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 expense5,653  5,744  5,091 
Acquisition and integration related costs2,596     
Other non-cash expenses453  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 expense6,594  11,611  3,907 
Amortization of intangible assets69,515  69,872  72,463 
Other non-cash expenses232  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  

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