$QRVO
Qorvo Inc

2018 Q3 Form 10-Q Financial Statement

#000160477818000094 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $884.4M $821.6M
YoY Change 7.65% 17.61%
Cost Of Revenue $530.9M $500.6M
YoY Change 6.07% 18.6%
Gross Profit $353.5M $321.0M
YoY Change 10.12% 16.11%
Gross Profit Margin 39.97% 39.07%
Selling, General & Admin $139.5M $138.9M
YoY Change 0.46% -3.29%
% of Gross Profit 39.46% 43.26%
Research & Development $116.7M $111.4M
YoY Change 4.8% -4.9%
% of Gross Profit 33.03% 34.7%
Depreciation & Amortization $180.1M $42.83M
YoY Change 320.53% -7.6%
% of Gross Profit 50.95% 13.34%
Operating Expenses $263.0M $271.5M
YoY Change -3.1% 0.27%
Operating Profit $90.48M $49.56M
YoY Change 82.55% 763.33%
Interest Expense $9.689M $14.78M
YoY Change -34.44% -2.69%
% of Operating Profit 10.71% 29.82%
Other Income/Expense, Net -$49.53M -$192.0K
YoY Change 25697.92% -61.6%
Pretax Income $32.84M $35.65M
YoY Change -7.9% -468.76%
Income Tax $752.0K -$267.0K
% Of Pretax Income 2.29% -0.75%
Net Earnings $32.08M $35.92M
YoY Change -10.68% -732.93%
Net Earnings / Revenue 3.63% 4.37%
Basic Earnings Per Share $0.26 $0.28
Diluted Earnings Per Share $0.25 $0.27
COMMON SHARES
Basic Shares Outstanding 125.6M shares 127.3M shares
Diluted Shares Outstanding 128.6M shares 130.8M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $557.9M $512.6M
YoY Change 8.84% 14.7%
Cash & Equivalents $557.9M $574.9M
Short-Term Investments
Other Short-Term Assets $30.85M $28.71M
YoY Change 7.43% -34.54%
Inventory $474.5M $461.0M
Prepaid Expenses $26.31M $33.38M
Receivables $491.2M $459.8M
Other Receivables $39.00M $41.80M
Total Short-Term Assets $1.620B $1.608B
YoY Change 0.72% 8.27%
LONG-TERM ASSETS
Property, Plant & Equipment $1.402B $1.443B
YoY Change -2.88% 24.33%
Goodwill $2.174B $2.174B
YoY Change 0.0% -0.03%
Intangibles $595.9M
YoY Change
Long-Term Investments $90.90M $36.20M
YoY Change 151.1% 39.23%
Other Assets $64.78M $56.47M
YoY Change 14.72% -13.17%
Total Long-Term Assets $4.327B $4.870B
YoY Change -11.14% -6.39%
TOTAL ASSETS
Total Short-Term Assets $1.620B $1.608B
Total Long-Term Assets $4.327B $4.870B
Total Assets $5.947B $6.478B
YoY Change -8.2% -3.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $229.0M $212.8M
YoY Change 7.64% -19.25%
Accrued Expenses $181.5M $184.2M
YoY Change -1.46% 29.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $462.4M $423.0M
YoY Change 9.31% 0.63%
LONG-TERM LIABILITIES
Long-Term Debt $735.1M $989.4M
YoY Change -25.7% 0.1%
Other Long-Term Liabilities $95.51M $86.64M
YoY Change 10.24% 5.58%
Total Long-Term Liabilities $95.51M $86.64M
YoY Change 10.24% 5.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $462.4M $423.0M
Total Long-Term Liabilities $95.51M $86.64M
Total Liabilities $1.315B $1.574B
YoY Change -16.43% -4.89%
SHAREHOLDERS EQUITY
Retained Earnings -$452.2M -$413.2M
YoY Change 9.44% -7.25%
Common Stock $5.089B $5.322B
YoY Change -4.37% -2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.632B $4.905B
YoY Change
Total Liabilities & Shareholders Equity $5.947B $6.478B
YoY Change -8.2% -3.14%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $32.08M $35.92M
YoY Change -10.68% -732.93%
Depreciation, Depletion And Amortization $180.1M $42.83M
YoY Change 320.53% -7.6%
Cash From Operating Activities $214.5M $103.6M
YoY Change 106.97% 74.5%
INVESTING ACTIVITIES
Capital Expenditures -$70.10M $124.4M
YoY Change -156.34% -4.61%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $47.30M -$7.036M
YoY Change -772.26% 41288.24%
Cash From Investing Activities -$22.80M -$117.4M
YoY Change -80.58% 56.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.93M
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 32.30M -$19.80M
YoY Change -263.11% -185.53%
NET CHANGE
Cash From Operating Activities 214.5M $103.6M
Cash From Investing Activities -22.80M -$117.4M
Cash From Financing Activities 32.30M -$19.80M
Net Change In Cash 224.0M -$32.81M
YoY Change -782.74% -535.02%
FREE CASH FLOW
Cash From Operating Activities $214.5M $103.6M
Capital Expenditures -$70.10M $124.4M
Free Cash Flow $284.6M -$20.79M
YoY Change -1468.8% -70.74%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
289796000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
35919000 USD
us-gaap Net Income Loss
NetIncomeLoss
5295000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
32084000 USD
us-gaap Net Income Loss
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2091000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
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OperatingExpenses
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OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q1 us-gaap Other Assets Current
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30815000 USD
CY2018Q3 us-gaap Other Assets Current
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30845000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
65612000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
64782000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-581000 USD
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
106000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
722000 USD
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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OtherComprehensiveIncomeLossNetOfTax
327000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-87000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-48000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
38000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
99000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
85000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
90000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
60904000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
51869000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
95511000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-192000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2018Q1 us-gaap Other Receivables
OtherReceivables
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CY2018Q3 us-gaap Other Receivables
OtherReceivables
38973000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
23028000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
88925000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
186682000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
24005000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
24181000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
132729000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
192219000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
113666000 USD
CY2018Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.0001
CY2018Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.0001
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
23909000 USD
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
26313000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
18406000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
133132000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1401865000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
954745000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1200000 shares
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us-gaap Share Based Compensation
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44584000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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UnrecognizedTaxBenefits
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CY2018Q3 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
849200000 USD
CY2017Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
800000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130778000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131062000 shares
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
227897000 USD
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ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
227651000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-458769000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
41600000 USD
CY2017Q3 us-gaap Revenues
Revenues
821583000 USD
us-gaap Revenues
Revenues
1462414000 USD
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Revenues
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us-gaap Revenues
Revenues
1577113000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
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SellingGeneralAndAdministrativeExpense
278298000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2017Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
57000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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us-gaap Stock Repurchased During Period Value
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186700000 USD
CY2018Q1 us-gaap Stockholders Equity
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StockholdersEquity
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CY2018Q1 us-gaap Unamortized Debt Issuance Expense
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UnamortizedDebtIssuanceExpense
7012000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
128977000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127109000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125643000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125859000 shares

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