Skyworks Exceeds Q3 FY15 Revenue and EPS Guidance

[a]   These charges represent expense recognized in accordance with ASC 718 - Compensation, Stock Compensation.
For the three months ended July 3, 2015, approximately $3.6 million, $11.7 million and $10.6 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively.
For the nine months ended July 3, 2015, approximately $10.6 million, $33.9 million and $29.9 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively.
 
For the three months ended June 27, 2014, approximately $2.4 million, $10.4 million and $10.0 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively.
For the nine months ended June 27, 2014, approximately $7.9 million, $26.5 million and $28.0 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively.
 
[b]

The acquisition-related expenses recognized during the nine months ended July 3, 2015, includes a $0.2 million charge to cost of sales related to the sale of acquired inventory. The acquisition-related expenses recognized during the three months and nine months ended July 3, 2015, includes $0.8 million and $5.9 million in transaction costs, respectively, included in general and administrative expenses primarily associated with the purchase of an interest in a joint venture with Panasonic Corporation on August 1, 2014.

 
The acquisition-related expenses recognized during the three months and nine months ended June 27, 2014, of $0.9 million and $1.0 million, respectively, primarily relate to general and administrative expenses associated with the purchase of an interest in a joint venture with Panasonic Corporation on August 1, 2014.
 
For additional information regarding the joint venture, please refer to the Company's Current Reports on Form 8-K filed with the Securities and Exchange Commission on July 10, 2014 and August 7, 2014.
 
[c] During the three months and nine months ended July 3, 2015, the Company incurred $0.5 million and $2.9 million, respectively, in employee severance costs primarily related to restructuring plans that were implemented during the periods.
 
[d] During the three months and nine months ended July 3, 2015, the Company recognized a $1.0 million and a $2.1 million charge, respectively, primarily related to general and administrative expenses associated with ongoing litigation(s).
 
During the three months and nine months ended June 27, 2014, the Company recognized a $1.2 million and a $2.3 million charge, respectively, primarily related to general and administrative expense associated with ongoing litigation(s).
 
[e] During the three months and nine months ended July 3, 2015, the Company recognized $0.4 million and $1.0 million, respectively, in interest expense associated with the accretion of the present value of the $76.5 million liability related to the future purchase of the remaining 34% interest in the joint venture between the Company and Panasonic.
 
[f] During the three months and nine months ended July 3, 2015, these amounts primarily represent the use of net operating loss carryforwards, deferred tax expense not affecting taxes payable, tax deductible share-based compensation expense in excess of GAAP share-based compensation expense, and non-cash expense related to uncertain tax positions.
 
During the three months and nine months ended June 27, 2014, these amounts primarily represent the use of net operating loss and research and development tax credit carryforwards, deferred tax expense not affecting taxes payable, and non-cash expense related to uncertain tax positions.
 
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
       
July 3, Oct. 3,
(in millions) 2015 2014
Assets
Current assets:
Cash and cash equivalents $ 1,106.0 $ 805.8
Accounts receivable, net 381.7 317.6
Inventory 272.7 270.8
Other current assets 57.7 35.0
Property, plant and equipment, net 721.6 555.9
Goodwill and intangible assets, net 908.0 926.0
Other assets 70.6 62.7
Total assets $ 3,518.3 $ 2,973.8
 
Liabilities and Equity
Current liabilities:
Accounts payable $ 228.2 $ 200.6
Accrued and other current liabilities 90.8 97.0
Other long-term liabilities 157.3 143.8
Stockholders' equity 3,042.0 2,532.4
Total liabilities and equity $ 3,518.3 $ 2,973.8
 

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