QRVO FY 2023 Earnings Report — Qorvo, Inc. Revenue & Financial Results | Market Cap Arena

Qorvo, Inc.QRVO

FY 2023 Earnings

Reported May 19, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$3.6B	—	$4.6B	—	-23.2%
Op. Income	$183M	—	$1.2B	—	-85.1%
Gross Margin	36.3%	—	49.2%	—	-12.9pp
Net Margin	2.9%	—	22.2%	—	-19.4pp
EPS (Diluted)	$1.00	—	$9.26	—	-89.2%
Free Cash Flow	$684M	—	$836M	—	-18.1%

Revenue Flow

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.3B
GROSS PROFIT	$1.3B
R&D Expenses	$650M
Selling & Marketing	$211M
General & Administrative	$148M
SG&A Expenses	$359M
Other Expenses	$105M
Operating Expenses	$1.1B
Cost & Expenses	$3.4B
OPERATING INCOME	$183M
Interest Income	$0
Interest Expense	$68M
Other Income/Expenses	-$59M
INCOME BEFORE TAX	$125M
Income Tax Expense	$21M
Net Income from Continuing Ops	$103M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$103M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$103M
D&A	$339M
EBIT	$193M
EBITDA	$532M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.3B
GROSS PROFIT	$1.3B
R&D Expenses	$650M
Selling & Marketing	$211M
General & Administrative	$148M
SG&A Expenses	$359M
Other Expenses	$105M
Operating Expenses	$1.1B
Cost & Expenses	$3.4B
OPERATING INCOME	$183M
Interest Income	$0
Interest Expense	$68M
Other Income/Expenses	-$59M
INCOME BEFORE TAX	$125M
Income Tax Expense	$21M
Net Income from Continuing Ops	$103M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$103M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$103M
D&A	$339M
EBIT	$193M
EBITDA	$532M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$103M
Depreciation & Amortization	$339M
Stock-Based Compensation	$106M
Deferred Income Tax	-$66M
Other Non-Cash Items	$265M
Change in Working Capital	$97M
OPERATING CASH FLOW	$843M
Capital Expenditure	-$159M
Acquisitions (Net)	-$95.0K
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$6M
NET CASH FROM INVESTING	-$153M
Net Debt Issuance	$0
Common Stock Repurchased	-$862M
Common Dividends Paid	$0
Other Financing Activities	-$24M
NET CASH FROM FINANCING	-$853M
FREE CASH FLOW	$684M
Net Change in Cash	-$164M

Balance Sheet

Item	Amount
Cash & Equivalents	$809M
Short-Term Investments	$0
Net Receivables	$331M
Inventory	$797M
Other Current Assets	$47M
TOTAL CURRENT ASSETS	$2.0B
PP&E (Net)	$1.1B
Goodwill	$2.8B
Intangible Assets	$538M
Long-Term Investments	$20M
Tax Assets	$0
Other Non-Current Assets	$193M
TOTAL NON-CURRENT ASSETS	$4.7B
TOTAL ASSETS	$6.7B
Account Payables	$211M
Short-Term Debt	$310.0K
Deferred Revenue	$0
Other Current Liabilities	$122M
TOTAL CURRENT LIABILITIES	$556M
Long-Term Debt	$2.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$185M
TOTAL NON-CURRENT LIABILITIES	$2.2B
TOTAL LIABILITIES	$2.8B
Common Stock	$3.8B
Additional Paid-In Capital	$0
Retained Earnings	$84M
Treasury Stock	$0
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.9B
Minority Interest	$0
TOTAL EQUITY	$3.9B
TOTAL LIABILITIES & EQUITY	$6.7B
Total Debt	$2.0B
Net Debt	$1.2B