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9份料单更新!出售ST、微芯、Skyworks等芯片
芯世相· 2025-09-04 12:31
Core Viewpoint - The article discusses the challenges and solutions related to excess inventory of electronic components, emphasizing the need for efficient inventory management and liquidation strategies to minimize financial losses. Group 1: Inventory Management Challenges - A significant amount of obsolete inventory, specifically 100,000 units, incurs monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 over six months if not addressed [1] - Companies are struggling with how to handle excess materials that cannot be sold or are difficult to find buyers for [1] Group 2: Sales and Inventory Solutions - "Chip Superman" has served a total of 20,000 users and offers discounted sales to clear inventory, promising transaction completion in as little as half a day [2][10] - The company has a smart warehouse covering 1,600 square meters, with over 1,000 models and a total of 50 million chips in stock, valued at over 100 million [9] - The company also operates an independent laboratory in Shenzhen, ensuring quality control for each component [9] Group 3: Product Listings - A variety of electronic components are listed for sale, including models from brands like ST, Microchip, and TI, with quantities ranging from 60 to 170,000 units [6][7] - There is also a request for specific components, indicating ongoing demand for certain models [8]
Skyworks to Present at the Goldman Sachs Communacopia and Technology Conference
Globenewswire· 2025-09-02 12:01
Core Insights - Skyworks Solutions, Inc. will participate in a fireside chat at the Goldman Sachs Communacopia and Technology Conference on September 9, 2025, at 7:30 a.m. PDT [1] - The event will be available for live webcast and archived for replay for one week on Skyworks' website [2] Company Overview - Skyworks Solutions, Inc. is a leading developer and manufacturer of high-performance analog and mixed-signal semiconductors for various applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment, gaming, industrial, medical, smartphones, tablets, and wearables [3] - The company operates globally with facilities in Asia, Europe, and North America and is a member of the S&P 500 market index [4]
芯片制造商思佳讯任命AMD高管为新首席财务官
Ge Long Hui A P P· 2025-08-26 02:21
Core Insights - Skyworks Solutions announced the reappointment of Philip Carter as Chief Financial Officer, effective September 8 [1] - Carter previously served as Vice President and Corporate Controller at Skyworks from 2017 to 2024 [1] - Since November 2024, Carter has been the Vice President and Chief Accounting Officer at AMD [1]
【招商电子】Skyworks FY25Q3跟踪报告:单季度营收同环比均有提升,预计FY25Q4营收中值同比略下滑
招商电子· 2025-08-15 09:50
Core Viewpoint - Skyworks reported a revenue of $965 million for FY25Q3, reflecting a year-over-year increase of 6% and a quarter-over-quarter increase of 1%, exceeding guidance [2][11] - The company maintained a strong free cash flow of $253 million, representing 26% of revenue, supported by inventory optimization and effective working capital management [2][11] Financial Performance - FY25Q3 revenue reached $965 million, with a Non-GAAP gross margin of 47.1%, up 1 percentage point year-over-year and 0.5 percentage points quarter-over-quarter, driven by product mix optimization and cost control [2][11] - Non-GAAP net income was $200 million, a 3% increase year-over-year and a 2% increase quarter-over-quarter, with Non-GAAP EPS at $1.33, up 10% year-over-year and 7% quarter-over-quarter [2][11] Business Segments - Mobile business accounted for 62% of revenue, with a year-over-year growth of 8% and a quarter-over-quarter growth of 1%, driven by strong performance from the largest customer and new Android product launches [3][12] - Non-mobile business represented 38% of revenue, achieving a 5% year-over-year and 2% quarter-over-quarter growth, marking six consecutive quarters of growth, primarily from edge IoT and automotive sectors [3][13] Future Outlook - For FY25Q4, the company expects revenue to be between $1 billion and $1.03 billion, with a midpoint reflecting a year-over-year decrease of 1% and a quarter-over-quarter increase of 5% [4][15] - Gross margin is anticipated to remain stable at 47%, benefiting from a stable product mix and cost control measures [4][15] Strategic Initiatives - The company plans to close the Woburn manufacturing facility to consolidate capacity at Newbury Park, aiming to enhance wafer fab utilization and reduce fixed costs [14][26] - Skyworks returned $430 million to shareholders in FY25Q3, including $104 million in dividends and $330 million in stock buybacks, with over $1 billion returned in the past two quarters [14]
Skyworks Solutions, Inc. (SWKS) KeyBanc Technology Leadership Forum Conference (Transcript)
Seeking Alpha· 2025-08-12 23:07
Core Insights - Skyworks Solutions, Inc. has a strong foundation in engineering talent, particularly in RF engineering, which is seen as a significant strength for future growth [3] - The new CEO, Phil Brace, emphasizes the company's deep technological expertise across various products and platforms, indicating confidence in the company's direction [3] Company Strengths - The depth of engineering talent is highlighted as a key asset, with a focus on having some of the smartest RF engineers in the industry [3] - The company possesses core technological expertise that spans multiple generations of products, providing a solid base for innovation and development [3] Opportunities for Improvement - The CEO is looking to address customer and product diversification as part of the strategy to enhance the company's performance [4]
Skyworks Solutions (SWKS) Conference Transcript
2025-08-12 22:02
