Skyworks(SWKS)2025-02-05 21:02Financial Performance - Revenue for Q1 Fiscal 2025 was $1.068 billion, representing a 4% sequential growth[3] - GAAP diluted earnings per share (EPS) was $1.00, while non-GAAP diluted EPS was $1.60[5] - Non-GAAP gross profit for Q1 was $497.1 million, with a non-GAAP gross margin of 46.5%[23] - GAAP net income for Q1 was $162 million, down from $231.3 million in the same quarter last year[22] - Non-GAAP net income for the three months ended December 27, 2024, was $162.0 million, down from $231.3 million for the same period in 2023, representing a decrease of approximately 29.9%[37] Cash Flow and Liquidity - Operating cash flow was $377 million, with a 35% operating cash flow margin, and free cash flow was $338 million, with a 32% free cash flow margin[5] - Cash and cash equivalents at the end of the period were $1,602.5 million, up from $1,029.7 million at the end of the same period in 2023, indicating an increase of approximately 55.5%[37] - The company reported a net cash provided by operating activities of $377.2 million for the three months ended December 27, 2024, compared to $774.9 million for the same period in 2023, a decline of approximately 51.3%[37] - Non-GAAP free cash flow for the three months ended December 27, 2024, was not explicitly stated but is derived from net cash provided by operating activities of $377.2 million after deducting capital expenditures[37] Future Projections - For Q2 Fiscal 2025, revenue is expected to be between $935 million and $965 million, with non-GAAP diluted EPS projected at $1.20 at the midpoint[8] - Non-GAAP diluted earnings per share for Q2 2025 is estimated to be impacted by share-based compensation expense of $0.20 to $0.40 per diluted share, amortization of intangibles of $0.20 to $0.30 per diluted share, and certain tax items of -$0.15 to $0.20 per diluted share[32] Shareholder Returns - A new $2 billion stock repurchase program has been approved, succeeding the previous program from January 2023[10] - A cash dividend of $0.70 per share has been declared, payable on March 17, 2025[12] Assets and Liabilities - The company had cash and marketable securities of approximately $1.75 billion as of December 27, 2024[11] - Total assets increased to $8,331.1 million as of December 27, 2024, compared to $8,283.3 million as of September 27, 2024, reflecting a growth of approximately 0.6%[35] - Total liabilities increased to $1,930.4 million as of December 27, 2024, compared to $1,942.6 million as of September 27, 2024, a decrease of approximately 0.6%[35] - The company’s stockholders' equity rose to $6,400.7 million as of December 27, 2024, from $6,336.7 million as of September 27, 2024, reflecting an increase of approximately 1.0%[35] Inventory and Expenses - Inventory decreased to $699.7 million as of December 27, 2024, from $784.8 million as of December 29, 2023, representing a reduction of approximately 10.8%[35] - Share-based compensation expense for the three months ended December 27, 2024, was $51.1 million, slightly down from $53.3 million for the same period in 2023, a decrease of approximately 4.1%[33] Business Developments - The company secured 5G content for premium Android smartphones for major brands including Samsung Galaxy, Xiaomi, and Asus[9]