The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. Qorvo is releasing its September quarter results on Wednesday, November 4th, and analysts predict it will be showing-off its best quarter as a public company. QORVO, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands, except per share data)(Unaudited), QORVO, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except per share data)(Unaudited), QORVO, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited). Management was very optimistic in its last earnings report 3 months ago, increasing its mid-point revenue guidance for its September quarterly report from $940 million to $1.015 billion and a 13% EPS increase to $2.14. ZacksTrade and Zacks.com are separate companies. Qorvo stock is approaching a buy point from a bullish chart pattern. In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP revenue, (ii) non-GAAP gross profit and gross margin, (iii) non-GAAP operating income and operating margin, (iv) non-GAAP net income, (v) non-GAAP net income per diluted share, (vi) non-GAAP operating expenses (research and development; selling, general and administrative), (vii) free cash flow, (viii) EBITDA, (ix) non-GAAP return on invested capital (ROIC), and (x) net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Qorvo is a radio frequency (RF) technology leader: the driving force behind the internet of things (IoT) and the 5G revolution. Qorvo® Announces Fiscal 2021 First Quarter Financial Results. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below: Non-GAAP gross profit and gross margin. GREENSBORO, N.C., Oct. 31, 2019 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2020 second quarter, ended September 28, 2019. ET today to discuss today’s press release. Get the latest price and volume on Qorvo Inc in IBD stock charts. On a GAAP basis, revenue for Qorvo’s fiscal 2020 fourth quarter was $788 million, gross margin was 42.6%, operating income was $102 million and diluted earnings per share was $0.43. We believe that the majority of Qorvo's purchased intangibles are not relevant to analyzing current operations because they generally represent costs incurred by the acquired company to build value prior to acquisition, and thus are effectively part of transaction costs rather than ongoing costs of operating Qorvo's business. EBITDA. ET to approximately 11:30 a.m. Smart cities are on the horizon, and Qorvo's next-generation RF chips are going to be integral in its build-out. GREENSBORO, N.C., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, today announced that it … GREENSBORO, NC – May 16, 2018 – Qorvo ® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, will host an Investor Day on Wednesday, May 23, 2018 in New York City from approximately 8:30 a.m. "We see Qorvo as a strong beneficiary from the 5G handset ramp beginning in the second half of 2020 and continuing for several more years," Kumar said in a note to clients. Price target in 14 days: 199.981 USD. With the recent spike in market volatility and one of the most controversial US elections only a day away, uncertainty couldn't be higher in the stock market. Real time prices by BATS. Zacks Rank #1 Strong Buys have more than doubled the market for 3 decades...and these are the 7 most promising stocks from that list. This technology is just beginning to take hold of the mobile world, and its implications are beginning to ripple across all sectors. Trillions of dollars will shift into new market sectors after the election. QRVO just dipped below its 50-day moving average (blue line) around $130 a share, and it looks like this old support level has become a resistance, but it is something that I have no doubt QRVO will be able to break through once the market turbulence subsides. GREENSBORO, N.C., July 29, 2020 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2021 first quarter, ended June 27, 2020. The 50-day simple moving average of the closing price is $107.11 and its 200-day simple moving average is $98.94. 1Excludes stock-based compensation, amortization of intangibles, restructuring related charges, acquisition and integration related costs, start-up costs, asset impairment and accelerated depreciation, (gain) loss on assets, loss on debt extinguishment, gain on consolidation of investment, impairment on investment, other expense (income) and an adjustment of income taxes. Analysts’ Opinion on Qorvo, Inc. (NASDAQ:QRVO) Many brokerage firms have already submitted their reports for QRVO stocks, with Oppenheimer repeating the rating for QRVO shares by setting it to “Outperform”. GREENSBORO, NC – November 4, 2020 – Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company's fiscal 2021 second quarter, ended October 3, 2020. Analysts have been raising their EPS estimates on this stock and pushed QRVO into a Zacks Rank #1 (Strong Buy). We are operating well, focused on keeping our employees, partners and communities healthy, while supporting customers and advancing technology. At this time, I would like to turn the conference over to … Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. X This year’s picks could be even more lucrative. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance. We believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. Our technologies and operations are more important than ever as we support global deployments in 5G handsets and infrastructure, defense, Wi-Fi 6 and IoT.”, Mark Murphy, chief financial officer of Qorvo, said, “Qorvo’s revenue, gross margin, and cash flow performance demonstrate how well we are operating in a challenging environment. GREENSBORO, N.C., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, will host a … ET to approximately 11:30 a.m. Qorvo® to Webcast Investor Day Presentation on Wednesday, May 23, 2018 PDF Version GREENSBORO, N.C. , May 16, 2018 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, will host an Investor Day on Wednesday, May 23, 2018 in New York City from approximately 8:30 a.m. NASDAQ data is at least 15 minutes delayed. This includes personalizing content and advertising. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. Stock Market Ends Year On Positive Note As Nasdaq Notches Huge 2020 Gain; Apple, Tesla Were 2020 Stars The major stock indexes ended higher Thursday, as the stock market closed out 2020 on a positive note. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, restructuring related charges, acquisition and integration related costs, (gain) loss on assets, asset impairment and accelerated depreciation, start-up costs, certain non-cash expenses, gain on consolidation of investment, impairment on investment, loss on debt extinguishment, other expense (income) and also reflect an adjustment of income taxes. Qorvo (QRVO Quick QuoteQRVO - Free Report) is a chip powerhouse striving to digitally connect the world. We believe disclosure of these non-GAAP operating expenses has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. From the period between 2010 and 2020, Qorvo, Return on Investment regression line of its data series had standard deviation of 2.83 and standard deviation of 2.83. Privacy Policy | No cost, no obligation to buy anything ever. Qorvo will conduct a conference call at 5:00 p.m. Non-GAAP net income and non-GAAP net income per diluted share. Zacks Ranks stocks can, and often do, change throughout the month. