Qorvo, 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目录

美国
证券交易委员会
华盛顿特区20549
表格 10-Q
根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月28日
或者
根据1934年证券交易协定第13或15(d)节的过渡报告
在______到______的过渡期间
委员会文件号 001-36801
qorvoform8kimagefinala67.jpg
qorvo公司。
(根据其章程规定的注册人准确名称) 
特拉华州46-5288992
(设立或组织的其他管辖区域)(纳税人识别号码)
7628 Thorndike Road
格林斯伯勒,北卡罗来纳州27409-9421
(主要行政办公室地址)(邮政编码)
(336) 664-1233
(注册人的电话号码,包括区号)

在法案第12(b)条的规定下注册的证券:
每一类的名称交易标志在其上注册的交易所的名称
普通股,每股面值0.0001美元qorvo纳斯达克证券交易所 LLC
请在以下方框内打勾,表示报告人(1)在过去12个月内(或报告人所需被要求提交这些报告的较短期间内,如果有)已经提交了所有根据1934年证券交易法第13或15(d)节规定所需提交的报告, 并且(2)在过去90天内一直受到此类提交要求的约束。 þ¨
请在以下勾选方框表示注册人是否已在Regulation S-T Rule 405规定的前12个月(或在注册人需要提交此类文件的较短期间内)提交了每个互动数据文件。 þ¨
在交易所法案120亿.2条中,用勾选符号表明注册人是大型快速存取文件者、加速存取文件者、非加速存取文件者、小型报告公司还是新兴增长公司,并请参见“大型快速存取文件者”、“加速存取文件者”、“小型报告公司”和“新兴增长公司”的定义。
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截至2024年10月23日, 94,526,698 股。


目录

高频半导体公司宜凯乐和子公司
目录
 
 页面    
项目1:基本报表 (未经审计)。

3

目录

第一部分 — 财务信息
第一项 基本报表。

高频半导体公司宜凯乐和子公司
简明合并资产负债表
(以千为单位,除每股数据外)
(未经审计)
2024年9月28日2024年3月30日
资产
流动资产:
现金及现金等价物 $1,096,452 $1,029,258 
应收账款净额,减预计账面减值准备分别为2024年9月28日和2024年3月30日的$321和$313580,963 412,960 
存货694,457 710,555 
预付费用37,643 40,563 
其他应收款12,799 14,427 
其他资产110,145 78,993 
待售处置群组的资产 159,278 
总流动资产2,532,459 2,446,034 
物业和设备净值,截至2024年9月28日和2024年3月30日分别累计折旧为$1,772,229和$1,683,592846,540 870,982 
商誉2,437,790 2,534,601 
无形资产, 净额445,715 509,383 
所有基金类型投资24,804 23,252 
其他非流动资产215,767 170,383 
总资产$6,503,075 $6,554,635 
负债和股东权益
流动负债:
应付账款$321,880 $252,993 
应计负债353,701 336,767 
开多次数412,179 438,740 
其他流动负债245,977 113,215 
可供出售处置群组的负债 88,372 
流动负债合计1,333,737 1,230,087 
长期债务1,549,244 1,549,272 
其他长期负债209,925 218,904 
负债合计3,092,906 2,998,263 
承诺和或有负债 (注9)
股东权益:
优先股,面值 $0.0001;授权 5,000 股;未发行和流通股  
普通股和额外资本,面值 $0.0001;授权 405,000 股;分别于 2024 年 9 月 28 日和 2024 年 3 月 30 日发行的流通股分别为 94,664 和 95,798 股3,515,640 3,651,067 
累计其他综合收益(亏损)1,148 (5,097)
累积赤字(106,619)(89,598)
股东权益总额3,410,169 3,556,372 
负债和股东权益总额$6,503,075 $6,554,635 
请参阅附注的基本财务报表。
4

目录

高频半导体公司宜凯乐和子公司
简明合并利润表
(以千为单位,除每股数据外)
(未经审计)
 三个月已结束六个月已结束
 2024年9月28日2023年9月30日2024年9月28日2023年9月30日
收入$1,046,509 $1,103,493 $1,933,180 $1,754,657 
售出商品的成本601,203 613,803 1,155,570 1,035,897 
毛利润445,306 489,690 777,610 718,760 
运营费用:
研究和开发201,050 174,947 388,652 338,037 
销售、一般和管理107,760 103,696 222,683 209,119 
商誉减值96,458 48,000 96,458 48,000 
其他运营费用30,363 11,619 55,536 20,312 
运营费用总额435,631 338,262 763,329 615,468 
营业收入9,675 151,428 14,281 103,292 
利息支出(22,594)(17,121)(39,688)(34,382)
其他收入,净额15,422 5,211 27,187 18,927 
所得税前收入2,503 139,518 1,780 87,837 
所得税支出(19,938)(42,057)(18,801)(33,956)
净(亏损)收入$(17,435)$97,461 $(17,021)$53,881 
每股净(亏损)收益:
基本 $(0.18)$1.00 $(0.18)$0.55 
稀释 $(0.18)$0.99 $(0.18)$0.54 
已发行普通股的加权平均股:
基本 94,886 97,945 95,116 98,167 
稀释 94,886 98,590 95,116 98,892 
请参阅附注的基本财务报表。

5

目录

高频半导体公司宜凯乐和子公司
简明综合收益(损失)合并报表
(以千为单位)
(未经审计)
 三个月之内结束销售额最高的六个月
 2024年9月28日2023年9月30日2024年9月28日2023年9月30日
净(亏损)利润$(17,435)$97,461 $(17,021)$53,881 
其他综合收益(损失), 净额(税后):
养老金责任的变动(230) (230) 
外币翻译调整,包括具有长期投资性质的法人内部外币交易7,408 (9,569)6,476 (10,428)
再分类调整,扣除税后:
养老金精算收益的摊销(1)(3)(1)(6)
其他综合收益(损失)7,177 (9,572)6,245 (10,434)
综合(损失)收益合计$(10,258)$87,889 $(10,776)$43,447 
请参阅附注的基本财务报表。

6

目录

高频半导体公司宜凯乐和子公司
股东权益简明合并财务报表
(以千为单位)
(未经审计)
累计其他综合收益(亏损)(累计赤字)留存收益
普通股
三个月之内结束股份数量总费用
2024年6月29日结存94,962 $3,581,468 $(6,029)$(89,184)$3,486,255 
净亏损—   (17,435)(17,435)
其他综合收益—  7,177  7,177 
行使股票期权和受限股票单位归属,扣除员工税款后的股份440 (22,256)  (22,256)
回购普通股,包括交易成本和消费税(738)(81,746)  (81,746)
股票认股支出— 38,174   38,174 
2024年9月28日余额94,664 $3,515,640 $1,148 $(106,619)$3,410,169 
2023年7月1日余额98,048 $3,816,260 $(4,037)$ $3,812,223 
净收入—   97,461 97,461 
其他综合损失—  (9,572) (9,572)
期权行权和限制股单位解禁,净股数扣除员工税款427 (19,741)  (19,741)
回购普通股,包括交易成本和消费税(969)(37,699) (62,855)(100,554)
股票认股支出— 37,369   37,369 
2023年9月30日余额97,506 $3,796,189 $(13,609)$34,606 $3,817,186 
请参阅附注的基本财务报表。
7

目录

高频半导体公司宜凯乐和子公司
股东权益简明合并财务报表
(以千为单位)
(未经审计)
累计其他全面收益(损失)(累计赤字)留存收益
普通股
销售额最高的六个月
股份金额总计
2024年3月30日的资产负债表95,798 $3,651,067 $(5,097)$(89,598)$3,556,372 
净损失—   (17,021)(17,021)
其他综合收益—  6,245  6,245 
期权行权和限制股单位解禁,净股数扣除员工税款577 (29,521)  (29,521)
员工股票购买计划中的普通股票发行266 19,787   19,787 
回购普通股,包括交易成本和消费税(1,977)(207,471)  (207,471)
股票认股支出— 81,778   81,778 
2024年9月28日余额94,664 $3,515,640 $1,148 $(106,619)$3,410,169 
2023年4月1日余额98,649 $3,821,474 $(3,175)$84,495 $3,902,794 
净利润—   53,881 53,881 
其他综合损失—  (10,434) (10,434)
期权行权和限制股单位解禁,净股数扣除员工税款597 (24,163)  (24,163)
员工股票购买计划中的普通股票发行262 19,180   19,180 
回购普通股,包括交易成本和消费税(2,002)(97,396) (103,770)(201,166)
股票认股支出— 77,094   77,094 
2023年9月30日余额97,506 $3,796,189 $(13,609)$34,606 $3,817,186 
请参阅附注的基本财务报表。
8

