Conference Call:

TriQuint will host a conference call this afternoon at 1:30 p.m. PDT to discuss the results for the quarter and our future expectations for the company. To access the conference call, please dial (888) 813-6582 domestically, or (706) 643-7082 internationally, approximately ten minutes prior to the beginning of the call, using passcode 98159203. The call can also be heard via webcast accessed through the “Investors” section of TriQuint's web site at: http://invest.triquint.com. A replay of the conference call will be available until November 10, 2014.

Non-GAAP Financial Measures:

This press release provides financial measures for non-GAAP net income (loss), diluted earnings (loss) per share, gross profit, gross margin, operating expenses and operating income (loss) that exclude equity compensation expense, non-cash tax expense (benefit), certain entries associated with mergers and acquisitions including expenses associated with the planned merger with RFMD and other specifically identified non-routine items, and are therefore not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). The charges associated with mergers and acquisitions reflect the amortization of intangible and tangible assets, transaction costs and changes to the earnout liability estimates recorded in connection with acquisition accounting and charged to the income statement. The charges associated with the planned merger with RFMD include professional fees and other costs. The non-cash tax expense (benefit) excludes certain deferred tax charges and benefits that do not currently result in a tax payment or tax refund. Management believes that these non-GAAP financial measures provide meaningful supplemental information that enhances management's and investors' ability to evaluate TriQuint's operating results.

These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for any other performance measure determined in accordance with GAAP. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, including that other companies may calculate similar non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool. The company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net income and net income per share.

Forward-Looking Statements:

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expectations for discrete premium filter revenue for 2014; expected timing and completion of TriQuint’s merger with RFMD; and statements under "Outlook" regarding anticipated fourth quarter revenues, fourth quarter non-GAAP gross margin, operating expenses and net income per diluted share. These forward-looking statements are statements of management's opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied in the statements herein or from historical results, due to changes in economic, business, competitive, technological and/or regulatory factors. More detailed information about risk factors that may affect actual results are set forth in TriQuint's reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. These reports can be accessed at the SEC web site, www.sec.gov. Except as required by law, TriQuint undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.

A reader of this release should understand that it is not possible to predict or identify all risk factors and should not consider the risk factors described in TriQuint's filings with the Securities and Exchange Commission to be a complete statement of all potential risks and uncertainties.

Facts About TriQuint

Founded in 1985, TriQuint Semiconductor (NASDAQ: TQNT) is a leading RF solutions supplier and technology innovator for the world's top communications, defense and aerospace companies. People and organizations around the world need real-time, all-the-time connections; TriQuint products help reduce the cost and increase the performance of connected mobile devices and the networks that deliver critical voice, data and video communications. With the industry's broadest technology portfolio, recognized R&D leadership, and expertise in high-volume manufacturing, TriQuint creates standard and custom products using gallium arsenide (GaAs), gallium nitride (GaN), surface acoustic wave (SAW) and bulk acoustic wave (BAW) technologies. The company has ISO 9001-certified manufacturing facilities in the U.S., production in Costa Rica, and design centers in North America and Germany. For more information, visit www.triquint.com.

TriQuint: Reach Further, Reach Faster™

TQNT-F

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
					September 27, 2014				December 31, 2013
Assets
Current assets:
	Cash and cash equivalents				$	223,612			$	79,026
	Investments in marketable securities				24,330				—
	Accounts receivable, net				164,397				177,114
	Inventories				158,130				159,488
	Prepaid expenses				8,791				13,617
	Deferred tax assets, net				17,956				12,787
	Other current assets				38,366				39,960
		Total current assets			635,582				481,992
Property, plant and equipment, net					428,459				420,363
Goodwill					13,519				13,519
Intangible assets, net					19,199				23,510
Deferred tax assets – noncurrent, net					51,019				61,554
Other noncurrent assets, net					59,257				32,319
		Total assets			$	1,207,035			$	1,033,257
Liabilities and Stockholders' Equity
Current liabilities:
	Accounts payable				$	77,702			$	52,472
	Accrued payroll				45,766				39,743
	Other accrued liabilities				14,834				15,893
		Total current liabilities			138,302				108,108
Long-term liabilities:
	Long-term income tax liability				2,311				2,062
	Cross-licensing liability				11,309				11,752
	Other long-term liabilities				16,312				16,782
		Total liabilities			168,234				138,704
Stockholders' equity:
	Common stock				177				162
	Additional paid-in capital				831,833				699,903
	Accumulated other comprehensive income				73				95
	Retained earnings				206,718				194,393
		Total stockholders' equity			1,038,801				894,553
		Total liabilities and stockholders' equity			$	1,207,035			$	1,033,257

