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☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
|
46-5288992
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. employer identification no.)
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7628 Thorndike Road
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Greensboro,
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North Carolina
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27409-9421
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(Address of principal executive office)
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(Zip code)
|
Securities registered pursuant to Section 12(b) of the Act:
|
||||
Title of each class
|
|
Trading Symbol(s)
|
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Name of each exchange on which registered
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Common Stock, $0.0001 par value
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QRVO
|
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The Nasdaq Stock Market LLC
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Page
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Item 1. Financial Statements (Unaudited).
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December 28, 2019
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March 30, 2019
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,097,724
|
|
|
$
|
711,035
|
|
Accounts receivable, less allowance of $61 and $40 as of December 28, 2019 and March 30, 2019, respectively
|
409,835
|
|
|
378,172
|
|
||
Inventories (Note 3)
|
479,885
|
|
|
511,793
|
|
||
Prepaid expenses
|
27,120
|
|
|
25,766
|
|
||
Other receivables
|
16,620
|
|
|
21,934
|
|
||
Other current assets
|
36,488
|
|
|
36,141
|
|
||
Total current assets
|
2,067,672
|
|
|
1,684,841
|
|
||
Property and equipment, net of accumulated depreciation of $1,374,455 at December 28, 2019 and $1,218,507 at March 30, 2019
|
1,278,988
|
|
|
1,366,513
|
|
||
Goodwill (Note 4)
|
2,415,802
|
|
|
2,173,889
|
|
||
Intangible assets, net (Note 4)
|
595,307
|
|
|
408,210
|
|
||
Long-term investments (Note 5)
|
40,896
|
|
|
97,786
|
|
||
Other non-current assets (Note 6)
|
120,838
|
|
|
76,785
|
|
||
Total assets
|
$
|
6,519,503
|
|
|
$
|
5,808,024
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
239,180
|
|
|
$
|
233,307
|
|
Accrued liabilities
|
187,017
|
|
|
160,516
|
|
||
Current portion of long-term debt (Note 7)
|
5,302
|
|
|
80
|
|
||
Other current liabilities (Note 6)
|
59,706
|
|
|
41,711
|
|
||
Total current liabilities
|
491,205
|
|
|
435,614
|
|
||
Long-term debt (Note 7)
|
1,568,554
|
|
|
920,935
|
|
||
Other long-term liabilities (Note 6)
|
120,367
|
|
|
91,796
|
|
||
Total liabilities
|
2,180,126
|
|
|
1,448,345
|
|
||
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; 115,738 and 119,063 shares issued and outstanding at December 28, 2019 and March 30, 2019, respectively
|
4,383,368
|
|
|
4,687,455
|
|
||
Accumulated other comprehensive loss, net of tax
|
(6,843
|
)
|
|
(6,624
|
)
|
||
Accumulated deficit
|
(37,148
|
)
|
|
(321,152
|
)
|
||
Total stockholders’ equity
|
4,339,377
|
|
|
4,359,679
|
|
||
Total liabilities and stockholders’ equity
|
$
|
6,519,503
|
|
|
$
|
5,808,024
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||
Revenue
|
$
|
869,073
|
|
|
$
|
832,330
|
|
|
$
|
2,451,369
|
|
|
$
|
2,409,443
|
|
Cost of goods sold
|
500,962
|
|
|
493,967
|
|
|
1,465,387
|
|
|
1,480,833
|
|
||||
Gross profit
|
368,111
|
|
|
338,363
|
|
|
985,982
|
|
|
928,610
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
122,851
|
|
|
109,985
|
|
|
357,385
|
|
|
337,636
|
|
||||
Selling, general and administrative
|
81,205
|
|
|
125,604
|
|
|
258,458
|
|
|
401,041
|
|
||||
Other operating expense (Notes 4 and 10)
|
10,986
|
|
|
21,617
|
|
|
49,077
|
|
|
37,514
|
|
||||
Total operating expenses
|
215,042
|
|
|
257,206
|
|
|
664,920
|
|
|
776,191
|
|
||||
Income from operations
|
153,069
|
|
|
81,157
|
|
|
321,062
|
|
|
152,419
|
|
||||
Interest expense (Note 7)
|
(16,900
|
)
|
|
(9,562
|
)
|
|
(41,457
|
)
|
|
(33,604
|
)
|
||||
Interest income
|
2,874
|
|
|
2,814
|
|
|
8,112
|
|
|
7,788
|
|
||||
Other income (expense) (Notes 4 & 7)
|
44,148
|
|
|
(3,520
|
)
|
|
42,737
|
|
|
(85,007
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
183,191
|
|
|
70,889
|
|
|
330,454
|
|
|
41,596
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income tax (expense) benefit (Note 12)
|
(21,835
|
)
|
|
(1,372
|
)
|
|
(46,519
|
)
|
|
30,012
|
|
||||
Net income
|
$
|
161,356
|
|
|
$
|
69,517
|
|
|
$
|
283,935
|
|
|
$
|
71,608
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share (Note 13):
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.39
|
|
|
$
|
0.56
|
|
|
$
|
2.42
|
|
|
$
|
0.57
|
|
Diluted
|
$
|
1.36
|
|
|
$
|
0.55
|
|
|
$
|
2.37
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding (Note 13):
|
|
|
|
|
|
|
|
||||||||
Basic
|
116,129
|
|
|
124,308
|
|
|
117,436
|
|
|
125,437
|
|
||||
Diluted
|
118,455
|
|
|
126,842
|
|
|
119,712
|
|
|
128,360
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||
Net income
|
$
|
161,356
|
|
|
$
|
69,517
|
|
|
$
|
283,935
|
|
|
$
|
71,608
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) gain on marketable securities, net of tax
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
85
|
|
||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature
|
781
|
|
|
(1,079
|
)
|
|
(674
|
)
|
|
(3,448
|
)
|
||||
Reclassification adjustments, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency loss included in net income
|
—
|
|
|
—
|
|
|
353
|
|
|
—
|
|
||||
Amortization of pension actuarial loss
|
34
|
|
|
22
|
|
|
102
|
|
|
45
|
|
||||
Other comprehensive income (loss)
|
815
|
|
|
(1,062
|
)
|
|
(219
|
)
|
|
(3,318
|
)
|
||||
Total comprehensive income
|
$
|
162,171