目录

高频半导体公司宜凯乐和子公司
现金流量表简明综合报表
(以千为单位)
(未经审计)
销售额最高的六个月
2024年9月28日2023年9月30日
经营活动现金流量:
净(亏损)利润$(17,021)$53,881 
调整为将净(亏损)收益调节为经营活动提供的现金流量:
折旧81,567 99,183 
无形资产摊销70,664 61,103 
延迟所得税(47,453)1,629 
商誉减值96,458 48,000 
股票补偿费用80,547 77,498 
其他,净额50,979 16,377 
经营性资产和负债变动:
2,687,823 (168,213)(288,221)
存货2,550 (45,694)
预付款项和其他资产(22,036)(2,547)
应付账款及应计费用83,631 148,616 
应付和应收所得税(6,734)(9,674)
其他负债3,992 (22,253)
经营活动产生的现金流量净额208,931 137,898 
投资活动现金流量:
购置固定资产等资产支出(71,244)(68,076)
出售固定资产的收益1,414 47,301 
出售业务收到的款项55,576  
其他投资活动(37,756)(3,418)
投资活动产生的净现金流出(52,010)(24,193)
筹集资金的现金流量:
回购普通股,包括交易成本(206,340)(200,026)
普通股发行收益21,057 21,041 
代表员工支付限制股单位的税款(29,551)(25,472)
债务回购(26,661) 
销售存货后的净收益,需以回购为条件142,804  
其他融资活动(10,565)(9,854)
筹集资金净额(109,256)(214,311)
汇率变动对现金、现金等价物及受限制资金的影响(471)(1,501)
现金,现金等价物和受限现金净增加(减少)47,194 (102,107)
期初现金、现金等价物和受限制的现金余额1,049,258 808,943 
期末现金、现金等价物及受限制现金余额:$1,096,452 $706,836 
现金流量补充披露:
包括在负债中的资本支出$73,031 $27,610 
请参阅附注的基本财务报表。
9

目录

高频半导体公司宜凯乐和子公司
简明合并财务报表附注
(未经审计)

1. 报告的编制基础和重要会计政策

Qorvo公司及其附属公司(统称"公司"或"qorvo")的附属简明合并基本板块已按照美国公认会计原则("U.S. GAAP")编制。编制这些基本报表需要管理层进行估计和假设,这可能与实际结果有重大差异。此外,根据美国证券交易委员会的法规和规定,根据U.S. GAAP编制的基本报表通常包含的某些信息或附注披露已经被压缩或省略。据管理层意见,这些基本报表包含了为公允呈现所报告的中期期间结果而进行的所有调整(属于正常和经常性的性质)。应当结合Qorvo公司截至2024年3月30日财政年度的经审计合并财务报表和相关附注一起阅读这些简明合并基本板块,这些内容包含在Qorvo公司的10-K表格上的年度报告中。

基本报表包括公司及其全资子公司的账户。 所有重要的公司间账户和交易在合并中已经被消除。 公司分为所有板块 经营和可报告部门将技术和应用与客户和终端市场对齐:高性能模拟("HPA"),连接和传感器组("CSG")以及爱文思控股("ACG")。

为符合2025财年的报表格式,某些往期金额已重新分类。

公司使用以最接近每年3月31日的周六结束的52或53周财政年度。每个财政年度,第一季度结束于最接近6月30日的周六,第二季度结束于最接近9月30日的周六,第三季度结束于最接近12月31日的周六。2025年和2024年是52周年。

2. 最近的会计准则和其他发展

2022年8月,《促进半导体和科学知识制造业产生帮助激励法案》(简称“CHIPS法案”)正式签署成为法律。CHIPS法案针对国内半导体制造业的某些投资提供25%可退税抵免。该税收抵免适用于自2022年12月31日后投入使用的符合条件的财产和设备,以及2027年1月1日前开始施工的项目。CHIPS法案还提供特定其他金融激励措施,以进一步推动对国内半导体制造业的投资。在截至2024年9月28日的三个月内,公司确认了预期的税收抵免,此抵免包括自2022年12月31日后投入使用的符合条件支出(将分摊在符合条件资产的使用寿命内),并相应减少了符合条件财产和设备的账面价值。

2023年11月,财务会计准则委员会发布了《会计准则更新2023-07》,要求增加与重要分部费用相关的披露。分部报告(主题 280):报告服务部门(主题 280)变更披露方式,通过升级对意义重大的分部费用的披露来改进分部报告披露要求。该准则适用于 2023 年 12 月 15 日之后的财年和 2024 年 12 月 15 日之后的财年间隔期。该准则必须适用于财务报表中呈现的所有期间的追溯。该公司目前正在评估该标准对合并财务报表的影响。(“ASU 2023-07”),该公司将在2025财年年度报告和2026财年起始的中间期上以追溯原则采纳ASU 2023-07。该公司目前正在评估这一新标准对其披露的影响。

3. 存货 库存主要是瓶装红酒,按较低成本(使用平均成本法计算)或净实现价值计量。公司记录了 约 $的存货减值 2024年6月30日和2023年同期分别为约 $和 $百万。这一减值在基本报表的营业成本中记录。成品库存为$337,873。

库存的元件,减去准备金,如下(以千为单位):
2024年9月28日2024年3月30日
原材料$217,105 $201,748 
在制品322,092 347,175 
成品155,260 161,632 
总存货$694,457 $710,555 

10

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


4. 业务剥离

2023年12月16日,公司与立讯精密工业股份有限公司("立讯")达成了一项明确协议("购买协议"),就在中国北京和德州的装配和测试业务("处置群体")进行剥离,预计现金收益约为$240.0 百万美元(针对已处置业务的现金、处置群体的资产和负债以及存货)。在2024财年第四季度,获得了监管批准,并且处置群体符合根据会计准则法规Codification("ASC")360的账面分类为待售条件, "固定资产" ("ASC 360")。根据ASC 805的规定,"" 处置群体构成一个业务,因此,公司从企业合并百万美元的商誉分配给22.0 根据相对公允价值基础,将其报告单位中的资产划分为持有待售资产。在将商誉分配给处置群体后,评估这些报告单位是否存在减值情况,确定所有报告单位的公允价值均超过其账面价值。此外,根据ASC 360,处置群体应以账面价值或公允价值减去卖出成本中的较低者计量。由于处置群体的账面价值超过了公允价值减去卖出成本,因此于截至2024年3月30日的年度中确认了200万美元的亏损,记录在“其他营业费用”中。35.3 在《合并经营报告表》中,“其他经营费用”中记录了截至2024年3月30日的年度的100万美元损失。处置处置群体不符合按照ASC 205-20 “财务报表附注:终止经营”报告的条件。财务报表的陈述:终止经营。"

公司于2024年5月2日完成了在中国的装配和测试业务的出售,出售价格约为$232.0 百万美元,导致了$8.0 百万美元的增量损失(其中包括$百万美元额外商誉减值)记录在截至1.0 的合并利润表中的"其他营业费用"中。 2024年6月29日收到的代价是处置业务现金。 $29.0百万,处置组织的资产和负债 $76.0百万 和存货 $127.0百万。购买价格在截至 $234.0百万 三个月的时间内增加到 2024年9月28日由于库存价值增加,2.0百万 增加 存货金额与公司出售给 Luxshare 的存货有关,并且公司有义务在 Luxshare 完成装配和测试服务后的未来日期根据供应协议回购。虽然法律所有权归 Luxshare 所有,但根据 ASC 606 的规定,公司将继续在资产负债表上确认存货,并已记录一个财务负债(包括“其他流动负债”中)等于公司收到的现金,用于回购存货。与客户签订合同的营业收入," 公司将继续在资产负债表上确认存货,并已记录一个财务负债(包括“其他流动负债”中),等于公司收到的与存货回购有关的现金。

资产处置集团的资产和负债出售所收到的现金额为xx美元,已包括在截至2024年9月28日的现金流量投资活动中76.0 万美元净额已包含在2024财年基础上的现金流量投资活动中,该数字中包括在“其他投资活动”中的2024财年合并现金流量表中于2024年下半年度截至9月28日的付款协议生效后的资金存入20.0 公司回购的库存所收到的现金包含在截至2024年9月28日的现金流量融资活动中

5. 商誉和无形资产

在2025财年,作为专注于增长驱动力和关键市场以及简化运营的持续努力的一部分,该公司决定不再进一步投资其碳化硅(“SiC”)功率器件业务,并开始为该业务寻求战略替代方案。在2025财年第二季度,该公司确定剥离其碳化硅功率器件业务的可能性比不大,因此启动了减值测试。根据ASC 360,对电力设备业务持有和使用的长期资产进行了减值审查。减值测试导致无形资产(主要是开发的技术)减值为美元16.6 百万,包含在简明合并运营报表的 “其他运营费用” 中。此外,由于功率设备业务构成HPA运营板块内的报告单位,因此根据ASC 350的规定,该报告部门的商誉也需要进行减值评估, “无形资产-商誉及其他” (“ASC 350”),并确定账面价值超过该申报单位的公允价值,因此商誉减值费用约为美元96.5 百万(代表分配给该报告单位的全部商誉)。无形资产和申报单位的估计公允价值是使用市场方法确定的。与这些资产估值相关的重要投入已分类
11

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


作为公允价值层次中的第3级。请参阅附注11,了解公司决定寻求其碳化硅功率器件业务战略替代方案所产生的额外费用。

商誉账面价值变动情况如下 如下所示 (以千为单位):
HPA
运营商-5g(CSG)是一家值得信任的公司,被Zain Sudan信任以推动其无线业务灾难恢复并保持苏丹人民的连接,同时保留其市场领导地位。
ACG
总计
2024年3月30日余额 (1)
$517,542 $300,299 $1,716,760 $2,534,601 
商誉减值(96,458)  (96,458)
因出售业务而核销的商誉 (2)
 (200)(800)(1,000)
Anokiwave, Inc.的计量期调整 647   647 
截至2024年9月28日的余额 (1)
$421,731 $300,099 $1,715,960 $2,437,790 
(1) 公司的商誉余额已经扣除累计减值损失,分别为2024年9月28日和2024年3月30日,这些损失分别在2009年、2013年、2014年、2022年、2023年、2024年和2025年的财政年度确认。999.9万美元和903.4 百万美元。
(2) 有关额外信息,请参考注释4。

