$QRVO
Qorvo Inc

2015 Q1 Form 10-Q Financial Statement

#000160477815000011 Filed on February 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $634.9M $397.1M $288.5M
YoY Change 148.01% 37.63% 6.39%
Cost Of Revenue $446.0M $206.4M $181.0M
YoY Change 184.62% 14.03% -1.85%
Gross Profit $188.9M $190.7M $107.5M
YoY Change 90.26% 77.36% 23.87%
Gross Profit Margin 29.75% 48.03% 37.27%
Selling, General & Admin $145.0M $29.97M $35.82M
YoY Change 330.27% -16.35% 9.54%
% of Gross Profit 76.77% 15.71% 33.31%
Research & Development $115.5M $48.87M $50.38M
YoY Change 133.81% -3.0% 8.34%
% of Gross Profit 61.15% 25.62% 46.85%
Depreciation & Amortization $160.2M $32.60M $11.10M
YoY Change 297.52% 193.69% -4.31%
% of Gross Profit 84.81% 17.09% 10.32%
Operating Expenses $291.4M $87.07M $92.13M
YoY Change 191.4% -5.5% 13.6%
Operating Profit -$102.5M $103.6M $15.39M
YoY Change 14118.31% 573.3% 170.04%
Interest Expense -$400.0K $197.0K $1.469M
YoY Change -75.0% -86.59% -213.0%
% of Operating Profit 0.19% 9.54%
Other Income/Expense, Net -$600.0K -$195.0K $427.0K
YoY Change -154.55% -145.67% 327.0%
Pretax Income -$103.5M $103.4M $14.40M
YoY Change 8525.0% 618.47% 219.91%
Income Tax -$110.0M $15.57M $8.161M
% Of Pretax Income 15.05% 56.69%
Net Earnings $6.482M $87.86M $6.235M
YoY Change -719.69% 1309.19% -545.36%
Net Earnings / Revenue 1.02% 22.13% 2.16%
Basic Earnings Per Share $0.04 $1.21 $0.09
Diluted Earnings Per Share $0.04 $1.18 $0.09
COMMON SHARES
Basic Shares Outstanding 148.5M shares 72.72M shares 70.61M shares
Diluted Shares Outstanding 74.45M shares 71.98M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $544.6M $296.7M $205.5M
YoY Change 123.2% 44.38% 8.39%
Cash & Equivalents $299.8M $118.1M $117.5M
Short-Term Investments $244.8M $178.6M $88.10M
Other Short-Term Assets $26.54M $7.436M $14.30M
YoY Change 221050.0% -48.0% -14.37%
Inventory $346.9M $170.0M $136.3M
Prepaid Expenses $52.17M $31.34M
Receivables $353.8M $215.2M $143.7M
Other Receivables $25.80M $34.60M $26.50M
Total Short-Term Assets $1.500B $755.3M $526.4M
YoY Change 179.13% 43.48% -1.53%
LONG-TERM ASSETS
Property, Plant & Equipment $883.4M $228.6M $200.7M
YoY Change 350.71% 13.89% 17.44%
Goodwill $2.141B $103.9M
YoY Change 1960.22%
Intangibles
YoY Change
Long-Term Investments $4.100M $2.200M $4.500M
YoY Change 7.89% -51.11% 7.14%
Other Assets $57.01M $39.20M $25.20M
YoY Change 135.89% 55.54% -20.75%
Total Long-Term Assets $5.392B $410.4M $407.6M
YoY Change 1308.29% 0.68% -1.02%
TOTAL ASSETS
Total Short-Term Assets $1.500B $755.3M $526.4M
Total Long-Term Assets $5.392B $410.4M $407.6M
Total Assets $6.892B $1.166B $934.0M
YoY Change 648.92% 24.8% -1.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $182.5M $130.5M $102.9M
YoY Change 128.71% 26.78% -19.36%
Accrued Expenses $131.9M $67.57M $61.70M
YoY Change 154.46% 9.51% 0.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $85.90M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $325.3M $219.8M $251.5M
YoY Change 47.89% -12.62% 28.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $83.72M $50.30M $22.40M
YoY Change 262.36% 124.55% -2.61%
Total Long-Term Liabilities $83.72M $50.30M $22.40M
YoY Change 262.36% 124.55% -78.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $325.3M $219.8M $251.5M
Total Long-Term Liabilities $83.72M $50.30M $22.40M
Total Liabilities $719.2M $270.1M $273.9M
YoY Change 194.81% -1.4% -8.52%
SHAREHOLDERS EQUITY
Retained Earnings -$411.0M -$417.4M
YoY Change -32.33%
Common Stock $6.584B $1.311B
YoY Change 412.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.173B $895.6M $660.1M
YoY Change
Total Liabilities & Shareholders Equity $6.892B $1.166B $934.0M
YoY Change 648.92% 24.8% -1.31%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $6.482M $87.86M $6.235M
YoY Change -719.69% 1309.19% -545.36%
Depreciation, Depletion And Amortization $160.2M $32.60M $11.10M
YoY Change 297.52% 193.69% -4.31%
Cash From Operating Activities $138.5M $72.10M $70.30M
YoY Change 336.91% 2.56% 62.36%
INVESTING ACTIVITIES
Capital Expenditures -$120.1M -$21.80M -$15.90M
YoY Change 1420.25% 37.11% 17.78%
Acquisitions
YoY Change
Other Investing Activities $198.3M -$47.00M -$38.00M
YoY Change 966.13% 23.68% 19.87%
Cash From Investing Activities $78.30M -$68.80M -$53.90M
YoY Change 625.0% 27.64% 19.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.40M 4.200M -700.0K
YoY Change -381.97% -700.0% -240.0%
NET CHANGE
Cash From Operating Activities 138.5M 72.10M 70.30M
Cash From Investing Activities 78.30M -68.80M -53.90M
Cash From Financing Activities -34.40M 4.200M -700.0K
Net Change In Cash 182.4M 7.500M 15.70M
YoY Change 233.46% -52.23% -1221.43%
FREE CASH FLOW
Cash From Operating Activities $138.5M $72.10M $70.30M
Capital Expenditures -$120.1M -$21.80M -$15.90M
Free Cash Flow $258.6M $93.90M $86.20M
YoY Change 553.03% 8.93% 51.76%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-67790000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-142206000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
99128000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
167099000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
6235000 USD
us-gaap Net Income Loss
NetIncomeLoss
13688000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
87863000 USD
us-gaap Net Income Loss
NetIncomeLoss
189821000 USD
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
92131000 USD
us-gaap Operating Expenses
OperatingExpenses
277565000 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
87067000 USD
us-gaap Operating Expenses
OperatingExpenses
275411000 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
15392000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
28083000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
103635000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
