3 unchanged sentences
(Unaudited, in millions, except per share amounts)
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Net revenue $ 1,068.5 $ 1,201.5
10 unchanged sentences
Other income, net
−Removed: 9.6 7.6 23.8 13.6
Income before income taxes 190.4 251.7
11 unchanged sentences
(Unaudited, in millions)
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Net income $ 162.0 $ 231.3
Other comprehensive income (loss), net of tax:
+Added: Fair value of investments ( 0.1 ) 0.1
Pension adjustments — ( 0.2 )
4 unchanged sentences
(In millions, except per share amounts)
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Current assets:
17 unchanged sentences
Accrued compensation and benefits 97.8 127.9
−Removed: Current portion of long-term debt — 299.4
Other current liabilities 334.6 303.0
11 unchanged sentences
525.0 shares authorized;
−Removed: 159.7 shares issued and outstanding at June 28, 2024, and 159.5 shares issued and outstanding at September 29, 2023
+Added: 160.7 shares issued and outstanding at December 27, 2024, and 159.9 shares issued and outstanding at September 27, 2024
Additional paid-in capital 283.7 269.4
7 unchanged sentences
(Unaudited, in millions)
−Removed: Nine Months Ended
−Removed: June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Cash flows from operating activities:
20 unchanged sentences
Other 2.1 4.2
−Removed: Net cash used in investing activities ( 84.5 ) ( 146.2 )
+Added: Net cash provided by (used in) investing activities 7.5 ( 23.5 )
Cash flows from financing activities:
Repurchase of common stock - payroll tax withholdings on equity awards ( 38.3 ) ( 32.7 )
−Removed: Repurchase of common stock - stock repurchase program ( 77.3 ) ( 175.3 )
Dividends paid ( 112.5 ) ( 108.9 )
Net proceeds from exercise of stock options — 1.1
−Removed: Proceeds from employee stock purchase plan 18.2 15.5
Payments of debt — ( 300.0 )
20 unchanged sentences
Dividends declared — — — ( 112.5 ) — ( 112.5 )
−Removed: Other comprehensive loss — — — — ( 0.1 ) ( 0.1 )
Balance at December 27, 2024
160.7 $ 40.2 $ 283.7 $ 6,082.4 $ ( 5.6 ) $ 6,400.7
−Removed: Net income — $ — $ — $ 183.3 $ — $ 183.3
−Removed: Exercise and settlement of share-based awards, net of shares withheld for taxes 0.2 — 17.5 — — 17.5
−Removed: Share-based compensation expense — — 40.3 — — 40.3
−Removed: Dividends declared — — — ( 109.1 ) — ( 109.1 )
−Removed: Balance at March 29, 2024
−Removed: 160.4 $ 40.1 $ 252.2 $ 6,072.6 $ ( 5.7 ) $ 6,359.2
−Removed: Net income — $ — $ — $ 120.9 $ — $ 120.9
−Removed: Exercise and settlement of share-based awards, net of shares withheld for taxes 0.1 — ( 1.0 ) — — ( 1.0 )
−Removed: Share-based compensation expense — — 43.8 — — 43.8
−Removed: Repurchase of common stock ( 0.8 ) ( 0.2 ) ( 77.2 ) — — ( 77.4 )
−Removed: Dividends declared — — — ( 109.1 ) — ( 109.1 )
−Removed: Balance at June 28, 2024
−Removed: 159.7 $ 39.9 $ 217.8 $ 6,084.4 $ ( 5.7 ) $ 6,336.4
Balance at September 29, 2023
3 unchanged sentences
Share-based compensation expense — — 52.6 — — 52.6
−Removed: Repurchase of common stock ( 1.8 ) ( 0.5 ) ( 45.8 ) ( 120.0 ) — ( 166.3 )
Dividends declared — — — ( 108.9 ) — ( 108.9 )
2 unchanged sentences
160.2 $ 40.1 $ 194.4 $ 5,998.4 $ ( 5.7 ) $ 6,227.2
−Removed: Net income — $ — $ — $ 232.8 $ — $ 232.8
−Removed: Exercise and settlement of share-based awards, net of shares withheld for taxes 0.2 — 14.9 — — 14.9
−Removed: Share-based compensation expense — — 43.0 — — 43.0
−Removed: Repurchase of common stock ( 0.1 ) — ( 5.6 ) ( 3.5 ) — ( 9.1 )
−Removed: Dividends declared — — — ( 98.6 ) — ( 98.6 )
−Removed: Balance at March 31, 2023
−Removed: 159.2 $ 39.7 $ 56.2 $ 5,642.6 $ ( 5.6 ) $ 5,732.9
−Removed: Net income — $ — $ — $ 195.8 $ — $ 195.8
−Removed: Exercise and settlement of share-based awards, net of shares withheld for taxes — 0.1 ( 1.0 ) — — ( 0.9 )
−Removed: Share-based compensation expense — — 48.8 — — 48.8
−Removed: Dividends declared — — — ( 98.7 ) — ( 98.7 )
−Removed: Balance at June 30, 2023
−Removed: 159.2 $ 39.8 $ 104.0 $ 5,739.7 $ ( 5.6 ) $ 5,877.9
See accompanying Notes to Consolidated Financial Statements.