以下表格总结了无形资产的总账面金额和累计摊销情况(单位:千美元):
 2024年9月28日2024年3月30日
 毛利
搬运
金额
累积的
摊销
毛利
搬运
金额
累积的
摊销
坏账准备- $819,450 $465,031 $903,089 $484,347 
客户关系100,040 76,489 100,040 67,999 
科技许可证 74,625 17,052 54,869 6,525 
商标 700 146 1,610 939 
研发中的项目9,618 不适用9,585 不适用
总计 (1)
$1,004,433 $558,718 $1,069,193 $559,810 
(1) 金额包括货币翻译的影响。

在每个财政年度开始时,公司会清除已经耗尽使用寿命并已完全摊销的无形资产的总资产和累积摊销金额。有形资产的使用寿命是根据预期经济效益来估计的。

6. 投资和公允价值计量

公司的非合格递延薪酬计划下投资的所有基金类型均存放在拉比信托中,并由互惠基金组成。互惠基金的公允价值是通过基金净资产值来计算的,该值由基础投资的报价活跃市场价格决定,并被视为公允价值层次中的一级。截至2024年9月28日和2024年3月30日,互惠基金的公允价值为 $58.5百万$52.3百万,分别为。

12

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


7。债务

以下表格总结了未偿债务(以千为单位):
2024年9月28日2024年3月30日
到期日为2024年的1.750%公司债券$412,463 $439,738 
到期日为2029年的4.375%公司债券850,000 850,000 
到期日为2031年的3.375%公司债券700,000 700,000 
未摊销溢价、折价和发行成本净额(1,040)(1,726)
总债务1,961,423 1,988,012 
减:短期借款(412,179)(438,740)
所有长期债务$1,549,244 $1,549,272 
授信协议 (Credit Agreement)

2024年4月23日,公司根据与美国银行N.A.签订的信贷协议,与美国银行N.A.作为行政代理、摇摆放款人和信用状发行人以及一组贷款人签订了为期五年的无抵押高级信用设施("信贷协议"),该协议取代了之前于2020年9月29日签订的信贷协议。 信贷协议提供了 $325.0百万 高级循环信贷额度("循环设施")。 最多 $25.0百万 的循环设施可用于发行备用信用状,最多 $10.0百万 的循环设施可用于摇摆放款(即由主要放款人提供的短期借款)。 公司可随时要求将循环设施增加至 $325.0百万在获得现有或新的贷款人的额外融资承诺的前提下。可用于融资营运资金、资本支出和其他合法公司用途的循环设施。循环设施的初始到期日为2029年4月23日,可以通过行使信贷协议中规定的延期期权延长最多两年。

公司可选择的情况下,信贷协议下的贷款利率为(i)适用利率(如信贷协议中定义)加上期限SOFR(如信贷协议中定义),或者(ii)适用利率加上最高利率的一种,即(a)联邦基金利率加上 0.50%、(b)美国银行全国银行协会的基准利率,或者(c)期限SOFR加上 1.00%(“基准利率”)。所有摆线贷款的利率均等于适用利率加上基准利率。期限SOFR是指年利率等于公司选择的一个月、三个月或六个月的前瞻性SOFR期限利率,再加上 0.10%的调整。适用利率是根据基于综合杠杆比率(如信贷协议中定义)或者公司选择的债务评级(如信贷协议中定义)的定价表确定的。期限SOFR贷款的适用利率范围为 1.000百分之 每年 递增 1.750%年化,基准利率贷款的适用利率范围为 0.000%年化至 0.750%年化。未动用的循环授信额度需要支付承诺费,承诺费的范围为 0.125可以降低至0.75%每年0.275%. 对于Term SOFR贷款的利息在每个适用的利息期结束时支付,或者在三个月的间隔内支付,如果该利息期超过三个月。基准利率贷款的利息按季度后付。公司支付的信用证费用等于适用利率乘以信用证下可提取金额的日额,前端费用以及根据信贷协议发行的任何信用证的常规文件和处理费用。

2024年9月28日结束的六个月内, no 循环授信额度下的借款。

信贷协议包含各种条件、契约和陈述,公司必须遵守这些条件才能借款并避免违约事件。截至2024年9月28日,公司已遵守这些契约。

2024年到期的高级债券

2021年12月14日,公司发行了$500.02028年到期票据的初始转换比率为每$1,000本金金额的票据可转换为3.5104股普通股(代表初始转换价格约为$284.87/股)。转换时,公司将通过现金、其普通股或现金和其普通股的组合,按公司选择,解决2028年到期票据的转换。1.750%到期日为2024年的优先票据(“2024票据”)。 除非根据其相关条款提前赎回,否则2024票据将在2024年12月15日到期。
13

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


2024年期票据是公司的优先无抵押债务,由公司的某些美国子公司("担保公司")联合和连带担保。

2024年的债券根据一份日期为2021年12月14日的信托契约(以下简称"2021年信托契约")发行,由公司、担保方和计算机股份公司信托有限公司作为受托人签署。 2021年信托契约包含惯例的违约事件,包括付款违约、交易所违约、未能提供相关通知以及与破产事件有关的某些条款。 2021年信托契约还包含惯例的负面契约。

在2024财年,公司回购了$60.3 2025财年第一季度,公司回购了$27.3 2024年公司在开放市场回购了$0.6 公司确认在“其他收入,净额”中》表示盈利,金额为$412.5万美元和439.7 2024年9月28日和2024年3月30日的简明综合资产负债表中,“2024债券”的剩余本金为$

2024年债券的利息分别于每年6月15日和12月15日支付。 公司在2024年年底和2023年9月30日分别支付了$百万的债券利息。3.6万美元和4.4 2024年债券在截至2024年9月28日和2023年9月30日的六个月内支付了$百万的利息。 2024年债券在截至2024年9月28日和2023年9月30日的六个月内支付了$百万的利息。

2029年到期的高级票据

2019年9月30日,公司发行了$350.02028年到期票据的初始转换比率为每$1,000本金金额的票据可转换为3.5104股普通股(代表初始转换价格约为$284.87/股)。转换时,公司将通过现金、其普通股或现金和其普通股的组合,按公司选择,解决2028年到期票据的转换。4.375%到期日为2029年的优先票据("初始2029年票据")。2019年12月20日和2020年6月11日,公司分别发行了另外$200.0万美元和300.0 百万美元,共同构成上述票据的总本金金额(统称"附加2029年票据",与初始2029年票据合称"2029年票据")。2029年票据将于2029年10月15日到期,除非根据其条款提前赎回。2029年票据是公司的优先无担保债务,并由担保方共同和数不清地担保。

2019年的首次债券是根据2019年9月30日签署的一份信托契约发行的,参与者包括公司、担保方和日联银行,受托人,而额外的2029年债券是根据2019年12月20日和2020年6月11日签署的补充契约发行的(这些契约和补充契约统称为"2019年信托契约")。2019年信托契约包含与2021年信托契约基本相同的惯例违约事件和负面契约。

2029年债券的利息应于每年的4月15日和10月15日支付。公司于2024年9月28日和2023年9月30日支付了$18.6 在截至2024年9月28日和2023年9月30日的六个月内,公司支付了2029年债券的利息$百万。

2031年到期的高级票据

2020年9月29日,公司发行了$700.02028年到期票据的初始转换比率为每$1,000本金金额的票据可转换为3.5104股普通股(代表初始转换价格约为$284.87/股)。转换时,公司将通过现金、其普通股或现金和其普通股的组合,按公司选择,解决2028年到期票据的转换。3.375%截至2031年到期的优先票据("2031票据")。 2031票据将于2031年4月1日到期,除非根据其条款提前赎回。 2031票据是公司的优先无抵押债务,并由保证人共同及分别担保。

2031年的债券根据于2020年9月29日签署的一份词约发行,参与方包括公司、担保方和日本三菱日联银行作为受托人("2020年词约")。 2020年词约包含基本相同的惯例违约事件和负面契约条款,与2021年词约相同。

2031年债券的利息应于每年4月1日和10月1日支付。 公司在截至2024年9月28日的六个月内支付了$11.8 百万美元的2031年债券利息,并在截至2023年9月30日的六个月内支付了 no 利息(随后于2023年10月2日支付)。

债务公允价值

公司的债务按摊销成本计量,并按季度公布目的进行公允价值衡量。 截至2024年9月28日,2024年票据、2029年票据和2031年票据的预计公允价值为$409.0(未明确提到美元)824.5百万美元
14

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


和美元626.8 分别为6200万美元和4500万美元(相对于尚未偿还的本金额为$412.5(未明确提到美元)850.0万美元和700.0 分别为6760万美元和5830万美元(截至2024年3月30日的2024年票据、2029年票据和2031年票据的估计公允价值为$426.9(未明确提到美元)797.6万美元和603.8 分别为5300万美元和4000万美元(相对于尚未偿还的本金额为$439.7(未明确提到美元)850.0万美元和700.0 公司分别发行了10亿美元、5亿美元和5亿美元规模的2024年票据、2029年票据和2031年票据。公司将其债务视为公平价值等级2。公允值是基于同一或类似工具的报价市场价格估算的。 2024年票据、2029年票据和2031年票据目前在场外交易,公允值是基于期末最后交易价值估算的。

