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Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items. For the three months ended September 27, 2019, approximately $4.8 million, $9.7 million and $7.0 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively. google_ad_format = "160x600_as"; These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-recurring expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more difficult, obscure trends in ongoing operations or reduce management’s ability to make forecasts. On a GAAP basis, operating income for the fourth fiscal quarter of 2019 was $233.9 million with diluted earnings per share of $1.22. Settlements, Gains, Losses and Impairments - because such settlements, gains, losses and impairments (1) are not considered by management in making operating decisions, (2) are infrequent in nature, (3) are generally not directly controlled by management, (4) do not necessarily reflect the performance of our ongoing operations for the period in which such charges are recognized and/or (5) can vary significantly in amount between companies and make comparisons less reliable. powering Samsung’s suite of 4G mobile devices and their first foldable 5G smartphone; enabling LG’s V50ThinQ flagship 5G handset (featuring an OLED display and dual screens); accelerating the ramp of the firm’s Sky5 portfolio supporting multiple 5G launches; supporting leading infrastructure customers with 5G small-cell architectures; securing Wi-Fi 6 design wins with Netgear in its Orbi and Nighthawk platforms; delivering LTE-powered Internet of Things (IoT) engines across Sierra Wireless’ industrial gateways and transportation platforms; commencing volume production of high-performance mesh network connectivity modules for Amazon, Juniper and Ruckus; ramping fully integrated LTE solutions with major automotive manufacturers; shipping Zigbee ultra-low-power devices for a tier-one home security provider; expanding reach at Sonos, enabling its indoor/outdoor portable smart speakers; and. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact. We believe that disclosing these non-GAAP financial measures contributes to enhanced financial reporting transparency and provides investors with added clarity about complex financial performance measures. During the three months ended September 27, 2019, the $12.8 million in charges primarily related to losses on the disposition of assets. Our earnings release contains some or all of the following financial measures that have not been calculated in accordance with United States Generally Accepted Accounting Principles (“GAAP”): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net income, and (iv) non-GAAP diluted earnings per share. During the fiscal year ended September 27, 2019, the $83.2 million in charges included $70.4 million consisting primarily of inventory-related charges due to lower expected demand as a result of the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Huawei Technologies Co., Ltd. and certain of its affiliates on the Bureau’s Entity List. Annual Revenue ( $ ) Skyworks Solutions revenue was $3.38 b in FY, 2019 which is a (12.7%) year over year decrease from the previous period. During the three months and fiscal year ended September 27, 2019, the Company incurred $5.5 million and $7.3 million, respectively, in restructuring charges primarily related to employee termination benefits and a charge on a leased facility resulting from restructuring plans that were implemented during the period. 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. Skyworks is guiding for Q1 revenue to increase 10% sequentially and 18% year over year. So, in total, Skyworks has returned $932m to shareholders through buybacks and dividends in full-year fiscal 2019 (just over 96% of free cash flow). introducing cognitive chipsets for ultra-low-latency, next-generation wireless gaming headsets. These charges represent expense recognized in accordance with ASC 718 - Compensation, Stock Compensation. These forward-looking statements include without limitation information relating to future results and expectations of Skyworks (e.g., certain projections and business trends, as well as plans for dividend payments and share repurchases). Full-year net income has fallen from $1323.4m ($7.22 per diluted share) to $1.1bn ($6.17 per diluted share). 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. 16 August 2019. Semiconductor Today, Juno Publishing and Media Solutions Ltd, We also believe that providing non-GAAP operating income and operating margin allows investors to assess the extent to which our ongoing operations impact our overall financial performance. Skyworks Updates Q3 FY19 Outlook Revised Outlook Reflects Impact of U.S. Department of Commerce Actions Against Huawei Business Wire IRVINE, Calif. -- June 4, 2019 Skyworks … The probable significance of these unknown items, in the aggregate, is estimated to be in the range of $0.00 to $0.08 in quarterly earnings per diluted share on a GAAP basis. Qorvo’s revenues are expected to rise 1.7% YoY to $3.1 billion. Our highly innovative analog semiconductors are connecting people, places and things spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. Skyworks Solutions annual revenue for 2020 was $3.356B, a 0.62% decline from 2019. The acquisition-related expenses recognized during the three months ended September 28, 2018, include a $3.8 million charge to general and administrative expenses primarily associated with acquisitions completed or contemplated during the period and a $4.5 million charge to cost of goods sold related to the sale of acquired inventory, partially offset by a $4.0 million benefit for fair value adjustments to reduce contingent considerations. google_ad_type = "text_image"; The acquisition-related expenses recognized during the fiscal year ended September 27, 2019, include a $3.3 million charge primarily associated with acquisitions completed or contemplated during the period and a $1.9 million charge to cost of goods sold related to the fair market value step-up associated with the sale of acquired inventory, partially offset by a $3.1 million benefit for a fair value adjustment to reduce the contingent consideration accrued. Skyworks revenue for the third fiscal quarter of 2019 was $767 million. Senior VP & chief financial officer Kris Sennesael cites “multiple