Delaware | 04-2302115 | ||||||||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
||||||||||
5260 California Avenue | Irvine | California | 92617 | ||||||||
(Address of principal executive offices)
|
(Zip Code)
|
(949)
|
231-3000
|
||||||||||
(Registrant’s telephone number, including area code)
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
Common Stock, par value $0.25 per share | SWKS | Nasdaq Global Select Market |
Large accelerated filer | þ |
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company | ☐ | Emerging growth company | ☐ |
PAGE NO. | |||||
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
Net revenue | $ | 1,510.0 | $ | 896.1 | |||||||||||||||||||
Cost of goods sold | 748.3 | 451.8 | |||||||||||||||||||||
Gross profit | 761.7 | 444.3 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 121.6 | 107.7 | |||||||||||||||||||||
Selling, general, and administrative | 66.6 | 55.4 | |||||||||||||||||||||
Amortization of intangibles | 2.8 | 3.1 | |||||||||||||||||||||
Restructuring, impairment, and other charges | — | 0.8 | |||||||||||||||||||||
Total operating expenses | 191.0 | 167.0 | |||||||||||||||||||||
Operating income | 570.7 | 277.3 | |||||||||||||||||||||
Other income, net | 0.2 | 1.4 | |||||||||||||||||||||
Income before income taxes | 570.9 | 278.7 | |||||||||||||||||||||
Provision for income taxes | 61.6 | 21.6 | |||||||||||||||||||||
Net income | $ | 509.3 | $ | 257.1 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 3.08 | $ | 1.51 | |||||||||||||||||||
Diluted | $ | 3.05 | $ | 1.50 | |||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Basic | 165.4 | 170.2 | |||||||||||||||||||||
Diluted | 167.0 | 171.6 | |||||||||||||||||||||
Cash dividends declared and paid per share | $ | 0.50 | $ | 0.44 |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
Net income | $ | 509.3 | $ | 257.1 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Fair value of investments | (0.2) | (0.1) | |||||||||||||||||||||
Pension adjustments | 0.3 | — | |||||||||||||||||||||
Comprehensive income | $ | 509.4 | $ | 257.0 |
As of | |||||||||||
January 1,
2021 |
October 2,
2020 |
||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 617.2 | $ | 566.7 | |||||||
Marketable securities | 401.4 | 408.1 | |||||||||
Receivables, net of allowance of $0.6 and $0.6, respectively
|
689.9 | 393.6 | |||||||||
Inventory | 718.5 | 806.0 | |||||||||
Other current assets | 148.2 | 143.2 | |||||||||
Total current assets | 2,575.2 | 2,317.6 | |||||||||
Property, plant, and equipment, net | 1,305.4 | 1,249.5 | |||||||||
Operating lease right-of-use assets | 172.4 | 167.9 | |||||||||
Goodwill | 1,189.8 | 1,189.8 | |||||||||
Intangible assets, net | 46.4 | 53.5 | |||||||||
Deferred tax assets, net | 56.4 | 55.3 | |||||||||
Marketable securities | 0.7 | 5.2 | |||||||||
Other long-term assets | 73.5 | 67.9 | |||||||||
Total assets | $ | 5,419.8 | $ | 5,106.7 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 264.6 | $ | 226.9 | |||||||
Accrued compensation and benefits | 85.0 | 113.5 | |||||||||
Other current liabilities | 158.0 | 108.0 | |||||||||
Total current liabilities | 507.6 | 448.4 | |||||||||
Long-term tax liabilities | 310.6 | 311.3 | |||||||||
Long-term operating lease liabilities | 154.9 | 150.7 | |||||||||
Other long-term liabilities | 31.8 | 32.1 | |||||||||
Total liabilities | 1,004.9 | 942.5 | |||||||||
Commitments and contingencies (Note 9) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, no par value: 25.0 shares authorized, no shares issued
|
— | — | |||||||||
