| QORVO, INC. AND SUBSIDIARIES | |||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||
| (In thousands, except per share data) | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
|
December, 29
2018 |
September 29,
2018 |
December 30,
2017 | |||||||||
| GAAP operating income | $ | 81,157 | $ | 90,477 | $ | 80,320 | |||||
| Stock-based compensation expense | 18,624 | 20,905 | 13,715 | ||||||||
| Amortization of intangible assets | 132,227 | 133,116 | 135,743 | ||||||||
| Restructuring costs | 1,510 | 510 | 8,958 | ||||||||
| Acquisition and integration related costs | 3,700 | 1,098 | 2,723 | ||||||||
| Start-up costs | 6,791 | 5,883 | 5,415 | ||||||||
| Asset impairment and accelerated depreciation | 17,994 | — | — | ||||||||
| Other (including loss (gain) on assets and other non-cash expenses) | (748 | ) | 1,270 | 7,397 | |||||||
| Non-GAAP operating income | $ | 261,255 | $ | 253,259 | $ | 254,271 | |||||
| GAAP net income (loss) | $ | 69,517 | $ | 32,084 | $ | (33,082 | ) | ||||
| Stock-based compensation expense | 18,624 | 20,905 | 13,715 | ||||||||
| Amortization of intangible assets | 132,227 | 133,116 | 135,743 | ||||||||
| Restructuring costs | 1,510 | 510 | 8,958 | ||||||||
| Acquisition and integration related costs | 3,700 | 1,098 | 2,723 | ||||||||
| Start-up costs | 6,791 | 5,883 | 5,415 | ||||||||
| Asset impairment and accelerated depreciation | 17,994 | — | — | ||||||||
| Other (including loss (gain) on assets and other non-cash expenses) | (748 | ) | 1,270 | 7,397 | |||||||
| Loss on debt extinguishment | 1,852 | 48,780 | — | ||||||||
| Other expense (income) | 3,291 | (252 | ) | 282 | |||||||
| Adjustment of income taxes | (20,638 | ) | (18,458 | ) | 79,059 | ||||||
| Non-GAAP net income | $ | 234,120 | $ | 224,936 | $ | 220,210 | |||||
| GAAP weighted average outstanding diluted shares | 126,842 | 128,550 | 127,034 | ||||||||
| Dilutive stock-based awards | — | — | 3,422 | ||||||||
| Non-GAAP weighted average outstanding diluted shares | 126,842 | 128,550 | 130,456 | ||||||||
| Non-GAAP net income per share, diluted | $ | 1.85 | $ | 1.75 | $ | 1.69 | |||||
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Qorvo® Announces Fiscal 2019 Third Quarter Financial Results
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