• Delivers Record Second Quarter Revenue of $1.172 Billion, up 53% Y-o-Y
• Posts GAAP Diluted EPS of $1.95, up 84% Y-o-Y; Non-GAAP Diluted EPS of $2.37, up 77% Y-o-Y
• Generates GAAP Operating Margin of 32.0%; Non-GAAP Operating Margin of 37.6%
• Drives Record Quarterly Operating Cash Flow of $616 Million

IRVINE, Calif. — (BUSINESS WIRE) — April 29, 2021 — Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high-performance analog semiconductors connecting people, places and things, today reported second fiscal quarter results for the period ended Apr. 2, 2021.

Revenue for the second fiscal quarter of 2021 was $1.172 billion, up 53% year over year and exceeding consensus estimates. On a GAAP basis, operating income for the second fiscal quarter was $374.7 million with diluted earnings per share of $1.95. On a non-GAAP basis, operating income was $440.1 million with non-GAAP diluted earnings per share of $2.37.

“Skyworks’ record second quarter results reflect sustained leadership across a rapidly expanding set of end markets and customers, supported by our cutting-edge technologies and world-class manufacturing facilities,” said Liam K. Griffin, president and chief executive officer of Skyworks. “Importantly, our broad markets portfolio continues to gain momentum, with strong sequential and year-over-year growth.

“Moving forward, our core business combined with our pending acquisition of the Infrastructure and Automotive business of Silicon Labs position Skyworks to capture an outsized portion of the opportunities that lie ahead.”

Second Fiscal Quarter Business Highlights

• Expanded the reach of our Sky5^® portfolio across premium and mid-tier 5G smartphone launches at Samsung, Oppo, Vivo, Xiaomi and other leading OEMs
• Partnered with NETGEAR to deploy Wi-Fi 6 and 6E routers
• Launched Wi-Fi 6 gateways at Deutsche Telekom, Nokia and Altice
• Shipped home security solutions to Xfinity
• Captured design wins at Google Nest for smart audio devices
• Delivered cellular IoT modules to Quectel and Gemalto
• Ramped innovative, new audio platforms powering gaming headsets at Microsoft and Sony
• Leveraged our wireless infrastructure portfolio to deploy MIMO base stations with Ericsson and Nokia
• Delivered telematics and infotainment solutions to Volkswagen, LG and GM OnStar

Third Fiscal Quarter 2021 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.

“Based on robust demand for connectivity solutions in mobile and broad markets, we expect continued momentum and year-over-year growth into the June quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, in the third fiscal quarter of 2021, we anticipate revenue to be between $1.075 billion and $1.125 billion with non-GAAP diluted earnings per share of $2.13 at the midpoint of our revenue range, representing revenue growth of 49% and non-GAAP diluted earnings per share growth of 70%, compared to the third fiscal quarter of 2020.”

Dividend Payment

Skyworks’ board of directors has declared a cash dividend of $0.50 per share of the Company’s common stock, payable on June 8, 2021, to stockholders of record at the close of business on May 18, 2021.

Skyworks’ Second Quarter 2021 Conference Call

Skyworks will host a conference call with analysts to discuss its second quarter fiscal 2021 results and business outlook today at 4:30 p.m. EDT. 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 (833) 714-0912 (domestic) or (778) 560-2690 (international), Conference ID: 7877227.

Playback of the conference call will begin at 9 p.m. EDT on Apr. 29, 2021, and end at 9 p.m. EDT on May 6, 2021. The replay will be available on Skyworks’ website or by calling (800) 585-8367 (domestic) or (416) 621-4642 (international), Conference ID: 7877227.

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 aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.

Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500^® and Nasdaq-100^® market indices (Nasdaq: SWKS). 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, as well as plans for dividend payments and share repurchases). 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: the effects of the global COVID-19 pandemic and the measures taken to limit COVID-19’s spread on our business operations, including reduced shift staffing in certain of our manufacturing facilities, as well as potential other disruptions to our business, including but not limited to the suspension or restriction of operations at our facilities and third-party supply chain disruptions, that could result from social distancing measures, employee quarantines, restricting certain employees from working or additional actions that may be taken by us, our suppliers and partners or governmental authorities in the jurisdictions in which we operate in an effort to contain the COVID-19 pandemic; the susceptibility of the semiconductor industry and the markets addressed by our, and our customers’, products to economic downturns, including as a result of the COVID-19 pandemic; our reliance on a small number of key customers for a large percentage of our sales; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; risks related to the transaction with Silicon Labs, including the ability to close the transaction, the ability to obtain the necessary financing arrangements, the ability to successfully integrate the assets acquired and employees transferred, and the risk that we may not realize the anticipated benefits from the transaction; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., our ability to sell products to Huawei Technologies Co., Ltd. and certain of its affiliates, as well as other specified entities, only pursuant to a limited export license from the U.S. Department of Commerce), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, fluctuations in foreign currency exchange rates, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to obtain design wins from customers; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies, and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials and supplier components; 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; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; 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 continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings with the Securities and Exchange Commission.