Qorvo has announced their financial results for Q4 2016 which ending, April 2, 2016. On a GAAP basis, March quarterly revenue was $608.1 million with a gross margin of 41.8%, operating income was $8.5 million, and net loss of $24.2 million, or a loss of $0.18 per share based on 132.7 million shares outstanding.
On a non-GAAP basis, March quarterly revenue declined 2% to $607.1 million, and gross margin increased 210 basis points sequentially to 50%. Operating expenses were $142.9 million, reflecting reduced variable compensation expense. Operating income was $160.6 million, or 26.4% of sales, and net income was $142.6 million, or $1.04 per diluted share based on 137.5 million shares outstanding. Cash flow from operations was $160.5 million, with free cash flow of $76.1 million.
Quarterly Financial Highlights
- On a GAAP basis, quarterly revenue totaled $608.1 million, gross margin was 41.8%, operating income was $8.5 million, and loss per share was $0.18
- On a Non-GAAP basis, revenue was $607.1 million, gross margin was 50.0%, operating income was $160.6 million, and diluted EPS was $1.04
- Cash flow from operations was $160.5 million, with free cash flow of $76.1 million
- Qorvo repurchased approximately 10.0 million shares of common stock
Strategic Highlights
- Acquired GreenPeak Technologies, a recognized leader in ultra-low power, short-range RF solutions, to expand Qorvo's presence in the rapidly growing market for Internet of Things
- Supported production ramp of recently launched premium-tier smartphone with high-band PAD, low-band PAD, an ASM, and additional high-performance RF solutions
- Secured multiple design wins with leading China-based smartphone manufacturer, supporting upcoming premium-tier marquee smartphone platform, with high-band RF Fusion, mid-band RF Fusion, low-band RF Fusion, an ET PMIC, multiple switches, and multiple antenna control solutions
- Delivered high volume shipments of BAW-based multiplexers enabling carrier aggregation in 4G LTE devices in support of China-based performance-tier smartphone market
- Expanded product portfolio and achieved multiple design wins across antenna control solutions, aperture tuners, impedance tuners, low noise amplifiers, and discrete switches
- Enjoyed robust design win activity in mobile Wi-Fi with industry-leading RF Fusion integrated front end modules (iFEMs) and captured multiple Wi-Fi design wins for automotive applications
- Secured reference design on Quantenna's QSR10G Wi-Fi solution, which enables the industry's first 10G Wave 3 solution through True 8x8™ MIMO configuration for 5GHz networks with a 4x4 MIMO configuration on 2.4GHz networks
- Grew over 25% sequentially in wireless infrastructure, indicating continued recovery in base station market
- Expanded GaN product portfolio and captured large international design wins for products in defense and base station applications
