Skyworks Solutions, Inc. Q2 FY2024 results: revenue $1.0 billion, down 9.3% on the year

Skyworks Solutions, Inc. (SWKS) reported revenue of $1.0 billion for Q2 FY2024, the quarter ended 29 March 2024, down 9.3% on the same quarter a year earlier. Net income was $183 million, down 21.3% on the year, and diluted earnings per share $1.14. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$1.0 billiondown 9.3%

Net income$183 milliondown 21.3%

Diluted EPS$1.14

QuarterQ2 FY2024ended 29 March 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,046	1,202	n/a	n/a
Cost of revenue	626	695	n/a	n/a
Gross profit	420	507	n/a	n/a
Gross margin	40.2%	42.2%	n/a
Research and development	154	153	n/a	n/a
Selling, general and administrative	76.8	78.8	n/a	n/a
Operating income	189	258	n/a	n/a
Operating margin	18.1%	21.5%	n/a
Interest expense	7.1	10.0	n/a	n/a
Pre-tax income	193	252	n/a	n/a
Income tax	9.6	20.4	n/a	n/a
Effective tax rate	5.0%	8.1%	n/a
Net income	183	231	n/a	n/a
Net margin	17.5%	19.3%	n/a
Diluted EPS	$1.14	$1.44	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	300	775	n/a	n/a
Capital expenditure	27.6	22.2	n/a	n/a
Free cash flow	273	753	n/a	n/a
Free cash flow margin	26.1%	62.6%	n/a
Depreciation and amortisation	111	113	n/a	n/a
Share-based compensation	46.0	53.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	109	109	n/a	n/a
Dividend per share	$0.68	$0.68	n/a	n/a
Diluted shares, weighted	161m	161m	n/a	n/a
Shares outstanding at period end	160m	160m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	8,310	8,229	n/a	n/a
Cash and equivalents	1,205	1,030	n/a	n/a
Receivables	615	659	n/a	n/a
Inventory	836	927	n/a	n/a
Goodwill	2,177	2,177	n/a	n/a
Long-term debt	994	993	n/a	n/a
Operating lease liabilities	196	191	n/a	n/a
Shareholders' equity	6,359	6,227	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,219	1,202	1,046	906	1,025	1,068	953	965	1,100	1,035	944	935
Cost of revenue	741	695	626	541	595	627	562	564	653	608	558	560
Gross profit	478	507	420	364	430	442	392	401	448	427	385	375
Gross margin	39%	42%	40%	40%	42%	41%	41%	42%	41%	41%	41%	40%
R&D	147	153	154	161	164	176	186	199	223	203	212	208
SG&A	73.3	78.8	76.8	71.2	74.0	82.6	88.0	89.3	112	108	120	98.7
Operating income	254	258	189	130	59.5	181	97.3	111	111	104	42.1	48.5
Operating margin	21%	21%	18%	14%	6%	17%	10%	11%	10%	10%	4%	5%
Interest expense	12.4	10.0	7.1	6.6	7.0	6.8	6.8	6.6	6.9	6.3	7.5	5.9
Pre-tax income	246	252	193	133	58.4	190	102	112	122	110	45.4	48.8
Tax rate	1%	8%	5%	9%	-4%	15%	33%	6%	-16%	28%	22%	31%
Net income	245	231	183	121	60.5	162	68.7	105	141	79.2	35.6	33.9
Net margin	20%	19%	18%	13%	6%	15%	7%	11%	13%	8%	4%	4%
Diluted EPS	$1.52	$1.44	$1.14	$0.75	$0.36	$1.00	$0.43	$0.70	$0.95	$0.53	$0.24	$0.22
Operating cash flow	366	775	300	273	476	377	409	314	200	396	50.3	70.4
Capital expenditure	70.1	22.2	27.6	24.4	82.8	39.0	38.5	61.5	56.0	56.5	82.4	87.1
Free cash flow	295	753	273	249	393	338	371	253	144	339	-32.1	-16.7
Buybacks	0.0	0.0	0.0	77.3	0.0	n/a	n/a	330	n/a	n/a	n/a	0.0
Dividends paid	108	109	109	109	112	112	111	104	106	106	107	107
Shares outstanding	160m	160m	160m	160m	160m	161m	154m	148m	149m	150m	150m	150m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 March 2024, filed 1 May 2024, accession 0000004127-24-000019: the filing on EDGAR. All of Skyworks Solutions, Inc.'s filings: EDGAR company page.

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