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QORVO, INC.
FORM 10-K
FOR THE FISCAL YEAR ENDED MARCH 30, 2019
INDEX
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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Form 10-K Summary.
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•
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business, political and macroeconomic changes, including trade disputes and downturns in the semiconductor industry and the overall global economy;
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•
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changes in consumer confidence caused by many factors, including changes in interest rates, credit markets, expectations for inflation, unemployment levels, and energy or other commodity prices;
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•
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fluctuations in demand for our customers’ products;
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•
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our ability to forecast our customers' demand for our products accurately;
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•
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the ability of third-party foundries and other third-party suppliers to manufacture, assemble and test our products in a timely and cost-effective manner;
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•
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our customers’ and distributors’ ability to manage the inventory that they hold and to forecast accurately their demand for our products;
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•
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our ability to achieve cost savings and improve yields and margins on our new and existing products;
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our ability to realize the expected benefits of any acquisitions or strategic investments, including our recent acquisition of Active-Semi International, Inc. (“Active-Semi”); and
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•
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our ability to utilize our capacity efficiently or to acquire additional capacity in response to customer demand.
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our ability to predict market requirements and define and design new products that address those requirements;
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•
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our ability to design products that meet our customers’ cost, size and performance requirements;
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•
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our ability to introduce new products that are competitive and can be manufactured at lower costs or that command higher prices based on superior performance;
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•
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acceptance of our new product designs;
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•
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the availability of qualified product design engineers;
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•
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our timely completion of product designs and ramp up of new products according to our customers’ needs with acceptable manufacturing yields; and
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•
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market acceptance of our customers’ products and the duration of the life cycle of such products.
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•
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our ability to adjust production capacity in a timely fashion in response to changes in demand for our products;
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•
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the significant fixed costs of operating the facilities;
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•
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factory utilization rates;
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•
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our ability to qualify our facilities for new products and new technologies in a timely manner;
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•
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the availability of raw materials, the impact of the volatility of commodity pricing and tariffs imposed on raw materials, including substrates, gold, platinum and high purity source materials such as gallium, aluminum, arsenic, indium, silicon, phosphorous and palladium;
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•
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our manufacturing cycle times;
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•
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our manufacturing yields;
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•
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the political, regulatory and economic risks associated with our international manufacturing operations;
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•
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potential violations by our
i
nternational employees or third-party agents of international or U.S. laws relevant to foreign operations;
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•
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our ability to hire, train and manage qualified production personnel;
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•
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our compliance with applicable environmental and other laws and regulations; and
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•
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our ability to avoid prolonged periods of down-time in our facilities for any reason.
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•
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design errors;
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•
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defects in photomasks (which are used to print circuits on a wafer);
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•
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minute impurities and variations in materials used;
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•
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contamination of the manufacturing environment;
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•
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equipment failure or variations in the manufacturing processes;
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•
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losses from broken wafers or other human error; and
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•
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defects in substrates and packaging.
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writing off inventory;
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scrapping products that cannot be fixed;
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accepting returns of products that have been shipped;
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•
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providing product replacements at no charge;
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•
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reimbursement of direct and indirect costs incurred by our customers in recalling or reworking their products due to defects in our products;
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travel and personnel costs to investigate potential product quality issues and to identify or confirm the failure mechanism or root cause of product defects; and
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•
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defending against litigation.
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global and local economic, social and political conditions and uncertainty;
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•
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currency controls and fluctuations;
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formal or informal imposition of export, import or doing-business regulations, including trade sanctions, tariffs and other related restrictions;
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•
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labor market conditions and workers’ rights affecting our manufacturing operations or those of our customers or suppliers;
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•
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disruptions in capital and securities and commodities trading markets;
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•
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occurrences of geopolitical crises such as terrorist activity, armed conflict, civil or military unrest or political instability, which may disrupt manufacturing, assembly, logistics, security and communications and result in reduced demand for our products;
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compliance with laws and regulations that differ among jurisdictions, including those covering taxes, intellectual property ownership and infringement, imports and exports, anti-corruption and anti-bribery, antitrust and competition, data privacy, and environment, health, and safety; and
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pandemics and similar major health concerns, which could adversely affect our business and our customer order patterns.
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incur additional debt;
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pay dividends, make other distributions or repurchase or redeem our capital stock;
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prepay, redeem or repurchase certain debt;
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make loans and investments;
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sell, transfer or otherwise dispose of assets;
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incur or permit to exist certain liens;
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enter into certain types of transactions with affiliates;
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enter into agreements restricting our subsidiaries’ ability to pay dividends; and
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consolidate, amalgamate, merge or sell all or substantially all of our assets.
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general market and economic and political conditions, including market conditions in the semiconductor industry;
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actual or expected variations in quarterly operating results;
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differences between actual operating results and those expected by investors and analysts;
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changes in recommendations by securities analysts;
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operations and stock performance of competitors and major customers;
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accounting charges, including charges relating to the impairment of goodwill and restructuring;
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significant acquisitions, strategic alliances, capital commitments, or new products announced by us or by our competitors;
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sales of our common stock, including sales by our directors and officers or significant investors;
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repurchases of our common stock;
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recruitment or departure of key personnel; and
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loss of key customers.
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failure to complete a transaction in a timely manner, if at all, due to our inability to obtain required government or other approvals, IP disputes or other litigation, difficulty in obtaining financing on terms acceptable to us, or other unforeseen factors;
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controls, processes, and procedures of an acquired business may not adequately ensure compliance with laws and regulations, and we may fail to identify compliance issues or liabilities;
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unanticipated costs, capital expenditures or working capital requirements;
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acquisition-related charges and amortization of acquired technology and other intangibles;
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the potential loss of key employees from a company we acquire or in which we invest;
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diversion of management’s attention from our business;
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disruption of our ongoing operations;
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dissynergies or other harm to existing business relationships with suppliers and customers;
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losses or impairment of investments from unsuccessful research and development by companies in which we invest;
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failure to successfully integrate acquired businesses, operations, products, technologies and personnel; and
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unrealized expected synergies.
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hire and retain qualified employees;
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continue to develop leaders for key business units and functions;
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expand our presence in international locations and adapt to cultural norms of foreign locations; and
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train and motivate our employee base.
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regulatory penalties and fines;
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legal liabilities, including financial responsibility for remedial measures if our properties are contaminated;
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expenses to secure required permits and governmental approvals;
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reputational damage;
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suspension or curtailment of our manufacturing, assembly and test processes; and
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increased costs to acquire pollution abatement or remediation equipment or to modify our equipment, facilities or manufacturing processes to bring them into compliance with applicable laws and regulations.
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granting to the board of directors sole power to set the number of directors and fill any vacancy on the board of directors, whether such vacancy occurs as a result of an increase in the number of directors or otherwise;
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the ability of the board of directors to designate and issue one or more series of preferred stock without stockholder approval, the terms of which may be determined at the sole discretion of the board of directors;
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the inability of stockholders to call special meetings of stockholders;
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establishment of advance notice requirements for stockholder proposals and nominations for election to the board of directors at stockholder meetings; and
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the inability of stockholders to act by written consent.
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the timing and execution of plans and programs that are subject to local labor law requirements, including consultation with appropriate work councils;
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changes in assumptions related to severance and post-retirement costs;
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the timing of future divestitures and the amount and type of proceeds realized from such divestitures; and
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changes in the fair value of certain long-lived assets and goodwill.
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changes in our overall profitability and the amount of profit determined to be earned and taxed in jurisdictions with differing statutory tax rates;
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the resolution of issues arising from tax audits with various tax authorities, including those described in Note 12 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report;
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changes in the valuation of either our gross deferred tax assets or gross deferred tax liabilities;
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•
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adjustments to income taxes upon finalization of various tax returns;
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•
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changes in expenses not deductible for tax purposes;
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•
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changes in available tax credits;
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•
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changes in tax laws, domestic and foreign, or the interpretation of such tax laws, and changes in generally accepted accounting principles; and
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•
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a future decision to repatriate non-U.S. earnings for which we have not previously provided country withholding taxes incurred upon repatriation.
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January 2,
2015 |
March 28,
2015 |
April 2,
2016 |
April 1,
2017 |
March 31,
2018 |
March 30,
2019 |
Total Return Index for:
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Qorvo, Inc.
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100.00
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112.61
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72.19
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97.39
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100.07
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101.89
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Nasdaq Composite
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100.00
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103.79
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104.36
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128.24
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154.87
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171.32
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S&P 500
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100.00
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100.95
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102.75
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120.39
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137.24
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150.27
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Nasdaq Electronic Components
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100.00
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100.63
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98.26
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141.13
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193.23
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193.98
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B.
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The lines represent monthly index levels derived from compounded daily returns, assuming reinvestment of all dividends.
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C.
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The indexes are reweighted daily using the market capitalization on the previous trading day.
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D.
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If the month end is not a trading day, the preceding trading day is used.
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E.
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Qorvo, Inc. was added to the S&P 500 Index on June 12, 2015.
