Qorvo® Announces Fiscal 2024 Third Quarter Financial Results
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QORVO, INC. AND SUBSIDIARIES |
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| (Unaudited) |
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Three Months Ended |
| (in thousands, except percentages) |
December 30, 2023 | |
September 30, 2023 | |
December 31, 2022 |
| GAAP gross profit/margin | $ | 387,878 | | 36.1 | % | | $ | 489,690 | 44.4 | % | | $ | 268,051 | 36.1 | % |
| Charges associated with a long-term capacity reservation agreement | | 51,864 | | 4.8 | | | | — | — | | | | — | — | |
| Amortization of intangible assets | | 25,457 | | 2.4 | | | | 25,591 | 2.3 | | | | 27,624 | 3.7 | |
| Stock-based compensation expense | | 5,575 | | 0.5 | | | | 7,481 | 0.7 | | | | 4,939 | 0.6 | |
| Restructuring-related charges | | (250 | ) | — | | | | 2,482 | 0.2 | | | | 3,600 | 0.5 | |
| Acquisition and integration-related costs | | 1 | | — | | | | 1 | — | | | | 28 | — | |
| Non-GAAP gross profit/margin | $ | 470,525 | | 43.8 | % | | $ | 525,245 | 47.6 | % | | $ | 304,242 | 40.9 | % |
