Synaptics Incorporated (Nasdaq: SYNA), today reported financial
results for its second quarter of fiscal 2024 ended December 30,
2023.
Net revenue for the second quarter of fiscal 2024 was $237.0
million. GAAP net loss for the second quarter of fiscal 2024 was
$9.0 million, or a loss of $0.23 per basic share. Non-GAAP net
income for the second quarter of fiscal 2024 was $22.5 million, or
$0.57 per diluted share.
“There were two headlines for us this quarter. First, our
business overall has stabilized, and we have clearly hit the bottom
of our cycle. Second, our Core-IoT area, led by our wireless
products, is expected to see topline revenue improvement and
sustained growth from this point forward. At the Consumer
Electronics Show in early January, we showcased our MPU and MCU
product offerings and demonstrated several AI use cases which
clearly resonated with a set of new potential customers,” said
Michael Hurlston, Synaptics’ President and CEO.
Business OutlookDean Butler, Chief Financial
Officer of Synaptics, added, “Our total channel inventories
continued to decline in the December quarter and we anticipate a
significant topline revenue increase for our Core IoT products in
the coming quarter. While some products are beginning to return to
growth, others are still suffering from prolonged inventory
accumulation, declines in demand, and seasonal effects. As a
result, we expect the company’s consolidated March quarter revenue
to be flat relative to the December quarter. Synaptics generates
strong positive cash flows and maintains a healthy balance sheet,
enabling us to continually invest in our technology roadmaps.”
For the third quarter of fiscal year 2024, the company
expects:
|
GAAP |
Non-GAAP Adjustment |
Non-GAAP |
Revenue |
$220M to $250M |
N/A |
N/A |
Gross Margin* |
43.5 percent to46.5 percent |
$19M |
52.0 percent to 54.0 percent |
Operating Expense** |
$130M to $135M |
$36M to $37M |
$94M to $98M |
*Projected Non-GAAP gross margin excludes $18.0 million of
intangible asset amortization and $1.0 million of share-based
compensation.
**Projected Non-GAAP operating expense excludes $32 million to
$33 million of share-based compensation, and $4.0 million of
intangible asset amortization.
Earnings Call and Supplementary Materials The
Synaptics second quarter 2024 teleconference and webcast is
scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday,
February 8, 2024, during which the company will provide
forward-looking information, and may discuss or disclose material
business, financial, or other information beyond what is provided
here.
Speakers:
- Michael Hurlston, President and
Chief Executive Officer
- Dean Butler, Chief Financial
Officer
To participate on the live call, analysts and investors should
pre-register at Synaptics Q2 FY2024 Earnings Call
Registration.
(https://register.vevent.com/register/BI2e571af2203e4099bba11bdb22c2a298).
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
https://investor.synaptics.com/.
About Synaptics Incorporated: Synaptics
(Nasdaq: SYNA) is changing the way humans engage with connected
devices and data, engineering exceptional experiences throughout
the home, at work, in the car and on the go. Synaptics is the
partner of choice for the world’s most innovative intelligent
system providers who are integrating multiple experiential
technologies into platforms that make our digital lives more
productive, insightful, secure and enjoyable. These customers are
combining Synaptics’ differentiated technologies in touch, display
and biometrics with a new generation of advanced connectivity and
AI-enhanced video, vision, audio, speech and security processing.
Follow Synaptics on LinkedIn, Twitter and Facebook, or visit
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. In addition, the company
presents components of Non-GAAP Net Income, such as Non-GAAP Gross
Margin, Non-GAAP operating expenses and Non-GAAP operating margin,
for similar reasons.
As presented in the “Reconciliation of GAAP Financial Measures
to Non-GAAP Financial Measures” tables that follow, Non-GAAP Net
Income and each of the other Non-GAAP financial measures excludes
one or more of the following items:
Acquisition and integration related costs Acquisition and
integration 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,
including non-recurring post-acquisition costs and services.
