Skyworks Solutions (SWKS) Announces New $2 Billion Stock Repurchase Program
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Skyworks Solutions, Inc. (Nasdaq: SWKS), an innovator of high-performance analog semiconductors connecting people, places and things, today announced that its board of directors has authorized the repurchase of up to $2 billion of the Company’s common stock from time to time prior to Jan. 26, 2023, on the open market or in privately negotiated transactions, in compliance with applicable securities laws and other legal requirements. This newly authorized stock repurchase program replaces in its entirety the $2 billion stock repurchase program that was approved by the board of directors on Jan. 30, 2019, and had approximately $783 million of repurchase authority remaining.
The timing and amount of any shares of the Company’s common stock that are repurchased under the new repurchase program will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the Company’s stock plans and for other corporate purposes.
The Company currently expects to fund the repurchase program using the Company’s working capital. As of Jan. 1, 2021, the Company had cash and marketable securities of $1 billion.
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