利息费用

三个和六个 截至2024年9月28日止的月份,公司确认 $24.3万美元和42.0$百万的利息支出分别与2024年票据、2029年票据和2031年票据有关,部分被 资本化为财产和设备的利息 $1.7500万股,并且总成本(包括佣金和消费税)分别为$$2.3分别为680万和865万。截至2024年9月28日的三个月和六个月的利息费用还包括与供应协议中某些库存(受回购约束)相关的融资成本。 2024 年和 2023 年的六个月财务报表(未经审计) 截至2023年9月30日的月份,公司认定为$17.9万美元和36.1百万 分别与2024年票据、2029年票据和2031年票据相关的利息开支,其中一部分被资本化为物业和设备的利息部分抵消,金额分别为$0.8万美元和1.72024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。

8. 股票回购

2022年11月2日,公司宣布,其董事会授权开展一项股票回购计划,以回购高达$的公司现有股票。2.0 公司的优先股。这包括了与新授权同时终止的旧计划下的已授权金额。

根据适用证券法规,该计划在公开市场或私下协商交易中进行股份回购。 公司回购自己股份的范围、股份数量和任何回购的时间取决于一般市场条件、监管要求、替代投资机会和其他考虑因素。 该计划不要求公司回购最低数量的股份,也没有固定期限,并且可以随时在不事先通知的情况下进行修改、暂停或终止。

于2024年9月28日结束的三个月和六个月内,公司分别回购了约 0.7500万股,并且总成本(包括佣金和消费税)分别为$2.0 百万股普通股,合计约$81.7万美元和207.5 百万,包括交易成本和消费税(分别)。截至2024年9月28日,公司股票回购计划下仍授权回购约$1,098.7 百万。

在2023年9月30日结束的三个月和六个月内,公司分别回购了约 1.0500万股,并且总成本(包括佣金和消费税)分别为$2.0 万股普通股,回购金额分别约为$100.6万美元和201.2 百万美元(包括交易成本和增值税),属于其股票回购计划。

9. 承诺和可能负债

法律事务

该公司涉及各种诉讼和索赔,这些诉讼和索赔是在业务的正常过程中产生的,尚未得到充分裁决。公司在其认为已发生负债并且损失金额可以合理估计的情况下为法律风险事项计提负债。公司定期评估可能影响先前已计提负债金额的法律事项的进展,并根据情况记录调整。虽然无法确定未解决法律事项的最终结果,但管理层认为这些事项不会对公司的合并财务状况或经营业绩产生重大不利影响。如有的话,与这些未解决的法律事项相关的可能损失的总区间并不重大。

15

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


10. 营业收入

按地域板块(以客户总部所在地为基础)划分的营业收入总结如下(单位:千美元):
三个月已结束
六个月已结束
2024年9月28日2023 年 9 月 30 日2024年9月28日2023 年 9 月 30 日
美国$656,610 $699,288 $1,104,066 $1,014,571 
中国151,763 189,900 348,197 340,706 
其他亚洲113,185 119,395 245,221 210,729 
台湾102,298 66,162 194,852 132,018 
欧洲22,653 28,748 40,844 56,633 
总收入$1,046,509 $1,103,493 $1,933,180 $1,754,657 

公司还根据经营部门细分营业收入(请参阅附注12)。

11. 公司重组

2025年重组计划

在2025财年,作为专注于增长驱动力和关键市场以及简化运营的持续努力的一部分,公司决定不再进一步投资其碳化硅功率器件业务,并开始为该业务寻找战略替代方案(“2025年重组计划”)。在2025财年第二季度,该公司确定剥离其碳化硅功率器件业务的可能性比不大,因此启动了减值测试。根据ASC 330对电力设备业务持有和使用的库存和长期资产进行了减值审查, "库存“和 ASC 360 分别导致库存减记美元13.7 百万美元(用于预计要处置的库存)和无形资产(主要是已开发的技术)的减值美元16.6 百万。此外,由于电力设备业务构成申报单位,因此根据ASC 350对申报单位的商誉进行减值评估,并确定账面价值超过该报告单位的公允价值,因此商誉减值费用约为美元96.5 百万(代表分配给该报告单位的全部商誉)。

公司将继续评估与该业务相关的战略机会,并可能在2025财年发生对该业务无形资产的额外减值损失。

以下表格总结了2025年重组计划产生的费用(以千为单位):
2024年9月28日结束的三个月
营业成本商誉减值其他营业费用总计
合同终止和其他成本$ $ $2,649 $2,649 
资产减值费用
13,660 96,458 16,766 126,884 
总计$13,660 $96,458 $19,415 $129,533 
2024年9月28日结束的六个月
营业成本商誉减值其他营运费用总计
合同终止和其他费用$ $ $3,048 $3,048 
资产减值成本
13,660 96,458 16,766 126,884 
总计$13,660 $96,458 $19,814 $129,932 

16

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


以下表格总结了截至2024年9月28日结束的六个月内与2025年重组计划相关的负债活动(以千为单位):
合同终止及其他费用
截至2024年3月30日的应计重组余额$ 
已发生并计入费用的成本3,048 
现金支付(3,048)
截至2024年9月28日的应计重组余额
$ 

2024年重组计划

在2024财年第三季度,公司与立讯达成最终协议,以转让其在中国北京和德州的装配和测试业务。 这些业务的出售("2024年重组计划")已在2025财年第一季度完成(详细信息请参阅附注4)。

以下表格总结了2024年重组计划导致的费用(以千为单位):
2024年9月28日结束的三个月2024年9月28日结束的六个月
营业成本其他营业费用总计营业成本其他营业费用总计
合同终止和其他成本$ $643 $643 $ $3,995 $3,995 
资产减值费用(调整) (1)
1,754 (2,358)(604)1,754 5,718 7,472 
一次性员工终止福利 386 386  5,712 5,712 
总计$1,754 $(1,329)$425 $1,754 $15,425 $17,179 
(1) 请参考注 4获得更多信息。

截至2024年9月28日,公司累计记录的合同终止费用、资产减值费用和一次性雇员终止福利费用分别约为美元11.2(未明确提到美元)44.4万美元和14.6 百万。因2024年重组计划的实施,公司预计不会再产生与2024年重组计划相关的重大额外费用。

以下表格总结了截至2024年9月28日的六个月内与2024年重组计划相关的责任活动(以千为单位):
一次性雇员解雇福利合同终止及其他费用总计
截至2024年3月30日的待摊重组余额$7,432 $4,080 $11,512 
已发生并计入费用的成本5,712 3,995 9,707 
现金支付(12,512)(7,355)(19,867)
截至2024年9月28日的待摊重组余额
$632 $720 $1,352 

2023年重组计划

在2023财年,公司采取行动改善经营效率,并进一步将组织与战略目标对齐,主要包括寻求与其生物技术业务相关的战略选择(“2023年重组计划”)。公司于2024财年第三季度完成了生物技术业务的出售。

17

目录

QORVO, INC.和子公司
简明合并财务报表附注(续)
(未经审计)


以下表格总结了2023年重组计划造成的费用(单位:千美元):
2024年9月28日结束的三个月2024年9月28日结束的六个月
其他营业费用其他营业费用
合同终止和其他成本$92 $186 
一次性员工离职福利 321 
总计$92 $507 

2023年9月30日止三个月2023年9月30日结束的六个月
营业成本其他营业费用总计营业成本其他营业费用总计
合同终止和其他成本$2,482 $1,328 $3,810 $19,278 $2,757 $22,035 
资产减值成本
 3,646 3,646 2,159 4,286 6,445 
一次性员工终止福利
 962 962  2,674 2,674 
总计$2,482 $5,936 $8,418 $21,437 $9,717 $31,154 

截止2024年9月28日,该公司已记录大约$的累积费用46.2(未明确提到美元)99.9(未明确提到美元)12.4万美元和5.9 百万地用于合同终止和其他费用、资产减值费用、商誉减值费用以及一次性雇员终止福利,分别因2023年重组计划而产生。公司预计不会因2023年重组计划而发生重大额外费用。

以下表格总结了截至2024年9月28日的六个月内与2023年重组计划相关的责任活动(以千为单位):
一次性员工终止福利合同终止及其他费用总计
截至2024年3月30日的积累重组余额$347 $9,308 $9,655 
已发生并计入费用的成本321 186 507 
现金支付(668)(9,402)(10,070)
截至2024年9月28日的积累重组余额
$ $92 $92 

2024年9月28日的累积重组余额代表了满足公司剩余义务所需的预估未来现金支付,其中大部分预计将在接下来的十二个月内支付。

在2025财年,公司发生了微不足道的法律费用和其他成本,记录在与其他杂项重组计划相关的"其他营业费用"中。

12.经营部门信息

公司的 营业和可报告部门,HPA、CSG和ACG,基于公司首席执行官审查的组织结构和信息,该首席执行官同时也是公司的首席运营决策者("CODM")。CODM分配资源并评估每个部门的绩效。 所有营业部门主要基于营业收入。公司的制造设施为所有营业部门提供服务和效益,这些设施的运营成本反映在每个营业部门的营业成本中。 公司的营业部门不记录部门间营业收入。公司不将投资收益和损失、利息费用、其他收入(费用)或税款分配给营业部门。CODM不使用离散资产信息评估营业部门。