These acquisition and integration 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, performance stock units, phantom stock
units and the employee stock purchase plan. Share-based
compensation settled with stock, which includes stock options,
deferred stock units, market stock units, performance stock units
and the employee stock purchase plan, is a non-cash expense, while
share-based compensation settled with cash, which includes phantom
stock units, is a cash expense. Settlement of all employee equity
award programs, whether settled with cash or stock, 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 share-based compensation 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-linked compensatory awards used by other
companies and the varying methodologies and assumptions used.
Amortization of prepaid development costs Amortization of
prepaid development costs represents the amortization of the
estimated cost to develop certain future roadmap devices designed
in advance process nodes in connection with an acquisition. The
amortization of prepaid development costs represents a non-cash
charge. As a result, the company excludes amortization of prepaid
development costs from its internal operating forecasts and models
when evaluating its ongoing business performance. The company
believes that Non-GAAP measures reflecting adjustments for
amortization of prepaid development 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 the amortization of prepaid development costs.
Restructuring costs Restructuring costs are costs incurred to
address cost structure inefficiencies of acquired or existing
business operations and consist primarily of employee termination
and office closure costs, including the reversal of such costs.
These costs are generally cash-based. 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 of acquired
or existing business operations.
Site remediation accrualSite remediation accrual
represents an update to the estimated future costs associated with
the ongoing planning and remediation of a site contamination
project from an acquisition. As we evaluate progress on our ongoing
remediation effort and as we work with governmental organizations
to update our remediation plan to meet the evolving guidelines, we
estimate costs associated with plan revisions to determine if our
liability has changed. Excluding the site remediation accrual from
Non-GAAP measures provides investors with a basis to compare
Synaptics against the performance of other companies without the
variability associated with the site remediation accrual.
Other non-cash items Other non-cash items include 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.
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 share-based compensation, 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 risk that our business, results of operations
and financial condition and prospects may be materially and
adversely affected by the temporary reduction in demand for our
products resulting from accumulated inventories held by our
customers and channel partners; 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