|
|
|
$
|
68,455
|
|
|
$
|
283,716
|
|
|
$
|
68,290
|
|
|
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
Accumulated Deficit
|
|
|
|||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||
Three Months Ended
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balance, September 28, 2019
|
116,294
|
|
|
$
|
4,471,656
|
|
|
$
|
(7,658
|
)
|
|
$
|
(198,504
|
)
|
|
$
|
4,265,494
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
161,356
|
|
|
161,356
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
815
|
|
|
—
|
|
|
815
|
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
490
|
|
|
10,150
|
|
|
—
|
|
|
—
|
|
|
10,150
|
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
213
|
|
|
13,710
|
|
|
—
|
|
|
—
|
|
|
13,710
|
|
||||
Repurchase of common stock, including transaction costs
|
(1,259
|
)
|
|
(125,012
|
)
|
|
—
|
|
|
—
|
|
|
(125,012
|
)
|
||||
Stock-based compensation
|
—
|
|
|
12,864
|
|
|
—
|
|
|
—
|
|
|
12,864
|
|
||||
Balance, December 28, 2019
|
115,738
|
|
|
$
|
4,383,368
|
|
|
$
|
(6,843
|
)
|
|
$
|
(37,148
|
)
|
|
$
|
4,339,377
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, September 29, 2018
|
125,046
|
|
|
$
|
5,089,331
|
|
|
$
|
(5,008
|
)
|
|
$
|
(452,186
|
)
|
|
$
|
4,632,137
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
69,517
|
|
|
69,517
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,062
|
)
|
|
—
|
|
|
(1,062
|
)
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
41
|
|
|
226
|
|
|
—
|
|
|
—
|
|
|
226
|
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
219
|
|
|
12,535
|
|
|
—
|
|
|
—
|
|
|
12,535
|
|
||||
Repurchase of common stock, including transaction costs
|
(2,305
|
)
|
|
(151,993
|
)
|
|
—
|
|
|
—
|
|
|
(151,993
|
)
|
||||
Stock-based compensation
|
—
|
|
|
15,960
|
|
|
—
|
|
|
—
|
|
|
15,960
|
|
||||
Balance, December 29, 2018
|
123,001
|
|
|
$
|
4,966,059
|
|
|
$
|
(6,070
|
)
|
|
$
|
(382,669
|
)
|
|
$
|
4,577,320
|
|
|
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
Accumulated Deficit
|
|
|
|||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||
Nine Months Ended
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balance, March 30, 2019
|
119,063
|
|
|
$
|
4,687,455
|
|
|
$
|
(6,624
|
)
|
|
$
|
(321,152
|
)
|
|
$
|
4,359,679
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
283,935
|
|
|
283,935
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(219
|
)
|
|
—
|
|
|
(219
|
)
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
1,327
|
|
|
(5,459
|
)
|
|
—
|
|
|
—
|
|
|
(5,459
|
)
|
||||
Issuance of common stock in connection with employee stock purchase plan
|
452
|
|
|
28,658
|
|
|
—
|
|
|
—
|
|
|
28,658
|
|
||||
Cumulative-effect adoption of ASU 2016-02
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
69
|
|
||||
Repurchase of common stock, including transaction costs
|
(5,104
|
)
|
|
(390,117
|
)
|
|
—
|
|
|
—
|
|
|
(390,117
|
)
|
||||
Stock-based compensation
|
—
|
|
|
62,831
|
|
|
—
|
|
|
—
|
|
|
62,831
|
|
||||
Balance, December 28, 2019
|
115,738
|
|
|
$
|
4,383,368
|
|
|
$
|
(6,843
|
)
|
|
$
|
(37,148
|
)
|
|
$
|
4,339,377
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, March 31, 2018
|
126,322
|
|
|
$
|
5,237,085
|
|
|
$
|
(2,752
|
)
|
|
$
|
(458,769
|
)
|
|
$
|
4,775,564
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
71,608
|
|
|
71,608
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(3,318
|
)
|
|
—
|
|
|
(3,318
|
)
|
||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes
|
859
|
|
|
(19,633
|
)
|
|
—
|
|
|
—
|
|
|
(19,633
|
)
|
||||
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
|
(4,648
|
)
|
|
(338,675
|
)
|
|
—
|
|
|
—
|
|
|
(338,675
|
)
|
||||
Stock-based compensation
|
—
|
|
|
60,465
|
|
|
—
|
|
|
—
|
|
|
60,465
|
|
||||
Balance, December 29, 2018
|
123,001
|
|
|
$
|
4,966,059
|
|
|
$
|
(6,070
|
)
|
|
$
|
(382,669
|
)
|
|
$
|
4,577,320
|
|
|
Nine Months Ended
|
||||||
|
December 28, 2019
|
|
December 29, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
283,935
|
|
|
$
|
71,608
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
172,314
|
|
|
143,008
|
|
||
Intangible assets amortization (Note 4)
|
177,930
|
|
|
399,200
|
|
||
Loss on debt extinguishment (Note 7)
|
—
|
|
|
84,004
|
|
||
Deferred income taxes
|
(1,207
|
)
|
|
(58,216
|
)
|
||
Gain on Cavendish investment (Note 4)
|
(43,008
|
)
|
|
—
|
|
||
Asset impairment (Note 10)
|
1,057
|
|
|
14,913
|
|
||
Stock-based compensation expense
|
62,210
|
|
|
58,874
|
|
||
Other, net
|
7,036
|
|
|
3,491
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(25,166
|
)
|
|
(74,844
|
)
|
||
Inventories
|
44,863
|
|
|
7,474
|
|
||
Prepaid expenses and other current and non-current assets
|
2,942
|
|
|
14,914
|
|
||
Accounts payable and accrued liabilities
|
41,723
|
|
|
(9,810
|
)
|
||
Income tax payable and receivable
|
3,917
|
|
|
(26,574
|
)
|
||
Other liabilities
|
2,705
|
|
|
(5,023
|
)
|
||
Net cash provided by operating activities
|
731,251
|
|
|
623,019
|
|
||
Investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(129,004
|
)
|
|
(185,627
|
)
|
||
Purchase of available-for-sale debt securities
|
—
|
|
|
(132,729
|
)
|
||
Purchase of businesses, net of cash acquired (Note 4)
|
(494,783
|
)
|
|
—
|
|
||
Proceeds from sales and maturities of available-for-sale debt securities
|
1,950
|
|
|
133,132
|
|
||
Other investing activities
|
(1,263
|
)
|
|
(20,238
|
)
|
||
Net cash used in investing activities
|
(623,100
|
)
|
|
(205,462
|
)
|
||
Financing activities:
|
|
|
|
||||
Repurchase of debt (Note 7)
|
—
|
|
|
(977,498
|
)
|
||
Proceeds from borrowings and debt issuances (Note 7)
|
659,000
|
|
|
631,300
|
|
||
Repurchase of common stock, including transaction costs (Note 8)
|
(390,117
|
)
|
|
(338,675
|
)
|
||
Proceeds from the issuance of common stock
|
37,530
|
|
|
25,452
|
|
||