18

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


HPA是一家领先的全球射频("RF")、模拟混合信号和电源管理解决方案供应商。HPA利用多样化的有差异的工艺技术和产品组合,为汽车、消费、军工、航空航天、基础设施、工业和企业以及移动市场的客户提供服务。

CSG是领先的全球连接和传感器解决方案供应商。 CSG利用广泛的专业知识,涵盖超宽带,物联网,®,蓝牙® 低功耗蓝牙,Zigbee®,Thread®Wi-Fi®、蜂窝物联网和微机电力触觉传感器,以服务汽车、消费、工业、企业和移动市场。

ACG 是领先的 全球货币 供应商,为智能手机和消费类设备提供高级蜂窝射频解决方案,包括平板电脑和可穿戴设备。ACG 利用世界一流的 科技 和系统级专业知识,提供广泛的高性能离散和高度集成的蜂窝产品组合。

“所有其他”类别包括营业费用,如基于股票的薪酬支出、取得的无形资产摊销、与重组相关的费用、收购和整合相关成本、商誉和其他资产减值、资产的利益或损失、与升级公司核心业务系统相关的费用以及公司未分配给其营业板块的其他杂项公司总部开支,因为这些费用未包含在公司CODm评估的板块运营绩效指标内。关于“所有其他”类别上述讨论除外,公司的分部报告会计政策与公司整体相同。

19

目录

高频半导体公司宜凯乐和子公司
基本财务报表注释(续)
(未经审计)


下列表格显示公司的运营及可报告部门的详细信息,以及对「其他所有」类别的调整(以千为单位):
 三个月结束
六个月结束
二零二四年九月二十八日二零二三年九月三十日二零二四年九月二十八日二零二三年九月三十日
收入:
高速公司$148,251 $149,804 $277,719 $289,496 
社会责任146,822 103,622 261,675 202,885 
阿克格751,436 850,067 1,393,786 1,262,276 
总收入$1,046,509 $1,103,493 $1,933,180 $1,754,657 
营业收入(亏损):
高速公司$13,066 $25,446 $17,947 $49,410 
社会责任(8,974)(27,725)(28,475)(47,886)
阿克格215,057 284,805 331,506 329,803 
所有其他(209,474)(131,098)(306,697)(228,035)
营业收入9,675 151,428 14,281 103,292 
利息支出(22,594)(17,121)(39,688)(34,382)
其他收入净额15,422 5,211 27,187 18,927 
所得税前所得$2,503 $139,518 $1,780 $87,837 
 截至三个月
截至六个月的时间
2024年9月28日2023年9月30日2024年9月28日2023年9月30日
对「所有板块」类别的调节:
股份报酬支出$(38,181)$(39,053)$(80,547)$(77,498)
无形资产摊薄(29,482)(29,963)(59,956)(60,835)
与重组有关的费用 (1)
(34,396)(8,418)(53,970)(31,154)
收购和整合相关成本(1,211)(852)(3,793)(2,047)
商誉减值 (2)
(96,458)(48,000)(96,458)(48,000)
其他 (9,746)(4,812)(11,973)(8,501)
「所有板块」的营运损失$(209,474)$(131,098)$(306,697)$(228,035)
(1) 有关详细资讯请参阅附注11。
(2) 参见附注5以获取更多资讯。

13. 所得税

公司截至2024年9月28日止三个月及六个月的所得税支出为$19.9 百万美元和$18.8 百万及截至2023年9月30日止三个月及六个月的数目分别为$42.1 百万美元和$34.0 百万。 公司的有效税率分别为 796.5%及 1,056.4%,分别为截至2024年9月28日止三个月及六个月的 30.1%及 38.7分别为2023年9月30日结束的三个月和六个月。

该公司的有效税率在截至2024年9月28日的三个月和六个月内有别于法定税率,主要是由于国外司法管辖区的税率差异、全球无形低税收收入("GILTI")、产生的国内税额抵免、离散的税前项目(包括不可扣除的商誉减值损失)及离散的税项。在考虑该期间内单独课税的税前项目后,该公司认列与其持续经营及截至目前的收入相关的税务支出,这部分被$的离散税务利益所部分抵消,4.3 及截至2024年9月28日的三个月和六个月的离散税务支出分别为$的税务利益,0.2 截至2024年9月28日的三个月的离散税务利益主要与2025年重组计划的税务影响有关(详情请参阅注释
20

目录

QORVO, INC.及其子公司
简明综合财务报表附注(续)
(未经审计)


截至2024年9月28日的前六个月,这项税收优惠被中国公司组件和测试业务出售的税收影响所抵销(详情请参见附录4)。

该公司截至2023年9月30日三个月和六个月的有效税率与法定税率存在差异主要是由于外国司法管辖区的税率差异、全球低效盈利税、国内税收抵免、独立税前项目(包括不可抵扣的商誉减值损失)和独立税务项目。 $5.6 百万美元和$5.5 分别在截至2023年9月30日的三个月和六个月,该公司记录了一项离散税费$百万,并主要来源于为税务目的确认的外汇收益。

14.每股(亏损)收入

下表列出了每股基本及稀释后净(损)收益的计算(以千为单位,除每股数据外):
 截至三个月
截至六个月的时间
 2024年9月28日2023年9月30日2024年9月28日2023年9月30日
分子:
基本及稀释每股净(亏损)收益的分子—普通股东应占净(亏损)收益$(17,435)$97,461 $(17,021)$53,881 
分母:
基本每股净(亏损)收益的分母-加权平均股份94,886 97,945 95,116 98,167 
稀释证券的影响:
股票为基础的奖励 645  725 
稀释每股净(亏损)收益的分母-调整后的加权平均股份和假定转换94,886 98,590 95,116 98,892 
每股基本净(损失)收益$(0.18)$1.00 $(0.18)$0.55 
每股稀释净(损失)收益$(0.18)$0.99 $(0.18)$0.54 

业绩稀释后每股净利润(净损)的计算未将少数未发行的股票为基础的奖励纳入考虑,因为其纳入会带来抗稀释效应,时间分别为2024年9月28日和2023年9月30日。
21

目录
项目2。基本财务概况和经营业绩的管理层讨论和分析。

前瞻性陈述的安全港

本季度报告(10-Q表格)包含符合《1995年私人证券诉讼改革法案》安全港条款所述的「前瞻性声明」。这些前瞻性声明包括但不限于有关我们计划、目标、陈述和主张的声明,并非历史事实,通常由如「可能」、「将」、「应」、「可以」、「期望」、「计划」、「预测」、「相信」、「估计」、「预测」、「预测」、「潜在」、「持续」和类似词汇等术语识别,尽管某些前瞻性声明的表达方式有所不同。 您应该意识到本报告中包含的前瞻性声明代表管理层在声明首次提出时的当前判断和预期,但我们的实际结果、事件和表现可能与前瞻性声明中表达或暗示的有实质性的不同。我们提醒您不要过度依赖任何此类前瞻性声明。我们不打算更新任何这些前瞻性声明或公开宣布对这些前瞻性声明的修订结果,除非是根据美国联邦证券法所需。我们的业务面临多种风险和不确定性,包括与我们季度和年度业绩波动相关的风险;对开发新产品和实现设计成功的重大依赖;对几位大型客户的依赖,这些客户占我们营业收入的重要部分;如果国防和航空航天合同被取消或延迟,将导致营业收入的损失;我们对第三方的依赖;与分销商销售相关的风险;与我们制造业控制项相关的风险;业务中断;制造产量不良;由于客户预测的时间安排增大库存风险和成本;我们无法有效管理或维持与芯片供应商的关系;我们能否在竞争激烈的行业中持续创新;制造设施的未充分利用;利率、某些贵金属的定价、水电费和外币汇率的不利变化;我们的收购、剥离和其他战略投资未能实现财务或战略目标;我们吸引、留住和激励关键员工的能力;保修索赔、产品召回和产品责任;我们有效税率的变化;国际或国内税收立法的制定或监管指引的变化;某些子公司的税收优惠地位的变化;与社会、环保母基、健康和安全法规及气候变化相关的风险;来自国际销售和运营的风险;中国的经济监管;政府贸易政策的变化,包括征收关税和出口限制;我们可能无法产生足够的现金以服务我们所有的债务;由我们的债务治理协议施加的限制;我们对知识产权组合的依赖;第三方知识产权侵权的索赔;安全漏洞、系统升级失败或例行维护及其他类似的IT系统中断;我们的员工、客户或第三方的个人数据被盗、丢失或滥用;我们的管理文件和特拉华州法律中的条款可能阻碍股东认为符合其最佳利益的收购和业务合并;以及我们普通股价格的波动。这些风险和不确定性在我们截至2024年3月30日的财政年度的10-K表格年报的「风险因素」部分的第I部分第1A项中有更详细的描述,以及Qorvo随后向SEC报告和声明的内容,可能导致实际结果和发展与任何这些前瞻性声明所表达或暗示的有实质性差异。

22

Table of Contents
OVERVIEW

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help the reader understand the consolidated results of operations and financial condition of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo"). MD&A is provided as a supplement to, and should be read in conjunction with, our Condensed Consolidated Financial Statements and accompanying Notes to Condensed Consolidated Financial Statements.

