QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
þ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | |||||
Item 1. Financial Statements (Unaudited). | |||||
Condensed Consolidated Statements of Comprehensive Income | |||||
December 31, 2022 | April 2, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance of $405 and $402 as of December 31, 2022 and April 2, 2022, respectively | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Other receivables | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation of $1,846,373 and $1,734,608 as of December 31, 2022 and April 2, 2022, respectively | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Long-term investments | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities (Note 8) | |||||||||||
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; 100,021 and 106,303 shares issued and outstanding at December 31, 2022 and April 2, 2022, respectively | |||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Other operating expense | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | |||||||||||||||||||||||
(Loss) income before income taxes | ( | ||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Net (loss) income per share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
Weighted average shares of common stock outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustments, net of tax: | |||||||||||||||||||||||
Foreign currency gain realized upon liquidation of subsidiary | ( | ( | |||||||||||||||||||||
Amortization of pension actuarial loss | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Accumulated Other Comprehensive (Loss) Income | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Three Months Ended | Shares | Amount | Total | ||||||||||||||||||||||||||
Balance, October 1, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Net loss | — | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income | — | ||||||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | ( | ( | |||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock purchase plan | |||||||||||||||||||||||||||||
Repurchase of common stock, including transaction costs | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Balance, October 2, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ( | ||||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | ( | ( | |||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock purchase plan | |||||||||||||||||||||||||||||
Repurchase of common stock, including transaction costs | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | $ | $ | $ |
Accumulated Other Comprehensive (Loss) Income | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Nine Months Ended | Shares | Amount | Total | ||||||||||||||||||||||||||
Balance, April 2, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ( | ||||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | ( | ( | |||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock purchase plan | |||||||||||||||||||||||||||||
Repurchase of common stock, including transaction costs | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Balance, April 3, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ( | ||||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes | ( | ( | |||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock purchase plan | |||||||||||||||||||||||||||||
Repurchase of common stock, including transaction costs | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
December 31, 2022 | January 1, 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Intangible assets amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Other, net | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable and accrued liabilities | ( | ||||||||||
Income taxes payable and receivable | ( | ( | |||||||||
Other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Purchase of businesses, net of cash acquired | ( | ( | |||||||||
Other investing activities | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payment of debt | ( | ||||||||||
Proceeds from debt issuances | |||||||||||
Repurchase of common stock, including transaction costs | ( | ( | |||||||||
Proceeds from the issuance of common stock | |||||||||||
Tax withholding paid on behalf of employees for restricted stock units | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | |||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in "Other current assets" and "Other non-current assets" | |||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Capital expenditures included in liabilities | $ | $ |
December 31, 2022 | April 2, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ |
HPA | CSG | ACG | Total | ||||||||||||||||||||
Balance as of April 2, 2022 (1) | $ | $ | $ | $ | |||||||||||||||||||
NextInput measurement period adjustments | |||||||||||||||||||||||
United SiC measurement period adjustments | ( | ( | |||||||||||||||||||||
Effect of changes in foreign currency exchange rates | ( | ( | |||||||||||||||||||||
Balance as of December 31, 2022 (1) | $ | $ | $ | $ |
December 31, 2022 | April 2, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Developed technology | $ | $ | $ | $ | |||||||||||||||||||
Customer relationships | |||||||||||||||||||||||
Technology licenses | |||||||||||||||||||||||
Trade names | |||||||||||||||||||||||
In-process research and development | N/A | N/A | |||||||||||||||||||||
Total (1) | $ | $ | $ | $ |
Total | Quoted Prices In Active Markets For Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Marketable equity securities | $ | $ | $ | $ | |||||||||||||||||||
Invested funds in deferred compensation plan (1) | |||||||||||||||||||||||
Contingent earn-out liability (2) | ( | ( | |||||||||||||||||||||
April 2, 2022 | |||||||||||||||||||||||
Marketable equity securities | $ | $ | $ | $ | |||||||||||||||||||
Invested funds in deferred compensation plan (1) | |||||||||||||||||||||||
Contingent earn-out liability (2) | ( | ( |