most recent Annual Report on Form 10-K and our most recent
Quarterly Report on Form 10-Q; 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: Munjal ShahHead
of Investor Relationsmunjal.shah@synaptics.com
SYNAPTICS
INCORPORATED |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
December 2023 |
|
June 2023 |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
846.1 |
|
|
$ |
924.7 |
|
Short-term investments |
|
|
2.6 |
|
|
|
9.6 |
|
Accounts receivable, net |
|
|
126.6 |
|
|
|
163.9 |
|
Inventories, net |
|
|
125.1 |
|
|
|
137.2 |
|
Prepaid expenses and other current assets |
|
|
47.0 |
|
|
|
36.6 |
|
Total current assets |
|
|
1,147.4 |
|
|
|
1,272.0 |
|
Property and
equipment at cost, net |
|
|
71.0 |
|
|
|
66.4 |
|
Goodwill |
|
|
816.4 |
|
|
|
816.4 |
|
Purchased
intangibles, net |
|
|
270.4 |
|
|
|
298.5 |
|
Right-of-use
assets |
|
|
45.9 |
|
|
|
49.0 |
|
Non-current
other assets |
|
|
222.2 |
|
|
|
109.1 |
|
|
|
$ |
2,573.3 |
|
|
$ |
2,611.4 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts payable |
|
$ |
83.0 |
|
|
$ |
45.8 |
|
Accrued compensation |
|
|
22.4 |
|
|
|
45.9 |
|
Income taxes payable |
|
|
38.0 |
|
|
|
54.0 |
|
Other accrued liabilities |
|
|
103.9 |
|
|
|
108.4 |
|
Current portion of debt |
|
|
6.0 |
|
|
|
6.0 |
|
Total current liabilities |
|
|
253.3 |
|
|
|
260.1 |
|
Long-term
debt |
|
|
968.7 |
|
|
|
972.0 |
|
Other
long-term liabilities |
|
|
131.0 |
|
|
|
135.9 |
|
Total liabilities |
|
|
1,353.0 |
|
|
|
1,368.0 |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
Common stock and additional paid-in capital |
|
|
1,050.6 |
|
|
|
1,009.3 |
|
Treasury stock |
|
|
(878.0 |
) |
|
|
(878.0 |
) |
Accumulated other comprehensive income |
|
|
0.2 |
|
|
|
— |
|
Retained earnings |
|
|
1,047.5 |
|
|
|
1,112.1 |
|
Total stockholders' equity |
|
|
1,220.3 |
|
|
|
1,243.4 |
|
|
|
$ |
2,573.3 |
|
|
$ |
2,611.4 |
|
|
|
|
|
|
SYNAPTICS
INCORPORATED |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
December |
|
December |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
revenue |
|
$ |
237.0 |
|
|
$ |
353.1 |
|
|
$ |
474.7 |
|
|
$ |
801.2 |
|
Acquisition
related costs (1) |
|
|
14.4 |
|
|
|
23.3 |
|
|
|
32.2 |
|
|
|
46.8 |
|
Cost of
revenue |
|
|
113.6 |
|
|
|
143.1 |
|
|
|
226.4 |
|
|
|
312.0 |
|
Gross margin |
|
|
109.0 |
|
|
|
186.7 |
|
|
|
216.1 |
|
|
|
442.4 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
82.0 |
|
|
|
89.3 |
|
|
|
168.5 |
|
|
|
178.8 |
|
Selling, general, and administrative |
|
|
39.7 |
|
|
|
42.4 |
|
|
|
82.0 |
|
|
|
87.1 |
|
Acquired intangibles amortization (2) |
|
|
3.9 |
|
|
|
8.9 |
|
|
|
9.4 |
|
|
|
18.4 |
|
Restructuring costs (3) |
|
|
1.3 |
|
|
|
— |
|
|
|
9.3 |
|
|
|
— |
|
Total operating expenses |
|
|
126.9 |
|
|
|
140.6 |
|
|
|
269.2 |
|
|
|
284.3 |
|
Operating (loss) income |
|
|
(17.9 |
) |
|
|
46.1 |
|
|
|
(53.1 |
) |
|
|
158.1 |
|
Interest and
other expense, net |
|
|
(6.1 |
) |
|
|
(6.7 |
) |
|
|
(11.5 |
) |
|
|
(15.0 |
) |
(Loss) income before provision for income taxes |
|
|
(24.0 |
) |
|
|
39.4 |
|
|
|
(64.6 |
) |
|
|
143.1 |
|
Provision
for income taxes |
|
|
(15.0 |
) |
|
|
17.4 |
|
|
|
— |
|
|
|
56.5 |
|
Net (loss) income |
|
$ |
(9.0 |
) |
|
$ |
22.0 |
