Our earnings release contains forward-looking non-GAAP revenue, gross margin, income tax rate and diluted earnings per share. "Of note, we achieved a significant performance milestone in BAW filter resonator performance, and we are competing today on the most complex BAW-based product opportunities. Qorvo Inc. 2012 Annual Report and 2013 Proxy Statement 2.3 MB. 2015 10-K PDF Format Download (opens in new window) PDF 2.88 MB. Qorvo's annual revenues are over $500 million (see exact revenue data). >> Visit website. 2010 Annual Report … We believe that presentation of measures of these operating expenses that exclude 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. Where to Invest $10,000; 50 Companies to Watch in 2018; Where to Invest $1 Million; Follow. On a GAAP basis, fiscal year 2017 third quarter revenue increased 33.1% year-over-year and decreased 4.4% sequentially to $826.3 million. /SM 0.02 Annual Report 2019 Form 10-K (NASDAQ:QRVO) Published: May 17th, 2019 PDF generated by stocklight.com . View the latest QRVO financial statements, income statements and financial ratios. /Producer (�� Q t 4 . Annual Report 2017 Form 10-K (NASDAQ:QRVO) Published: May 23rd, 2017 PDF generated by stocklight.com . On a non-GAAP basis, gross margin was 44.3%, operating expenses were $157.1 million, operating income was $208.7 million, or 25.3% of sales, and net income was $177.3 million, or diluted EPS of $1.35. Non-GAAP net income and non-GAAP net income per diluted share. In fiscal year 2018, we expect double-digit revenue growth, driven by continued broad-based growth in IDP and increasing demand for our mobile products, including multiplexers, diversity receive modules, WiFi, RF Fusion, and RF Flex. 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 use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. Qorvo (NASDAQ:QRVO) makes a better world possible by providing innovative RF solutions at the center of connectivity. 1 0 obj Qorvo, Inc. (QRVO) 10-K Annual Report Wed May 20 2020. 7) We are also forecasting year-over-year content gains in marquee smartphones, driven by low-band PADs, envelope trackers and tuners.". Shares have added about 8.5% in that time frame, outperforming the S&P 500. LOGIN; PREMIUM; FREE TRIAL; REQUEST DEMO; FIND COMPANIES; Qorvo, Inc. (QRVO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 28, 2020. Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the March 2017 quarter: Quarterly revenue in the range of $610 million to $650 million Gross margin of approximately 46% A tax rate of approximately 8% Qorvo's business is subject to numerous risks and uncertainties, including variability in operating results, the inability of certain of our customers or suppliers to access their traditional sources of credit, our industry's rapidly changing technology, our dependence on a few large customers for a substantial portion of our revenue, a loss of revenue if contracts with the U.S. government or defense and aerospace contractors are canceled or delayed, our ability to implement innovative technologies, our ability to bring new products to market and achieve design wins, the efficient and successful operation of our wafer fabrication facilities, assembly facilities and test and tape and reel facilities, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, variability in manufacturing yields, industry overcapacity and current macroeconomic conditions, inaccurate product forecasts and corresponding inventory and manufacturing costs, dependence on third parties and our ability to manage platform providers and customer relationships, our dependence on international sales and operations, our ability to attract and retain skilled personnel and develop leaders, the possibility that future acquisitions may dilute our shareholders' ownership and cause us to incur debt and assume contingent liabilities, fluctuations in the price of our common stock, additional claims of infringement on our intellectual property portfolio, lawsuits and claims relating to our products, security breaches and other similar disruptions compromising our information and exposing us to liability, and the impact of stringent environmental regulations. 