2016 CSR Report PDF Format Download (opens in new window) PDF 6.30 MB. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt. QRVO 2020 Proxy Statement 5.9 MB. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.qorvo.com (under "Investors"). 212-827-3772. 3����XéK�6�w�~|�x<7z�i_��k�]�\~��[Y\������f��M�G�����?��~~����s�}5��|οÍ��J��}K��ϵy�Lo���^�y�|�{y�~~|��x��e��r�|��kG�7wFZ��Ȭv`����[�:����a�o��4��b=Oh�_/gL�,�q��H� _k\|�'y��ǎ��>k���+y�%�=m2��"n͙{�q��G�� gG�� QRVO 2018 Annual Report 1.7 MB. Visit www.qorvo.com to learn how Qorvo connects the world. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers' most complex technical challenges. /Creator (�� w k h t m l t o p d f 0 . Qorvo (NASDAQ:QRVO) makes a better world possible by providing innovative RF solutions at the center of connectivity. endobj UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 1, 2017 or ¨ TRANSITION REPORT PURSUANT TO … 2017 Annual Report and 2018 Proxy Statement 11.1 MB. Based in Greensboro, North Carolina. 2021. Our journey for a better, more connected tomorrow. Toggle navigation. The primary material limitations associated with the use of non-GAAP revenue, non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP operating income and operating margin, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow, EBITDA, non-GAAP ROIC and net debt or positive net cash, as an analytical tool compared to the most directly comparable GAAP financial measures of gross profit and gross margin, operating expenses, operating income, net income, diluted earnings per share and net cash provided by operating activities are (i) they may not be comparable to similarly titled measures used by other companies in our industry, and (ii) they exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. Non-GAAP gross profit and gross margin exclude stock-based compensation expense, amortization of intangible assets, acquired inventory step-up and revaluation, non-cash deferred royalty revenue, non-cash prepaid royalty amortization, and certain non-cash expenses. Joe Calabrese Non-GAAP revenue excludes non-cash deferred royalty revenue. Qorvo's business is subject to numerous risks and uncertainties, including variability in operating results, the inability of certain of our customers or suppliers to access their traditional sources of credit, our industry's rapidly changing technology, our dependence on a few large customers for a substantial portion of our revenue, a loss of revenue if contracts with the U.S. government or defense and aerospace contractors are canceled or delayed, our ability to implement innovative technologies, our ability to bring new products to market and achieve design wins, the efficient and successful operation of our wafer fabrication facilities, assembly facilities and test and tape and reel facilities, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, variability in manufacturing yields, industry overcapacity and current macroeconomic conditions, inaccurate product forecasts and corresponding inventory and manufacturing costs, dependence on third parties and our ability to manage platform providers and customer relationships, our dependence on international sales and operations, our ability to attract and retain skilled personnel and develop leaders, the possibility that future acquisitions may dilute our shareholders' ownership and cause us to incur debt and assume contingent liabilities, fluctuations in the price of our common stock, additional claims of infringement on our intellectual property portfolio, lawsuits and claims relating to our products, security breaches and other similar disruptions compromising our information and exposing us to liability, and the impact of stringent environmental regulations. Home. On a GAAP basis, fiscal year 2017 third quarter revenue increased 33.1% year-over-year and decreased 4.4% sequentially to $826.3 million. 2017 Annual Report; PDF ; 2016 Annual Report; PDF ; Show 1 more archive; 2015 Annual Report; PDF ; About Qorvo, Inc. 5001-10,000 Employees. The income tax adjustment primarily represents the use of net operating loss and research and development tax credit carryforwards, deferred tax expense not affecting taxes payable, tax deductible stock-based compensation expense in excess of GAAP stock-based compensation expense, and non-cash expense (benefit) related to uncertain tax positions. /Title (�� D o c u m e n t) Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. /Producer (�� Q t 4 . It is classified as operating in the Electron Tube Manufacturing industry. In depth view into Qorvo Revenue (Annual) including historical data from 2015, charts, stats and industry comps. Non-GAAP net income and non-GAAP net income per diluted share. We believe that the exclusion of this non-cash adjustment to revenue provides management and investors a more effective means of evaluating our historical and projected performance. 2���x� �y㊿�C����d�yn��՝�=�x^��U{��#�Q��4�Q�I��ȼ�w�N_�*�6�AC�o7{�J�N�5������۶C:�l�=��y��+�}�zo�5M}Ґ��/3�����Q6q���-�8�?�?c}����f��=V���a:c�>��=~�7;�2C���ڲ��|�(;z?����k�� `g�F���LT��Q���>���c�Gi���Ո�9Z�W�j���b�z]e��_*��֊S�g�@�~���,��Λľ�-�N��Fk��/BGe��65���WK��b��R����Ze�n6�/G� QRVO 2020 Annual Report 6.5 MB. Add Files. /Filter /FlateDecode Non-GAAP ROIC. 2016 … 3 0 obj Annual and quarterly financial reports, income statements and balance sheets for QORVO, INC. (QRVO) on MSN Money. Qorvo currently believes the demand environment in its end markets supports the following non-GAAP expectations for the March 2017 quarter: The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. QRVO 2020 … Qorvo's GaN technology helps keep you connected and protected. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. Similarly, we believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Qorvo (NASDAQ:QRVO) makes a better world possible by providing innovative RF solutions at the center of connectivity. In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP revenue, (ii) non-GAAP gross profit and gross margin, (iii) non-GAAP operating income and operating margin, (iv) non-GAAP net income, (v) non-GAAP net income per diluted share, (vi) non-GAAP operating expenses (research and development; selling, general and administrative), (vii) free cash flow, (viii) EBITDA, (ix) non-GAAP return on invested capital (ROIC), and (x) net debt or positive net cash. Add Files. << We believe disclosure of these non-GAAP operating expenses has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. Title View; Add Files. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period. Qorvo Earnings Estimates and Actuals by Quarter We also leverage our unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things. /Subtype /Image We did this while qualifying leading technologies for top customer programs, introducing over 100 new products, and achieving key milestones on operational initiatives. stream QRVO 2018 Annual Report 1.7 MB. Qorvo's annual revenues are over $500 million (see exact revenue data). /CA 1.0 "Of note, we achieved a significant performance milestone in BAW filter resonator performance, and we are competing today on the most complex BAW-based product opportunities. We use ROIC to track how much value we are creating for our shareholders. 2016 Annual Report and 2017 Proxy Statement 7.6 MB. Add Files. 2012 Annual Report and 2013 Proxy Statement 2.3 MB. endobj /Type /XObject 4 0 obj QRVO 2019 Annual Report 408.4 KB. Non-GAAP gross profit and gross margin. >> We believe that acquisition and integration related costs and IPR litigation costs (settlement) do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. Contact a Sales Representative Gross margin was 37.6%, operating expenses were $249.2 million, operating income was $61.4 million, and net loss was $78.6 million, or a loss of $0.62 per share. 1 Excludes stock-based compensation, amortization of intangibles, acquisition and integration related costs, intellectual property rights (IPR) litigation (settlement) costs, acquired inventory step-up and revaluation, non-cash deferred royalty revenue and equal and offsetting non-cash prepaid royalty amortization, start-up costs, restructuring and disposal costs, (gain) loss on assets, loss on investment, and an adjustment of income taxes. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating income and operating margin. Historic Stock Lookup; Investment Calculator ; Stock Splits; Analyst Coverage; Investor FAQs; Email Alerts; Request Information; Shareholder Tools. Qorvo (Filer) Form 10-K Annual report pursuant to Section 13 or 15(d) 05/18/2020 3:17 PM: Murphy Mark J. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. GAAP revenue is expected to reconcile within $1.0 million of the quarterly forecasted non-GAAP revenue. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to both prior periods as well as to its competitors. 2016 10-K PDF Format Download (opens in new window) PDF 1.51 MB. We now expect sales of BAW-based products will increase from less than a third of Mobile Products revenue in fiscal year 2018 to approaching 40% in fiscal year 2019. Qorvo annual revenue for 2018 was $2.974B, a 1.95% decline from 2017. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. Free cash flow. Qorvo, Inc. Buy Online We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin gives management and investors a more effective means of evaluating Qorvo's historical performance and projected costs and the potential for realizing cost efficiencies. 2015 Annual Report and 2016 Proxy Statement 5.7 MB. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows. (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures. See the more detailed financial information for Qorvo, including reconciliation of GAAP and non-GAAP financial information, attached. Shares have added about 8.5% in that time frame, outperforming the S&P 500. Buy Direct from Qorvo Sales Doug DeLieto I'm extremely proud of what the team delivered to position Qorvo for anticipated double-digit revenue growth in fiscal year 2018. "In the March quarter, we're forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches. GREENSBORO, NC – May 3, 2017 – Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company's fiscal 2017 fourth quarter, ended April 1, 2017. ... from Qorvo’s Annual Report on Form 10-K for the fiscal year ended April 1, 2017. QUARTERLY RESULTS Show all. We are unable to provide a reconciliation of the remaining forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because due to variability and difficulty in making accurate projections for items such as stock-based compensation, integration related costs, restructuring charges and the provision for income taxes, we are unable to quantify certain amounts that would be required to be included in the GAAP measures without unreasonable effort. Add Files. Gross margin decreased year-over-year due primarily to product mix shift to low band PAD products. 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