|
|
$ |
(64.6 |
) |
|
$ |
86.6 |
|
Net (loss)
income per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.23 |
) |
|
$ |
0.55 |
|
|
$ |
(1.66 |
) |
|
$ |
2.18 |
|
Diluted |
|
$ |
(0.23 |
) |
|
$ |
0.55 |
|
|
$ |
(1.66 |
) |
|
$ |
2.14 |
|
Shares used
in computing net (loss) income per share: |
|
|
|
|
|
|
|
|
Basic |
|
|
39.2 |
|
|
|
39.8 |
|
|
|
38.9 |
|
|
|
39.8 |
|
Diluted |
|
|
39.2 |
|
|
|
40.2 |
|
|
|
38.9 |
|
|
|
40.5 |
|
|
|
|
|
|
|
|
|
|
(1) These acquisition related costs consist of amortization of
acquired intangible assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) These acquisition
related costs consist primarily of amortization associated with
certain acquired intangible assets. |
|
|
|
|
|
|
|
|
|
|
|
(3) Restructuring
costs primarily include severance related 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 |
|
Six Months
Ended |
|
|
December |
December |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP gross
margin |
|
$ |
109.0 |
|
|
$ |
186.7 |
|
|
$ |
216.1 |
|
|
$ |
442.4 |
|
Acquisition related costs |
|
|
14.4 |
|
|
|
23.3 |
|
|
|
32.2 |
|
|
|
46.8 |
|
Share-based compensation |
|
|
1.1 |
|
|
|
1.0 |
|
|
|
2.2 |
|
|
|
2.1 |
|
Non-GAAP
gross margin |
|
$ |
124.5 |
|
|
$ |
211.0 |
|
|
$ |
250.5 |
|
|
$ |
491.3 |
|
GAAP gross
margin - percentage of revenue |
|
|
46.0 |
% |
|
|
52.9 |
% |
|
|
45.5 |
% |
|
|
55.2 |
% |
Acquisition related costs - percentage of revenue |
|
|
6.1 |
% |
|
|
6.6 |
% |
|
|
6.8 |
% |
|
|
5.8 |
% |
Share-based compensation - percentage of revenue |
|
|
0.4 |
% |
|
|
0.3 |
% |
|
|
0.5 |
% |
|
|
0.3 |
% |
Non-GAAP
gross margin - percentage of revenue |
|
|
52.5 |
% |
|
|
59.8 |
% |
|
|
52.8 |
% |
|
|
61.3 |
% |
GAAP
research and development expense |
|
$ |
82.0 |
|
|
$ |
89.3 |
|
|
$ |
168.5 |
|
|
$ |
178.8 |
|
Share-based compensation |
|
|
(15.5 |
) |
|
|
(13.4 |
) |
|
|
(30.7 |
) |
|
|
(27.4 |
) |
Amortization prepaid development costs |
|
|
— |
|
|
|
(2.5 |
) |
|
|
— |
|
|
|
(5.0 |
) |
Non-GAAP
research and development expense |
|
$ |
66.5 |
|
|
$ |
73.4 |
|
|
$ |
137.8 |
|
|
$ |
146.4 |
|
GAAP
selling, general, and administrative expense |
|
$ |
39.7 |
|
|
$ |
42.4 |
|
|
$ |
82.0 |
|
|
$ |
87.1 |
|
Share-based compensation |
|
|
(12.6 |
) |
|
|
(15.6 |
) |
|
|
(29.5 |
) |
|
|
(33.1 |
) |
Acquisition and integration related costs |
|
|
— |
|
|
|
(1.8 |
) |
|
|
— |
|
|
|
(1.8 |
) |
Site remediation accrual |
|
|
(1.6 |
) |
|
|
— |
|
|
|
(1.6 |
) |
|
|
— |
|
Non-GAAP
selling, general, and administrative expense |
|
$ |
25.5 |
|
|
$ |
25.0 |
|
|
$ |
50.9 |
|
|
$ |
52.2 |
|
GAAP
operating (loss) income |
|
$ |
(17.9 |
) |
|
$ |
46.1 |
|
|
$ |
(53.1 |
) |
|
$ |
158.1 |
|
Acquisition and integration related costs |
|
|
18.3 |
|
|
|
34.0 |
|
|
|
41.6 |
|
|
|
67.0 |
|
Share-based compensation |
|
|
29.2 |
|
|
|
30.0 |
|
|
|
62.4 |
|
|
|
62.6 |
|
Restructuring costs |
|
|
1.3 |
|
|
|
— |
|
|
|
9.3 |
|
|
|
— |
|
Site remediation accrual |
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
Amortization prepaid development costs |
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
|
|
5.0 |
|
Non-GAAP
operating income |
|
$ |
32.5 |
|
|
$ |
112.6 |
