Skyworks(SWKS)2024-07-30 20:03Revenue and Earnings - Revenue for Q3 FY24 was 0.75 and non-GAAP diluted EPS of 130 million, while non-GAAP operating income was 1.00 billion and 1.52 at the midpoint[5] - Gross profit for Q3 FY24 was 464.1 million in the same period last year[12] - GAAP gross profit for Q3 2024 was 464.1 million in Q3 2023, with a gross margin of 40.2% compared to 43.3% in the prior year[13] - Non-GAAP gross profit for Q3 2024 was 509.0 million in Q3 2023, with a gross margin of 46.0% compared to 47.5% in the prior year[13] - GAAP operating income for Q3 2024 was 230.7 million in Q3 2023, with an operating margin of 14.4% compared to 21.5% in the prior year[13] - Non-GAAP operating income for Q3 2024 was 326.6 million in Q3 2023, with an operating margin of 24.2% compared to 30.5% in the prior year[13] - GAAP net income for Q3 2024 was 195.8 million in Q3 2023, with diluted earnings per share of 1.22 in the prior year[13] - Non-GAAP net income for Q3 2024 was 276.3 million in Q3 2023, with diluted earnings per share of 1.73 in the prior year[13] - Net income for the three months ended June 28, 2024, was 195.8 million for the same period in 2023[25] Cash Flow and Financial Position - Year-to-date operating cash flow reached 1.27 billion with a 40% margin[1] - GAAP net cash provided by operating activities for Q3 2024 was 305.7 million in Q3 2023, with a margin of 30.2% compared to 28.5% in the prior year[13] - Non-GAAP free cash flow for Q3 2024 was 274.4 million in Q3 2023, with a margin of 27.5% compared to 25.6% in the prior year[13] - Cash, cash equivalents, and marketable securities increased to 738.5 million as of September 29, 2023[24] - Net cash provided by operating activities for the three months ended June 28, 2024, was 305.7 million for the same period in 2023[25] - Capital expenditures for the three months ended June 28, 2024, were 31.3 million for the same period in 2023[25] - Repurchase of common stock under the stock repurchase program for the three months ended June 28, 2024, was 109.1 million, compared to 58.0 million, compared to a decrease of 1,263.4 million, compared to 0.70 per share[1][6] - Dividends paid for the three months ended June 28, 2024, were 98.7 million for the same period in 2023[25] Business Performance and Outlook - The company anticipates a 20% sequential increase in mobile business for Q4 FY24[5] - Skyworks secured 5G content for premium Android smartphones, including Google Pixel 8a and Samsung Galaxy M[3] - The company supported the launch of Wi-Fi 7 tri-band routers and access points with NETGEAR, TP-Link, and Cambium Networks[3] - Skyworks accelerated its design win pipeline in automotive, focusing on telematics, infotainment, and CV2X[3] Non-GAAP Financial Measures - The company uses non-GAAP financial measures to evaluate operating performance, make decisions, and compare against peers, excluding items like share-based compensation and acquisition-related expenses[14][15] - Non-GAAP financial measures are calculated by excluding specific items from GAAP measures, such as share-based compensation, acquisition-related expenses, and restructuring charges[16][17][18][19] - Forward-looking estimate of Q4 2024 non-GAAP diluted earnings per share includes estimated share-based compensation expense of 0.35 per diluted share, estimated amortization of intangibles of 0.30 per diluted share, and certain tax items of -0.10 per diluted share[21] - Total share-based compensation for the three months ended June 28, 2024, was 44.8 million for the same period in 2023[23]