Summary of Skyworks Solutions (SWKS) Conference Call - August 12, 2025 Company Overview - **Company**: Skyworks Solutions (SWKS) - **New CEO**: Phil Brace, appointed six months prior to the call Key Points and Arguments Company Strengths and Opportunities - **Engineering Talent**: The company possesses a strong team of RF engineers, providing a solid foundation for future growth [3] - **Technological Expertise**: Skyworks has deep technological expertise across various products and platforms, which is a competitive advantage [3] Strategic Focus - **Customer and Product Diversification**: The company aims to diversify its customer base and product offerings, moving beyond a heavy reliance on mobile [4][5] - **Non-Mobile Business Growth**: The non-mobile segment is valued at approximately $1 billion, with higher corporate margins and growth potential driven by WiFi, automotive, and industrial IoT [7][8] Market Dynamics - **Mobile Market Strength**: The mobile segment has shown stronger-than-expected performance, with low channel inventories and high demand for iPhone 16 [10][12] - **Content Losses**: Anticipated content losses in the next generation of products are estimated at 20% to 25%, but recent performance has exceeded expectations [15][16] Competitive Landscape - **Market Competition**: The market is highly competitive, requiring continuous execution and innovation to maintain and grow market share [7][20] - **Tailwinds for Growth**: Key growth drivers include a large installed base of over a billion units from the largest customer, increased complexity in RF technology, and a shift towards internal modems [16][19] M&A Strategy - **Focus on Diversification**: The company recognizes the need for diversification to mitigate risks associated with customer concentration in the mobile space [30] - **Accretive Acquisitions**: Future M&A will focus on technology-adjacent opportunities that can dampen volatility and enhance growth [31][32] Operational Efficiency - **Cost Management**: Steps are being taken to consolidate operations and improve fixed cost leverage, which will benefit both gross margins and operational expenses [56][59] - **Investment in Engineering**: The company plans to invest in key engineering talent while managing operational costs effectively [56][58] Future Outlook - **WiFi 7 and 8**: The company is in the early stages of WiFi 7 adoption and is already investing in WiFi 8, expected to generate significant revenue by 2028-2029 [52][54] - **Android Business Growth**: The Android segment is projected to grow, driven by strong performance from key customers like Pixel [36][38] Conclusion - **Positive Market Position**: Skyworks Solutions is well-positioned to leverage its engineering talent and technological expertise to navigate a competitive landscape and capitalize on growth opportunities in both mobile and non-mobile markets [3][7][20]
Skyworks Q3 Earnings Top Estimates, Revenues Up Y/Y, Shares Rise
ZACKS· 2025-08-06 14:51
Core Insights - Skyworks Solutions (SWKS) reported third-quarter fiscal 2025 non-GAAP earnings of $1.33 per share, exceeding the Zacks Consensus Estimate by 7.26% and reflecting a year-over-year increase of 9.9% [1][7] - Revenues reached $965 million, marking a 6.6% year-over-year growth and surpassing the consensus estimate by 2.66% [1][7] - Skyworks shares rose by 4.98% in pre-market trading, although they have declined 16.2% year to date, underperforming the broader Zacks Computer and Technology sector's return of 11.8% [1] Revenue Breakdown - Mobile revenues accounted for nearly 62% of total revenues, increasing by 1% sequentially and 8% year over year, driven by strong sell-through at the company's top customer and new Android product launches [2] - The largest customer contributed approximately 63% of revenues in the reported quarter [2] - Broad Markets, which includes edge IoT, automotive, industrial, infrastructure, and cloud, grew 2% sequentially and 5% year over year [2] Operating Performance - Non-GAAP gross margin expanded by 110 basis points year over year to 46.5%, benefiting from product mix and cost discipline [3] - Research & development expenses as a percentage of revenues increased by 290 basis points year over year to 20.7% [3] - Selling, general, and administrative expenses rose by 140 basis points to 9.3% in the reported quarter [3] - Non-GAAP operating margin contracted by 90 basis points year over year to 23.3% [4] Financial Position - As of June 27, 2025, cash & cash equivalents and marketable securities totaled $1.34 billion, down from $1.53 billion as of March 28 [5] - Long-term debt was $995.4 million, showing a slight sequential increase [5] - Cash generated by operating activities was $314.1 million, compared to $409 million in the prior quarter, with free cash flow at $252.7 million and a free cash flow margin of 26.2% [5] Shareholder Returns - Skyworks paid dividends totaling $104 million in the reported quarter and raised the dividend payout by 1% to 71 cents per share, payable on September 16 [6] - The company repurchased shares worth $330 million during the quarter [6] Future Guidance - For the fourth quarter of fiscal 2025, Skyworks expects revenues between $1 billion and $1.03 billion, with mid-single-digit sequential growth in Mobile [8] - Broad Markets is anticipated to grow again, with year-over-year trends accelerating and continued strength in bookings, backlog, and channel sell-through [8] - Gross margin is projected to be approximately 47%, with operating expenses expected between $235 million and $245 million [8] - Non-GAAP earnings per share are expected to be $1.40 at the midpoint of the revenue range [9]
Skyworks(SWKS) - 2025 Q3 - Earnings Call Transcript
2025-08-05 21:32
Financial Data and Key Metrics Changes - The company reported revenue of $965 million, exceeding the high end of guidance, with earnings per share of $1.33 and free cash flow of $253 million [5][14][17] - Gross profit was $454 million, resulting in gross margins of 47.1%, which was above expectations due to product mix and cost discipline [14][15] - Operating income reached $224 million, translating to an operating margin of 23.3% [15][16] - The effective tax rate was 11.2%, leading to a net income of $200 million [16] Business Line Data and Key Metrics Changes - Mobile revenue accounted for 62% of total revenue, up 1% sequentially and 8% year over year, driven by strong sell-through at the top customer and new Android product launches [14] - Broad markets, including Edge IoT, automotive, industrial, infrastructure, and cloud, grew 2% sequentially and 5% year over year, marking the sixth consecutive quarter of growth [14][10] Market Data and Key Metrics Changes - The automotive business is tracking around $60 million per quarter, significantly up year over year, with new programs secured with major OEMs [67] - The company noted that inventory levels are low, indicating a healthy demand environment across both mobile and non-mobile segments [70] Company Strategy and Development Direction - The company is focusing on long-term RF content growth driven by internal modem adoption, higher RF complexity with AI features, and a larger addressable footprint within smartphones [6][8] - A planned closure of the Woburn manufacturing facility aims to optimize manufacturing footprint, drive higher fab utilization, and improve overall efficiency [10][11] - The company is committed to maintaining a disciplined approach to operating expenses while investing in R&D initiatives [18][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand signals and healthy sell-through, particularly in mobile, while