Synaptics Incorporated (NASDAQ: SYNA), the leading developer of
human interface solutions, today reported financial results for its
third fiscal quarter ended March 30, 2019.
Net revenue for the third quarter of fiscal 2019 was down 15.2
percent from the comparable quarter last year and down 21.5 percent
sequentially to $334.0 million. GAAP net income for the third
quarter of fiscal 2019 was $6.7 million, or $0.19 per diluted
share. Non-GAAP net income for the third quarter of fiscal 2019
decreased $3.4 million from the prior year period to $29 million,
or $0.83 per diluted share. (See below under the heading “Use of
Non-GAAP Financial Information” and the attached table for a
description and a reconciliation of GAAP to non-GAAP financial
measures.)
“While Synaptics continues to be impacted by the residual
effects of unfavorable supply chain dynamics in the near term, we
are confident in the strengths and untapped potential of our
product portfolio and are evaluating how best to leverage these
assets with a focus on aligning the business towards achieving
better long-term profitability,” stated Saleel Awsare, Senior Vice
President and General Manager, IoT Division, Corporate Marketing
& Investor Relations. “Going forward, we have the elements in
place to execute towards an overall richer margin mix and the
ability to drive even greater momentum across the portfolio,
including our IoT platform where we expect a return to growth in
the June quarter.”
Third Quarter 2019 Business Metrics
- Revenue mix from mobile products was 61 percent. Revenue from
mobile products of $204.7 million was down 16 percent
year-over-year and down 25 percent sequentially.
- Revenue mix from IoT products was 19 percent. Revenue from IoT
products of $63.1 million was down 29 percent year-over-year and
down 28 percent sequentially.
- Revenue mix from PC products was 20 percent. Revenue from PC
products of $66.2 million was up 10 percent year-over-year and up 4
percent sequentially.
Cash at March 31, 2019 was $324 million. Cash flow from
operations during the third quarter of fiscal 2019 was $47
million.
Business Outlook
Kermit Nolan, Chief Accounting Officer and Interim CFO of
Synaptics, added, “Considering our backlog of $210 million entering
the June quarter, subsequent bookings, customer forecasts and
product sell-in and sell-through timing patterns, and the resulting
expected product mix, we anticipate revenue for the fourth quarter
of fiscal 2019 to be in the range of $300 to $320 million. Based on
this guidance, we expect the revenue mix from mobile, IoT and PC
products to be approximately 55 percent, 25 percent and 20 percent,
respectively.”
For the fourth quarter of fiscal 2019, the company expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$300m to $320m -10 percent to -4 percent Q/Q |
-- |
$300m to $320m -10 percent to -4 percent Q/Q |
Gross Margin |
32.5% to 33.5% |
Approximately $15.7m* |
37.5% to 38.5% |
Operating Expense |
$120m to $125m |
Approximately $18m to $19m** |
$102m to $106m |
*Projected gross margin (non-GAAP) excludes $15 million of
intangible asset amortization and $0.7 million of stock-based
compensation. **Projected operating expense excludes $15 million to
$16 million of stock-based compensation and $3 million of
intangible asset amortization.
Earnings Call and Supplementary Materials The
Synaptics third quarter fiscal 2019 teleconference and webcast is
scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday, May
9, 2019, during which the company will provide forward-looking
information.
Speakers:
- Saleel Awsare, Senior Vice President and General Manager, IoT
Division, Corporate Marketing & Investor Relations
- Kermit Nolan, Chief Accounting Officer and Interim Chief
Financial Officer
- Jason Tsai, Head of Investor Relations
To participate on the live call, analysts and investors should
dial 888-394-8218 (conference ID: 7119573). Supplementary slides, a
copy of the prepared remarks, and a live and archived webcast of
the conference call will be accessible from the “Investor
Relations” section of the company’s Website at
www.synaptics.com.