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Period
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Total number of shares purchased
(in thousands)
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Average price paid per share
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Total number of shares purchased as part of publicly announced plans or programs
(in thousands)
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Approximate dollar value of shares that may yet be purchased under the plans or programs
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||||
December 30, 2018 to January 26, 2019
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193
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$
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60.72
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193
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$685.5 million
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January 27, 2019 to February 23, 2019
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1,597
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$
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65.31
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1,597
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$581.2 million
|
February 24, 2019 to March 30, 2019
|
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2,657
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$
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69.00
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2,657
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$397.9 million
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Total
|
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4,447
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$
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67.32
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4,447
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$397.9 million
|
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Fiscal Year
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|||||||||||||||||||
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2019
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2018
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2017
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2016
|
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2015
|
(1)
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||||||||||
(In thousands, except per share data)
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Revenue
|
$
|
3,090,325
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|
|
$
|
2,973,536
|
|
|
$
|
3,032,574
|
|
|
$
|
2,610,726
|
|
|
$
|
1,710,966
|
|
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|
|
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||||||||||
Operating costs and expenses:
|
|
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|
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|
||||||||||
Cost of goods sold
|
1,895,142
|
|
|
1,826,570
|
|
|
1,897,062
|
|
|
1,561,173
|
|
|
1,021,658
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|
|||||
Research and development
|
450,482
|
|
|
445,103
|
|
|
470,836
|
|
|
448,763
|
|
|
257,494
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|
|
|||||
Selling, general and administrative
|
476,074
|
|
|
527,751
|
|
|
545,588
|
|
|
534,099
|
|
|
249,886
|
|
|
|||||
Other operating expense
|
52,161
|
|
(15)
|
103,830
|
|
(12)
|
31,029
|
|
(9)
|
54,723
|
|
(5)
|
59,462
|
|
(2)
|
|||||
Total operating costs and expenses
|
2,873,859
|
|
|
2,903,254
|
|
|
2,944,515
|
|
|
2,598,758
|
|
|
1,588,500
|
|
|
|||||
Operating income
|
216,466
|
|
|
70,282
|
|
|
88,059
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|
|
11,968
|
|
|
122,466
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|||||
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Interest expense
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(43,963
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)
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(16)
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(59,548
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)
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(13)
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(58,879
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)
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(10)
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(23,316
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)
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(6)
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(1,421
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)
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|||||
Interest income
|
10,971
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|
|
7,017
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|
1,212
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|
2,068
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|
|
450
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|
|||||
Other (expense) income
|
(91,682
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)
|
(17)
|
(606
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)
|
|
(3,087
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)
|
|
6,418
|
|
|
(254
|
)
|
|
|||||
Income (loss) before income taxes
|
91,792
|
|
|
17,145
|
|
|
27,305
|
|
|
(2,862
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)
|
|
121,241
|
|
|
|||||
Income tax benefit (expense)
|
41,333
|
|
(18)
|
(57,433
|
)
|
(14)
|
(43,863
|
)
|
(11)
|
(25,983
|
)
|
(7)
|
75,062
|
|
(3)
|
|||||
Net income (loss)
|
$
|
133,125
|
|
|
$
|
(40,288
|
)
|
|
$
|
(16,558
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)
|
|
$
|
(28,845
|
)
|
|
$
|
196,303
|
|
|
Net income (loss) per share:
|
|
|
|
|
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||||||||||
Basic
|
$
|
1.07
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
2.17
|
|
|
Diluted
|
$
|
1.05
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
2.11
|
|
|
Weighted average shares of common stock outstanding
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
124,534
|
|
|
126,946
|
|
|
127,121
|
|
|
141,937
|
|
|
90,477
|
|
|
|||||
Diluted
|
127,356
|
|
|
126,946
|
|
|
127,121
|
|
|
141,937
|
|
|
93,211
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of Fiscal Year End
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
(1)
|
||||||||||
Cash and cash equivalents
|
$
|
711,035
|
|
|
$
|
926,037
|
|
|
$
|
545,463
|
|
|
$
|
425,881
|
|
|
$
|
299,814
|
|
|
Short-term investments
|
901
|
|
|
—
|
|
|
—
|
|
|
186,808
|
|
|
244,830
|
|
|
|||||
Working capital
|
1,249,227
|
|
|
1,402,526
|
|
|
1,042,777
|
|
|
1,135,409
|
|
(8)
|
1,174,795
|
|
|
|||||
Total assets
|
5,808,024
|
|
|
6,381,519
|
|
|
6,522,323
|
|
|
6,596,819
|
|
|
6,892,379
|
|
(4)
|
|||||
Long-term debt and capital lease obligations, less current portion
|
920,935
|
|
(19)
|
983,290
|
|
|
989,154
|
|
|
988,130
|
|
(6)
|
—
|
|
|
|||||
Stockholders' equity
|
4,359,679
|
|
|
4,775,564
|
|
|
4,896,722
|
|
|
4,999,672
|
|
|
6,173,160
|
|
|
•
|
Revenue
increased
3.9%
in fiscal
2019
to
$3,090.3 million
compared to
$2,973.5 million
in fiscal
2018
,
primarily due to higher demand for our mobile products in support of customers based in China as well as higher demand for our base station products, partially offset by a decrease in revenue due to weakness in marquee smartphone demand experienced by our largest end customer.
|
•
|
Gross margin was relatively flat for fiscal
2019
as compared to fiscal
2018
, with average selling price erosion offset by favorable changes in product mix.
|
•
|
Operating income was
$216.5 million
in fiscal
2019
, compared to
$70.3 million
in fiscal
2018
. This increase was primarily due to lower intangible amortization, higher revenue, and lower impairment charges on property and equipment.
|
•
|
Net income per diluted share was
$1.05
for fiscal
2019
, compared to net loss per diluted share of
$0.32
for fiscal
2018
.
|
•
|
Cash flow from operations was
$810.4 million
for fiscal
2019
, compared to
$852.5 million
for fiscal
2018
. This year-over-year decrease was primarily due to unfavorable changes in working capital and increased tax payments, partially offset by increased net income in fiscal
2019
.
|
•
|
Capital expenditures were
$220.9 million
in fiscal
2019
, compared to
$269.8 million
in fiscal
2018
. We are controlling capital expenditures through the reuse of tools and reconfiguration of our factories.
|
•
|
During fiscal
2019
, we recognized impairment charges on certain property and equipment of
$15.9 million
related to our planned closure of a wafer fabrication facility in Florida.
|
•
|
During fiscal
2019
, we repurchased
$429.2 million
and redeemed the remaining
$15.3 million
of the aggregate principal balance of the 2023 Notes. During fiscal
2019
, we also repurchased
$525.1 million
aggregate principal amount of the 2025 Notes. We recognized a loss on debt extinguishment of
$90.2 million
related to these retirements in fiscal
2019
.
|
•
|
During fiscal
2019
, we completed offerings totaling
$900.0 million
aggregate principal amount of the 2026 Notes.
|
•
|
During fiscal
2019
, we repurchased approximately
9.1 million
shares of our common stock for approximately
$638.1 million
.
|
|
|
2019
|
|
2018
|
||||||||||
(In thousands, except percentages)
|
|
Dollars
|
|
% of
Revenue |
|
Dollars
|
|
% of
Revenue |
||||||
Revenue
|
|
$
|
3,090,325
|
|
|
100.0
|
%
|
|
$
|
2,973,536
|
|
|
100.0
|
%
|
Cost of goods sold
|
|
1,895,142
|
|
|
61.3
|
|
|
1,826,570
|
|
|
61.4
|
|
||
Gross profit
|
|
1,195,183
|
|
|
38.7
|
|
|
1,146,966
|
|
|
38.6
|
|
||
Research and development
|
|
450,482
|
|
|
14.6
|
|
|
445,103
|
|
|
15.0
|
|
||
Selling, general, and administrative
|
|
476,074
|
|
|
15.4
|
|
|
527,751
|
|
|
17.7
|
|
||
Other operating expense
|
|
52,161
|
|
|
1.7
|
|
|
103,830
|
|
|
3.5
|
|
||
Operating income
|
|
$
|
216,466
|
|
|
7.0
|
%
|
|
$
|
70,282
|
|
|
2.4
|
%
|
|
|
Fiscal Year
|
||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
||||
Revenue
|
|
$
|
2,197,660
|
|
|
$
|
2,181,161
|
|
Operating income
|
|
$
|
558,990
|
|
|
$
|
549,574
|
|
Operating income as a % of revenue
|
|
25.4
|
%
|
|
25.2
|
%
|
|
|
Fiscal Year
|
||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
||||
Revenue
|
|
$
|
892,665
|
|
|
$
|
788,495
|
|
Operating income
|
|
$
|
267,304
|
|
|
$
|
235,719
|
|
Operating income as a % of revenue
|
|
29.9
|
%
|
|
29.9
|
%
|
|
|
Fiscal Year
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Interest expense
|
|
$
|
(43,963
|
)
|
|
$
|
(59,548
|
)
|
Interest income
|
|
10,971
|
|
|
7,017
|
|
||
Other expense
|
|
(91,682
|
)
|
|
(606
|
)
|
||
Income tax benefit (expense)
|
|
41,333
|
|
|
(57,433
|
)
|
|
Payments Due By Period
|
||||||||||||||||||
|
Total Payments
|
|
Fiscal 2020
|
|
Fiscal 2021-2022
|
|
Fiscal 2023-2024
|
|
Fiscal 2025 and thereafter
|
||||||||||
Capital commitments
(1)
|
$
|
71,588
|
|
|
$
|
68,500
|
|
|
$
|
3,088
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt obligations
(2)
|
1,306,259
|
|
|
51,276
|
|
|
102,276
|
|
|
102,276
|
|
|
1,050,431
|
|
|||||
Capital leases
(3)
|
52,379