actively monitoring inventory levels [5][6] - The company anticipates revenue for the next quarter to range between $1 billion to $1.03 billion, with expectations of mid-single-digit sequential growth in mobile [18] - Management highlighted the importance of diversification beyond the handset market to mitigate risks associated with customer concentration [44] Other Important Information - The company returned $430 million to shareholders during the quarter, including $104 million in dividends and $330 million in share repurchases [17] - The company ended the quarter with $1.3 billion in cash and investments, maintaining a strong balance sheet [17] Q&A Session Summary Question: Changes in handset business over the last ninety days - Management noted strong demand for products, particularly from the largest customer, which reflects in their results and guidance [22][23] Question: December seasonality and impact of the extra week - Management indicated solid demand across mobile and non-mobile, with low inventories, making it difficult to predict December seasonality [24][25][26] Question: Internal modem impact on blended content - Management acknowledged that more content is available with the internal modem, but the overall impact will depend on customer shipping decisions [30][34] Question: Automotive business size and growth potential - The automotive business is currently around $60 million per quarter and is expected to grow significantly due to long design cycles and new programs [67] Question: Operating expenses outlook - Management emphasized a disciplined approach to operating expenses, with modest increases targeted at core R&D initiatives [72] Question: Infrastructure networking cloud segment performance - Management confirmed that inventory issues in the infrastructure segment appear to be resolved, with demand aligning with consumption [77]
Skyworks(SWKS) - 2025 Q3 - Earnings Call Transcript
2025-08-05 21:30
Financial Data and Key Metrics Changes - Skyworks reported revenue of $965 million, exceeding the high end of guidance, with earnings per share of $1.33 and free cash flow of $253 million [6][14][17] - Gross profit was $454 million, resulting in gross margins of 47.1%, which is above expectations due to product mix and cost discipline [15][16] - Operating income reached $224 million, translating to an operating margin of 23.3% [16] - The company returned $430 million to shareholders through dividends and share repurchases during the quarter [6][17] Business Line Data and Key Metrics Changes - Mobile revenue accounted for 62% of total revenue, up 1% sequentially and 8% year over year, driven by strong sell-through at the top customer and new Android product launches [15] - Broad markets, including Edge IoT, automotive, and infrastructure, grew 2% sequentially and 5% year over year, marking the sixth consecutive quarter of growth [15][11] Market Data and Key Metrics Changes - The automotive segment is now tracking around $60 million per quarter, significantly up year over year, with new programs secured with major OEMs [67] - Demand in traditional data center and infrastructure is rebounding as inventory normalizes, with accelerating AI workloads driving upgrades [11] Company Strategy and Development Direction - The company is focusing on optimizing its manufacturing footprint by closing the Woburn facility and consolidating operations into Newbury Park to drive higher utilization and lower costs [12][46] - Skyworks aims to expand its RF content growth through internal modem adoption and higher RF complexity with AI features [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand signals and healthy sell-through, while maintaining a disciplined approach to inventory [6][7] - The company expects revenue for the next quarter to range between $1 billion to $1.03 billion, with continued growth in both mobile and broad markets [18] Other Important Information - The company ended the quarter with $1.3 billion in cash and investments and $1 billion in debt, maintaining a strong balance sheet [17] - The effective tax rate was reported at 11.2%, contributing to a net income of $200 million [16] Q&A Session Summary Question: Changes in the handset business landscape - Management noted strong demand for products and positive unit demand, reflecting in results and guidance [22][23] Question: December seasonality and extra week impact - Management indicated solid demand across mobile and non-mobile sectors, with low inventories [24][26] Question: Internal modem content increase - Management acknowledged more content available with internal modems, but emphasized variability based on customer shipments [30][34] Question: Android revenue growth - Android revenue was reported to be up significantly, primarily due to ramping with Google [37] Question: Automotive business size and growth potential - Automotive business is currently around $60 million per quarter, with expectations for continued acceleration [67] Question: OpEx growth and flexibility - Management indicated a disciplined approach to OpEx, with modest increases targeted at core R&D [72][73]
Skyworks(SWKS) - 2025 Q3 - Quarterly Report
2025-08-05 21:21
PART I. FINANCIAL INFORMATION [ITEM 1: FINANCIAL STATEMENTS (UNAUDITED)](index=3&type=section&id=ITEM%201%3A%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents the unaudited consolidated financial statements for Skyworks Solutions, Inc, including statements of operations, comprehensive income, balance sheets, cash flows, and stockholders' equity, along with detailed notes [CONSOLIDATED STATEMENTS OF OPERATIONS](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company reported a decrease in net income for both the three and nine months ended June 27, 2025, compared to the prior year, despite a slight increase in net revenue for the three-month period | Metric | Three Months Ended June 27, 2025 (Millions) | Three Months Ended June 28, 2024 (Millions) | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Net Revenue | $965.0 | $905.5 | $2,986.7 | $3,153.0 | | Gross Profit | $401.0 | $364.1 | $1,234.6 | $1,291.0 | | Operating Income | $110.6 | $130.4 | $389.0 | $578.0 | | Net Income | $105.0 | $120.9 | $335.7 | $535.5 | | Basic EPS | $0.70 | $0.75 | $2.15 | $3.34 | | Diluted EPS | $0.70 | $0.75 | $2.14 | $3.32 | - Net revenue increased by **6.6%** for the three months ended June 27, 2025, but decreased by **5.3%** for the nine months ended June 27, 2025, compared to the prior year periods[9](index=9&type=chunk) - Operating income decreased by **15.2%** for the three months and **32.7%** for the nine months ended June 27, 