December 31, 2022 | April 2, 2022 | ||||||||||
1.750% senior notes due 2024 | $ | $ | |||||||||
4.375% senior notes due 2029 | |||||||||||
3.375% senior notes due 2031 | |||||||||||
Finance leases and other | |||||||||||
Unamortized premium, discount and issuance costs, net | ( | ( | |||||||||
Less current portion of long-term debt | ( | ( | |||||||||
Total long-term debt | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
China | |||||||||||||||||||||||
Other Asia | |||||||||||||||||||||||
Taiwan | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Three Months Ended December 31, 2022 | Nine Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Cost of Goods Sold | Other Operating Expense | Total | Cost of Goods Sold | Other Operating Expense | Total | ||||||||||||||||||||||||||||||
Contract termination and other costs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Asset impairment costs (1) | |||||||||||||||||||||||||||||||||||
One-time employee termination benefits (2) | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
One-Time Employee Termination Benefits | Contract Termination and Other Costs | Total | |||||||||||||||
Accrued restructuring balance as of April 2, 2022 | $ | $ | $ | ||||||||||||||
Costs incurred and charged to expense | |||||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||
Accrued restructuring balance as of December 31, 2022 | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
HPA | $ | $ | $ | $ | |||||||||||||||||||
CSG | |||||||||||||||||||||||
ACG | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
HPA | $ | $ | $ | $ | |||||||||||||||||||
CSG | ( | ( | |||||||||||||||||||||
ACG | |||||||||||||||||||||||
All other | ( | ( | ( | ( | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | |||||||||||||||||||||||
(Loss) income before income taxes | $ | ( | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Reconciliation of "All other" category: | |||||||||||||||||||||||
Stock-based compensation expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Amortization of intangible assets | ( | ( | ( | ( | |||||||||||||||||||
Restructuring related charges (1) | ( | ( | |||||||||||||||||||||
Acquisition and integration related costs | ( | ( | ( | ( | |||||||||||||||||||
Charges associated with a long-term capacity reservation agreement (2) | ( | ||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||
Loss from operations for "All other" | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Numerator for basic and diluted net (loss) income per share — net (loss) income available to common stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic net (loss) income per share — weighted average shares | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock-based awards | |||||||||||||||||||||||
Denominator for diluted net (loss) income per share — adjusted weighted average shares and assumed conversions | |||||||||||||||||||||||
Basic net (loss) income per share | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted net (loss) income per share | $ | ( | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2022 | % of Revenue | January 1, 2022 | % of Revenue | Increase (Decrease) | Percentage Change | ||||||||||||||||||||||||||||||
Revenue | $ | 100.0 | % | $ | 100.0 | % | $ | (370,676) | (33.3) | % | |||||||||||||||||||||||||
Cost of goods sold | 63.9 | 50.8 | (90,634) | (16.0) | |||||||||||||||||||||||||||||||
Gross profit | 268,051 | 36.1 | 548,093 | 49.2 | (280,042) | (51.1) | |||||||||||||||||||||||||||||
Research and development | 20.1 | 13.9 | (4,963) | (3.2) | |||||||||||||||||||||||||||||||
Selling, general and administrative | 10.3 | 7.3 | (5,734) | (7.0) | |||||||||||||||||||||||||||||||
Other operating expense | 4.5 | 1.4 | 17,936 | 114.6 | |||||||||||||||||||||||||||||||
Operating income | $ | 8,729 | 1.2 | % | $ | 296,010 | 26.6 | % | $ | (287,281) | (97.1) | % | |||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2022 | % of Revenue | January 1, 2022 | % of Revenue | Increase (Decrease) | Percentage Change | ||||||||||||||||||||||||||||||
Revenue | $ | 100.0 | % | $ | 100.0 | % | $ | (542,860) | (15.6) | % | |||||||||||||||||||||||||
Cost of goods sold | 59.7 | 50.7 | (9,259) | (0.5) | |||||||||||||||||||||||||||||||
Gross profit | 1,182,228 | 40.3 | 1,715,829 | 49.3 | (533,601) | (31.1) | |||||||||||||||||||||||||||||
Research and development | 16.6 | 13.4 | 21,313 | 4.6 | |||||||||||||||||||||||||||||||
Selling, general and administrative | 9.4 | 7.6 | 10,045 | 3.8 | |||||||||||||||||||||||||||||||
Other operating expense | 1.6 | 0.8 | 18,363 | 61.9 | |||||||||||||||||||||||||||||||
Operating income | $ | 372,150 | 12.7 | % | $ | 955,472 | 27.5 | % | $ | (583,322) | (61.1) | % |
Three Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Decrease | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | (26,865) | (14.8) | % | ||||||||||||||||||||
Operating income | (27,115) | (47.6) | ||||||||||||||||||||||||
Operating income as a % of revenue | 19.2 | % | 31.3 | % | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Increase | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | 97,252 | 19.6 | % | ||||||||||||||||||||
Operating income | 40,149 | 28.5 | ||||||||||||||||||||||||
Operating income as a % of revenue | 30.5 | % | 28.4 | % |
Three Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Decrease | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | (60,768) | (38.6) | % | ||||||||||||||||||||
Operating (loss) income | ( | (52,254) | (247.5) | |||||||||||||||||||||||
Operating (loss) income as a % of revenue | (32.2) | % | 13.4 | % | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Decrease | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | (132,736) | (25.3) | % | ||||||||||||||||||||
Operating (loss) income | ( | (107,213) | (138.7) | |||||||||||||||||||||||
Operating (loss) income as a % of revenue | (7.6) | % | 14.7 | % |
