Qorvo® Announces Fiscal 2019 Third Quarter Financial Results
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QORVO, INC. AND SUBSIDIARIES | |
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS | | (In thousands) | | (Unaudited) | | | | | | | | | | | | | | | |
Three Months Ended | | | December 29, 2018 | |
September 29, 2018 | |
December 30, 2017 | | GAAP research and development expense | $ | 109,985 | | | $ | 116,748 | | | $ | 106,411 | | | Less: | | | | | | | Stock-based compensation expense | 5,653 | | | 5,744 | | | 5,091 | | | Acquisition and integration related costs | 2,596 | | | — | | | — | | | Other non-cash expenses | 453 | | | 453 | | | 388 | | | Non-GAAP research and development expense | $ | 101,283 | | | $ | 110,551 | | | $ | 100,932 | | | | | | | | | | | | | | | | | |
Three Months Ended | | |
December 29, 2018 | |
September 29, 2018 | |
December 30, 2017 | | GAAP selling, general and administrative expense | $ | 125,604 | | | $ | 139,507 | | | $ | 126,555 | | | Less: | | | | | | | Stock-based compensation expense | 6,594 | | | 11,611 | | | 3,907 | | | Amortization of intangible assets | 69,515 | | | 69,872 | | | 72,463 | | | Other non-cash expenses | 232 | | | 233 | | | 290 | | | Non-GAAP selling, general and administrative expense | $ | 49,263 | | | $ | 57,791 | | | $ | 49,895 | | | | | | | | |
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QORVO, INC. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED BALANCE SHEETS | | (In thousands) | | (Unaudited) | | | | | | | | | | | |
December 29, 2018 | |
March 31, 2018 | |
ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | $ | 649,711 | | | $ | 926,037 | | | Accounts receivable, net | 420,903 | | | 345,957 | | | Inventories | 464,949 | | | 472,292 | | | Other current assets | 79,973 | | | 99,519 | | | Total current assets | 1,615,536 | | | 1,843,805 | | | | | | | | Property and equipment, net | 1,397,589 | | | 1,374,112 | | | Goodwill | 2,173,889 | | | 2,173,889 | | | Intangible assets, net | 463,359 | | | 860,336 | | | Long-term investments | 90,696 | | | 63,765 | | | Other non-current assets | 65,222 | | | 65,612 | | | Total assets | $ | 5,806,291 | | | $ | 6,381,519 | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | Current liabilities: | | | | | Accounts payable and accrued liabilities | $ | 366,839 | | | $ | 380,375 | | | Other current liabilities | 47,093 | | | 60,904 | | | Total current liabilities | 413,932 | | | 441,279 | | | | | | | | Long-term debt | 714,402 | | | 983,290 | | | Deferred tax liabilities | 6,978 | | | 63,084 | | | Other long-term liabilities | 93,659 | | | 118,302 | | | Total liabilities | 1,228,971 | | | 1,605,955 | | | | | | | | Stockholders’ equity | 4,577,320 | | | 4,775,564 | | | | | | | | Total liabilities and stockholders’ equity | $ | 5,806,291 | | | $ | 6,381,519 | |
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