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|
Delaware
|
04-2302115
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
20 Sylvan Road, Woburn, Massachusetts
|
01801
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant’s telephone number, including area code:
(781) 376-3000
|
Large Accelerated filer
R
|
Accelerated filer
£
|
Non-accelerated filer
£
|
Smaller reporting company
£
|
|
|
(Do not check if a smaller reporting company)
|
|
Class
|
|
Outstanding at April 27, 2012
|
Common Stock, par value $.25 per share
|
|
189,651,416
|
|
PAGE NO.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
Six-months Ended
|
|
||||||||||||
|
March 30,
2012 |
|
April 1,
2011 |
|
March 30,
2012 |
|
April 1,
2011 |
|
||||||||
Net revenue
|
$
|
364,690
|
|
|
$
|
325,411
|
|
|
$
|
758,430
|
|
|
$
|
660,531
|
|
|
Cost of goods sold
|
212,418
|
|
|
184,430
|
|
|
434,308
|
|
|
371,012
|
|
|
||||
Gross profit
|
152,272
|
|
|
140,981
|
|
|
324,122
|
|
|
289,519
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development
|
52,986
|
|
|
39,618
|
|
|
99,927
|
|
|
78,161
|
|
|
||||
Selling, general and administrative
|
38,270
|
|
|
31,462
|
|
|
73,972
|
|
|
62,068
|
|
|
||||
Acquisition related expense
|
1,967
|
|
|
203
|
|
|
9,174
|
|
|
648
|
|
|
||||
Amortization of intangibles
|
9,340
|
|
|
1,638
|
|
|
15,652
|
|
|
3,240
|
|
|
||||
Restructuring and other charges
|
5,895
|
|
|
—
|
|
|
6,615
|
|
|
—
|
|
|
||||
Total operating expenses
|
108,458
|
|
|
72,921
|
|
|
205,340
|
|
|
144,117
|
|
|
||||
Operating income
|
43,814
|
|
|
68,060
|
|
|
118,782
|
|
|
145,402
|
|
|
||||
Interest expense
|
(107
|
)
|
|
(461
|
)
|
|
(588
|
)
|
|
(998
|
)
|
|
||||
Gain on early retirement of convertible debt
|
63
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
||||
Other loss, net
|
(310
|
)
|
|
(114
|
)
|
|
(211
|
)
|
|
(183
|
)
|
|
||||
Income before income taxes
|
43,460
|
|
|
67,485
|
|
|
118,122
|
|
|
144,221
|
|
|
||||
Provision for income taxes
|
9,427
|
|
|
17,525
|
|
|
26,963
|
|
|
33,393
|
|
|
||||
Net income
|
$
|
34,033
|
|
|
$
|
49,960
|
|
|
$
|
91,159
|
|
|
$
|
110,828
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.18
|
|
|
$
|
0.27
|
|
|
$
|
0.49
|
|
|
$
|
0.61
|
|
|
Diluted
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
$
|
0.48
|
|
|
$
|
0.58
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
185,206
|
|
|
183,471
|
|
|
184,581
|
|
|
182,088
|
|
|
||||
Diluted
|
191,016
|
|
|
191,961
|
|
|
190,348
|
|
|
190,251
|
|
|
|
As of
|
||||||
|
March 30,
2012 |
|
September 30,
2011 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
306,474
|
|
|
$
|
410,087
|
|
Restricted cash
|
862
|
|
|
712
|
|
||
Receivables, net of allowance for doubtful accounts of $1,272 and $785, respectively
|
211,488
|
|
|
177,940
|
|
||
Inventory
|
196,558
|
|
|
198,183
|
|
||
Other current assets
|
36,950
|
|
|
29,412
|
|
||
Total current assets
|
752,332
|
|
|
816,334
|
|
||
Property, plant and equipment, net
|
252,312
|
|
|
251,365
|
|
||
Goodwill
|
802,817
|
|
|
663,041
|
|
||
Intangible assets, net
|
111,103
|
|
|
86,808
|
|
||
Deferred tax assets, net
|
75,595
|
|
|
60,863
|
|
||
Other assets
|
13,167
|
|
|
11,978
|
|
||
Total assets
|
$
|
2,007,326
|
|
|
$
|
1,890,389
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Short-term debt
|
$
|
—
|
|
|
$
|
26,089
|
|
Accounts payable
|
136,677
|
|
|
115,290
|
|
||
Accrued compensation and benefits
|
31,350
|
|
|
35,684
|
|
||
Other current liabilities
|
74,615
|
|
|
70,033
|
|
||
Total current liabilities
|
242,642
|
|
|
247,096
|
|
||
Other long-term liabilities
|
44,440
|
|
|
34,198
|
|
||
Total liabilities
|
287,082
|
|
|
281,294