Three Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Decrease | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | (283,043) | (36.5) | % | ||||||||||||||||||||
Operating income | (194,086) | (66.0) | ||||||||||||||||||||||||
Operating income as a % of revenue | 20.3 | % | 38.0 | % | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||
(In thousands, except percentages) | December 31, 2022 | January 1, 2022 | Decrease | Percentage Change | ||||||||||||||||||||||
Revenue | $ | $ | $ | (507,376) | (20.6) | % | ||||||||||||||||||||
Operating income | (386,776) | (40.4) | ||||||||||||||||||||||||
Operating income as a % of revenue | 29.2 | % | 38.9 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | |||||||||||||||||||
Interest expense | $ | (17,066) | $ | (15,328) | $ | (51,222) | $ | (45,934) | |||||||||||||||
Other income, net | 5,562 | 2,532 | 2,714 | 24,077 | |||||||||||||||||||
Income tax expense | (13,156) | (66,951) | (82,074) | (112,537) |
Summarized Balance Sheets (in thousands) | December 31, 2022 | April 2, 2022 | |||||||||
ASSETS | |||||||||||
Current assets (1) | $ | 910,455 | $ | 771,528 | |||||||
Non-current assets | $ | 2,495,346 | $ | 2,624,454 | |||||||
LIABILITIES | |||||||||||
Current liabilities | $ | 216,933 | $ | 241,674 | |||||||
Long-term liabilities (2) | $ | 2,711,093 | $ | 2,634,501 |
Summarized Statement of Operations | Nine Months Ended | |||||||
(in thousands) | December 31, 2022 | |||||||
Revenue | $ | 705,253 | ||||||
Gross profit | $ | 11,800 | ||||||
Net loss | $ | (211,944) |
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 (in millions) | ||||||||||||||||||||||
October 2, 2022 to October 29, 2022 | 686 | $ | 81.36 | 686 | $ | 295.9 | ||||||||||||||||||||
October 30, 2022 to November 26, 2022 | 780 | 92.90 | 780 | 1,928.3 | ||||||||||||||||||||||
November 27, 2022 to December 31, 2022 | 765 | 95.86 | 765 | 1,855.0 | ||||||||||||||||||||||
Total | 2,231 | $ | 90.37 | 2,231 | $ | 1,855.0 |
3.1 | |||||
22 | |||||
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 31, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Stockholders' Equity; (v) the Condensed Consolidated Statements of Cash Flows; 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 31, 2022, formatted in iXBRL |
Qorvo, Inc. | |||||||||||
Date: | February 2, 2023 | /s/ Grant A. Brown | |||||||||
Grant A. Brown | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
Entity | Jurisdiction of Incorporation or Organization | ||||
Amalfi Semiconductor, Inc. | Delaware | ||||
RFMD, LLC | North Carolina | ||||
Qorvo California, Inc. | California | ||||
Qorvo US, Inc. | Delaware | ||||
Qorvo Texas, LLC | Texas | ||||
Qorvo Oregon, Inc. | Oregon |
/s/ ROBERT A. BRUGGEWORTH | |||||
Robert A. Bruggeworth | |||||
President and Chief Executive Officer |
/s/ GRANT A. BROWN | |||||
Grant A. Brown | |||||
Senior Vice President and Chief Financial Officer |
/s/ ROBERT A. BRUGGEWORTH | ||||||||
Robert A. Bruggeworth | ||||||||
President and Chief Executive Officer | ||||||||
February 2, 2023 |
/s/ GRANT A. BROWN | ||||||||
Grant A. Brown | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
February 2, 2023 |
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Apr. 02, 2022 |
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Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 405 | $ 402 |
Property and equipment, accumulated depreciation | $ 1,846,373 | $ 1,734,608 |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 405,000,000 | 405,000,000 |
Common stock, shares issued | 100,021,000 | 106,303,000 |
Common stock, shares outstanding | 100,021,000 | 106,303,000 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
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Income Statement [Abstract] | ||||
Revenues | $ 743,281 | $ 1,113,957 | $ 2,936,696 | $ 3,479,556 |
Cost of goods sold | 475,230 | 565,864 | 1,754,468 | 1,763,727 |
Gross profit | 268,051 | 548,093 | 1,182,228 | 1,715,829 |
Operating Expenses [Abstract] | ||||
Research and Development Expense | 149,472 | 154,435 | 486,204 | 464,891 |
Selling, general and administrative | 76,269 | 82,003 | 275,836 | 265,791 |
Other operating expense | 33,581 | 15,645 | 48,038 | 29,675 |
Total operating expenses | 259,322 | 252,083 | 810,078 | 760,357 |
Operating income | 8,729 | 296,010 | 372,150 | 955,472 |
Interest expense | (17,066) | (15,328) | (51,222) | (45,934) |
Other income, net | 5,562 | 2,532 | 2,714 | 24,077 |
(Loss) income before income taxes | (2,775) | 283,214 | 323,642 | 933,615 |
Income tax expense | (13,156) | (66,951) | (82,074) | (112,537) |
Net (loss) income | $ (15,931) | $ 216,263 | $ 241,568 | $ 821,078 |
Earnings Per Share [Abstract] | ||||
Basic | $ (0.16) | $ 1.97 | $ 2.34 | $ 7.40 |
Diluted | $ (0.16) | $ 1.95 | $ 2.33 | $ 7.30 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Basic | 100,943 | 109,687 | 103,039 | 110,966 |
Diluted | 100,943 | 110,810 | 103,812 | 112,415 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (15,931) | $ 216,263 | $ 241,568 | $ 821,078 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature | 30,403 | (8,488) | (16,623) | (14,767) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | (359) | 0 | (359) |
Reclassification adjustments, net of tax: | ||||
Amortization of pension actuarial loss | 8 | 29 | 26 | 90 |
Other comprehensive income (loss) | 30,411 | (8,818) | (16,597) | (15,036) |
Total comprehensive income | $ 14,480 | $ 207,445 | $ 224,971 | $ 806,042 |
Basis of Presentation and Significant Accounting Policies |
9 Months Ended |