2025, year-over-year[9](index=9&type=chunk) [CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Comprehensive income for the three and nine months ended June 27, 2025, was $105.0 million and $335.6 million, respectively, showing a decrease compared to the prior year periods | Metric | Three Months Ended June 27, 2025 (Millions) | Three Months Ended June 28, 2024 (Millions) | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Net Income | $105.0 | $120.9 | $335.7 | $535.5 | | Comprehensive Income | $105.0 | $120.9 | $335.6 | $535.4 | - Other comprehensive loss, net of tax, was minimal for both periods, with a slight loss of **$0.1 million** for the nine months ended June 27, 2025, related to fair value of investments[12](index=12&type=chunk) [CONSOLIDATED BALANCE SHEETS](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 27, 2025, total assets decreased to $7,714.6 million from $8,283.3 million at September 27, 2024, primarily due to reductions in cash, marketable securities, and receivables | Metric | As of June 27, 2025 (Millions) | As of September 27, 2024 (Millions) | | :----- | :------------------------------- | :---------------------------------- | | Total Assets | $7,714.6 | $8,283.3 | | Total Liabilities | $2,062.1 | $1,946.6 | | Total Stockholders' Equity | $5,652.5 | $6,336.7 | | Cash and Cash Equivalents | $1,185.9 | $1,368.6 | | Marketable Securities (Current) | $132.0 | $194.1 | | Current Portion of Long-Term Debt | $499.2 | $0.0 | - Current assets decreased from **$3,341.0 million to $2,876.4 million**, largely due to decreases in cash, marketable securities, receivables, and inventory[14](index=14&type=chunk) - Total current liabilities significantly increased from **$602.7 million to $1,205.0 million**, primarily due to the current portion of long-term debt[14](index=14&type=chunk) [CONSOLIDATED STATEMENTS OF CASH FLOWS](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the nine months ended June 27, 2025, net cash provided by operating activities decreased, while net cash used in investing and financing activities increased significantly | Metric | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :----------------------------------------- | :----------------------------------------- | | Net Cash Provided by Operating Activities | $1,100.8 | $1,348.6 | | Net Cash Used in Investing Activities | $(102.9) | $(84.5) | | Net Cash Used in Financing Activities | $(1,180.6) | $(719.5) | | Net (Decrease) Increase in Cash and Cash Equivalents | $(182.7) | $544.6 | | Cash and Cash Equivalents at End of Period | $1,185.9 | $1,263.4 | - The decrease in operating cash flow was primarily due to **lower net income** and a smaller decrease in working capital[88](index=88&type=chunk) - Cash used in financing activities increased substantially due to a **$752.9 million increase in share repurchases**, partially offset by a $300.0 million decrease in debt repayments[90](index=90&type=chunk) [CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS'%20EQUITY) Stockholders' equity decreased from $6,336.7 million to $5,652.5 million, primarily due to significant common stock repurchases and dividend declarations | Metric | As of September 27, 2024 (Millions) | As of June 27, 2025 (Millions) | | :----- | :---------------------------------- | :------------------------------- | | Total Stockholders' Equity | $6,336.7 | $5,652.5 | | Retained Earnings | $6,032.9 | $5,621.1 | | Common Stock Shares Outstanding | 159.9 | 148.4 | - The company repurchased **12.6 million shares for $837.7 million** during the nine months ended June 27, 2025[55](index=55&type=chunk) - Dividends declared totaled **$327.0 million** for the nine months ended June 27, 2025[58](index=58&type=chunk) [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](index=8&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes covering accounting policies, revenue recognition, fair value measurements, and other key financial statement components [1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION](index=8&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS%20AND%20BASIS%20OF%20PRESENTATION) Skyworks Solutions, Inc is a leading developer of analog and mixed-signal semiconductor products for diverse applications - Skyworks develops, manufactures, and provides analog and mixed-signal semiconductor products for applications including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables[20](index=20&type=chunk) - The fiscal year ending October 3, 2025 (fiscal 2025) consists of **53 weeks**, while the prior fiscal year (2024) had 52 weeks[23](index=23&type=chunk) - The company is currently evaluating the impact of recently issued FASB ASUs on its consolidated financial statements and related disclosures[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) [2. REVENUE RECOGNITION](index=9&type=section&id=2.%20REVENUE%20RECOGNITION) Net revenue increased for the three-month period driven by mobile and Wi-Fi products but decreased over nine months due to lower mobile demand | Geographic Area | Three Months Ended June 27, 2025 (Millions) | Three Months Ended June 28, 2024 (Millions) | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :-------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | United States | $724.7 | $658.5 | $2,295.5 | $2,422.8 | | Taiwan | $75.8 | $80.7 | $195.6 | $226.1 | | China | $64.6 | $75.9 | $193.7 | $232.7 | | South Korea | $45.5 | $52.9 | $140.0 | $158.1 | | Europe, Middle East, and Africa | $44.4 | $31.3 | $133.1 | $87.6 | | Other Asia-Pacific | $10.0 | $6.2 | $28.8 | $25.7 | | Total Net Revenue | $965.0 | $905.5 | $2,986.7 | $3,153.0 | - Net revenue from distributors increased for the three-month period but decreased for the nine-month period, while direct customer revenue showed a similar trend[28](index=28&type=chunk) - The company expects revenues to be **negatively impacted** by a decrease in market share at a significant customer starting in the fourth quarter of fiscal 2025[68](index=68&type=chunk) [3. MARKETABLE SECURITIES](index=9&type=section&id=3.%20MARKETABLE%20SECURITIES) The company's marketable securities portfolio, primarily available-for-sale, decreased from September 27, 2024, to June 27, 2025 | Security Type | Current (June 27, 2025, Millions) | Current (September 27, 2024, Millions) | Noncurrent (June 27, 2025, Millions) | Noncurrent (September 27, 2024, Millions) | | :------------ | :---------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------------ | | U.S. Treasury and government securities | $53.1 | $39.0 | $18.8 | $11.1 | | Corporate bonds and notes | $78.6 | $155.0 | $0.0 | $0.3 | | Municipal bonds | $0.3 | $0.1 | $0.0 | $0.0 | | Total Marketable Securities | $132.0 | $194.1 | $18.8 | $11.4 | - Contractual maturities of noncurrent available-for-sale marketable securities were within **two years or less** of issuance[29](index=29&type=chunk) [4. FAIR VALUE](index=10&type=section&id=4.