Qorvo® Reports Fiscal 2016 Third Quarter Results


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

  Three Months Ended
  January 2, 2016  October 3, 2015  December 27, 2014
GAAP gross profit/margin$230,988 37.2% $284,848 40.2% $190,702 48.0%
Adjustment for intangible amortization56,683 9.1% 56,092 7.9% 4,280 1.1%
Adjustment for share-based compensation8,101 1.3% 10,245 1.4% 509 0.1%
Restructuring and disposal adjustments %  % (195)(0.1)%
Other expenses913 0.1% 421 0.1%  %
Non-cash deferred royalty revenue and equal and offsetting non-cash prepaid royalty amortization ($970)     0.2%  0.1%  0.2%
Non-GAAP gross profit/margin$296,685 47.9% $351,606 49.7% $195,296 49.3%


  Three Months Ended
Non-GAAP Operating Income January 2, 2016
(as a percentage of sales) 
  
GAAP operating loss          (2.1)%
Share-based compensation expense4.9%
Amortization of intangible assets20.7%
IPR litigation costs0.1%
Acquisition and integration related costs0.8%
Start-up costs0.6%
Other expenses (including loss (gain) on assets and other non-cash expenses)                                                                                                  0.3%
Non-GAAP operating income25.3%


Free Cash Flow (1) Three Months Ended
January 2, 2016
(In millions) 
  
 Net cash provided by operating activities                                                                                                                                                            $218.0 
 Purchases of property and equipment    (61.5)
 Free cash flow$156.5 


(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
  January 2, 2016   October 3, 2015   December 27, 2014
GAAP research and development expense $ 105,992     $ 118,293     $ 48,865  
Less:          
Share-based compensation expense 10,750     11,526     1,695  
Other non-cash expenses 240     239      
Non-GAAP research and development expense $ 95,002     $ 106,528     $ 47,170  
           
           
  Three Months Ended
  January 2, 2016   October 3, 2015   December 27, 2014
GAAP marketing and selling expense $ 101,890     $ 105,925     $ 17,939  
Less:          
Share-based compensation expense 4,336     5,273     959  
Amortization of intangible assets 71,859     71,936     1,187  
Other non-cash expenses 34     34      
Non-GAAP marketing and selling expense $ 25,661     $ 28,682     $ 15,793  
           
           
  Three Months Ended
  January 2, 2016   October 3, 2015   December 27, 2014
GAAP general and administrative expense $ 24,404     $ 29,069     $ 12,026  
Less:          
Share-based compensation expense 4,447     7,241     956  
Other non-cash expenses 513     64      
IPR litigation costs 337     192     189  
Non-GAAP general and administrative expense $ 19,107     $ 21,572     $ 10,881  
           



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