| QORVO, INC. AND SUBSIDIARIES | |||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||
| (In thousands, except per share data) | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||||
| GAAP operating income (loss) | $ | 29,978 | $ | (41,569 | ) | $ | (188,982 | ) | |||
| Stock-based compensation expense | 21,581 | 21,755 | 18,669 | ||||||||
| Amortization of intangible assets | 31,187 | 29,787 | 32,843 | ||||||||
| Restructuring-related charges | 55,535 | 6,075 | 81,615 | ||||||||
| Acquisition and integration-related costs | 6,596 | 2,529 | 2,065 | ||||||||
| Goodwill impairment | — | 173,414 | 12,411 | ||||||||
| Net adjustments related to a long-term capacity reservation agreement | (13,445 | ) | 51,864 | 71,000 | |||||||
| Other expense (income) | 15,792 | (7,333 | ) | 4,212 | |||||||
| Non-GAAP operating income | $ | 147,224 | $ | 236,522 | $ | 33,833 | |||||
| GAAP net income (loss) | $ | 2,735 | $ | (126,938 | ) | $ | (138,416 | ) | |||
| Stock-based compensation expense | 21,581 | 21,755 | 18,669 | ||||||||
| Amortization of intangible assets | 31,187 | 29,787 | 32,843 | ||||||||
| Restructuring-related charges | 55,535 | 6,075 | 81,615 | ||||||||
| Acquisition and integration-related costs | 6,596 | 2,529 | 2,065 | ||||||||
| Goodwill impairment | — | 173,414 | 12,411 | ||||||||
| Net adjustments related to a long-term capacity reservation agreement | (13,445 | ) | 51,864 | 71,000 | |||||||
| Other expense (income) | 10,662 | (12,252 | ) | 2,568 | |||||||
| Loss on investments | 1,805 | 464 | 3,564 | ||||||||
| Adjustment of income taxes | 18,874 | 59,161 | (60,583 | ) | |||||||
| Non-GAAP net income | $ | 135,530 | $ | 205,859 | $ | 25,736 | |||||
| GAAP weighted-average outstanding diluted shares | 97,335 | 97,152 | 99,513 | ||||||||
| Dilutive stock-based awards | — | 666 | 933 | ||||||||
| Non-GAAP weighted-average outstanding diluted shares | 97,335 | 97,818 | 100,446 | ||||||||
| Non-GAAP net income per share, diluted | $ | 1.39 | $ | 2.10 | $ | 0.26 | |||||