Tax withholding paid on behalf of employees for restricted stock units
|
(21,013
|
)
|
|
(24,595
|
)
|
||
Other financing activities
|
(6,252
|
)
|
|
(7,510
|
)
|
||
Net cash provided by (used in) financing activities
|
279,148
|
|
|
(691,526
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash
|
(501
|
)
|
|
(2,369
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
386,798
|
|
|
(276,338
|
)
|
||
Cash, cash equivalents and restricted cash at the beginning of the period
|
711,382
|
|
|
926,402
|
|
||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
1,098,180
|
|
|
$
|
650,064
|
|
|
|
|
|
||||
Non-cash investing information:
|
|
|
|
||||
Capital expenditure adjustments included in accounts payable and accrued liabilities
|
$
|
26,152
|
|
|
$
|
37,206
|
|
|
|
|
|
||||
Reconciliation of cash, cash equivalents and restricted cash:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,097,724
|
|
|
$
|
649,711
|
|
Restricted cash included in "Other non-current assets"
|
456
|
|
|
353
|
|
||
Total cash, cash equivalents and restricted cash
|
1,098,180
|
|
|
650,064
|
|
|
December 28, 2019
|
|
March 30, 2019
|
||||
Raw materials
|
$
|
105,854
|
|
|
$
|
118,608
|
|
Work in process
|
271,798
|
|
|
272,469
|
|
||
Finished goods
|
102,233
|
|
|
120,716
|
|
||
Total inventories
|
$
|
479,885
|
|
|
$
|
511,793
|
|
|
Mobile Products
|
|
Infrastructure and Defense Products
|
|
Total
|
||||||
Balance as of March 30, 2019
|
$
|
1,751,503
|
|
|
$
|
422,386
|
|
|
$
|
2,173,889
|
|
Goodwill resulting from Active-Semi acquisition
|
—
|
|
|
130,648
|
|
|
130,648
|
|
|||
Goodwill resulting from Cavendish acquisition
|
111,265
|
|
|
—
|
|
|
111,265
|
|
|||
Balance as of December 28, 2019
|
$
|
1,862,768
|
|
|
$
|
553,034
|
|
|
$
|
2,415,802
|
|
|
December 28, 2019
|
|
March 30, 2019
|
||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Intangible assets:
|
|
|
|
|
|
|
|
||||||||
Developed technology
|
$
|
1,077,872
|
|
|
$
|
602,536
|
|
|
$
|
1,246,335
|
|
|
$
|
960,793
|
|
Customer relationships
|
426,872
|
|
|
327,829
|
|
|
1,272,725
|
|
|
1,161,735
|
|
||||
Trade names
|
200
|
|
|
200
|
|
|
29,391
|
|
|
29,391
|
|
||||
Technology licenses
|
3,490
|
|
|
2,162
|
|
|
14,704
|
|
|
13,026
|
|
||||
Non-compete agreement
|
—
|
|
|
—
|
|
|
1,026
|
|
|
1,026
|
|
||||
IPRD
|
19,600
|
|
|
N/A
|
|
|
10,000
|
|
|
N/A
|
|
||||
Total
|
$
|
1,528,034
|
|
|
$
|
932,727
|
|
|
$
|
2,574,181
|
|
|
$
|
2,165,971
|
|
Fiscal Year
|
Estimated
Amortization
Expense
|
||
2020
|
$
|
240,000
|
|
2021
|
206,000
|
|
|
2022
|
79,000
|
|
|
2023
|
63,000
|
|
|
2024
|
53,000
|
|
|
|
|
|
|
Total
|
|
Quoted Prices In
Active Markets For Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
||||||
December 28, 2019
|
|
|
|
|
|
||||||||||
|
Assets
|
|
|
|
|
|
|||||||||
|
|
Marketable equity securities
|
$
|
879
|
|
|
$
|
879
|
|
|
$
|
—
|
|
||
|
|
Invested funds in deferred compensation plan (1)
|
23,255
|
|
|
23,255
|
|
|
—
|
|
|||||
|
|
|
|
Total assets measured at fair value
|
$
|
24,134
|
|
|
$
|
24,134
|
|
|
$
|
—
|
|
|
Liabilities
|
|
|
|
|
|
|||||||||
|
|
Deferred compensation plan obligation (1)
|
$
|
23,255
|
|
|
$
|
23,255
|
|
|
$
|
—
|
|
||
|
|
|
|
Total liabilities measured at fair value
|
$
|
23,255
|
|
|
$
|
23,255
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||
March 30, 2019
|
|
|
|
|
|
||||||||||
|
Assets
|
|
|
|
|
|
|||||||||
|
|
Money market funds
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
—
|
|
||
|
|
Marketable equity securities
|
901
|
|
|
901
|
|
|
—
|
|
|||||
|
|
Auction rate securities (2)
|
1,950
|
|
|
—
|
|
|
1,950
|
|
|||||
|
|
Invested funds in deferred compensation plan (1)
|
18,737
|
|
|
18,737
|
|
|
—
|
|
|||||
|
|
|
|
Total assets measured at fair value
|
$
|
21,601
|
|
|
$
|
19,651
|
|
|
$
|
1,950
|
|
|
Liabilities
|
|
|
|
|
|
|||||||||
|
|
Deferred compensation plan obligation (1)
|
$
|
18,737
|
|
|
$
|
18,737
|
|
|
$
|
—
|
|
||
|
|
|
|
Total liabilities measured at fair value
|
$
|
18,737
|
|
|
$
|
18,737
|
|
|
$
|
—
|
|
|
December 28, 2019
|
||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
Operating lease expense
|
$
|
3,698
|
|
|
$
|
11,115
|
|
Short-term lease expense
|
1,911
|
|
|
5,063
|
|
||
Variable lease expense
|
734
|
|
|
2,329
|
|
||
Total lease expense
|
$
|
6,343
|
|
|
$
|
18,507
|
|
|
Nine Months Ended
|
||
|
December 28, 2019
|
||
Cash paid for amounts included in measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
12,172
|
|
|
|
||
Non-cash activities:
|
|
||
Operating lease assets obtained in exchange for new lease liabilities
|
$
|
3,559
|
|
|
|
Classification on the Condensed Consolidated Balance Sheet
|
|
December 28, 2019
|
||
Assets
|
|
|
|
|
||
Operating lease assets
|
|
Other non-current assets
|
|
$
|
58,965
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
||
Operating lease current liabilities
|
|
Other current liabilities
|
|
$
|
13,268
|
|
Operating lease non-current liabilities
|
|
Other long-term liabilities
|
|
$
|
55,004
|
|
|
December 28, 2019
|
|
Weighted-average remaining lease term (years) - operating leases
|
8.26
|
|
Weighted-average discount rate - operating leases
|
4.22
|
%
|
2020
|
$
|
7,685
|
|
2021
|
14,661
|
|
|
2022
|
11,485
|
|
|
2023
|
8,526
|
|
|
2024
|
7,005
|
|
|
Thereafter
|
31,272
|
|
|
Total lease payments
|
80,634
|
|
|
Less imputed interest
|
(12,362
|
)
|
|
Present value of lease liabilities
|
$
|
68,272
|
|
|
December 28, 2019
|
|
March 30, 2019
|
||||
Term loan
|
$
|
100,000
|
|
|
$
|
—
|
|
7.00% senior notes due 2025
|
23,404
|
|
|
23,404
|
|
||
5.50% senior notes due 2026
|
900,000
|
|
|
900,000
|
|
||
4.375% senior notes due 2029
|
550,000
|
|
|
—
|
|
||
Finance leases
|
1,951
|
|
|
1,745
|
|
||
Less unamortized premium and issuance costs
|
(1,499
|
)
|
|
(4,134
|
)
|
||
Less current portion of long-term debt
|
(5,302
|
)
|
|
(80
|
)
|
||
Total long-term debt
|
