Qorvo® Announces Fiscal 2025 Fourth Quarter Financial Results

Quick Summary:

SELECTED GAAP RESULTS(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue$        869.5   $        916.3   $        941.0   $        (46.8)  $        (71.5) Gross profit$        366.6   $        391.4   $        381.9   $        (24.8)  $        (15.3) Gross margin 42.2 %  42.7 %  40.6 %  (0.5)ppt  1.6 pptOperating expenses$        338.3   $        338.4   $        351.9   $        (0.1)  $        (13.6) Operating income$        28.2   $        53.0   $        30.0   $        (24.8)  $        (1.8) Net income$        31.4   $        41.3   $        2.7   $        (9.9)  $        28.7  Weighted-average diluted shares         94.1            95.0            97.3            (0.9)           (3.2) Diluted EPS$        0.33   $        0.43   $        0.03   $        (0.10)  $        0.30                          SELECTED NON-GAAP RESULTS (1)(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue$        869.5   $        916.3   $        941.0   $        (46.8)  $        (71.5) Gross profit$        398.7   $        426.3   $        400.4   $        (27.6)  $        (1.7) Gross margin 45.9 %  46.5 %  42.5 %  (0.6)ppt  3.4 pptOperating expenses$        246.8   $        248.4   $        253.2   $        (1.6)  $        (6.4) Operating income$        151.8   $        177.9   $        147.2   $        (26.1)  $        4.6  Net income$        133.3   $        152.8   $        135.5   $        (19.5)  $        (2.2) Weighted-average diluted shares         94.1            95.0            97.3            (0.9)           (3.2) Diluted EPS$        1.42   $        1.61   $        1.39   $        (0.19)  $        0.03   (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes. SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited)  Q4 Fiscal 2025 Q3 Fiscal 2025 Q4 Fiscal 2024 Sequential Change Year-over-Year ChangeRevenue             HPA$        187.9   $        171.7   $        164.6           9.4 % 14.2 %CSG         101.3            109.5            122.8           (7.5)% (17.5)%ACG         580.3            635.1            653.6           (8.6)% (11.2)%Total revenue$        869.5   $        916.3   $        941.0           (5.1)% (7.6)%Operating income (loss)             HPA$        58.4   $        32.6   $        31.5           79.1 % 85.4 %CSG         (15.6)           (11.7)           (15.2)          (33.3)% (2.6)%ACG         109.7            161.2            134.3           (31.9)% (18.3)%Unallocated amounts (1)         (124.3)           (129.1)           (120.6)          3.7 % (3.1)%Total operating income$        28.2   $        53.0   $        30.0           (46.8)% (6.0)%Operating income (loss) as a % of revenue               HPA         31.1 %          19.0 %          19.1 % 12.1 ppt 12.0 pptCSG         (15.4)           (10.7)           (12.4)  (4.7)ppt (3.0)pptACG         18.9            25.4            20.5   (6.5)ppt (1.6)pptTotal operating income as a % of revenue         3.3 %          5.8 %          3.2 % (2.5)ppt — ppt                       (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company's core business systems and other miscellaneous corporate overhead expenses.

AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited)  Three Months Ended(in thousands, except percentages)March 29, 2025 December 28, 2024 March 30, 2024GAAP gross profit/margin$        366,563         42.2 % $        391,416         42.7 % $        381,857         40.6 %Stock-based compensation expense         5,645         0.7            5,742         0.6            3,444         0.3  Amortization of intangible assets         21,684         2.5            23,462         2.6            26,031         2.8  Restructuring-related charges         5,492         0.6            6,931         0.7            1,212         0.1  Acquisition and integration-related costs         1         —            1         —            1,281         0.1  Net adjustments related to a terminated capacity reservation agreement         (720)        (0.1)           (1,253)        (0.1)           (13,445)        (1.4) Non-GAAP gross profit/margin$        398,665         45.9 % $        426,299         46.5 % $        400,380         42.5 %  Three Months EndedNon-GAAP Operating IncomeMarch 29, 2025(as a percentage of revenue)   GAAP operating income        3.3 %Stock-based compensation expense        3.2  Amortization of intangible assets        2.8  Restructuring-related adjustments(2.0) Goodwill and intangible asset impairment9.1  Acquisition and integration-related costs        0.5  Net adjustments related to a terminated capacity reservation agreement        (0.1) Other expense        0.7  Non-GAAP operating income        17.5 %  Three Months EndedFree Cash Flow (1)March 29, 2025(in millions)   Net cash provided by operating activities$        199.2 Purchases of property and equipment         (28.5)Free cash flow$        170.7  (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures. QORVO, INC.

AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except per share data)(Unaudited)  Three Months Ended March 29, 2025 December 28, 2024 March 30, 2024      GAAP operating income$        28,221  $        53,025  $        29,978 Stock-based compensation expense         27,415           28,384           21,581 Amortization of intangible assets         24,040           26,085           31,187 Restructuring-related (adjustments) charges (17,252)          68,072           55,535 Goodwill and intangible asset impairment 79,503                     —                                — Acquisition and integration-related costs         4,395           1,382           6,596 Net adjustments related to a terminated capacity reservation agreement         (720)          (1,253)          (13,445)Other expense         6,247           2,216           15,792 Non-GAAP operating income$        151,849  $        177,911  $        147,224       GAAP net income$        31,365  $        41,271  $        2,735 Stock-based compensation expense         27,415           28,384           21,581 Amortization of intangible assets         24,040           26,085           31,187 Restructuring-related (adjustments) charges (17,252)          68,072           55,535 Goodwill and intangible asset impairment 79,503   —   — Acquisition and integration-related costs         4,395           1,382           6,596 Net adjustments related to a terminated capacity reservation agreement         (720)          (1,253)          (13,445)Other expense         8,889           600           10,662 Loss (gain) on investment         802           (1,721)          1,805 Adjustment of income taxes         (25,095)          (10,067)          18,874 Non-GAAP net income$        133,342  $        152,753  $        135,530       GAAP weighted-average outstanding diluted shares         94,105           95,031           97,335 Dilutive stock-based awards         —           —           — Non-GAAP weighted-average outstanding diluted shares         94,105           95,031           97,335       Non-GAAP net income per share, diluted$        1.42  $        1.61  $        1.39   QORVO, INC.

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Qorvo, Inc.

Category: Technology

Markets: ChinaUnited States

Topics: Nasdaq:QRVO US74736K1016

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-29 @ 20:00:00 (20 hours ago)

News Timezone: GMT +8:00

News Source URL: globenewswire.com

Language: English

Article Length: 3951 words

Reading Time: 22 minutes read

Sentences: 89 lines

Sentence Length: 45 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © GlobeNewswire

News ID: 28290326

View Article Analysis

About GlobeNewswire

Main Topics: Technology

Official Website: globenewswire.com

Update Frequency: 110 posts per day

Year Established: 1998

Headquarters: China

News Last Updated: 21 hours ago

Coverage Areas: China

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #116

Publisher Details

Frequently Asked Questions