Common stock, $0.25 par value: 525.0 shares authorized; 233.4 shares issued and 164.9 shares outstanding at January 1, 2021, and 232.3 shares issued and 165.6 shares outstanding at October 2, 2020
|
41.2 | 41.4 | |||||||||
Additional paid-in capital | 3,471.6 | 3,403.7 | |||||||||
Treasury stock, at cost | (4,336.9) | (4,093.5) | |||||||||
Retained earnings | 5,246.7 | 4,820.4 | |||||||||
Accumulated other comprehensive loss | (7.7) | (7.8) | |||||||||
Total stockholders’ equity | 4,414.9 | 4,164.2 | |||||||||
Total liabilities and stockholders’ equity | $ | 5,419.8 | $ | 5,106.7 |
Three Months Ended | |||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 509.3 | $ | 257.1 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share-based compensation | 44.5 | 33.6 | |||||||||
Depreciation | 78.4 | 79.8 | |||||||||
Amortization of intangible assets | 8.0 | 11.4 | |||||||||
Deferred income taxes | (0.7) | 0.9 | |||||||||
Changes in assets and liabilities: | |||||||||||
Receivables, net | (296.3) | 38.5 | |||||||||
Inventory | 88.9 | 7.9 | |||||||||
Accounts payable | 22.4 | (6.7) | |||||||||
Other current and long-term assets and liabilities | 30.6 | (24.1) | |||||||||
Net cash provided by operating activities | 485.1 | 398.4 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (118.9) | (111.2) | |||||||||
Purchased intangibles | (4.3) | — | |||||||||
Purchases of marketable securities | (99.4) | (131.5) | |||||||||
Sales and maturities of marketable securities | 111.6 | 62.2 | |||||||||
Net cash used in investing activities | (111.0) | (180.5) | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchase of common stock - payroll tax withholdings on equity awards | (47.7) | (26.6) | |||||||||
Repurchase of common stock - stock repurchase program | (195.6) | (74.2) | |||||||||
Dividends paid | (83.0) | (75.1) | |||||||||
Net proceeds from exercise of stock options | 2.7 | 34.9 | |||||||||
Net cash used in financing activities | (323.6) | (141.0) | |||||||||
Net increase in cash and cash equivalents | 50.5 | 76.9 | |||||||||
Cash and cash equivalents at beginning of period | 566.7 | 851.3 | |||||||||
Cash and cash equivalents at end of period | $ | 617.2 | $ | 928.2 | |||||||
Supplemental cash flow disclosures: | |||||||||||
Income taxes paid | $ | 8.1 | $ | 26.1 | |||||||
Incentives paid in common stock
|
$ | 27.5 | $ | — | |||||||
Non-cash investing in capital expenditures, accrued but not paid | $ | 94.3 | $ | 70.1 | |||||||
Operating lease assets obtained in exchange for new lease liabilities | $ | 12.5 | $ | 20.7 |
Shares of common stock | Par value of common stock | Shares of treasury stock | Value of treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |
Total stockholders’ equity
|
||||||||||||||||||||||||||||||||||||||||
Balance at October 2, 2020 | 165.6 | $ | 41.4 | 66.7 | $ | (4,093.5) | $ | 3,403.7 | $ | 4,820.4 | $ | (7.8) | $ | 4,164.2 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 509.3 | — | 509.3 | |||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | 0.7 | 0.2 | 0.4 | (47.8) | 2.6 | — | — | (45.0) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 64.9 | — | — | 64.9 | |||||||||||||||||||||||||||||||||||||||
Stock repurchase program | (1.4) | (0.4) | 1.4 | (195.6) | 0.4 | — | — | (195.6) | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (83.0) | — | (83.0) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 164.9 | $ | 41.2 | 68.5 | $ | (4,336.9) | $ | 3,471.6 | $ | 5,246.7 | $ | (7.7) | $ | 4,414.9 | |||||||||||||||||||||||||||||||||