About Synaptics Incorporated Synaptics is the
pioneer and leader of the human interface revolution, bringing
innovative and intuitive user experiences to intelligent devices.
Synaptics’ broad portfolio of touch, display, biometrics, voice,
audio, and multimedia products is built on the company’s rich
R&D, extensive IP and dependable supply chain capabilities.
With solutions designed for mobile, PC, smart home, and automotive
industries, Synaptics combines ease of use, functionality and
aesthetics to enable products that help make our digital lives more
productive, secure and enjoyable. (NASDAQ: SYNA)
www.synaptics.com.
Join Synaptics on Twitter, LinkedIn, and Facebook or visit
www.synaptics.com.
Use of Non-GAAP Financial Information In
evaluating its business, Synaptics considers and uses Non-GAAP Net
Income, which we define as net income excluding share-based
compensation, acquisition related costs, and certain other non-cash
or recurring and non-recurring items the company does not believe
are indicative of its core operating performance as a supplemental
measure of operating performance. Non-GAAP Net Income is not a
measurement of the company’s financial performance under GAAP and
should not be considered as an alternative to GAAP net income. The
company presents Non-GAAP Net Income because it considers it an
important supplemental measure of its performance since it
facilitates operating performance comparisons from period to period
by eliminating potential differences in net income caused by the
existence and timing of share-based compensation charges,
acquisition related costs, and certain other non-cash or recurring
and non-recurring items. Non-GAAP Net Income has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for the company’s GAAP net income. The principal
limitations of this measure are that it does not reflect the
company’s actual expenses and may thus have the effect of inflating
its net income and net income per share as compared to its
operating results reported under GAAP.
As presented in the “Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures” tables that follow, each of the
non-GAAP financial measures excludes one or more of the following
items:
Acquisition related costs. Acquisition related costs primarily
consist of:
- amortization of purchased intangibles, which includes acquired
intangibles such as developed technology, customer relationships,
trademarks, backlog, licensed technology, patents, and in-process
technology when post-acquisition development is determined to be
substantively complete,
- inventory adjustments affecting the carrying value of inventory
acquired in an acquisition,
- transitory post-acquisition incentive programs negotiated in
connection with an acquired business or designed to encourage
post-acquisition retention of key employees, and
- legal and consulting costs associated with acquisitions that
have been announced, including non-recurring post-acquisition costs
and services.
These acquisition related costs are not factored into the
company’s evaluation of its ongoing business operating performance
or potential acquisitions, as they are not considered as part of
the company’s principal operations. Further, the amount of these
costs can vary significantly from period to period based on the
terms of an earn-out arrangement, revisions to assumptions that
went into developing the estimate of the contingent consideration
associated with an earn-out arrangement, the size and timing of an
acquisition, the lives assigned to the acquired intangible assets,
and the maturity of the business acquired. Excluding acquisition
related costs from non-GAAP measures provides investors with a
basis to compare Synaptics against the performance of other
companies without the variability and potential earnings volatility
associated with purchase accounting and acquisition related
items.
Share-based compensation. Share-based compensation expense
relates to employee equity award programs and the vesting of the
underlying awards, which includes stock options, deferred stock
units, market stock units and the employee stock purchase plan.
Share-based compensation is a non-cash expense that varies in
amount from period to period and is dependent on market forces that
are often beyond the company’s control. As a result, the company
excludes this item from its internal operating forecasts and
models. The company believes that non-GAAP measures reflecting
adjustments for share-based compensation provide investors with a
basis to compare the company’s principal operating performance
against the performance of peer companies without the variability
created by share-based compensation resulting from the variety of
equity awards used by other companies and the varying methodologies
and assumptions used.
Restructuring costs. Restructuring costs consist primarily of
employee severance and office closure costs, including the reversal
of such costs. These costs are generally infrequent, cash-based,
and designed to address cost structure inefficiencies. As a result,
the company excludes restructuring costs from its internal
operating forecasts and models when evaluating its ongoing business
performance. The company believes that non-GAAP measures reflecting
adjustments for restructuring costs provide investors with a basis
to compare the company’s principal operating performance against
the performance of other companies without the variability created
by restructuring costs designed to address cost structure
inefficiencies in its business.