|
|
|
241
|
|
|
2,440
|
|
|
2,440
|
|
|
47,258
|
|
|||||
Operating leases
|
92,881
|
|
|
22,207
|
|
|
23,713
|
|
|
15,363
|
|
|
31,598
|
|
|||||
Purchase obligations
(4)
|
290,102
|
|
|
259,935
|
|
|
26,571
|
|
|
3,596
|
|
|
—
|
|
|||||
Cross-licensing liability
(5)
|
7,800
|
|
|
2,400
|
|
|
4,800
|
|
|
600
|
|
|
—
|
|
|||||
Deferred compensation
(6)
|
18,737
|
|
|
1,137
|
|
|
1,357
|
|
|
915
|
|
|
15,328
|
|
|||||
Total
|
$
|
1,839,746
|
|
|
$
|
405,696
|
|
|
$
|
164,245
|
|
|
$
|
125,190
|
|
|
$
|
1,144,615
|
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
|
|
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Page
|
Consolidated Statements of S
tockholders' Equity
|
|
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
(Notes 1 & 3)
|
$
|
711,035
|
|
|
$
|
926,037
|
|
Accounts receivable, less allowance of $40 and $134 as of March 30, 2019 and March 31, 2018, respectively
|
378,172
|
|
|
345,957
|
|
||
Inventories
(Notes 1 & 4)
|
511,793
|
|
|
472,292
|
|
||
Prepaid expenses
|
25,766
|
|
|
23,909
|
|
||
Other receivables
(Note 1)
|
21,934
|
|
|
44,795
|
|
||
Other current assets
(Notes 1 & 9)
|
36,141
|
|
|
30,815
|
|
||
Total current assets
|
1,684,841
|
|
|
1,843,805
|
|
||
Property and equipment, net
(Notes 1 & 5)
|
1,366,513
|
|
|
1,374,112
|
|
||
Goodwill
(Notes 1, 6 & 7)
|
2,173,889
|
|
|
2,173,889
|
|
||
Intangible assets, net
(Notes 1, 6 & 7)
|
408,210
|
|
|
860,336
|
|
||
Long-term investments
(Notes 1 & 3)
|
97,786
|
|
|
63,765
|
|
||
Other non-current assets
(Notes 9 & 12)
|
76,785
|
|
|
65,612
|
|
||
Total assets
|
$
|
5,808,024
|
|
|
$
|
6,381,519
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
233,307
|
|
|
$
|
213,193
|
|
Accrued liabilities
(Notes 1, 9 & 11)
|
160,516
|
|
|
167,182
|
|
||
Other current liabilities (
Note 12
)
|
41,791
|
|
|
60,904
|
|
||
Total current liabilities
|
435,614
|
|
|
441,279
|
|
||
Long-term debt
(Note 8)
|
919,270
|
|
|
983,290
|
|
||
Deferred tax liabilities (
Note 12
)
|
333
|
|
|
63,084
|
|
||
Other long-term liabilities
(Notes 9, 11 & 12)
|
93,128
|
|
|
118,302
|
|
||
Total liabilities
|
1,448,345
|
|
|
1,605,955
|
|
||
Commitments and contingent liabilities
(Note 10)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $.0001 par value; 5,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $.0001 par value; 405,000 shares authorized; 119,063 and 126,322 shares issued and outstanding at March 30, 2019 and March 31, 2018, respectively
|
4,687,455
|
|
|
5,237,085
|
|
||
Accumulated other comprehensive loss, net of tax
|
(6,624
|
)
|
|
(2,752
|
)
|
||
Accumulated deficit
|
(321,152
|
)
|
|
(458,769
|
)
|
||
Total stockholders’ equity
|
4,359,679
|
|
|
4,775,564
|
|
||
Total liabilities and stockholders’ equity
|
$
|
5,808,024
|
|
|
$
|
6,381,519
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
||||||
Revenue
|
$
|
3,090,325
|
|
|
$
|
2,973,536
|
|
|
$
|
3,032,574
|
|
Cost of goods sold
|
1,895,142
|
|
|
1,826,570
|
|
|
1,897,062
|
|
|||
Gross profit
|
1,195,183
|
|
|
1,146,966
|
|
|
1,135,512
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
450,482
|
|
|
445,103
|
|
|
470,836
|
|
|||
Selling, general and administrative
|
476,074
|
|
|
527,751
|
|
|
545,588
|
|
|||
Other operating expense
(Note 11)
|
52,161
|
|
|
103,830
|
|
|
31,029
|
|
|||
Total operating expenses
|
978,717
|
|
|
1,076,684
|
|
|
1,047,453
|
|
|||
Operating income
|
216,466
|
|
|
70,282
|
|
|
88,059
|
|
|||
|
|
|
|
|
|
||||||
Interest expense (
Note 8)
|
(43,963
|
)
|
|
(59,548
|
)
|
|
(58,879
|
)
|
|||
Interest income
|
10,971
|
|
|
7,017
|
|
|
1,212
|
|
|||
Other expense (
Note 8)
|
(91,682
|
)
|
|
(606
|
)
|
|
(3,087
|
)
|
|||
Income before income taxes
|
$
|
91,792
|
|
|
$
|
17,145
|
|
|
$
|
27,305
|
|
|
|
|
|
|
|
||||||
Income tax benefit (expense)
(Note 12)
|
41,333
|
|
|
(57,433
|
)
|
|
(43,863
|
)
|
|||
Net income (loss)
|
$
|
133,125
|
|
|
$
|
(40,288
|
)
|
|
$
|
(16,558
|
)
|
|
|
|
|
|
|
||||||
Net income (loss) per share
(Note 13):
|
|
|
|
|
|
||||||
Basic
|
$
|
1.07
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
Diluted
|
$
|
1.05
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
||||||
Weighted average shares of common stock outstanding
(Note 13)
:
|
|
|
|
|
|
||||||
Basic
|
124,534
|
|
|
126,946
|
|
|
127,121
|
|
|||
Diluted
|
127,356
|
|
|
126,946
|
|
|
127,121
|
|
|||
|
|
|
|
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income (loss)
|
$
|
133,125
|
|
|
$
|
(40,288
|
)
|
|
$
|
(16,558
|
)
|
Total comprehensive income (loss):
|
|
|
|
|
|
||||||
Unrealized gain on marketable securities, net of tax
|
85
|
|
|
204
|
|
|
53
|
|
|||
Change in pension liability, net of tax
|
(651
|
)
|
|
476
|
|
|
(339
|
)
|
|||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term-investment nature
|
(3,396
|
)
|
|
1,276
|
|
|
(1,014
|
)
|
|||
Reclassification adjustments, net of tax:
|
|
|
|
|
|
||||||
Foreign currency gain recognized and included in net loss
|
—
|
|
|
(581
|
)
|
|
—
|
|
|||
Amortization of pension actuarial loss
|
90
|
|
|
179
|
|
|
127
|
|
|||
Other comprehensive (loss) income
|
(3,872
|
)
|
|
1,554
|
|
|
(1,173
|
)
|
|||
Total comprehensive income (loss)
|
$
|
129,253
|
|
|
$
|
(38,734
|
)
|
|
$
|
(17,731
|
)
|
|
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
Accumulated Deficit
|
|
|
|||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balance, April 2, 2016
|
127,386
|
|
|
$
|
5,442,613
|
|
|
$
|
(3,133
|
)
|
|
$
|
(439,808
|
)
|
|
$
|
4,999,672
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,558
|
)
|
|
(16,558
|
)
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,173
|
)
|
|
—
|
|
|
(1,173
|
)
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
2,484
|
|
|
16,832
|
|
|
—
|
|
|
—
|
|
|
16,832
|
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
678
|
|
|
25,640
|
|
|
—
|
|
|
—
|
|
|
25,640
|
|
||||
Tax deficiency from exercised stock options
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
||||
Repurchase of common stock, including transaction costs
|
(4,084
|
)
|
|
(209,357
|
)
|
|
—
|
|
|
—
|
|
|
(209,357
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
81,722
|
|
|
—
|
|
|
—
|
|
|
81,722
|
|
||||
Balance, April 1, 2017
|
126,464
|
|
|
$
|
5,357,394
|
|
|
$
|
(4,306
|
)
|
|
$
|
(456,366
|
)
|
|
$
|
4,896,722
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,288
|
)
|
|
(40,288
|
)
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
1,554
|
|
|
—
|
|
|
1,554
|
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
2,246
|
|
|
4,735
|
|
|
—
|
|
|
—
|
|
|
4,735
|
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
541
|
|
|
28,064
|
|
|
—
|
|
|
—
|
|
|
28,064
|
|
||||
Cumulative-effect adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
—
|
|
|
36,684
|
|
|
36,684
|
|
||||
Cumulative-effect adoption of ASU 2016-16
|
—
|
|
|
—
|
|
|
—
|
|
|
1,201
|
|
|
1,201
|
|
||||
Repurchase of common stock, including transaction costs
|
(2,929
|
)
|
|
(219,907
|
)
|
|
—
|
|
|
—
|
|
|
(219,907
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
66,799
|
|
|
—
|
|
|
—
|
|
|
66,799
|
|
||||
Balance, March 31, 2018
|
126,322
|
|
|
$
|
5,237,085
|
|
|
$
|
(2,752
|
)
|
|
$
|
(458,769
|
)
|
|
$
|
4,775,564
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
133,125
|
|
|
133,125
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(3,872
|
)
|
|
—
|
|
|
(3,872
|
)
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
1,368
|
|
|
(10,833
|
)
|
|
—
|
|
|
—
|
|
|
(10,833
|
)
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
468
|
|
|
26,817
|
|
|
—
|
|
|
—
|
|
|
26,817
|
|
||||
Cumulative-effect adoption of ASU 2014-09
|
—
|
|
|
—
|
|
|
—
|
|
|
4,492
|
|
|
4,492
|
|
||||
Repurchase of common stock, including transaction costs
|
(9,095
|
)
|
|
(638,074
|
)
|
|
—
|
|
|
—
|
|
|
(638,074
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
72,460
|
|
|
—
|
|
|
—
|
|
|
72,460
|
|
||||
Balance, March 30, 2019
|
119,063
|
|
|
$
|
4,687,455
|
|
|
$
|
(6,624
|
)
|
|
$
|
(321,152
|
)
|
|
$
|
4,359,679
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
133,125
|
|
|
$
|
(40,288
|
)
|
|
$
|
(16,558
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
208,646
|
|
|
174,425
|
|
|
209,825
|
|
|||
Intangible assets amortization
(Note 7)
|
454,451
|
|
|
539,790
|
|
|
494,752
|
|
|||
Loss on debt extinguishment
(Note 8)
|
90,201
|
|
|
928
|
|
|
—
|
|
|||
Deferred income taxes
|
(70,169
|
)
|
|
(32,248
|
)
|
|
(28,027
|
)
|
|||
Foreign currency adjustments
|
(2,376
|
)
|
|
953
|
|
|
(36
|
)
|
|||
Asset impairment
(Note 11)
|
15,901
|
|
|
46,315
|
|
|
—
|
|
|||
Stock-based compensation expense
|
71,580
|
|
|
68,158
|
|
|
88,845
|
|
|||
Other, net
|
5,087
|
|
|
3,792
|
|
|
7,122
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
(32,119
|
)
|
|
12,906
|
|
|
(36,873
|
)
|
|||
Inventories
|
(39,590
|
)
|
|
(41,887
|
)
|
|
(6,442
|
)
|
|||
Prepaid expenses and other current and non-current assets
|
13,343
|
|
|
28,310
|
|
|
20,285
|
|
|||
Accounts payable
|
15,167
|
|
|
38,952
|
|
|
(1,035
|
)
|
|||
Accrued liabilities
|
(3,899
|
)
|
|
(2,623
|
)
|
|
26,866
|
|
|||
Income taxes payable and receivable
|
(38,206
|
)
|
|
50,801
|
|
|
13,414
|
|
|||
Other liabilities
|
(10,778
|
)
|
|
4,236
|
|
|
4,682
|
|
|||
Net cash provided by operating activities
|
810,364
|
|
|
852,520
|
|
|
776,820
|
|
|||
Investing activities:
|
|
|
|
|
|
||||||
Purchase of property and equipment
|
(220,937
|
)
|
|
(269,835
|
)
|
|
(552,702
|
)
|
|||
Purchase of available-for-sale securities
|
(132,732
|
)
|
|
—
|
|
|
(469
|
)
|
|||
Proceeds from sales and maturities of available-for-sale debt securities
|
133,132
|
|
|
—
|
|
|
186,793
|
|
|||
Purchase of business, net of cash acquired
(Note 6)
|
—
|
|
|
—
|
|
|
(117,994
|
)
|
|||
Other investing
|
(27,017
|
)
|
|
(7,574
|
)
|
|
(5,976
|
)
|
|||
Net cash used in investing activities
|
(247,554
|
)
|
|
(277,409
|
)
|
|
(490,348
|
)
|
|||
Financing activities:
|
|
|
|
|
|
||||||
Repurchase and payment of debt
(Note 8)
|
(1,050,680
|
)
|
|
(107,729
|
)
|
|
—
|
|
|||
Proceeds from debt issuances
(Note 8)
|
905,350
|
|
|
100,000
|
|
|
—
|
|
|||
Repurchase of common stock, including transaction costs
(Note 15)
|
(638,074
|
)
|
|
(219,907
|
)
|
|
(209,357
|
)
|
|||
Proceeds from the issuance of common stock
|
41,289
|
|
|
57,412
|
|
|
59,148
|
|
|||
Tax withholding paid on behalf of employees for restricted stock units
|
(24,835
|
)
|
|
(24,708
|
)
|
|
(15,516
|
)
|
|||
Other financing
|
(9,714
|
)
|
|
(1,916
|
)
|
|
75
|
|
|||
Net cash used in financing activities
|
(776,664
|
)
|
|
(196,848
|
)
|
|
(165,650
|
)
|
|||
Effect of exchange rate changes on cash
|
(1,166
|
)
|
|
2,360
|
|
|
(1,105
|
)
|
|||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(215,020
|
)
|
|
380,623
|
|
|
119,717
|
|
|||
Cash, cash equivalents and restricted cash at the beginning of the period
|
926,402
|
|
|
545,779
|
|
|
426,062
|
|
|||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
711,382
|
|
|
$
|
926,402
|
|
|
$
|
545,779
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for interest
|
$
|
64,853
|
|
|
$
|
70,208
|
|
|
$
|
71,171
|
|
Cash paid during the year for income taxes
|
$
|
69,453
|
|
|
$
|
41,478
|
|
|
$
|
52,656
|
|
Non-cash investing and financing information:
|
|
|
|
|
|
||||||
Capital expenditure adjustments included in liabilities
|
$
|
37,728
|
|
|
$
|
31,769
|
|
|
$
|
75,340
|
|
1.