%20FAIR%20VALUE) Total assets at fair value were $1,336.7 million, primarily in Level 1 cash, while the fair value of debt was lower than its carrying amount | Asset Type | Total Fair Value (June 27, 2025, Millions) | Level 1 (June 27, 2025, Millions) | Level 2 (June 27, 2025, Millions) | | :--------- | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents | $1,185.9 | $1,127.7 | $58.2 | | U.S. Treasury and government securities | $71.9 | $51.9 | $20.0 | | Corporate bonds and notes | $78.6 | $0.0 | $78.6 | | Municipal bonds | $0.3 | $0.0 | $0.3 | | Total assets at fair value | $1,336.7 | $1,179.6 | $157.1 | | Debt Type | Carrying Amount (June 27, 2025, Millions) | Estimated Fair Value (June 27, 2025, Millions) | | :-------- | :---------------------------------------- | :--------------------------------------------- | | 1.80% Senior Notes due 2026 | $499.2 | $486.4 | | 3.00% Senior Notes due 2031 | $496.2 | $439.4 | | Total debt under Senior Notes | $995.4 | $925.8 | - **No impairment indicators** were identified for non-financial assets during the three and nine months ended June 27, 2025, compared to $16.8 million in impairment charges in the prior nine-month period[31](index=31&type=chunk) [5. INVENTORY](index=11&type=section&id=5.%20INVENTORY) Total inventory decreased from $784.8 million to $706.5 million, primarily driven by a reduction in finished goods and work-in-process inventory | Inventory Component | As of June 27, 2025 (Millions) | As of September 27, 2024 (Millions) | | :------------------ | :------------------------------- | :---------------------------------- | | Raw materials | $37.2 | $30.3 | | Work-in-process | $504.8 | $520.5 | | Finished goods | $164.5 | $234.0 | | Total inventory | $706.5 | $784.8 | - Finished goods inventory saw the largest reduction, decreasing by **$69.5 million**[35](index=35&type=chunk) [6. PROPERTY, PLANT, AND EQUIPMENT, NET](index=11&type=section&id=6.%20PROPERTY%2C%20PLANT%2C%20AND%20EQUIPMENT%2C%20NET) Net property, plant, and equipment decreased from $1,280.3 million to $1,213.8 million, as accumulated depreciation exceeded additions | Asset Category | As of June 27, 2025 (Millions) | As of September 27, 2024 (Millions) | | :------------- | :------------------------------- | :---------------------------------- | | Total property, plant, and equipment, gross | $4,292.7 | $4,210.1 | | Accumulated depreciation | $(3,078.9) | $(2,929.8) | | Total property, plant, and equipment, net | $1,213.8 | $1,280.3 | - Gross property, plant, and equipment increased by **$82.6 million**, while accumulated depreciation increased by **$149.1 million**[36](index=36&type=chunk) [7. GOODWILL AND INTANGIBLE ASSETS](index=11&type=section&id=7.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Goodwill remained unchanged, while net intangible assets decreased due to amortization, with no impairment noted in the current period | Intangible Asset Type | Net Carrying Amount (June 27, 2025, Millions) | Net Carrying Amount (September 27, 2024, Millions) | | :-------------------- | :-------------------------------------------- | :------------------------------------------------- | | Developed technology and other | $748.0 | $838.9 | | Technology licenses | $93.5 | $26.2 | | In-process research and development | $10.7 | $35.4 | | Total intangible assets, net | $852.2 | $900.5 | - Amortization expense for definite-lived intangible assets was **$139.8 million** for the nine months ended June 27, 2025, consistent with the prior year[40](index=40&type=chunk) - **$24.7 million** of IPR&D assets were transferred to definite-lived intangible assets during the nine months ended June 27, 2025, to be amortized over 8 years[39](index=39&type=chunk) [8. INCOME TAXES](index=12&type=section&id=8.%20INCOME%20TAXES) The provision for income taxes and the effective tax rate fluctuated significantly due to the geographical mix of earnings, GILTI, and FDII benefits | Metric | Three Months Ended June 27, 2025 (Millions) | Three Months Ended June 28, 2024 (Millions) | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Provision for income taxes | $7.0 | $12.5 | $69.0 | $42.5 | | Effective tax rate | 6.3% | 9.4% | 17.0% | 7.4% | - The decrease in the three-month provision was due to geographical mix of earnings and lower Global Intangible Low-Taxed Income ("GILTI"), net of foreign tax credits[84](index=84&type=chunk) - The increase in the nine-month provision was due to higher foreign taxes and a lower Foreign-Derived Intangible Income ("FDII") benefit, partially offset by decreased GILTI[85](index=85&type=chunk) [9. COMMITMENTS AND CONTINGENCIES](index=12&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) The company is involved in various legal proceedings, including a recent patent infringement lawsuit, and has long-term capacity reservation agreements - Denso Corporation filed patent infringement litigation against Skyworks in the U.S. and Japan on **June 20, 2025**, seeking monetary damages and injunctive relief[48](index=48&type=chunk) - The company generally indemnifies customers for third-party intellectual property infringement claims and does not expect these obligations to have a material adverse impact[50](index=50&type=chunk)[51](index=51&type=chunk) - Deposits and prepayments under long-term capacity reservation agreements with foundries totaled **$90.4 million** as of June 27, 2025[53](index=53&type=chunk) [10. STOCKHOLDERS' EQUITY](index=14&type=section&id=10.%20STOCKHOLDERS'%20EQUITY) The Board approved a new $2.0 billion stock repurchase program, and the company actively repurchased shares and declared dividends - A new **$2.0 billion stock repurchase program** was approved on February 4, 2025, with approximately **$1.2 billion remaining** as of June 27, 2025[54](index=54&type=chunk)[55](index=55&type=chunk) | Period | Shares Repurchased (Millions) | Amount (Millions) | | :----- | :---------------------------- | :---------------- | | Three Months Ended June 27, 2025 | 5.2 | $333.4 | | Nine Months Ended June 27, 2025 | 12.6 | $837.7 | | Three Months Ended June 28, 2024 | 0.8 | $77.4 | - Dividends declared totaled **$327.0 million** ($2.10 per share) for the nine months ended June 27, 2025[58](index=58&type=chunk) [11. EARNINGS PER SHARE](index=15&type=section&id=11.