Other non-cash items. Other non-cash items includes non-cash
amortization of debt discount and issuance costs. These items are
excluded from non-GAAP results as they are non-cash. Excluding
other non-cash items from non-GAAP measures provides investors with
a basis to compare Synaptics against the performance of other
companies without the variability associated with other non-cash
items.
Recovery on sale of investment. Recovery on sale of investment,
represents the gain on the recovery of an investment in which the
cost basis was previously written down to fair value. This item is
excluded from non-GAAP results as the previous write-down was
excluded from non-GAAP results. Excluding recovery on sale of
investment from non-GAAP measures provides investors with a basis
to compare Synaptics against the performance of other companies
without the variability associated with recovery on sale of
investment.
Arbitration settlement, net Arbitration settlement, net
represents the impact of the settlement of an arbitration matter
net of related legal and consulting services that is unusual or
infrequent. As a result, the company excludes from its internal
operating forecasts and models, when evaluating its ongoing
business performance, arbitration settlement amounts net of related
costs. The company believes that non-GAAP measures reflecting
an adjustment for arbitration settlements net of related costs
provides investors with a basis to compare the company’s principal
operating performance against the performance of other companies
without the variability created by infrequent, non-recurring or
non-routine arbitration settlements net of related costs.
Equity investment loss. Equity investment loss represents an
adjustment in the book value of an equity investment in a minority
owned company. The equity investment loss is a non-cash item. As a
result, the company excludes equity investment loss from its
internal operating forecasts and models when evaluating its ongoing
business performance. The company believes that non-GAAP measures
reflecting adjustments for equity investment loss provide investors
with a basis to compare the company’s principal operating
performance against the performance of other companies without the
variability created by non-cash items.
Non-GAAP tax adjustments. The company forecasts its long-term
non-GAAP tax rate in order to provide investors with improved
long-term modeling accuracy and consistency across financial
reporting periods by eliminating the effects of certain items in
our Non-GAAP net income and Non-GAAP net income per share,
including the type and amount of deductible stock options, delivery
of shares under deferred stock unit awards, market stock unit
awards, and performance stock unit awards, the taxation of
post-acquisition intercompany intellectual property cross-licensing
or transfer transactions, and the impact of other acquisition items
that may or may not be tax deductible. The company intends to
evaluate its long-term non-GAAP tax rate annually for significant
events, including material tax law changes in the major tax
jurisdictions in which the company operates, corporate
organizational changes related to acquisitions or tax planning
opportunities, and substantive changes in our geographic earnings
mix.
Forward-Looking Statements This press release
contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business, and
can be identified by the fact that they do not relate strictly to
historical or current facts. Such forward-looking statements may
include words such as “expect,” “anticipate,” “intend,” “believe,”
“estimate,” “plan,” “target,” “strategy,” “continue,” “may,”
“will,” “should,” variations of such words, or other words and
terms of similar meaning. All forward-looking statements reflect
our best judgment and are based on several factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control. Such factors
include, but are not limited to, the risks as identified in the
“Risk Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Business” sections of our
Annual Report on Form 10-K for the fiscal year ended June 30, 2018,
and other risks as identified from time to time in our Securities
and Exchange Commission reports. Forward-looking statements are
based on information available to us on the date hereof, and we do
not have, and expressly disclaim, any obligation to publicly
release any updates or any changes in our expectations, or any
change in events, conditions, or circumstances on which any
forward-looking statement is based. Our actual results and
the timing of certain events could differ materially from the
forward-looking statements. These forward-looking statements do not
reflect the potential impact of any mergers, acquisitions, or other
business combinations that had not been completed as of the date of
this release.
