Qorvo® Announces Fiscal 2025 Second Quarter Financial Results


QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
 
  Three Months Ended
  September 28, 2024  June 29, 2024  September 30, 2023
      
GAAP operating income$9,675  $4,606  $151,428 
Stock-based compensation expense 38,181   42,366   39,053 
Amortization of intangible assets 29,482   30,474   29,963 
Restructuring-related charges 34,396   19,574   8,418 
Acquisition and integration-related costs 1,211   2,582   852 
Goodwill impairment 96,458      48,000 
Other expense (income) 2,811      (1,477 )     1,712  
Non-GAAP operating income $ 212,214     $ 98,125     $ 279,426  
           
GAAP net (loss) income $ (17,435 )   $ 414     $ 97,461  
Stock-based compensation expense   38,181       42,366       39,053  
Amortization of intangible assets   29,482       30,474       29,963  
Restructuring-related charges   34,396       19,574       8,418  
Acquisition and integration-related costs   1,211       2,582       852  
Goodwill impairment   96,458             48,000  
Other expense (income)   379       (3,446 )     2,616  
Loss on investments   780       2,499       1,574  
Adjustment of income taxes   (3,611 )     (10,939 )     7,576  
Non-GAAP net income $ 179,841     $ 83,524     $ 235,513  
           
GAAP weighted-average outstanding diluted shares   94,886       96,510       98,590  
Dilutive stock-based awards   867              
Non-GAAP weighted-average outstanding diluted shares   95,753       96,510       98,590  
           
Non-GAAP net income per share, diluted $ 1.88     $ 0.87     $ 2.39  



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