Skyworks Solutions (SWKS) Q3 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 7, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon, and welcome to Skyworks' Third Quarter Fiscal 2023 Earnings Call. This call is being recorded.

At this time, I will turn the call over to Mr. Kris Sennesael, Chief Financial Officer for Skyworks. Thank you. Please go ahead.

Kris Sennesael

Thank you, Lina. Good afternoon, everyone, and welcome to Skyworks' third fiscal quarter 2023 conference call. With me today is Liam Griffin, our Chairman, Chief Executive Officer and President.

Before we begin, I would like to remind everyone that our discussions will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

Additionally, the results and guidance we will discuss include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

And with that, I'll turn the call over to Liam.

Liam Griffin

Thanks, Kris, and welcome, everyone. The Skyworks team continued to execute well during the third fiscal quarter despite macro headwinds, delivering in line revenue, along with solid profitability and strong cash flow. Specifically, we delivered revenue of $1.071 billion, posted earnings per share of $1.73, and generated $306 million of operating cash flow.

During the quarter, we continued to advance our technology roadmap and introduced new high-performance connectivity and analog solutions while supporting product launches at an expanding set of mobile and broad market customers. As a result, we expect double-digit sequential revenue and earnings growth in the September quarter.

Turning to our quarterly business highlights. In mobile and IoT, we secured 5G content for Android smartphones across all tiers. We delivered Sky5 platforms for broadband CPEs of leading North American carriers. We supported Wi-Fi 7 launches, our tri-band routers for NETGEAR and TP-Link and Powered Bell's Wi-Fi 6E home gateway. In addition, we continue to gain design win momentum with our 5 gigahertz cognitive wireless audio solutions, supporting Samsung's Q-Symphony soundbars.

Across infrastructure and industrial, we enabled 5G small cell deployments with a top North American operator and ramped timing solutions for AI data centers at a leading cloud provider.