• Delivers Revenue of $972 Million
• Posts GAAP Diluted EPS of $1.60; Non-GAAP Diluted EPS of $1.83
• Generates Record $549 Million in Cash Flow from Operations
• Announces New $2 Billion Stock Repurchase Program

IRVINE, Calif. — (BUSINESS WIRE) — February 5, 2019 — Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high performance analog semiconductors connecting people, places and things, today reported first fiscal quarter results for the period ended December 28, 2018. Revenue for the first fiscal quarter was $972.0 million.

On a GAAP basis, operating income for the first fiscal quarter of 2019 was $320.9 million with diluted earnings per share of $1.60. On a non-GAAP basis, operating income was $356.4 million with non-GAAP diluted earnings per share of $1.83.

“Despite macro weakness across our global mobile business, Skyworks delivered solid financial results driven by content gains, an expanding footprint in broad markets and our strong business model,” said Liam K. Griffin, president and chief executive officer of Skyworks. “During the quarter, we generated more than $500 million in cash flow from operations and exited the quarter with over $1 billion in cash. Looking ahead, we are leveraging our demonstrated technology leadership, trusted customer partnerships and innovative Sky5™ portfolio to capitalize on compelling 5G, IoT and automotive opportunities. We are enabling revolutionary applications and executing towards our vision of Connecting Everyone and Everything, All the Time.”

First Quarter Business Highlights

• Partnered with Square to power secure, long-range retail payment systems
• Captured content in NetGear’s WiFi 6–enabled routers
• Supported remote access features for German and Korean automotive manufacturers
• Ramped advanced wireless engines for Philips street lighting management platforms
• Secured design wins with Bose and Sonos supporting high fidelity, smart audio
• Shipped LPWAN connectivity devices for building automation applications
• Expanded footprint in Nokia’s dual band residential gateways
• Deployed 5G base station solutions for leading European infrastructure providers
• Enabled Samsung’s Galaxy A and J Series smartphones with multimode, multiband front-ends
• Launched antenna tuners, diversity receive modules, GPS devices and integrated transmit portfolio across LG’s mobile suite

Second Fiscal Quarter 2019 Outlook

We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.

“In the March quarter, we expect diversification and momentum in our high-growth broad markets business to partially offset unit declines in mobile,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the second fiscal quarter of 2019, we anticipate revenue to be between $800 and $820 million with non-GAAP diluted earnings per share of $1.43 at the midpoint of our revenue range. Further, reflecting confidence in our business model and ability to consistently generate strong free cash flow, the Board of Directors has approved a new $2 billion stock repurchase program.”

Dividend Payment

Skyworks’ Board of Directors has declared a cash dividend of $0.38 per share of the Company's common stock, payable on March 19, 2019 to stockholders of record at the close of business on February 26, 2019.

Skyworks' First Fiscal Quarter 2019 Conference Call

Skyworks will host a conference call with analysts to discuss its first fiscal quarter 2019 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) 230-1059 (domestic) or (612) 234-9959 (international), confirmation code: 462168.

Playback of the conference call will begin at 9:00 p.m. Eastern time on February 5, and end at 9:00 p.m. Eastern time on February 12. The replay will be available on Skyworks’ website or by calling (800) 475-6701 (domestic) or (320) 365-3844 (international), access code: 462168.