| Three Months Ended | ||
| Non-GAAP Operating Income | December 30, 2023 | |
| (as a percentage of revenue) | ||
| GAAP operating loss | (3.9 | )% |
| Charges associated with a long-term capacity reservation agreement | 4.8 | |
| Stock-based compensation expense | 2.0 | |
| Amortization of intangible assets | 2.8 | |
| Restructuring-related charges | 0.6 | |
| Goodwill impairment | 16.2 | |
| Acquisition and integration-related costs | 0.2 | |
| Other income | (0.7 | ) |
| Non-GAAP operating income | 22.0 | % |
| Three Months Ended | |||
| Free Cash Flow (1) | December 30, 2023 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 492.9 | |
| Purchases of property and equipment | (26.4 | ) | |
| Free cash flow | $ | 466.5 | |
(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 | |||||||||
| December 30, 2023 | September 30, 2023 | December 31, 2022 | |||||||
| GAAP research and development expense | $ | 164,329 | $ | 174,947 | $ | 149,472 | |||
| Less: | |||||||||
| Stock-based compensation expense | 11,830 | 11,519 | 10,343 | ||||||
| Acquisition and integration-related costs | 2 | 2 | 49 | ||||||
| Non-GAAP research and development expense | $ | 152,497 | $ | 163,426 | $ | 139,080 | |||
| Three Months Ended | |||||||||
| December 30, 2023 | September 30, 2023 | December 31, 2022 | |||||||
| GAAP selling, general and administrative expense | $ | 86,914 | $ | 103,696 | $ | 76,269 | |||
| Less: | |||||||||
| Stock-based compensation expense | 4,336 | 20,030 | 4,426 | ||||||
| Amortization of intangible assets | 4,330 | 4,372 | 5,220 | ||||||
| Acquisition and integration-related costs | — | — | 13 | ||||||
| Non-GAAP selling, general and administrative expense | $ | 78,248 | $ | 79,294 | $ | 66,610 | |||
| Three Months Ended | |||||||||
| December 30, 2023 | September 30, 2023 | December 31, 2022 | |||||||
| GAAP other operating expense | $ | 178,204 | $ | 59,619 | $ | 33,581 | |||
| Less: | |||||||||
| Stock-based compensation expense | 14 | 23 | — | ||||||
| Restructuring-related charges | 6,325 | 5,936 | 23,785 | ||||||
| Acquisition and integration-related costs | 2,526 | 849 | 6,205 | ||||||
| Goodwill impairment | 173,414 | 48,000 | — | ||||||
| Other (income) expense | (7,333 | ) | 1,712 | 3,591 | |||||
| Non-GAAP other operating expense | $ | 3,258 | $ | 3,099 | $ | — | |||
| Three Months Ended | |||||||||
| December 30, 2023 | September 30, 2023 | December 31, 2022 | |||||||
| GAAP total operating expense | $ | 429,447 | $ | 338,262 | $ | 259,322 | |||
| Less: | |||||||||
| Stock-based compensation expense | 16,180 | 31,572 | 14,769 | ||||||
| Amortization of intangible assets | 4,330 | 4,372 | 5,220 | ||||||
| Restructuring-related charges | 6,325 | 5,936 | 23,785 | ||||||
| Acquisition and integration-related costs | 2,528 | 851 | 6,268 | ||||||
| Goodwill impairment | 173,414 | 48,000 | — | ||||||
| Other (income) expense | (7,333 | ) | 1,712 | 3,591 | |||||
| Non-GAAP total operating expense | $ | 234,003 | $ | 245,819 | $ | 205,689 | |||
