Qorvo Reports Fourth Quarter Financial Results for Fiscal 2024

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SELECTED GAAP RESULTS(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2024 Q3 Fiscal 2024 Q4 Fiscal 2023 Sequential Change Year-over-Year ChangeRevenue$941.0  $1,073.9  $632.7  $(132.9) $308.3 Gross profit$381.9  $387.9  $114.7  $(6.0) $267.2 Gross margin 40.6%  36.1%  18.1%  4.5 ppt  22.5 pptOperating expenses$351.9  $429.4  $303.7  $(77.5) $48.2 Operating income (loss)$30.0  $(41.6) $(189.0) $71.6  $219.0 Net income (loss)$2.7  $(126.9) $(138.4) $129.6  $141.1 Weighted-average diluted shares 97.3   97.2   99.5   0.1   (2.2)Diluted EPS$0.03  $(1.31) $(1.39) $1.34  $1.42                         SELECTED NON-GAAP RESULTS(1)(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2024 Q3 Fiscal 2024 Q4 Fiscal 2023 SequentialChange Year-over-YearChangeRevenue$941.0  $1,073.9  $632.7  $(132.9) $308.3 Gross profit$400.4  $470.5  $261.2  $(70.1) $139.2 Gross margin 42.5%  43.8%  41.3%  (1.3) ppt  1.2 pptOperating expenses$253.2  $234.0  $227.4  $19.2  $25.8 Operating income$147.2  $236.5  $33.8  $(89.3) $113.4 Net income$135.5  $205.9  $25.7  $(70.4) $109.8 Weighted-average diluted shares 97.3   97.8   100.4   (0.5)  (3.1)Diluted EPS$1.39  $2.10  $0.26  $(0.71) $1.13                      (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill impairment, net adjustments related to a long-term capacity reservation agreement, gain or loss on disposal of business and assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except per share data)(Unaudited)   Three Months Ended March 30, 2024 December 30, 2023 April 1, 2023      GAAP operating income (loss)$29,978  $(41,569) $(188,982)Stock-based compensation expense 21,581   21,755   18,669 Amortization of intangible assets 31,187   29,787   32,843 Restructuring-related charges 55,535   6,075   81,615 Acquisition and integration-related costs 6,596   2,529   2,065 Goodwill impairment —   173,414   12,411 Net adjustments related to a long-term capacity reservation agreement (13,445)  51,864   71,000 Other expense (income) 15,792   (7,333)  4,212 Non-GAAP operating income$147,224  $236,522  $33,833       GAAP net income (loss)$2,735  $(126,938) $(138,416)Stock-based compensation expense 21,581   21,755   18,669 Amortization of intangible assets 31,187   29,787   32,843 Restructuring-related charges 55,535   6,075   81,615 Acquisition and integration-related costs 6,596   2,529   2,065 Goodwill impairment —   173,414   12,411 Net adjustments related to a long-term capacity reservation agreement (13,445)  51,864   71,000 Other expense (income) 10,662   (12,252)  2,568 Loss on investments 1,805   464   3,564 Adjustment of income taxes 18,874   59,161   (60,583)Non-GAAP net income$135,530  $205,859  $25,736       GAAP weighted-average outstanding diluted shares 97,335   97,152   99,513 Dilutive stock-based awards —   666   933 Non-GAAP weighted-average outstanding diluted shares 97,335   97,818   100,446       Non-GAAP net income per share, diluted$1.39  $2.10  $0.26        QORVO, INC.

SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q4 Fiscal2024 Q3 Fiscal2024 Q4 Fiscal2023 SequentialChange Year-over-Year ChangeRevenue         HPA$164.6  $118.9  $133.1  38.4% 23.7%CSG 122.8   108.9   81.9  12.8% 49.9%ACG 653.6   846.1   417.7  (22.8)% 56.5%Total revenue$941.0  $1,073.9  $632.7  (12.4)% 48.7%Operating income (loss)         HPA$31.5  $1.6  $17.7  1,868.8% 78.0%CSG (15.2)  (25.6)  (42.2) 40.6% 64.0%ACG 134.3   263.8   58.3  (49.1)% 130.4%All other(1) (120.6)  (281.4)  (222.8) 57.1% 45.9%Total operating income (loss)$30.0  $(41.6) $(189.0) 172.1% 115.9%Operating income (loss) as a % of revenue           HPA 19.1%  1.3%  13.3% 17.8 ppt 5.8 pptCSG (12.4)  (23.5)  (51.5) 11.1 ppt 39.1 pptACG 20.5   31.2   14.0  (10.7) ppt 6.5 pptTotal operating income (loss) as a % of revenue 3.2%  (3.9)%  (29.9)% 7.1 ppt 33.1 ppt             (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill impairment, net adjustments related to a long-term capacity reservation agreement, gain or loss on disposal of business and assets, other expense or income, and other miscellaneous corporate overhead expenses.

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Author / Journalist: Qorvo, Inc.

Category: Technology

Markets: ChinaUnited States

Topics: US74736K1016 Nasdaq:QRVO

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Fact Checked: Legitimate

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Published On: 2024-05-01 @ 20:00:00 (2 weeks ago)

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