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, no par value: 25,000 shares authorized, no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.25 par value: 525,000 shares authorized; 200,061 shares issued and 189,527 shares outstanding at March 30, 2012, and 195,407 shares issued and 186,386 shares outstanding at September 30, 2011
|
47,382
|
|
|
46,597
|
|
||
Additional paid-in capital
|
1,843,083
|
|
|
1,795,958
|
|
||
Treasury stock, at cost
|
(158,769
|
)
|
|
(130,854
|
)
|
||
Accumulated deficit
|
(10,116
|
)
|
|
(101,275
|
)
|
||
Accumulated other comprehensive loss
|
(1,336
|
)
|
|
(1,331
|
)
|
||
Total stockholders’ equity
|
1,720,244
|
|
|
1,609,095
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,007,326
|
|
|
$
|
1,890,389
|
|
|
Six-months Ended
|
||||||
|
March 30,
2012 |
|
April 1,
2011 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
91,159
|
|
|
$
|
110,828
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Share-based compensation
|
35,085
|
|
|
28,145
|
|
||
Depreciation
|
34,960
|
|
|
27,882
|
|
||
Amortization of intangible assets and other
|
16,117
|
|
|
3,945
|
|
||
Contribution of common shares to savings and retirement plans
|
7,958
|
|
|
6,638
|
|
||
Other
|
455
|
|
|
28
|
|
||
Deferred income taxes
|
2,218
|
|
|
5,205
|
|
||
Excess tax benefit from share-based payments
|
(5,363
|
)
|
|
(10,887
|
)
|
||
Changes in assets and liabilities net of acquired balances:
|
|
|
|
|
|
||
Receivables, net
|
(23,816
|
)
|
|
(8,120
|
)
|
||
Inventory
|
16,714
|
|
|
(25,308
|
)
|
||
Other current and long-term assets
|
(4,430
|
)
|
|
2,986
|
|
||
Accounts payable
|
11,338
|
|
|
(18
|
)
|
||
Other current and long-term liabilities
|
11,793
|
|
|
15,721
|
|
||
Net cash provided by operating activities
|
194,188
|
|
|
157,045
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(32,197
|
)
|
|
(65,280
|
)
|
||
Payments for acquisitions, net of cash acquired
|
(229,628
|
)
|
|
(4,456
|
)
|
||
Sales and maturities of short term investments
|
20,900
|
|
|
—
|
|
||
Net cash used in investing activities
|
(240,925
|
)
|
|
(69,736
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Retirement of debt and line of credit
|
(48,047
|
)
|
|
(50,000
|
)
|
||
Excess tax benefit from share-based payments
|
5,363
|
|
|
10,887
|
|
||
Change in restricted cash
|
(150
|
)
|
|
5,466
|
|
||
Repurchase of common stock - payroll tax withholdings on equity awards
|
(15,510
|
)
|
|
(18,780
|
)
|
||
Repurchase of common stock - share repurchase program
|
(12,405
|
)
|
|
(41,564
|
)
|
||
Net proceeds from exercise of stock options
|
13,873
|
|
|
57,226
|
|
||
Net cash used in financing activities
|
(56,876
|
)
|
|
(36,765
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(103,613
|
)
|
|
50,544
|
|
||
Cash and cash equivalents at beginning of period
|
410,087
|
|
|
453,257
|
|
||
Cash and cash equivalents at end of period
|
$
|
306,474
|
|
|
$
|
503,801
|
|
Supplemental cash flow disclosures:
|
|
|
|
||||
Income taxes paid
|
$
|
9,115
|
|
|
$
|
9,844
|
|
Interest paid
|
$
|
157
|
|
|
$
|
263
|
|
|
|
As of
|
||
Estimated fair value of assets acquired
|
|
January 9,
2012 |
||
Cash
|
|
$
|
42,605
|
|
Short-term investments
|
|
20,900
|
|
|
Accounts receivable, net
|
|
10,712
|
|
|
Inventory
|
|
15,470
|
|
|
Deferred tax assets
|
|
18,358
|
|
|
Property, plant and equipment, net
|
|
3,888
|
|
|
Other assets
|
|
2,139
|
|
|
Identifiable intangible assets
|
|
40,240
|
|
|
Goodwill
|
|
138,796
|
|
|
Total assets acquired
|
|
293,108
|
|
|
Liabilities assumed
|
|
(15,764
|
)
|
|
Estimated fair value of assets acquired
|
|
$
|
277,344
|
|
|
|
Fair Value
|
|
Weighted Average Amortization Period Remaining (in Years)
|
||
Customer relationships
|
|
$
|
21,200
|
|
|
4.7
|
Developed technology