drivers… Wi-Fi 6 adoption, the 5G opportunity beyond the mobile phone, as well as some good traction in our audio play that we have as well”. We calculate non-GAAP gross profit by excluding from GAAP gross profit, share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses and impairments, and restructuring-related charges. Skyworks’ quarterly revenue shrinks 5.4% due to Huawei ban. Revenues are expected to be between $815 million and $835 million in the September quarter when adjusted earnings are expected to come in at $1.50 per share. Data for this Date Range ; Sept. 30, 2020: 3.356B Sept. 30, 2019: 3.377B Sept. 30, 2018: 3.868B Certain Income Tax Items - including certain deferred tax charges and benefits that do not result in a current tax payment or tax refund and other adjustments, including but not limited to, items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. The replay will be available on Skyworks' website or by calling (800) 585-8367 (domestic) or (416) 621-4642 (international), access code: 4255806. We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. In its third-quarter 2019 earnings, Skyworks reported $1.35 earnings per share and $144 million net profit. google_color_link = "16579B"; “Looking ahead, we are well positioned to execute on our mission of delivering compelling 5G solutions across a growing and diverse suite of customers and markets. We provide this non-GAAP measure to investors on a prospective basis for the same reasons (set forth above) that we provide it to investors on a historical basis. This is evident from Skyworks’ full-year 2020 results, where revenue came in at $3.35 billion, down from $3.38 billion in FY 2019. The non-GAAP financial measures presented in the table above should not be considered in isolation and are not an alternative for the respective GAAP financial measure that is most directly comparable to each such non-GAAP financial measure. google_ad_channel =""; When excluding the revenue from Huawei, in both the June and September quarters, our revenue increased 20% sequentially. google_ad_height = 600; To listen to the conference call via the Internet, please visit the investor relations section of Skyworks' website. Back to SWKS Overview ©2020, EDGAR®Online, a division of Donnelley Financial Solutions. “Specifically, in the first fiscal quarter of 2020, we anticipate revenue to be between $870 and $890 million with non-GAAP diluted earnings per share of $1.65 at the midpoint of our revenue range.”. Skyworks Solutions revenue decreased from $3.9 billion in 2018 to $3.4 billion in 2019, a (12.7%) decrease. We further believe that providing non-GAAP net income and non-GAAP diluted earnings per share allows investors to assess the overall financial performance of our ongoing operations by eliminating the impact of share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses and impairments, restructuring-related charges, certain deferred executive compensation and certain tax items which may not occur in each period presented and which may represent non-cash items unrelated to our ongoing operations. In Skyworks' most recent fiscal year -- that's fiscal year 2018, which ended on Sept. 28, 2018 -- the company generated $3.86 billion in revenue and, from that, squeezed out $918.4 million in net income, which translates into $5.01 in earnings per share. google_ad_client = "pub-8083517711653281"; Free cash flow was hence $333m (free cash flow margin of 40%), contributing to $969m for the full year (free cash flow margin of 29%, nearing the model target of 30%). During the three months and fiscal year ended September 27, 2019, the Company incurred $12.8 million and $83.2 million in non-recurring charges, respectively. Also, excluding Huawei Technologies Co Ltd, revenue rose 20% sequentially (one of Skyworks’ strongest sequential growth rates). Skyworks' revenue for the fourth fiscal quarter of 2019 was $827 million, up 8% sequentially and $2 million above the midpoint of the outlook we provided in August. “Our systems-level approach, highlighted by our Sky5 platform, now includes strategic capabilities in BAW [bulk acoustic wave filters], Wi-Fi 6, MIMO and custom diversity receive. These risks, uncertainties and other important factors include, but are not limited to: the susceptibility of the semiconductor industry and the markets addressed by our, and our customers', products to economic downturns; our reliance on several key customers for a large percentage of our sales; the risks of doing business internationally, including increased import/export restrictions and controls (e.g., the effect of the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Huawei Technologies Co., Ltd. and certain of its affiliates on the Bureau’s Entity List), imposition of trade protection measures (e.g., tariffs or taxes), security and health risks, possible disruptions in transportation networks, fluctuations in foreign currency exchange rates, and other economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to obtain design wins from customers; delays in the standardization or commercial deployment of 5G technologies; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers' demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies, and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials and supplier components; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings with the Securities and Exchange Commission. IRVINE, Calif.--(BUSINESS WIRE)--Nov. 12, 2019-- Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high performance analog semiconductors connecting people, places and things, today reported fourth fiscal quarter and fiscal year-end results for the period ended September 27, 2019. Skyworks’ quarterly revenue shrinks 5.4% due to Huawei ban, Skyworks’ quarterly revenue falls 11% year-on-year to $810m, Skyworks quarterly revenue down 7.6% year-on-year to $972m, Skyworks reports record quarterly revenue of $1.008bn, and ninth consecutive record year, . “Skyworks delivered solid financial results in the fourth fiscal quarter, closing a year that saw extraordinary market volatility and change,” says president & CEO Liam K. Griffin. A percentage on a non-gaap basis, operating income was $ 3.377 billion, with GAAP diluted earnings share. ( 16.3 % of total revenue in fiscal first-half 2019 ) $ 3.4 billion in,... 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