Balance at September 27, 2019 | 170.1 | $ | 42.5 | 60.1 | $ | (3,412.9) | $ | 3,188.0 | $ | 4,312.6 | $ | (7.9) | $ | 4,122.3 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 257.1 | — | 257.1 | |||||||||||||||||||||||||||||||||||||||
Exercise and settlement of share-based awards, net of shares withheld for taxes | 1.1 | 0.3 | 0.3 | (26.7) | 34.6 | — | — | 8.2 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 29.1 | — | — | 29.1 | |||||||||||||||||||||||||||||||||||||||
Stock repurchase program | (0.7) | (0.2) | 0.7 | (74.2) | 0.2 | — | — | (74.2) | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (75.1) | — | (75.1) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||
Balance at December 27, 2019 | 170.5 | $ | 42.6 | 61.1 | $ | (3,513.8) | $ | 3,251.9 | $ | 4,494.6 | $ | (8.0) | $ | 4,267.3 | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
United States | $ | 1,101.6 | $ | 590.4 | |||||||||||||||||||
China | 212.6 | 168.4 | |||||||||||||||||||||
Taiwan | 87.5 | 42.0 | |||||||||||||||||||||
South Korea | 68.0 | 59.0 | |||||||||||||||||||||
Europe, Middle East, and Africa | 33.8 | 30.3 | |||||||||||||||||||||
Other Asia-Pacific | 6.5 | 6.0 | |||||||||||||||||||||
Total | $ | 1,510.0 | $ | 896.1 |
Current | Noncurrent | ||||||||||||||||||||||
Available for sale: |
January 1,
2021 |
October 2,
2020 |
January 1,
2021 |
October 2,
2020 |
|||||||||||||||||||
U.S. Treasury and government | $ | 128.4 | $ | 129.4 | $ | 0.7 | $ | 5.0 | |||||||||||||||
Corporate bonds and notes | 258.1 | 276.8 | — | — | |||||||||||||||||||
Municipal bonds | 14.9 | 1.9 | — | 0.2 | |||||||||||||||||||
Total | $ | 401.4 | $ | 408.1 | $ | 0.7 | $ | 5.2 |
As of January 1, 2021 | As of October 2, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents* | $ | 617.2 | $ | 602.4 | $ | 14.8 | $ | — | $ | 566.7 | $ | 561.2 | $ | 5.5 | $ | — | |||||||||||||||||||||||||||||||
U.S. Treasury and government securities | 129.1 | 38.1 | 91.0 | — | 134.4 | 43.2 | 91.2 | — | |||||||||||||||||||||||||||||||||||||||
Corporate bonds and notes | 258.1 | — | 258.1 | — | 276.8 | — | 276.8 | — | |||||||||||||||||||||||||||||||||||||||
Municipal bonds | 14.9 | — | 14.9 | — | 2.1 | — | 2.1 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,019.3 | $ | 640.5 | $ | 378.8 | $ | — | $ | 980.0 | $ | 604.4 | $ | 375.6 | $ | — | |||||||||||||||||||||||||||||||
As of | |||||||||||
January 1,
2021 |
October 2,
2020 |
||||||||||
Raw materials | $ | 39.9 | $ | 37.8 | |||||||
Work-in-process | 547.0 | 566.4 | |||||||||
Finished goods | 129.7 | 198.9 | |||||||||
Finished goods held on consignment by customers | 1.9 | 2.9 | |||||||||
Total inventory | $ | 718.5 | $ | 806.0 |
As of | |||||||||||
January 1,
2021 |
October 2,
2020 |
||||||||||
Land and improvements | $ | 11.8 | $ | 11.8 | |||||||
Buildings and improvements | 431.9 | 424.8 | |||||||||
Furniture and fixtures | 49.1 | 46.5 | |||||||||
Machinery and equipment | 2,642.5 | 2,556.1 | |||||||||
Construction in progress | 167.3 | 140.7 | |||||||||
Total property, plant, and equipment, gross | 3,302.6 | 3,179.9 | |||||||||
Accumulated depreciation | (1,997.2) | (1,930.4) | |||||||||
Total property, plant, and equipment, net | $ | 1,305.4 | $ | 1,249.5 |
As of | As of | |||||||||||||||||||||||||||||||||||||
Weighted
Average Amortization Period (Years) |
January 1, 2021 | October 2, 2020 | ||||||||||||||||||||||||||||||||||||
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
||||||||||||||||||||||||||||||||
Customer relationships | 5.0 | $ | 18.2 | $ | (16.7) | $ | 1.5 | $ | 18.2 | $ | (15.8) | $ | 2.4 | |||||||||||||||||||||||||