1 unchanged sentence
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
−Removed: Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is empowering the wireless networking revolution.
−Removed: The Company’s analog and mixed-signal semiconductors are connecting people, places, and things, spanning a number of new applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
+Added: Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables.
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
8 unchanged sentences
Judgment is required in determining the reserves for, and fair value of, items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, revenue reserves, loss contingencies, and income taxes.
−Removed: In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets exists and in estimating future cash flows for any necessary impairment testing.
+Added: In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing.
Actual results could differ significantly from these estimates.
The Company’s fiscal year ends on the Friday closest to September 30.
−Removed: The fiscal year ending on September 27 , 2024 consists of 52 weeks (“fiscal 2024 ”).
+Added: The fiscal year ending on October 3 , 2025 consists of 53 weeks (“fiscal 2025 ”).
The fiscal year ended on September 27, 2024 consisted of 52 weeks (“fiscal 2024”).
−Removed: The three and nine months ended June 28, 2024, and June 30, 2023, each consisted of 13 weeks and 39 weeks, respectively.
−Removed: Property, Plant, and Equipment
−Removed: Property, plant, and equipment are carried at cost less accumulated depreciation, with significant renewals and betterments being capitalized and retired equipment written off in the respective periods.
−Removed: Maintenance and repairs are expensed as incurred.
−Removed: Depreciation is calculated using the straight-line method over the estimated useful lives, which range from five to forty years for buildings and improvements and from five to ten years for machinery and equipment.
−Removed: Leasehold improvements are depreciated over the lesser of the economic life or the life of the associated lease.
−Removed: During the nine months ended June 28, 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment.
−Removed: The Company evaluated its current asset base and reassessed the estimated useful lives of certain machinery and equipment in connection with its recent usage of older equipment, including considering the technological and physical obsolescence of such machinery and equipment.
−Removed: Based on its ability to re-use equipment across generations of process technologies and historical usage trends, the Company determined that the expected useful lives for certain machinery and equipment should be increased by up to two years to reflect more closely the estimated economic lives of those assets.
−Removed: This change in estimate was applied prospectively effective during the first quarter of fiscal 2024 and resulted in a decrease in depreciation expense of $ 18.9 million and $ 56.6 million for the three and nine months ended June 28, 2024, respectively.
−Removed: This benefit decreased cost of goods sold by $ 8.9 million and $ 10.7 million and decreased research and development expenses by $ 2.4 million and $ 7.4 million for the three and nine months ended June 28, 2024, respectively, and decreased ending inventory by $ 38.5 million as of June 28, 2024.
−Removed: As a result of this change in accounting estimate, net income increased by $ 11.3 million and $ 18.1 million and diluted earnings per share increased by $ 0.07 and $ 0.11 for the three and nine months ended June 28, 2024, respectively.
+Added: The three months ended December 27, 2024, and December 29, 2023, each consisted of 13 weeks.
Recently Issued Accounting Pronouncements
10 unchanged sentences
The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
+Added: In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses” (“ASU 2024-03”).
+Added: ASU 2024-03 requires disaggregated disclosure of certain expense captions into specified categories in the notes to financial statements on an annual and interim basis.
+Added: ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, on either a prospective or retrospective basis.
+Added: Early adoption is
+Added: The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.
REVENUE RECOGNITION
2 unchanged sentences
Net revenue by geographic area is as follows (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
United States $ 846.7 $ 969.2
6 unchanged sentences
Net revenue by sales channel is as follows (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Distributors $ 950.8 $ 1,062.9
1 unchanged sentence
Total net revenue $ 1,068.5 $ 1,201.5
−Removed: The Company’s revenue from external customers is generated principally from the sale of semiconductor products that facilitate various wireless communication applications.
+Added: The Company’s revenue from external customers is generated principally from the sale of semiconductor products.
Accordingly, the Company considers its product offerings to be similar in nature and therefore not segregated for reporting purposes.
2 unchanged sentences
Current Noncurrent
−Removed: June 28, 2024 September 29, 2023 June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024 December 27, 2024 September 27, 2024
Treasury and government securities $ 45.4 $ 39.0 $ 15.5 $ 11.1
2 unchanged sentences
Total marketable securities $ 136.7 $ 194.1 $ 15.6 $ 11.4
−Removed: Neither gross unrealized gains and losses nor realized gains and losses were material as of June 28, 2024, or September 29, 2023.
+Added: The contractual maturities of noncurrent available-for-sale marketable securities were within two years or less of issuance of the applicable securities.
+Added: Neither gross unrealized gains and losses nor realized gains and losses were material as of December 27, 2024, or September 27, 2024.
