Qorvo® Reports Fiscal 2016 Third Quarter Results


(1) The following financial statements for Qorvo, Inc. and Subsidiaries, including the reconciliation of GAAP and non-GAAP financial information, reflect the financial position and results of operation of Qorvo, Inc. and Subsidiaries for the three and nine months ended January 2, 2016, the three months ended October 3, 2015, June 27, 2015, March 28, 2015, and as of January 2, 2016.  The condensed consolidated statements of income for the three and nine months ended December 27, 2014 only includes the results of operations of RF Micro Devices, Inc. and Subsidiaries for these periods.

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

  Three Months Ended
  January 2,
2016
  October 3,
2015
  June 27,
2015
  March 28,
2015
        
GAAP operating (loss) income$(13,213) $18,039  $(1,335) $(102,545)
Share-based compensation expense30,308  35,729  48,170  42,110 
Amortization of intangible assets128,542  128,028  123,202  123,515 
Acquired inventory step-up and revaluation      72,850 
Restructuring and disposal costs301  2,403  1,427  12,374 
IPR litigation costs337  192  148  68 
Acquisition and integration related costs4,955  5,589  10,415  20,077 
Start-up costs3,835  3,496  3,710  1,105 
Other expenses (including loss (gain) on assets and other non-cash expenses)1,850  1,348  2,078  35 
Non-GAAP operating income$156,915  $194,824  $187,815  $169,589 
        
GAAP net (loss) income$(11,127) $4,448  $2,036  $6,482 
Share-based compensation expense30,308  35,729  48,170  42,110 
Amortization of intangible assets128,542  128,028  123,202  123,515 
Acquired inventory step-up and revaluation      72,850 
Restructuring and disposal costs301  2,403   1,427     12,374  
IPR litigation costs 337     192     148     68  
Acquisition and integration related costs 4,955     5,589     10,415     20,077  
Start-up costs 3,835     3,496     3,710     1,105  
Other expenses (including loss (gain) on assets and other non-cash expenses ) 1,850     1,348     2,114     809  
Gain on investment         (4,025 )    
Adjustment of income taxes for cash basis (10,980 )   2,050     (18,708 )   (112,232 )
               
Non-GAAP net income $ 148,021     $ 183,283     $ 168,489     $ 167,158  
               
GAAP weighted average outstanding diluted shares 139,343     150,783     154,461     150,470  
Diluted  share-based awards 4,756              
Non-GAAP weighted average outstanding diluted shares 144,099     150,783     154,461     150,470  
               
Non-GAAP net income per share, diluted $ 1.03     $ 1.22     $ 1.09     $ 1.11  
               



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