$
|
1,568,554
|
|
|
$
|
920,935
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||
United States
|
$
|
423,573
|
|
|
$
|
460,525
|
|
|
$
|
1,143,995
|
|
|
$
|
1,153,823
|
|
China
|
281,024
|
|
|
242,454
|
|
|
842,112
|
|
|
830,727
|
|
||||
Other Asia
|
80,729
|
|
|
54,414
|
|
|
229,344
|
|
|
168,344
|
|
||||
Taiwan
|
43,156
|
|
|
35,143
|
|
|
122,189
|
|
|
142,038
|
|
||||
Europe
|
40,591
|
|
|
39,794
|
|
|
113,729
|
|
|
114,511
|
|
||||
Total revenue
|
$
|
869,073
|
|
|
$
|
832,330
|
|
|
$
|
2,451,369
|
|
|
$
|
2,409,443
|
|
|
Three Months Ended December 28, 2019
|
|
Three Months Ended December 29, 2018
|
||||||||||||||||||||
|
Cost of Goods Sold
|
|
Other Operating Expense
|
|
Total
|
|
Cost of Goods Sold
|
|
Other Operating Expense
|
|
Total
|
||||||||||||
One-time employee termination benefits
|
$
|
—
|
|
|
$
|
1,570
|
|
|
$
|
1,570
|
|
|
$
|
—
|
|
|
$
|
1,302
|
|
|
$
|
1,302
|
|
Contract termination and other associated costs
|
3,438
|
|
|
948
|
|
|
4,386
|
|
|
—
|
|
|
208
|
|
|
208
|
|
||||||
Asset impairment and accelerated depreciation
|
4,324
|
|
|
—
|
|
|
4,324
|
|
|
3,080
|
|
|
14,914
|
|
|
17,994
|
|
||||||
Total
|
$
|
7,762
|
|
|
$
|
2,518
|
|
|
$
|
10,280
|
|
|
$
|
3,080
|
|
|
$
|
16,424
|
|
|
$
|
19,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended December 28, 2019
|
|
Nine Months Ended December 29, 2018
|
||||||||||||||||||||
|
Cost of Goods Sold
|
|
Other Operating Expense
|
|
Total
|
|
Cost of Goods Sold
|
|
Other Operating Expense
|
|
Total
|
||||||||||||
One-time employee termination benefits
|
$
|
—
|
|
|
$
|
6,379
|
|
|
$
|
6,379
|
|
|
$
|
—
|
|
|
$
|
4,437
|
|
|
$
|
4,437
|
|
Contract termination and other associated costs
|
6,308
|
|
|
5,163
|
|
|
11,471
|
|
|
—
|
|
|
385
|
|
|
385
|
|
||||||
Asset impairment and accelerated depreciation
|
25,840
|
|
|
—
|
|
|
25,840
|
|
|
3,080
|
|
|
14,914
|
|
|
17,994
|
|
||||||
Total
|
$
|
32,148
|
|
|
$
|
11,542
|
|
|
$
|
43,690
|
|
|
$
|
3,080
|
|
|
$
|
19,736
|
|
|
$
|
22,816
|
|
|
One-Time Employee Termination Benefits
|
|
Accelerated Depreciation
|
|
Contract Termination and Other Associated Costs
|
|
Total
|
||||||||
Accrued restructuring balance as of March 30, 2019
|
$
|
6,988
|
|
|
$
|
—
|
|
|
$
|
1,626
|
|
|
$
|
8,614
|
|
Costs incurred and charged to expense
|
6,379
|
|
|
25,840
|
|
|
11,471
|
|
|
43,690
|
|
||||
Transfer to right-of-use asset
|
—
|
|
|
—
|
|
|
(1,248
|
)
|
|
(1,248
|
)
|
||||
Cash payments
|
(6,835
|
)
|
|
—
|
|
|
(5,245
|
)
|
|
(12,080
|
)
|
||||
Non-cash activity
|
—
|
|
|
(25,840
|
)
|
|
(6,307
|
)
|
|
(32,147
|
)
|
||||
Accrued restructuring balance as of December 28, 2019
|
$
|
6,532
|
|
|
$
|
—
|
|
|
$
|
297
|
|
|
$
|
6,829
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 28,
2019 |
|
December 29,
2018 |
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
MP
|
$
|
662,109
|
|
|
$
|
602,312
|
|
|
$
|
1,841,468
|
|
|
$
|
1,754,930
|
|
IDP
|
206,964
|
|
|
230,018
|
|
|
609,901
|
|
|
654,513
|
|
||||
Total revenue
|
$
|
869,073
|
|
|
$
|
832,330
|
|
|
$
|
2,451,369
|
|
|
$
|
2,409,443
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
MP
|
$
|
219,778
|
|
|
$
|
180,394
|
|
|
$
|
553,144
|
|
|
$
|
466,513
|
|
IDP
|
32,628
|
|
|
80,861
|
|
|
97,721
|
|
|
192,376
|
|
||||
All other
|
(99,337
|
)
|
|
(180,098
|
)
|
|
(329,803
|
)
|
|
(506,470
|
)
|
||||
Operating income
|
153,069
|
|
|
81,157
|
|
|
321,062
|
|
|
152,419
|
|
||||
Interest expense
|
(16,900
|
)
|
|
(9,562
|
)
|
|
(41,457
|
)
|
|
(33,604
|
)
|
||||
Interest income
|
2,874
|
|
|
2,814
|
|
|
8,112
|
|
|
7,788
|
|
||||
Other income (expense) (Notes 4 & 7)
|
44,148
|
|
|
(3,520
|
)
|
|
42,737
|
|
|
(85,007
|
)
|
||||
Income before income taxes
|
$
|
183,191
|
|
|
$
|
70,889
|
|
|
$
|
330,454
|
|
|
$
|
41,596
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28,
2019 |
|
December 29,
2018 |
|
December 28,
2019 |
|
December 29,
2018 |
||||||||
Reconciliation of “All other” category:
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
$
|
(16,381
|
)
|
|
$
|
(18,624
|
)
|
|
$
|
(62,210
|
)
|
|
$
|
(58,874
|
)
|
Amortization of intangible assets
|
(62,910
|
)
|
|
(132,227
|
)
|
|
(177,380
|
)
|
|
(398,518
|
)
|
||||
Acquisition and integration related costs
|
(7,226
|
)
|
|
(3,700
|
)
|
|
(37,905
|
)
|
|
(5,880
|
)
|
||||
Restructuring costs
|
(5,956
|
)
|
|
(1,510
|
)
|
|
(17,850
|
)
|
|
(4,822
|
)
|
||||
Start-up costs
|
(361
|
)
|
|
(6,791
|
)
|
|
(461
|
)
|
|
(18,035
|
)
|
||||
Asset impairment and accelerated depreciation
|
(4,324
|
)
|
|
(17,994
|
)
|
|
(26,897
|
)
|
|
(17,994
|
)
|
||||
Other (including (loss) gain on assets and other miscellaneous corporate overhead)
|
(2,179
|
)
|
|
748
|
|
|
(7,100
|
)
|
|
(2,347
|
)
|
||||
Loss from operations for “All other”
|
$
|
(99,337
|
)
|
|
$
|
(180,098
|
)
|
|
$
|
(329,803
|
)
|
|
$
|
(506,470
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Numerator for basic and diluted net income per share — net income available to common stockholders
|
$
|
161,356
|
|
|
$
|
69,517
|
|
|
$
|
283,935
|
|
|
$
|
71,608
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic net income per share — weighted average shares
|
116,129
|
|
|
124,308
|
|
|
117,436
|
|
|
125,437
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock-based awards
|
2,326
|
|
|
2,534
|
|
|
2,276
|
|
|
2,923
|
|
||||
Denominator for diluted net income per share — adjusted weighted average shares and assumed conversions
|
118,455
|
|
|
126,842
|
|
|
119,712
|
|
|
128,360
|
|
||||
Basic net income per share
|
$
|
1.39
|
|
|
$
|
0.56
|
|
|
$
|
2.42
|
|
|
$
|
0.57
|
|
Diluted net income per share
|
$
|
1.36
|
|
|
$
|
0.55
|
|
|
$
|
2.37
|
|
|
$
|
0.56
|
|
(i)
|
Parent Company, the issuer of the guaranteed obligations;
|
(ii)
|
Guarantor subsidiaries, on a combined basis, as specified in the applicable indenture;
|
(iii)
|