Developed technology and other | 5.0 | 60.9 | (46.3) | 14.6 | 101.0 | (81.6) | 19.4 | |||||||||||||||||||||||||||||||
Trademarks | 3.0 | — | — | — | 1.6 | (1.5) | 0.1 | |||||||||||||||||||||||||||||||
Technology licenses | 3.1 | 27.3 | (16.5) | 10.8 | 26.3 | (14.2) | 12.1 | |||||||||||||||||||||||||||||||
IPR&D | 19.5 | — | 19.5 | 19.5 | — | 19.5 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | 125.9 | $ | (79.5) | $ | 46.4 | $ | 166.6 | $ | (113.1) | $ | 53.5 |
Remaining 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||
Amortization expense, cost of goods sold | $ | 3.0 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 1.7 | |||||||||||||||||||||||
Amortization expense, operating expense | $ | 12.2 | $ | 5.3 | $ | 1.3 | $ | 1.0 | $ | 1.0 | $ | 1.0 | |||||||||||||||||||||||
Total amortization expense | $ | 15.2 | $ | 5.4 | $ | 1.4 | $ | 1.1 | $ | 1.1 | $ | 2.7 |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
United States income taxes | $ | 41.0 | $ | 11.5 | |||||||||||||||||||
Foreign income taxes | 20.6 | 10.1 | |||||||||||||||||||||
Provision for income taxes | $ | 61.6 | $ | 21.6 | |||||||||||||||||||
Effective tax rate | 10.8 | % | 7.8 | % |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
Cost of goods sold | $ | 6.4 | $ | 4.2 | |||||||||||||||||||
Research and development | 20.3 | 14.8 | |||||||||||||||||||||
Selling, general and administrative | 17.8 | 14.6 | |||||||||||||||||||||
Total share-based compensation | $ | 44.5 | $ | 33.6 |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
Net income | $ | 509.3 | $ | 257.1 | |||||||||||||||||||
Weighted average shares outstanding – basic | 165.4 | 170.2 | |||||||||||||||||||||
Dilutive effect of equity-based awards | 1.6 | 1.4 | |||||||||||||||||||||
Weighted average shares outstanding – diluted | 167.0 | 171.6 | |||||||||||||||||||||
Net income per share – basic | $ | 3.08 | $ | 1.51 | |||||||||||||||||||
Net income per share – diluted | $ | 3.05 | $ | 1.50 | |||||||||||||||||||
Anti-dilutive common stock equivalents | — | 0.5 |
As of | |||||||||||
January 1,
2021 |
October 2,
2020 |
||||||||||
Accrued taxes | 80.5 | 31.2 | |||||||||
Operating lease liability | 30.8 | 28.2 | |||||||||
Accrued customer liabilities | 21.5 | 20.3 | |||||||||
Other | 25.2 | 28.3 | |||||||||
Total other current liabilities | 158.0 | 108.0 |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
December 27,
2019 |
||||||||||||||||||||||
Net revenue | 100.0 | % | 100.0 | % | |||||||||||||||||||
Cost of goods sold | 49.6 | 50.4 | |||||||||||||||||||||
Gross profit | 50.4 | 49.6 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 8.1 | 12.0 | |||||||||||||||||||||
Selling, general, and administrative | 4.4 | 6.2 | |||||||||||||||||||||
Amortization of intangibles | 0.2 | 0.3 | |||||||||||||||||||||
Restructuring, impairment, and other charges | — | 0.1 | |||||||||||||||||||||
Total operating expenses | 12.7 | 18.6 | |||||||||||||||||||||
Operating income | 37.7 | 31.0 | |||||||||||||||||||||
Other income, net | — | 0.2 | |||||||||||||||||||||
Income before income taxes | 37.7 | 31.2 | |||||||||||||||||||||
Provision for income taxes | 4.1 | 2.4 | |||||||||||||||||||||
Net income | 33.6 | % | 28.8 | % |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
|||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Net revenue | $ | 1,510.0 | 68.5% | $ | 896.1 |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
|||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Gross profit | $ | 761.7 | 71.4% | $ | 444.3 | ||||||||||||||||||
% of net revenue | 50.4 | % | 49.6 | % |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