For more information contact: Jason TsaiHead of
Investor Relationsjason.tsai@synaptics.com
SYNAPTICS INCORPORATED |
CONSOLIDATED BALANCE SHEETS |
(In millions except share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
June 30, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
Current
assets: |
|
|
|
|
Cash and cash
equivalents |
$ |
323.8 |
|
|
$ |
301.0 |
|
|
Accounts receivables, net of allowances of $2.1 and $1.8 at March
31, 2019 and June 30, 2018, respectively |
|
266.8 |
|
|
|
289.1 |
|
|
Inventories |
|
153.1 |
|
|
|
131.2 |
|
|
Prepaid expenses
and other current assets |
|
23.2 |
|
|
|
18.2 |
|
Total current
assets |
|
766.9 |
|
|
|
739.5 |
|
|
|
|
|
|
|
|
|
Property and
equipment at cost, net |
|
104.8 |
|
|
|
117.8 |
|
Goodwill |
|
372.8 |
|
|
|
372.8 |
|
Purchased
intangibles, net |
|
163.1 |
|
|
|
219.2 |
|
Non-current other
assets |
|
61.0 |
|
|
|
50.5 |
|
Total
assets |
$ |
1,468.6 |
|
|
$ |
1,499.8 |
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
117.9 |
|
|
$ |
156.9 |
|
|
Accrued
compensation |
|
22.1 |
|
|
|
25.4 |
|
|
Income taxes
payable |
|
1.0 |
|
|
|
13.1 |
|
|
Acquisition-related liabilities |
|
- |
|
|
|
8.7 |
|
|
Other accrued
liabilities |
|
99.1 |
|
|
|
79.7 |
|
Total current
liabilities |
|
240.1 |
|
|
|
283.8 |
|
|
|
|
|
|
|
|
|
Convertible notes,
net |
|
463.8 |
|
|
|
450.7 |
|
Other long-term
liabilities |
|
38.0 |
|
|
|
36.0 |
|
Total
liabilities |
|
741.9 |
|
|
|
770.5 |
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
Preferred
stock; |
|
|
|
|
|
$.001 par value;
10,000,000 shares authorized; |
|
|
|
|
|
|
no shares issued
and outstanding |
|
- |
|
|
|
- |
|
|
Common stock; |
|
|
|
|
|
$.001 par value;
120,000,000 shares authorized; |
|
|
|
|
|
|
63,942,166 and
62,889,679 shares issued, and 34,452,290 and |
|
|
|
|
|
|
35,249,803 shares
outstanding, respectively |
|
0.1 |
|
|
|
0.1 |
|
|
Additional paid in
capital |
|
1,248.1 |
|
|
|
1,195.2 |
|
|
Less: 29,489,876
and 27,639,876 treasury shares, respectively, at cost |
|
(1,151.2 |
) |
|
|
(1,073.9 |
) |
|
Accumulated other
comprehensive income |
|
- |
|
|
|
1.5 |
|
|
Retained
earnings |
|
629.7 |
|
|
|
606.4 |
|
Total
stockholders' equity |
|
726.7 |
|
|
|
729.3 |
|
Total liabilities
and stockholders' equity |
$ |
1,468.6 |
|
|
$ |
1,499.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(In millions except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
334.0 |
|
|
$ |
394.0 |
|
|
$ |
1,177.1 |
|
|
$ |
1,241.8 |
|
Acquisition
related costs (1) |
|
|
15.2 |
|
|
|
21.3 |
|
|
|
47.3 |
|
|
|
91.4 |
|
Cost of
revenue |
|
|
202.8 |
|
|
|
249.8 |
|
|
|
723.1 |
|
|
|
797.9 |
|
Gross
margin |
|
|
116.0 |
|
|
|
122.9 |
|
|
|
406.7 |
|
|
|
