$QRVO
Qorvo Inc

2024 Q3 Form 10-Q Financial Statement

#000160477824000063 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.047B $886.7M
YoY Change 60.71% 40.14%
Cost Of Revenue $601.2M $554.4M
YoY Change 42.43% 7.02%
Gross Profit $445.3M $332.3M
YoY Change 94.4% 189.68%
Gross Profit Margin 42.55% 37.48%
Selling, General & Admin $107.8M $114.9M
YoY Change 2.22% 46.88%
% of Gross Profit 24.2% 34.58%
Research & Development $201.1M $187.6M
YoY Change 23.28% 14.65%
% of Gross Profit 45.15% 56.45%
Depreciation & Amortization $3.959M $41.28M
YoY Change -95.11% 776.23%
% of Gross Profit 0.89% 12.42%
Operating Expenses $435.6M $327.7M
YoY Change 57.15% 7.9%
Operating Profit $9.675M $4.606M
YoY Change -120.1% -102.44%
Interest Expense $22.59M $17.09M
YoY Change -249.03% -199.15%
% of Operating Profit 233.53% 371.12%
Other Income/Expense, Net $15.42M $11.77M
YoY Change 32.77% 63.18%
Pretax Income $2.503M -$723.0K
YoY Change -104.84% -99.64%
Income Tax $19.90M -$1.100M
% Of Pretax Income 795.05%
Net Earnings -$17.44M $414.0K
YoY Change -59.99% -100.3%
Net Earnings / Revenue -1.67% 0.05%
Basic Earnings Per Share -$0.18 $0.00
Diluted Earnings Per Share -$0.18 $0.00
COMMON SHARES
Basic Shares Outstanding 94.86M shares 95.63M shares
Diluted Shares Outstanding 94.89M shares 96.51M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.096B $1.082B
YoY Change 47.29% 33.84%
Cash & Equivalents $1.096B $1.082B
Short-Term Investments
Other Short-Term Assets $110.1M $99.05M
YoY Change 11.58% 112.08%
Inventory $694.5M $726.6M
Prepaid Expenses $37.64M $30.22M
Receivables $581.0M $424.6M
Other Receivables $12.80M $15.36M
Total Short-Term Assets $2.532B $2.378B
YoY Change 21.3% 17.16%
LONG-TERM ASSETS
Property, Plant & Equipment $846.5M $866.8M
YoY Change -22.17% -24.61%
Goodwill $2.438B $2.533B
YoY Change -11.7% -8.24%
Intangibles $445.7M $473.6M
YoY Change -12.12% -11.92%
Long-Term Investments $24.80M $25.72M
YoY Change -8.2% 26.06%
Other Assets $215.8M $169.5M
YoY Change -0.11% -12.35%
Total Long-Term Assets $3.971B $4.069B
YoY Change -13.66% -12.72%
TOTAL ASSETS
Total Short-Term Assets $2.532B $2.378B
Total Long-Term Assets $3.971B $4.069B
Total Assets $6.503B $6.447B
YoY Change -2.74% -3.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $321.9M $304.4M
YoY Change 9.42% 44.46%
Accrued Expenses $353.7M $300.0M
YoY Change 33.82% 34.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $412.2M $411.9M
YoY Change 364660.18% 132755.81%
Total Short-Term Liabilities $1.334B $1.217B
YoY Change 108.73% 118.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.549B $1.549B
YoY Change -24.36% -24.36%
Other Long-Term Liabilities $209.9M $195.2M
YoY Change 12.18% 5.38%
Total Long-Term Liabilities $1.759B $1.745B
YoY Change -21.3% 841.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.334B $1.217B
Total Long-Term Liabilities $1.759B $1.745B
Total Liabilities $3.093B $2.961B
YoY Change 7.6% 6.16%
SHAREHOLDERS EQUITY
Retained Earnings -$106.6M -$89.18M
YoY Change -205.55%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.410B $3.486B
YoY Change
Total Liabilities & Shareholders Equity $6.503B $6.447B
YoY Change -2.74% -3.66%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$17.44M $414.0K
YoY Change -59.99% -100.3%
Depreciation, Depletion And Amortization $3.959M $41.28M
YoY Change -95.11% 776.23%
Cash From Operating Activities $127.8M $81.09M
YoY Change 184.8% 23.9%
INVESTING ACTIVITIES
Capital Expenditures $33.01M $38.23M
YoY Change -16.36% 12.12%
Acquisitions
YoY Change
Other Investing Activities -$1.813M $34.65M
YoY Change -105.1% -1875.81%
Cash From Investing Activities -$34.83M -$17.19M
YoY Change 783.21% -52.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.73M -$29.53M
YoY Change -24.2% -78.81%
NET CHANGE
Cash From Operating Activities 127.8M $81.09M
Cash From Investing Activities -34.83M -$17.19M
Cash From Financing Activities -79.73M -$29.53M
Net Change In Cash 13.29M $33.16M
YoY Change -120.69% -130.16%
FREE CASH FLOW
Cash From Operating Activities $127.8M $81.09M
Capital Expenditures $33.01M $38.23M
Free Cash Flow $94.83M $42.85M
YoY Change 1649.7% 36.72%

