QRVO FY 2020 Earnings Report — Qorvo, Inc. Revenue & Financial Results | Market Cap Arena

Qorvo, Inc.QRVO

FY 2020 Earnings

Reported May 20, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$3.2B	—	$3.1B	—	4.8%
Op. Income	$423M	—	$216M	—	95.5%
Gross Margin	40.8%	—	38.7%	—	2.1pp
Net Margin	10.3%	—	4.3%	—	6.0pp
EPS (Diluted)	$2.80	—	$1.05	—	166.7%
Free Cash Flow	$782M	—	$589M	—	32.6%

Revenue Flow

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$1.9B
GROSS PROFIT	$1.3B
R&D Expenses	$484M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$344M
Other Expenses	$71M
Operating Expenses	$899M
Cost & Expenses	$2.8B
OPERATING INCOME	$423M
Interest Income	$12M
Interest Expense	$60M
Other Income/Expenses	-$28M
INCOME BEFORE TAX	$395M
Income Tax Expense	$61M
Net Income from Continuing Ops	$334M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$334M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$334M
D&A	$469M
EBIT	$455M
EBITDA	$924M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$1.9B
GROSS PROFIT	$1.3B
R&D Expenses	$484M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$344M
Other Expenses	$71M
Operating Expenses	$899M
Cost & Expenses	$2.8B
OPERATING INCOME	$423M
Interest Income	$12M
Interest Expense	$60M
Other Income/Expenses	-$28M
INCOME BEFORE TAX	$395M
Income Tax Expense	$61M
Net Income from Continuing Ops	$334M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$334M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$334M
D&A	$469M
EBIT	$455M
EBITDA	$924M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$334M
Depreciation & Amortization	$469M
Stock-Based Compensation	$76M
Deferred Income Tax	-$11M
Other Non-Cash Items	-$15M
Change in Working Capital	$92M
OPERATING CASH FLOW	$946M
Capital Expenditure	-$164M
Acquisitions (Net)	-$946M
Purchases of Investments	$0
Sales/Maturities of Investments	$2M
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$1.1B
Net Debt Issuance	$659M
Common Stock Repurchased	-$515M
Common Dividends Paid	$0
Other Financing Activities	-$29M
NET CASH FROM FINANCING	$166M
FREE CASH FLOW	$782M
Net Change in Cash	$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$715M
Short-Term Investments	$0
Net Receivables	$382M
Inventory	$517M
Other Current Assets	$38M
TOTAL CURRENT ASSETS	$1.7B
PP&E (Net)	$1.3B
Goodwill	$2.6B
Intangible Assets	$809M
Long-Term Investments	$23M
Tax Assets	$0
Other Non-Current Assets	$165M
TOTAL NON-CURRENT ASSETS	$4.9B
TOTAL ASSETS	$6.6B
Account Payables	$247M
Short-Term Debt	$7M
Deferred Revenue	$0
Other Current Liabilities	$67M
TOTAL CURRENT LIABILITIES	$539M
Long-Term Debt	$1.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$162M
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$2.3B
Common Stock	$4.3B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$0
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$6.6B
Total Debt	$1.6B
Net Debt	$859M