Qorvo® Reports Fiscal 2016 Third Quarter Results

QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

  January 2, 2016  March 28, 2015
ASSETS   
Current assets:   
Cash and cash equivalents$851,597  $299,814 
Short-term investments173,569  244,830 
Accounts receivable, net296,592  353,830 
Inventories406,692  346,900 
Deferred tax assets (1)  150,208 
Other current assets115,267  104,523 
Total current assets1,843,717  1,500,105 
    
Property and equipment, net1,012,836  883,371 
Goodwill2,135,697  2,140,586 
Intangible assets, net1,927,366  2,307,229 
Long-term investments29,287  4,083 
Other non-current assets62,207  57,005 
Total assets$7,011,110  $6,892,379 
    
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable and accrued liabilities$299,970  $314,339 
Other current liabilities715  10,971 
Total current liabilities300,685  325,310 
    
Long-term debt, net987,888   
Deferred tax liabilities (1)143,103  310,189 
Other long-term liabilities85,362  83,720 
Total liabilities1,517,038  719,219 
    
Stockholders’ equity5,494,072  6,173,160 
    
Total liabilities and stockholders’ equity$7,011,110  $6,892,379 

     
(1)  The Company adopted Accounting Standards Update 2015-17, "Balance Sheet Classification of Deferred Taxes," in the period ended January 2, 2016, prospectively, which requires entities to present deferred tax assets and deferred tax liabilities as non-current in a classified balance sheet.  Prior periods presented in the condensed consolidated balance sheets were not retrospectively adjusted.

TRIQUINT SEMICONDUCTOR, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except percentages and per share data)
(Unaudited)

   Three Months Ended 
   December 31,
2014
  September 27,
2014
  June 28,
2014
  March 29,
2014
 
              
GAAP gross profit   $       161,326     $         123,720     $           92,714     $       59,050    
Adjustment for stock based compensation charges   2,471     1,610     2,218     1,785    
Adjustment for restructuring and impairment charges   612     42     (20 )   715    
Adjustment for charges associated with acquisitions   3,691     1,397     1,301     1,083    
Non-GAAP gross profit   168,100     126,769     96,213     62,633    
                   
GAAP gross margin   46.8 %   45.5 %   40.2 %   33.2 %  
Adjustment for stock based compensation charges   0.7 %   0.6 %   1.0 %   1.0 %  
Adjustment for restructuring and impairment charges   0.2 %   %   %   0.4 %  
Adjustment for charges associated with acquisitions   1.1 %   0.5 %   0.5 %   0.7 %  
Non-GAAP gross margin   48.8 %   46.6 %   41.7 %   35.3 %  
                   
GAAP operating expenses   $ 85,038     $ 87,845     $ 85,317     $ 79,033    
Adjustment for stock based compensation charges   (4,845 )   (4,748 )   (5,287 )   (4,805 )  
Adjustment for restructuring and impairment charges   (336 )   (114 )   52     (1,080 )  
Adjustment for charges associated with acquisitions   (3,158 )   (8,310 )   (8,124 )   (2,200 )  
Non-GAAP operating expenses   76,699     74,673     71,958     70,948    
                   
GAAP operating income (loss)   $ 76,288     $ 35,875     $ 7,397     $ (19,983 )  
Adjustment for stock based compensation charges   7,316     6,358     7,505     6,590    
Adjustment for restructuring and impairment charges   948     156     (72 )   1,795    
Adjustment for charges associated with acquisitions   6,849     9,707     9,425     3,283    
Non-GAAP operating income (loss)   91,401     52,096     24,255     (8,315 )  
                   
GAAP net income (loss)   $ 61,628     $ 26,184     $ 5,210     $ (19,069 )  
Adjustment for stock based compensation charges   7,316     6,358     7,505     6,590    
Adjustment for restructuring and impairment charges   948     156     443     1,795    
Adjustment for non-cash tax expense (benefit)   12,739     9,338     803     (2,190 )  
Adjustment for charges associated with acquisitions   6,999     9,374     9,643     3,510    
Non-GAAP net income (loss)   $ 89,630     $ 51,410     $ 23,604     $ (9,364 )  
                   
GAAP and Non-GAAP weighted average outstanding diluted shares   78,895     77,753     75,918     68,828    
                   
Non-GAAP net income per share, diluted   $ 1.14     $ 0.66     $ 0.31     $ (0.14 )  
                   

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