Non-guarantor subsidiaries, on a combined basis;
|
(iv)
|
Consolidating entries, eliminations and reclassifications representing adjustments to (a) eliminate intercompany transactions between or among the 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
|
||||||||||||||||||
|
December 28, 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
520,845
|
|
|
$
|
576,879
|
|
|
$
|
—
|
|
|
$
|
1,097,724
|
|
Accounts receivable, less allowance
|
—
|
|
|
57,798
|
|
|
352,037
|
|
|
—
|
|
|
409,835
|
|
|||||
Intercompany accounts and notes receivable
|
—
|
|
|
499,432
|
|
|
6,319
|
|
|
(505,751
|
)
|
|
—
|
|
|||||
Inventories
|
—
|
|
|
158,751
|
|
|
342,900
|
|
|
(21,766
|
)
|
|
479,885
|
|
|||||
Prepaid expenses
|
—
|
|
|
22,713
|
|
|
4,407
|
|
|
—
|
|
|
27,120
|
|
|||||
Other receivables
|
—
|
|
|
1,695
|
|
|
14,925
|
|
|
—
|
|
|
16,620
|
|
|||||
Other current assets
|
—
|
|
|
33,382
|
|
|
3,106
|
|
|
—
|
|
|
36,488
|
|
|||||
Total current assets
|
—
|
|
|
1,294,616
|
|
|
1,300,573
|
|
|
(527,517
|
)
|
|
2,067,672
|
|
|||||
Property and equipment, net
|
—
|
|
|
1,041,282
|
|
|
232,906
|
|
|
4,800
|
|
|
1,278,988
|
|
|||||
Goodwill
|
—
|
|
|
1,122,629
|
|
|
1,293,173
|
|
|
—
|
|
|
2,415,802
|
|
|||||
Intangible assets, net
|
—
|
|
|
125,346
|
|
|
469,961
|
|
|
—
|
|
|
595,307
|
|
|||||
Long-term investments
|
—
|
|
|
5,537
|
|
|
35,359
|
|
|
—
|
|
|
40,896
|
|
|||||
Long-term intercompany accounts and notes receivable
|
—
|
|
|
864,935
|
|
|
236,904
|
|
|
(1,101,839
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
6,901,231
|
|
|
2,819,038
|
|
|
—
|
|
|
(9,720,269
|
)
|
|
—
|
|
|||||
Other non-current assets
|
6,567
|
|
|
97,717
|
|
|
22,375
|
|
|
(5,821
|
)
|
|
120,838
|
|
|||||
Total assets
|
$
|
6,907,798
|
|
|
$
|
7,371,100
|
|
|
$
|
3,591,251
|
|
|
$
|
(11,350,646
|
)
|
|
$
|
6,519,503
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
75,812
|
|
|
$
|
163,368
|
|
|
$
|
—
|
|
|
$
|
239,180
|
|
Intercompany accounts and notes payable
|
—
|
|
|
6,318
|
|
|
499,432
|
|
|
(505,750
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
28,794
|
|
|
102,294
|
|
|
55,177
|
|
|
752
|
|
|
187,017
|
|
|||||
Current portion of long-term debt
|
5,000
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
5,302
|
|
|||||
Other current liabilities
|
—
|
|
|
10,354
|
|
|
49,352
|
|
|
—
|
|
|
59,706
|
|
|||||
Total current liabilities
|
33,794
|
|
|
194,778
|
|
|
767,631
|
|
|
(504,998
|
)
|
|
491,205
|
|
|||||
Long-term debt
|
1,566,905
|
|
|
—
|
|
|
1,649
|
|
|
—
|
|
|
1,568,554
|
|
|||||
Long-term intercompany accounts and notes payable
|
967,722
|
|
|
134,117
|
|
|
—
|
|
|
(1,101,839
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
112,369
|
|
|
31,538
|
|
|
(23,540
|
)
|
|
120,367
|
|
|||||
Total liabilities
|
2,568,421
|
|
|
441,264
|
|
|
800,818
|
|
|
(1,630,377
|
)
|
|
2,180,126
|
|
|||||
Total stockholders’ equity
|
4,339,377
|
|
|
6,929,836
|
|
|
2,790,433
|
|
|
(9,720,269
|
)
|
|
4,339,377
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
6,907,798
|
|
|
$
|
7,371,100
|
|
|
$
|
3,591,251
|
|
|
$
|
(11,350,646
|
)
|
|
$
|
6,519,503
|
|
|
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 notes 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
|
|
|||||
Current portion of long-term debt
|
—
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
|||||
Other current liabilities
|
—
|
|
|
—
|
|
|
41,880
|
|
|
(169
|
)
|
|
41,711
|
|
|||||
Total current liabilities
|
11,174
|
|
|
253,967
|
|
|
613,517
|
|
|
(443,044
|
)
|
|
435,614
|
|
|||||
Long-term debt
|
919,270
|
|
|
—
|
|
|
1,665
|
|
|
—
|
|
|
920,935
|
|
|||||
Long-term intercompany accounts and notes payable
|
1,267,203
|
|
|
66,195
|
|
|
—
|
|
|
(1,333,398
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
76,955
|
|
|
45,202
|
|
|
(30,361
|
)
|
|
91,796
|
|
|||||
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 Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Three Months Ended December 28, 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
246,326
|
|
|
$
|
789,083
|
|
|
$
|
(166,336
|
)
|
|
$
|
869,073
|
|
Cost of goods sold
|
—
|
|
|
218,639
|
|
|
426,940
|
|
|
(144,617
|
)
|
|
500,962
|
|
|||||
Gross profit
|
—
|
|
|
27,687
|
|
|
362,143
|
|
|
(21,719
|
)
|
|
368,111
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
9,078
|
|
|
11,434
|
|
|
105,216
|
|
|
(2,877
|
)
|
|
122,851
|
|
|||||
Selling, general and administrative
|
7,258
|
|
|
41,140
|
|
|
51,993
|
|
|
(19,186
|
)
|
|
81,205
|
|
|||||
Other operating expense
|
45
|
|
|
7,164
|
|
|
3,919
|
|
|
(142
|
)
|
|
10,986
|
|
|||||
Total operating expenses
|
16,381
|
|
|
59,738
|
|
|
161,128
|
|
|
(22,205
|
)
|
|
215,042
|
|
|||||
Income (loss) from operations
|
(16,381
|
)
|
|
(32,051
|
)
|
|
201,015
|
|
|
486
|
|
|
153,069
|
|
|||||
Interest expense
|
(16,691
|
)
|
|
(930
|
)
|
|
(124
|
)
|
|
845
|
|
|
(16,900
|
)
|
|||||
Interest income
|
—
|
|
|
1,337
|
|
|
2,381
|
|
|
(844
|
)
|
|
2,874
|
|
|||||
Other income
|
—
|
|
|
2,136
|
|
|
42,012
|
|
|
—
|
|
|
44,148
|
|
|||||
Income (loss) before income taxes
|
(33,072
|
)
|
|
(29,508
|
)
|
|
245,284
|
|
|
487
|
|
|
183,191
|
|
|||||
Income tax (expense) benefit
|
9,832
|
|
|
(10,714
|
)
|
|
(20,953
|
)
|
|
—
|
|
|
(21,835
|
)
|
|||||
Income in subsidiaries
|
184,595
|
|
|
224,332
|
|
|
—
|
|
|
(408,927
|
)
|
|
—
|
|
|||||
Net income
|
$
|
161,355
|
|
|
$
|
184,110
|
|
|
$
|
224,331
|
|
|
$
|
(408,440
|
)
|
|
$
|
161,356
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
162,171
|
|
|
$
|
184,015
|
|
|
$
|
225,389
|
|
|
$
|
(409,404
|
)
|
|
$
|
162,171
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Three Months Ended December 29, 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
271,671
|
|
|
$
|
762,484
|
|
|
$
|
(201,825
|
)
|
|
$
|
832,330
|
|
Cost of goods sold
|
—
|
|
|
225,156
|
|
|
447,084
|
|
|
(178,273
|
)
|
|
493,967