|
|
$ |
61.8 |
|
|
$ |
292.7 |
|
GAAP net
(loss) income |
|
$ |
(9.0 |
) |
|
$ |
22.0 |
|
|
$ |
(64.6 |
) |
|
$ |
86.6 |
|
Acquisition and integration related costs |
|
|
18.3 |
|
|
|
34.0 |
|
|
|
41.6 |
|
|
|
67.0 |
|
Share-based compensation |
|
|
29.2 |
|
|
|
30.0 |
|
|
|
62.4 |
|
|
|
62.6 |
|
Restructuring costs |
|
|
1.3 |
|
|
|
— |
|
|
|
9.3 |
|
|
|
— |
|
Amortization prepaid development costs |
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
|
|
5.0 |
|
Site remediation accrual |
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
Other non-cash items |
|
|
0.7 |
|
|
|
0.7 |
|
|
|
1.3 |
|
|
|
1.3 |
|
Non-GAAP tax adjustments |
|
|
(19.6 |
) |
|
|
(0.7 |
) |
|
|
(8.8 |
) |
|
|
9.1 |
|
Non-GAAP net
income |
|
$ |
22.5 |
|
|
$ |
88.5 |
|
|
$ |
42.8 |
|
|
$ |
231.6 |
|
GAAP net
(loss) income per share - diluted |
|
$ |
(0.23 |
) |
|
$ |
0.55 |
|
|
$ |
(1.66 |
) |
|
$ |
2.14 |
|
Acquisition/divestiture and integration related costs |
|
|
0.47 |
|
|
|
0.84 |
|
|
|
1.07 |
|
|
|
1.65 |
|
Share-based compensation |
|
|
0.74 |
|
|
|
0.75 |
|
|
|
1.60 |
|
|
|
1.55 |
|
Restructuring costs |
|
|
0.03 |
|
|
|
— |
|
|
|
0.24 |
|
|
|
— |
|
Amortization prepaid development costs |
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
|
|
0.12 |
|
Site remediation accrual |
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Other non-cash items |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Non-GAAP tax adjustments |
|
|
(0.50 |
) |
|
|
(0.02 |
) |
|
|
(0.23 |
) |
|
|
0.23 |
|
Non-GAAP net
income per share - diluted |
|
$ |
0.57 |
|
|
$ |
2.20 |
|
|
$ |
1.09 |
|
|
$ |
5.72 |
|
|
|
|
|
|
|
|
|
|
SYNAPTICS
INCORPORATED |
CONDENSED
CONSOLIDATED CASH FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
Six Months Ended |
|
|
December |
|
|
|
2023 |
|
|
|
2022 |
|
Net (loss)
income |
|
$ |
(64.6 |
) |
|
$ |
86.6 |
|
Non-cash operating items |
|
|
128.3 |
|
|
|
141.0 |
|
Changes in working capital |
|
|
20.9 |
|
|
|
(99.1 |
) |
Provided by
operating activities |
|
|
84.6 |
|
|
|
128.5 |
|
|
|
|
|
|
Acquisition of business, net of cash and cash equivalents
acquired |
|
|
— |
|
|
|
(15.5 |
) |
Net proceeds from maturities of short-term investments |
|
|
7.3 |
|
|
|
11.9 |
|
Purchase of intangible assets |
|
|
(130.0 |
) |
|
|
— |
|
Purchase of property and equipment |
|
|
(17.1 |
) |
|
|
(15.3 |
) |
Other |
|
|
— |
|
|
|
0.1 |
|
Used in
investing activities |
|
|
(139.8 |
) |
|
|
(18.8 |
) |
|
|
|
|
|
Repurchases of common stock |
|
|
— |
|
|
|
(74.5 |
) |
Equity compensation, net |
|
|
(21.1 |
) |
|
|
(40.3 |
) |
Payment of debt obligations |
|
|
(4.5 |
) |
|
|
(3.0 |
) |
Other |
|
|
1.7 |
|
|
|
2.8 |
|
Used in
financing activities |
|
|
(23.9 |
) |
|
|
(115.0 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
|
0.5 |
|
|
|
0.1 |
|
Net change
in cash and cash equivalents |
|
|
(78.6 |
) |
|
|
(5.2 |
) |
Cash and
cash equivalents at beginning of period |
|
|
924.7 |
|
|
|
824.0 |
|
Cash and
cash equivalents at end of period |
|
$ |
846.1 |
|
|
$ |
818.8 |
|
|
|
|
|
|
Synaptics (NASDAQ:SYNA)
Historical Stock Chart
From Apr 2024 to May 2024
Synaptics (NASDAQ:SYNA)
Historical Stock Chart
From May 2023 to May 2024