QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | |||||||||||
| July 1, 2023 | April 1, 2023 | July 2, 2022 | |||||||||
| GAAP operating (loss) income | $ | (48,136 | ) | $ | (188,982 | ) | $ | 101,859 | |||
| Stock-based compensation expense | 38,445 | 18,669 | 35,414 | ||||||||
| Amortization of intangible assets | 30,872 | 32,843 | 33,652 | ||||||||
| Restructuring related charges | 22,736 | 81,615 | 550 | ||||||||
| Acquisition and integration related costs | 1,195 | 2,065 | 6,308 | ||||||||
| Charges associated with a long-term capacity reservation agreement | — | 71,000 | 110,000 | ||||||||
| Goodwill impairment | — | 12,411 | — | ||||||||
| Loss (gain) on assets and other non-cash expenses | 1,609 | 4,212 | (3,418 | ) | |||||||
| Non-GAAP operating income | $ | 46,721 | $ | 33,833 | $ | 284,365 | |||||
| GAAP net (loss) income | $ | (43,580 | ) | $ | (138,416 | ) | $ | 68,884 | |||
| Stock-based compensation expense | 38,445 | 18,669 | 35,414 | ||||||||
| Amortization of intangible assets | 30,872 | 32,843 | 33,652 | ||||||||
| Restructuring related charges | 22,736 | 81,615 | 550 | ||||||||
| Acquisition and integration related costs | 1,195 | 2,065 | 6,308 | ||||||||
| Charges associated with a long-term capacity reservation agreement | — | 71,000 | 110,000 | ||||||||
| Goodwill impairment | — | 12,411 | — | ||||||||
| Loss (gain) on assets and other non-cash expenses | 1,609 | 4,212 | (3,418 | ) | |||||||
| (Gain) loss on investments | (2,062 | ) | 3,564 | 1,375 | |||||||
| Other (income) expense | (2,523 | ) | (1,644 | ) | 5,198 | ||||||
| Adjustment of income taxes | (13,114 | ) | (60,583 | ) | (19,559 | ) | |||||
| Non-GAAP net income | $ | 33,578 | $ | 25,736 | $ | 238,404 | |||||
| GAAP weighted-average outstanding diluted shares | 98,509 | 99,513 | 106,080 | ||||||||
| Dilutive stock-based awards | 806 | 933 | — | ||||||||
| Non-GAAP weighted-average outstanding diluted shares | 99,315 | 100,446 | 106,080 | ||||||||
| Non-GAAP net income per share, diluted | $ | 0.34 | $ | 0.26 | $ | 2.25 | |||||
QORVO, INC. AND SUBSIDIARIES
