Qorvo® Announces Fiscal 2025 Second Quarter Financial Results


  Three Months Ended
Non-GAAP Operating Income September 28, 2024
(as a percentage of revenue) 
  
GAAP operating income 0.9%
Stock-based compensation expense 3.7 
Amortization of intangible assets 2.8 
Restructuring-related charges 3.3 
Acquisition and integration-related costs 0.1 
Goodwill impairment 9.2 
Other expense 0.3 
Non-GAAP operating income 20.3%


  Three Months Ended
Free Cash Flow (1) September 28, 2024
(in millions) 
  
Net cash provided by operating activities$127.8 
Purchases of property and equipment (33.0)
Free cash flow$94.8 

(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
  September 28, 2024  June 29, 2024  September 30, 2023
GAAP research and development expense$201,050  $187,602     $ 174,947  
Less:          
Stock-based compensation expense   13,468       12,727       11,519  
Acquisition and integration-related costs   2       2       2  
Non-GAAP research and development expense $ 187,580     $ 174,873     $ 163,426  
           
  Three Months Ended
  September 28, 2024   June 29, 2024   September 30, 2023
GAAP selling, general and administrative expense $ 107,760     $ 114,923     $ 103,696  
Less:          
Stock-based compensation expense   18,488       24,322       20,030  
Amortization of intangible assets   3,959       4,647       4,372  
Acquisition and integration-related costs   1              
Non-GAAP selling, general and administrative expense $ 85,312     $ 85,954     $ 79,294  
           
  Three Months Ended
  September 28, 2024   June 29, 2024   September 30, 2023
GAAP other operating expense $ 126,821     $ 25,173     $ 59,619  
Less:          
Stock-based compensation expense   178       131       23  
Restructuring-related charges   18,982       19,574       5,936  
Acquisition and integration-related costs   572       655       849  
Goodwill impairment   96,458             48,000  
Other expense   3,696       1,109       1,712  
Non-GAAP other operating expense $ 6,935     $ 3,704     $ 3,099  
           
  Three Months Ended
  September 28, 2024   June 29, 2024   September 30, 2023
GAAP total operating expense $ 435,631     $ 327,698     $ 338,262  
Less:          
Stock-based compensation expense   32,134       37,180       31,572  
Amortization of intangible assets   3,959       4,647       4,372  
Restructuring-related charges   18,982       19,574       5,936  
Acquisition and integration-related costs   575       657       851  
Goodwill impairment   96,458             48,000  
Other expense   3,696       1,109       1,712  
Non-GAAP total operating expense $ 279,827     $ 264,531     $ 245,819  



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