352.5 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
82.4 |
|
|
|
91.0 |
|
|
|
256.0 |
|
|
|
268.0 |
|
|
Selling, general,
and administrative |
|
|
34.1 |
|
|
|
36.4 |
|
|
|
103.1 |
|
|
|
110.4 |
|
|
Acquisition
related costs, net (2) |
|
|
3.3 |
|
|
|
5.6 |
|
|
|
10.2 |
|
|
|
17.1 |
|
|
Restructuring
costs (3) |
|
|
- |
|
|
|
2.2 |
|
|
|
10.4 |
|
|
|
10.2 |
|
Total operating
expenses |
|
|
119.8 |
|
|
|
135.2 |
|
|
|
379.7 |
|
|
|
405.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
|
(3.8 |
) |
|
|
(12.3 |
) |
|
|
27.0 |
|
|
|
(53.2 |
) |
Interest and other
income, net |
|
|
(4.3 |
) |
|
|
(4.7 |
) |
|
|
(10.5 |
) |
|
|
(15.4 |
) |
Income/(loss)
before provision/(benefit) for income taxes |
|
|
(8.1 |
) |
|
|
(17.0 |
) |
|
|
16.5 |
|
|
|
(68.6 |
) |
Provision/(benefit) for income taxes |
|
|
(15.3 |
) |
|
|
(3.9 |
) |
|
|
(8.1 |
) |
|
|
52.6 |
|
Equity investment
loss |
|
|
(0.5 |
) |
|
|
(0.6 |
) |
|
|
(1.3 |
) |
|
|
(1.4 |
) |
Net
income/(loss) |
|
$ |
6.7 |
|
|
$ |
(13.7 |
) |
|
$ |
23.3 |
|
|
$ |
(122.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
$ |
(0.40 |
) |
|
$ |
0.67 |
|
|
$ |
(3.61 |
) |
|
Diluted |
|
$ |
0.19 |
|
|
$ |
(0.40 |
) |
|
$ |
0.66 |
|
|
$ |
(3.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net income/(loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
34.4 |
|
|
|
34.5 |
|
|
|
34.7 |
|
|
|
34.0 |
|
|
Diluted |
|
|
35.0 |
|
|
|
34.5 |
|
|
|
35.5 |
|
|
|
34.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
These acquisition
related costs consist primarily of amortization of acquired
intangible assets and inventory fair value adjustments
associated with acquisitions. |
(2) |
|
These acquisition
related costs, net consist primarily of amortization associated
with certain acquired intangible assets as well as transitory
acquisition related compensation plans. |
(3) |
|
Restructuring
costs primarily include severance costs and facility
consolidation costs associated with operational restructurings
and acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
|
Reconciliation of GAAP Financial Measures to Non-GAAP Financial
Measures |
|
(In millions except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin |
|
$ |
116.0 |
|
|
$ |
122.9 |
|
|
$ |
406.7 |
|
|
$ |
352.5 |
|
|
|
Acquisition
related costs |
|
|
15.2 |
|
|
|
21.3 |
|
|
|
47.3 |
|
|
|
91.4 |
|
|
|
Share-based
compensation |
|
|
0.7 |
|
|
|
0.9 |
|
|
|
2.4 |
|
|
|
2.3 |
|
|
Non-GAAP gross
margin |
|
$ |
131.9 |
|
|
$ |
145.1 |
|
|
$ |
456.4 |
|
|
$ |
446.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
- percentage of revenue |
|
|
34.7 |
% |
|
|
31.2 |
% |
|
|
34.6 |
% |
|
|
28.4 |
% |
|
|
Acquisition
related costs - percentage of revenue |