|
THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES
|
|
Fiscal Year
|
||||
|
2019
|
|
2018
|
|
2017
|
Apple Inc. ("Apple")
|
32%
|
|
36%
|
|
34%
|
Huawei Technologies Co., Ltd. ("Huawei")
|
13%
|
|
8%
|
|
11%
|
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated Fair
Value
|
||||||||
March 30, 2019
|
|
|
|
|
|
|
|
||||||||
Auction rate securities
(1)
|
$
|
1,950
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,950
|
|
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Auction rate securities
(1)
|
$
|
1,950
|
|
|
$
|
—
|
|
|
$
|
(107
|
)
|
|
$
|
1,843
|
|
|
|
|
|
|
Total
|
|
Quoted Prices In
Active Markets For Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
||||||
March 30, 2019
|
|
|
|
|
|
||||||||||
|
Assets
|
|
|
|
|
|
|||||||||
|
|
Money market funds
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
—
|
|
||
|
|
Marketable equity securities
|
901
|
|
|
901
|
|
|
—
|
|
|||||
|
|
Auction rate securities
(1)
|
1,950
|
|
|
—
|
|
|
1,950
|
|
|||||
|
|
Invested funds in deferred compensation plan
(2)
|
18,737
|
|
|
18,737
|
|
|
—
|
|
|||||
|
|
|
|
Total assets measured at fair value
|
$
|
21,601
|
|
|
$
|
19,651
|
|
|
$
|
1,950
|
|
|
Liabilities
|
|
|
|
|
|
|||||||||
|
|
Deferred compensation plan obligation
(2)
|
$
|
18,737
|
|
|
$
|
18,737
|
|
|
$
|
—
|
|
||
|
|
|
|
Total liabilities measured at fair value
|
$
|
18,737
|
|
|
$
|
18,737
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||||||
|
Assets
|
|
|
|
|
|
|||||||||
|
|
Money market funds
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
||
|
|
Auction rate securities
(1)
|
1,843
|
|
|
—
|
|
|
1,843
|
|
|||||
|
|
Invested funds in deferred compensation plan
(2)
|
14,284
|
|
|
14,284
|
|
|
—
|
|
|||||
|
|
|
|
Total assets measured at fair value
|
$
|
16,136
|
|
|
$
|
14,293
|
|
|
$
|
1,843
|
|
|
Liabilities
|
|
|
|
|
|
|||||||||
|
|
Deferred compensation plan obligation
(2)
|
$
|
14,284
|
|
|
$
|
14,284
|
|
|
$
|
—
|
|
||
|
|
|
|
Total liabilities measured at fair value
|
$
|
14,284
|
|
|
$
|
14,284
|
|
|
$
|
—
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Raw materials
|
$
|
118,608
|
|
|
$
|
110,389
|
|
Work in process
|
272,469
|
|
|
221,137
|
|
||
Finished goods
|
120,716
|
|
|
140,766
|
|
||
Total inventories
|
$
|
511,793
|
|
|
$
|
472,292
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Land
|
$
|
25,996
|
|
|
$
|
23,778
|
|
Building and leasehold improvements
|
416,209
|
|
|
389,234
|
|
||
Machinery and equipment
|
2,025,110
|
|
|
1,660,138
|
|
||
|
2,467,315
|
|
|
2,073,150
|
|
||
Less accumulated depreciation
|
(1,218,507
|
)
|
|
(911,910
|
)
|
||
|
1,248,808
|
|
|
1,161,240
|
|
||
Construction in progress
|
117,705
|
|
|
212,872
|
|
||
Total property and equipment, net
|
$
|
1,366,513
|
|
|
$
|
1,374,112
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Intangible Assets:
|
|
|
|
|
|
|
|
||||||||
Developed technology
|
$
|
1,246,335
|
|
|
$
|
960,793
|
|
|
$
|
1,246,335
|
|
|
$
|
733,081
|
|
Customer relationships
|
1,272,725
|
|
|
1,161,735
|
|
|
1,272,725
|
|
|
936,175
|
|
||||
Trade names
|
29,391
|
|
|
29,391
|
|
|
29,391
|
|
|
29,377
|
|
||||
Technology licenses
|
14,704
|
|
|
13,026
|
|
|
12,379
|
|
|
11,904
|
|
||||
Non-compete agreement
|
1,026
|
|
|
1,026
|
|
|
1,026
|
|
|
983
|
|
||||
IPRD
|
10,000
|
|
|
N/A
|
|
|
10,000
|
|
|
N/A
|
|
||||
Total
|
$
|
2,574,181
|
|
|
$
|
2,165,971
|
|
|
$
|
2,571,856
|
|
|
$
|
1,711,520
|
|
Fiscal Year
|
Estimated
Amortization
Expense
|
||
2020
|
$
|
208,000
|
|
2021
|
156,000
|
|
|
2022
|
28,000
|
|
|
2023
|
12,000
|
|
|
2024
|
3,000
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
6.75% Senior Notes due 2023
|
$
|
—
|
|
|
$
|
444,464
|
|
7.00% Senior Notes due 2025
|
23,404
|
|
|
548,500
|
|
||
5.50% Senior Notes due 2026
|
900,000
|
|
|
—
|
|
||
Less unamortized issuance costs
|
(4,134
|
)
|
|
(9,674
|
)
|
||
Total long-term debt
|
$
|
919,270
|
|
|
$
|
983,290
|
|
Fiscal Year
|
|
Operating Leases
|
|
Capital Leases
|
|
Purchase Commitments
|
||||||
2020
|
|
$
|
22,207
|
|
|
$
|
241
|
|
|
$
|
328,435
|
|
2021
|
|
13,382
|
|
|
1,220
|
|
|
24,005
|
|
|||
2022
|
|
10,331
|
|
|
1,220
|
|
|
5,654
|
|
|||
2023
|
|
8,224
|
|
|
1,220
|
|
|
3,596
|
|
|||
2024
|
|
7,139
|
|
|
1,220
|
|
|
—
|
|
|||
Thereafter
|
|
31,598
|
|
|
47,258
|
|
|
—
|
|
|||
Total minimum payments
|
|
$
|
92,881
|
|
|
$
|
52,379
|
|
|
$
|
361,690
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
$
|
(297,975
|
)
|
|
$
|
(151,083
|
)
|
|
$
|
2,439
|
|
Foreign
|
389,767
|
|
|
168,228
|
|
|
24,866
|
|
|||
Total
|
$
|
91,792
|
|
|
$
|
17,145
|
|
|
$
|
27,305
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current (expense) benefit:
|
|
|
|
|
|
||||||
Federal
|
$
|
17,222
|
|
|
$
|
(28,168
|
)
|
|
$
|
(23,835
|
)
|
State
|
209
|
|
|
(229
|
)
|
|
(476
|
)
|
|||
Foreign
|
(46,267
|
)
|
|
(61,284
|
)
|
|
(47,579
|
)
|
|||
|
(28,836
|
)
|
|
(89,681
|
)
|
|
(71,890
|
)
|
|||
Deferred benefit (expense):
|
|
|
|
|
|
||||||
Federal
|
$
|
55,833
|
|
|
$
|
11,817
|
|
|
$
|
2,762
|
|
State
|
946
|
|
|
253
|
|
|
3,659
|
|
|||
Foreign
|
13,390
|
|
|
20,178
|
|
|
21,606
|
|
|||
|
70,169
|
|
|
32,248
|
|
|
28,027
|
|
|||
Total
|
$
|
41,333
|
|
|
$
|
(57,433
|
)
|
|
$
|
(43,863
|
)
|
|
Fiscal Year
|
||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Amount
|
Percentage
|
|
Amount
|
Percentage
|
|
Amount
|
Percentage
|
|||||||||
Income tax (expense) benefit at statutory federal rate
|
$
|
(19,276
|
)
|
21.0
|
%
|
|
$
|
(5,407
|
)
|
31.5
|
%
|
|
$
|
(9,557
|
)
|
35.0
|
%
|
(Increase) decrease resulting from:
|
|
|
|
|
|
|
|
|
|||||||||
State benefit (provision), net of federal (provision) benefit
|
710
|
|
(0.8
|
)
|
|
474
|
|
(2.8
|
)
|
|
(662
|
)
|
2.4
|
|
|||
Tax credits
|
69,856
|
|
(76.1
|
)
|
|
38,054
|
|
(221.9
|
)
|
|
15,352
|
|
(56.2
|
)
|
|||
Effect of changes in income tax rate applied to net deferred tax assets
|
12,972
|
|
(14.1
|
)
|
|
39,168
|
|
(228.4
|
)
|
|
1,163
|
|
(4.3
|
)
|
|||
Foreign tax rate difference
|
41,672
|
|
(45.4
|
)
|
|
21,829
|
|
(127.3
|
)
|
|
(11,298
|
)
|
41.4
|
|
|||
Foreign permanent differences and related items
|
6,825
|
|
(7.4
|
)
|
|
(2,598
|
)
|
15.2
|
|
|
(8,432
|
)
|
30.9
|
|
|||
Change in valuation allowance
|
2,353
|
|
(2.6
|
)
|
|
(1,632
|
)
|
9.5
|
|
|
1,363
|
|
(5.0
|
)
|
|||
Stock-based compensation
|
(7,694
|
)
|
8.4
|
|
|
9,924
|
|
(57.9
|
)
|
|
(3,228
|
)
|
11.8
|
|
|||
Tax reserve adjustments
|
5,213
|
|
(5.7
|
)
|
|
(29,188
|
)
|
170.2
|
|
|
(21,789
|
)
|
79.8
|
|
|||
Actual and deemed dividend
|
(76,215
|
)
|
83.0
|
|
|
(5,098
|
)
|
29.7
|
|
|
(6,989
|
)
|
25.6
|
|
|||
U.S. Tax Toll Charge
|
1,897
|
|
(2.1
|
)
|
|
(116,419
|
)
|
679.0
|
|
|
—
|
|
—
|
|
|||
Intra-entity transfer
|
3,935
|
|
(4.3
|
)
|
|
(6,873
|
)
|
40.1
|
|
|
—
|
|
—
|
|
|||
Other income tax (expense) benefit
|
(915
|
)
|
1.1
|
|
|
333
|
|
(1.9
|
)
|
|
214
|
|
(0.8
|
)
