- Delivers Revenue of $880.8 Million, Up
23% Year-over-Year
- Generates Non-GAAP Operating Margin of
38.1% (33.8% GAAP)
- Posts $1.52 of Non-GAAP Diluted EPS
($1.18 GAAP), Up 36% Year-over Year
- Guides to Revenue of Between $925
Million and $930 Million, Non-GAAP Gross Margin of 51%, and
Non-GAAP Diluted EPS of $1.60 for Q1 FY16
Skyworks Solutions, Inc. (NASDAQ: SWKS) an innovator of high
performance analog semiconductors connecting people, places and
things, today reported fourth fiscal quarter and year-end results
for the period ending October 2, 2015. Revenue for the fourth
fiscal quarter was $880.8 million, up 23 percent year-over-year
and, as previously announced, exceeded the Company’s guidance of
$875 million.
On a non-GAAP basis, operating income for the fourth fiscal
quarter of 2015 was $335.2 million, up 42 percent from $235.7
million in the fourth fiscal quarter of 2014. Non-GAAP diluted
earnings per share for the fourth fiscal quarter was $1.52, $0.01
better than guidance and up 36 percent from the $1.12 reported for
the fourth fiscal quarter of 2014. On a GAAP basis, operating
income for the fourth fiscal quarter of 2015 was $297.6 million and
diluted earnings per share was $1.18.
For fiscal year 2015, revenue was $3.26 billion, up 42 percent
from fiscal 2014, while non-GAAP diluted earnings per share was
$5.27, up 63 percent year-over-year. GAAP diluted earnings per
share for fiscal 2015 was $4.10.
“Skyworks is playing a pivotal role in enabling major technology
advancements within mobile connectivity, streaming media services,
and the Internet of Things,” said David J. Aldrich, chairman and
chief executive officer of Skyworks. “We are successfully executing
on our strategy of leveraging world-class systems design
capabilities and integration leadership to deliver the industry’s
most advanced analog connectivity systems. Entering fiscal 2016, we
are well positioned to continue delivering growth and profitability
in excess of the broader semiconductor market.”
Q4 Business Highlights
- Captured Wi-Fi, Bluetooth and ZigBee®
content in the Google OnHub Connected Home Gateway with a suite of
20 devices
- Launched tuning and connectivity ICs in
Huawei’s Nexus 6P smartphone platform
- Extended momentum in the connected home
with ZigBee® front-end modules in Samsung’s SmartThingsTM suite of
products
- Expanded presence in a leading
small-cell BTS platform with $25 of content
- Unveiled SkyOne® and diversity receive
modules in ZTE’s Axon smartphone
- Secured display backlight and power
management functionality in LG infotainment centers for upcoming
Hyundai models
- Powered Arris DOCSIS 3.0 cable modem
for Time Warner deployments
- Supported Moto X smartphone with five
devices including TrueFlash™ dual LED camera flash IC
- Introduced ZigBee® solutions for
Philips’ latest smart lighting hub
First Fiscal Quarter 2016 Outlook
“Fiscal 2015 was a record year for Skyworks across all metrics,”
said Donald W. Palette, executive vice president and chief
financial officer of Skyworks. “We are capitalizing on favorable
end market trends—leveraging our differentiated systems solutions
portfolio to expand our addressable opportunity and enhance our
financial returns. We continue to strategically position our
business to take advantage of the tremendous growth opportunity we
see ahead in our served markets. For the first fiscal quarter of
2016, we anticipate revenue between $925 million and $930 million,
with non-GAAP gross margin in the range of 51 percent. We forecast
non-GAAP diluted earnings per share of $1.60.”
For further information regarding use of non-GAAP measures in
this press release, please refer to the Discussion Regarding the
Use of Non-GAAP Financial Measures set forth below.
Dividend Payment
Skyworks’ Board of Directors declared a cash dividend of $0.26
per share of the Company’s common stock, payable on December 10,
2015 to stockholders of record at the close of business on November
19, 2015.