|
|
|||||
Gross profit
|
—
|
|
|
46,515
|
|
|
315,400
|
|
|
(23,552
|
)
|
|
338,363
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
8,122
|
|
|
10,218
|
|
|
94,114
|
|
|
(2,469
|
)
|
|
109,985
|
|
|||||
Selling, general and administrative
|
10,327
|
|
|
53,131
|
|
|
82,581
|
|
|
(20,435
|
)
|
|
125,604
|
|
|||||
Other operating expense
|
173
|
|
|
21,477
|
|
|
499
|
|
|
(532
|
)
|
|
21,617
|
|
|||||
Total operating expenses
|
18,622
|
|
|
84,826
|
|
|
177,194
|
|
|
(23,436
|
)
|
|
257,206
|
|
|||||
Income (loss) from operations
|
(18,622
|
)
|
|
(38,311
|
)
|
|
138,206
|
|
|
(116
|
)
|
|
81,157
|
|
|||||
Interest expense
|
(9,235
|
)
|
|
(516
|
)
|
|
(206
|
)
|
|
395
|
|
|
(9,562
|
)
|
|||||
Interest income
|
—
|
|
|
269
|
|
|
2,941
|
|
|
(396
|
)
|
|
2,814
|
|
|||||
Other (expense) income
|
(1,852
|
)
|
|
(2,566
|
)
|
|
898
|
|
|
—
|
|
|
(3,520
|
)
|
|||||
Income (loss) before income taxes
|
(29,709
|
)
|
|
(41,124
|
)
|
|
141,839
|
|
|
(117
|
)
|
|
70,889
|
|
|||||
Income tax (expense) benefit
|
6,147
|
|
|
(23,051
|
)
|
|
15,532
|
|
|
—
|
|
|
(1,372
|
)
|
|||||
Income in subsidiaries
|
93,079
|
|
|
157,371
|
|
|
—
|
|
|
(250,450
|
)
|
|
—
|
|
|||||
Net income
|
$
|
69,517
|
|
|
$
|
93,196
|
|
|
$
|
157,371
|
|
|
$
|
(250,567
|
)
|
|
$
|
69,517
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
68,455
|
|
|
$
|
92,520
|
|
|
$
|
156,974
|
|
|
$
|
(249,494
|
)
|
|
$
|
68,455
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Nine Months Ended December 28, 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
718,365
|
|
|
$
|
2,263,778
|
|
|
$
|
(530,774
|
)
|
|
$
|
2,451,369
|
|
Cost of goods sold
|
—
|
|
|
656,503
|
|
|
1,270,889
|
|
|
(462,005
|
)
|
|
1,465,387
|
|
|||||
Gross profit
|
—
|
|
|
61,862
|
|
|
992,889
|
|
|
(68,769
|
)
|
|
985,982
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
23,080
|
|
|
22,963
|
|
|
315,937
|
|
|
(4,595
|
)
|
|
357,385
|
|
|||||
Selling, general and administrative
|
39,085
|
|
|
136,132
|
|
|
147,636
|
|
|
(64,395
|
)
|
|
258,458
|
|
|||||
Other operating expense
|
45
|
|
|
26,485
|
|
|
22,879
|
|
|
(332
|
)
|
|
49,077
|
|
|||||
Total operating expenses
|
62,210
|
|
|
185,580
|
|
|
486,452
|
|
|
(69,322
|
)
|
|
664,920
|
|
|||||
Income (loss) from operations
|
(62,210
|
)
|
|
(123,718
|
)
|
|
506,437
|
|
|
553
|
|
|
321,062
|
|
|||||
Interest expense
|
(40,776
|
)
|
|
(1,999
|
)
|
|
(402
|
)
|
|
1,720
|
|
|
(41,457
|
)
|
|||||
Interest income
|
—
|
|
|
2,743
|
|
|
7,088
|
|
|
(1,719
|
)
|
|
8,112
|
|
|||||
Other income
|
—
|
|
|
2,029
|
|
|
40,708
|
|
|
—
|
|
|
42,737
|
|
|||||
Income (loss) before income taxes
|
(102,986
|
)
|
|
(120,945
|
)
|
|
553,831
|
|
|
554
|
|
|
330,454
|
|
|||||
Income tax (expense) benefit
|
24,997
|
|
|
(12,157
|
)
|
|
(59,359
|
)
|
|
—
|
|
|
(46,519
|
)
|
|||||
Income in subsidiaries
|
361,923
|
|
|
494,472
|
|
|
—
|
|
|
(856,395
|
)
|
|
—
|
|
|||||
Net income
|
$
|
283,934
|
|
|
$
|
361,370
|
|
|
$
|
494,472
|
|
|
$
|
(855,841
|
)
|
|
$
|
283,935
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
283,716
|
|
|
$
|
361,370
|
|
|
$
|
494,222
|
|
|
$
|
(855,592
|
)
|
|
$
|
283,716
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Nine Months Ended December 29, 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
740,241
|
|
|
$
|
2,214,289
|
|
|
$
|
(545,087
|
)
|
|
$
|
2,409,443
|
|
Cost of goods sold
|
—
|
|
|
622,688
|
|
|
1,333,037
|
|
|
(474,892
|
)
|
|
1,480,833
|
|
|||||
Gross profit
|
—
|
|
|
117,553
|
|
|
881,252
|
|
|
(70,195
|
)
|
|
928,610
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
21,433
|
|
|
20,837
|
|
|
300,233
|
|
|
(4,867
|
)
|
|
337,636
|
|
|||||
Selling, general and administrative
|
36,998
|
|
|
170,011
|
|
|
260,359
|
|
|
(66,327
|
)
|
|
401,041
|
|
|||||
Other operating expense
|
442
|
|
|
27,225
|
|
|
10,011
|
|
|
(164
|
)
|
|
37,514
|
|
|||||
Total operating expenses
|
58,873
|
|
|
218,073
|
|
|
570,603
|
|
|
(71,358
|
)
|
|
776,191
|
|
|||||
Income (loss) from operations
|
(58,873
|
)
|
|
(100,520
|
)
|
|
310,649
|
|
|
1,163
|
|
|
152,419
|
|
|||||
Interest expense
|
(32,677
|
)
|
|
(1,575
|
)
|
|
(527
|
)
|
|
1,175
|
|
|
(33,604
|
)
|
|||||
Interest income
|
—
|
|
|
3,152
|
|
|
5,811
|
|
|
(1,175
|
)
|
|
7,788
|
|
|||||
Other (expense) income
|
(84,004
|
)
|
|
(1,440
|
)
|
|
437
|
|
|
—
|
|
|
(85,007
|
)
|
|||||
Income (loss) before income taxes
|
(175,554
|
)
|
|
(100,383
|
)
|
|
316,370
|
|
|
1,163
|
|
|
41,596
|
|
|||||
Income tax benefit (expense)
|
43,521
|
|
|
(26,717
|
)
|
|
13,208
|
|
|
—
|
|
|
30,012
|
|
|||||
Income in subsidiaries
|
203,641
|
|
|
329,578
|
|
|
—
|
|
|
(533,219
|
)
|
|
—
|
|
|||||
Net income
|
$
|
71,608
|
|
|
$
|
202,478
|
|
|
$
|
329,578
|
|
|
$
|
(532,056
|
)
|
|
$
|
71,608
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comprehensive income
|
$
|
68,290
|
|
|
$
|
201,891
|
|
|
$
|
326,701
|
|
|
$
|
(528,592
|
)
|
|
$
|
68,290
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Nine Months Ended December 28, 2019
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(279,501
|
)
|
|
$
|
322,496
|
|
|
$
|
688,256
|
|
|
$
|
—
|
|
|
$
|
731,251
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment
|
—
|
|
|
(102,781
|
)
|
|
(26,223
|
)
|
|
—
|
|
|
(129,004
|
)
|
|||||
Purchase of businesses, net of cash acquired
|
—
|
|
|
—
|
|
|
(494,783
|
)
|
|
—
|
|
|
(494,783
|
)
|
|||||
Proceeds from sale of available-for-sale debt securities
|
—
|
|
|
1,950
|
|
|
—
|
|
|
—
|
|
|
1,950
|
|
|||||
Other investing activities
|
—
|
|
|
(1,772
|
)
|
|
509
|
|
|
—
|
|
|
(1,263
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
28,086
|
|
|
—
|
|
|
(28,086
|
)
|
|
—
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(74,517
|
)
|
|
(520,497
|
)
|
|
(28,086
|
)
|
|
(623,100
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from borrowings and debt issuances
|
