Qorvo Reports Q2 Sales Up to $1.77B

TL;DR

Qorvo's sales are up to $1.77B for H1 2025. Keep an eye on margins.

AI Summary

Qorvo, Inc. filed a 10-Q for the period ending September 28, 2024. The company reported total net sales of $1.772 billion for the six months ended September 28, 2024, compared to $1.684 billion for the same period in the prior year. Operating expenses were $405,000 for the six months ended September 28, 2024.

Why It Matters

This filing provides insight into Qorvo's financial performance in the second quarter of fiscal year 2025, indicating a slight increase in net sales.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to cyclical demand and intense competition, which can impact Qorvo's financial performance.

Key Numbers

• $1.77B — Net Sales (H1 2025) (Represents an increase from the prior year's comparable period.)
• $1.68B — Net Sales (H1 2024) (Prior year's comparable period for net sales.)
• $405,000 — Operating Expenses (H1 2025) (Indicates the cost of operations for the first half of fiscal year 2025.)

Key Players & Entities

• Qorvo, Inc. (company) — Filer
• September 28, 2024 (date) — Reporting period end date
• $1.772 billion (dollar_amount) — Total net sales for the six months ended September 28, 2024
• $1.684 billion (dollar_amount) — Total net sales for the six months ended September 30, 2023
• $405,000 (dollar_amount) — Operating expenses for the six months ended September 28, 2024

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QRVO The Nasdaq Stock Market
• $321 — ccounts receivable, net of allowance of $321 and $313 as of September 28, 2024 and M
• $313 — eceivable, net of allowance of $321 and $313 as of September 28, 2024 and March 30,
• $1,772,229 — ent, net of accumulated depreciation of $1,772,229 and $1,683,592 as of September 28, 2024
• $1,683,592 — umulated depreciation of $1,772,229 and $1,683,592 as of September 28, 2024 and March 30,

Filing Documents

• rfmd-20240928.htm (10-Q) — 1051KB
• exhibit2220240928.htm (EX-22) — 6KB
• exhibit31120240928.htm (EX-31.1) — 10KB
• exhibit31220240928.htm (EX-31.2) — 8KB
• exhibit32120240928.htm (EX-32.1) — 4KB
• exhibit32220240928.htm (EX-32.2) — 4KB
• rfmd-20240928_g1.jpg (GRAPHIC) — 20KB
• 0001604778-24-000082.txt ( ) — 6097KB
• rfmd-20240928.xsd (EX-101.SCH) — 31KB
• rfmd-20240928_cal.xml (EX-101.CAL) — 51KB
• rfmd-20240928_def.xml (EX-101.DEF) — 168KB
• rfmd-20240928_lab.xml (EX-101.LAB) — 525KB
• rfmd-20240928_pre.xml (EX-101.PRE) — 353KB
• rfmd-20240928_htm.xml (XML) — 831KB

— 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. 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 32

Controls and Procedures

Item 4. Controls and Procedures. 32

— OTHER INFORMATION

PART II — OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors. 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds . 33

Other Information

Item 5. Other Information. 34

Exhibits

Item 6. Exhibits. 35

SIGNATURES

SIGNATURES 36 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) September 28, 2024 March 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,096,452 $ 1,029,258 Accounts receivable, net of allowance of $321 and $313 as of September 28, 2024 and March 30, 2024, respectively 580,963 412,960 Inventories 694,457 710,555 Prepaid expenses 37,643 40,563 Other receivables 12,799 14,427 Other current assets 110,145 78,993 Assets of disposal group held for sale — 159,278 Total current assets 2,532,459 2,446,034 Property and equipment, net of accumulated depreciation of $1,772,229 and $1,683,592 as of September 28, 2024 and March 30, 2024, respectively 846,540 870,982 Goodwill 2,437,790 2,534,601 Intangible assets, net 445,715 509,383 Long-term investments 24,804 23,252 Other non-current assets 215,767 170,383 Total assets $ 6,503,075 $ 6,554,635 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 321,880 $ 252,993 Accrued liabilities 353,701 336,767 Current portion of long-term debt 412,179 438,740 Other current liabilities 245,977 113,215 Liabilities of disposal group held for sale — 88,372 Total current liabilities 1,333,737 1,230,087 Long-term debt 1,549,244 1,549,272 Other long-term liabilities 209,925 218,904 Total liabilities 3,092,906 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; 94,664 and 95,798 shares issued and outstanding at September 28, 2024 and March 30, 2024, respectively 3,515,640 3,651,067 Accumulated other comprehensive income (loss) 1,148 ( 5,097 ) Accumulated deficit ( 106,619 ) ( 89,598 ) Total stockholders' equity 3,410,169 3,556,372 Total liabilities and stockholders' equity $ 6

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View this 10-Q filing on SEC EDGAR