Skyworks' Fourth Fiscal Quarter 2015 Conference Call
Skyworks will host a conference call with analysts to discuss
its fourth fiscal quarter 2015 results and business outlook today
at 5:00 p.m. Eastern time. To listen to the conference call via the
Internet, please visit the investor relations section of Skyworks'
website. To listen to the conference call via telephone, please
call 800-230-1074 (domestic) or 612-288-0329 (international),
confirmation code: 371494.
Playback of the conference call will begin at 9:00 p.m. Eastern
time on November 5, and end at 9:00 p.m. Eastern time on November
12. The replay will be available on Skyworks' website or by calling
800-475-6701 (domestic) or 320-365-3844 (international), access
code: 371494.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places, and things, spanning a number of new and
previously unimagined applications within the automotive,
broadband, cellular infrastructure, connected home, industrial,
medical, military, smartphone, tablet and wearable markets.
Headquartered in Woburn, Massachusetts, Skyworks is a global
company with engineering, marketing, operations, sales, and service
facilities located throughout Asia, Europe and North America. For
more information, please visit Skyworks’ website at:
www.skyworksinc.com.
Safe Harbor Statement
This news release includes "forward-looking statements" intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation information
relating to future results and expectations of Skyworks (e.g.,
certain projections and business trends) and plans for dividend
payments. Forward-looking statements can often be identified by
words such as "anticipates," "expects," "forecasts," "intends,"
"believes," "plans," "may," "will," or "continue," and similar
expressions and variations or negatives of these words. All such
statements are subject to certain risks, uncertainties and other
important factors that could cause actual results to differ
materially and adversely from those projected, and may affect our
future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include,
but are not limited to: uncertainty regarding global economic and
financial market conditions; the susceptibility of the
semiconductor industry and the markets addressed by our, and our
customers', products to economic downturns; the timing,
rescheduling or cancellation of significant customer orders and our
ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; the
availability and pricing of third-party semiconductor foundry,
assembly and test capacity, raw materials and supplier components;
changes in laws, regulations and/or policies that could adversely
affect either (i) the economy and our customers’ demand for our
products or (ii) the financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; economic, social, military and
geo-political conditions in the countries in which we, our
customers or our suppliers operate, including security and health
risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; fluctuations in
our manufacturing yields due to our complex and specialized
manufacturing processes; delays or disruptions in production due to
equipment maintenance, repairs and/or upgrades; our reliance on
several key customers for a large percentage of our sales;
fluctuations in the manufacturing yields of our third-party
semiconductor foundries and other problems or delays in the
fabrication, assembly, testing or delivery of our products; our
ability to timely and accurately predict market requirements and
evolving industry standards, and to identify opportunities in new
markets; uncertainties of litigation, including potential disputes
over intellectual property infringement and rights, as well as
payments related to the licensing and/or sale of such rights; our
ability to rapidly develop new products and avoid product
obsolescence; our ability to retain, recruit and hire key
executives, technical personnel and other employees in the
positions and numbers, with the experience and capabilities, and at
the compensation levels needed to implement our business and
product plans; lengthy product development cycles that impact the
timing of new product introductions; unfavorable changes in product
mix; the quality of our products and any remediation costs;
shorter-than-expected product life cycles; problems or delays that
we may face in shifting our products to smaller geometry process
technologies and in achieving higher levels of design integration;
and our ability to continue to grow and maintain an intellectual
property portfolio and obtain needed licenses from third parties,
as well as other risks and uncertainties, including, but not
limited to, those detailed from time to time in our filings with
the Securities and Exchange Commission.
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 STATEMENTS OF OPERATIONS
Three Months Ended Year Ended Oct. 2, Oct. 3, Oct. 2, Oct.
