Synaptics(US:SYNA)2024-08-08 20:10Financial Performance - Q4 fiscal 2024 revenue was $247.4 million, with GAAP net income of $208.3 million, translating to $5.22 per diluted share[1][2] - For the full year fiscal 2024, net revenue reached $959.4 million, with GAAP gross margin at 45.8%, down from 52.8% in the prior year[2] - Net revenue for the three months ended June 2024 was $247.4 million, an increase from $227.3 million in June 2023, representing an 11.6% year-over-year growth[21] - Net income for the three months ended June 2024 was $208.3 million, a significant recovery from a net loss of $23.4 million in June 2023[21] - GAAP net income for the year ended June 2024 was $125.6 million, significantly higher than a net loss of $73.6 million in June 2023[25] - Non-GAAP diluted earnings per share for Q4 fiscal 2024 was $0.64, with a non-GAAP net income of $25.6 million[1] - Basic net income per share for June 2024 was $5.27, compared to a loss of $0.59 per share in June 2023[21] - Non-GAAP net income per share for June 2024 was $0.64, an increase from $0.49 in June 2023[23] Margins and Expenses - Non-GAAP gross margin for fiscal 2024 was 53.0%, down from 60.1% in the previous year[2] - Gross margin for the three months ended June 2024 was $113.4 million, compared to $101.2 million in June 2023, reflecting a 12.2% increase[21] - GAAP gross margin for June 2024 was $113.4 million, up from $101.2 million in June 2023, representing a 1.3 percentage point increase in gross margin percentage to 45.8%[23] - Non-GAAP gross margin for June 2024 was $132.2 million, compared to $126.7 million in June 2023, with a gross margin percentage of 53.4%[23] - Research and development expenses remained stable at $84.4 million for the three months ended June 2024, compared to $84.5 million in June 2023[21] - Research and development expenses for June 2024 were $84.4 million, slightly down from $84.5 million in June 2023[23] - The company reported acquisition-related costs of $17.8 million for the three months ended June 2024, down from $24.5 million in June 2023[21] - Acquisition-related costs for June 2024 were $21.7 million, down from $33.0 million in June 2023[23] Future Guidance and Market Outlook - Guidance for Q1 fiscal 2025 projects revenue of $255 million ± $15 million, with a gross margin of 45.0% ± 1.5%[4] - The company anticipates improved demand signals but remains cautious due to slow recovery in end markets[4] - Core IoT products grew 63% year-over-year in Q4, driven by the wireless group, indicating a positive demand trend[3] Balance Sheet and Cash Flow - Total current assets decreased to $1,162.3 million in June 2024 from $1,272.0 million in June 2023, a decline of 8.7%[20] - Total liabilities decreased slightly to $1,358.2 million in June 2024 from $1,368.0 million in June 2023, a reduction of 0.9%[20] - Long-term debt was $966.9 million in June 2024, slightly down from $972.0 million in June 2023[20] - Total stockholders' equity increased to $1,466.8 million in June 2024 from $1,243.4 million in June 2023, a growth of 18.0%[20] - Cash and cash equivalents at the end of June 2024 were $876.9 million, down from $924.7 million at the end of June 2023[25] - The company experienced a net change in cash and cash equivalents of $(47.8) million for the year ended June 2024[25] Strategic Initiatives - The launch of the native-AI compute platform, Astra, is expected to enhance content gains with new and existing customers[3] - The company maintains a strong balance sheet, providing flexibility to drive growth and fund strategic initiatives[4] - Operating expenses for Q1 fiscal 2025 are expected to be $135 million ± $4 million, with non-GAAP operating expenses at $96 million ± $2 million[4] - Non-GAAP operating income for June 2024 was $35.7 million, compared to $29.2 million in June 2023[23] - The company reported a non-cash operating item of $(19.8) million for the year ended June 2024, compared to $281.3 million in June 2023[25]