Qorvo® is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets.

We design, develop, manufacture and market our products to U.S. and international original equipment manufacturers and original design manufacturers in three reportable operating segments: High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). Refer to Note 12 of the Notes to Condensed Consolidated Financial Statements for additional information regarding our reportable operating segments as of September 28, 2024.

HPA is a leading global supplier of radio frequency ("RF"), analog mixed signal and power management solutions. HPA leverages a diverse portfolio of differentiated process technologies and products to serve customers in automotive, consumer, defense and aerospace, infrastructure, industrial and enterprise, and mobile markets.

CSG is a leading global supplier of connectivity and sensor solutions. CSG leverages broad expertise spanning ultra-wideband, Matter®, Bluetooth® Low Energy, Zigbee®, Thread®, Wi-Fi®, cellular Internet of Things, and microelectromechanical force sensing touch sensors to serve customers in automotive, consumer, industrial and enterprise, and mobile markets.

ACG is a leading global supplier of advanced cellular RF solutions for smartphones and consumer devices including tablets and wearables. ACG leverages world-class technology and systems-level expertise to deliver a broad portfolio of high-performance discrete and highly integrated cellular products.

23

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SECOND QUARTER FISCAL 2025 OVERVIEW

Revenue for the second quarter of fiscal 2025 decreased 5.2% as compared to the second quarter of fiscal 2024, driven by a mix shift among smartphone customers to lower RF content 5G smartphones and a higher percentage of entry-level Android smartphones, which contain less RF content. Revenue increased for our Wi-Fi components and automotive connectivity products, reflecting new product releases and improved channel inventory levels compared to the prior year.

Gross margin decreased to 42.6% for the second quarter of fiscal 2025 as compared to 44.4% for the second quarter of fiscal 2024, driven by higher average selling price erosion in Android mass market 5G smartphones and restructuring-related charges, while improved factory utilization positively impacted gross margin.

Operating income was $9.7 million for the second quarter of fiscal 2025 as compared to $151.4 million for the second quarter of fiscal 2024, driven by a decrease in gross profit of $44.4 million for the reasons described above, a goodwill impairment charge of $96.5 million and other restructuring-related charges.

Net loss per share was $0.18 for the second quarter of fiscal 2025 as compared to net income per diluted share of $0.99 for the second quarter of fiscal 2024.

Net cash provided by operating activities was $127.8 million for the second quarter of fiscal 2025 as compared to $93.0 million for the second quarter of fiscal 2024.

Capital expenditures were $33.0 million for the second quarter of fiscal 2025 as compared to $28.6 million for the second quarter of fiscal 2024.

We recorded $129.5 million in restructuring-related charges in connection with an initiative to seek strategic alternatives for our silicon carbide power device business.



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RESULTS OF OPERATIONS

Consolidated

The following tables present a summary of our results of operations (in thousands, except percentages): 
 Three Months Ended
                      September 28, 2024% of RevenueSeptember 30, 2023% of RevenueIncrease (Decrease)Percentage Change
Revenue$1,046,509 100.0 %$1,103,493 100.0 %$(56,984)(5.2)%
Cost of goods sold601,203 57.4 613,803 55.6 (12,600)(2.1)
Gross profit445,306 42.6 489,690 44.4 (44,384)(9.1)
Research and development201,050 19.2 174,947 15.9 26,103 14.9 
Selling, general and administrative107,760 10.3 103,696 9.4 4,064 3.9 
Other operating expense (1)
126,821 12.2 59,619 5.4 67,202 112.7 
Operating income$9,675 0.9 %$151,428 13.7 %$(141,753)(93.6)%

 
Six Months Ended
                      September 28, 2024% of RevenueSeptember 30, 2023% of RevenueIncrease (Decrease)Percentage Change
Revenue$1,933,180 100.0 %$1,754,657 100.0 %$178,523 10.2 %
Cost of goods sold1,155,570 59.8 1,035,897 59.0 119,673 11.6 
Gross profit777,610 40.2 718,760 41.0 58,850 8.2 
Research and development388,652 20.1 338,037 19.3 50,615 15.0 
Selling, general and administrative222,683 11.5 209,119 11.9 13,564 6.5 
Other operating expense (1)
151,994 7.9 68,312 3.9 83,682 122.5 
Operating income$14,281 0.7 %$103,292 5.9 %$(89,011)(86.2)%
(1) Other operating expense includes goodwill impairment charges.

Three months ended September 28, 2024 compared to the three months ended September 30, 2023
The decrease in consolidated revenue resulted from decreases in revenue of $98.6 million and $1.6 million in ACG and HPA, respectively, and an increase in revenue of $43.2 million in CSG, which are further discussed in our Operating Segments results below.

The decrease in gross margin was driven by higher average selling price erosion in Android mass market 5G smartphones and restructuring-related charges, while improved factory utilization positively impacted gross margin.

R&D expense increased driven by a $16.8 million increase in employee-related costs (including salaries and benefits, incentive-based cash compensation and stock-based compensation expense) and an $8.9 million increase in product development costs related to developing new process technologies and new product categories.

Selling, general and administrative expense increased driven by $3.0 million of higher employee-related costs (including salaries and benefits, incentive-based cash compensation and stock-based compensation expense).

In the three months ended September 28, 2024, "Other operating expense" includes a goodwill impairment charge of $96.5 million, other restructuring-related charges of $18.9 million and $6.9 million of expenses associated with a multiyear project to upgrade the core systems we use to run our business. In the three months ended September 30, 2023, "Other operating expense" includes a goodwill impairment charge of $48.0 million, restructuring-related charges of $5.9 million and $3.1 million of expenses associated with a multiyear project to upgrade the core systems we use to run our business. Refer to Note 5 of the Notes to Condensed Consolidated Financial Statements for additional information regarding the goodwill impairment charges and Note 11 of the Notes to Condensed Consolidated Financial Statements for additional information on restructuring-related charges.
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Six months ended September 28, 2024 compared to the six months ended September 30, 2023
The increase in consolidated revenue resulted from increases in revenue of $131.5 million and $58.8 million in ACG and CSG, respectively, and a decrease in revenue of $11.8 million in HPA, which are further discussed in our Operating Segments results below.

The decrease in gross margin was driven by higher average selling price erosion in Android mass market 5G smartphones, while improved factory utilization positively impacted gross margin.

R&D expense increased driven by a $29.3 million increase in employee-related costs (including salaries and benefits, incentive-based cash compensation and stock-based compensation expense) and a $19.1 million increase in product development costs related to developing new process technologies and new product categories.

Selling, general and administrative expense increased driven by a $7.5 million increase in employee-related costs (including salaries and benefits, incentive-based cash compensation and stock-based compensation expense).

In the six months ended September 28, 2024, "Other operating expense" includes a goodwill impairment charge of $96.5 million, other restructuring-related charges of $38.6 million and $10.6 million of expenses associated with a multiyear project to upgrade the core systems we use to run our business. In the six months ended September 30, 2023, "Other operating expense" includes a goodwill impairment charge of $48.0 million, $9.7 million of restructuring-related charges and $5.2 million of expenses associated with a multiyear project to upgrade the core systems we use to run our business. Refer to Note 5 of the Notes to Condensed Consolidated Financial Statements for additional information regarding the goodwill impairment charges and Note 11 of the Notes to Condensed Consolidated Financial Statements for additional information on restructuring-related charges.

Operating Segments

High Performance Analog
 Three Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$148,251 $149,804 $(1,553)(1.0)%
Operating income 13,066 25,446 (12,380)(48.7)
Operating income as a % of revenue8.8 %17.0 %
 
Six Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$277,719 $289,496 $(11,777)(4.1)%
Operating income 17,947 49,410 (31,463)(63.7)
Operating income as a % of revenue6.5 %17.1 %

Three months ended September 28, 2024 compared to the three months ended September 30, 2023
HPA revenue was relatively flat, with decreases in defense and aerospace driven by the timing of defense programs, partially offset by incremental revenue resulting from the acquisition of Anokiwave, Inc. ("Anokiwave").

The decrease in HPA operating income was due to an increase in operating expenses of $12.6 million, resulting from the acquisition of Anokiwave and higher employee-related costs (including salaries and benefits, as well as incentive-based cash compensation).

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Six months ended September 28, 2024 compared to the six months ended September 30, 2023
The $11.8 million decrease in HPA revenue was attributable to revenue decreases of $18.7 million and $8.8 million in defense and aerospace, and infrastructure, respectively. These revenue decreases were driven by the timing of defense programs and infrastructure deployment cycles and were partially offset by a $14.9 million increase in power management revenue.

The decrease in HPA operating income was due to lower revenue and an increase in operating expenses of $20.5 million, resulting from the acquisition of Anokiwave and higher employee-related costs (including salaries and benefits, as well as incentive-based cash compensation).

Connectivity and Sensors Group
 Three Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$146,822 $103,622 $43,200 41.7 %
Operating loss(8,974)(27,725)18,751 67.6 
Operating loss as a % of revenue(6.1)%(26.8)%
 
Six Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$261,675 $202,885 $58,790 29.0 %
Operating loss(28,475)(47,886)19,411 40.5 
Operating loss as a % of revenue(10.9)%(23.6)%

Three months ended September 28, 2024 compared to the three months ended September 30, 2023
The $43.2 million increase in CSG revenue was attributable to a $40.6 million increase in revenue for our Wi-Fi components and automotive connectivity products, reflecting new product releases and improved channel inventory levels compared to the prior year.

