| Three Months Ended | ||
| Non-GAAP Operating Income | October 3, 2020 | |
| (as a percentage of sales) | ||
| GAAP operating income | 20.9 | % |
| Stock-based compensation expense | 2.8 | % |
| Amortization of intangible assets | 6.8 | % |
| Restructuring related charges | 0.1 | % |
| Acquisition and integration related costs | 0.7 | % |
| Gain on assets, start-up costs and other non-cash expenses | (0.2 | )% |
| Non-GAAP operating income | 31.1 | % |
| Three Months Ended | |||
| Free Cash Flow (1) | October 3, 2020 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 281.0 | |
| Purchases of property and equipment | (43.6 | ) | |
| Free cash flow | $ | 237.4 | |
(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 | |||||||||||
| October 3, 2020 | June 27, 2020 | September 28, 2019 | |||||||||
| GAAP research and development expense | $ | 156,342 | $ | 130,071 | $ | 115,614 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 8,445 | 6,964 | 6,219 | ||||||||
| Other non-cash expenses | 526 | 526 | 482 | ||||||||
| Non-GAAP research and development expense | $ | 147,371 | $ | 122,581 | $ | 108,913 | |||||
| Three Months Ended | |||||||||||
| October 3, 2020 | June 27, 2020 | September 28, 2019 | |||||||||
| GAAP selling, general and administrative expense | $ | 109,372 | $ | 86,604 | $ | 88,274 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 18,001 | 10,277 | 12,285 | ||||||||
| Amortization of intangible assets | 19,998 | 19,999 | 17,978 | ||||||||
| Other non-cash expenses | 171 | 173 | 183 | ||||||||
| Non-GAAP selling, general and administrative expense | $ | 71,202 | $ | 56,155 | $ | 57,828 | |||||
QORVO, INC. AND SUBSIDIARIES
