
GAAP gross profit $ 192,565 $ 171,850
Share-based compensation expense [a] 2,406 2,517
Acquisition-related expense [b] 11   76  
Non-GAAP gross profit $ 194,982   $ 174,443  
 
Non-GAAP gross margin % 43.0 % 44.3 %
       
Three Months Ended
 
Dec. 28, Dec. 30,
(in thousands) 2012   2011  
 
GAAP operating income $ 86,583 $ 74,968
Share-based compensation expense [a] 17,696 15,750
Acquisition-related expense [b] 555 7,283
Amortization of intangibles 8,156 6,312
Restructuring and other charges [c] 1,644 720
Deferred executive compensation 143   143  
Non-GAAP operating income $ 114,777   $ 105,176  
 
Non-GAAP operating margin % 25.3 % 26.7 %
       
Three Months Ended
 
Dec. 28, Dec. 30,
(in thousands) 2012   2011  
 
GAAP net income $ 66,493 $ 57,126
Share-based compensation expense [a] 17,696 15,750
Acquisition-related expense [b] 555 7,283
Amortization of intangibles 8,156 6,312
Restructuring and other charges [c] 1,644 720
Deferred executive compensation 143 143
Gain on early retirement of convertible debt [d] - (76 )
Amortization of discount on convertible debt [e] - 351
Tax adjustments [f] 11,919   8,632  
Non-GAAP net income $ 106,606   $ 96,241  
       
Three Months Ended
 
Dec. 28, Dec. 30,
2012   2011  
 
GAAP net income per share, diluted $ 0.34 $ 0.30
Share-based compensation expense [a] 0.09 0.08
Acquisition-related expense [b] - 0.04
Amortization of intangibles 0.05 0.03
Restructuring and other charges [c] 0.01 0.01
Tax adjustments [f] 0.06   0.05  
Non-GAAP net income per share, diluted $ 0.55   $ 0.51  
 
 

SKYWORKS SOLUTIONS, INC. DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES

Our earnings release contains some or all of the following financial measures which have not been calculated in accordance with United States Generally Accepted Accounting Principles ("GAAP"): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net income, and (iv) non-GAAP net income per share (diluted). As set forth in the "Unaudited Reconciliation of Non-GAAP Financial Measures" table found above, we derive such non-GAAP financial measures by excluding certain expenses and other items from the respective GAAP financial measure that is most directly comparable to each non-GAAP financial measure. Management uses these non-GAAP financial measures to evaluate our operating performance and compare it against past periods, make operating decisions, forecast for future periods, compare operating performance against peer companies and determine payments under certain compensation programs. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-recurring expenses (which may not occur in each period presented) and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more difficult, obscure trends in ongoing operations or reduce management's ability to make useful forecasts.

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