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Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying Condensed Consolidated Financial Statements of Qorvo, Inc. and Subsidiaries (together, the "Company" or "Qorvo") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The preparation of these financial statements requires management to make estimates and assumptions, which could differ materially from actual results. In addition, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In the opinion of management, the financial statements include all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. These Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in Qorvo’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. During the second quarter of fiscal 2023, the Company updated its organizational structure to more closely align similar technologies and applications with customers and end markets. The Company manages its business and reports its financial results in three reportable segments: High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). Certain items in the fiscal 2022 financial statements (including prior period segment results) have been reclassified to conform with the fiscal 2023 presentation. The Company uses a 52- or 53-week fiscal year ending on the Saturday closest to March 31 of each year. Each fiscal year, the first quarter ends on the Saturday closest to June 30, the second quarter ends on the Saturday closest to September 30 and the third quarter ends on the Saturday closest to December 31. Fiscal years 2023 and 2022 are 52-week years.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES The components of inventories, net of reserves, are as follows (in thousands):
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Business Acquisition |
9 Months Ended |
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Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | BUSINESS ACQUISITIONS United Silicon Carbide, Inc. On October 19, 2021, the Company acquired all the outstanding equity interests of United Silicon Carbide, Inc. ("United SiC"), a leading manufacturer of silicon carbide ("SiC") power semiconductors, for a total purchase price of $236.7 million. The acquisition expanded the Company's offerings to include SiC power products for a range of applications, such as electric vehicles, battery charging, IT infrastructure, renewables and circuit protection. The purchase price comprised cash consideration of $227.2 million and contingent consideration of up to $31.3 million which is expected to be paid to the sellers (in the first quarter of fiscal 2024) upon achieving certain revenue and gross margin targets over the period beginning on the acquisition date through December 31, 2022. The estimated fair value of the contingent consideration liability was $9.5 million as of the acquisition date. At April 2, 2022, the contingent consideration liability was remeasured to a fair value of $17.6 million and is included in "Other long-term liabilities" in the Condensed Consolidated Balance Sheet. At December 31, 2022, the maximum contingent consideration of $31.3 million was earned and is included in "Other current liabilities" in the Condensed Consolidated Balance Sheet, with the increase in fair value recognized in "Other operating expense" in the Condensed Consolidated Statement of Operations. Refer to Note 5 for further information related to the fair value measurement. NextInput, Inc. On April 5, 2021, the Company acquired all the outstanding equity interests of NextInput, Inc. ("NextInput"), a leader in microelectromechanical system ("MEMS")-based sensing solutions, for a total cash purchase price of $173.3 million. The acquisition expanded the Company's offerings of MEMS-based products for mobile applications, providing sensing solutions for a broad range of applications in other markets.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS During the second quarter of fiscal 2023, the Company updated its organizational structure (see Note 1). The changes in the carrying amount of goodwill are as follows (in thousands):
(1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022. The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):
(1) Amounts include the impact of foreign currency translation. At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on the expected economic benefit to be derived from the intangible assets.
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Investments and Fair Value of Financial Instruments |
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Investments and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Equity Method Investments The Company invests in limited partnerships and accounts for these investments using the equity method. The carrying amounts of these investments, as of December 31, 2022 and April 2, 2022, were $20.2 million and $27.1 million, respectively, and are classified as "Long-term investments" in the Condensed Consolidated Balance Sheets. During the three and nine months ended December 31, 2022, the Company recorded a loss of $5.0 million and $4.7 million, respectively, based on its share of the limited partnerships' earnings. During the three and nine months ended January 1, 2022, the Company recorded a loss of $2.4 million and income of $13.6 million, respectively, based on its share of the limited partnerships' earnings. These amounts are included in "Other income, net" in the Condensed Consolidated Statements of Operations. During the three and nine months ended December 31, 2022, the Company received cash distributions of $0.2 million and $2.2 million, respectively, from these limited partnerships. No cash distributions were received during the three months ended January 1, 2022 and $13.5 million of cash distributions were received during the nine months ended January 1, 2022. The cash distributions were recognized as reductions to the carrying value of the investments and included in the cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. Fair Value of Financial Instruments The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands):
(1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) At December 31, 2022, the maximum contingent consideration was recorded related to the acquisition of United SiC (refer to Note 3). At April 2, 2022, the fair value of this liability was estimated using an option pricing model.