3, (in millions, except per share amounts) 2015 2014 2015
2014 Net revenue $ 880.8 $ 718.2 $ 3,258.4 $ 2,291.5 Cost of
goods sold 444.6 394.2 1,703.9 1,268.8 Gross profit 436.2
324.0 1,554.5 1,022.7 Operating expenses: Research and
development 82.4 68.0 303.2 252.2 Selling, general and
administrative 47.4 50.2 191.3 179.1 Amortization of intangibles
8.3 7.4 33.5 25.9 Restructuring and other charges 0.5 0.3
3.4 0.3 Total operating expenses 138.6 125.9 531.4 457.5
Operating income 297.6 198.1 1,023.1 565.2 Other (expense)
income, net (1.4 ) 0.1 0.5 - Income before income taxes 296.2 198.2
1,023.6 565.2 Provision for income taxes 67.0 23.3 225.3
107.5 Net income $ 229.2 $ 174.9 $ 798.3 $ 457.7
Earnings per share: Basic $ 1.21 $ 0.93 $ 4.21 $ 2.44 Diluted $
1.18 $ 0.90 $ 4.10 $ 2.38 Weighted average shares: Basic 189.6
187.5 189.5 187.2 Diluted 194.8 193.8 194.9 192.6
SKYWORKS SOLUTIONS, INC. UNAUDITED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Three
Months Ended Year Ended Oct. 2, Oct. 3, Oct. 2, Oct. 3, (in
millions) 2015 2014 2015 2014 GAAP gross profit $ 436.2 $
324.0 $ 1,554.5 $ 1,022.7 Share-based compensation expense [a] 3.9
3.3 14.5 11.2 Acquisition-related expenses [b] - 2.3 0.2 2.3
Non-GAAP gross profit $ 440.1 $ 329.6 $ 1,569.2 $ 1,036.2
Non-GAAP gross margin % 50.0% 45.9% 48.2% 45.2%
Three Months Ended Year
Ended Oct. 2, Oct. 3, Oct. 2, Oct. 3, (in millions) 2015
2014 2015 2014 GAAP operating income $ 297.6 $ 198.1 $
1,023.1 $ 565.2 Share-based compensation expense [a] 25.5 23.6 99.9
86.0 Acquisition-related expenses [b] 2.3 4.7 8.4 5.7 Amortization
of intangibles 8.3 7.4 33.5 25.9 Restructuring and other charges
[c] 0.5 0.3 3.4 0.3 Litigation settlement gains, losses and
expenses [d] 0.9 1.6 3.0 3.9 Deferred executive compensation 0.1 -
0.1 - Non-GAAP operating income $ 335.2 $ 235.7 $ 1,171.4 $ 687.0
Non-GAAP operating margin % 38.1% 32.8% 36.0% 30.0%
Three Months Ended
Year Ended Oct. 2, Oct. 3, Oct. 2, Oct. 3, (in millions)
2015 2014 2015 2014 GAAP net income $ 229.2 $ 174.9 $ 798.3
$ 457.7 Share-based compensation expense [a] 25.5 23.6 99.9 86.0
Acquisition-related expenses [b] 2.3 4.7 8.4 5.7 Amortization of
intangibles 8.3 7.4 33.5 25.9 Restructuring and other charges [c]
0.5 0.3 3.4 0.3 Litigation settlement gains, losses and expenses
[d] 0.9 1.6 3.0 3.9 Deferred executive compensation 0.1 - 0.1 -
Interest expense on seller-financed debt [e] 0.3 0.2 1.3 0.2 Tax
adjustments [f] 29.0 3.4 80.0 43.5 Non-GAAP net income $ 296.1 $
216.1 $ 1,027.9 $ 623.2
Three Months Ended Year Ended Oct. 2, Oct. 3,
Oct. 2, Oct. 3, 2015 2014 2015 2014 GAAP net income per
share, diluted $ 1.18 $ 0.90 $ 4.10 $ 2.38 Share-based compensation
expense [a] 0.13 0.12 0.51 0.45 Acquisition-related expenses [b]
0.01 0.03 0.04 0.03 Amortization of intangibles 0.04 0.04 0.17 0.13
Restructuring and other charges [c] - - 0.02 - Litigation
settlement gains, losses and expenses [d] 0.01 0.01 0.01 0.02
Interest expense on seller-financed debt [e] - - 0.01 - Tax
adjustments [f] 0.15 0.02 0.41 0.23 Non-GAAP net income per share,
diluted $ 1.52 $ 1.12 $ 5.27 $ 3.24
SKYWORKS SOLUTIONS, INC.DISCUSSION
REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following
financial measures that 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 diluted earnings per share. 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 our 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.
