CONDENSED CONSOLIDATING FINANCIAL INFORMATION

In accordance with the Indentures governing the Notes, the Company's obligations under the Notes are fully and unconditionally guaranteed on a joint and several basis by each Guarantor, each of which is 100% owned, directly or indirectly, by Qorvo, Inc. ("Parent Company"). A Guarantor can be released in certain customary circumstances.

The following presents the condensed consolidating financial information separately for:


(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.

Each entity in the condensed consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent Company and guarantor subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive (loss) income, and cash flows, had the Parent Company, guarantor or non-guarantor subsidiaries operated as independent entities.



	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