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Long-Term Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | LONG-TERM DEBT Long-term debt is as follows (in thousands):
Credit Agreement On September 29, 2020, the Company and certain of its U.S. subsidiaries (the "Guarantors") entered into a five-year unsecured senior credit facility pursuant to a credit agreement (as amended, restated, modified or otherwise supplemented from time to time, the "Credit Agreement") with Bank of America, N.A., acting as administrative agent, and a syndicate of lenders. The Credit Agreement amended and restated the previous credit agreement dated as of December 5, 2017. The Credit Agreement includes a senior revolving line of credit (the "Revolving Facility") of up to $300.0 million, and included a senior term loan of $200.0 million (collectively, the "Credit Facility"), that was fully repaid in fiscal 2022. On April 6, 2022, the Company and the administrative agent entered into an amendment to the Credit Agreement (the "LIBOR Transition Amendment") to replace the London Interbank Offered Rate as a reference rate available for use in the computation of interest under the Credit Agreement. As a result of the LIBOR Transition Amendment, at the Company’s option, loans under the Credit Agreement will bear interest at (i) the Applicable Rate (as defined in the Credit Agreement) plus the Term SOFR (as defined in the Credit Agreement) or (ii) the Applicable Rate plus a rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate as set by the administrative agent, and (c) the Term SOFR plus 1.0% (the "Base Rate"). All swing line loans will bear interest at a rate equal to the Applicable Rate plus the Base Rate. The Term SOFR is the rate per annum equal to the forward-looking Secured Overnight Financing Rate term rate for interest periods of one, three or six months (as selected by the Company) plus an adjustment (as defined in the Credit Agreement). The Applicable Rate for Term SOFR loans ranges from 1.000% per annum to 1.250% per annum, and the Applicable Rate for Base Rate loans ranges from 0.000% per annum to 0.250% per annum. Undrawn amounts under the Credit Facility are subject to a commitment fee ranging from 0.150% to 0.200%. During the three and nine months ended December 31, 2022, there were no borrowings under the Revolving Facility. Senior Notes due 2024 On December 14, 2021, the Company issued $500.0 million aggregate principal amount of its 1.750% senior notes due 2024 (the "2024 Notes"). The 2024 Notes will mature on December 15, 2024, unless earlier redeemed in accordance with their terms. The 2024 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2024 Notes were issued pursuant to an indenture, dated as of December 14, 2021 (the "2021 Indenture"), by and among the Company, the Guarantors and Computershare Trust Company, N.A., as trustee. The 2021 Indenture contains customary events of default, including payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The 2021 Indenture also contains customary negative covenants. Interest is payable on the 2024 Notes on June 15 and December 15 of each year. The Company paid interest of $4.4 million and $8.8 million on the 2024 Notes during the three and nine months ended December 31, 2022, respectively. Senior Notes due 2029 On September 30, 2019, the Company issued $350.0 million aggregate principal amount of its 4.375% senior notes due 2029 (the "Initial 2029 Notes"). On December 20, 2019, and June 11, 2020, the Company issued an additional $200.0 million and $300.0 million, respectively, aggregate principal amount of such notes (together, the "Additional 2029 Notes" and together with the Initial 2029 Notes, the "2029 Notes"). The 2029 Notes will mature on October 15, 2029, unless earlier redeemed in accordance with their terms. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The Initial 2029 Notes were issued pursuant to an indenture, dated as of September 30, 2019, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee, and the Additional 2029 Notes were issued pursuant to supplemental indentures, dated as of December 20, 2019, and June 11, 2020 (such indenture and supplemental indentures, collectively, the "2019 Indenture"). The 2019 Indenture contains substantially the same customary events of default and negative covenants as the 2021 Indenture. Interest is payable on the 2029 Notes on April 15 and October 15 of each year. The Company paid interest of $18.6 million on the 2029 Notes during the three months ended December 31, 2022 and January 1, 2022, and paid interest of $37.2 million during the nine months ended December 31, 2022 and January 1, 2022. Senior Notes due 2031 On September 29, 2020, the Company issued $700.0 million aggregate principal amount of its 3.375% senior notes due 2031 (the "2031 Notes"). The 2031 Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms. The 2031 Notes are senior unsecured obligations of the Company and are guaranteed, jointly and severally, by the Guarantors. The 2031 Notes were issued pursuant to an indenture, dated as of September 29, 2020, by and among the Company, the Guarantors and MUFG Union Bank, N.A., as trustee (the "2020 Indenture"). The 2020 Indenture contains substantially the same customary events of default and negative covenants as the 2021 Indenture. Interest is payable on the 2031 Notes on April 1 and October 1 of each year. The Company paid no interest on the 2031 Notes during the three months ended December 31, 2022 and January 1, 2022, and paid interest of $11.8 million during the nine months ended December 31, 2022 and January 1, 2022. Fair Value of Long-Term Debt The Company's debt is carried at amortized cost and is measured quarterly at fair value for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of December 31, 2022 was $459.8 million, $777.8 million and $572.3 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period. Interest Expense During the three and nine months ended December 31, 2022, the Company recognized total interest expense of $18.1 million and $54.2 million, respectively, primarily related to the 2024 Notes, the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $1.0 million and $3.0 million, respectively. During the three and nine months ended January 1, 2022, the Company recognized total interest expense of $16.3 million and $48.7 million, respectively, primarily related to the 2029 Notes and the 2031 Notes, partially offset by interest capitalized to property and equipment of $0.9 million and $2.8 million, respectively.