We provide investors with non-GAAP gross profit and gross
margin, non-GAAP operating income and operating margin, non-GAAP
net income and non-GAAP diluted earnings per share because we
believe it is important for investors to be able to closely monitor
and understand changes in our ability to generate income from
ongoing business operations. We believe these non-GAAP financial
measures give investors an additional method to evaluate historical
operating performance and identify trends, an additional means of
evaluating period-over-period operating performance and a method to
facilitate certain comparisons of our operating results to those of
our peer companies. We also believe that providing non-GAAP
operating income and operating margin allows investors to assess
the extent to which our ongoing operations impact our overall
financial performance. We further believe that providing non-GAAP
net income and non-GAAP diluted earnings per share allows investors
to assess the overall financial performance of our ongoing
operations by eliminating the impact of share-based compensation
expense, acquisition-related expenses, restructuring-related
charges, litigation settlement gains, losses and expenses, certain
deferred executive compensation and certain tax items which may not
occur in each period presented and which may represent non-cash
items unrelated to our ongoing operations. We believe that
disclosing these non-GAAP financial measures contributes to
enhanced financial reporting transparency and provides
investors with added clarity about complex financial performance
measures.
We calculate non-GAAP gross profit by excluding from GAAP gross
profit, share-based compensation expense and acquisition-related
expenses. We calculate non-GAAP operating income by excluding from
GAAP operating income, share-based compensation expense,
acquisition-related expenses, restructuring-related charges,
litigation settlement gains, losses and expenses and certain
deferred executive compensation. We calculate non-GAAP net income
and diluted earnings per share by excluding from GAAP net income
and diluted earnings per share, share-based compensation expense,
acquisition-related expenses, restructuring-related charges,
litigation settlement gains, losses and expenses, certain deferred
executive compensation and certain tax items which may not occur in
all periods for which financial information is presented. We
exclude the items identified above from the respective non-GAAP
financial measure referenced above for the reasons set forth with
respect to each such excluded item below:
Share-Based Compensation - because (1) the total amount of
expense is partially outside of our control because it is based on
factors such as stock price volatility and interest rates, which
may be unrelated to our performance during the period in which the
expense is incurred, (2) it is an expense based upon a valuation
methodology premised on assumptions that vary over time, and (3)
the amount of the expense can vary significantly between companies
due to factors that can be outside of the control of such
companies.
Acquisition-Related Expenses - including such items as, when
applicable, amortization of acquired intangible assets, fair value
adjustments to contingent consideration, fair value charges
incurred upon the sale of acquired inventory, acquisition-related
professional fees, deemed compensation expenses and interest
expense on seller-financed debt, because they are not considered by
management in making operating decisions and we believe that such
expenses do not have a direct correlation to our future business
operations and thereby including such charges does not accurately
reflect the performance of our ongoing operations for the period in
which such charges are incurred.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to our future business operations and including
such charges does not necessarily reflect the performance of our
ongoing operations for the period in which such charges are
incurred.
Litigation Settlement Gains, Losses and Expenses- including
gains, losses and expenses related to the resolution of
other-than-ordinary-course threatened and actually filed lawsuits
and other-than-ordinary-course contractual disputes, because (1)
they are not considered by management in making operating
decisions, (2) such gains, losses and expenses tend to be
infrequent in nature, (3) such gains, losses and expenses are
generally not directly controlled by management, (4) we believe
such gains, losses and expenses do not necessarily reflect the
performance of our ongoing operations for the period in which such
charges are recognized and (5) the amount of such gains or losses
and expenses can vary significantly between companies and make
comparisons less reliable.
