Synaptics (SYNA) FY2022 results: revenue $1.7 billion, up 29.9% on the year

Synaptics Inc. (SYNA) reported revenue of $1.7 billion for fiscal 2022, the year ended 25 June 2022, up 29.9% on the year before. Net income was $258 million, up 223.5%, and diluted earnings per share $6.33. The figures are the company's own, from the 10-K it filed with the SEC on 22 August 2022.

Revenue

$1.7 billion

+29.9% on the year

FY2015FY2022

Operating margin

20.1%

11.0% a year earlier

FY2015FY2022

Net income

$258 million

+223.5% on the year

FY2015FY2022

Diluted EPS

$6.33

+204.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,740	1,340	1,334	+29.9%
Cost of revenue	797	728	791	+9.4%
Gross profit	943	611	543	+54.3%
Gross margin	54.2%	45.6%	40.7%
Research and development	367	313	302	+17.2%
Selling, general and administrative	168	145	127	+16.2%
Operating income	350	147	68.9	+138.4%
Operating margin	20.1%	11.0%	5.2%
Interest expense	30.2	29.5	22.5	+2.4%
Pre-tax income	320	120	159	+166.9%
Income tax	64.6	31.4	38.6	+105.7%
Effective tax rate	20.2%	26.1%	24.2%
Net income	258	79.6	119	+223.5%
Net margin	14.8%	5.9%	8.9%
Diluted EPS	$6.33	$2.08	$3.41	+204.3%

$ 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

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	463	319	222	+45.0%
Capital expenditure	31.1	21.1	16.3	+47.4%
Free cash flow	432	298	206	+44.8%
Free cash flow margin	24.8%	22.3%	15.4%
Cash from investing	-483	-523	120
Cash from financing	14.3	274	93.9	-94.8%
Depreciation and amortisation	24.0	21.6	26.7	+11.1%
Share-based compensation	101	66.1	49.3	+52.5%
Buybacks	0.0	0.0	30.2
Diluted shares, weighted	41m	38m	35m	+6.3%
Shares outstanding at period end	40m	35m	34m	+12.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,266	967	819	+30.9%
Debt	997	882	587	+13.1%
Operating lease liabilities	51.5	24.0	14.6	+114.6%
Other liabilities	543	354	274	+53.4%
Total liabilities and equity	2,858	2,227	1,694	+28.4%
Fixed assets	62.9	91.2	84.3	-31.0%
Goodwill	807	570	361	+41.5%
Intangible assets	390	302	93.4	+29.4%
Investments	52.0	0.0	n/a
Cash and equivalents	824	836	763	-1.5%
Receivables	322	228	195	+41.1%
Inventory	170	82.0	102	+107.0%
Other assets	231	118	94.6	+96.4%
Total assets	2,858	2,227	1,694	+28.4%

10-K for the year ended 25 June 2022, filed 22 August 2022: the filing.