QRVO FY 2021 Earnings Report — Qorvo, Inc. Revenue & Financial Results | Market Cap Arena

Qorvo, Inc.QRVO

FY 2021 Earnings

Reported May 24, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$4.0B	—	$3.2B	—	24.0%
Op. Income	$907M	—	$423M	—	114.2%
Gross Margin	46.9%	—	40.8%	—	6.1pp
Net Margin	18.3%	—	10.3%	—	7.9pp
EPS (Diluted)	$6.32	—	$2.80	—	125.7%
Free Cash Flow	$1.1B	—	$782M	—	42.7%

Revenue Flow

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$2.1B
GROSS PROFIT	$1.9B
R&D Expenses	$570M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$367M
Other Expenses	$39M
Operating Expenses	$977M
Cost & Expenses	$3.1B
OPERATING INCOME	$907M
Interest Income	$0
Interest Expense	$75M
Other Income/Expenses	-$99M
INCOME BEFORE TAX	$807M
Income Tax Expense	$74M
Net Income from Continuing Ops	$734M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$734M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$734M
D&A	$456M
EBIT	$883M
EBITDA	$1.3B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$2.1B
GROSS PROFIT	$1.9B
R&D Expenses	$570M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$367M
Other Expenses	$39M
Operating Expenses	$977M
Cost & Expenses	$3.1B
OPERATING INCOME	$907M
Interest Income	$0
Interest Expense	$75M
Other Income/Expenses	-$99M
INCOME BEFORE TAX	$807M
Income Tax Expense	$74M
Net Income from Continuing Ops	$734M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$734M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$734M
D&A	$456M
EBIT	$883M
EBITDA	$1.3B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$734M
Depreciation & Amortization	$456M
Stock-Based Compensation	$89M
Deferred Income Tax	-$18M
Other Non-Cash Items	$63M
Change in Working Capital	-$22M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$187M
Acquisitions (Net)	-$47M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$15M
NET CASH FROM INVESTING	-$219M
Net Debt Issuance	$119M
Common Stock Repurchased	-$515M
Common Dividends Paid	$0
Other Financing Activities	-$48M
NET CASH FROM FINANCING	-$402M
FREE CASH FLOW	$1.1B
Net Change in Cash	$683M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$0
Net Receivables	$485M
Inventory	$508M
Other Current Assets	$52M
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$1.3B
Goodwill	$2.6B
Intangible Assets	$611M
Long-Term Investments	$35M
Tax Assets	$0
Other Non-Current Assets	$182M
TOTAL NON-CURRENT ASSETS	$4.7B
TOTAL ASSETS	$7.2B
Account Payables	$314M
Short-Term Debt	$5M
Deferred Revenue	$0
Other Current Liabilities	$108M
TOTAL CURRENT LIABILITIES	$682M
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$168M
TOTAL NON-CURRENT LIABILITIES	$1.9B
TOTAL LIABILITIES	$2.6B
Common Stock	$4.2B
Additional Paid-In Capital	$0
Retained Earnings	$355M
Treasury Stock	$0
Accum. Other Comp. Income	$30M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.6B
Minority Interest	$0
TOTAL EQUITY	$4.6B
TOTAL LIABILITIES & EQUITY	$7.2B
Total Debt	$1.7B
Net Debt	$350M