$QRVO
Qorvo Inc

2023 Q4 Form 10-Q Financial Statement

#000160477823000100 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $1.074B
YoY Change -7.27%
Cost Of Revenue $686.0M
YoY Change 10.8%
Gross Profit $387.9M
YoY Change -28.03%
Gross Profit Margin 36.12%
Selling, General & Admin $86.91M
YoY Change -11.09%
% of Gross Profit 22.41%
Research & Development $164.3M
YoY Change -2.28%
% of Gross Profit 42.37%
Depreciation & Amortization $78.85M
YoY Change -6.91%
% of Gross Profit 20.33%
Operating Expenses $429.4M
YoY Change 54.83%
Operating Profit -$41.57M
YoY Change -115.89%
Interest Expense $17.58M
YoY Change 4.0%
% of Operating Profit
Other Income/Expense, Net $15.36M
YoY Change 593.72%
Pretax Income -$43.79M
YoY Change -117.74%
Income Tax $83.10M
% Of Pretax Income
Net Earnings -$126.9M
YoY Change -167.3%
Net Earnings / Revenue -11.82%
Basic Earnings Per Share -$1.31
Diluted Earnings Per Share -$1.31
COMMON SHARES
Basic Shares Outstanding 97.35M shares
Diluted Shares Outstanding 97.15M shares

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.072B
YoY Change 17.6%
Cash & Equivalents $1.072B
Short-Term Investments
Other Short-Term Assets $75.45M
YoY Change 44.95%
Inventory $726.7M
Prepaid Expenses $39.58M
Receivables $483.8M
Other Receivables $30.86M
Total Short-Term Assets $2.428B
YoY Change -3.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.039B
YoY Change -15.0%
Goodwill $2.540B
YoY Change -7.86%
Intangibles $500.0M
YoY Change -14.66%
Long-Term Investments $17.50M
YoY Change -31.37%
Other Assets $166.4M
YoY Change -35.51%
Total Long-Term Assets $4.271B
YoY Change -12.0%
TOTAL ASSETS
Total Short-Term Assets $2.428B
Total Long-Term Assets $4.271B
Total Assets $6.699B
YoY Change -9.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $283.0M
YoY Change -12.19%
Accrued Expenses $327.5M
YoY Change 9.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $480.0M
YoY Change 83956.74%
Total Short-Term Liabilities $1.280B
YoY Change 67.56%
LONG-TERM LIABILITIES
Long-Term Debt $1.550B
YoY Change -24.27%
Other Long-Term Liabilities $230.3M
YoY Change -4.48%
Total Long-Term Liabilities $1.781B
YoY Change -22.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.280B
Total Long-Term Liabilities $1.781B
Total Liabilities $3.061B
YoY Change 0.28%
SHAREHOLDERS EQUITY
Retained Earnings -$92.33M
YoY Change -120.61%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.638B
YoY Change
Total Liabilities & Shareholders Equity $6.699B
YoY Change -9.16%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income -$126.9M
YoY Change -167.3%
Depreciation, Depletion And Amortization $78.85M
YoY Change -6.91%
Cash From Operating Activities $492.9M
YoY Change 84.34%
INVESTING ACTIVITIES
Capital Expenditures $26.41M
YoY Change -156.2%
Acquisitions
YoY Change
Other Investing Activities $27.32M
YoY Change 1592.87%
Cash From Investing Activities $909.0K
YoY Change -102.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -113.6M
YoY Change -32.01%
NET CHANGE
Cash From Operating Activities 492.9M
Cash From Investing Activities 909.0K
Cash From Financing Activities -113.6M
Net Change In Cash 380.3M
YoY Change 591.26%
FREE CASH FLOW
Cash From Operating Activities $492.9M
Capital Expenditures $26.41M
Free Cash Flow $466.5M
YoY Change 48.38%

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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Restricted Cash
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CY2022Q4 us-gaap Restricted Cash
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q3 us-gaap Inventory Net
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CY2023Q2 us-gaap Inventory Net
InventoryNet
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CY2023Q2 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q3 us-gaap Goodwill
Goodwill
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CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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CY2023Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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CY2023Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q2 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q3 us-gaap Equity Method Investments
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CY2023Q2 us-gaap Equity Method Investments
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us-gaap Gain Loss On Investments
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CY2022Q4 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2023Q3 us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
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us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
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CY2022Q4 us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
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us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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us-gaap Goodwill Impairment Loss
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CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2557000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3283000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q3 us-gaap Long Term Debt
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CY2023Q2 us-gaap Long Term Debt
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CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
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CY2023Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
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us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
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CY2023Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2022Q4 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
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us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
36100000 usd
CY2022Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2023Q3 us-gaap Stock Repurchased During Period Value
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
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CY2022Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1700000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4900000 shares
CY2022Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.46
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
110000000 usd
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
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CY2023Q3 us-gaap Revenues
Revenues
1103493000 usd
CY2022Q4 us-gaap Revenues
Revenues
1158057000 usd
us-gaap Revenues
Revenues
1754657000 usd
us-gaap Revenues
Revenues
2193415000 usd
CY2023Q2 us-gaap Restructuring Reserve
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5248000 usd
us-gaap Restructuring Charges
RestructuringCharges
24709000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
11483000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
18474000 usd
CY2023Q3 us-gaap Revenues
Revenues
1103493000 usd
CY2022Q4 us-gaap Revenues
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1158057000 usd
us-gaap Revenues
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1754657000 usd
us-gaap Revenues
Revenues
2193415000 usd
CY2023Q3 us-gaap Operating Income Loss
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151428000 usd
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
261562000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
103292000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
363421000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
17121000 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
16904000 usd
us-gaap Interest Expense
InterestExpense
34382000 usd
us-gaap Interest Expense
InterestExpense
34156000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5211000 usd
CY2022Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2214000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
18927000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2023Q3 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
139518000 usd
CY2022Q4 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
246872000 usd
us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
87837000 usd
us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
326417000 usd
CY2023Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
48000000 usd
CY2022Q4 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
58300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
68900000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.301 rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.387 rate
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236 rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211 rate
CY2023Q3 rfmd Discretetaxexpensebenefit
Discretetaxexpensebenefit
5600000 usd
rfmd Discretetaxexpensebenefit
Discretetaxexpensebenefit
5500000 usd
CY2022Q4 rfmd Discretetaxexpensebenefit
Discretetaxexpensebenefit
6700000 usd
rfmd Discretetaxexpensebenefit
Discretetaxexpensebenefit
-12600000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
97461000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
188615000 usd
us-gaap Net Income Loss
NetIncomeLoss
53881000 usd
us-gaap Net Income Loss
NetIncomeLoss
257499000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97945000 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
102927000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98167000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103991000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
645000 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
747000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
725000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
826000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98590000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103674000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98892000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104817000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.00
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.83
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.48
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.99
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54

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exhibit2220230930.htm Edgar Link pending
exhibit31120230930.htm Edgar Link pending
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report.css Edgar Link pending
rfmd-20230930.htm Edgar Link pending
rfmd-20230930.xsd Edgar Link pending
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rfmd-20230930_def.xml Edgar Link unprocessable
rfmd-20230930_pre.xml Edgar Link unprocessable
rfmd-20230930_htm.xml Edgar Link completed