The decrease in CSG operating loss was due to the impact of higher revenue and improved factory utilization.

Six months ended September 28, 2024 compared to the six months ended September 30, 2023
The $58.8 million increase in CSG revenue was attributable to a $64.8 million increase in revenue for our Wi-Fi components, ultra-wideband solutions and automotive connectivity products, reflecting new product releases and improved channel inventory levels compared to the prior year. These revenue increases were partially offset by a $6.9 million decrease in revenue from our biotechnology business, which was sold in fiscal 2024.

The decrease in CSG operating loss was due to the impact of higher revenue and improved factory utilization, partially offset by an increase in operating expenses of $6.3 million. The increase in operating expenses was driven by R&D activities related to developing new process technologies and new product categories, including salaries and benefits, as well as incentive-based cash compensation. In addition, our biotechnology business, which was sold in fiscal 2024, generated an operating loss of $8.9 million for the six months ended September 30, 2023.

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Advanced Cellular Group
 Three Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$751,436 $850,067 $(98,631)(11.6)%
Operating income215,057 284,805 (69,748)(24.5)
Operating income as a % of revenue28.6 %33.5 %
 
Six Months Ended
(In thousands, except percentages)September 28, 2024September 30, 2023Dollar
Change
Percentage
Change
Revenue$1,393,786 $1,262,276 $131,510 10.4 %
Operating income331,506 329,803 1,703 0.5 
Operating income as a % of revenue23.8 %26.1 %

Three months ended September 28, 2024 compared to the three months ended September 30, 2023
The $98.6 million decrease in ACG revenue was driven by a mix shift among smartphone customers to lower RF content 5G smartphones and a higher percentage of entry-level Android smartphones, which contain less RF content.

The decrease in ACG operating income was driven by lower revenue and an increase in operating expenses of $16.2 million. The increase in operating expenses was driven by R&D activities related to developing new process technologies and new product categories, including salaries and benefits, as well as incentive-based cash compensation. In addition, higher average selling price erosion in Android mass market 5G smartphones offset improved factory utilization.

Six months ended September 28, 2024 compared to the six months ended September 30, 2023
The $131.5 million increase in ACG revenue was driven by increased revenue from our largest customers in the first quarter of fiscal 2025, offset by a mix shift during the second quarter of fiscal 2025 among smartphone customers to lower RF content 5G smartphones and a higher percentage of entry-level Android smartphones, which contain less RF content.

ACG operating income was relatively flat reflecting higher revenue and improved factory utilization, offset by an increase in operating expenses of $33.5 million and higher average selling price erosion in Android mass market 5G smartphones. The increase in operating expenses was driven by R&D activities related to developing new process technologies and new product categories, including salaries and benefits, as well as incentive-based cash compensation.

Refer to Note 12 of the Notes to Condensed Consolidated Financial Statements for a reconciliation of reportable segment operating income (loss) to the consolidated operating income for the three and six months ended September 28, 2024 and September 30, 2023.

INTEREST, OTHER INCOME AND INCOME TAXES
 Three Months EndedSix Months Ended
(In thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Interest expense$(22,594)$(17,121)$(39,688)$(34,382)
Other income, net15,422 5,211 27,187 18,927 
Income tax expense(19,938)(42,057)(18,801)(33,956)

Interest expense
During the three and six months ended September 28, 2024 and September 30, 2023, we recorded interest expense primarily related to our 1.750% senior notes due 2024 (the "2024 Notes"), our 4.375% senior notes due 2029 (the "2029 Notes") and our 3.375% senior notes due 2031 (the "2031 Notes"). Refer to Note 7 of the Notes to Condensed Consolidated Financial
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Statements for additional information. Interest expense for the three and six months ended September 28, 2024 also includes financing costs related to certain inventory (subject to repurchase) in connection with a supply agreement.

Other income, net
During the three months ended September 28, 2024, we recorded interest income of $13.8 million and net gains of $1.7 million from our share of the profit or loss from our limited partnership investments and gains or losses from other investments. During the six months ended September 28, 2024, we recorded interest income of $26.2 million and net gains of $0.6 million from our share of the profit or loss from our limited partnership investments and gains or losses from other investments.

During the three months ended September 30, 2023, we recorded interest income of $7.7 million and net losses of $2.5 million from our share of the profit or loss from our limited partnership investments and gains or losses from other investments. During the six months ended September 30, 2023, we recorded interest income of $15.9 million and net gains of $2.1 million from our share of the profit or loss from our limited partnership investments and gains or losses from other investments.

Income tax expense
During the three and six months ended September 28, 2024, we recorded income tax expense of $19.9 million and $18.8 million, respectively, comprised primarily of tax expense related to international operations generating pre-tax book income and the impact of Global Intangible Low-Taxed Income ("GILTI"), partially offset by tax benefits related to domestic and international operations generating pre-tax book losses, domestic tax credits and discrete tax items. The discrete tax benefit for the three months ended September 28, 2024 primarily related to the impacts of restructuring activities initiated in fiscal 2025 (refer to Note 11 of the Notes to Condensed Consolidated Financial Statements for additional information). For the six months ended September 28, 2024, this tax benefit was offset by the discrete tax effects of the sale of the Company's assembly and test operations in China (refer to Note 4 of the Notes to Condensed Consolidated Financial Statements for additional information).

During the three and six months ended September 30, 2023, we recorded income tax expense of $42.1 million and $34.0 million, respectively, comprised primarily of tax expense related to international operations generating pre-tax book income, the impact of GILTI and discrete tax items, partially offset by tax benefits related to domestic and international operations generating pre-tax book losses and domestic tax credits recorded during the period. The discrete tax expense for the three and six months ended September 30, 2023 primarily resulted from foreign currency gains recognized for tax purposes.

A valuation allowance remained against certain domestic and foreign net deferred tax assets as it is more likely than not that the related deferred tax assets will not be realized.

LIQUIDITY AND CAPITAL RESOURCES

Cash generated by operations is our primary source of liquidity. As of September 28, 2024, we had working capital of approximately $1,198.7 million, including $1,096.5 million in cash and cash equivalents, compared to working capital of approximately $1,215.9 million, including $1,029.3 million in cash and cash equivalents as of March 30, 2024.

Our $1,096.5 million of total cash and cash equivalents as of September 28, 2024, includes approximately $888.0 million held by our foreign subsidiaries, of which $691.1 million is held by Qorvo International Pte. Ltd. in Singapore. If the undistributed earnings of our foreign subsidiaries are needed in the U.S., we may be required to pay state income and/or foreign local withholding taxes to repatriate these earnings.

We may from time to time seek to retire or make additional optional payments on our outstanding debt obligations through repurchases or exchanges of our outstanding notes, which may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. Such tenders, exchanges, purchases, or other transactions, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. In the first quarter of fiscal 2025, we repurchased $27.3 million of the principal amount of our 2024 Notes, plus accrued and unpaid interest, on the open market. The remaining principal amount of the 2024 Notes of $412.5 million is included in "Current portion of long-term debt" in the Condensed Consolidated Balance Sheet as of September 28, 2024.

In August 2022, the Creating Helpful Incentives to Produce Semiconductors and Science Act (the "CHIPS Act") was signed into law. The CHIPS Act provides for a 25% refundable tax credit on certain investments in domestic semiconductor
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manufacturing. The tax credit is provided for qualifying property which is placed in service after December 31, 2022, and for which construction begins before January 1, 2027. We recognized an anticipated tax credit during the three months ended September 28, 2024 within other non-current assets and will receive the cash benefit in future periods when applied against our tax obligations.

Stock Repurchases
During the six months ended September 28, 2024, we repurchased approximately 2.0 million shares of our common stock for approximately $207.5 million (including transaction costs and excise tax) under our share repurchase program. As of September 28, 2024, approximately $1,098.7 million remains authorized for repurchases under the program.

Cash Flows from Operating Activities
Net cash provided by operating activities was $208.9 million and $137.9 million for the six months ended September 28, 2024 and September 30, 2023, respectively. This increase in cash provided by operating activities was driven by changes in working capital, partially offset by decreased profitability.

Cash Flows from Investing Activities
Net cash used in investing activities was $52.0 million and $24.2 million for the six months ended September 28, 2024 and September 30, 2023, respectively. During the six months ended September 28, 2024, the Company purchased $30.0 million of short-term investments and received proceeds of $55.6 million from the divestiture of our assembly and test operations in China. During the six months ended September 30, 2023, the Company received proceeds of $47.3 million, primarily from the sale of our manufacturing facility in Farmers Branch, Texas.

Cash Flows from Financing Activities
Net cash used in financing activities was $109.3 million and $214.3 million for the six months ended September 28, 2024 and September 30, 2023, respectively. During the six months ended September 28, 2024, we received net proceeds of $142.8 million from Luxshare Precision Industry Co., Ltd. for inventory (subject to repurchase) in connection with our supply agreement (refer to Note 4 of the Notes to Condensed Consolidated Financial Statements for additional information) and we repurchased $27.3 million of the principal amount of our 2024 Notes for $26.7 million.

