Skyworks Reports Q4 and Full Year FY22 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 30, 2022			October 1, 2021			September 30, 2022			October 1, 2021
Net revenue	$	1,407.0		$	1,310.9		$	5,485.5		$	5,109.1
Cost of goods sold		738.4			697.2			2,881.2			2,596.7
Gross profit		668.6			613.7			2,604.3			2,512.4
Operating expenses:
Research and development		149.5			149.2			617.9			532.3
Selling, general, and administrative		87.7			100.5			329.8			322.5
Amortization of intangibles		21.9			28.1			98.9			36.0
Restructuring, impairment, and other charges		21.5			8.4			30.7			8.9
Total operating expenses		280.6			286.2			1,077.3			899.7
Operating income		388.0			327.5			1,527.0			1,612.7
Interest expense		(14.3	)		(10.8	)		(47.9	)		(13.4	)
Other expense, net		(1.5	)		(0.5	)		(2.5	)		(0.6	)
Income before income taxes		372.2			316.2			1,476.6			1,598.7
Provision (benefit) for income taxes		70.0			(10.1	)		201.4			100.4
Net income	$	302.2		$	326.3		$	1,275.2		$	1,498.3
Earnings per share:
Basic	$	1.88		$	1.97		$	7.85		$	9.07
Diluted	$	1.88		$	1.95		$	7.81		$	8.97
Weighted average shares:
Basic		160.4			165.2			162.4			165.2
Diluted		161.1			167.3			163.3			167.0

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

		Three Months Ended						Twelve Months Ended
(in millions)		September 30, 2022			October 1, 2021			September 30, 2022			October 1, 2021
GAAP gross profit		$	668.6		$	613.7		$	2,604.3		$	2,512.4
	Share-based compensation expense [a]		4.1			5.0			26.9			28.9
	Acquisition-related expenses		—			17.7			7.3			17.7
	Amortization of acquisition-related intangibles		48.4			31.6			169.7			39.6
Non-GAAP gross profit		$	721.1		$	668.0		$	2,808.2		$	2,598.6
GAAP gross margin %			47.5	%		46.8	%		47.5	%		49.2	%
Non-GAAP gross margin %			51.3	%		51.0	%		51.2	%		50.9	%

		Three Months Ended						Twelve Months Ended
(in millions)		September 30, 2022			October 1, 2021			September 30, 2022			October 1, 2021
GAAP operating income		$	388.0		$	327.5		$	1,527.0		$	1,612.7
	Share-based compensation expense [a]		37.0			47.6			195.2			191.9
	Acquisition-related expenses		7.9			43.5			22.1			60.2
	Amortization of acquisition-related intangibles		70.3			59.7			268.5			75.6
	Settlements, gains, losses, and impairments		24.6			8.0			22.2			10.9
	Restructuring and other charges		0.8			1.3			10.0			1.8
Non-GAAP operating income		$	528.6		$	487.6		$	2,045.0		$	1,953.1
GAAP operating margin %			27.6	%		25.0	%		27.8	%		31.6	%
Non-GAAP operating margin %			37.6	%		37.2	%		37.3	%		38.2	%

		Three Months Ended						Twelve Months Ended
(in millions)		September 30, 2022			October 1, 2021			September 30, 2022			October 1, 2021
GAAP net income		$	302.2		$	326.3		$	1,275.2		$	1,498.3
	Share-based compensation expense [a]		37.0			47.6			195.2			191.9
	Acquisition-related expenses		7.9			43.5			22.1			60.2
	Amortization of acquisition-related intangibles		70.3			59.7			268.5			75.6
	Settlements, gains, losses, and impairments		24.9			8.5			23.9			12.9
	Restructuring and other charges		0.8			1.3			10.0			1.8
	Tax adjustments		42.9			(48.1	)		39.7			(87.6	)
Non-GAAP net income		$	486.0		$	438.8		$	1,834.6		$	1,753.1

		Three Months Ended						Twelve Months Ended
		September 30, 2022			October 1, 2021			September 30, 2022			October 1, 2021
GAAP net income per share, diluted		$	1.88		$	1.95		$	7.81		$	8.97
	Share-based compensation expense [a]		0.23			0.28			1.20			1.15
	Acquisition-related expenses		0.05			0.26			0.14			0.36
	Amortization of acquisition-related intangibles		0.44			0.36			1.64			0.45
	Settlements, gains, losses, and impairments		0.15			0.05			0.15			0.08
	Restructuring and other charges		—			0.01			0.06			0.01
	Tax adjustments		0.27			(0.29	)		0.24			(0.52	)
Non-GAAP net income per share, diluted		$	3.02		$	2.62		$	11.24		$	10.50

SKYWORKS SOLUTIONS, INC.

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