Qorvo® Announces Fiscal 2024 First Quarter Financial Results

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)

  Three Months Ended
(in thousands, except percentages) July 1, 2023  April 1, 2023  July 2, 2022
GAAP gross profit/margin$229,07035.2% $114,71418.1% $375,25036.2%
Amortization of intangible assets 26,4894.1   28,1324.5   28,0832.7 
Stock-based compensation expense 4,9490.7   4,1750.7   4,5020.5 
Restructuring related charges 18,9552.9   43,0046.8    
Charges associated with a long-term capacity reservation agreement    71,00011.2   110,00010.6 
Acquisition and integration related costs 1   15       35  
Other non-cash expenses         147       319  
Non-GAAP gross profit/margin $ 279,464 42.9 %   $ 261,187 41.3 %   $ 518,189 50.0 %

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