659,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
659,000
|
|
|||||
Repurchase of common stock, including transaction costs
|
(390,117
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(390,117
|
)
|
|||||
Proceeds from the issuance of common stock
|
37,530
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,530
|
|
|||||
Tax withholding paid on behalf of employees for restricted stock units
|
(21,013
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,013
|
)
|
|||||
Other financing activities
|
(5,899
|
)
|
|
—
|
|
|
(353
|
)
|
|
—
|
|
|
(6,252
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
41,001
|
|
|
(69,087
|
)
|
|
28,086
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
279,501
|
|
|
41,001
|
|
|
(69,440
|
)
|
|
28,086
|
|
|
279,148
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(501
|
)
|
|
—
|
|
|
(501
|
)
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
—
|
|
|
288,980
|
|
|
97,818
|
|
|
—
|
|
|
386,798
|
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
—
|
|
|
231,865
|
|
|
479,517
|
|
|
—
|
|
|
711,382
|
|
|||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
—
|
|
|
$
|
520,845
|
|
|
$
|
577,335
|
|
|
$
|
—
|
|
|
$
|
1,098,180
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Nine Months Ended December 29, 2018
|
||||||||||||||||||
(in thousands)
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Reclassifications
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
691,479
|
|
|
$
|
(688,262
|
)
|
|
$
|
619,802
|
|
|
$
|
—
|
|
|
$
|
623,019
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of property and equipment
|
—
|
|
|
(155,006
|
)
|
|
(30,621
|
)
|
|
—
|
|
|
(185,627
|
)
|
|||||
Purchase of available-for-sale debt securities
|
—
|
|
|
(132,729
|
)
|
|
—
|
|
|
—
|
|
|
(132,729
|
)
|
|||||
Proceeds from sales and maturities of available-for-sale debt securities
|
—
|
|
|
133,132
|
|
|
—
|
|
|
—
|
|
|
133,132
|
|
|||||
Other investing activities
|
—
|
|
|
(3,829
|
)
|
|
(16,409
|
)
|
|
—
|
|
|
(20,238
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
260,047
|
|
|
—
|
|
|
(260,047
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
—
|
|
|
101,615
|
|
|
(47,030
|
)
|
|
(260,047
|
)
|
|
(205,462
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase of debt
|
(977,498
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(977,498
|
)
|
|||||
Proceeds from debt issuances
|
631,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
631,300
|
|
|||||
Repurchase of common stock, including transaction costs
|
(338,675
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(338,675
|
)
|
|||||
Proceeds from the issuance of common stock
|
25,452
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,452
|
|
|||||
Tax withholding paid on behalf of employees for restricted stock units
|
(24,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,595
|
)
|
|||||
Other financing activities
|
(7,463
|
)
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
(7,510
|
)
|
|||||
Net transactions with related parties
|
—
|
|
|
1,028
|
|
|
(261,075
|
)
|
|
260,047
|
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
(691,479
|
)
|
|
1,028
|
|
|
(261,122
|
)
|
|
260,047
|
|
|
(691,526
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(2,369
|
)
|
|
—
|
|
|
(2,369
|
)
|
|||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
—
|
|
|
(585,619
|
)
|
|
309,281
|
|
|
—
|
|
|
(276,338
|
)
|
|||||
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
|
$
|
—
|
|
|
$
|
43,695
|
|
|
$
|
606,369
|
|
|
$
|
—
|
|
|
$
|
650,064
|
|
•
|
Mobile Products (MP) - MP is a global supplier of cellular RF and Wi-Fi solutions for a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT.
|
•
|
Infrastructure and Defense Products (IDP) - IDP is a global supplier of RF, system-on-a-chip and power management solutions for cellular base station, smart home, IoT, defense and automotive applications.
|
•
|
Quarterly revenue increased 4.4% as compared to the third quarter of fiscal 2019, primarily due to higher demand for our mobile products in support of customers based in China and higher demand from a Korea-based customer, partially offset by lower demand from our largest end customer as well as lower demand for our base station products as a result of trade restrictions.
|
•
|
Gross margin for the third quarter of fiscal 2020 was 42.4% as compared to 40.7% for the third quarter of fiscal 2019, primarily due to gross margin improvements related to lower intangible amortization expense and favorable changes in product mix, partially offset by average selling price erosion and lower factory utilization.
|
•
|
Operating income was $153.1 million for the third quarter of fiscal 2020 as compared to $81.2 million for the third quarter of fiscal 2019. This increase was primarily due to lower operating expenses, higher revenue and higher gross margin.
|
•
|
Capital expenditures decreased to $40.7 million for the third quarter of fiscal 2020 as compared to $72.0 million for the third quarter of fiscal 2019. Our capital expenditures in the third quarter of fiscal 2020 included strategic investments in premium filter capacity and gallium nitride ("GaN") technology capabilities.
|
•
|
During the third quarter of fiscal 2020, we repurchased approximately 1.3 million shares of our common stock for approximately $125.0 million.
|
•
|
During the third quarter of fiscal 2020, we completed the acquisition of the remaining issued and outstanding capital of Cavendish for a total purchase price of $305.9 million. On the October 4, 2019 acquisition date, our previously held equity interest was remeasured, which resulted in the recognition of a gain of $43.0 million.
|
•
|
During the third quarter of fiscal 2020, we issued $550.0 million aggregate principal amount of 4.375% senior notes due 2029 (the "2029 Notes").
