Q1 2014 Earnings Call Transcript

Transcript Call Date 01/16/2014

Operator: Good afternoon, and welcome to the Skyworks Solutions' First Quarter Fiscal Year 2014 Earnings Call. This call is being recorded.

At this time, I'll turn the call over to Steve Ferranti, Senior Director of Investor Relations for Skyworks. Mr. Ferranti, please go ahead.

Stephen Ferranti - IR: Thank you, Operator. Good afternoon, everyone and welcome to Skyworks' first fiscal quarter 2014 conference call. Joining me today are Dave Aldrich, Don Palette, and Liam Griffin. Dave will begin today's call with a business overview, followed by Don's financial review and outlook. We will then open the lines for your questions.

Please note that our comments today will include statements relating to future results that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially and adversely from those projected as a result of certain risks and uncertainties, including but not limited to, those noted in our earnings release and those detailed from time-to-time in our SEC filings.

I would also like to remind everyone that the results and guidance we will discuss today are from our non-GAAP income statement, consistent with the format we have used in the past. Please refer to our press release within the Investor Relations section of our Company website for a complete reconciliation to GAAP.

With that, I'll turn over the call to Dave for his comments on the quarter.

David J. Aldrich - President and CEO: Thanks Steve, and welcome, everyone. I'm pleased to report that we're off to a great start to fiscal 2014 as reflected by our strong first quarter performance and above seasonal guidance for the second quarter. Fueling our success is to proliferation of connectivity in all of its form across a broad array end markets and applications. This powerful underlying global trend combined with our growing analog portfolio, expanding broad market opportunities and consistent execution, all translates into superior ongoing financial results for the company.

Skyworks has become an enabler of all things connected, providing custom solutions that help our customers navigate increasing complex analog design challenges. We leverage a comprehensive portfolio of technologies and leading-edge integration capabilities to create differentiated solutions, and as the world becomes increasingly more connected and analog complexity escalates, we're uniquely positioned to capitalize, and our strategy is paying off.

During the quarter, we delivered revenue of $505 million, that's ahead of our guidance, and up more than 11% year-over-year. We've produced operating income of $141.8 million, that's up nearly 24% from a year ago. We posted $0.67 in earnings per share, that's up 22% versus a year ago. We generated $159 million in cash flow from operations, which is a record for the Company. So in short, Q1 was another excellent quarter for us across all key metrics, and looking ahead, we see our momentum continuing. While March is normally a slower seasonal quarter for the industry, our increasing market diversification and new product ramps are enabling Skyworks to largely offset normal mobile seasonality.

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