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Stock Repurchases |
9 Months Ended |
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Dec. 31, 2022 | |
Equity [Abstract] | |
STOCK REPURCHASES | 7. STOCK REPURCHASES On November 2, 2022, the Company announced that its Board of Directors authorized a new share repurchase program to repurchase up to $2.0 billion of the Company's outstanding common stock, which included the remaining authorized dollar amount under a prior program terminated concurrent with the new authorization. Under the current program, share repurchases are made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases depends on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares, does not have a fixed term, and may be modified, suspended, or terminated at any time without prior notice. During the three and nine months ended December 31, 2022, the Company repurchased approximately 2.2 million and 7.2 million shares of its common stock for approximately $201.6 million and $711.7 million, respectively (including transaction costs) under the prior and current share repurchase programs. As of December 31, 2022, approximately $1,855.0 million remains available for repurchases under the current share repurchase program. During the three and nine months ended January 1, 2022, the Company repurchased approximately 1.9 million and 4.8 million shares, respectively, of its common stock for approximately $302.0 million and $825.4 million, respectively (including transaction costs).
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Commitments and Contingent Liabilities |
9 Months Ended |
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Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Purchase Obligations Amidst ongoing industry-wide supply constraints, the Company entered into a long-term capacity reservation agreement with a foundry supplier during the second quarter of fiscal 2022. Under this agreement, the Company was required to purchase, and the foundry supplier was required to supply, a certain number of wafers (at predetermined sales prices) for calendar years 2022 through 2025. In connection with this agreement, the Company paid a refundable deposit (which was recorded in "Other non-current assets" in the Condensed Consolidated Balance Sheets), and if the purchase commitments per the agreement were not met, under certain circumstances the supplier could deduct the amount of the purchase shortfall from the prepaid refundable deposit at the end of each calendar year. During fiscal 2023, the Company has experienced unexpectedly weakened demand for 5G handsets in China and EMEA primarily due to unprecedented disruption resulting from measures taken in China to control the COVID-19 pandemic and the conflict in Ukraine. As a result, the Company did not meet the minimum purchase commitments under this long-term capacity reservation agreement. In the first quarter of fiscal 2023, the purchase shortfall resulted in an impairment to the prepaid refundable deposit of approximately $13.0 million and additional reserves of approximately $11.0 million for inventory in excess of demand forecasts were recorded. Additionally, the Company assessed the future minimum purchase commitments over the remaining term of the agreement and recorded an estimated shortfall of $86.0 million, of which $8.0 million was recorded in "Other current liabilities" and $78.0 million was recorded in "Other long-term liabilities" in accordance with Accounting Standards Codification ("ASC") 330, "Inventory." These transactions resulted in a total increase to cost of goods sold of $110.0 million in the first quarter of fiscal 2023. In October 2022, the Company renegotiated the terms of the agreement with the foundry supplier, which included extending the duration of the agreement through calendar year 2026. The Company believes that the amended agreement more closely aligns the contractual purchase commitments with forecasted demand. As a result of the amended agreement, in the second quarter of fiscal 2023, the Company recorded an impairment to the prepaid refundable deposit of approximately $38.0 million and additional reserves of approximately $5.0 million for inventory in excess of demand forecasts, which reduced the estimated shortfall liability that was previously recorded by $43.0 million. In the third quarter of fiscal 2023, the Company recorded an impairment to the prepaid refundable deposit of approximately $8.0 million and additional reserves of approximately $4.0 million for inventory in excess of demand forecasts, which reduced the estimated shortfall liability that was previously recorded by $12.0 million. There was no impact to the statements of operations in the second or third quarters of fiscal 2023. There were no material changes to the Company's estimated future purchase obligations under the current terms of the capacity reservation agreement during the current quarter. In performing these assessments, the Company considered Company-specific forecasts, legal obligations, macroeconomic and geopolitical factors as well as market and industry trends. These factors include significant management judgment and estimates and, to the extent that these assumptions are incorrect or there are further declines in management's demand forecasts, additional charges may be recorded in future periods. Legal Matters The Company is involved in various legal proceedings and claims that have arisen in the ordinary course of business that have not been fully adjudicated. The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company regularly evaluates developments in its legal matters that could affect the amount of the previously accrued liability and records adjustments as appropriate. Although it is not possible to predict with certainty the outcome of the unresolved legal matters, it is the opinion of management that these matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position or results of operations. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal matters is not material.
