Qorvo® Announces Fiscal 2021 Second Quarter Financial Results


   SELECTED NON-GAAP RESULTS1 
   (Unaudited) 
  (In millions, except for percentages and EPS) 
   For the quarter ended
October 3, 2020
  For the quarter ended
September 28, 2019
  Change vs. Q2
FY 2020
 
Gross profit$547.9 $375.1 $172.8  
Gross margin 51.7% 46.5% 5.2 ppt
Operating expenses$218.6 $166.7 $51.9  
Operating income$329.4 $208.4 $121.0  
Net income$282.3 $181.2 $101.1  
Weighted average diluted shares 116.2  119.4  (3.2) 
Diluted EPS$2.43 $1.52 $0.91  

1Excludes stock-based compensation expense, amortization of intangible assets, restructuring related charges, acquisition and integration related costs, asset impairment and accelerated depreciation, (gain) loss on assets, start-up costs, loss (gain) on investments, other (income) expense and an adjustment of income taxes.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP revenue, (ii) non-GAAP gross profit and gross margin, (iii) non-GAAP operating income and operating margin, (iv) non-GAAP net income, (v) non-GAAP net income per diluted share, (vi) non-GAAP operating expenses (research and development; selling, general and administrative), (vii) free cash flow, (viii) EBITDA, (ix) non-GAAP return on invested capital (ROIC), and (x) net debt or positive net cash.  Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the "Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures.  In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin.  In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses.  Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management.  We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance.


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