|
|
4.6 |
% |
|
|
5.4 |
% |
|
|
4.0 |
% |
|
|
7.4 |
% |
|
|
Share-based
compensation - percentage of revenue |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
|
Non-GAAP gross
margin - percentage of revenue |
|
|
39.5 |
% |
|
|
36.8 |
% |
|
|
38.8 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development expense |
|
$ |
82.4 |
|
|
$ |
91.0 |
|
|
$ |
256.0 |
|
|
$ |
268.0 |
|
|
|
Share-based
compensation |
|
|
(8.6 |
) |
|
|
(10.0 |
) |
|
|
(25.4 |
) |
|
|
(28.9 |
) |
|
|
Acquisition and
integration related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.4 |
) |
|
Non-GAAP research
and development expense |
|
$ |
73.8 |
|
|
$ |
81.0 |
|
|
$ |
230.6 |
|
|
$ |
238.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling,
general, and administrative expense |
|
$ |
34.1 |
|
|
$ |
36.4 |
|
|
$ |
103.1 |
|
|
$ |
110.4 |
|
|
|
Share-based
compensation |
|
|
(6.5 |
) |
|
|
(7.9 |
) |
|
|
(20.9 |
) |
|
|
(21.9 |
) |
|
|
CEO severance |
|
|
(2.2 |
) |
|
|
- |
|
|
|
(2.2 |
) |
|
|
- |
|
|
|
Acquisition and
integration related costs |
|
|
- |
|
|
|
- |
|
|
|
(1.2 |
) |
|
|
(1.5 |
) |
|
|
Arbitration
settlement, net |
|
|
- |
|
|
|
(2.0 |
) |
|
|
1.7 |
|
|
|
(2.0 |
) |
|
Non-GAAP selling,
general, and administrative expense |
|
$ |
25.4 |
|
|
$ |
26.5 |
|
|
$ |
80.5 |
|
|
$ |
85.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income/(loss) |
|
$ |
(3.8 |
) |
|
$ |
(12.3 |
) |
|
$ |
27.0 |
|
|
$ |
(53.2 |
) |
|
|
Share-based
compensation |
|
|
15.8 |
|
|
|
18.8 |
|
|
|
48.7 |
|
|
|
53.1 |
|
|
|
Acquisition
related costs |
|
|
18.5 |
|
|
|
26.9 |
|
|
|
58.7 |
|
|
|
110.4 |
|
|
|
CEO severance |
|
|
2.2 |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
|
Restructuring
costs |
|
|
- |
|
|
|
2.2 |
|
|
|
10.4 |
|
|
|
10.2 |
|
|
|
Arbitration
settlement, net |
|
|
- |
|
|
|
2.0 |
|
|
|
(1.7 |
) |
|
|
2.0 |
|
|
Non-GAAP operating
income |
|
$ |
32.7 |
|
|
$ |
37.6 |
|
|
$ |
145.3 |
|
|
$ |
122.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) |
|
$ |
6.7 |
|
|
$ |
(13.7 |
) |
|
$ |
23.3 |
|
|
$ |
(122.6 |
) |
|
|
Share-based
compensation |
|
|
15.8 |
|
|
|
18.8 |
|
|
|
48.7 |
|
|
|
53.1 |
|
|
|
Acquisition
related costs |
|
|
18.5 |
|
|
|
26.9 |
|
|
|
58.7 |
|
|
|
110.4 |
|
|
|
CEO severance |
|
|
2.2 |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
|
Restructuring
costs |
|
|
- |
|
|
|
2.2 |
|
|
|
10.4 |
|
|
|
10.2 |
|
|
|
Arbitration
settlement, net |
|
|
- |
|
|
|
2.0 |
|
|
|
(1.7 |
) |
|
|
2.0 |
|
|
|
Other non-cash
items |
|
|
4.5 |
|
|
|
4.3 |
|
|
|
13.4 |
|
|
|
14.3 |
|
|
|
Recovery on sale
of investment |
|
|
- |
|
|
|
- |
|
|
|
(2.8 |
) |
|
|
- |
|
|
|
Equity investment
loss |
|
|
0.5 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