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms and Conditions of Service. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. PFP 1/15: Small-Cap Russell 2000 Hits New All-Time High, Biden Proposes $1.9T in Aid; Powell Staying Dovish. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. GREENSBORO, N.C., May 07, 2020 -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the. Delayed quotes by Sungard. Non-GAAP research and development and selling, general and administrative expenses. Qorvo Inc. (QRVO) has a 20-day trading average at $111.11 and the current price is -7.96% off the 52-week high compared with 66.75% distance from its 52-week low. QRVO is a stock for your portfolio of the future. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period. Visit www.qorvo.com to learn how Qorvo connects the world. Qorvo (Nasdaq:QRVO) makes a better world possible by providing innovative Radio Frequency (RF) solutions at the center of connectivity. (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. Qorvo stock has risen as the chipmaker has forecast an improving business for the second half of 2020 thanks to 5G wireless adoption. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Similarly, we believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. ET. Non-GAAP gross profit and gross margin exclude stock-based compensation expense, amortization of intangible assets, accelerated depreciation, restructuring related charges and certain non-cash expenses. The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. Today's conference is being recorded. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the "Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached. We are only at the dawn of the 5G revolution. We believe that acquisition and integration related costs and certain non-cash expenses do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. We believe disclosure of non-GAAP operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. Check out Zacks’ 2020 Election Stock Report >>. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. The recent pre-election jitters and the uptick in COVID cases have brought the whole market down a notch in the past few weeks, and QRVO was no exception to this trend. Wall Street Bets: Making Waves or Creating Bubbles. But remember the old Warren Buffett proverb, "be greedy when others are fearful.". We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating income and operating margin. NYSE and AMEX data is at least 20 minutes delayed. Visit performance for information about the performance numbers displayed above. Right now, QRVO is teetering in oversold territory. Qorvo is well-positioned to heavily profit from this exciting industry’s rapid growth. Qorvo’s cutting-edge RF chips are being utilized in the first 5G iPhone (the iPhone 12), and demand is expected to be enormous. On a non-GAAP basis, gross margin was 49.6%, operating income was $210 million and diluted earnings per share was $1.57. We also leverage unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things. Analysts project that this "landmark" smartphone will sell 50 million units in the final months of 2020, with this figure expected to multiply in 2021. The impending 5G revolution, combined with the pandemic's digitally inclined tailwind, has made Qorvo more valuable than ever before. Qorvo (QRVO) delivered earnings and revenue surprises of 32.74% and 7.81%, respectively, for the quarter ended June 2020. It would make it a record quarter if it can deliver, and I do not doubt that it will with the company illustrating 9 consecutive quarters of top and bottom-line beats. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. For Immediate Release Chicago, IL – November 2, 2020 – Zacks Equity Research highlights Qorvo QRVO as the Bull of the Day and Nikola NKLA as the Bear of the Day. In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. We use cookies to understand how you use our site and to improve your experience. Do the numbers hold clues to what lies ahead for the stock? Limitations of non-GAAP financial measures. 15 out of 18 analysts are calling these shares a buy today with no sell ratings. Analysts project that this "landmark" smartphone will sell 50 million units in the final months of 2020, with this figure expected to multiply in 2021. GREENSBORO, N.C., July 15, 2020 -- Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, will host a conference call to review fiscal. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.qorvo.com (under “Investors”). However, I am confident that this RF chip powerhouse will play a critical role in the budding 5G Revolution. GREENSBORO, N.C., May 07, 2020 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2020 fourth quarter, ended March 28, 2020. Non-GAAP operating income and operating margin. GREENSBORO, NC – January 29, 2020 – Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company's fiscal 2020 third quarter, ended December 28, 2019. The playback will be available through the close of business May 14, 2020. QRVO is trading 9.5% off its all-time highs, which it hit less than a month ago with the rest of the semiconductor sector. Visit www.zacksdata.com to get our data and content for your mobile app or website. Qorvo is the IBD Stock Of The Day as the wireless chipmaker is seen gaining from the 5G cellular transition. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. We believe that restructuring related charges, acquisition and integration related costs, (gain) loss on assets, asset impairment and accelerated depreciation, start-up costs and certain non-cash expenses do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Zacks has a proven record of recommending stocks with significant upside potential. The global pandemic has forced society online, and today we are more connected than ever before through the world wide web. A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 719-457-0820 and using the passcode 6708971. GREENSBORO, N.C., May 07, 2020 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced financial results for the Company’s fiscal 2020 fourth quarter, ended March 28, 2020. Our earnings release contains forward-looking gross margin, income tax rate and diluted earnings per share. The RF market is estimated to expand at a compounded annual growth rate (CAGR) of 14%, reaching $45 billion by 2025, according to Grand View Research. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration related costs, restructuring related charges, asset impairments and the provision for income taxes. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached. In its last earnings report on July 29, 2020, Qorvo reported EPS of $1.5 versus consensus estimate of $1.13. 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