Business
Synaptics Reports Fourth Quarter and Fiscal Year 2020 Results
Q4’20 Financial Results and Recent Business Highlights Revenue of $277.6 millionGAAP Gross Margin of 43.9%; non-GAAP Gross Margin of 46.9%GAAP diluted EPS of
About this update from Synaptics Incorporated
[{"type":"text","content":"Q4’20 Financial Results and Recent Business Highlights\n Revenue of $277.6 millionGAAP Gross Margin of 43.9%; non-GAAP Gross Margin of 46.9%GAAP diluted EPS of $2.55; non-GAAP diluted EPS of $1.24Record EPS results for full-year FY2020 GAAP and non-GAAP diluted EPSCash and cash equivalents of $763.4 millionCompleted the divestiture of the Company’s Mobile LCD TDDI businessIn July, acquired DisplayLink and the rights to Broadcom’s wireless IoT connectivity business SAN JOSE, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Synaptics Incorporated (NASDAQ: SYNA), the leading developer of human interface solutions, today reported financial results for its fourth fiscal quarter and fiscal year ended June 27, 2020. On April 16, 2020 the company completed the divestiture of its Mobile LCD TDDI business, as a result the company received approximately $139 million in cash proceeds. The Company recognized a pre-tax gain on sale of $105 million. The results for the fourth quarter and full fiscal year 2020 include this former business only through the date of the divestiture. Net revenue for the fourth quarter of fiscal 2020 was $277.6 million. GAAP net income for the fourth quarter of fiscal 2020 was $90.0 million, or $2.55 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2020 was $43.8 million, or $1.24 per diluted share. For fiscal 2020, net revenue was $1.33 billion. GAAP net income for fiscal year 2020 was $118.8 million, or $3.41 per diluted share. Non-GAAP net income for fiscal year 2020 was $207.2 million, or $5.95 per diluted share. Fiscal 2020 was a record high year for Synaptics for both GAAP and non-GAAP earnings per diluted share “Synaptics delivered a strong finish to our fiscal year with fourth quarter revenues exceeding the mid-point of our guidance, gross margins at the high-end of our guidance, and continued improvement in our operational efficiency,” said Michael Hurlston, Synaptics’ president and CEO. “As we look into fiscal 2021, I am excited by the traction we have in our organic business as well as with the new opportunities that our recently closed acquisitions present.” Cash at the quarter end of June 27, 2020 was $763.4 million. Cash flow from operations during the fourth quarter of fiscal 2020 was $53.5 million. Business Outlook On July 23, 2020, the company completed the acquisitions of certain as...