COMMITMENTS AND CONTINGENCIES

Credit Agreement On April 23, 2024, we entered into a five-year unsecured senior credit facility pursuant to a credit agreement with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of lenders (the “Credit Agreement”), which replaced our previous credit agreement. The Credit Agreement provides for a $325.0 million senior revolving line of credit (the “Revolving Facility”). We may request at any time that the Revolving Facility be increased by up to $325.0 million, subject to securing additional funding commitments from existing or new lenders. The Revolving Facility is available to finance working capital, capital expenditures and other lawful corporate purposes.

During the six months ended September 28, 2024, there were no borrowings under the Revolving Facility.

The Credit Agreement contains various conditions, covenants and representations with which we must be in compliance in order to borrow funds and to avoid an event of default. As of September 28, 2024, we were in compliance with these covenants.

2024 Notes On December 14, 2021, we issued $500.0 million aggregate principal amount of our 2024 Notes. Interest on the 2024 Notes is payable on June 15 and December 15 of each year at a rate of 1.750% per annum. The remaining principal amount of the 2024 Notes of $412.5 million is included in "Current portion of long-term debt" in the Condensed Consolidated Balance Sheet as of September 28, 2024 and will mature on December 15, 2024, unless earlier redeemed in accordance with their terms. The 2024 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by certain of the Company's U.S. subsidiaries (the "Guarantors").

2029 Notes On September 30, 2019, we issued $350.0 million aggregate principal amount of our 2029 Notes. On December 20, 2019, and June 11, 2020, we issued an additional $200.0 million and $300.0 million, respectively, aggregate principal amount of our 2029 Notes. Interest on the 2029 Notes is payable on April 15 and October 15 of each year at a rate of 4.375%
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per annum. The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors.

2031 Notes On September 29, 2020, we issued $700.0 million aggregate principal amount of our 2031 Notes. Interest on the 2031 Notes is payable on April 1 and October 1 of each year at a rate of 3.375% per annum. The 2031 Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms. The 2031 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors.

For additional information regarding our debt, refer to Note 7 of the Notes to Condensed Consolidated Financial Statements.

Capital Commitments As of September 28, 2024, we had capital commitments of approximately $116.3 million primarily for expanding capability to develop and support new products, equipment and facility upgrades and cost savings initiatives.

Future Sources of Funding Our future capital requirements may differ materially from those currently anticipated and will depend on many factors, including market acceptance of and demand for our products, acquisition opportunities, technological advances and our relationships with suppliers and customers. Based on current and projected levels of cash flows from operations, coupled with our existing cash and cash equivalents and availability from the Revolving Facility, we believe that we have sufficient liquidity to meet both our short-term and long-term cash requirements. However, if there is a significant decrease in demand for our products, or if investments in our business outpace revenue growth, operating cash flows may be insufficient to meet our needs. If existing resources and cash from operations are not sufficient to meet our future requirements or if we perceive conditions to be favorable, we may seek additional debt or equity financing. Additional debt or equity financing could be dilutive to holders of our common stock. Further, we cannot be sure that additional debt or equity financing, if required, will be available on favorable terms, if at all.

Legal We are involved in various legal proceedings and claims that have arisen in the ordinary course of business that have not been fully adjudicated. We accrue a liability for legal contingencies when we believe that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We regularly evaluate developments in our legal matters that could affect the amount of the previously accrued liability and record adjustments as appropriate. Although it is not possible to predict with certainty the outcome of the unresolved legal matters, it is the opinion of management that these matters will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position or results of operations. We believe the aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal matters is not material.

Taxes We are subject to income and other taxes in the United States and in numerous foreign jurisdictions. Our domestic and foreign tax liabilities are subject to the allocation of revenue and expenses in different jurisdictions. Additionally, the amount of taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we operate. We are subject to audits by tax authorities. While we endeavor to comply with all applicable tax laws, there can be no assurance that a governing tax authority will not have a different interpretation of the law than we do or that we will comply in all respects with applicable tax laws, which could result in additional taxes. There can be no assurance that the outcomes from tax audits will not have an adverse effect on our results of operations in the period during which the review is conducted.

SUPPLEMENTAL PARENT AND GUARANTOR FINANCIAL INFORMATION

In accordance with the indentures governing the 2024 Notes, the 2029 Notes and the 2031 Notes (together, the "Notes"), our obligations under the Notes are fully and unconditionally guaranteed on a joint and several unsecured basis by the Guarantors, which are listed on Exhibit 22 to this Quarterly Report on Form 10-Q. Each Guarantor is 100% owned, directly or indirectly, by Qorvo, Inc. ("Parent"). A Guarantor can be released in certain customary circumstances. Our other U.S. subsidiaries and our non-U.S. subsidiaries do not guarantee the Notes (such subsidiaries are referred to as the "Non-Guarantors").

The following presents summarized financial information for the Parent and the Guarantors on a combined basis as of and for the periods indicated, after eliminating (i) intercompany transactions and balances among the Parent and the Guarantors, and (ii) equity earnings from, and investments in, any Non-Guarantor. The summarized financial information may not necessarily be indicative of the financial position and results of operations had the combined Parent and Guarantors operated independently from the Non-Guarantors.

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Summarized Balance Sheets
(In thousands)
September 28, 2024March 30, 2024
ASSETS
Current assets (1)
$992,384 $803,900 
Non-current assets2,236,804 2,311,618 
LIABILITIES
Current liabilities$708,836 $727,138 
Long-term liabilities (2)
2,374,968 2,306,883 
(1) Includes net amounts due from Non-Guarantor subsidiaries of $332.3 million and $129.8 million as of September 28, 2024 and March 30, 2024, respectively.
(2) Includes net amounts due to Non-Guarantor subsidiaries of $651.9 million and $597.3 million as of September 28, 2024 and March 30, 2024, respectively.
Summarized Statement of OperationsSix Months Ended
(In thousands)September 28, 2024
Revenue$571,250 
Gross profit118,405 
Net loss(228,665)

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes to our market risk exposures during the second quarter of fiscal 2025. For a discussion of our exposure to market risk, refer to Item 7A, "Quantitative and Qualitative Disclosures About Market Risk," contained in Qorvo's Annual Report on Form 10-K for the fiscal year ended March 30, 2024.

ITEM 4. CONTROLS AND PROCEDURES.

As of the end of the period covered by this report, the Company’s management, with the participation of the Company’s Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), evaluated the effectiveness of the Company’s disclosure controls and procedures in accordance with Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our CEO and CFO concluded that the Company’s disclosure controls and procedures were effective, as of such date, to enable the Company to record, process, summarize and report in a timely manner the information that the Company is required to disclose in its Exchange Act reports, and to accumulate and communicate such information to management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 28, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report and in our other reports and statements that we file with the SEC, careful consideration should be given to the factors discussed in Part I, Item 1A., "Risk Factors" in Qorvo's Annual Report on Form 10-K for the fiscal year ended March 30, 2024, which could materially affect our business, financial condition or future results. The risks described in Qorvo's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(c) Issuer Purchases of Equity Securities
PeriodTotal number of shares purchased (in thousands)Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programs (in thousands)Approximate dollar value of shares that may yet be purchased under the plans or programs
(in millions)
June 30, 2024 to July 27, 2024125 $121.83 125 $1,164.8 
July 28, 2024 to August 24, 2024434 108.44 434 1,117.7 
August 25, 2024 to September 28, 2024179 106.51 179 1,098.7 
Total738 $110.24 738 

On November 2, 2022, we announced that our Board of Directors authorized a share repurchase program to repurchase up to $2.0 billion of our outstanding common stock, which included the remaining authorized dollar amount under a prior program terminated concurrent with the new authorization. Under this program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which we repurchase our shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require us to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended, or terminated at any time without prior notice.

As of January 1, 2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The excise tax is recognized as part of the cost basis of shares acquired in the Condensed Consolidated Statements of Stockholders' Equity and is excluded from amounts presented above.

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ITEM 5. OTHER INFORMATION.

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

The following table describes actions by our directors or Section 16 officers with respect to plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the second quarter of fiscal 2025. None of our directors or Section 16 officers took actions with respect to a "non-Rule 10b5-1 trading arrangement," as such term is defined in Item 408(c) of Regulation S-K, during the second quarter of fiscal 2025.
Name and TitleActionDateExpiration of Plan
Number of Shares to be Sold (1)
Frank P. Stewart Senior Vice President and President of Advanced Cellular
Adoption8/5/202410/2/20252,309
Philip J. Chesley Senior Vice President and President of High Performance Analog
Adoption8/5/20248/29/202524,357
(1) Represents the gross number of shares subject to the Rule 10b5-1 plan, excluding the potential effect of shares withheld for taxes. Amounts may include shares to be earned as performance-based restricted stock unit awards ("PBRSUs") and are presented at their target amounts. The actual number of PBRSUs earned following the end of the applicable performance period, if any, will depend on the relative attainment of the performance metrics.
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ITEM 6. EXHIBITS.
 
22 
31.1 
31.2 
32.1 
32.2 
101 
The following materials from our Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive (Loss) Income; (iv) the Condensed Consolidated Statements of Stockholders' Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Notes to Condensed Consolidated Financial Statements
104 
The cover page from our Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in iXBRL

Our SEC file number for documents filed with the SEC pursuant to the Securities Exchange Act of 1934, as amended, is 001-36801.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 Qorvo, Inc.
 
Date:October 30, 2024 /s/ Grant A. Brown
 Grant A. Brown
 
Senior Vice President and Chief Financial Officer
 
 

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