| Three Months Ended | ||
| Non-GAAP Operating Income | June 29, 2024 | |
| (as a percentage of revenue) | ||
| GAAP operating income | 0.5 | % |
| Stock-based compensation expense | 4.8 | |
| Amortization of intangible assets | 3.5 | |
| Restructuring-related charges | 2.2 | |
| Acquisition and integration-related costs | 0.3 | |
| Adjustments related to a terminated capacity reservation agreement | (0.3 | ) |
| Other expense | 0.1 | |
| Non-GAAP operating income | 11.1 | % |
| Three Months Ended | |||
| Free Cash Flow (1) | June 29, 2024 | ||
| (in millions) | |||
| Net cash provided by operating activities | $ | 81.1 | |
| Purchases of property and equipment | (38.2 | ) | |
| Free cash flow | $ | 42.9 | |
(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 | |||||||||||
| June 29, 2024 | March 30, 2024 | July 1, 2023 | |||||||||
| GAAP research and development expense | $ | 187,602 | $ | 179,883 | $ | 163,090 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 12,727 | 11,812 | 10,356 | ||||||||
| Acquisition and integration-related costs | 2 | 1 | 1 | ||||||||
| Non-GAAP research and development expense | $ | 174,873 | $ | 168,070 | $ | 152,733 | |||||
| Three Months Ended | |||||||||||
| June 29, 2024 | March 30, 2024 | July 1, 2023 | |||||||||
| GAAP selling, general and administrative expense | $ | 114,923 | $ | 93,107 | $ | 105,423 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 24,322 | 6,291 | 23,110 | ||||||||
| Amortization of intangible assets | 4,647 | 5,156 | 4,383 | ||||||||
| Non-GAAP selling, general and administrative expense | $ | 85,954 | $ | 81,660 | $ | 77,930 | |||||
| Three Months Ended | |||||||||||
| June 29, 2024 | March 30, 2024 | July 1, 2023 | |||||||||
| GAAP other operating expense | $ | 25,173 | $ | 78,889 | $ | 8,693 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 131 | 34 | 30 | ||||||||
| Restructuring-related charges | 19,574 | 54,323 | 3,781 | ||||||||
| Acquisition and integration-related costs | 655 | 5,314 | 1,193 | ||||||||
| Other expense | 1,109 | 15,792 | 1,609 | ||||||||
| Non-GAAP other operating expense | $ | 3,704 | $ | 3,426 | $ | 2,080 | |||||
| Three Months Ended | |||||||||||
| June 29, 2024 | March 30, 2024 | July 1, 2023 | |||||||||
| GAAP total operating expense | $ | 327,698 | $ | 351,879 | $ | 277,206 | |||||
| Less: | |||||||||||
| Stock-based compensation expense | 37,180 | 18,137 | 33,496 | ||||||||
| Amortization of intangible assets | 4,647 | 5,156 | 4,383 | ||||||||
| Restructuring-related charges | 19,574 | 54,323 | 3,781 | ||||||||
| Acquisition and integration-related costs | 657 | 5,315 | 1,194 | ||||||||
| Other expense | 1,109 | 15,792 | 1,609 | ||||||||
| Non-GAAP total operating expense | $ | 264,531 | $ | 253,156 | $ | 232,743 | |||||
QORVO, INC. AND SUBSIDIARIES