|
|
15,500
|
|
|
5.0
|
|
In process research and development ("IPR&D")
|
|
1,540
|
|
|
Various
|
|
Trade name
|
|
900
|
|
|
5.0
|
|
Backlog
|
|
1,100
|
|
|
0.3
|
|
Total identifiable intangible assets
|
|
$
|
40,240
|
|
|
|
|
|
Six-months Ended
|
||||||
|
|
March 30,
2012 |
|
April 1,
2011 |
||||
Revenue
|
|
$
|
774,870
|
|
|
$
|
705,122
|
|
Net income
|
|
$
|
104,915
|
|
|
$
|
64,654
|
|
Diluted EPS
|
|
$
|
0.55
|
|
|
$
|
0.34
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data.
|
•
|
Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company.
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
Total
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant
Other
Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Money market
|
$
|
221,611
|
|
|
$
|
221,611
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Auction rate securities
|
3,093
|
|
|
—
|
|
|
—
|
|
|
3,093
|
|
||||
Total
|
$
|
224,704
|
|
|
$
|
221,611
|
|
|
$
|
—
|
|
|
$
|
3,093
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent consideration liability recorded for business combinations
|
$
|
59,400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,400
|
|
|
|
Auction Rate Securities
|
|
Contingent Consideration
|
||||
Balance at September 30, 2011
|
|
$
|
2,288
|
|
|
$
|
59,400
|
|
Purchases
|
|
805
|
|
|
—
|
|
||
Balance at March 30, 2012
|
|
$
|
3,093
|
|
|
$
|
59,400
|
|
|
As of
|
||||||
|
March 30,
2012 |
|
September 30,
2011 |
||||
Raw materials
|
$
|
22,504
|
|
|
$
|
18,565
|
|
Work-in-process
|
94,816
|
|
|
92,601
|
|
||
Finished goods
|
70,803
|
|
|
73,633
|
|
||
Finished goods held on consignment by customers
|
8,435
|
|
|
13,384
|
|
||
Total inventory
|
$
|
196,558
|
|
|
$
|
198,183
|
|
|
As of
|
||||||
|
March 30,
2012 |
|
September 30,
2011 |
||||
Land and improvements
|
$
|
11,572
|
|
|
$
|
11,024
|
|
Buildings and improvements
|
56,616
|
|
|
53,397
|
|
||
Furniture and fixtures
|
26,861
|
|
|
26,325
|
|
||
Machinery and equipment
|
586,437
|
|
|
568,563
|
|
||
Construction in progress
|
21,554
|
|
|
13,929
|
|
||
Total property, plant and equipment, gross
|
703,040
|
|
|
673,238
|
|
||
Accumulated depreciation
|
(450,728
|
)
|
|
(421,873
|
)
|
||
Total property, plant and equipment, net
|
$
|
252,312
|
|
|
$
|
251,365
|
|
|
Goodwill
|
||
Balance as of September 30, 2011
|
$
|
663,041
|
|
Goodwill impairment
|
—
|
|
|
Goodwill recognized through business combinations (Note 2)
|
138,796
|
|
|
Goodwill adjustments
|
980
|
|
|
Goodwill as of March 30, 2012
|
$
|
802,817
|
|
|
|
As of
|
|
As of
|
||||||||||||||||||||
|
Weighted
Average
Amortization
Period Remaining (Years)
|
March 30, 2012
|
|
September 30, 2011
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|||||||||||||
Customer relationships
|
3.4
|
$
|
78,710
|
|
|
$
|
(28,572
|
)
|
|
$
|
50,138
|
|
|
$
|
57,510
|
|
|
$
|
(21,828
|
)
|
|
$
|
35,682
|
|
Developed technology and other
|
3.2
|
87,066
|
|
|
(34,706
|
)
|
|
52,360
|
|
|
70,046
|
|
|
(27,039
|
)
|
|
43,007
|
|
||||||
IPR&D
|
Various
|
6,050
|
|
|
(1,314
|
)
|
|
4,736
|
|
|
4,510
|
|
|
(260
|
)
|
|
4,250
|
|
||||||
Trademarks
|
Indefinite
|
$
|
3,869
|
|
|
$
|
—
|
|
|
$
|
3,869
|
|
|
$
|
3,869
|
|
|
$
|
—
|
|
|
$
|
3,869
|
|
Total intangible assets
|
|
$
|
175,695
|
|
|
$
|
(64,592
|
)
|
|
$
|
111,103
|
|
|
$
|
135,935
|
|
|
$
|
(49,127
|
)
|
|
$
|
86,808
|
|
|
Remaining 2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
||||||||||||
Amortization expense
|
$
|
16,732
|
|
|
$
|
28,445
|
|
|
$
|
23,371
|
|
|
$
|
20,466
|
|
|
$
|
16,247
|
|
|
$
|
1,973
|
|
|
As of
|
||||||
|
March 30,
2012 |
|
September 30,
2011 |
||||
Equity component of the convertible notes outstanding
|
$
|
—
|
|
|
$
|
6,061
|
|
