Qorvo® Announces Fiscal 2019 Third Quarter Financial Results


QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands)
(Unaudited)

	Three Months Ended
	December 29, 2018		September 29, 2018		December 30, 2017
GAAP research and development expense	$	109,985	$	116,748	$	106,411
Less:
Stock-based compensation expense	5,653		5,744		5,091
Acquisition and integration related costs	2,596		—		—
Other non-cash expenses	453		453		388
Non-GAAP research and development expense	$	101,283	$	110,551	$	100,932


	Three Months Ended
	December 29, 2018		September 29, 2018		December 30, 2017
GAAP selling, general and administrative expense	$	125,604	$	139,507	$	126,555
Less:
Stock-based compensation expense	6,594		11,611		3,907
Amortization of intangible assets	69,515		69,872		72,463
Other non-cash expenses	232		233		290
Non-GAAP selling, general and administrative expense	$	49,263	$	57,791	$	49,895


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

	December 29, 2018		March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	649,711	$	926,037
Accounts receivable, net	420,903		345,957
Inventories	464,949		472,292
Other current assets	79,973		99,519
Total current assets	1,615,536		1,843,805

Property and equipment, net	1,397,589		1,374,112
Goodwill	2,173,889		2,173,889
Intangible assets, net	463,359		860,336
Long-term investments	90,696		63,765
Other non-current assets	65,222		65,612
Total assets	$	5,806,291	$	6,381,519

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	366,839	$	380,375
Other current liabilities	47,093		60,904
Total current liabilities	413,932		441,279

Long-term debt	714,402		983,290
Deferred tax liabilities	6,978		63,084
Other long-term liabilities	93,659		118,302
Total liabilities	1,228,971		1,605,955

Stockholders’ equity	4,577,320		4,775,564

Total liabilities and stockholders’ equity	$	5,806,291	$	6,381,519

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