Deferred Executive Compensation - including charges related to
any contingent obligation pursuant to an executive severance
agreement, because we believe the period over which the obligation
is amortized may not reflect the period of benefit and that such
expense has no direct correlation with our recurring business
operations and including such expenses does not accurately reflect
the compensation expense for the period in which incurred.
Certain Income Tax Items - including certain deferred tax
charges and benefits that do not result in a current tax payment or
tax refund and other adjustments, including but not limited to,
items unrelated to the current fiscal year or that are not
indicative of our ongoing business operations.
The non-GAAP financial measures presented in the table above
should not be considered in isolation and are not an alternative
for the respective GAAP financial measure that is most directly
comparable to each such non-GAAP financial measure. Investors are
cautioned against placing undue reliance on these non-GAAP
financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable
GAAP financial measures to arrive at these non-GAAP financial
measures. Non-GAAP financial measures may have limited value as
analytical tools because they may exclude certain expenses that
some investors consider important in evaluating our operating
performance or ongoing business performance. Further, non-GAAP
financial measures are likely to have limited value for purposes of
drawing comparisons between companies because different companies
may calculate similarly titled non-GAAP financial measures in
different ways because non-GAAP measures are not based on any
comprehensive set of accounting rules or principles.
Our earnings release contains forward-looking estimates of
non-GAAP gross margin, non-GAAP operating margin and non-GAAP
diluted earnings per share for the first quarter of our 2016 fiscal
year ("Q1 2016"). We provide these non-GAAP measures to investors
on a prospective basis for the same reasons (set forth above) that
we provide them to investors on a historical basis.
The following table provides a reconciliation of our
forward-looking estimate of non-GAAP gross margin to a
forward-looking estimate of GAAP gross margin for Q1 2016:
Forward-looking non-GAAP gross
margin estimate 51.0 % Less: Share-based compensation
expense (0.4 ) Forward-looking GAAP gross margin estimate 50.6 %
The following table provides a reconciliation of our
forward-looking estimate of non-GAAP operating margin to a
forward-looking estimate of GAAP operating margin for Q1 2016:
Forward-looking non-GAAP
operating margin estimate
>39.0
%
Less: Share-based compensation expense (3.0 ) Less: Amortization of
intangibles (1.0 ) Forward-looking GAAP operating margin estimate
>35.0
%
We are unable to provide a reconciliation of our forward-looking
estimate of Q1 2016 non-GAAP diluted earnings per share to a
forward-looking estimate of Q1 2016 GAAP diluted earnings per share
because certain information needed to make a reasonable
forward-looking estimate of GAAP diluted earnings per share for Q1
2016 (other than estimated share-based compensation expense of
$0.12 per diluted share, certain tax items of $0.16 per diluted
share and estimated amortization of intangibles of $0.05 per
diluted share) is difficult to predict and estimate and is often
dependent on future events that may be uncertain or outside of our
control. Such events may include unanticipated changes in our GAAP
effective tax rate, unanticipated one-time charges related to asset
impairments (fixed assets, inventory, intangibles or goodwill),
unanticipated acquisition-related expenses, unanticipated
litigation settlement gains, losses and expenses and other
unanticipated non-recurring items not reflective of ongoing
operations. We believe the probable significance of these unknown
items, in the aggregate, to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. Our
forward-looking estimates of both GAAP and non-GAAP measures of our
financial performance may differ materially from our actual results
and should not be relied upon as statements of fact.
[a] These charges represent expense recognized in accordance
with ASC 718 - Compensation, Stock Compensation. For the three
months ended October 2, 2015, approximately $3.9 million, $11.6
million and $10.0 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively. For the fiscal year ended
October 2, 2015, approximately $14.5 million, $45.5 million and
$39.9 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively. For the three months ended October 3,
2014, approximately $3.3 million, $9.8 million and $10.5 million
were included in cost of goods sold, research and development
expense and selling, general and administrative expense,
respectively. For the fiscal year ended October 3, 2014,
approximately $11.2 million, $36.3 million and $38.5 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively.