|
|||
|
$
|
41,333
|
|
(45.0
|
)%
|
|
$
|
(57,433
|
)
|
335.0
|
%
|
|
$
|
(43,863
|
)
|
160.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
|
||||||
|
2019
|
|
2018
|
||||
Deferred income tax assets:
|
|
|
|
||||
Inventory reserve
|
$
|
8,588
|
|
|
$
|
9,894
|
|
Equity compensation
|
27,380
|
|
|
37,724
|
|
||
Net operating loss carry-forwards
|
13,744
|
|
|
50,128
|
|
||
Research and other credits
|
95,640
|
|
|
39,513
|
|
||
Employee benefits
|
13,070
|
|
|
12,842
|
|
||
Other deferred assets
|
19,457
|
|
|
16,620
|
|
||
Total deferred income tax assets
|
177,879
|
|
|
166,721
|
|
||
Valuation allowance
|
(40,433
|
)
|
|
(42,787
|
)
|
||
Total deferred income tax assets, net of valuation allowance
|
$
|
137,446
|
|
|
$
|
123,934
|
|
|
|
|
|
||||
Deferred income tax liabilities:
|
|
|
|
||||
Amortization and purchase accounting basis difference
|
$
|
(45,665
|
)
|
|
$
|
(101,261
|
)
|
Accumulated depreciation/basis difference
|
(62,097
|
)
|
|
(63,363
|
)
|
||
Total deferred income tax liabilities
|
(107,762
|
)
|
|
(164,624
|
)
|
||
Net deferred income tax asset (liabilities)
|
$
|
29,684
|
|
|
$
|
(40,690
|
)
|
|
|
|
|
||||
Amounts included in the Consolidated Balance Sheets:
|
|
|
|
||||
Non-current assets
|
30,017
|
|
|
22,394
|
|
||
Non-current liabilities
|
(333
|
)
|
|
(63,084
|
)
|
||
|
|
|
|
||||
Net deferred income tax asset (liabilities)
|
$
|
29,684
|
|
|
$
|
(40,690
|
)
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
122,823
|
|
|
$
|
90,615
|
|
|
$
|
69,052
|
|
Additions based on positions related to current year
|
7,193
|
|
|
26,431
|
|
|
20,036
|
|
|||
Additions for tax positions in prior years
|
8,369
|
|
|
5,844
|
|
|
1,878
|
|
|||
Reductions for tax positions in prior years
|
(24,932
|
)
|
|
(67
|
)
|
|
(29
|
)
|
|||
Expiration of statute of limitations
|
(6,972
|
)
|
|
—
|
|
|
(322
|
)
|
|||
Settlements
|
(3,303
|
)
|
|
—
|
|
|
—
|
|
|||
Ending balance
|
$
|
103,178
|
|
|
$
|
122,823
|
|
|
$
|
90,615
|
|
|
For Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders
|
$
|
133,125
|
|
|
$
|
(40,288
|
)
|
|
$
|
(16,558
|
)
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic net income (loss) per share — weighted average shares
|
124,534
|
|
|
126,946
|
|
|
127,121
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock-based awards
|
2,822
|
|
|
—
|
|
|
—
|
|
|||
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions
|
127,356
|
|
|
126,946
|
|
|
127,121
|
|
|||
Basic net income (loss) per share
|
$
|
1.07
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
Diluted net income (loss) per share
|
$
|
1.05
|
|
|
$
|
(0.32
|
)
|
|
$
|
(0.13
|
)
|
|
Shares
(in thousands) |
|
Weighted-
Average Exercise Price |
|
Weighted-Average Remaining Contractual Term (in years)
|
|
Aggregate
Intrinsic Value (in thousands) |
|||||
Outstanding as of March 31, 2018
|
2,623
|
|
$
|
20.06
|
|
|
|
|
|
|||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(727)
|
|
$
|
19.25
|
|
|
|
|
|
|||
Canceled
|
(8)
|
|
$
|
16.82
|
|
|
|
|
|
|||
Forfeited
|
(2)
|
|
$
|
56.91
|
|
|
|
|
|
|||
Outstanding as of March 30, 2019
|
1,886
|
|
$
|
20.36
|
|
|
2.98
|
|
$
|
96,925
|
|
|
Vested and expected to vest as of March 30, 2019
|
1,886
|
|
$
|
20.36
|
|
|
2.98
|
|
$
|
96,925
|
|
|
Options exercisable as of March 30, 2019
|
1,886
|
|
$
|
20.34
|
|
|
2.98
|
|
$
|
96,925
|
|
|
Shares
(in thousands) |
|
Weighted-Average
Grant-Date Fair Value |
|||
Balance at March 31, 2018
|
2,187
|
|
|
$
|
59.46
|
|
Granted
|
869
|
|
|
81.83
|
|
|
Vested
|
(944)
|
|
|
58.08
|
|
|
Forfeited
|
(118)
|
|
|
64.01
|
|
|
Balance at March 30, 2019
|
1,994
|
|
|
$
|
69.03
|
|
Outstanding stock options under formal directors’ and employees’ stock option plans
|
1,886
|
Possible future issuance under Company stock incentive plans
|
5,597
|
Employee stock purchase plan
|
4,126
|
Restricted stock-based units outstanding
|
1,994
|
Total shares reserved
|
13,603
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue:
|
|
|
|
|
|
||||||
MP
|
$
|
2,197,660
|
|
|
$
|
2,181,161
|
|
|
$
|
2,384,041
|
|
IDP
|
892,665
|
|
|
788,495
|
|
|
644,653
|
|
|||
All other
(1)
|
—
|
|
|
3,880
|
|
|
3,880
|
|
|||
Total revenue
|
$
|
3,090,325
|
|
|
$
|
2,973,536
|
|
|
$
|
3,032,574
|
|
Operating income (loss):
|
|
|
|
|
|
||||||
MP
|
$
|
558,990
|
|
|
$
|
549,574
|
|
|
$
|
554,001
|
|
IDP
|
267,304
|
|
|
235,719
|
|
|
152,539
|
|
|||
All other
|
(609,828
|
)
|
|
(715,011
|
)
|
|
(618,481
|
)
|
|||
Operating income
|
$
|
216,466
|
|
|
$
|
70,282
|
|
|
$
|
88,059
|
|
Interest expense
|
$
|
(43,963
|
)
|
|
$
|
(59,548
|
)
|
|
$
|
(58,879
|
)
|
Interest income
|
10,971
|
|
|
7,017
|
|
|
1,212
|
|
|||
Other expense
(Note 8)
|
(91,682
|
)
|
|
(606
|
)
|
|
(3,087
|
)
|
|||
Income before income taxes
|
$
|
91,792
|
|
|
$
|
17,145
|
|
|
$
|
27,305
|
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Reconciliation of “All other” category:
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
$
|
(71,580
|
)
|
|
$
|
(68,158
|
)
|
|
$
|
(88,845
|
)
|
Amortization of intangible assets
|
(453,515
|
)
|
|
(539,362
|
)
|
|
(494,387
|
)
|
|||
Acquisition and integration related costs
|
(8,522
|
)
|
|
(10,561
|
)
|
|
(25,391
|
)
|
|||
Restructuring costs
(Note 11)
|
(13,467
|
)
|
|
(21,406
|
)
|
|
(1,696
|
)
|
|||
Start-up costs
|
(18,035
|
)
|
|
(24,271
|
)
|
|
(9,694
|
)
|
|||
Asset impairment and accelerated depreciation
(Note 11)
|
(37,246
|
)
|
|
(38,000
|
)
|
|
—
|
|
|||
Other (including (loss) gain on assets and other miscellaneous corporate overhead)
|
(7,463
|
)
|
|
(13,253
|
)
|
|
1,532
|
|
|||
Loss from operations for “All other”
|
$
|
(609,828
|
)
|
|
$
|
(715,011
|
)
|
|
$
|
(618,481
|
)
|
|
Fiscal Year
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue:
|
|
|
|
|
|
||||||
China
|
$
|
1,747,955
|
|
|
$
|
1,539,730
|
|
|
1,866,028
|
|
|
Taiwan
|
547,035
|
|
|
564,751
|
|
|
398,390
|
|
|||
United States
|
480,352
|
|
|
524,472
|
|
|
467,031
|
|
|||
Other Asia
|
151,293
|
|
|
224,781
|
|
|
176,677
|
|
|||
Europe
|
144,009
|
|
|
98,521
|
|
|
88,638
|
|
|||
Other
|
19,681
|
|
|
21,281
|
|
|
35,810
|
|
|||
Total Revenue
|
$
|
3,090,325
|
|
|
$
|
2,973,536
|
|
|
$
|
3,032,574
|
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Long-lived tangible assets:
|
|
|
|
||||
United States
|
$
|
1,106,705
|
|
|
$
|
1,089,157
|
|
China
|
216,342
|
|
|
217,205
|
|
||
Other countries
|
43,466
|
|
|
67,750
|
|
(i)
|
Parent Company, the issuer of the guaranteed obligations;
|
(ii)
|
Guarantor subsidiaries, on a combined basis, as specified in the Indentures;
|
(iii)
|
Non-guarantor subsidiaries, on a combined basis;
|
(iv)
|
Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries, (b) eliminate intercompany profit in inventory, (c) eliminate the investments in the Company’s subsidiaries and (d) record consolidating entries; and
|
(v)
|
The Company, on a consolidated basis.