Principal amount of the convertible notes
|
$
|
—
|
|
|
$
|
26,677
|
|
Unamortized discount of the liability component
|
$
|
—
|
|
|
$
|
588
|
|
Net carrying amount of the liability component
|
$
|
—
|
|
|
$
|
26,089
|
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
|
April 1,
2011 |
|
March 30,
2012 |
|
April 1,
2011 |
||||||||
Effective interest rate on the liability component
|
6.86
|
%
|
|
6.86
|
%
|
|
6.86
|
%
|
|
6.86
|
%
|
||||
Cash interest expense recognized (contractual interest)
|
$
|
8
|
|
|
$
|
100
|
|
|
$
|
105
|
|
|
$
|
200
|
|
Effective interest expense recognized
|
$
|
77
|
|
|
$
|
333
|
|
|
$
|
428
|
|
|
$
|
661
|
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
|
April 1,
2011 |
|
March 30,
2012 |
|
April 1,
2011 |
||||||||
United States income taxes
|
$
|
8,399
|
|
|
$
|
16,434
|
|
|
$
|
23,891
|
|
|
$
|
31,650
|
|
Foreign income taxes
|
1,028
|
|
|
1,091
|
|
|
3,072
|
|
|
1,743
|
|
||||
Provision for income taxes
|
$
|
9,427
|
|
|
$
|
17,525
|
|
|
$
|
26,963
|
|
|
$
|
33,393
|
|
(In thousands, except per share amounts)
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
|
April 1,
2011 |
|
March 30,
2012 |
|
April 1,
2011 |
||||||||
Net income
|
$
|
34,033
|
|
|
$
|
49,960
|
|
|
$
|
91,159
|
|
|
$
|
110,828
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
185,206
|
|
|
183,471
|
|
|
184,581
|
|
|
182,088
|
|
||||
Dilutive effect of equity based awards
|
5,720
|
|
|
6,501
|
|
|
5,097
|
|
|
6,312
|
|
||||
Dilutive effect of convertible debt
|
90
|
|
|
1,989
|
|
|
670
|
|
|
1,851
|
|
||||
Weighted average shares outstanding – diluted
|
191,016
|
|
|
191,961
|
|
|
190,348
|
|
|
190,251
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per share – basic
|
$
|
0.18
|
|
|
$
|
0.27
|
|
|
$
|
0.49
|
|
|
$
|
0.61
|
|
Net income per share - diluted
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
$
|
0.48
|
|
|
$
|
0.58
|
|
|
Facility Closings
|
|
License and
Software Write-offs and Other
|
|
Workforce
Reductions
|
|
Total
|
||||||||
Restructuring balance, September 30, 2011
|
$
|
819
|
|
|
$
|
707
|
|
|
$
|
502
|
|
|
$
|
2,028
|
|
Charged to costs and expenses
|
440
|
|
|
—
|
|
|
6,175
|
|
|
6,615
|
|
||||
Cash payments
|
(97
|
)
|
|
(212
|
)
|
|
(4,023
|
)
|
|
(4,332
|
)
|
||||
Other
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Restructuring balance, March 30, 2012
|
$
|
1,162
|
|
|
$
|
499
|
|
|
$
|
2,654
|
|
|
$
|
4,315
|
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||
|
March 30, 2012
|
|
April 1,
2011 |
|
March 30, 2012
|
|
April 1,
2011 |
||||
Net revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
58.2
|
|
|
56.7
|
|
|
57.3
|
|
|
56.2
|
|
Gross profit
|
41.8
|
|
|
43.3
|
|
|
42.7
|
|
|
43.8
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
14.5
|
|
|
12.2
|
|
|
13.2
|
|
|
11.8
|
|
Selling, general and administrative
|
10.5
|
|
|
9.6
|
|
|
9.7
|
|
|
9.4
|
|
Acquisition related expense
|
0.5
|
|
|
0.1
|
|
|
1.2
|
|
|
0.1
|
|
Amortization of intangibles
|
2.6
|
|
|
0.5
|
|
|
2.1
|
|
|
0.5
|
|
Restructuring and other charges
|
1.6
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
Total operating expenses
|
29.7
|
|
|
22.4
|
|
|
27.1
|
|
|
21.8
|
|
Operating income
|
12.1
|
|
|
20.9
|
|
|
15.6
|
|
|
22.0
|
|
Interest expense
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
Gain on early retirement of convertible debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other loss, net
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Income before income taxes
|
12.0
|
|
|
20.8
|
|
|
15.5
|
|
|
21.8
|
|
Provision for income taxes
|
2.6
|
|
|
5.4
|
|
|
3.5
|
|
|
5.0
|
|
Net income
|
9.4
|
%
|
|
15.4
|
%
|
|
12.0
|
%
|
|
16.8
|
%
|
•
|
Net revenue
increased