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
5 unchanged sentences
Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Fair Value Measurements Fair Value Measurements
4 unchanged sentences
Total assets at fair value $ 1,754.8 $ 1,460.7 $ 294.1 $ — $ 1,574.1 $ 1,235.6 $ 338.5 $ —
−Removed: (1) Cash equivalents included in Levels 1 and 2 consist of money market funds, municipal bonds, and U.S.
+Added: (1) Cash equivalents included in Levels 1 and 2 consist of money market funds, corporate bonds and notes, and U.S.
Treasury and government securities purchased with less than ninety days until maturity.
1 unchanged sentence
The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment.
−Removed: During the three and nine months ended June 28, 2024, the Company recorded impairment charges of $ 0.7 million and $ 16.8 million, respectively.
−Removed: The impairment charges for the nine months ended June 28, 2024 primarily related to the abandonment of a previously capitalized in-process research and development (“IPR&D”) project.
−Removed: During the three months ended June 30, 2023, there were no indicators of impairment identified.
−Removed: During the nine months ended June 30, 2023, the Company recorded impairment charges of $ 17.0 million.
+Added: There were no indicators of impairment identified during the three months ended December 27, 2024.
+Added: During the three months ended December 29, 2023, the Company recorded an impairment charge of $ 16.1 million related to the abandonment of a previously capitalized in-process research and development (“IPR&D”) project recorded within restructuring, impairment, and other charges.
Fair Value of Debt
2 unchanged sentences
The carrying amount and estimated fair value of debt consists of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value
3 unchanged sentences
Inventory consists of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Raw materials $ 31.1 $ 30.3
4 unchanged sentences
Property, plant, and equipment, net consists of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Land and improvements $ 11.9 $ 11.9
7 unchanged sentences
GOODWILL AND INTANGIBLE ASSETS
−Removed: There were no changes to the carrying amount of goodwill during the three and nine months ended June 28, 2024.
−Removed: The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired.
−Removed: There were no indicators of impairment noted during the three and nine months ended June 28, 2024.
+Added: There were no changes to the carrying amount of goodwill during the three months ended December 27, 2024.
+Added: The Company tests its goodwill and its indefinite-lived intangible assets for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value may be impaired.
+Added: There were no indicators of goodwill and IPR&D impairment noted during the three months ended December 27, 2024.
+Added: Refer to Note 4 for a discussion of an IPR&D impairment of $ 16.1 million during the three months ended December 29, 2023.
Intangible assets consist of the following (in millions):
−Removed: Period (Years) June 28, 2024 September 29, 2023
+Added: Period (Years) December 27, 2024 September 27, 2024
Carrying Amount
4 unchanged sentences
Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year.
−Removed: During the three months ended June 28, 2024, $ 33.4 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years.
−Removed: During the nine months ended June 28, 2024, $ 89.1 million of IPR&D assets were transferred to definite-lived intangible assets, of which $ 33.4 million is being amortized over their useful lives of 12 years and $ 55.7 million is being amortized over their useful lives of 8 years.
−Removed: During the nine months ended June 30, 2023, $ 9.5 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years.
−Removed: Amortization expense related to definite-lived intangible assets was $ 46.0 million and $ 139.6 million for the three and nine months ended June 28, 2024, respectively.
−Removed: Amortization expense related to definite-lived intangible assets was $ 51.3 million and $ 174.7 million for the three and nine months ended June 30, 2023, respectively.
+Added: Amortization expense related to definite-lived intangible assets was $ 48.4 million and $ 48.1 million for the three months ended December 27, 2024 and December 29, 2023, respectively, primarily recorded within cost of goods sold.
Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):
−Removed: Remaining 2024
−Removed: 2025 2026 2027 2028 Thereafter
+Added: Remaining 2025 2026 2027 2028 2029 Thereafter
Amortization expense $ 129.8 $ 149.5 $ 133.5 $ 104.4 $ 87.7 $ 243.7
The provision for income taxes consists of the following components (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
United States income taxes $ 15.1 $ 12.1
2 unchanged sentences
Effective tax rate 14.9 % 8.1 %
−Removed: The difference between the Company’s effective tax rate and the 21.0 % United States federal statutory rate for the three and nine months ended June 28, 2024 and June 30, 2023 resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and tax expense related to share-based compensation shortfalls.
+Added: The difference between the Company’s effective tax rate and the 21.0 % United States federal statutory rate for the three months ended December 27, 2024 and December 29, 2023 resulted primarily from foreign earnings taxed at rates lower than the federal statutory rate, a benefit from foreign-derived intangible income deduction (“FDII”), and research and experimentation and foreign tax credits earned, partially offset by a tax on global intangible low-taxed income (“GILTI”), and tax expense related to share-based compensation shortfalls.
In August 2022, the U.S.
government enacted the Inflation Reduction Act, which imposes a corporate alternative minimum tax (“CAMT”) of 15% on corporations with three-year average annual adjusted financial statement income exceeding $1.0 billion.
−Removed: The Company is subject to the provisions of CAMT in fiscal 2024 .
−Removed: CAMT had no impact to the Company’s consolidated financial statements for the three and nine months ended June 28, 2024.