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Revenue |
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REVENUE | REVENUE The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands):
The Company also disaggregates revenue by operating segments (refer to Note 11).
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Restructuring and Related Activities |
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RESTRUCTURING | RESTRUCTURING In fiscal 2023, the Company has taken actions to improve efficiencies in its operations and further align the organization with its strategic objectives. The Company will continue to evaluate its operating footprint, cost structure and strategic opportunities. The following table summarizes the charges resulting from the restructuring actions (in thousands):
(1) Relates to the adjustment of certain property and equipment to reflect its fair value. (2) Includes reversal due to adjustment of previously accrued restructuring charges. The following table summarizes the activity related to the Company's restructuring liabilities for the nine months ended December 31, 2022 (in thousands):
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Operating Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING SEGMENT INFORMATION | OPERATING SEGMENT INFORMATION In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")). This change was made to more closely align similar technologies and applications with customers and end markets, which represents how the Company currently manages its three operating segments (which are also its reportable segments). The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments. HPA is a leading global supplier of RF and power management solutions for infrastructure, defense and aerospace, automotive power and other markets. HPA leverages a diverse portfolio of differentiated technologies and products to support multiyear growth trends, including electrification, renewable energy, the increasing semiconductor spend in defense and 5G deployments outside of China. CSG is a leading global supplier of connectivity and sensor components and systems featuring multiple technologies such as UWB, Matter®, Bluetooth® Low Energy, Zigbee®, Thread®, Wi-Fi®, cellular IoT and MEMS-/BAW-based sensors. CSG combines the connectivity and sensors businesses formerly split between Mobile Products and Infrastructure and Defense Products. CSG’s markets include smart home, automotive connectivity, industrial automation, smartphones, wearables, gaming and other high-growth IoT connectivity and healthcare markets. ACG is a leading global supplier of cellular RF solutions for smartphones, wearables, laptops, tablets and various other devices. ACG leverages world-class technology and systems-level expertise to deliver a broad portfolio of high performance cellular products to the world's leading smartphone and consumer electronics companies. ACG is a highly diversified supplier of custom and open market cellular solutions, serving iOS and Android original equipment manufacturers. The "All other" category includes operating expenses such as stock-based compensation expense, amortization of intangible assets, restructuring related charges, acquisition and integration related costs, charges associated with a long-term capacity reservation agreement, fixed asset impairments, gain (loss) on sale of fixed assets, start-up costs and other miscellaneous corporate overhead expenses that the Company does not allocate to its reportable segments because these expenses are not included in the segment operating performance measures evaluated by the Company’s CODM. The CODM does not evaluate operating segments using discrete asset information. The Company’s operating segments do not record intercompany revenue. The Company does not allocate gains and losses from investments, interest expense, other (expense) income, or taxes to operating segments. Except as discussed above regarding the "All other" category, the Company’s accounting policies for segment reporting are the same as for the Company as a whole. The following tables present details of the Company’s operating and reportable segments and a reconciliation of the "All other" category (in thousands):
(1) Refer to Note 10 for additional information. (2) Refer to Note 8 for additional information.
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Income Taxes |
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Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s income tax expense was $13.2 million and $82.1 million for the three and nine months ended December 31, 2022, respectively, and $67.0 million and $112.5 million, for the three and nine months ended January 1, 2022, respectively. The Company’s effective tax rate was (474.1)% and 25.4% for the three and nine months ended December 31, 2022, respectively, and 23.6% and 12.1% for the three and nine months ended January 1, 2022, respectively. The Company's effective tax rate for the three and nine months ended December 31, 2022 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, global intangible low tax income ("GILTI"), domestic tax credits generated and discrete tax items recorded during the period. A discrete tax expense of $2.2 million and a discrete tax benefit of $10.4 million was recorded for the three and nine months ended December 31, 2022. The discrete tax expense for the three months ended December 31, 2022 primarily resulted from foreign currency gains recognized for tax purposes. The discrete tax benefit for the nine months ended December 31, 2022 primarily resulted from certain charges associated with a long-term capacity reservation agreement (refer to Note 8 for further information), partially offset by foreign currency gains recognized for tax purposes. The Company's effective tax rate for the three and nine months ended January 1, 2022 differed from the statutory rate primarily due to tax rate differences in foreign jurisdictions, GILTI, domestic tax credits and discrete tax items recorded during the period. A discrete tax expense of $42.5 million and $12.0 million was recorded during the three and nine months ended January 1, 2022, respectively. The discrete tax expense for the three and nine months ended January 1, 2022 primarily related to the revaluation of deferred tax assets due to the extension of the Company’s tax holiday in Singapore. The discrete tax expense for the nine months ended January 1, 2022 was partially offset by the recognition of previously unrecognized tax benefits due to the expiration of the statute of limitations, stock-based compensation deductions and net tax benefits associated with other non-recurring restructuring activities, including a discrete charge associated with the intercompany restructuring of the NextInput intellectual property.
