Skyworks Reports Q4 and Full Year FY19 Results

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 the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.

SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended					Twelve Months Ended
(in millions, except per share amounts)			September 27, 2019		September 28, 2018			September 27, 2019		September 28, 2018
Net revenue			$	827.4	$	1,008.4		$	3,376.8	$	3,868.0
Cost of goods sold			421.4		504.8			1,773.0		1,917.3
Gross profit			406.0		503.6			1,603.8		1,950.7
Operating expenses:
	Research and development		106.8		103.0			424.1		404.5
	Selling, general and administrative		55.8		54.4			198.3		207.8
	Amortization of intangibles		4.0		6.3			22.6		18.3
	Restructuring and other charges (benefit)		5.5		(0.2		)	6.8		0.8
		Total operating expenses	172.1		163.5			651.8		631.4
Operating income			233.9		340.1			952.0		1,319.3
	Other income, net		0.1		3.3			9.0		12.8
Income before income taxes			234.0		343.4			961.0		1,332.1
Provision for income taxes			23.4		57.9			107.4		413.7
Net income			$	210.6	$	285.5		$	853.6	$	918.4

	Earnings per share:
		Basic	$	1.23	$	1.60		$	4.92	$	5.06
		Diluted	$	1.22	$	1.58		$	4.89	$	5.01
	Weighted average shares:
		Basic	171.2		178.6			173.5		181.3
		Diluted	172.2		180.2			174.5		183.2

SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

		Three Months Ended						Twelve Months Ended
(in millions)		September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
GAAP gross profit		$	406.0		$	503.6		$	1,603.8		$	1,950.7
	Share-based compensation expense [a]	4.8			2.8			13.0			14.4
	Acquisition-related expenses [b]	—			4.5			1.9			4.5
	Amortization of acquisition-related intangibles [c]	5.9			2.3			21.1			2.3
	Settlements, gains, losses and impairments [d]	(0.5		)	3.0			68.7			2.0
	Restructuring and other charges (benefit) [e]	—			(0.2		)	0.4			0.8
Non-GAAP gross profit		$	416.2		$	516.0		$	1,708.9		$	1,974.7
GAAP gross margin %		49.1		%	49.9		%	47.5		%	50.4		%
Non-GAAP gross margin %		50.3		%	51.2		%	50.6		%	51.1		%

		Three Months Ended						Twelve Months Ended
(in millions)		September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
GAAP operating income		$	233.9		$	340.1		$	952.0		$	1,319.3
	Share-based compensation expense [a]	21.5			21.5			80.1			107.8
	Acquisition-related expenses (benefit) [b]	—			4.3			2.1			(2.6		)
	Amortization of acquisition-related intangibles [c]	9.9			8.7			43.7			20.7
	Settlements, gains, losses and impairments [d]	10.3			5.2			80.7			5.2
	Restructuring and other charges (benefit) [e]	5.5			(0.2		)	7.3			0.8
	Deferred executive compensation (benefit) [f]	—			—			(0.1		)	(1.7		)
Non-GAAP operating income		$	281.1		$	379.6		$	1,165.8		$	1,449.5
GAAP operating margin %		28.3		%	33.7		%	28.2		%	34.1		%
Non-GAAP operating margin %		34.0		%	37.6		%	34.5		%	37.5		%

		Three Months Ended						Twelve Months Ended
(in millions)		September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
GAAP net income		$	210.6		$	285.5		$	853.6		$	918.4
	Share-based compensation expense [a]	21.5			21.5			80.1			107.8
	Acquisition-related expenses (benefit) [b]	—			4.3			2.1			(2.6		)
	Amortization of acquisition-related intangibles [c]	9.9			8.7			43.7			20.7
	Settlements, gains, losses and impairments [d]	12.8			5.2			83.2			5.2
	Restructuring and other charges (benefit) [e]	5.5			(0.2		)	7.3			0.8
	Deferred executive compensation (benefit) [f]	—			—			(0.1		)	(1.7		)
	Tax adjustments [g]	1.6			24.7			6.8			274.8
Non-GAAP net income		$	261.9		$	349.7		$	1,076.7		$	1,323.4

		Three Months Ended						Twelve Months Ended
		September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
GAAP net income per share, diluted		$	1.22		$	1.58		$	4.89		$	5.01
	Share-based compensation expense [a]	0.12			0.12			0.46			0.59
	Acquisition-related expenses (benefit) [b]	—			0.02			0.01			(0.01		)
	Amortization of acquisition-related intangibles [c]	0.06			0.05			0.25			0.11
	Settlements, gains, losses and impairments [d]	0.08			0.03			0.48			0.03
	Restructuring and other charges (benefit) [e]	0.03			—			0.04			—
	Deferred executive compensation (benefit) [f]	—			—			—			(0.01		)
	Tax adjustments [g]	0.01			0.14			0.04			1.50
Non-GAAP net income per share, diluted		$	1.52		$	1.94		$	6.17		$	7.22

SKYWORKS SOLUTIONS, INC.

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