Synaptics (SYNA) FY2024 results: revenue $959 million, down 29.2% on the year

Synaptics Inc. (SYNA) reported revenue of $959 million for fiscal 2024, the year ended 29 June 2024, down 29.2% on the year before. Net income was $126 million, up 70.7%, and diluted earnings per share $3.16. The figures are the company's own, from the 10-K it filed with the SEC on 23 August 2024.

Revenue

$959 million

-29.2% on the year

FY2017FY2024

Operating margin

-10.6%

11.4% a year earlier

FY2017FY2024

Net income

$126 million

+70.7% on the year

FY2017FY2024

Diluted EPS

$3.16

+72.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	959	1,355	1,740	-29.2%
Cost of revenue	520	639	797	-18.7%
Gross profit	440	716	943	-38.6%
Gross margin	45.8%	52.8%	54.2%
Research and development	336	351	367	-4.2%
Selling, general and administrative	161	175	168	-7.8%
Operating income	-102	154	350
Operating margin	-10.6%	11.4%	20.1%
Interest expense	65.3	55.5	30.2	+17.7%
Pre-tax income	-125	126	320
Income tax	-250	52.4	64.6
Effective tax rate	n/a	41.6%	20.2%
Net income	126	73.6	258	+70.7%
Net margin	13.1%	5.4%	14.8%
Diluted EPS	$3.16	$1.83	$6.33	+72.7%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	136	332	463	-59.0%
Capital expenditure	33.8	34.2	31.1	-1.2%
Free cash flow	102	297	432	-65.7%
Free cash flow margin	10.6%	21.9%	24.8%
Cash from investing	-158	-6.0	-483
Cash from financing	-25.1	-221	14.3
Depreciation and amortisation	27.6	27.4	24.0	+0.7%
Share-based compensation	119	122	101	-2.6%
Buybacks	0.0	184	0.0
Diluted shares, weighted	40m	40m	41m	-1.2%
Shares outstanding at period end	40m	39m	40m	+2.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,467	1,243	1,266	+18.0%
Debt	973	991	997	-1.8%
Operating lease liabilities	37.9	42.4	51.5	-10.6%
Other liabilities	347	335	543	+3.8%
Total liabilities and equity	2,825	2,611	2,858	+8.2%
Fixed assets	75.5	66.4	62.9	+13.7%
Goodwill	816	816	807	0.0%
Intangible assets	288	298	390	-3.4%
Investments	0.0	9.6	52.0
Cash and equivalents	877	925	824	-5.2%
Receivables	142	164	322	-13.1%
Inventory	114	137	170	-16.9%
Other assets	511	195	231	+162.7%
Total assets	2,825	2,611	2,858	+8.2%

10-K for the year ended 29 June 2024, filed 23 August 2024: the filing.