Synaptics Incorporated has recently released its 10-K report, providing a detailed insight into the company's financial performance and operations. Synaptics develops, markets, and sells semiconductor products worldwide, including AudioSmart for voice and audio processing, ConnectSmart for high-speed video/audio/data connectivity, and DisplayLink for transmitting compressed video frames across low bandwidth connections. The company also offers a range of other products such as Natural ID, TouchPad, SecurePad, and ClearPad, catering to various industries including mobile and PC OEMs, IoT OEMs, and automotive and consumer electronics manufacturers.
In the fiscal 2022 Form 10-K, Synaptics disclosed several key financial details. The company's Board of Directors had authorized the purchase of up to an aggregate of $2.3 billion of its common stock through July 2025. Up to the end of fiscal 2024, Synaptics had purchased 30,116,439 shares of its common stock in the open market for an aggregate cost of $878.0 million, with the remaining available authorization under the common stock repurchase program at $893.9 million.
Furthermore, the company completed an offering of $400.0 million aggregate principal amount of 4.0% senior notes due 2029 in March 2021. In fiscal 2024, Synaptics paid interest expense of $16.0 million on the Senior Notes. Additionally, the company entered into the Second Amendment and the Third Amendment to its Credit Agreement, providing for a revolving credit facility in a principal amount of up to $250 million, with no balance outstanding as of June 2024.
In December 2021, Synaptics established a new $600.0 million incremental term loan facility to finance its DSPG acquisition, with $7.5 million of the principal outstanding repaid in the year-ended June 2024. The company also registered an aggregate of $100.0 million of common stock and preferred stock for issuance in connection with acquisitions, and expressed confidence in its existing cash and cash equivalents, anticipated cash flows, and available credit to meet its working capital and other cash requirements for at least the next 12 months.
The 10-K report also outlined the company's contractual obligations and commercial commitments, including long-term debt, leases, and purchase obligations, totaling $1,430.1 million as of the end of fiscal 2024. Synaptics also provided a comprehensive overview of its recent accounting pronouncements and its position with respect to unconsolidated entities and off-balance sheet financing.
Synaptics' 10-K report offers a deep dive into its financial and operational standing, shedding light on its strategic initiatives and financial performance in the fiscal year. Today the company's shares have moved 4.1% to a price of $80.54. For the full picture, make sure to review Synaptics's 10-K report.
