| Three Months Ended | ||
| Non-GAAP Operating Income | March 30, 2024 | |
| (as a percentage of revenue) | ||
| GAAP operating income | 3.2 | % |
| Stock-based compensation expense | 2.3 | |
| Amortization of intangible assets | 3.3 | |
| Restructuring-related charges | 5.9 | |
| Acquisition and integration-related costs | 0.7 | |
| Net adjustments related to a long-term capacity reservation agreement | (1.4 | ) |
| Other expense | 1.6 | |
| Non-GAAP operating income | 15.6 | % |
| Three Months Ended | |||
| Free Cash Flow (1) | March 30, 2024 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 202.3 | |
| Purchases of property and equipment | (32.7 | ) | |
| Free cash flow | $ | 169.6 | |
(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 | |||||||||
| March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||
| GAAP research and development expense | $ | 179,883 | $ | 164,329 | $ | 163,637 | |||
| Less: | |||||||||
| Stock-based compensation expense | 11,812 | 11,830 | 10,286 | ||||||
| Acquisition and integration-related costs | 1 | 2 | 26 | ||||||
| Non-GAAP research and development expense | $ | 168,070 | $ | 152,497 | $ | 153,325 | |||
| Three Months Ended | |||||||||
| March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||
| GAAP selling, general and administrative expense | $ | 93,107 | $ | 86,914 | $ | 82,954 | |||
| Less: | |||||||||
| Stock-based compensation expense | 6,291 | 4,336 | 4,208 | ||||||
| Amortization of intangible assets | 5,156 | 4,330 | 4,711 | ||||||
| Acquisition and integration-related costs | — | — | 7 | ||||||
| Non-GAAP selling, general and administrative expense | $ | 81,660 | $ | 78,248 | $ | 74,028 | |||
| Three Months Ended | |||||||||
| March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||
| GAAP other operating expense | $ | 78,889 | $ | 178,204 | $ | 57,105 | |||
| Less: | |||||||||
| Stock-based compensation expense | 34 | 14 | — | ||||||
| Restructuring-related charges | 54,323 | 6,325 | 38,611 | ||||||
| Acquisition and integration-related costs | 5,314 | 2,526 | 2,018 | ||||||
| Goodwill impairment | — | 173,414 | 12,411 | ||||||
| Other expense (income) | 15,792 | (7,333 | ) | 4,065 | |||||
| Non-GAAP other operating expense | $ | 3,426 | $ | 3,258 | $ | — | |||
| Three Months Ended | |||||||||
| March 30, 2024 | December 30, 2023 | April 1, 2023 | |||||||
| GAAP total operating expense | $ | 351,879 | $ | 429,447 | $ | 303,696 | |||
| Less: | |||||||||
| Stock-based compensation expense | 18,137 | 16,180 | 14,494 | ||||||
| Amortization of intangible assets | 5,156 | 4,330 | 4,711 | ||||||
| Restructuring-related charges | 54,323 | 6,325 | 38,611 | ||||||
| Acquisition and integration-related costs | 5,315 | 2,528 | 2,050 | ||||||
| Goodwill impairment | — | 173,414 | 12,411 | ||||||
| Other expense (income) | 15,792 | (7,333 | ) | 4,065 | |||||
| Non-GAAP total operating expense | $ | 253,156 | $ | 234,003 | $ | 227,354 | |||