+Added: The Company was subject to the provisions of CAMT beginning in fiscal 2024.
+Added: CAMT had no impact to the Company’s consolidated financial statements during the three months ended December 27, 2024 and December 29, 2023, respectively.
+Added: In December 2021, the Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) released Global Anti-Base Erosion (“GloBE”) rules under Pillar Two.
+Added: Many countries have implemented laws based on Pillar Two which is effective for the Company beginning in fiscal 2025.
+Added: Pillar Two did not have a material impact to the Company's consolidated financial statements during the three months ended December 27, 2024.
COMMITMENTS AND CONTINGENCIES
23 unchanged sentences
When cancellation would result in incurring costs or other fees, the Company has historically sought to negotiate amended terms to the original agreements and orders to limit its exposure.
−Removed: As such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future commitments.
+Added: As such, the Company believes that purchase commitments as of any particular date may not be a reliable indicator of future liabilities.
The Company maintains certain minimum purchase commitments under long-term capacity reservation agreements primarily with foundries for the purchase of wafers.
Under these agreements, the Company has agreed to pay a combination of refundable deposits and prepayments to the suppliers in exchange for reserved manufacturing production capacity over the term of the agreemen ts.
−Removed: As of June 28, 2024, the deposits and prepayments under the long-term capacity reservation agreements were $ 141.7 million and $ 2.5 million, respectively, recorded within other current assets, and $ 1.4 million and $ 22.6 million, respectively, recorded within other long-term assets.
−Removed: As of September 29, 2023, the deposits and prepayments under the long-term capacity reservation agreements were $ 41.7 million and $ 1.3 million, respectively, recorded within other current assets and $ 16.0 million of prepayments recorded within other long-term assets.
+Added: As of December 27, 2024, the deposits and prepayments under the long-term capacity reservation agreements were $ 141.7 million and $ 3.6 million, respectively, recorded within other current assets, and $ 1.1 million and $ 23.0 million, respectively, recorded within other long-term assets.
+Added: As of September 27, 2024, the deposits and prepayments under the long-term capacity reservation agreements were $ 141.7 million and $ 3.0 million, respectively, recorded within other current assets, and $ 1.3 million and $ 21.8 million, respectively, recorded within other long-term assets.
STOCKHOLDERS’ EQUITY
−Removed: Stock Repurchase
−Removed: On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 stock repurchase program”), pursuant to which the Company is authorized to repurchase up to $ 2.0 billion of its common stock from time to time through February 1, 2025 , on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements.
−Removed: The January 31, 2023 stock repurchase program succeeds in its entirety the stock repurchase program approved by the Board of Directors on January 26, 2021 (“January 26, 2021 stock repurchase program”).
−Removed: The timing and amount of any shares of the Company’s common stock that are repurchased under the January 31, 2023 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors.
−Removed: The January 31, 2023 stock repurchase program may be suspended or discontinued at any time.
−Removed: The Company currently expects to fund the January 31, 2023 stock repurchase program using the Company’s working capital.
−Removed: During the three and nine months ended June 28, 2024, the Company paid $ 77.4 million (including commissions and excise tax, as applicable) in connection with the repurchase of 0.8 million shares of its common stock (paying an average price of $ 101.33 per share), all of which shares were repurchased pursuant to the January 31, 2023 stock repurchase program.
−Removed: As of June 28, 2024, $ 1.9 billion remained available under the January 31, 2023 stock repurchase program.
−Removed: During the three months ended June 30, 2023, the Company did not repurchase any shares of its common stock pursuant to the January 31, 2023 stock repurchase program.
−Removed: During the nine months ended June 30, 2023, the Company paid $ 175.3 million (including commissions) in connection with the repurchase of 1.9 million shares of its common stock (paying an average price of $ 90.60 per share), all of which shares were repurchased pursuant to the January 26, 2021 stock repurchase program.
−Removed: On July 30, 2024 , the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $ 0.70 per share.
−Removed: This dividend is payable on September 10, 2024 , to the Company’s stockholders of record as of the close of business on August 20, 2024 .
+Added: Stock Repurchase and Retirement
+Added: On January 31, 2023, the Board of Directors approved a stock repurchase program (“January 31, 2023 stock repurchase program”), pursuant to which the Company was authorized to repurchase up to $ 2.0 billion of its common stock from time to time through February 1, 2025 , on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements.
+Added: During the three months ended December 27, 2024 and December 29, 2023, the Company did not repurchase any shares of its common stock.
+Added: As of December 27, 2024, $ 1.9 billion remained available under the January 31, 2023 stock repurchase program.
+Added: On February 4, 2025, the Board of Directors approved a new stock repurchase program (“February 4, 2025 stock repurchase program”), pursuant to which the Company is authorized to repurchase up to $ 2.0 billion of its common stock from time to time through February 3, 2027 , on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements.
+Added: The February 4, 2025 stock repurchase program succeeds in its entirety the aforementioned January 31, 2023 stock repurchase program.
