Qorvo Reports Q1 Sales Up Slightly to $1.74B

TL;DR

Qorvo's Q1 sales hit $1.735B, up from $1.683B last year. Expenses steady.

AI Summary

Qorvo, Inc. filed a 10-Q for the period ending June 29, 2024. The company reported total net sales of $1.735 billion for the period, a slight increase from $1.683 billion in the prior year. Operating expenses were $405 million, and cost of goods and services sold was $94.962 million.

Why It Matters

This filing provides insight into Qorvo's financial performance in the first quarter of fiscal year 2025, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to cyclical demand, intense competition, and rapid technological changes, posing inherent risks to Qorvo's performance.

Key Numbers

• $1.735B — Total Net Sales (For the period ending June 29, 2024, showing a slight increase year-over-year.)
• $1.683B — Prior Period Net Sales (For the comparable period in the previous fiscal year.)
• $405,000 — Operating Expenses (Reported for the current period.)

Key Players & Entities

• Qorvo, Inc. (company) — Filer of the 10-Q
• 20240629 (date) — End of reporting period
• $1.735 billion (dollar_amount) — Total net sales for the period
• $1.683 billion (dollar_amount) — Total net sales for the prior year period
• $405,000 (dollar_amount) — Operating expenses

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QRVO The Nasdaq Stock Market
• $378 — ccounts receivable, net of allowance of $378 and $313 as of June 29, 2024 and March
• $313 — eceivable, net of allowance of $378 and $313 as of June 29, 2024 and March 30, 2024,
• $1,735,376 — ent, net of accumulated depreciation of $1,735,376 and $1,683,592 as of June 29, 2024 and
• $1,683,592 — umulated depreciation of $1,735,376 and $1,683,592 as of June 29, 2024 and March 30, 2024,

Filing Documents

• rfmd-20240629.htm (10-Q) — 710KB
• exhibit10220240629qorvores.htm (EX-10.2) — 114KB
• exhibit2220240629.htm (EX-22) — 6KB
• exhibit31120240629.htm (EX-31.1) — 10KB
• exhibit31220240629.htm (EX-31.2) — 8KB
• exhibit32120240629.htm (EX-32.1) — 4KB
• exhibit32220240629.htm (EX-32.2) — 4KB
• rfmd-20240629_g1.jpg (GRAPHIC) — 20KB
• 0001604778-24-000063.txt ( ) — 5146KB
• rfmd-20240629.xsd (EX-101.SCH) — 30KB
• rfmd-20240629_cal.xml (EX-101.CAL) — 50KB
• rfmd-20240629_def.xml (EX-101.DEF) — 168KB
• rfmd-20240629_pre.xml (EX-101.PRE) — 350KB
• rfmd-20240629_lab.xml (EX-101.LAB) — 517KB
• rfmd-20240629_htm.xml (XML) — 512KB

— 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 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9

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. 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 26

Controls and Procedures

Item 4. Controls and Procedures. 26

— OTHER INFORMATION

PART II — OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors. 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds . 27

Other Information

Item 5. Other Information. 28

Exhibits

Item 6. Exhibits. 29

SIGNATURES

SIGNATURES 30 3 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. QORVO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) June 29, 2024 March 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,082,415 $ 1,029,258 Accounts receivable, net of allowance of $378 and $313 as of June 29, 2024 and March 30, 2024, respectively 424,601 412,960 Inventories 726,558 710,555 Prepaid expenses 30,218 40,563 Other receivables 15,356 14,427 Other current assets 99,046 78,993 Assets of disposal group held for sale — 159,278 Total current assets 2,378,194 2,446,034 Property and equipment, net of accumulated depreciation of $1,735,376 and $1,683,592 as of June 29, 2024 and March 30, 2024, respectively 866,836 870,982 Goodwill 2,533,457 2,534,601 Intangible assets, net 473,589 509,383 Long-term investments 25,716 23,252 Other non-current assets 169,507 170,383 Total assets $ 6,447,299 $ 6,554,635 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 304,381 $ 252,993 Accrued liabilities 300,027 336,767 Current portion of long-term debt 411,853 438,740 Other current liabilities 200,283 113,215 Liabilities of disposal group held for sale — 88,372 Total current liabilities 1,216,544 1,230,087 Long-term debt 1,549,257 1,549,272 Other long-term liabilities 195,243 218,904 Total liabilities 2,961,044 2,998,263 Commitments and contingent liabilities (Note 9) 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; 94,962 and 95,798 shares issued and outstanding at June 29, 2024 and March 30, 2024, respectively 3,581,468 3,651,067 Accumulated other comprehensive loss ( 6,029 ) ( 5,097 ) Accumulated deficit ( 89,184 ) ( 89,598 ) Total stockholders' equity 3,486,255 3,556,372 Total liabilities and stockholders' equity $ 6,447,299 $ 6,554,635 See

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