|
1.4 |
|
|
|
Non-GAAP tax
adjustments |
|
|
(19.2 |
) |
|
|
(8.7 |
) |
|
|
(25.5 |
) |
|
|
36.9 |
|
|
Non-GAAP net
income |
|
$ |
29.0 |
|
|
$ |
32.4 |
|
|
$ |
128.0 |
|
|
$ |
105.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) per share - diluted |
|
$ |
0.19 |
|
|
$ |
(0.40 |
) |
|
$ |
0.66 |
|
|
$ |
(3.61 |
) |
|
|
Share-based
compensation |
|
|
0.45 |
|
|
|
0.55 |
|
|
|
1.37 |
|
|
|
1.56 |
|
|
|
Acquisition
related costs |
|
|
0.53 |
|
|
|
0.78 |
|
|
|
1.66 |
|
|
|
3.25 |
|
|
|
CEO severance |
|
|
0.06 |
|
|
|
- |
|
|
|
0.06 |
|
|
|
- |
|
|
|
Restructuring
costs |
|
|
- |
|
|
|
0.06 |
|
|
|
0.29 |
|
|
|
0.30 |
|
|
|
Arbitration
settlement, net |
|
|
- |
|
|
|
0.06 |
|
|
|
(0.05 |
) |
|
|
0.06 |
|
|
|
Other non-cash
items |
|
|
0.13 |
|
|
|
0.12 |
|
|
|
0.38 |
|
|
|
0.42 |
|
|
|
Recovery on sale
of investment |
|
|
- |
|
|
|
- |
|
|
|
(0.08 |
) |
|
|
- |
|
|
|
Equity investment
loss |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
Non-GAAP tax
adjustments |
|
|
(0.55 |
) |
|
|
(0.25 |
) |
|
|
(0.72 |
) |
|
|
1.09 |
|
|
|
Non-GAAP share
adjustment |
|
|
- |
|
|
|
(0.02 |
) |
|
|
- |
|
|
|
(0.05 |
) |
|
Non-GAAP net
income per share - diluted |
|
$ |
0.83 |
|
|
$ |
0.92 |
|
|
$ |
3.61 |
|
|
$ |
3.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNAPTICS INCORPORATED |
CONDENSED CONSOLIDATED CASH FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
Nine Months Ended |
|
|
March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Net Income/(loss) |
|
$ |
23.3 |
|
|
$ |
(122.6 |
) |
|
|
|
|
|
Non-cash operating items |
|
|
130.2 |
|
|
|
176.2 |
|
Changes in working capital |
|
|
(42.7 |
) |
|
|
83.5 |
|
|
|
|
|
|
Provided by operations |
|
|
110.8 |
|
|
|
137.1 |
|
|
|
|
|
|
Acquisition of businesses |
|
|
- |
|
|
|
(396.4 |
) |
Fixed asset & intangible asset purchases |
|
|
(17.7 |
) |
|
|
(35.2 |
) |
Proceeds from sales and maturities of investments |
|
|
2.8 |
|
|
|
- |
|
Used in investing |
|
|
(14.9 |
) |
|
|
(431.6 |
) |
|
|
|
|
|
Treasury shares purchased |
|
|
(77.3 |
) |
|
|
(93.6 |
) |
Equity compensation, net |
|
|
4.2 |
|
|
|
10.2 |
|
Debt related, net |
|
|
- |
|
|
|
293.4 |
|
Provided by/(Used in)
financing |
|
|
(73.1 |
) |
|
|
210.0 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
- |
|
|
|
0.1 |
|
Net change in cash and cash
equivalents |
|
|
22.8 |
|
|
|
(84.4 |
) |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
|
|
301.0 |
|
|
|
367.8 |
|
Cash and cash equivalents at
end of period |
|
$ |
323.8 |
|
|
$ |
283.4 |
|
|
|
|
|
|
Cash paid for taxes |
|
$ |
16.1 |
|
|
$ |
26.0 |
|
Cash refund on taxes |
|
$ |
5.2 |
|
|
$ |
1.0 |
|
|
|
|
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