Skyworks Solutions said net revenue for the 3-month period ended December 29, 2023 was $1,201.5 million, down from $1,329.3 million in the same period of fiscal 2023. The company cited lower demand for its non-mobile analog and mixed-signal products as the main factor, partially offset by higher demand for its mobile products from smartphone customers in the Android ecosystem.

1. 01

   Skyworks Solutions said net revenue for the 3-month period ended December 29, 2023 was $1,201.5 million, down from $1,329.3 million in the same period of fiscal 2023. The company cited lower demand for its non-mobile analog and mixed-signal products as the main factor, partially offset by higher demand for its mobile products from smartphone customers in the Android ecosystem.

2. 02

   The company said gross profit for the 3-month period ended December 29, 2023 declined from the same period of fiscal 2023. It attributed the decline mainly to an unfavorable product mix, lower unit volumes, and lower average selling prices.

3. 03

   The company said it generated $774.9 million in cash from operating activities during the 3-month period ended December 29, 2023. Its cash, cash equivalents, and marketable securities balance rose $309.1 million from September 29, 2023 to $1,047.6 million. It said debt repayments of $300.0 million, dividend payments of $108.9 million, and capital expenditures of $22.2 million partially offset the increase.

4. 04

   The company said it repaid $300.0 million of the outstanding borrowings under the Term Loans that it drew on July 26, 2021 under the $1.0 billion Term Loan Facility during the 3 months ended December 29, 2023. As of December 29, 2023, there were no borrowings outstanding under the Term Loan Facility or the Revolver (with a $750.0 million limit). Notes Due 2026 and Notes Due 2031 remain outstanding at $500.0 million each.

Key figures

Quarter ended December 29, 2023

Revenue

$1.2B

Operating income

$258M

Net income

$231M

EPS

$1.44

Gross profit

$507M

Operating cash flow

$775M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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