Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 fourth quarter ended March 29, 2025. On a GAAP basis, revenue for Qorvo’s fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42. Bob Bruggeworth, president and chief executive officer of Qorvo, said, “During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year. Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.” Financial Commentary and Outlook Grant Brown, chief financial officer of Qorvo, said, “Qorvo’s fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives — including portfolio optimization, factory consolidation, and continued cost discipline — that position us to expand margins, enhance operational efficiency, and drive shareholder value.” Qorvo’s current outlook for the June 2025 quarter is: Quarterly revenue of approximately $775 million, plus or minus $25 millionNon-GAAP gross margin between 42% and 44%Non-GAAP diluted earnings per share between $0.50 and $0.75 See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material. Selected Financial Information The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached. SELECTED GAAP RESULTS(In millions, except for percentages and EPS)(Unaudited) Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue$ 869.5 $ 916.3 $ 941.0 $ (46.8) $ (71.5) Gross profit$ 366.6 $ 391.4 $ 381.9 $ (24.8) $ (15.3) Gross margin 42.2 % 42.7 % 40.6 % (0.5)ppt 1.6 pptOperating expenses$ 338.3 $ 338.4 $ 351.9 $ (0.1) $ (13.6) Operating income$ 28.2 $ 53.0 $ 30.0 $ (24.8) $ (1.8) Net income$ 31.4 $ 41.3 $ 2.7 $ (9.9) $ 28.7 Weighted-average diluted shares 94.1 95.0 97.3 (0.9) (3.2) Diluted EPS$ 0.33 $ 0.43 $ 0.03 $ (0.10) $ 0.30 SELECTED NON-GAAP RESULTS (1)(In millions, except for percentages and EPS)(Unaudited) Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue$ 869.5 $ 916.3 $ 941.0 $ (46.8) $ (71.5) Gross profit$ 398.7 $ 426.3 $ 400.4 $ (27.6) $ (1.7) Gross margin 45.9 % 46.5 % 42.5 % (0.6)ppt 3.4 pptOperating expenses$ 246.8 $ 248.4 $ 253.2 $ (1.6) $ (6.4) Operating income$ 151.8 $ 177.9 $ 147.2 $ (26.1) $ 4.6 Net income$ 133.3 $ 152.8 $ 135.5 $ (19.5) $ (2.2) Weighted-average diluted shares 94.1 95.0 97.3 (0.9) (3.2) Diluted EPS$ 1.42 $ 1.61 $ 1.39 $ (0.19) $ 0.03 (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes. SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue HPA$ 187.9 $ 171.7 $ 164.6 9.4 % 14.2 %CSG 101.3 109.5 122.8 (7.5)% (17.5)%ACG 580.3 635.1 653.6 (8.6)% (11.2)%Total revenue$ 869.5 $ 916.3 $ 941.0 (5.1)% (7.6)%Operating income (loss) HPA$ 58.4 $ 32.6 $ 31.5 79.1 % 85.4 %CSG (15.6) (11.7) (15.2) (33.3)% (2.6)%ACG 109.7 161.2 134.3 (31.9)% (18.3)%Unallocated amounts (1) (124.3) (129.1) (120.6) 3.7 % (3.1)%Total operating income$ 28.2 $ 53.0 $ 30.0 (46.8)% (6.0)%Operating income (loss) as a % of revenue HPA 31.1 % 19.0 % 19.1 % 12.1 ppt 12.0 pptCSG (15.4) (10.7) (12.4) (4.7)ppt (3.0)pptACG 18.9 25.4 20.5 (6.5)ppt (1.6)pptTotal operating income as a % of revenue 3.3 % 5.8 % 3.2 % (2.5)ppt — ppt (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company's core business systems and other miscellaneous corporate overhead expenses. Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached. In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance. We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below: Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies. We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation. We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo's ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question. Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. We believe these net adjustments are not reflective of the performance of our ongoing business. Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows. EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo's ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges). Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill. Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt. Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period. Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results. Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently. Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2889510. The playback will be available through the close of business May 6, 2025. About Qorvo Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet. Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners. This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements. # # # Financial Tables to Follow QORVO, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited) Three Months Ended Twelve Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024Revenue$ 869,474 $ 940,988 $ 3,718,971 $ 3,769,506 Costs and expenses: Cost of goods sold 502,911 559,131 2,183,382 2,281,011 Research and development 179,931 179,883 747,709 682,249 Selling, general and administrative 90,581 93,107 403,624 389,140 Other operating expense 67,830 78,889 288,729 325,405 Total costs and expenses 841,253 911,010 3,623,444 3,677,805 Operating income 28,221 29,978 95,527 91,701 Interest expense (19,985) (17,282) (78,328) (69,245)Other income, net 6,987 16,818 48,700 51,104 Income before income taxes 15,223 29,514 65,899 73,560 Income tax benefit (expense) 16,142 (26,779) (10,284) (143,882)Net income (loss)$ 31,365 $ 2,735 $ 55,615 $ (70,322) Net income (loss) per share: Basic$ 0.34 $ 0.03 $ 0.59 $ (0.72)Diluted$ 0.33 $ 0.03 $ 0.58 $ (0.72) Weighted-average shares of common stock outstanding: Basic 93,249 96,277 94,586 97,557 Diluted 94,105 97,335 95,450 97,557 QORVO, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except per share