%20EARNINGS%20PER%20SHARE) Basic and diluted EPS decreased year-over-year for both the three and nine-month periods, primarily due to lower net income | Metric | Three Months Ended June 27, 2025 | Three Months Ended June 28, 2024 | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :----- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Basic EPS | $0.70 | $0.75 | $2.15 | $3.34 | | Diluted EPS | $0.70 | $0.75 | $2.14 | $3.32 | | Weighted Average Shares Outstanding – Basic (Millions) | 150.0 | 160.4 | 156.3 | 160.2 | - The weighted average shares outstanding (basic) decreased by **6.5%** for the three-month period and **2.4%** for the nine-month period, primarily due to share repurchases[60](index=60&type=chunk) [12. SUPPLEMENTAL FINANCIAL INFORMATION](index=15&type=section&id=12.%20SUPPLEMENTAL%20FINANCIAL%20INFORMATION) Other current assets decreased due to lower prepaid expenses, while other current liabilities increased, driven by accrued taxes and other liabilities | Other Current Assets | As of June 27, 2025 (Millions) | As of September 27, 2024 (Millions) | | :------------------- | :------------------------------- | :---------------------------------- | | Prepaid expenses | $198.4 | $234.8 | | Other | $257.4 | $249.9 | | Total other current assets | $455.8 | $484.7 | | Other Current Liabilities | As of June 27, 2025 (Millions) | As of September 27, 2024 (Millions) | | :------------------------ | :------------------------------- | :---------------------------------- | | Accrued customer liabilities | $181.0 | $192.2 | | Accrued taxes | $64.7 | $52.5 | | Short-term operating lease liabilities | $36.0 | $20.2 | | Other | $72.0 | $38.1 | | Total other current liabilities | $353.7 | $303.0 | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.](index=16&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) This section provides management's perspective on the company's financial performance, condition, liquidity, and capital resources [OVERVIEW](index=17&type=section&id=OVERVIEW) Net revenue increased in the third quarter driven by mobile and Wi-Fi demand, while cash decreased due to share repurchases and dividends - Net revenue increased to **$965.0 million** for the three months ended June 27, 2025, up from $905.5 million in the prior year, primarily due to increased demand for mobile and Wi-Fi products[67](index=67&type=chunk) - Ending cash, cash equivalents, and marketable securities decreased to **$1,336.7 million**, primarily due to share repurchases, dividend payments, and capital expenditures[67](index=67&type=chunk) - Robert A. Schriesheim was appointed **interim Chief Financial Officer**, effective May 29, 2025[67](index=67&type=chunk) [Net Revenue](index=18&type=section&id=Net%20Revenue) Net revenue increased by 6.6% in the three-month period due to higher mobile and Wi-Fi demand but decreased by 5.3% over nine months | Period | Net Revenue (Millions) | Change (%) | | :----- | :--------------------- | :--------- | | Three Months Ended June 27, 2025 | $965.0 | 6.6% | | Three Months Ended June 28, 2024 | $905.5 | - | | Nine Months Ended June 27, 2025 | $2,986.7 | (5.3)% | | Nine Months Ended June 28, 2024 | $3,153.0 | - | - The three-month increase was driven primarily by an increase in demand for **mobile and Wi-Fi products**[69](index=69&type=chunk) - The nine-month decrease was driven primarily by a decrease in demand for **mobile products** partially offset by an increase in demand for Wi-Fi products[69](index=69&type=chunk) [Gross Profit](index=18&type=section&id=Gross%20Profit) Gross profit and margin increased in the three-month period due to higher volumes, but nine-month gross profit decreased on unfavorable product mix | Period | Gross Profit (Millions) | Gross Margin (%) | Change (Gross Profit %) | | :----- | :---------------------- | :--------------- | :---------------------- | | Three Months Ended June 27, 2025 | $401.0 | 41.6% | 10.1% | | Three Months Ended June 28, 2024 | $364.1 | 40.2% | - | | Nine Months Ended June 27, 2025 | $1,234.6 | 41.3% | (4.4)% | | Nine Months Ended June 28, 2024 | $1,291.0 | 40.9% | - | - The increase in gross profit for the three months ended June 27, 2025, was primarily the result of **higher unit volumes**[71](index=71&type=chunk) - The decrease in gross profit for the nine months ended June 27, 2025, was primarily the result of **unfavorable product mix** and lower average selling prices[71](index=71&type=chunk) [Research and Development](index=18&type=section&id=Research%20and%20Development) R&D expenses increased significantly due to higher headcount-related costs and engineering prototypes, reflecting increased investment in new technologies | Period | R&D Expense (Millions) | R&D as % of Net Revenue | Change (%) | | :----- | :--------------------- | :---------------------- | :--------- | | Three Months Ended June 27, 2025 | $199.4 | 20.7% | 24.1% | | Three Months Ended June 28, 2024 | $160.7 | 17.7% | - | | Nine Months Ended June 27, 2025 | $562.4 | 18.8% | 20.1% | | Nine Months Ended June 28, 2024 | $468.1 | 14.8% | - | - The increase in research and development expenses was primarily related to increases in **headcount-related expenses** and costs for engineering prototypes[73](index=73&type=chunk) - This reflects the company's increased investment in developing **new technologies and products**[73](index=73&type=chunk) [Selling, General, and Administrative](index=19&type=section&id=Selling%2C%20General%2C%20and%20Administrative) SG&A expenses increased for both periods, mainly due to higher headcount-related expenses and professional services costs | Period | SG&A Expense (Millions) | SG&A as % of Net Revenue | Change (%) | | :----- | :---------------------- | :----------------------- | :--------- | | Three Months Ended June 27, 2025 | $89.3 | 9.2% | 25.4% | | Three Months Ended June 28, 2024 | $71.2 | 7.9% | - | | Nine Months Ended June 27, 2025 | $259.9 | 8.7% | 14.6% | | Nine Months Ended June 28, 2024 | $226.7 | 7.2% | - | - The increase in selling, general, and administrative expenses was primarily related to increases in **headcount-related expenses** and professional services costs[75](index=75&type=chunk) [Amortization of Intangibles](index=19&type=section&id=Amortization%20of%20Intangibles) Amortization expense of intangibles remained consistent compared to the corresponding periods in the prior fiscal year | Period | Amortization of Intangibles (Millions) | Change (%) | | :----- | :------------------------------------- | :--------- | | Three Months Ended June 27, 2025 | $0.2 | 0% | | Three Months Ended June 28, 2024 | $0.2 | - | | Nine Months Ended June 27, 2025 | $0.7 | 0% | | Nine Months Ended June 28, 2024 | $0.7 | - | - Amortization expense was **stable** across the periods presented[76](index=76&type=chunk) [Restructuring, Impairment, and Other Charges](index=19&type=section&id=Restructuring%2C%20Impairment%2C%20and%20Other%20Charges) Charges for