Synaptics (SYNA) FY2023 results: revenue $1.4 billion, down 22.1% on the year

Synaptics Inc. (SYNA) reported revenue of $1.4 billion for fiscal 2023, the year ended 24 June 2023, down 22.1% on the year before. Net income was $74 million, down 71.4%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2023.

Revenue

$1.4 billion

-22.1% on the year

FY2016FY2023

Operating margin

11.4%

20.1% a year earlier

FY2016FY2023

Net income

$74 million

-71.4% on the year

FY2016FY2023

Diluted EPS

$1.83

-71.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,355	1,740	1,340	-22.1%
Cost of revenue	639	797	728	-19.8%
Gross profit	716	943	611	-24.1%
Gross margin	52.8%	54.2%	45.6%
Research and development	351	367	313	-4.4%
Selling, general and administrative	175	168	145	+3.9%
Operating income	154	350	147	-56.0%
Operating margin	11.4%	20.1%	11.0%
Interest expense	55.5	30.2	29.5	+83.8%
Pre-tax income	126	320	120	-60.7%
Income tax	52.4	64.6	31.4	-18.9%
Effective tax rate	41.6%	20.2%	26.1%
Net income	73.6	258	79.6	-71.4%
Net margin	5.4%	14.8%	5.9%
Diluted EPS	$1.83	$6.33	$2.08	-71.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	332	463	319	-28.4%
Capital expenditure	34.2	31.1	21.1	+10.0%
Free cash flow	297	432	298	-31.1%
Free cash flow margin	21.9%	24.8%	22.3%
Cash from investing	-6.0	-483	-523
Cash from financing	-221	14.3	274
Depreciation and amortisation	27.4	24.0	21.6	+14.2%
Share-based compensation	122	101	66.1	+21.0%
Buybacks	184	0.0	0.0
Diluted shares, weighted	40m	41m	38m	-1.2%
Shares outstanding at period end	39m	40m	35m	-2.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,243	1,266	967	-1.8%
Debt	991	997	882	-0.6%
Operating lease liabilities	42.4	51.5	24.0	-17.7%
Other liabilities	335	543	354	-38.4%
Total liabilities and equity	2,611	2,858	2,227	-8.6%
Fixed assets	66.4	62.9	91.2	+5.6%
Goodwill	816	807	570	+1.2%
Intangible assets	298	390	302	-23.5%
Investments	9.6	52.0	0.0	-81.5%
Cash and equivalents	925	824	836	+12.2%
Receivables	164	322	228	-49.1%
Inventory	137	170	82.0	-19.2%
Other assets	195	231	118	-15.6%
Total assets	2,611	2,858	2,227	-8.6%

10-K for the year ended 24 June 2023, filed 18 August 2023: the filing.