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
March 30, 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
231,865
|
|
|
$
|
479,170
|
|
|
$
|
—
|
|
|
$
|
711,035
|
|
Accounts receivable, less allowance
|
—
|
|
|
47,181
|
|
|
330,991
|
|
|
—
|
|
|
378,172
|
|
|||||
Intercompany accounts and note receivable
|
—
|
|
|
381,558
|
|
|
62,640
|
|
|
(444,198
|
)
|
|
—
|
|
|||||
Inventories
|
—
|
|
|
173,885
|
|
|
359,252
|
|
|
(21,344
|
)
|
|
511,793
|
|
|||||
Prepaid expenses
|
—
|
|
|
24,087
|
|
|
1,679
|
|
|
—
|
|
|
25,766
|
|
|||||
Other receivables
|
—
|
|
|
5,121
|
|
|
16,813
|
|
|
—
|
|
|
21,934
|
|
|||||
Other current assets
|
—
|
|
|
33,956
|
|
|
2,354
|
|
|
(169
|
)
|
|
36,141
|
|
|||||
Total current assets
|
—
|
|
|
897,653
|
|
|
1,252,899
|
|
|
(465,711
|
)
|
|
1,684,841
|
|
|||||
Property and equipment, net
|
—
|
|
|
1,090,171
|
|
|
268,040
|
|
|
8,302
|
|
|
1,366,513
|
|
|||||
Goodwill
|
—
|
|
|
1,122,629
|
|
|
1,051,260
|
|
|
—
|
|
|
2,173,889
|
|
|||||
Intangible assets, net
|
—
|
|
|
214,348
|
|
|
193,862
|
|
|
—
|
|
|
408,210
|
|
|||||
Long-term investments
|
—
|
|
|
4,969
|
|
|
92,817
|
|
|
—
|
|
|
97,786
|
|
|||||
Long-term intercompany accounts and notes receivable
|
—
|
|
|
1,239,474
|
|
|
93,923
|
|
|
(1,333,397
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
6,540,081
|
|
|
2,321,170
|
|
|
—
|
|
|
(8,861,251
|
)
|
|
—
|
|
|||||
Other non-current assets
|
17,245
|
|
|
46,784
|
|
|
28,234
|
|
|
(15,478
|
)
|
|
76,785
|
|
|||||
Total assets
|
$
|
6,557,326
|
|
|
$
|
6,937,198
|
|
|
$
|
2,981,035
|
|
|
$
|
(10,667,535
|
)
|
|
$
|
5,808,024
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
95,089
|
|
|
$
|
138,218
|
|
|
$
|
—
|
|
|
$
|
233,307
|
|
Intercompany accounts and notes payable
|
—
|
|
|
62,640
|
|
|
381,558
|
|
|
(444,198
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
11,174
|
|
|
96,238
|
|
|
51,781
|
|
|
1,323
|
|
|
160,516
|
|
|||||
Other current liabilities
|
—
|
|
|
—
|
|
|
41,960
|
|
|
(169
|
)
|
|
41,791
|
|
|||||
Total current liabilities
|
11,174
|
|
|
253,967
|
|
|
613,517
|
|
|
(443,044
|
)
|
|
435,614
|
|
|||||
Long-term debt
|
919,270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
919,270
|
|
|||||
Deferred tax liabilities
|
—
|
|
|
30,361
|
|
|
333
|
|
|
(30,361
|
)
|
|
333
|
|
|||||
Long-term intercompany accounts and notes payable
|
1,267,203
|
|
|
66,195
|
|
|
—
|
|
|
(1,333,398
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
46,594
|
|
|
46,534
|
|
|
—
|
|
|
93,128
|
|
|||||
Total liabilities
|
2,197,647
|
|
|
397,117
|
|
|
660,384
|
|
|
(1,806,803
|
)
|
|
1,448,345
|
|
|||||
Total stockholders’ equity
|
4,359,679
|
|
|
6,540,081
|
|
|
2,320,651
|
|
|
(8,860,732
|
)
|
|
4,359,679
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
6,557,326
|
|
|
$
|
6,937,198
|
|
|
$
|
2,981,035
|
|
|
$
|
(10,667,535
|
)
|
|
$
|
5,808,024
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
March 31, 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
629,314
|
|
|
$
|
296,723
|
|
|
$
|
—
|
|
|
$
|
926,037
|
|
Accounts receivable, less allowance
|
—
|
|
|
76,863
|
|
|
269,094
|
|
|
—
|
|
|
345,957
|
|
|||||
Intercompany accounts and notes receivable
|
—
|
|
|
272,409
|
|
|
53,363
|
|
|
(325,772
|
)
|
|
—
|
|
|||||
Inventories
|
—
|
|
|
154,651
|
|
|
339,434
|
|
|
(21,793
|
)
|
|
472,292
|
|
|||||
Prepaid expenses
|
—
|
|
|
17,530
|
|
|
6,379
|
|
|
—
|
|
|
23,909
|
|
|||||
Other receivables
|
—
|
|
|
5,959
|
|
|
38,836
|
|
|
—
|
|
|
44,795
|
|
|||||
Other current assets
|
—
|
|
|
29,627
|
|
|
1,188
|
|
|
—
|
|
|
30,815
|
|
|||||
Total current assets
|
—
|
|
|
1,186,353
|
|
|
1,005,017
|
|
|
(347,565
|
)
|
|
1,843,805
|
|
|||||
Property and equipment, net
|
—
|
|
|
1,085,255
|
|
|
289,146
|
|
|
(289
|
)
|
|
1,374,112
|
|
|||||
Goodwill
|
—
|
|
|
1,121,941
|
|
|
1,051,948
|
|
|
—
|
|
|
2,173,889
|
|
|||||
Intangible assets, net
|
—
|
|
|
395,317
|
|
|
465,019
|
|
|
—
|
|
|
860,336
|
|
|||||
Long-term investments
|
—
|
|
|
1,847
|
|
|
61,918
|
|
|
—
|
|
|
63,765
|
|
|||||
Long-term intercompany accounts and notes receivable
|
—
|
|
|
543,127
|
|
|
116,494
|
|
|
(659,621
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
6,198,885
|
|
|
2,388,222
|
|
|
—
|
|
|
(8,587,107
|
)
|
|
—
|
|
|||||
Other non-current assets
|
72,122
|
|
|
31,011
|
|
|
32,516
|
|
|
(70,037
|
)
|
|
65,612
|
|
|||||
Total assets
|
$
|
6,271,007
|
|
|
$
|
6,753,073
|
|
|
$
|
3,022,058
|
|
|
$
|
(9,664,619
|
)
|
|
$
|
6,381,519
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
78,278
|
|
|
$
|
134,915
|
|
|
$
|
—
|
|
|
$
|
213,193
|
|
Intercompany accounts and notes payable
|
—
|
|
|
53,363
|
|
|
272,409
|
|
|
(325,772
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
23,102
|
|
|
101,286
|
|
|
43,163
|
|
|
(369
|
)
|
|
167,182
|
|
|||||
Other current liabilities
|
—
|
|
|
3,882
|
|
|
57,022
|
|
|
—
|
|
|
60,904
|
|
|||||
Total current liabilities
|
23,102
|
|
|
236,809
|
|
|
507,509
|
|
|
(326,141
|
)
|
|
441,279
|
|
|||||
Long-term debt
|
983,290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
983,290
|
|
|||||
Deferred tax liabilities
|
—
|
|
|
83,449
|
|
|
16,366
|
|
|
(36,731
|
)
|
|
63,084
|
|
|||||
Long-term intercompany accounts and notes payable
|
489,051
|
|
|
116,494
|
|
|
54,076
|
|
|
(659,621
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
62,417
|
|
|
55,885
|
|
|
—
|
|
|
118,302
|
|
|||||
Total liabilities
|
1,495,443
|
|
|
499,169
|
|
|
633,836
|
|
|
(1,022,493
|
)
|
|
1,605,955
|
|
|||||
Total stockholders’ equity
|
4,775,564
|
|
|
6,253,904
|
|
|
2,388,222
|
|
|
(8,642,126
|
)
|
|
4,775,564
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
6,271,007
|
|
|
$
|
6,753,073
|
|
|
$
|
3,022,058
|
|
|
$
|
(9,664,619
|
)
|
|
$
|
6,381,519
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income
|
||||||||||||||||||
|
Fiscal Year 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
997,043
|
|
|
$
|
2,835,977
|
|
|
$
|
(742,695
|
)
|
|
3,090,325
|
|
|
Cost of goods sold
|
—
|
|
|
911,837
|
|
|
1,642,313
|
|
|
(659,008
|
)
|
|
1,895,142
|
|
|||||
Gross profit
|
—
|
|
|
85,206
|
|
|
1,193,664
|
|
|
(83,687
|
)
|
|
1,195,183
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
28,717
|
|
|
13,914
|
|
|
414,571
|
|
|
(6,720
|
)
|
|
450,482
|
|
|||||
Selling, general and administrative
|
42,377
|
|
|
206,604
|
|
|
305,060
|
|
|
(77,967
|
)
|
|
476,074
|
|
|||||
Other operating expense
|
486
|
|
|
39,729
|
|
|
11,470
|
|
|
476
|
|
|
52,161
|
|
|||||
Total operating expenses
|
71,580
|
|
|
260,247
|
|
|
731,101
|
|
|
(84,211
|
)
|
|
978,717
|
|
|||||
Operating income (loss)
|
(71,580
|
)
|
|
(175,041
|
)
|
|
462,563
|
|
|
524
|
|
|
216,466
|
|
|||||
Interest expense
|
(42,482
|
)
|
|
(2,106
|
)
|
|
(971
|
)
|
|
1,596
|
|
|
(43,963
|
)
|
|||||
Interest income
|
—
|
|
|
3,717
|
|
|
8,851
|
|
|
(1,597
|
)
|
|
10,971
|
|
|||||
Other (expense) income
|
(90,201
|
)
|
|
455
|
|
|
(1,936
|
)
|
|
—
|
|
|
(91,682
|
)
|
|||||
Income (loss) before income taxes
|
(204,263
|
)
|
|
(172,975
|
)
|
|
468,507
|
|
|
523
|
|
|
91,792
|
|
|||||
Income tax benefit (expense)
|
49,642
|
|
|
24,568
|
|
|
(32,877
|
)
|
|
—
|
|
|
41,333
|
|
|||||
Income in subsidiaries
|
287,746
|
|
|
435,630
|
|
|
—
|
|
|
(723,376
|
)
|
|
—
|
|
|||||
Net income
|
$
|
133,125
|
|
|
$
|
287,223
|
|
|
$
|
435,630
|
|
|
$
|
(722,853
|
)
|
|
$
|
133,125
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
129,253
|
|
|
$
|
286,662
|
|
|
$
|
432,023
|
|
|
$
|
(718,685
|
)
|
|
$
|
129,253
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
|
||||||||||||||||||
|
Fiscal Year 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
1,137,783
|
|
|
$
|
2,689,676
|
|
|
$
|
(853,923
|
)
|
|
2,973,536
|
|
|
Cost of goods sold
|
—
|
|
|
828,496
|
|
|
1,723,829
|
|
|
(725,755
|
)
|
|
1,826,570
|
|
|||||
Gross profit
|
—
|
|
|
309,287
|
|
|
965,847
|
|
|
(128,168
|
)
|
|
1,146,966
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
27,688
|
|
|
54,663
|
|
|
382,109
|
|
|
(19,357
|
)
|
|
445,103
|
|
|||||
Selling, general and administrative
|
39,882
|
|
|
248,601
|
|
|
349,739
|
|
|
(110,471
|
)
|
|
527,751
|
|
|||||
Other operating expense
|
588
|
|
|
89,454
|
|
|
13,463
|
|
|
325
|
|
|
103,830
|
|
|||||
Total operating expenses
|
68,158
|
|
|
392,718
|
|
|
745,311
|
|
|
(129,503
|
)
|
|
1,076,684
|
|
|||||
Operating income (loss)
|
(68,158
|
)
|
|
(83,431
|
)
|
|
220,536
|
|
|
1,335
|
|
|
70,282
|
|
|||||
Interest expense
|
(58,133
|
)
|
|
(2,340
|
)
|
|
(1,505
|
)
|
|
2,430
|
|
|
(59,548
|
)
|
|||||
Interest income
|
—
|
|
|
2,696
|
|
|
6,751
|
|
|
(2,430
|
)
|
|
7,017
|
|
|||||
Other (expense) income
|
(929
|
)
|
|
973
|
|
|
(642
|
)
|
|
(8
|
)
|
|
(606
|
)
|
|||||
Income (loss) before income taxes
|
(127,220
|
)
|
|
(82,102
|
)
|
|
225,140
|
|
|
1,327
|
|
|
17,145
|
|
|||||
Income tax expense
|
(26
|
)
|
|
(15,586
|
)
|
|
(41,821
|
)
|
|
—
|
|
|
(57,433
|
)
|
|||||
Income in subsidiaries
|
86,958
|
|
|
183,319
|
|
|
—
|
|
|
(270,277
|
)
|
|
—
|
|
|||||
Net (loss) income
|
$
|
(40,288
|
)
|
|
$
|
85,631
|
|
|
$
|
183,319
|
|
|
$
|
(268,950
|
)
|
|
$
|
(40,288
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive (loss) income
|
$
|
(38,734
|
)
|
|
$
|
87,654
|
|
|
$
|
186,172
|
|
|
$
|
(273,826
|
)
|
|
$
|
(38,734
|
)
|
|
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
|
||||||||||||||||||
|
Fiscal Year 2017
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
1,316,576
|
|