the nine-month period increased by 29.1%, primarily due to restructuring costs associated with the Chief Executive Officer transition | Period | Charges (Millions) | Change (%) | | :----- | :----------------- | :--------- | | Three Months Ended June 27, 2025 | $1.5 | (6.3)% | | Three Months Ended June 28, 2024 | $1.6 | - | | Nine Months Ended June 27, 2025 | $22.6 | 29.1% | | Nine Months Ended June 28, 2024 | $17.5 | - | - The increase in nine-month charges was primarily due to restructuring charges incurred in connection with the **transition of the Chief Executive Officer**[78](index=78&type=chunk) [Interest Expense](index=19&type=section&id=Interest%20Expense) Interest expense for the nine-month period decreased by 15.1%, attributed to debt repayments in prior periods | Period | Interest Expense (Millions) | Change (%) | | :----- | :-------------------------- | :--------- | | Three Months Ended June 27, 2025 | $6.6 | 0% | | Three Months Ended June 28, 2024 | $6.6 | - | | Nine Months Ended June 27, 2025 | $20.2 | (15.1)% | | Nine Months Ended June 28, 2024 | $23.8 | - | - The decrease in nine-month interest expense was due to **debt repayments in prior periods** that reduced the amount of outstanding indebtedness[80](index=80&type=chunk) [Other Income, Net](index=20&type=section&id=Other%20Income%2C%20Net) Other income decreased for the three-month period due to foreign currency losses but increased over nine months from higher interest income | Period | Other Income, Net (Millions) | Change (%) | | :----- | :--------------------------- | :--------- | | Three Months Ended June 27, 2025 | $8.0 | (16.7)% | | Three Months Ended June 28, 2024 | $9.6 | - | | Nine Months Ended June 27, 2025 | $35.9 | 50.8% | | Nine Months Ended June 28, 2024 | $23.8 | - | - The three-month decrease was primarily due to an increase in **foreign currency remeasurement losses** partially offset by interest income[81](index=81&type=chunk) - The nine-month increase was primarily due to an increase in **interest income** generated from cash, cash equivalents, and marketable securities[82](index=82&type=chunk) [Provision for Income Taxes](index=20&type=section&id=Provision%20for%20Income%20Taxes) The income tax provision decreased for the three-month period but increased over nine months due to shifts in geographical earnings and tax benefits | Period | Provision for Income Taxes (Millions) | Change (%) | | :----- | :------------------------------------ | :--------- | | Three Months Ended June 27, 2025 | $7.0 | (44.0)% | | Three Months Ended June 28, 2024 | $12.5 | - | | Nine Months Ended June 27, 2025 | $69.0 | 62.4% | | Nine Months Ended June 28, 2024 | $42.5 | - | - The decrease in income tax expense for the three months was primarily due to the **geographical mix of worldwide earnings** and a decrease in GILTI[84](index=84&type=chunk) - The increase in income tax expense for the nine months was primarily due to **higher foreign taxes** and a lower FDII benefit[85](index=85&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=20&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Cash and cash equivalents decreased by $182.7 million, driven by lower operating cash flow and increased financing activities, particularly share repurchases | (in millions) | Nine Months Ended June 27, 2025 | Nine Months Ended June 28, 2024 | | :------------ | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents at beginning of period | $1,368.6 | $718.8 | | Net cash provided by operating activities | $1,100.8 | $1,348.6 | | Net cash used in investing activities | $(102.9) | $(84.5) | | Net cash used in financing activities | $(1,180.6) | $(719.5) | | Cash and cash equivalents at end of period | $1,185.9 | $1,263.4 | - Cash, cash equivalents, and marketable securities totaled **$1,336.7 million** as of June 27, 2025, a decrease of $237.4 million from September 27, 2024[91](index=91&type=chunk) - The company has outstanding **$500.0 million of Notes Due 2026** and **$500.0 million of Notes Due 2031**, and a Revolving Credit Agreement for up to $750.0 million[92](index=92&type=chunk) Cash provided by operating activities | Metric | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :----------------------------------------- | :----------------------------------------- | | Net cash provided by operating activities | $1,100.8 | $1,348.6 | - The **$247.8 million decrease** in cash provided by operating activities was primarily related to lower net income and a smaller decrease in working capital[88](index=88&type=chunk) Cash used in investing activities | Metric | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :----------------------------------------- | :----------------------------------------- | | Net cash used in investing activities | $(102.9) | $(84.5) | | Capital expenditures | $(139.0) | $(74.2) | | Purchases of marketable securities | $(415.9) | $(25.7) | | Sales and maturities of marketable securities | $473.9 | $25.3 | - The **$18.4 million increase** in cash used in investing activities was primarily related to an increase in purchases of marketable securities and capital expenditures[89](index=89&type=chunk) Cash used in financing activities | Metric | Nine Months Ended June 27, 2025 (Millions) | Nine Months Ended June 28, 2024 (Millions) | | :----- | :----------------------------------------- | :----------------------------------------- | | Net cash used in financing activities | $(1,180.6) | $(719.5) | | Repurchase of common stock - stock repurchase program | $(830.2) | $(77.3) | | Payments of debt | $0.0 | $(300.0) | - The **$461.1 million increase** in cash used in financing activities was primarily related to an increase of $752.9 million in share repurchases[90](index=90&type=chunk) Liquidity - Cash, cash equivalents, and marketable securities totaled **$1,336.7 million** as of June 27, 2025, representing a decrease of $237.4 million from September 27, 2024[91](index=91&type=chunk) - The company has outstanding **$500.0 million of Notes Due 2026** and **$500.0 million of Notes Due 2031**[92](index=92&type=chunk) - A Revolving Credit Agreement for up to **$750.0 million** is available, with no outstanding borrowings as of June 27, 2025[92](index=92&type=chunk) [ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=21&type=section&id=ITEM%203%3A%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section outlines the company's exposure to investment, interest rate, and foreign exchange rate risks, concluding that current exposures are not material [Investment and Interest Rate Risk](index=21&type=section&id=Investment%20and%20Interest%20Rate%20Risk) The company's investment portfolio is diversified across high-credit-rating