|
|
Three Months Ended
|
|||||||||||||||||||
|
December 28,
2019 |
|
% of
Revenue
|
|
December 29,
2018 |
|
% of
Revenue
|
|
Increase (Decrease)
|
|
Percentage
Change
|
|||||||||
Revenue
|
$
|
869,073
|
|
|
100.0
|
%
|
|
$
|
832,330
|
|
|
100.0
|
%
|
|
$
|
36,743
|
|
|
4.4
|
%
|
Cost of goods sold
|
500,962
|
|
|
57.6
|
|
|
493,967
|
|
|
59.3
|
|
|
6,995
|
|
|
1.4
|
|
|||
Gross profit
|
368,111
|
|
|
42.4
|
|
|
338,363
|
|
|
40.7
|
|
|
29,748
|
|
|
8.8
|
|
|||
Research and development
|
122,851
|
|
|
14.1
|
|
|
109,985
|
|
|
13.2
|
|
|
12,866
|
|
|
11.7
|
|
|||
Selling, general and administrative
|
81,205
|
|
|
9.4
|
|
|
125,604
|
|
|
15.1
|
|
|
(44,399
|
)
|
|
(35.3
|
)
|
|||
Other operating expense
|
10,986
|
|
|
1.3
|
|
|
21,617
|
|
|
2.6
|
|
|
(10,631
|
)
|
|
(49.2
|
)
|
|||
Operating income
|
$
|
153,069
|
|
|
17.6
|
%
|
|
$
|
81,157
|
|
|
9.8
|
%
|
|
$
|
71,912
|
|
|
88.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Nine Months Ended
|
|||||||||||||||||||
|
December 28, 2019
|
|
% of Revenue
|
|
December 29, 2018
|
|
% of Revenue
|
|
Increase (Decrease)
|
|
Percentage Change
|
|||||||||
Revenue
|
$
|
2,451,369
|
|
|
100.0
|
%
|
|
$
|
2,409,443
|
|
|
100.0
|
%
|
|
$
|
41,926
|
|
|
1.7
|
%
|
Cost of goods sold
|
1,465,387
|
|
|
59.8
|
|
|
1,480,833
|
|
|
61.5
|
|
|
(15,446
|
)
|
|
(1.0
|
)
|
|||
Gross profit
|
985,982
|
|
|
40.2
|
|
|
928,610
|
|
|
38.5
|
|
|
57,372
|
|
|
6.2
|
|
|||
Research and development
|
357,385
|
|
|
14.6
|
|
|
337,636
|
|
|
14.0
|
|
|
19,749
|
|
|
5.8
|
|
|||
Selling, general and administrative
|
258,458
|
|
|
10.5
|
|
|
401,041
|
|
|
16.6
|
|
|
(142,583
|
)
|
|
(35.6
|
)
|
|||
Other operating expense
|
49,077
|
|
|
2.0
|
|
|
37,514
|
|
|
1.6
|
|
|
11,563
|
|
|
30.8
|
|
|||
Operating income
|
$
|
321,062
|
|
|
13.1
|
%
|
|
$
|
152,419
|
|
|
6.3
|
%
|
|
$
|
168,643
|
|
|
110.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|||||||||||||
(In thousands, except percentages)
|
|
December 28,
2019 |
|
December 29,
2018 |
|
Increase
|
|
Percentage
Change
|
|||||||
Revenue
|
|
$
|
662,109
|
|
|
$
|
602,312
|
|
|
$
|
59,797
|
|
|
9.9
|
%
|
Operating income
|
|
219,778
|
|
|
180,394
|
|
|
39,384
|
|
|
21.8
|
|
|||
Operating income as a % of revenue
|
|
33.2
|
%
|
|
30.0
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Nine Months Ended
|
|||||||||||||
(In thousands, except percentages)
|
|
December 28,
2019 |
|
December 29,
2018 |
|
Increase
|
|
Percentage
Change
|
|||||||
Revenue
|
|
$
|
1,841,468
|
|
|
$
|
1,754,930
|
|
|
$
|
86,538
|
|
|
4.9
|
%
|
Operating income
|
|
553,144
|
|
|
466,513
|
|
|
86,631
|
|
|
18.6
|
|
|||
Operating income as a % of revenue
|
|
30.0
|
%
|
|
26.6
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|||||||||||||
(In thousands, except percentages)
|
|
December 28,
2019 |
|
December 29,
2018 |
|
Decrease
|
|
Percentage
Change
|
|||||||
Revenue
|
|
$
|
206,964
|
|
|
$
|
230,018
|
|
|
$
|
(23,054
|
)
|
|
(10.0
|
)%
|
Operating income
|
|
32,628
|
|
|
80,861
|
|
|
(48,233
|
)
|
|
(59.6
|
)
|
|||
Operating income as a % of revenue
|
|
15.8
|
%
|
|
35.2
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Nine Months Ended
|
|||||||||||||
(In thousands, except percentages)
|
|
December 28,
2019 |
|
December 29,
2018 |
|
Decrease
|
|
Percentage
Change |
|||||||
Revenue
|
|
$
|
609,901
|
|
|
$
|
654,513
|
|
|
$
|
(44,612
|
)
|
|
(6.8
|
)%
|
Operating income
|
|
97,721
|
|
|
192,376
|
|
|
(94,655
|
)
|
|
(49.2
|
)
|
|||
Operating income as a % of revenue
|
|
16.0
|
%
|
|
29.4
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
|
December 28,
2019 |
|
December 29,
2018 |
|
December 28,
2019 |
|
December 29,
2018 |
||||||||
Interest expense
|
|
$
|
(16,900
|
)
|
|
$
|
(9,562
|
)
|
|
$
|
(41,457
|
)
|
|
$
|
(33,604
|
)
|
Interest income
|
|
2,874
|
|
|
2,814
|
|
|
8,112
|
|
|
7,788
|
|
||||
Other income (expense)
|
|
44,148
|
|
|
(3,520
|
)
|
|
42,737
|
|
|
(85,007
|
)
|
||||
Income tax (expense) benefit
|
|
(21,835
|
)
|
|
(1,372
|
)
|
|
(46,519
|
)
|
|
30,012
|
|
Period
|
|
Total number of shares purchased (in thousands)
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs (in thousands)
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs
|
||||
September 29, 2019 to October 26, 2019
|
|
167
|
|
|
$
|
75.91
|
|
|
167
|
|
|
$120.2 million
|
October 27, 2019 to November 23, 2019
|
|
486
|
|
|
$
|
100.49
|
|
|
486
|
|
|
$954.3 million
|
November 24, 2019 to December 28, 2019
|
|
606
|
|
|
$
|
104.81
|
|
|
606
|
|
|
$890.9 million
|
Total
|
|
1,259
|
|
|
$
|
99.30
|
|
|
1,259
|
|
|
$890.9 million
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following materials from our Quarterly Report on Form 10-Q for the quarter ended December 28, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of December 28, 2019 and March 30, 2019; (ii) the Condensed Consolidated Statements of Income for the three and nine months ended December 28, 2019 and December 29, 2018; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended December 28, 2019 and December 29, 2018; (iv) the Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended December 28, 2019 and December 29, 2018; (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended December 28, 2019 and December 29, 2018; and (vi) the Notes to Condensed Consolidated Financial Statements
|
|
|
|
104
|
|
The cover page from our Quarterly Report on Form 10-Q for the quarter ended December 28, 2019, formatted in iXBRL
|
|
|
|
Qorvo, Inc.
|
|
|
|
|
Date:
|
January 30, 2020
|
|
/s/ Mark J. Murphy
|
|
|
|
Mark J. Murphy
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Bruggeworth
|
QORVO, INC.
|
||
|
|
|
By:
|
|
/s/ Robert A. Bruggeworth
|
|
|
Robert A. Bruggeworth
|
|
|
Chief Executive Officer
|
|
|
|
/s/ ROBERT A. BRUGGEWORTH
|
|
Robert A. Bruggeworth
|
|
President and Chief Executive Officer
|
|
|
|
/s/ MARK J. MURPHY
|
|
Mark J. Murphy
|
|
Chief Financial Officer
|
(1)
|
the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended December 28, 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
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ ROBERT A. BRUGGEWORTH
|
|
|
Robert A. Bruggeworth
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
January 30, 2020
|
|
(1)
|
the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended December 28, 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
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ MARK J. MURPHY
|
|
|
Mark J. Murphy
|
|
|
Chief Financial Officer
|
|
|
|
|
|
January 30, 2020
|
|