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
				Three Months Ended												Nine Months Ended
				September				June 28,				September				September				September
				27, 2014				2014				28, 2013				27, 2014				28, 2013
Revenues				$	272,147			$	230,771			$	250,836			$	680,524			625,148
Cost of goods sold				148,427				138,057				158,619				405,040				437,440
	Gross profit			123,720				92,714				92,217				275,484				187,708
Operating expenses:
	Research, development and engineering			49,810				48,001				47,023				147,681				140,201
	Selling, general and administrative			38,035				37,316				26,420				104,514				79,650
		Total operating expenses		87,845				85,317				73,443				252,195				219,851
	Operating income (loss)			35,875				7,397				18,774				23,289				(32,143		)
Other (expense) income:
	Interest income			92				42				7				161				83
	Interest expense			(892		)		(844		)		(1,153		)		(2,591		)		(3,429		)
	Other, net			297				(624		)		70				(282		)		97
		Other (expense) income, net		(503		)		(1,426		)		(1,076		)		(2,712		)		(3,249		)
Income (loss) before income tax				35,372				5,971				17,698				20,577				(35,392		)
	Income tax expense (benefit)			9,188				761				4,137				8,252				(6,119		)
Net income (loss)				$	26,184			$	5,210			$	13,561			$	12,325			$	(29,273	)
Per Share Data:
	Basic per share net earnings (loss)			$	0.15			$	0.03			$	0.09			$	0.07			$	(0.18	)
	Diluted per share net earnings (loss)			$	0.14			$	0.03			$	0.08			0.07				$	(0.18	)
Weighted-average shares outstanding:
	Basic			175,764				171,770				157,105				170,709				159,057
	Diluted			185,701				181,319				163,917				180,302				159,057

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(% of revenue)
				Three Months Ended									Nine Months Ended
				September			June 28,			September			September			September
				27, 2014			2014			28, 2013			27, 2014			28, 2013
Revenues				100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of goods sold				54.5	%		59.8	%		63.2	%		59.5	%		70.0	%
	Gross profit			45.5	%		40.2	%		36.8	%		40.5	%		30.0	%
Operating expenses:
	Research, development and engineering			18.3	%		20.8	%		18.7	%		21.7	%		22.4	%
	Selling, general and administrative			14.0	%		16.2	%		10.6	%		15.4	%		12.7	%
		Total operating expenses		32.3	%		37.0	%		29.3	%		37.1	%		35.1	%
	Operating income (loss)			13.2	%		3.2	%		7.5	%		3.4	%		(5.1	)%
Other (expense) income:
	Interest income			0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
	Interest expense			(0.3	)%		(0.3	)%		(0.5	)%		(0.4	)%		(0.6	)%
	Other, net			0.1	%		(0.3	)%		0.0	%		0.0	%		0.0	%
		Other (expense) income, net		(0.2	)%		(0.6	)%		(0.5	)%		(0.4	)%		(0.6	)%
Income (loss) before income tax				13.0	%		2.6	%		7.0	%		3.0	%		(5.7	)%
	Income tax expense (benefit)			3.4	%		0.3	%		1.6	%		1.2	%		(1.0	)%
Net income (loss)				9.6	%		2.3	%		5.4	%		1.8	%		(4.7	)%

SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(Dollars in thousands, except per share amounts)
					Three Months Ended																					Nine Months Ended
					September 27, 2014							June 28, 2014							September 28, 2013							September 27, 2014							September 28, 2013
					(% of revenues)							(% of revenues)							(% of revenues)							(% of revenues)							(% of revenues)
GAAP GROSS PROFIT					$	123,720			45.5	%		$	92,714			40.2	%		$	92,217			36.8	%		$	275,484			40.5	%		$	187,708			30.0	%
	Adjustment for stock based compensation charges				1,610				0.6	%		2,218				1.0	%		1,720				0.7	%		5,613				0.8	%		5,327				0.9	%
	Adjustment for restructuring and impairment charges				42				0.0	%		(20		)		—	%		—				—	%		736				0.0	%		—				—	%
	Adjustment for charges associated with acquisitions				1,397				0.5	%		1,301				0.5	%		1,272				0.5	%		3,781				0.6	%		3,682				0.6	%
NON-GAAP GROSS PROFIT					$	126,769			46.6	%		$	96,213			41.7	%		$	95,209			38.0	%		285,614				42.0	%		196,717				31.5	%
GAAP OPERATING EXPENSES					$	87,845			32.3	%		$	85,317			37.0	%		$	73,443			29.3	%		$	252,195			37.1	%		$	219,851			35.1	%
	Adjustment for stock based compensation charges				(4,748		)		(1.7	)%		(5,287		)		(2.3	)%		(5,193		)		(2.1	)%		(14,840		)		(2.2	)%		(15,802		)		(2.5	)%
	Adjustment for restructuring and impairment charges				(114		)		0.0	%		52				—	%		—				—	%		(1,143		)		(0.2	)%		—				—	%
	Adjustment for charges associated with acquisitions				(8,310		)		(3.1	)%		(8,124		)		(3.5	)%		308				0.1	%		(18,631		)		(2.7	)%		2,103				0.4	%
NON-GAAP OPERATING EXPENSES					$	74,673			27.5	%		$	71,958			31.2	%		$	68,558			27.3	%		$	217,581			32.0	%		$	206,152			33.0	%
GAAP OPERATING INCOME (LOSS)					$	35,875			13.2	%		$	7,397			3.2	%		$	18,774			7.5	%		$	23,289			3.4	%		$	(32,143	)		(5.1	)%
	Adjustment for stock based compensation charges				6,358				2.3	%		7,505				3.3	%		6,913				2.8	%		20,453				3.0	%		21,129				3.4	%
	Adjustment for restructuring and impairment charges				156				—	%		(72		)		(0.1	)%						—	%		1,879				0.3	%		—				—	%
	Adjustment for charges associated with acquisitions				9,707				3.6	%		9,425				4.1	%		964				0.3	%		22,412				3.3	%		1,579				0.2	%
NON-GAAP OPERATING INCOME (LOSS)					$	52,096			19.1	%		$	24,255			10.5	%		$	26,651			10.6	%		$	68,033			10.0	%		$	(9,435	)		(1.5	)%
GAAP NET INCOME (LOSS)					$	26,184			9.6	%		$	5,210			2.3	%		$	13,561			5.4	%		$	12,325			1.8	%		$	(29,273	)		(4.7	)%
	Adjustment for stock based compensation charges				6,358				2.3	%		7,505				3.3	%		6,913				2.8	%		20,453				3.0	%		21,129				3.4	%
	Adjustment for restructuring and impairment charges				156				0.1	%		(72		)		—	%		—				—	%		1,879				0.3	%		—				—	%
	Adjustment for impairment (recovery) of investment				—				—	%		515				0.2	%		—				—	%		515				0.1	%		(421		)		(0.1	)%
	Adjustment for non-cash tax expense (benefit)				9,338				3.4	%		803				0.3	%		4,482				1.8	%		7,950				1.2	%		(6,243		)		(1.0	)%
	Adjustment for charges associated with acquisitions				9,374				3.5	%		9,643				4.1	%		1,351				0.5	%		22,526				3.2	%		2,941				0.5	%
NON-GAAP NET INCOME (LOSS)					$	51,410			18.9	%		$	23,604			10.2	%		$	26,307			10.5	%		$	65,648			9.6	%		$	(11,867	)		(1.9	)%
GAAP DILUTED EARNINGS (LOSS) PER SHARE					0.14							$	0.03						$	0.08						$	0.07						(0.18		)
	Adjustment for stock based compensation charges				0.03							0.04							0.04							0.11							0.13
	Adjustment for restructuring and impairment charges				0.01							(0.00		)					—							0.01							—
	Adjustment for impairment (recovery) of investment				0.00							—							0.00							0.00							0.00
	Adjustment for non-cash tax expense (benefit)				0.05							0.01							0.03							0.04							(0.04		)
	Adjustment for charges associated with acquisitions				0.05							0.05							0.01							0.13							0.02
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE					$	0.28						$	0.13						$	0.16						$	0.36						$	(0.07	)

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