225011000 USD
CY2014Q1 us-gaap Other Assets Current
OtherAssetsCurrent
4431000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7436000 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
24166000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
39195000 USD
CY2013Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-44000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
59000 USD
CY2014Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-142000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-249000 USD
CY2013Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-43000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
66000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-437000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2608000 USD
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-302000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2836000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
50300000 USD
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-1000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-2000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-7000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-21000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5000 USD
CY2014Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1103000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
21723000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
23988000 USD
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
427000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1198000 USD
CY2014Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-195000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
326000 USD
CY2013Q4 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-5933000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-11957000 USD
CY2014Q4 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-8237000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-28540000 USD
CY2014Q1 us-gaap Other Receivables
OtherReceivables
13181000 USD
CY2014Q4 us-gaap Other Receivables
OtherReceivables
34507000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12780000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
122000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8979000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
15196000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
115038000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
272578000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
663000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1100000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
59489000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49830000 USD
CY2014Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2014Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
12721000 USD
CY2014Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
31344000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
1500000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
195996000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
19339000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
145000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
288000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
105000000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
172431000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
228579000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
47000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
52000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
87503000 USD
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
50378000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
147907000 USD
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
48865000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
142018000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-607266000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-417445000 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
288520000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
892232000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
397086000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1076074000 USD
CY2013Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18054000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
56381000 USD
CY2014Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17939000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
56008000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
24750000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22831000 USD
CY2014Q1 us-gaap Short Term Investments
ShortTermInvestments
72067000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
178610000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
676351000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
895562000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
39400000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
40400000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
900000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
100000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-31100000 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71980000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71888000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74454000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74083000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70610000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70437000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72723000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72167000 shares

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