by
12%
to
$365 million
during the seasonally low three months ended March 30, 2012 and increased by
15%
to
$758 million
during the six months ended
March 30, 2012
when compared to the corresponding periods in the prior fiscal year. These increases in revenue are primarily driven by our strategic diversification of products through key acquisitions made during fiscal 2011 and 2012.
|
•
|
We completed the acquisition of Advanced Analog Technologies Incorporated ("AATI") for
$235 million
, net of cash acquired. The acquisition of AATI further expands our broad portfolio of analog semiconductor products including battery chargers, DC/DC converters, voltage regulators and LED drivers and accelerates our entry into new vertical markets.
|
•
|
We generated
$194 million
in cash from operations, invested $209 million in cash (net of cash and short-term investments acquired) in the acquisition of AATI and $32 million in cash in manufacturing capacity expansion, retired the remaining debt for $48 million in cash and repurchased
750 thousand
shares of our common stock for approximately
$12 million
during the six months ended
March 30, 2012
resulting in a cash and equivalents balance of
$306 million
at the end of the reporting period.
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Net revenue
|
$
|
364,690
|
|
12.1%
|
$
|
325,411
|
|
|
$
|
758,430
|
|
14.8%
|
$
|
660,531
|
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
$
|
152,272
|
|
8.0%
|
$
|
140,981
|
|
|
$
|
324,122
|
|
12.0%
|
$
|
289,519
|
|
% of net revenue
|
41.8
|
%
|
|
43.3
|
%
|
|
42.7
|
%
|
|
43.8
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
52,986
|
|
33.7%
|
$
|
39,618
|
|
|
$
|
99,927
|
|
27.8%
|
$
|
78,161
|
|
% of net revenue
|
14.5
|
%
|
|
12.2
|
%
|
|
13.2
|
%
|
|
11.8
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
$
|
38,270
|
|
21.6%
|
$
|
31,462
|
|
|
$
|
73,972
|
|
19.2%
|
$
|
62,068
|
|
% of net revenue
|
10.5
|
%
|
|
9.6
|
%
|
|
9.7
|
%
|
|
9.4
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
|||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
|||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
|||||||||
Acquisition related expense
|
$
|
1,967
|
|
869.0
|
%
|
$
|
203
|
|
|
$
|
9,174
|
|
1,315.7%
|
$
|
648
|
|
% of net revenue
|
0.5
|
%
|
|
0.1
|
%
|
|
1.2
|
%
|
|
0.1
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Amortization of intangibles
|
$
|
9,340
|
|
470.2%
|
$
|
1,638
|
|
|
$
|
15,652
|
|
383.1%
|
$
|
3,240
|
|
% of net revenue
|
2.6
|
%
|
|
0.5
|
%
|
|
2.1
|
%
|
|
0.5
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Restructuring and other charges
|
$
|
5,895
|
|
100.0%
|
$
|
—
|
|
|
$
|
6,615
|
|
100.0%
|
$
|
—
|
|
% of net revenue
|
1.6
|
%
|
|
—
|
%
|
|
0.9
|
%
|
|
—
|
%
|
|
Three-months Ended
|
|
Six-months Ended
|
||||||||||||
|
March 30,
2012 |
Change
|
April 1,
2011 |
|
March 30,
2012 |
Change
|
April 1,
2011 |
||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
$
|
9,427
|
|
(46.2)%
|
$
|
17,525
|
|
|
$
|
26,963
|
|
(19.3)%
|
$
|
33,393
|
|
% of net revenue
|
2.6
|
%
|
|
5.4
|
%
|
|
3.5
|
%
|
|
5.0
|
%
|
|
Six-months Ended
|
|||||||
(dollars in thousands)
|
March 30,
2012 |
|
|
April 1,
2011 |
||||
Cash and cash equivalents at beginning of period (1)
|
$
|
410,087
|
|
|
|
$
|
453,257
|
|
Net cash provided by operating activities
|
194,188
|
|
|
|
157,045
|
|
||
Net cash used in investing activities
|
(240,925
|
)
|
|
|
(69,736
|
)
|
||
Net cash used in financing activities
|
(56,876
|
)
|
|
|
(36,765
|
)
|
||
Cash and cash equivalents at end of period (1)
|
$
|
306,474
|
|
|
|
$
|
503,801
|
|
•
|
$48.1 million
for the redemption and retirement of
$26.7 million
aggregate principal amount of our convertible notes.