3 0 obj 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. The primary material limitations associated with the use of non-GAAP revenue, non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP operating income and operating margin, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow, EBITDA, non-GAAP ROIC and net debt or positive net cash, as an analytical tool compared to the most directly comparable GAAP financial measures of gross profit and gross margin, operating expenses, operating income, net income, diluted earnings per share and net cash provided by operating activities are (i) they may not be comparable to similarly titled measures used by other companies in our industry, and (ii) they exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. On a sequential basis, gross margin increased due primarily to improvements in yields of low band PAD-related products. We are unable to provide a reconciliation of the remaining forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because due to variability and difficulty in making accurate projections for items such as stock-based compensation, integration related costs, restructuring charges and the provision for income taxes, we are unable to quantify certain amounts that would be required to be included in the GAAP measures without unreasonable effort. We also leverage our unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things. 2021. Qorvo annual revenue for 2019 was $3.09B, a 3.93% increase from 2018. Visit www.qorvo.com to learn how Qorvo connects the world. Non-GAAP research and development, marketing and selling and general and administrative expenses. /CA 1.0 Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquired inventory step-up and revaluation, restructuring and disposal costs, acquisition and integration related costs, IPR litigation costs (settlement), loss (gain) on assets, start-up costs, certain non-cash expenses, loss on investment and also reflect an adjustment of income taxes. endobj 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 income and operating margin. 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). Doug DeLieto UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 2, 2016 or ¨ TRANSITION REPORT PURSUANT TO … 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. stream 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. Add Files. /ColorSpace /DeviceGray /Title (�� D o c u m e n t) GAAP revenue is expected to reconcile within $1.0 million of the quarterly forecasted non-GAAP revenue. Non-GAAP revenue excludes non-cash deferred royalty revenue. In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting." Explore the latest additions to our product portfolio. QUARTERLY RESULTS Show all. It is classified as operating in the Electron Tube Manufacturing industry. 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 both prior periods as well as to its competitors. Corporate Social and Environmental Responsibility, A Comprehensive Guide to mmWave Solutions, A Look Inside the U.S. Army's Counterfire Radar System, People Power and Qorvo Deliver Smart Internet of Things Systems, Qorvo and BQ: How Your Smartphone Connects, Smart Home Energy Management with Levarys and Qorvo, Go to Corporate Social and Environmental Responsibility, Weighted average outstanding diluted shares, Acquisition and integration related costs, GAAP weighted average outstanding diluted shares, Non-GAAP weighted average outstanding diluted shares, Non-cash deferred royalty revenue and equal and offsetting, Net cash provided by operating activities, Non-GAAP research and development expense, GAAP selling, general and administrative expense, Non-GAAP selling, general and administrative expense, Total liabilities and stockholders' equity, On a GAAP basis, fiscal 2017 third quarter revenue was $826.3 million, gross margin was 37.6%, operating income was $61.4 million, and loss per share was $0.62, On a Non-GAAP basis, fiscal 2017 third quarter revenue was $825.4 million, gross margin was 44.3%, operating income was $208.7 million, and diluted EPS was a record $1.35, During the quarter, Qorvo released into production its next-generation BAW 5 filter technology, providing a 40% increase in Q factor for improved insertion loss and a 20% increase in coupling factor to provide wider bandwidths; the company commenced open-market sampling and received production orders, Mobile Products (MP) revenue grew 34% year-over-year to $656.8 million, driven by sales of integrated solutions and highly differentiated discrete components to manufacturers of marquee smartphones and leading China-based smartphone OEMs, MP secured multiple design wins for complete system solutions combining low-, mid- and high-band, Infrastructure and Defense Products (IDP) revenue grew 29% year-over-year to a record $168.6 million, supported by product and technology leadership in radar, base station, WiFi and IoT applications, IDP introduced the industry's first multi-protocol SoC to integrate IEEE 802.15.4, ZigBee® 3.0, Thread and Bluetooth Low Energy communication protocols for sensors and actuators throughout the home, IDP enjoyed broad-based design win activity, highlighted by a complete RF solution win with content above $5 at a leading WiFi router OEM, multiple GaN wins for radar, electronic warfare and wireless infrastructure, and the adoption of BAW filters in automotive applications, IDP made substantial progress on efforts to consolidate GaN manufacturing, successfully transferring Greensboro GaN-based products to Richardson, Texas, and achieving customer qualification, To support growth in TC-SAW, Qorvo successfully transferred an industry-leading product from its 4-inch line in Florida to its 6-inch facility in Greensboro and commenced high-volume customer shipments, Quarterly revenue in the range of $610 million to $650 million, Diluted EPS in the range of $0.70 to $0.90. Qorvo serves diverse high-growth segments of large global markets, including advanced wireless devices, wired and wireless networks and defense radar and communications. 