| Three Months Ended | |||
| Non-GAAP Operating Income | September 30, 2023 | ||
| (as a percentage of sales) | |||
| GAAP operating income | 13.7 | % | |
| Stock-based compensation expense | 3.5 | ||
| Amortization of intangible assets | 2.7 | ||
| Restructuring related charges | 0.8 | ||
| Goodwill impairment | 4.3 | ||
| Acquisition and integration related costs | 0.1 | ||
| Other expenses | 0.2 | ||
| Non-GAAP operating income | 25.3 | % | |
| Three Months Ended | |||
| Free Cash Flow (1) | September 30, 2023 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 93.0 | |
| Purchases of property and equipment | (28.6 | ) | |
| Free cash flow | $ | 64.4 | |
(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 | |||||||||||
| September 30, 2023 | July 1, 2023 | October 1, 2022 | |||||||||
| GAAP research and development expense | $ | 174,947 | $ | 163,090 | $ | 168,164 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 11,519 | 10,356 | 10,445 | ||||||||
| Acquisition and integration related costs | 2 | 1 | 58 | ||||||||
| Non-GAAP research and development expense | $ | 163,426 | $ | 152,733 | $ | 157,661 | |||||
| Three Months Ended | |||||||||||
| September 30, 2023 | July 1, 2023 | October 1, 2022 | |||||||||
| GAAP selling, general and administrative expense | $ | 103,696 | $ | 105,423 | $ | 97,752 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 20,030 | 23,110 | 17,640 | ||||||||
| Amortization of intangible assets | 4,372 | 4,383 | 5,213 | ||||||||
| Acquisition and integration related costs | — | — | 17 | ||||||||
| Non-GAAP selling, general and administrative expense | $ | 79,294 | $ | 77,930 | $ | 74,882 | |||||
| Three Months Ended | |||||||||||
| September 30, 2023 | July 1, 2023 | October 1, 2022 | |||||||||
| GAAP other operating expense | $ | 59,619 | $ | 8,693 | $ | 11,449 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 23 | 30 | — | ||||||||
| Restructuring related charges | 5,936 | 3,781 | 4,544 | ||||||||
| Acquisition and integration related costs | 849 | 1,193 | 8,532 | ||||||||
| Goodwill impairment | 48,000 | — | — | ||||||||
| Other expenses (income) | 1,712 | 1,609 | (1,627 | ) | |||||||
| Non-GAAP other operating expense | $ | 3,099 | $ | 2,080 | $ | — | |||||
| Three Months Ended | |||||||||||
| September 30, 2023 | July 1, 2023 | October 1, 2022 | |||||||||
| GAAP total operating expense | $ | 338,262 | $ | 277,206 | $ | 277,365 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 31,572 | 33,496 | 28,085 | ||||||||
| Amortization of intangible assets | 4,372 | 4,383 | 5,213 | ||||||||
| Restructuring related charges | 5,936 | 3,781 | 4,544 | ||||||||
| Acquisition and integration related costs | 851 | 1,194 | 8,607 | ||||||||
| Goodwill impairment | 48,000 | — | — | ||||||||
| Other expenses (income) | 1,712 | 1,609 | (1,627 | ) | |||||||
| Non-GAAP total operating expense | $ | 245,819 | $ | 232,743 | $ | 232,543 | |||||
