Business
Synaptics Reports Results for Third Quarter Fiscal 2020
Business Highlights GAAP net income and EPS were $5.0 million and $0.14, respectivelyNon-GAAP net income of $52.3 millionNon-GAAP EPS of $1.49Completed the
About this update from Synaptics Incorporated
[{"type":"text","content":"Business Highlights\n GAAP net income and EPS were $5.0 million and $0.14, respectivelyNon-GAAP net income of $52.3 millionNon-GAAP EPS of $1.49Completed the divestiture of mobile LCD TDDI business for $120 million SAN JOSE, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- Synaptics Incorporated (NASDAQ: SYNA), the leading developer of human interface solutions, today reported financial results for its third quarter ended March 28, 2020. Net revenue for the third quarter of fiscal 2020 was $328.1 million. GAAP net income for the third quarter of fiscal 2020 was $5.0 million, or $0.14 per diluted share. Non-GAAP net income for the third quarter of fiscal 2020 was $52.3 million, or $1.49 per diluted share. (See below under the heading “Use of Non-GAAP Financial Information” and the attached table for a description and a reconciliation of GAAP to Non-GAAP financial measures.) “Our focus on improving mix and controlling costs led to better than expected profitability in the March quarter despite revenue being slightly lower than anticipated as the initial impact from COVID-19 affected the supply chain and end-demand,” said Michael Hurlston, president and chief executive officer, Synaptics. “We continue to invest in our product portfolio with the goal to further improve margins and expect to remain well positioned with our customers when demand normalizes.” Cash at March 28, 2020 was $472 million. Cash flow from operations during the third quarter of fiscal 2020 was $48 million. Business Outlook Dean Butler, chief financial officer of Synaptics, added, “With the TDDI divestiture completed, we are entering into the June quarter with a backlog of $240 million. Taking into consideration greater market uncertainty due to the ongoing impact from COVID-19, we believe that subsequent bookings, customer forecasts and product sell-in and sell-through patterns will result in revenue for the fourth quarter of fiscal 2020 to be in the range of $260 to $290 million. Based upon this guidance, we expect the revenue mix from mobile, IoT and PC products to be approximately 45 percent, 23 percent and 32 percent respectively.” For the fourth quarter of fiscal 2020, the company expects: GAAPNon-GAAP AdjustmentNon-GAAPRevenue$260M to $290M -21 percent to -12 percent Q/QN/AN/AGross Margin41.5 percent to 44.0 percentApproximately $8.9M*45 percent to 47 percentOper...