Qorvo® Announces Fiscal 2019 Third Quarter Financial Results
| | | | | | | | | | | | |
|
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 | |
| | | | | | |
| | | | | | | | |
|
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 | |