+Added: The timing and amount of any shares of the Company’s common stock that are repurchased under the February 4, 2025 stock repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors.
+Added: The February 4, 2025 stock repurchase program may be suspended or discontinued at any time.
+Added: The Company currently expects to fund the February 4, 2025 stock repurchase program using the Company’s working capital.
+Added: On February 5, 2025 , the Company announced that the Board of Directors had declared a cash dividend on the Company’s common stock of $ 0.70 per share.
+Added: This dividend is payable on March 17, 2025 , to the Company’s stockholders of record as of the close of business on February 24, 2025 .
+Added: Future dividends are subject to declaration by the Board of Directors.
Dividends charged to retained earnings were as follows (in millions, except per share data):
Fiscal Years Ended
−Removed: September 27 , 2024 September 29, 2023
+Added: October 3 , 2025 September 27, 2024
Per Share Total Amount Per Share Total Amount
First quarter $ 0.70 $ 112.5 $ 0.68 $ 108.9
−Removed: Second quarter 0.68 109.1 0.62 98.6
−Removed: Third quarter 0.68 109.1 0.62 98.7
−Removed: Total dividends $ 2.04 $ 327.1 $ 1.86 $ 296.7
Share-based Compensation
The following table summarizes the share-based compensation expense by line item in the Consolidated Statements of Operations (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Cost of goods sold $ 7.3 $ 8.8
4 unchanged sentences
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Net income $ 162.0 $ 231.3
6 unchanged sentences
Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period.
−Removed: The calculation of diluted earnings per share includes the dilutive effect of equity-based awards that were outstanding during the three and nine months ended June 28, 2024, and June 30, 2023, using the treasury stock method.
+Added: The calculation of diluted earnings per share includes the dilutive effect of equity-based awards that were outstanding during the three months ended December 27, 2024, and December 29, 2023, using the treasury stock method.
Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the condition(s) have been satisfied, assuming the end of the reporting period was the end of the contingency period.
2 unchanged sentences
Other current assets consist of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Prepaid expenses $ 223.1 $ 234.8
2 unchanged sentences
Other current liabilities consist of the following (in millions):
−Removed: June 28, 2024 September 29, 2023
+Added: December 27, 2024 September 27, 2024
Accrued customer liabilities $ 199.4 $ 192.2
3 unchanged sentences
Total other current liabilities $ 334.6 $ 303.0
+Added: SUBSEQUENT EVENT
+Added: On February 4, 2025, the Board of Directors appointed Philip Brace as the President and Chief Executive Officer of the Company and as a director, effective February 17, 2025 (the “Transition Date”), to succeed Liam K.
+Added: Griffin who will step down from his roles as President and Chief Executive Officer of the Company as of the Transition Date (the “Chief Executive Officer Transition”).
+Added: In connection with the Chief Executive Officer Transition, the Company will incur charges of approximately $ 20.0 million (with the portion of the charge relating to outstanding equity awards being based on the original grant date fair value as computed in accordance with the provisions of FASB ASC Topic 718) pursuant to Mr.
+Added: Griffin's Second Amended and Restated Change in Control / Severance Agreement and the prorated vesting of approximately 5,934 shares under his fiscal 2025 restricted stock unit award.
MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
−Removed: This report and other documents we have filed with the SEC contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the “safe harbor” created by those sections.
+Added: This report and other documents we have filed with the SEC contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the “safe harbor” created by those sections.
Any statements that are not statements of historical fact should be considered to be forward-looking statements.
−Removed: Words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” targets,” “will,” “would,” and similar expressions or variations or negatives of such words are intended to identify forward-looking statements but are not the exclusive means of identifying forward-looking statements in this report.
+Added: Words such as “anticipates”, “believes”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “seek”, “should”, “targets”, “will”, “would”, and similar expressions or variations or negatives of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this report.
Additionally, statements concerning future matters such as the possible impacts of geopolitical conflicts, inflation, recession, and global health crises, as well as the development of new products, enhancements of technologies, sales levels, expense levels, the benefits of acquisitions we have made or may make in the future, and other statements regarding matters that are not historical are forward-looking statements.
5 unchanged sentences
We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.
−Removed: In this document, the words “we,” “our,” “ours,” “us,” and “the Company” refer only to Skyworks Solutions, Inc., and its subsidiaries and not any other person or entity.
+Added: In this document, the words “we”, “our”, “ours”, “us”, “Skyworks”, and “the Company” refer only to Skyworks Solutions, Inc., and its consolidated subsidiaries and not any other person or entity.
RESULTS OF OPERATIONS
−Removed: Three and Nine Months Ended June 28, 2024, and June 30, 2023
+Added: Three Months Ended December 27, 2024, and December 29, 2023
The following table sets forth the results of our operations expressed as a percentage of net revenue:
−Removed: Three Months Ended Nine Months Ended
−Removed: June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: December 27, 2024 December 29, 2023
Net revenue 100.0 % 100.0 %
10 unchanged sentences
Other income, net
−Removed: 1.1 0.7 0.8 0.4
Income before income taxes 17.9 20.9
1 unchanged sentence
Net income 15.2 % 19.3 %
−Removed: We, together with our consolidated subsidiaries, are empowering the wireless networking revolution.
