Skyworks Reports Q2 FY23 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						Six Months Ended
(in millions, except per share amounts)	March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
Net revenue	$	1,153.1		$	1,335.6		$	2,482.4		$	2,846.0
Cost of goods sold		625.7			698.0			1,317.4			1,493.6
Gross profit		527.4			637.6			1,165.0			1,352.4
Operating expenses:
Research and development		148.2			160.7			312.0			311.9
Selling, general, and administrative		79.0			83.0			163.5			165.1
Amortization of intangibles		3.8			21.9			25.7			55.2
Restructuring, impairment, and other charges		23.1			4.7			23.5			7.1
Total operating expenses		254.1			270.3			524.7			539.3
Operating income		273.3			367.3			640.3			813.1
Interest expense		(18.9	)		(11.4	)		(35.8	)		(22.3	)
Other income (expense), net		5.4			(1.8	)		6.0			(0.5	)
Income before income taxes		259.8			354.1			610.5			790.3
Provision for income taxes		27.0			48.3			68.3			84.6
Net income	$	232.8		$	305.8		$	542.2		$	705.7
Earnings per share:
Basic	$	1.46		$	1.87		$	3.40		$	4.29
Diluted	$	1.46		$	1.86		$	3.39		$	4.27
Weighted average shares:
Basic		159.1			163.7			159.5			164.4
Diluted		159.9			164.4			160.1			165.4

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

		Three Months Ended						Six Months Ended
(in millions)		March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
GAAP gross profit		$	527.4		$	637.6		$	1,165.0		$	1,352.4
	Share-based compensation expense [a]		7.5			6.3			10.2			14.9
	Acquisition-related expenses		—			—			—			7.3
	Amortization of acquisition-related intangibles		41.7			39.4			85.7			81.8
Non-GAAP gross profit		$	576.6		$	683.3		$	1,260.9		$	1,456.4
GAAP gross margin %			45.7	%		47.7	%		46.9	%		47.5	%
Non-GAAP gross margin %			50.0	%		51.2	%		50.8	%		51.2	%

		Three Months Ended						Six Months Ended
(in millions)		March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
GAAP operating income		$	273.3		$	367.3		$	640.3		$	813.1
	Share-based compensation expense [a]		40.9			55.7			90.4			106.1
	Acquisition-related expenses		0.9			1.8			9.1			11.0
	Amortization of acquisition-related intangibles		45.5			61.2			111.3			137.0
	Settlements, gains, losses, and impairments		19.0			0.2			19.1			2.4
	Restructuring and other charges		6.5			4.7			7.2			7.1
Non-GAAP operating income		$	386.1		$	490.9		$	877.4		$	1,076.7
GAAP operating margin %			23.7	%		27.5	%		25.8	%		28.6	%
Non-GAAP operating margin %			33.5	%		36.8	%		35.3	%		37.8	%

		Three Months Ended						Six Months Ended
(in millions)		March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
GAAP net income		$	232.8		$	305.8		$	542.2		$	705.7
	Share-based compensation expense [a]		40.9			55.7			90.4			106.1
	Acquisition-related expenses		0.9			1.8			9.1			11.0
	Amortization of acquisition-related intangibles		45.5			61.2			111.3			137.0
	Settlements, gains, losses, and impairments		19.4			0.7			19.9			3.3
	Restructuring and other charges		6.5			4.7			7.2			7.1
	Tax adjustments		(22.9	)		2.4			(42.5	)		(15.1	)
Non-GAAP net income		$	323.1		$	432.3		$	737.6		$	955.1

		Three Months Ended						Six Months Ended
		March 31, 2023			April 1, 2022			March 31, 2023			April 1, 2022
GAAP net income per share, diluted		$	1.46		$	1.86		$	3.39		$	4.27
	Share-based compensation expense [a]		0.25			0.34			0.56			0.64
	Acquisition-related expenses		0.01			0.01			0.06			0.07
	Amortization of acquisition-related intangibles		0.28			0.37			0.70			0.83
	Settlements, gains, losses, and impairments		0.12			—			0.12			0.02
	Restructuring and other charges		0.04			0.03			0.04			0.04
	Tax adjustments		(0.14	)		0.02			(0.26	)		(0.10	)
Non-GAAP net income per share, diluted		$	2.02		$	2.63		$	4.61		$	5.77

SKYWORKS SOLUTIONS, INC.

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