|
$
|
2,918,865
|
|
|
$
|
(1,202,867
|
)
|
|
3,032,574
|
|
|
Cost of goods sold
|
—
|
|
|
979,190
|
|
|
2,023,715
|
|
|
(1,105,843
|
)
|
|
1,897,062
|
|
|||||
Gross profit
|
—
|
|
|
337,386
|
|
|
895,150
|
|
|
(97,024
|
)
|
|
1,135,512
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
35,379
|
|
|
40,918
|
|
|
416,869
|
|
|
(22,330
|
)
|
|
470,836
|
|
|||||
Selling, general and administrative
|
53,465
|
|
|
253,531
|
|
|
370,812
|
|
|
(132,220
|
)
|
|
545,588
|
|
|||||
Other operating expense
|
—
|
|
|
16,065
|
|
|
8,409
|
|
|
6,555
|
|
|
31,029
|
|
|||||
Total operating expenses
|
88,844
|
|
|
310,514
|
|
|
796,090
|
|
|
(147,995
|
)
|
|
1,047,453
|
|
|||||
Operating income (loss)
|
(88,844
|
)
|
|
26,872
|
|
|
99,060
|
|
|
50,971
|
|
|
88,059
|
|
|||||
Interest expense
|
(57,344
|
)
|
|
(2,619
|
)
|
|
(3,129
|
)
|
|
4,213
|
|
|
(58,879
|
)
|
|||||
Interest income
|
—
|
|
|
4,457
|
|
|
759
|
|
|
(4,004
|
)
|
|
1,212
|
|
|||||
Other (expense) income
|
—
|
|
|
426
|
|
|
(1,999
|
)
|
|
(1,514
|
)
|
|
(3,087
|
)
|
|||||
Income (loss) before income taxes
|
(146,188
|
)
|
|
29,136
|
|
|
94,691
|
|
|
49,666
|
|
|
27,305
|
|
|||||
Income tax (expense) benefit
|
46,003
|
|
|
(63,893
|
)
|
|
(25,973
|
)
|
|
—
|
|
|
(43,863
|
)
|
|||||
Income in subsidiaries
|
83,627
|
|
|
68,718
|
|
|
—
|
|
|
(152,345
|
)
|
|
—
|
|
|||||
Net (loss) income
|
$
|
(16,558
|
)
|
|
$
|
33,961
|
|
|
$
|
68,718
|
|
|
$
|
(102,679
|
)
|
|
$
|
(16,558
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive (loss) income
|
$
|
(17,731
|
)
|
|
$
|
34,014
|
|
|
$
|
67,492
|
|
|
$
|
(101,506
|
)
|
|
$
|
(17,731
|
)
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Fiscal Year 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
776,598
|
|
|
$
|
(675,191
|
)
|
|
$
|
708,957
|
|
|
$
|
—
|
|
|
$
|
810,364
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment
|
—
|
|
|
(183,482
|
)
|
|
(37,455
|
)
|
|
—
|
|
|
(220,937
|
)
|
|||||
Purchase of available-for-sale securities
|
—
|
|
|
(132,732
|
)
|
|
—
|
|
|
—
|
|
|
(132,732
|
)
|
|||||
Proceeds from sales and maturities of available-for-sale debt securities
|
—
|
|
|
133,132
|
|
|
—
|
|
|
—
|
|
|
133,132
|
|
|||||
Other investing
|
—
|
|
|
(3,581
|
)
|
|
(23,436
|
)
|
|
—
|
|
|
(27,017
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
505,050
|
|
|
—
|
|
|
(505,050
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
—
|
|
|
318,387
|
|
|
(60,891
|
)
|
|
(505,050
|
)
|
|
(247,554
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase of debt
|
(1,050,680
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,050,680
|
)
|
|||||
Proceeds from debt issuances
|
905,350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
905,350
|
|
|||||
Repurchase of common stock, including transaction costs
|
(638,074
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(638,074
|
)
|
|||||
Proceeds from the issuance of common stock
|
41,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,289
|
|
|||||
Tax withholding paid on behalf of employees for restricted stock units
|
(24,835
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,835
|
)
|
|||||
Other financing activities
|
(9,648
|
)
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
(9,714
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
(40,645
|
)
|
|
(464,405
|
)
|
|
505,050
|
|
|
—
|
|
|||||
Net cash used in financing activities
|
(776,598
|
)
|
|
(40,645
|
)
|
|
(464,471
|
)
|
|
505,050
|
|
|
(776,664
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(1,166
|
)
|
|
—
|
|
|
(1,166
|
)
|
|||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
—
|
|
|
(397,449
|
)
|
|
182,429
|
|
|
—
|
|
|
(215,020
|
)
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
—
|
|
|
629,314
|
|
|
297,088
|
|
|
—
|
|
|
926,402
|
|
|||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
—
|
|
|
$
|
231,865
|
|
|
$
|
479,517
|
|
|
$
|
—
|
|
|
$
|
711,382
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Fiscal Year 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
196,848
|
|
|
$
|
165,883
|
|
|
$
|
489,789
|
|
|
$
|
—
|
|
|
$
|
852,520
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment
|
—
|
|
|
(226,860
|
)
|
|
(42,975
|
)
|
|
—
|
|
|
(269,835
|
)
|
|||||
Other investing
|
—
|
|
|
22,800
|
|
|
(30,374
|
)
|
|
—
|
|
|
(7,574
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
439,925
|
|
|
(24,100
|
)
|
|
(415,825
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
—
|
|
|
235,865
|
|
|
(97,449
|
)
|
|
(415,825
|
)
|
|
(277,409
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Payment of debt
|
(107,729
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107,729
|
)
|
|||||
Proceeds from debt issuances
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
|||||
Repurchase of common stock, including transaction costs
|
(219,907
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(219,907
|
)
|
|||||
Proceeds from the issuance of common stock
|
57,412
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,412
|
|
|||||
Tax withholding paid on behalf of employees for restricted stock units
|
(24,708
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,708
|
)
|
|||||
Other financing
|
(1,916
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,916
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
1,380
|
|
|
(417,205
|
)
|
|
415,825
|
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
(196,848
|
)
|
|
1,380
|
|
|
(417,205
|
)
|
|
415,825
|
|
|
(196,848
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
2,360
|
|
|
—
|
|
|
2,360
|
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
—
|
|
|
403,128
|
|
|
(22,505
|
)
|
|
—
|
|
|
380,623
|
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
—
|
|
|
226,186
|
|
|
319,593
|
|
|
—
|
|
|
545,779
|
|
|||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
—
|
|
|
$
|
629,314
|
|
|
$
|
297,088
|
|
|
$
|
—
|
|
|
$
|
926,402
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Fiscal Year 2017
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
165,660
|
|
|
$
|
175,988
|
|
|
$
|
435,172
|
|
|
$
|
—
|
|
|
$
|
776,820
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment
|
—
|
|
|
(424,175
|
)
|
|
(128,527
|
)
|
|
—
|
|
|
(552,702
|
)
|
|||||
Purchase of available-for-sale securities
|
—
|
|
|
(469
|
)
|
|
—
|
|
|
—
|
|
|
(469
|
)
|
|||||
Proceeds from maturities of available-for-sale securities
|
—
|
|
|
186,793
|
|
|
—
|
|
|
—
|
|
|
186,793
|
|
|||||
Purchase of business, net of cash acquired
|
—
|
|
|
—
|
|
|
(117,994
|
)
|
|
—
|
|
|
(117,994
|
)
|
|||||
Other investing
|
—
|
|
|
3,924
|
|
|
(9,900
|
)
|
|
—
|
|
|
(5,976
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
61,891
|
|
|
—
|
|
|
(61,891
|
)
|
|
—
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(172,036
|
)
|
|
(256,421
|
)
|
|
(61,891
|
)
|
|
(490,348
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase of common stock, including transaction costs
|
(209,357
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(209,357
|
)
|
|||||
Proceeds from the issuance of common stock
|
59,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,148
|
|
|||||
Tax withholding paid on behalf of employees for restricted stock units
|
(15,516
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,516
|
)
|
|||||
Other financing
|
65
|
|
|
14
|
|
|
(4
|
)
|
|
—
|
|
|
75
|
|
|||||
Net transactions with related parties
|
—
|
|
|
1,587
|
|
|
(63,478
|
)
|
|
61,891
|
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
(165,660
|
)
|
|
1,601
|
|
|
(63,482
|
)
|
|
61,891
|
|
|
(165,650
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(1,105
|
)
|
|
—
|
|
|
(1,105
|
)
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
—
|
|
|
5,553
|
|
|
114,164
|
|
|
—
|
|
|
119,717
|
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
—
|
|
|
220,633
|
|
|
205,429
|
|
|
—
|
|
|
426,062
|
|
|||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
—
|
|
|
$
|
226,186
|
|
|
$
|
319,593
|
|
|
$
|
—
|
|
|
$
|
545,779
|
|
Fiscal 2019 Quarter
|
|
|
|
|
|
|
|
|
||||||||
(in thousands, except
|
|
|
|
|
|
|
|
|
||||||||
per share data)
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Revenue
|
$
|
692,670
|
|
|
$
|
884,443
|
|
|
$
|
832,330
|
|
|
$
|
680,882
|
|
|
Gross profit
|
236,733
|
|
|
353,514
|
|
|
338,363
|
|
(1)
|
266,573
|
|
(1)
|
||||
Net (loss) income
|
(29,993
|
)
|
(1),(2),(3),(4)
|
32,084
|
|
(1),(2),(3)
|
69,517
|
|
(1),(2),(3)
|
61,517
|
|
(1),(3),(5)
|
||||
Net (loss) income per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.24
|
)
|
|
$
|
0.26
|
|
|
$
|
0.56
|
|
|
$
|
0.51
|
|
|
Diluted
|
$
|
(0.24
|
)
|
|
$
|
0.25
|
|
|
$
|
0.55
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fiscal 2018 Quarter
|
|
|
|
|
|
|
|
|
||||||||
(in thousands, except
|
|
|
|
|
|
|
|
|
||||||||
per share data)
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
||||||||
Revenue
|
$
|
640,831
|
|
|
$
|
821,583
|
|
|
$
|
845,739
|
|
|
$
|
665,383
|
|
|
Gross profit
|
236,377
|
|
|
321,022
|
|
|
336,927
|
|
|
252,640
|
|
|
||||
Net (loss) income
|
(30,624
|
)
|
(1),(2),(6)
|
35,919
|
|
(1),(2),(6)
|
(33,082
|
)
|
(1),(2),(6),(7)
|
(12,501
|
)
|
(1),(2),(3),(6),(8)
|
||||
Net (loss) income per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.24
|
)
|
|
$
|
0.28
|
|
|
$
|
(0.26
|
)
|
|
$
|
(0.10
|
)
|
|
Diluted
|
$
|
(0.24
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.26
|
)
|
|
$
|
(0.10
|
)
|
|
ii.