data)(Unaudited) Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024 GAAP operating income$ 28,221 $ 53,025 $ 29,978 Stock-based compensation expense 27,415 28,384 21,581 Amortization of intangible assets 24,040 26,085 31,187 Restructuring-related (adjustments) charges (17,252) 68,072 55,535 Goodwill and intangible asset impairment 79,503 — — Acquisition and integration-related costs 4,395 1,382 6,596 Net adjustments related to a terminated capacity reservation agreement (720) (1,253) (13,445)Other expense 6,247 2,216 15,792 Non-GAAP operating income$ 151,849 $ 177,911 $ 147,224 GAAP net income$ 31,365 $ 41,271 $ 2,735 Stock-based compensation expense 27,415 28,384 21,581 Amortization of intangible assets 24,040 26,085 31,187 Restructuring-related (adjustments) charges (17,252) 68,072 55,535 Goodwill and intangible asset impairment 79,503 — — Acquisition and integration-related costs 4,395 1,382 6,596 Net adjustments related to a terminated capacity reservation agreement (720) (1,253) (13,445)Other expense 8,889 600 10,662 Loss (gain) on investment 802 (1,721) 1,805 Adjustment of income taxes (25,095) (10,067) 18,874 Non-GAAP net income$ 133,342 $ 152,753 $ 135,530 GAAP weighted-average outstanding diluted shares 94,105 95,031 97,335 Dilutive stock-based awards — — — Non-GAAP weighted-average outstanding diluted shares 94,105 95,031 97,335 Non-GAAP net income per share, diluted$ 1.42 $ 1.61 $ 1.39 QORVO, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited) Three Months Ended(in thousands, except percentages)March 29, 2025 December 28, 2024 March 30, 2024GAAP gross profit/margin$ 366,563 42.2 % $ 391,416 42.7 % $ 381,857 40.6 %Stock-based compensation expense 5,645 0.7 5,742 0.6 3,444 0.3 Amortization of intangible assets 21,684 2.5 23,462 2.6 26,031 2.8 Restructuring-related charges 5,492 0.6 6,931 0.7 1,212 0.1 Acquisition and integration-related costs 1 — 1 — 1,281 0.1 Net adjustments related to a terminated capacity reservation agreement (720) (0.1) (1,253) (0.1) (13,445) (1.4) Non-GAAP gross profit/margin$ 398,665 45.9 % $ 426,299 46.5 % $ 400,380 42.5 % Three Months EndedNon-GAAP Operating IncomeMarch 29, 2025(as a percentage of revenue) GAAP operating income 3.3 %Stock-based compensation expense 3.2 Amortization of intangible assets 2.8 Restructuring-related adjustments(2.0) Goodwill and intangible asset impairment9.1 Acquisition and integration-related costs 0.5 Net adjustments related to a terminated capacity reservation agreement (0.1) Other expense 0.7 Non-GAAP operating income 17.5 % Three Months EndedFree Cash Flow (1)March 29, 2025(in millions) Net cash provided by operating activities$ 199.2 Purchases of property and equipment (28.5)Free cash flow$ 170.7 (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures. QORVO, INC. AND SUBSIDIARIESADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS(In thousands)(Unaudited) Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024GAAP research and development expense$179,931 $179,126 $179,883 Less: Stock-based compensation expense 14,364 13,650 11,812 Acquisition and integration-related costs 1 1 1 Non-GAAP research and development expense$165,566 $165,475 $168,070 Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024GAAP selling, general and administrative expense$90,581 $90,360 $93,107 Less: Stock-based compensation expense 7,576 8,985 6,291 Amortization of intangible assets 2,356 2,623 5,156 Non-GAAP selling, general and administrative expense$80,649 $78,752 $81,660 Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024GAAP other operating expense$67,830 $68,905 $78,889 Less: Stock-based compensation (adjustment) expense (170) 7 34 Restructuring-related (adjustments) charges (22,744) 61,141 54,323 Goodwill and intangible asset impairment 79,503 — — Acquisition and integration-related costs 4,393 1,380 5,314 Other expense 6,247 2,216 15,792 Non-GAAP other operating expense$601 $4,161 $3,426 Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024GAAP total operating expense$338,342 $338,391 $351,879 Less: Stock-based compensation expense 21,770 22,642 18,137 Amortization of intangible assets 2,356 2,623 5,156 Restructuring-related (adjustments) charges (22,744) 61,141 54,323 Goodwill and intangible asset impairment 79,503 — — Acquisition and integration-related costs 4,394 1,381 5,315 Other expense 6,247 2,216 15,792 Non-GAAP total operating expense$246,816 $248,388 $253,156 QORVO, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) March 29, 2025 March 30, 2024ASSETS Current assets: Cash and cash equivalents$ 1,021,176 $ 1,029,258 Accounts receivable, net 386,719 412,960 Inventories 640,992 710,555 Other current assets 118,388 133,983 Assets of disposal group held for sale — 159,278 Total current assets 2,167,275 2,446,034 Property and equipment, net 801,895 870,982 Goodwill 2,389,741 2,534,601 Intangible assets, net 273,478 509,383 Long-term investments 23,433 23,252 Other non-current assets 277,309 170,383 Total assets$ 5,933,131 $ 6,554,635 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities$ 548,644 $ 589,760 Current portion of long-term debt — 438,740 Other current liabilities 234,538 113,215 Liabilities of disposal group held for sale — 88,372 Total current liabilities 783,182 1,230,087 Long-term debt 1,549,215 1,549,272 Other long-term liabilities 208,422 218,904 Total liabilities 2,540,819 2,998,263 Stockholders’ equity 3,392,312 3,556,372 Total liabilities and stockholders’ equity$ 5,933,131 $ 6,554,635 At Qorvo®Doug DeLietoVP, Investor Relations1.336.678.7968

Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

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