Qorvo® Announces Fiscal 2024 Fourth Quarter Financial Results
|
QORVO, INC. AND SUBSIDIARIES |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| (Unaudited) |
| | |
| |
Three Months Ended |
| (in thousands, except percentages) |
March 30, 2024 | |
December 30, 2023 | |
April 1, 2023 |
| GAAP gross profit/margin | $ | 381,857 | | 40.6 | % | | $ | 387,878 | | 36.1 | % | | $ | 114,714 | 18.1 | % |
| Stock-based compensation expense | | 3,444 | | 0.3 | | | | 5,575 | | 0.5 | | | | 4,175 | 0.7 | |
| Amortization of intangible assets | | 26,031 | | 2.8 | | | | 25,457 | | 2.4 | | | | 28,132 | 4.5 | |
| Restructuring-related charges | | 1,212 | | 0.1 | | | | (250 | ) | — | | | | 43,004 | 6.8 | |
| Acquisition and integration-related costs | | 1,281 | | 0.1 | | | | 1 | | — | | | | 15 | — | |
| Net adjustments related to a long-term capacity reservation agreement | | (13,445 | ) | (1.4 | ) | | | 51,864 | | 4.8 | | | | 71,000 | 11.2 | |
| Other expense | | — | | — | | | | — | | — | | | | 147 | — | |
| Non-GAAP gross profit/margin | $ | 400,380 | | 42.5 | % | | $ | 470,525 | | 43.8 | % | | $ | 261,187 | 41.3 | % |
| | | | | | | | | | | | | | | | | |