2016 Annual Report and 2017 Proxy Statement 7.6 MB. << Add Files. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.qorvo.com (under "Investors"). Title View; Add Files. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. 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. Home. 2017 Annual Report; PDF ; 2016 Annual Report; PDF ; Show 1 more archive; 2015 Annual Report; PDF ; About Qorvo, Inc. 5001-10,000 Employees. Qorvo, Inc. 2013 Annual Report and 2014 Proxy Statement 2.3 MB. 8 0 obj Add Files. Non-GAAP research and development, marketing and selling and general and administrative expenses exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration related costs, IPR litigation costs (settlement) and certain non-cash expenses. At Qorvo™ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 1, 2017 or ¨ TRANSITION REPORT PURSUANT TO … Qorvo has generated $5.71 earnings per share over the last year and currently has a price-to-earnings ratio of 54.0. We believe that acquired inventory step-up and revaluation, restructuring and disposal costs, acquisition and integration related costs, IPR litigation costs (settlement), loss (gain) on assets, start-up costs and certain non-cash expenses 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 gives management and investors a more effective means of evaluating our historical and projected performance. 3����XéK�6�w�~|�x<7z�i_��k�]�\~��[Y\������f��M�G�����?��~~����s�}5��|οÍ��J��}K��ϵy�Lo���^�y�|�{y�~~|��x��e��r�|��kG�7wFZ��Ȭv`����[�:����a�o��4��b=Oh�_/gL�,�q��H� _k\|�'y��ǎ��>k���+y�%�=m2��"n͙{�q��G�� gG�� Annual Report 2018 Form 10-K (NASDAQ:QRVO) Published: May 21st, 2018 PDF generated by stocklight.com . 336-678-7088, At the Financial Relations Board Learn about our cutting-edge foundry technologies! Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support /Type /XObject We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin gives management and investors a more effective means of evaluating Qorvo's historical performance and projected costs and the potential for realizing cost efficiencies. EBITDA. /Type /ExtGState 2016 10-K PDF Format Download (opens in new window) PDF 1.51 MB. QRVO 2020 Proxy Statement 5.9 MB. /Length 9 0 R 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. Non-GAAP operating income and operating margin. Get ready for the future of IoT and mobile communication. Qorvo will conduct a conference call at 5:00 p.m. EST today to discuss today's press release. "In the March quarter, we're forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers' most complex technical challenges. 2016 … Annual Reports & Proxies; Quarterly Results; IRS Form 8937; Stock Information. 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. Qorvo revenue for the twelve months ending September 30, 2020 was $3.505B, a 13.22% increase year-over-year. Qorvo (NASDAQ:QRVO) makes a better world possible by providing innovative RF solutions at the center of connectivity. Similarly, 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. QRVO 2020 Annual Report 6.5 MB. 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. /SMask /None>> Qorvo, Inc. Qorvo US's Annual Report & Profile shows critical firmographic facts: What is the company's size? Add Files . 2011 Annual Report and 2012 Proxy Statement 7.6 MB. I'm extremely proud of what the team delivered to position Qorvo for anticipated double-digit revenue growth in fiscal year 2018. We did this while qualifying leading technologies for top customer programs, introducing over 100 new products, and achieving key milestones on operational initiatives. A month has gone by since the last earnings report for Qorvo (QRVO). Net debt or positive net cash. 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. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently. Free cash flow. QRVO 2020 … Qorvo Earnings Estimates and Actuals by Quarter We believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. 2016. Qorvo, Inc. Nov 05, 2020: 10-Q: Quarterly report which provides a continuing view of a company's financial position. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 30, 2019 or ¨ TRANSITION REPORT PURSUANT TO … The Investor Relations website contains information about Qorvo, Inc.'s business for stockholders, potential investors, and financial analysts.