securities with short-term maturities to manage interest rate and credit risk - The investment portfolio consists of approximately **$1,185.9 million in cash and cash equivalents** and **$150.8 million in marketable securities** as of June 27, 2025[97](index=97&type=chunk) - Investments are diversified across several types of securities with **high credit ratings** and have short-term maturity periods to dampen the impact of market or interest rate risk[98](index=98&type=chunk) - A hypothetical reduction of 100 basis points in interest rates would result in an **immaterial reduction** of interest income[99](index=99&type=chunk) [Foreign Exchange Rate Risk](index=22&type=section&id=Foreign%20Exchange%20Rate%20Risk) The company primarily conducts business in USD, limiting foreign exchange risk, and did not use hedging contracts during the reported periods - Substantially all sales to customers and arrangements with third-party manufacturers provide for pricing and payment in **United States dollars**[101](index=101&type=chunk) - A percentage of international operational expenses are denominated in foreign currencies, and **exchange rate volatility** could impact operating costs[101](index=101&type=chunk) - The company had **not entered into any outstanding foreign currency forward or options contracts** for the three and nine months ended June 27, 2025, or June 28, 2024[102](index=102&type=chunk) [ITEM 4: CONTROLS AND PROCEDURES](index=22&type=section&id=ITEM%204%3A%20CONTROLS%20AND%20PROCEDURES) This section confirms the effectiveness of disclosure controls and reports no material changes to internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=22&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) As of June 27, 2025, management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level - Management, with the participation of the chief executive officer and interim chief financial officer, evaluated and concluded that the company's disclosure controls and procedures were **effective** as of June 27, 2025[103](index=103&type=chunk) - Disclosure controls and procedures are designed to ensure that information required to be disclosed is recorded, processed, summarized, and reported within specified time periods[103](index=103&type=chunk) [Changes in Internal Control Over Financial Reporting](index=22&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) There were no material changes to the company's internal control over financial reporting during the third quarter of fiscal 2025 - There were **no changes** to the company's internal control over financial reporting that occurred during the third quarter of fiscal 2025 that have materially affected or are reasonably likely to materially affect it[104](index=104&type=chunk) PART II. OTHER INFORMATION [ITEM 1: LEGAL PROCEEDINGS](index=23&type=section&id=ITEM%201%3A%20LEGAL%20PROCEEDINGS) This section refers to Note 9 for details on legal proceedings, including a patent infringement lawsuit filed by Denso Corporation in June 2025 - Refer to **Note 9** of the Notes to Consolidated Financial Statements for a detailed discussion of legal proceedings[106](index=106&type=chunk) - On June 20, 2025, **Denso Corporation filed patent infringement litigation** against the Company in the U.S. and Japan, seeking monetary damages and injunctive relief[48](index=48&type=chunk) [ITEM 1A: RISK FACTORS](index=23&type=section&id=ITEM%201A%3A%20RISK%20FACTORS) The company faces significant international business risks, potential market share loss, litigation, manufacturing disruptions, and senior management transition risks - The company derives significant revenues from customers and has suppliers located outside the United States, exposing it to risks such as recession, currency controls, and global economic and political conditions[108](index=108&type=chunk) - The imposition of or changes to **tariffs** and any retaliatory measures could negatively impact trade, operating costs, and demand for products[108](index=108&type=chunk)[111](index=111&type=chunk) - The company is subject to risks of litigation, including a **putative class action lawsuit** and two derivative action lawsuits filed in March and April 2025[113](index=113&type=chunk) - Manufacturing processes are complex and subject to disruption, including the planned closure of the Woburn facility and relocation of the Singapore Filter Manufacturing Facility[114](index=114&type=chunk)[115](index=115&type=chunk) - **Recent senior management transitions**, including a new Chief Executive Officer and interim Chief Financial Officer, involve inherent risks that could disrupt operations[117](index=117&type=chunk) [ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=26&type=section&id=ITEM%202%3A%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the quarter, the company repurchased 5.3 million shares, primarily under its $2.0 billion stock repurchase program | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (Millions) | | :----- | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------ | | 03/29/25 - 04/25/25 | 2,697,935 | $58.06 | 2,697,176 | $1,300 | | 04/26/25 - 05/23/25 | 2,412,786 | $69.36 | 2,399,397 | $1,200 | | 05/24/25 - 06/27/25 | 200,876 | $69.42 | 150,000 | $1,200 | | Total (3 months) | 5,311,597 | $62.76 (approx) | 5,246,573 | - | - The stock repurchase program approved on February 4, 2025, authorized the repurchase of up to **$2.0 billion** of common stock, with approximately **$1.2 billion remaining** available as of June 27, 2025[118](index=118&type=chunk)[55](index=55&type=chunk) - Repurchases include shares withheld for payroll tax withholdings on equity awards, in addition to shares repurchased under the stock repurchase program[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [ITEM 6: EXHIBITS](index=29&type=section&id=ITEM%206%3A%20EXHIBITS) This section lists the exhibits filed with the 10-Q report, including corporate governance documents, executive agreements, and XBRL data files - Key exhibits include the Restated Certificate of Incorporation, executive offer letters, and **certifications from the CEO and CFO** pursuant to the Sarbanes-Oxley Act[124](index=124&type=chunk) - The report includes **Inline XBRL** Instance Document and Taxonomy Extension documents for data tagging and presentation[124](index=124&type=chunk) SIGNATURES [SIGNATURES](index=30&type=section&id=SIGNATURES) The report was duly signed on August 5, 2025, by the President and CEO and the Interim CFO - The report was signed by **Philip G. Brace**, President and Chief Executive Officer, and **Robert A. Schriesheim**, Interim Chief Financial Officer, on August 5, 2025[128](index=128&type=chunk)