−Removed: Our highly innovative analog and mixed-signal semiconductors are connecting people, places, and things spanning a number of new and previously unimagined applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearable markets.
−Removed: During the three months ended June 28, 2024, the following key factors contributed to our overall results of operations, financial position, and cash flows:
−Removed: • Net revenue decreased to $905.5 million for the three months ended June 28, 2024, as compared to $1,071.2 million for the corresponding period in fiscal 2023, driven primarily by a decrease in demand for our mobile and mixed-signal products.
+Added: We, together with our consolidated subsidiaries, are a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables.
+Added: During the three months ended December 27, 2024, the following key factors contributed to our overall results of operations, financial position, and cash flows:
+Added: • Net revenue decreased to $1,068.5 million for the three months ended December 27, 2024, as compared to $1,201.5 million for the corresponding period in fiscal 2024, driven primarily by a decrease in demand for our mobile products.
• Our ending cash, cash equivalents, and marketable securities balance increased to $1,754.8 million.
−Removed: The increase in cash, cash equivalents, and marketable securities during the three months ended June 28, 2024, was primarily due to cash generated from operations of $273.5 million, partially offset by dividend payments of $109.1 million, share repurchases of $77.4 million, and capital expenditures of $24.4 million.
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: The increase in cash, cash equivalents, and marketable securities during the three months ended December 27, 2024, was primarily due to cash generated from operations of $377.2 million, partially offset by dividend payments of $112.5 million and capital expenditures of $39.0 million.
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Net revenue $ 1,068.5 (11.1)% $ 1,201.5
−Removed: We market and sell our products directly to OEMs of communications and electronics products, third-party original design manufacturers and contract manufacturers, and indirectly through electronic components distributors.
−Removed: We generally experience seasonal peaks during our fourth and first fiscal quarters (which correspond to the second half of the calendar year), primarily as a result of increased worldwide production of consumer electronics in anticipation of holiday sales, whereas our second and third fiscal quarters are typically lower and in line with seasonal industry trends.
−Removed: The decrease in net revenue for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was driven primarily by a decrease in demand for our mobile and mixed-signal products.
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: We market and sell our products indirectly through electronic components distributors and directly to OEMs of communications and electronics products, third-party original design manufacturers, and contract manufacturers.
+Added: We generally experience seasonal peaks during our fourth and first fiscal quarters (which correspond to the second half of the calendar year), primarily as a result of increased worldwide production of consumer electronics in anticipation of holiday sales, whereas our second and third fiscal
+Added: quarters are typically lower and in line with seasonal industry trends.
+Added: In addition, beginning in the fourth quarter of fiscal 2025, we expect revenues will be negatively impacted by a decrease in market share at a significant customer.
+Added: The decrease in net revenue for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was driven primarily by a decrease in demand for our mobile products.
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Gross profit $ 441.9 (12.8)% $ 506.6
5 unchanged sentences
As part of our normal course of business, we intend to improve gross profit with efforts to increase unit volumes, improve manufacturing efficiencies, lower manufacturing costs of existing products, and by introducing new and higher value-added products.
−Removed: The decrease in gross profit for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily the result of an unfavorable product mix, lower unit volumes, and lower average selling prices.
+Added: The decrease in gross profit for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily the result of lower unit volumes, unfavorable product mix, and lower average selling prices.
Research and Development
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Research and development $ 176.4 15.2% $ 153.1
% of net revenue 16.5 % 12.7 %
−Removed: Research and development expenses consist primarily of direct personnel costs including share-based compensation expense, costs for pre-production evaluation, and testing of new devices, non-production masks, engineering prototypes, and design tool costs.
−Removed: The increase in research and development expenses for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily related to an increase in certain headcount-related expenses as a result of our increased investment in developing new technologies and products, partially offset by a decrease in depreciation expense as a result of extending the useful lives of certain machinery and equipment.
−Removed: For information regarding this change in accounting estimate, refer to Note 1 of the Notes to Consolidated Financial Statements.
+Added: Research and development expenses consist primarily of direct personnel costs including share-based compensation expense, costs for pre-production evaluation units and testing of new devices, non-production masks, engineering prototypes, and design tool costs.
+Added: The increase in research and development expenses for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily related to increases in certain headcount-related expenses and costs for engineering prototypes as a result of our increased investment in developing new technologies and products.
Selling, General, and Administrative
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Selling, general, and administrative $ 82.6 4.8% $ 78.8
1 unchanged sentence
Selling, general, and administrative expenses include legal and related costs, accounting, treasury, human resources, information systems, customer service, bad debt expense, sales commissions, share-based compensation expense, advertising, marketing, costs associated with business combinations completed or contemplated during the period, and other costs.
