Qorvo, Inc. Reports Q3 Fiscal Year 2024 Results

TL;DR

<b>Qorvo, Inc. filed its Q3 FY2024 10-Q report, detailing financial performance and operational information.</b>

AI Summary

Qorvo, Inc. (QRVO) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Qorvo, Inc. reported net sales of $2,017.96 million for the nine months ended December 30, 2023, a decrease from $1,900.32 million for the same period in the prior year. The company's fiscal year 2024 third quarter ended on December 30, 2023. Qorvo, Inc. is incorporated in Delaware. The company's principal executive offices are located at 7628 Thorndike Road, Greensboro, NC. The filing is a 10-Q report for the period ending December 30, 2023.

Why It Matters

For investors and stakeholders tracking Qorvo, Inc., this filing contains several important signals. This filing provides an update on Qorvo's financial health and operational status for the third quarter of fiscal year 2024, which is crucial for investors to assess recent performance and future outlook. Understanding the specific financial figures and business segments detailed in this 10-Q allows stakeholders to evaluate the company's market position and strategic direction in the competitive semiconductor industry.

Risk Assessment

Risk Level: medium — Qorvo, Inc. shows moderate risk based on this filing. The filing indicates a decrease in net sales for the nine months ended December 30, 2023, compared to the prior year, suggesting potential headwinds in revenue generation.

Analyst Insight

Investors should analyze the segment-specific revenue trends and management's commentary on future demand to gauge Qorvo's ability to reverse the recent sales decline.

Key Numbers

• 2,017,964 — Net Sales (9 months ended 2023-12-30) (USD)
• 1,900,317 — Net Sales (9 months ended 2022-12-31) (USD)
• 2023-12-30 — Quarter End Date (Fiscal Year 2024 Q3)

Key Players & Entities

• Qorvo, Inc. (company) — Filer and subject of the report
• 20231230 (date) — Conformed period of report
• 20240201 (date) — Filed as of date
• Greensboro, NC (location) — Business and mail address city and state
• DE (location) — State of incorporation
• Rocky Holding, Inc. (company) — Former company name

Forward-Looking Statements

• Qorvo will continue its share repurchase program in the next fiscal year. (Qorvo, Inc.) — medium confidence, target: 2025-03-30

FAQ

Industry Context

Qorvo operates in the semiconductor industry, specifically focusing on the design and manufacturing of radio frequency (RF) solutions for mobile devices, infrastructure, and defense applications.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for a comprehensive understanding of Qorvo's revenue, expenses, and profitability.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers, risks, and future outlook.
3. Compare the reported figures with previous periods and industry benchmarks to assess Qorvo's competitive standing and financial trends.

Key Dates

• 2023-12-30: End of Fiscal Year 2024 Third Quarter — Reporting period for the 10-Q filing
• 2024-02-01: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

The filing shows a decrease in net sales for the nine-month period compared to the prior year, indicating a potential shift in the company's financial trajectory.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QRVO The Nasdaq Stock Market
• $432 — ccounts receivable, net of allowance of $432 and $369 as of December 30, 2023 and Ap
• $369 — eceivable, net of allowance of $432 and $369 as of December 30, 2023 and April 1, 20
• $2,017,964 — ent, net of accumulated depreciation of $2,017,964 and $1,900,317 as of December 30, 2023
• $1,900,317 — umulated depreciation of $2,017,964 and $1,900,317 as of December 30, 2023 and April 1, 20

Filing Documents

• rfmd-20231230.htm (10-Q) — 982KB
• exhibit2220231230.htm (EX-22) — 6KB
• exhibit31120231230.htm (EX-31.1) — 10KB
• exhibit31220231230.htm (EX-31.2) — 8KB
• exhibit32120231230.htm (EX-32.1) — 4KB
• exhibit32220231230.htm (EX-32.2) — 4KB
• rfmd-20231230_g1.jpg (GRAPHIC) — 20KB
• 0001604778-24-000018.txt (&nbsp;) — 5445KB
• rfmd-20231230.xsd (EX-101.SCH) — 28KB
• rfmd-20231230_cal.xml (EX-101.CAL) — 45KB
• rfmd-20231230_def.xml (EX-101.DEF) — 155KB
• rfmd-20231230_lab.xml (EX-101.LAB) — 510KB
• rfmd-20231230_pre.xml (EX-101.PRE) — 321KB
• rfmd-20231230_htm.xml (XML) — 731KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive (Loss) Income 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 30

Controls and Procedures

Item 4. Controls and Procedures. 30

— OTHER INFORMATION

PART II — OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors. 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds . 31

Other Information

Item 5. Other Information. 31

Exhibits

Item 6. Exhibits. 32

SIGNATURES

SIGNATURES 33 3 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION ITEM 1. QORVO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) December 30, 2023 April 1, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,071,987 $ 808,757 Accounts receivable, net of allowance of $432 and $369 as of December 30, 2023 and April 1, 2023, respectively 483,810 304,519 Inventories 726,687 796,596 Prepaid expenses 39,575 46,684 Other receivables 30,855 26,535 Other current assets 75,454 46,703 Total current assets 2,428,368 2,029,794 Property and equipment, net of accumulated depreciation of $2,017,964 and $1,900,317 as of December 30, 2023 and April 1, 2023, respectively 1,039,439 1,149,806 Goodwill 2,540,461 2,760,813 Intangible assets, net 499,963 537,703 Long-term investments 24,714 20,406 Other non-current assets 166,443 193,381 Total assets $ 6,699,388 $ 6,691,903 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 282,954 $ 210,701 Accrued liabilities 327,485 222,463 Current portion of long-term debt 479,964 310 Other current liabilities 189,930 122,289 Total current liabilities 1,280,333 555,763 Long-term debt 1,550,438 2,048,073 Other long-term liabilities 230,270 185,273 Total liabilities 3,061,041 2,789,109 Commitments and contingent liabilities (Note 7) Stockholders' equity: Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding — — Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 96,680 and 98,649 shares issued and outstanding at December 30, 2023 and April 1, 2023, respectively 3,730,577 3,821,474 Accumulated other comprehensive income (loss) 102 ( 3,175 ) (Accumulated deficit) retained earnings ( 92,332 ) 84,495 Total stockholders' equity 3,638,347 3,902,794 Total liabilities and stockholders' equity $ 6,699,388 $ 6,691,903 See accompanying Notes to Condensed Consolidated Financial Statements.

View Full Filing

View this 10-Q filing on SEC EDGAR