Qorvo® Announces Fiscal 2024 Fourth Quarter Financial Results

(1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill impairment, net adjustments related to a long-term capacity reservation agreement, gain or loss on disposal of business and assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

SELECTED GAAP RESULTS BY OPERATING SEGMENT
(In millions, except percentages)
(Unaudited)
  Q4 Fiscal
2024
  Q3 Fiscal
2024
  Q4 Fiscal
2023
  Sequential
Change
  Year-over-
Year Change
Revenue         
HPA$164.6  $118.9  $133.1  38.4% 23.7%
CSG 122.8   108.9   81.9  12.8% 49.9%
ACG 653.6   846.1   417.7  (22.8)% 56.5%
Total revenue$941.0  $1,073.9  $632.7     (12.4 )%   48.7 %
Operating income (loss)                  
HPA $ 31.5     $ 1.6     $ 17.7     1,868.8 %   78.0 %
CSG   (15.2 )     (25.6 )     (42.2 )   40.6 %   64.0 %
ACG   134.3       263.8       58.3     (49.1 )%   130.4 %
All other (1)   (120.6 )     (281.4 )     (222.8 )   57.1 %   45.9 %
Total operating income (loss) $ 30.0     $ (41.6 )   $ (189.0 )   172.1 %   115.9 %
Operating income (loss) as a % of revenue                      
HPA   19.1 %     1.3 %     13.3 %   17.8  ppt   5.8  ppt
CSG   (12.4 )     (23.5 )     (51.5 )   11.1  ppt   39.1  ppt
ACG   20.5       31.2       14.0     (10.7 ) ppt   6.5  ppt
Total operating income (loss) as a % of revenue   3.2 %     (3.9 )%     (29.9 )%   7.1  ppt   33.1  ppt
                       

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