Qorvo® Announces Fiscal 2021 Second Quarter Financial Results

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

  Three Months Ended
  October 3, 2020  June 27, 2020  September 28, 2019
      
GAAP operating income$221,644  $92,712  $112,767 
Stock-based compensation expense30,048  21,859  20,876 
Amortization of intangible assets72,147  71,944  56,288 
Restructuring related charges609  938  3,863 
Acquisition and integration related costs7,259  12,663  7,549 
Asset impairment and accelerated depreciation    6,635 
(Gain) loss on assets, start-up costs and other non-cash expenses(2,354) 3,622  422 
Non-GAAP operating income$329,353  $203,738  $208,400 
      
GAAP net income$136,917  $96,922  $83,038 
Stock-based compensation expense30,048  21,859  20,876 
Amortization of intangible assets72,147  71,944  56,288  
Restructuring related charges 609     938     3,863  
Acquisition and integration related costs 7,259     12,663     7,549  
Asset impairment and accelerated depreciation         6,635  
(Gain) loss on assets, start-up costs and other non-cash expenses (2,354 )   3,622     422  
Loss (gain) on investments 450     (14,617 )   (366 )
Other (income) expense (2,051 )   (3,039 )   15  
Adjustment of income taxes 39,262     (15,212 )   2,856  
           
Non-GAAP net income $ 282,287     $ 175,080     $ 181,176  
           
GAAP weighted average outstanding diluted shares 116,177     116,751     119,429  
Dilutive stock-based awards          
Non-GAAP weighted average outstanding diluted shares 116,177     116,751     119,429  
           
Non-GAAP net income per share, diluted $ 2.43     $ 1.50     $ 1.52  

QORVO, INC. AND SUBSIDIARIES

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