−Removed: The decrease in selling, general, and administrative expenses for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily related to a gain on the sale of property, plant, and equipment, a decrease in professional services costs, and a decrease in share-based compensation.
+Added: The increase in selling, general, and administrative expenses for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily related to increased professional services costs.
Amortization of Intangibles
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Amortization of intangibles $ 0.2 —% $ 0.2
% of net revenue — % — %
−Removed: The decrease in amortization expense for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily due to certain intangible assets that were acquired in prior fiscal years reaching the end of their useful lives.
+Added: Amortization expense of intangible assets was consistent for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024.
Restructuring, Impairment, and Other Charges
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Restructuring, impairment, and other charges $ 1.6 (90.1)% $ 16.2
−Removed: $ 1.6 (63.6)% $ 4.4 $ 17.5 (37.5)% $ 28.0
% of net revenue 0.2 % 1.4 %
−Removed: Restructuring, impairment, and other charges for the three months ended June 28, 2024 was primarily due to employee severance costs.
−Removed: Restructuring, impairment, and other charges for the nine months ended June 28, 2024 was primarily related to the abandonment of a previously capitalized IPR&D project.
−Removed: Restructuring, impairment, and other charges for the three months ended June 30, 2023 was primarily due to employee severance costs.
−Removed: Restructuring, impairment, and other charges for the nine months ended June 30, 2023 was primarily due to impairment charges on divested assets.
+Added: The decrease in restructuring, impairment, and other charges for the three months ended December 27, 2024 was primarily due to the abandonment of a previously capitalized IPR&D project during the corresponding period in fiscal 2024.
Interest Expense
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Interest expense $ 6.8 (32.0)% $ 10.0
% of net revenue 0.6 % 0.8 %
−Removed: The decrease in interest expense for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was due to the repayment of the outstanding balance on the Term Loans (as defined below).
+Added: The decrease in interest expense for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was due to certain debt repayments in prior periods that reduced the amount of outstanding indebtedness.
Other Income, Net
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Other income, net $ 16.1 373.5% $ 3.4
% of net revenue 1.5 % 0.3 %
−Removed: The increase in other income, net for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily due to an increase in interest income generated from marketable securities.
+Added: The increase in other income, net for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily due to an increase in interest income generated from cash, cash equivalents, and marketable securities.
Provision for Income Taxes
−Removed: Three Months Ended Nine Months Ended
−Removed: (dollars in millions) June 28, 2024 Change June 30, 2023 June 28, 2024 Change June 30, 2023
+Added: Three Months Ended
+Added: (dollars in millions) December 27, 2024 Change December 29, 2023
Provision for income taxes $ 28.4 39.2% $ 20.4
% of net revenue 2.7 % 1.7 %
−Removed: We recorded a provision for income taxes of $12.5 million (which consisted of $8.6 million and $3.9 million related to United States and foreign income taxes, respectively) and $42.5 million (which consisted of $16.0 million and $26.5 million related to United States and foreign income taxes, respectively) for the three and nine months ended June 28, 2024, respectively.
−Removed: The decrease in income tax expense for the three and nine months ended June 28, 2024, as compared with the corresponding periods in fiscal 2023, was primarily due to lower income from operations and a lower tax on GILTI, partially offset by an increase in the shortfall in tax deductions for share-based compensation.
+Added: We recorded a provision for income taxes of $28.4 million (which consisted of $15.1 million and $13.3 million related to United States and foreign income taxes, respectively) for the three months ended December 27, 2024.
+Added: The increase in income tax expense for the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily due to higher foreign taxes and a lower Foreign-Derived Intangible Income (“FDII”) benefit, partially offset by a decrease in Global Intangible Low-Taxed Income (“GILTI”), net of foreign tax credits, and a decrease in tax expense related to a change in the reserve for uncertain tax positions.
+Added: The Company operates under a tax holiday in Singapore, which is effective through September 30, 2025, with the ability to extend through September 30, 2030.
+Added: The current tax holiday is conditioned upon the Company’s compliance with certain conditions, including employment and investment thresholds in Singapore.
+Added: The Company is currently re-assessing the structure of the tax holiday including certain compliance thresholds for fiscal 2025.
+Added: As a result, we expect foreign taxes to increase in fiscal 2025.
+Added: We continue to monitor changes in tax laws that could arise related to the BEPS project of the OECD, including Pillar Two.
+Added: Many countries have implemented laws based on Pillar Two which is effective for us beginning in fiscal 2025.
+Added: While we do not expect these enacted laws to materially impact our effective tax rate for fiscal 2025, we continue to evaluate the impact of proposed and enacted legislative changes to our effective tax rate as new guidance becomes available.
LIQUIDITY AND CAPITAL RESOURCES
−Removed: Nine Months Ended
−Removed: (in millions) June 28, 2024 June 30, 2023
+Added: Three Months Ended
+Added: (in millions) December 27, 2024 December 29, 2023
Cash and cash equivalents at beginning of period $ 1,368.6 $ 718.8
Net cash provided by operating activities 377.2 774.9
−Removed: Net cash used in investing activities (84.5) (146.2)
+Added: Net cash provided by (used in) investing activities 7.5 (23.5)
Net cash used in financing activities (150.8) (440.5)
2 unchanged sentences
Cash provided by operating activities consists of net income for the period adjusted for certain non-cash items and changes in certain operating assets and liabilities.
