| QORVO, INC. AND SUBSIDIARIES | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| (in thousands, except percentages) | March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||||||||
| GAAP gross profit/margin | $ | 381,857 | 40.6 | % | $ | 387,878 | 36.1 | % | $ | 114,714 | 18.1 | % | ||||
| Stock-based compensation expense | 3,444 | 0.3 | 5,575 | 0.5 | 4,175 | 0.7 | ||||||||||
| Amortization of intangible assets | 26,031 | 2.8 | 25,457 | 2.4 | 28,132 | 4.5 | ||||||||||
| Restructuring-related charges | 1,212 | 0.1 | (250 | ) | — | 43,004 | 6.8 | |||||||||
| Acquisition and integration-related costs | 1,281 | 0.1 | 1 | — | 15 | — | ||||||||||
| Net adjustments related to a long-term capacity reservation agreement | (13,445 | ) | (1.4 | ) | 51,864 | 4.8 | 71,000 | 11.2 | ||||||||
| Other expense | — | — | — | — | 147 | — | ||||||||||
| Non-GAAP gross profit/margin | $ | 400,380 | 42.5 | % | $ | 470,525 | 43.8 | % | $ | 261,187 | 41.3 | % | ||||
Qorvo® Announces Fiscal 2024 Fourth Quarter Financial Results
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