Skyworks(US:SWKS)2024-04-30 20:04Financial Performance - Revenue for Q2 FY24 was $1.046 billion, a decrease from $1.153 billion in Q2 FY23, representing a decline of approximately 9.3% year-over-year[3]. - GAAP diluted earnings per share (EPS) for Q2 FY24 was $1.14, down from $1.46 in Q2 FY23, reflecting a decrease of about 21.9%[3][20]. - Non-GAAP diluted EPS for Q2 FY24 was $1.55, compared to $1.46 in Q2 FY23, indicating an increase of approximately 6.2%[3]. - Operating income for Q2 FY24 was $189.2 million, down from $273.3 million in Q2 FY23, a decline of about 30.8%[20]. - GAAP gross profit for Q2 2024 was $420.3 million, down 20.3% from $527.4 million in Q2 2023[21]. - Non-GAAP gross profit for Q2 2024 was $470.9 million, a decrease of 18.3% compared to $576.6 million in Q2 2023[21]. - GAAP net income for Q2 2024 was $183.3 million, a decrease of 21.3% compared to $232.8 million in Q2 2023[21]. - Non-GAAP net income for Q2 2024 was $250.7 million, down 22.5% from $323.1 million in Q2 2023[21]. - GAAP net cash provided by operating activities for Q2 2024 was $300.2 million, a decline of 27.0% from $411.7 million in Q2 2023[21]. - Non-GAAP free cash flow for Q2 2024 was $272.6 million, down 25.6% compared to $366.4 million in Q2 2023[21]. - GAAP gross margin for Q2 2024 was 40.2%, down from 45.7% in Q2 2023[21]. - Non-GAAP gross margin for Q2 2024 was 45.0%, a decrease from 50.0% in Q2 2023[21]. Future Projections - For Q3 FY24, the company expects revenue to be approximately $900 million, plus or minus 2%[8]. - Anticipated non-GAAP diluted EPS for Q3 FY24 is projected at $1.21 at the mid-point of the revenue range[8]. Cash Flow and Assets - The company generated quarterly operating cash flow of $300 million and free cash flow of $273 million[5]. - Total assets decreased from $8,426.7 million on September 29, 2023, to $8,309.7 million on March 29, 2024, a decline of approximately 1.39%[34]. - Cash, cash equivalents, and marketable securities increased significantly from $738.5 million to $1,221.3 million, representing a growth of about 65.5%[34]. - Net cash provided by operating activities for the six months ended March 29, 2024, was $1,075.2 million, compared to $1,185.1 million for the same period in 2023, a decrease of approximately 9.3%[36]. - Inventory levels decreased from $1,119.7 million to $835.5 million, a reduction of about 25.4%[34]. - Total debt decreased from $1,292.3 million to $993.6 million, a decline of approximately 23.2%[34]. - The company reported a net increase in cash and cash equivalents of $175.7 million for the three months ended March 29, 2024, compared to an increase of $12.7 million for the same period in 2023[36]. - Accounts receivable decreased from $864.3 million to $615.3 million, a decline of approximately 28.8%[34]. - Stockholders' equity increased from $6,082.7 million to $6,359.2 million, an increase of about 4.5%[34]. Dividends and Shareholder Returns - The board of directors declared a cash dividend of $0.68 per share, payable on June 11, 2024[9]. - Dividends paid increased from $98.7 million to $109.1 million for the three months ended March 29, 2024, reflecting a rise of about 12.9%[36]. Strategic Initiatives - The company plans to leverage connectivity technology across IoT devices, automotive electrification, and AI infrastructure for long-term growth[4]. - Skyworks has expanded its design win pipeline in automotive and secured several audio SoC design wins for wireless gaming and soundbars[10].