−Removed: The $142.3 million decrease in cash provided by operating activities during the nine months ended June 28, 2024, as compared with the corresponding period in fiscal 2023, was primarily related to lower net income, partially offset by favorable changes in working capital of $109.3 million, due primarily to a decrease in inventory.
−Removed: Cash used in investing activities:
−Removed: Cash used in investing activities consists primarily of capital expenditures, cash paid to acquire intangible assets, and cash paid to purchase marketable securities, offset by cash received related to the sale or maturity of marketable securities.
−Removed: The $61.7 million decrease in cash used in investing activities during the nine months ended June 28, 2024, as compared with the corresponding period in fiscal 2023, was primarily related to a decrease of $256.4 million in purchases of marketable securities and a decrease of $66.0 million in cash used for capital expenditures, partially offset by a decrease of $263.7 million in sales of marketable securities.
+Added: The $397.7 million decrease in cash provided by operating activities during the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily related to decreases in working capital of $315.3 million, due primarily to unfavorable changes in accounts receivables and inventory, and lower net income.
+Added: Cash provided by investing activities:
+Added: Cash provided by investing activities consists primarily of cash received related to the sale or maturity of marketable securities, partially offset by cash paid to purchase marketable securities, capital expenditures, and cash paid to acquire intangible assets.
+Added: The increase in cash provided by investing activities during the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily related to an increase of $201.7 million in the sale or maturity of marketable securities, partially offset by an increase of $149.6 million in purchases of marketable securities and an increase of $16.8 million in capital expenditures.
Cash used in financing activities:
Cash used in financing activities consists primarily of proceeds and payments related to our long-term borrowings and cash transactions related to equity.
−Removed: The $469.6 million decrease in cash used in financing activities during the nine months ended June 28, 2024, as compared with the corresponding period in fiscal 2023, was primarily related to a decrease of $400.0 million for the
−Removed: repayment of debt, a decrease of $98.0 million in stock repurchase activity, partially offset by an increase of $30.4 million in dividend payments.
−Removed: Cash, cash equivalents, and marketable securities totaled $1,283.9 million as of June 28, 2024, representing an increase of $545.4 million from September 29, 2023.
+Added: The $289.7 million decrease in cash used in financing activities during the three months ended December 27, 2024, as compared with the corresponding period in fiscal 2024, was primarily related to a decrease of $300.0 million for the repayment of debt, partially offset by an increase of $5.6 million in payroll tax withholdings on equity awards and an increase of $3.6 million in dividend payments.
+Added: Cash, cash equivalents, and marketable securities totaled $1,754.8 million as of December 27, 2024, representing an increase of $180.7 million from September 27, 2024.
We have outstanding $500.0 million of Notes Due 2026 and $500.0 million of Notes Due 2031 (the “Notes”).
−Removed: During the nine months ended June 28, 2024, we repaid $300.0 million of outstanding borrowings under the term loans (the “Term Loans”) that the Company borrowed on July 26, 2021 under a $1.0 billion term loan facility (the “Term Loan Facility”).
−Removed: As of June 28, 2024, there were no borrowings outstanding under the Term Loan Facility.
We have a Revolving Credit Agreement (the “Revolving Credit Agreement”) under which we may borrow up to $750.0 million for general corporate purposes and working capital needs of the Company and its subsidiaries.
−Removed: As of June 28, 2024, there were no borrowings outstanding under the revolving credit facility (the “Revolver”).
+Added: As of December 27, 2024, there were no borrowings outstanding under the revolving credit facility (the “Revolver”).
The Revolving Credit Agreement expires July 26, 2026.
−Removed: Based on our historical results of operations, we expect that our cash, cash equivalents, and marketable securities on hand, the cash we expect to generate from operations, and funds from our Revolver, will be sufficient to fund our short-term and long-term liquidity requirements primarily arising from:
−Removed: research and development, capital expenditures, potential acquisitions, working capital, quarterly cash dividend payments (if such dividends are declared by the Board of Directors), outstanding commitments, and other liquidity requirements associated with existing operations.
+Added: Based on our historical results of operations, we expect that our cash, cash equivalents, and marketable securities on hand, the cash we expect to generate from operations, and funds from our Revolver, will be sufficient to fund our short-term and long-term
+Added: liquidity requirements primarily arising from:
+Added: research and development, capital expenditures, potential acquisitions, working capital, quarterly cash dividend payments (if such dividends are declared by the Board of Directors), share repurchases, outstanding commitments, and other liquidity requirements associated with existing operations.
However, we cannot be certain that our cash on hand, cash generated from operations, and funds from our Revolver will be available in the future to fund all of our capital and operating requirements.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.