[b] The acquisition-related expenses recognized during the
fiscal year ended October 2, 2015, include a $0.2 million charge to
cost of sales related to the sale of acquired inventory. The
acquisition-related expenses recognized during the three months and
fiscal year ended October 2, 2015, include $2.3 million and $8.2
million in transaction costs, respectively, included in general and
administrative expenses associated with potential acquisitions and
with the purchase of an interest in a joint venture with Panasonic
Corporation on August 1, 2014. The acquisition-related
expenses recognized during the three months and fiscal year ended
October 3, 2014, include a $2.3 million charge to cost of sales
related to the sale of acquired inventory and $2.4 million and $3.4
million, respectively, in transaction costs included in general and
administrative expenses associated with the purchase of an interest
in a joint venture with Panasonic Corporation on August 1, 2014.
For additional information regarding the joint venture,
please refer to the Company's Current Reports on Form 8-K filed
with the Securities and Exchange Commission on July 10, 2014, and
August 7, 2014. [c] During the three months and fiscal year
ended October 2, 2015, the Company incurred $0.5 million and $3.4
million, respectively, in employee severance costs primarily
related to restructuring plans that were implemented during the
periods. During the three months and fiscal year ended
October 3, 2014, the Company recorded a $0.3 million charge related
to a restructuring plan implemented in the prior fiscal year.
[d] During the three months and fiscal year ended October 2,
2015, the Company recognized a $0.9 million and a $3.0 million
charge, respectively, primarily related to general and
administrative expenses associated with ongoing litigation(s).
During the three months and fiscal year ended October 3,
2014, the Company recognized a $1.6 million and a $3.9 million
charge, respectively, primarily related to general and
administrative expense associated with ongoing litigation(s).
[e] During the three months and fiscal year ended October 2,
2015, the Company recognized $0.3 million and $1.3 million,
respectively, in interest expense associated with the accretion of
the present value of the $76.5 million liability related to the
future purchase of the remaining 34% interest in the joint venture
between the Company and Panasonic. During the three months
and fiscal year ended October 3, 2014, the Company recognized $0.2
million in interest expense associated with the accretion of the
present value of the $76.5 million liability related to the future
purchase of the remaining 34% interest in the joint venture between
the Company and Panasonic. [f] During the three months and
fiscal year ended October 2, 2015, these amounts primarily
represent the use of net operating loss and research and
development tax credit carryforwards, deferred tax expense not
affecting taxes payable, tax deductible stock compensation in
excess of GAAP stock compensation expense and non-cash expense
(benefit) related to uncertain tax positions. During the
three months and fiscal year ended October 3, 2014, these amounts
primarily represent the use of net operating loss and research and
development tax credit carryforwards, deferred tax expense not
affecting taxes payable, tax deductible stock compensation in
excess of GAAP stock compensation expense, and non-cash expense
(benefit) related to uncertain tax positions. As a result of the
settlement of the IRS audit of our fiscal year 2011 federal tax
return, a tax benefit related to the release of previously reserved
items was included in the GAAP expense for uncertain tax positions.
SKYWORKS SOLUTIONS, INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS Oct. 2,
Oct. 3, (in millions) 2015 2014
Assets Current assets: Cash
and cash equivalents $ 1,043.6 $ 805.8 Accounts receivable, net
538.0 317.6 Inventory 267.9 270.8 Other current assets 65.2 35.0
Property, plant and equipment, net 826.4 555.9 Goodwill and
intangible assets, net 901.7 926.0 Other assets 76.6 62.7 Total
assets $ 3,719.4 $ 2,973.8
Liabilities and Equity
Current liabilities: Accounts payable $ 291.2 $ 200.6 Accrued and
other current liabilities 172.7 97.0 Other long-term liabilities
96.3 143.8 Stockholders' equity 3,159.2 2,532.4 Total liabilities
and equity $ 3,719.4 $ 2,973.8
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151105006737/en/
Skyworks Media Relations:Pilar Barrigas(949)
231-3061orSkyworks Investor Relations:Stephen Ferranti(781)
376-3056
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