|
•
|
$15.5 million
related to payroll tax withholdings on the vesting of employee performance and restricted stock awards;
|
•
|
$12.4 million
related to our repurchase of approximately
750,000
shares of our common stock pursuant to the share repurchase program approved by our Board of Directors on August 3, 2010;
|
Cash and cash equivalents (time deposits and money market funds)
|
$
|
306,474
|
|
Restricted cash (time deposits and certificates of deposit)
|
862
|
|
|
Available for sale securities (auction rate securities)
|
3,093
|
|
|
|
$
|
310,429
|
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
Maximum Number (or Approximately Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
12/31/11-01/27/12
|
5,155
|
$19.60 (2)
|
—
|
$117.6 million
|
01/28/12-02/25/12
|
1,833
|
$22.07 (2)
|
—
|
$117.6 million
|
02/26/12-03/30/12
|
478
|
$27.10 (2)
|
—
|
$117.6 million
|
Exhibit
Number
|
Exhibit Description
|
Form
|
Incorporated by Reference
|
Filed Herewith
|
||
File No.
|
Exhibit
|
Filing Date
|
||||
|
|
|
|
|
|
|
31.1
|
Certification of the Company's Chief Executive Officer pursuant to Securities Exchange Act of 1934, as amended, Rules 13a- 14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
|
|
|
|
|
|
|
31.2
|
Certification of the Company's Chief Financial Officer pursuant to Securities Exchange Act of 1934, as amended, Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
|
|
|
|
|
|
|
32.1
|
Certification of the Company's Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
|
|
|
|
|
|
|
32.2
|
Certification of the Company's Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
|
|
|
|
|
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
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X
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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X
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101.DEF*
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XBRL Taxonomy Extension Definition Linkbase Document
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X
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101.LAB*
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XBRL Taxonomy Extension Label Linkbase Document
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X
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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X
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*
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Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
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SKYWORKS SOLUTIONS, INC.
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Date: May 8, 2012
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By:
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/s/ David J. Aldrich
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David J. Aldrich, President and Chief
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Executive Officer (Principal Executive Officer)
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By:
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/s/ Donald W. Palette
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Donald W. Palette, Chief Financial Officer
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Vice President (Principal Accounting and Financial Officer)
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
Customers
Customer name | Ticker |
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IES Holdings, Inc. | IESC |
Unisys Corporation | UIS |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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