|||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Research and development | $ | 121.6 | 12.9% | $ | 107.7 | ||||||||||||||||||
% of net revenue | 8.1 | % | 12.0 | % |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
|||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Selling, general, and administrative | $ | 66.6 | 20.2% | $ | 55.4 | ||||||||||||||||||
% of net revenue | 4.4 | % | 6.2 | % |
Three Months Ended | ||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Amortization of intangibles | 2.8 | (9.7)% | 3.1 | |||||||||||||||||
% of net revenue | 0.2 | % | 0.3 | % |
Three Months Ended | |||||||||||||||||||||||
January 1,
2021 |
Change |
December 27,
2019 |
|||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Provision for income taxes | $ | 61.6 | 185.2% | $ | 21.6 | ||||||||||||||||||
% of net revenue | 4.1 | % | 2.4 | % |
Three Months Ended | |||||||||||
(in millions) |
January 1,
2021 |
December 27,
2019 |
|||||||||
Cash and cash equivalents at beginning of period | $ | 566.7 | $ | 851.3 | |||||||
Net cash provided by operating activities | 485.1 | 398.4 | |||||||||
Net cash used in investing activities | (111.0) | (180.5) | |||||||||
Net cash used in financing activities | (323.6) | (141.0) | |||||||||
Cash and cash equivalents at end of period | $ | 617.2 | $ | 928.2 |
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) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||
10/3/20-10/30/20 | 3,739 | (2) | $140.62 | 3,447 | $0.98 billion | ||||||||||||
10/31/20-11/27/20 | 1,544,450 | (3) | $140.81 | 1,223,498 | $0.81 billion | ||||||||||||
11/28/20-01/1/21 | 185,203 | (4) | $136.68 | 181,808 | $0.78 billion | ||||||||||||
Total | 1,733,392 | 1,408,753 |
Exhibit
Number
|
Exhibit Description | Form | Incorporated by Reference | Filed Herewith | ||||||||||||||||
File No. | Exhibit | Filing Date | ||||||||||||||||||
10.1*+ | X | |||||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1 | X | |||||||||||||||||||
32.2 | X | |||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||
104 |
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)
|
SKYWORKS SOLUTIONS, INC. | |||||||||||
Date: | January 29, 2021 | By: | /s/ Liam K. Griffin | ||||||||
Liam K. Griffin | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer)
|
|||||||||||
By: | /s/ Kris Sennesael | ||||||||||
Kris Sennesael | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Principal Accounting and Financial Officer)
|
Name |
Incentive
At Nominal |
Incentive
At Target |
Incentive
At Stretch |
||||||||
CEO | 80% | 160% | 320% | ||||||||
CFO | 50% | 100% | 200% | ||||||||
Other SVP/VPs | 40% | 80% | 160% |
Metric | Nominal | Target | Stretch | ||||||||
1st Half Metrics ($M)
|
|||||||||||
Corporate EBITDA Dollars1
|
** | ** | ** | ||||||||
Corporate Revenue | ** | ** | ** | ||||||||
2nd Half Metrics ($M)2
|
|||||||||||
Corporate EBITDA Dollars1
|
TBD | TBD | TBD | ||||||||
Corporate Revenue | TBD | TBD | TBD |
1st Half EBITDA
|
2nd Half EBITDA
|
1st Half Revenue
|
2nd Half Revenue
|
|||||||||||
All Participants | 25% | 25% | 25% | 25% |
Date: | January 29, 2021 | |||||||
/s/ Liam K. Griffin | ||||||||
Liam K. Griffin | ||||||||
President and Chief Executive Officer |
Date: | January 29, 2021 | |||||||
/s/ Kris Sennesael | ||||||||
Kris Sennesael | ||||||||
Senior Vice President and Chief Financial Officer |
/s/ Liam K. Griffin | ||
Liam K. Griffin
President and Chief Executive Officer |
||
January 29, 2021 |
/s/ Kris Sennesael | ||
Kris Sennesael
Senior Vice President and Chief Financial Officer |
||
January 29, 2021 |