| Three Months Ended | |||
| Non-GAAP Operating Income | September 28, 2024 | ||
| (as a percentage of revenue) | |||
| GAAP operating income | 0.9 | % | |
| Stock-based compensation expense | 3.7 | ||
| Amortization of intangible assets | 2.8 | ||
| Restructuring-related charges | 3.3 | ||
| Acquisition and integration-related costs | 0.1 | ||
| Goodwill impairment | 9.2 | ||
| Other expense | 0.3 | ||
| Non-GAAP operating income | 20.3 | % | |
| Three Months Ended | |||
| Free Cash Flow (1) | September 28, 2024 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 127.8 | |
| Purchases of property and equipment | (33.0 | ) | |
| Free cash flow | $ | 94.8 | |
(1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
|
QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (In thousands) (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | |||||||||
| GAAP research and development expense | $ | 201,050 | $ | 187,602 | $ | 174,947 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 13,468 | 12,727 | 11,519 | ||||||||
| Acquisition and integration-related costs | 2 | 2 | 2 | ||||||||
| Non-GAAP research and development expense | $ | 187,580 | $ | 174,873 | $ | 163,426 | |||||
| Three Months Ended | |||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | |||||||||
| GAAP selling, general and administrative expense | $ | 107,760 | $ | 114,923 | $ | 103,696 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 18,488 | 24,322 | 20,030 | ||||||||
| Amortization of intangible assets | 3,959 | 4,647 | 4,372 | ||||||||
| Acquisition and integration-related costs | 1 | — | — | ||||||||
| Non-GAAP selling, general and administrative expense | $ | 85,312 | $ | 85,954 | $ | 79,294 | |||||
| Three Months Ended | |||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | |||||||||
| GAAP other operating expense | $ | 126,821 | $ | 25,173 | $ | 59,619 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 178 | 131 | 23 | ||||||||
| Restructuring-related charges | 18,982 | 19,574 | 5,936 | ||||||||
| Acquisition and integration-related costs | 572 | 655 | 849 | ||||||||
| Goodwill impairment | 96,458 | — | 48,000 | ||||||||
| Other expense | 3,696 | 1,109 | 1,712 | ||||||||
| Non-GAAP other operating expense | $ | 6,935 | $ | 3,704 | $ | 3,099 | |||||
| Three Months Ended | |||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | |||||||||
| GAAP total operating expense | $ | 435,631 | $ | 327,698 | $ | 338,262 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 32,134 | 37,180 | 31,572 | ||||||||
| Amortization of intangible assets | 3,959 | 4,647 | 4,372 | ||||||||
| Restructuring-related charges | 18,982 | 19,574 | 5,936 | ||||||||
| Acquisition and integration-related costs | 575 | 657 | 851 | ||||||||
| Goodwill impairment | 96,458 | — | 48,000 | ||||||||
| Other expense | 3,696 | 1,109 | 1,712 | ||||||||
| Non-GAAP total operating expense | $ | 279,827 | $ | 264,531 | $ | 245,819 | |||||