Facts In Submission

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CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
209573000 usd
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
201748000 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
354461000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
347175000 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
162524000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
161632000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
726558000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
710555000 usd
CY2023Q4 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
240000000.0 usd
CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Goodwill1
DisposalGroupIncludingDiscontinuedOperationGoodwill1
22000000.0 usd
CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
35300000 usd
CY2024Q2 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
232000000.0 usd
CY2024Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
8000000.0 usd
CY2024Q2 us-gaap Disposal Group Not Discontinued Operation Loss Gain On Write Down
DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown
1000000.0 usd
CY2024Q2 us-gaap Disposal Group Including Discontinued Operation Cash
DisposalGroupIncludingDiscontinuedOperationCash
29000000.0 usd
CY2024Q2 rfmd Disposal Group Including Discontinued Operation Net Assets
DisposalGroupIncludingDiscontinuedOperationNetAssets
76000000.0 usd
CY2024Q2 us-gaap Disposal Group Including Discontinued Operation Inventory1
DisposalGroupIncludingDiscontinuedOperationInventory1
127000000.0 usd
CY2024Q2 rfmd Disposal Group Including Discontinued Operation Net Assets
DisposalGroupIncludingDiscontinuedOperationNetAssets
76000000.0 usd
CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
20000000.0 usd
CY2024Q1 us-gaap Goodwill
Goodwill
2534601000 usd
CY2024Q2 us-gaap Disposal Group Including Discontinued Operation Goodwill Noncurrent
DisposalGroupIncludingDiscontinuedOperationGoodwillNoncurrent
1000000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
2533457000 usd
CY2024Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
903400000 usd
CY2024Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
989039000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
515450000 usd
CY2024Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1069193000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
559810000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1353000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1726000 usd
CY2024Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1961110000 usd
CY2024Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1988012000 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
411853000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
438740000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
1549257000 usd
CY2024Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
17700000 usd
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
600000 usd
CY2023Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
18200000 usd
CY2023Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
900000 usd
CY2024Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1200000 shares
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
125700000 usd
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1180100000 usd
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1000000.0 shares
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
100600000 usd
CY2024Q2 us-gaap Revenues
Revenues
886671000 usd
CY2023Q3 us-gaap Revenues
Revenues
651164000 usd
CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q2 us-gaap Revenues
Revenues
886671000 usd
CY2023Q3 us-gaap Revenues
Revenues
651164000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4606000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-48136000 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
17094000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
17261000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11765000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13716000 usd
CY2024Q2 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-723000 usd
CY2023Q3 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-51681000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8100000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.572 rate
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.157 rate
CY2024Q2 us-gaap Income Tax Reconciliation Disposition Of Business
IncomeTaxReconciliationDispositionOfBusiness
4500000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
414000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-43580000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95467000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98509000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1043000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96510000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98509000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares

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