Qorvo® Reports Fiscal 2016 Third Quarter Results

QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

	Three Months Ended
	December 27, 2014		September 27, 2014		June 28, 2014			March 29, 2014

GAAP operating income (loss)	$	103,635	$	75,256	$	46,120		$	(742		)
Share-based compensation expense	4,119		9,543		9,169			5,151
Amortization of intangible assets	5,467		6,801		6,966			7,455
Impairment of intangibles	—		—		—			11,300
Restructuring and disposal costs	224		262		1,315			4,302
IPR litigation costs	189		1,992		6,014			2,519
Acquisition and integration related costs	7,548		5,461		8,453			2,228
Start-up costs	—		211		115			—
Other expenses (including loss (gain) on assets and other non-cash expenses)	270		565		730			1,392
Non-GAAP operating income	$	121,452	$	100,091	$	78,882		$	33,605

GAAP net income (loss)	$	87,863	$	63,311	$	38,647		$	(1,046	)
Share-based compensation expense	4,119		9,543		9,169			5,151
Amortization of intangible assets	5,467		6,801		6,966			7,455
Impairment of intangibles	—		—		—			11,300
Restructuring and disposal costs	224		262		1,315			4,302
IPR litigation costs	189		1,992		6,014			2,519
Acquisition and integration related costs	7,548		5,461		8,453			2,228
Start-up costs	—		211		115			—
Other expenses (including loss (gain) on assets and other non-cash expenses )	270		565		730			1,392
Non-cash interest expense on convertible subordinated notes	—		—		240			1,361
Gain on investment	—		—		—			(398			)
Adjustment of income taxes for cash basis	2,723		1,828		(321		)	(903			)

Non-GAAP net income	$	108,403	$	89,974	$	71,328		$	33,361

GAAP weighted average outstanding diluted shares	74,454		74,134		73,659			70,651
Diluted share-based awards	—		—		—			1,726
Non-GAAP weighted average outstanding diluted shares	74,454		74,134		73,659			72,377

Non-GAAP net income per share, diluted	$	1.46	$	1.21	$	0.97		$	0.46

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