|
Consolidated Statements of Operations for fiscal years
2019
,
2018
and
2017
.
|
iii.
|
Consolidated Statements of Comprehensive Income (Loss) for fiscal years
2019
,
2018
and
2017
.
|
iv.
|
Consolidated Statements of Stockholders' Equity for fiscal years
2019
,
2018
and
2017
.
|
v.
|
Consolidated Statements of Cash Flows for fiscal years
2019
,
2018
and
2017
.
|
vi.
|
Notes to Consolidated Financial Statements.
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7
|
|
10.8
|
|
10.9
|
|
10.10
|
|
10.11
|
|
10.12
|
|
10.13
|
|
10.14
|
|
10.15
|
|
10.16
|
|
10.17
|
|
10.18
|
|
10.19
|
10.20
|
|
10.21
|
|
10.22
|
|
10.23
|
|
10.24
|
|
10.25
|
|
10.26
|
|
10.27
|
|
10.28
|
|
10.29
|
|
10.30
|
|
10.31
|
|
10.32
|
|
10.33
|
|
10.34
|
|
10.35
|
|
10.36
|
21
|
|
23.1
|
|
23.2
|
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
101
|
The following materials from our Annual Report on Form 10-K for the fiscal year ended March 30, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets as of March 30, 2019 and March 31, 2018, (ii) the Consolidated Statements of Operations for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017, (iii) the Consolidated Statements of Stockholders' Equity for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017, (iv) the Consolidated Statements of Cash Flows for the fiscal years ended March 30, 2019, March 31, 2018, and April 1, 2017, and (v) the Notes to the Consolidated Financial Statements.
|
+
|
Confidential treatment has been granted with respect to certain portions of this Exhibit, which portions have been omitted and filed separately with the SEC as part of an application for confidential treatment.
|
*
|
Executive compensation plan or agreement
|
|
|
|
Qorvo, Inc.
|
|
|
|
|
Date:
|
May 17, 2019
|
|
/s/ Robert A. Bruggeworth
|
|
|
|
By: Robert A. Bruggeworth
|
|
|
|
President and Chief Executive Officer
|
/s/ Robert A. Bruggeworth
|
|
Name:
|
Robert A. Bruggeworth
|
|
|
Title:
|
President, Chief Executive Officer and Director
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
/s/ Mark J. Murphy
|
|
Name:
|
Mark J. Murphy
|
|
|
Title:
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
/s/ Gina B. Harrison
|
|
Name:
|
Gina B. Harrison
|
|
|
Title:
|
Vice President and Corporate Controller
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
/s/ Ralph G. Quinsey
|
|
Name:
|
Ralph G. Quinsey
|
|
|
Title:
|
Chairman of the Board of Directors
|
|
|
|
|
/s/ Daniel A. DiLeo
|
|
Name:
|
Daniel A. DiLeo
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Jeffery R. Gardner
|
|
Name:
|
Jeffery R. Gardner
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Charles Scott Gibson
|
|
Name:
|
Charles Scott Gibson
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ John R. Harding
|
|
Name:
|
John R. Harding
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ David H. Y. Ho
|
|
Name:
|
David H. Y. Ho
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Roderick D. Nelson
|
|
Name:
|
Roderick D. Nelson
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Dr. Walden C. Rhines
|
|
Name:
|
Dr. Walden C. Rhines
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Susan L. Spradley
|
|
Name:
|
Susan L. Spradley
|
|
|
Title:
|
Director
|
|
|
|
|
/s/ Walter H. Wilkinson, Jr.
|
|
Name:
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Walter H. Wilkinson, Jr.
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Title:
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Director
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Name
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State or Other Jurisdiction of Incorporation
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RFMD, LLC
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North Carolina
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RFMD Infrastructure Product Group, Inc.
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North Carolina
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Qorvo International Holding, Inc.
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North Carolina
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Qorvo UK Ltd.
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United Kingdom
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RFMD (UK) Limited
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United Kingdom
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Qorvo Netherlands Holding B.V.
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The Netherlands
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Qorvo Netherlands B.V.
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The Netherlands
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RF Micro Devices Svenska AB
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Sweden
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Qorvo Denmark ApS
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Denmark
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Qorvo Finland Oy
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Finland
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Qorvo Korea Ltd.
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Korea
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Qorvo Beijing Co., Ltd.
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People’s Republic of China
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Qorvo Hong Kong Holding Pvt. Limited
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Hong Kong
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Xemod Incorporated
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California
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Qorvo International Services, Inc.
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Delaware
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Premier Devices – A Sirenza Company
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California
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Qorvo Germany Holding GmbH
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Germany
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Qorvo Germany GmbH
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Germany
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Amalfi Semiconductor, Inc.
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Delaware
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Qorvo Singapore Pte. Ltd.
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Singapore
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Qorvo Dezhou Co., Ltd.
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People’s Republic of China
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Qorvo US, Inc.
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Delaware
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Qorvo Oregon, Inc.
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Oregon
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Qorvo Munich GmbH
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Germany
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Qorvo Costa Rica S.R.L.
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Costa Rica
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Qorvo Asia LLC
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Delaware
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Qorvo International Pte. Ltd.
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Singapore
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Qorvo Malaysia Sdn Bhd
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Malaysia
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Qorvo Japan YK
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Japan
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Qorvo Shanghai Ltd.
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China
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Qorvo Texas, LLC
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Texas
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Qorvo Europe Holding Company
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Delaware
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TriQuint WJ, Inc.
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Delaware
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WJ Newco LLC
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Delaware
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Qorvo California, Inc.
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California
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Qorvo Utrecht, B.V.
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The Netherlands
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Qorvo Belgium NV
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Belgium
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Qorvo Hong Kong Limited
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Hong Kong
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Qorvo Biotechnologies, LLC
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Delaware
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(1)
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Registration Statement (Form S-4 No. 333-231161) of Qorvo, Inc.,
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(2)
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Registration Statement (Form S-4 No. 333-212601) of Qorvo, Inc.,
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(3)
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Registration Statement (Form S-4 No. 333-195236) of Qorvo, Inc.,
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(4)
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Registration Statement (Form S-8 No. 333-201357) pertaining to the Qorvo, Inc. 2007 Employee Stock Purchase Plan, Qorvo, Inc. 2013 Incentive Plan, Qorvo, Inc. 2012 Incentive Plan, Qorvo, Inc. 2009 Incentive Plan, Qorvo, Inc. 2008 Inducement Program, and the Qorvo, Inc. 1996 Stock Incentive Program, and
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(5)
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Registration Statement (Form S-8 No. 333-201358) pertaining to the Qorvo, Inc. 2012 Stock Incentive Plan, 2003 Stock Incentive Plan of Qorvo, Inc., Qorvo, Inc. 2006 Directors Stock Option Plan, Nonemployee Directors’ Stock Option Plan of Qorvo, Inc., and the Qorvo, Inc. 2015 Inducement Stock Plan;
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/s/ ROBERT A. BRUGGEWORTH
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Robert A. Bruggeworth
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President and Chief Executive Officer
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/s/ MARK J. MURPHY
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Mark J. Murphy
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Chief Financial Officer
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(1)
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the
Annual
Report on Form
10-K
of the Company for the fiscal
year
ended
March 30, 2019
(the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ ROBERT A. BRUGGEWORTH
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Robert A. Bruggeworth
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President and Chief Executive Officer
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May 17, 2019
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(1)
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the
Annual
Report on Form
10-K
of the Company for the fiscal
year
ended
March 30, 2019
(the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ MARK J. MURPHY
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Mark J. Murphy
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Chief Financial Officer
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May 17, 2019
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