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Net Income Per Share |
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NET INCOME PER SHARE | NET (LOSS) INCOME PER SHARE The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share data):
In the computation of net loss per share for the three months ended December 31, 2022, approximately 2.0 million shares of outstanding stock-based awards were excluded because the effect of their inclusion would have been anti-dilutive. In the computation of diluted net income per share for the nine months ended December 31, 2022, approximately 0.9 million shares of outstanding stock-based awards were excluded because the effect of their inclusion would have been anti-dilutive. An immaterial number of shares of outstanding stock-based awards were excluded from the computation of diluted net income per share for the three and nine months ended January 1, 2022 because the effect of their inclusion would have been anti-dilutive.
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Long-Term Debt Fair Value of Debt (Policies) |
9 Months Ended |
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Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Fair value of debt [Policy Text Block] | The Company's debt is carried at amortized cost and is measured quarterly at fair value for disclosure purposes. The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of December 31, 2022 was $459.8 million, $777.8 million and $572.3 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The estimated fair value of the 2024 Notes, the 2029 Notes and the 2031 Notes as of April 2, 2022 was $476.9 million, $852.6 million and $638.6 million, respectively (compared to the outstanding principal amount of $500.0 million, $850.0 million and $700.0 million, respectively). The Company considers its debt to be Level 2 in the fair value hierarchy. Fair values are estimated based on quoted market prices for identical or similar instruments. The 2024 Notes, the 2029 Notes and the 2031 Notes currently trade over-the-counter, and the fair values were estimated based upon the value of the last trade at the end of the period. |
Operating Segment Information Segment Policy (Policies) |
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Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | In the second quarter of fiscal 2023, the Company updated its organizational structure from two operating segments (Mobile Products and Infrastructure and Defense Products) to three operating segments (High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG")). This change was made to more closely align similar technologies and applications with customers and end markets, which represents how the Company currently manages its three operating segments (which are also its reportable segments). The Company's Chief Executive Officer, who is also the Company's chief operating decision maker ("CODM"), allocates resources and evaluates the performance of each of the three operating segments primarily based on operating income. All prior-period segment data has been retrospectively adjusted to reflect these three operating segments. |
Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of inventories | The components of inventories, net of reserves, are as follows (in thousands):
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Goodwill and Intangible Assets (Tables) |
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Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill are as follows (in thousands):
(1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $669.6 million, which were recognized in fiscal years 2009, 2013, 2014 and 2022.
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Schedule of finite-lived and indefinite-lived intangible assets [Table Text Block] | The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):
(1) Amounts include the impact of foreign currency translation.
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Investments and Fair Value of Financial Instruments (Tables) |
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Investments and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of the financial assets measured at fair value on a recurring basis | The fair value of the financial assets and liabilities measured on a recurring basis was determined using the following levels of inputs (in thousands):
(1) Invested funds under the Company's non-qualified deferred compensation plan are held in a rabbi trust and consist of mutual funds. The fair value of the mutual funds is calculated using the net asset value per share determined by quoted active market prices of the underlying investments. (2) At December 31, 2022, the maximum contingent consideration was recorded related to the acquisition of United SiC (refer to Note 3). At April 2, 2022, the fair value of this liability was estimated using an option pricing model.
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt is as follows (in thousands):
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by geography, based on the location of the customers' headquarters (in thousands):
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Restructuring and Related Activities (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring activity | The following table summarizes the charges resulting from the restructuring actions (in thousands):
(1) Relates to the adjustment of certain property and equipment to reflect its fair value. (2) Includes reversal due to adjustment of previously accrued restructuring charges.
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Restructuring Liabilities Rollforward | The following table summarizes the activity related to the Company's restructuring liabilities for the nine months ended December 31, 2022 (in thousands):
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Operating Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of details of reportable segments | The following tables present details of the Company’s operating and reportable segments and a reconciliation of the "All other" category (in thousands):
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Summary of reconciliation of "All other" category |
(1) Refer to Note 10 for additional information. (2) Refer to Note 8 for additional information.
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Net Income Per Share (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the numerators and denominators in the computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share data):
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Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Apr. 02, 2022 |
---|---|---|
Components of inventories | ||
Raw materials | $ 318,288 | $ 236,095 |
Work in process | 350,122 | 357,332 |
Finished goods | 188,867 | 162,321 |
Total inventories | $ 857,277 | $ 755,748 |
Business Acquisition Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 19, 2021 |
Apr. 05, 2021 |
Dec. 31, 2022 |
Jan. 01, 2022 |
Apr. 02, 2022 |
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Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 95 | $ 389,192 | |||
Goodwill | 2,770,146 | $ 2,775,634 | |||
NextInput | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 173,300 | ||||
Goodwill, Purchase Accounting Adjustments | 572 | ||||
United Silicon Carbide | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 227,200 | ||||
Business Combination, Consideration Transferred | 236,700 | ||||
Goodwill, Purchase Accounting Adjustments | (297) | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 9,500 | $ 31,300 | $ 17,600 | ||
United Silicon Carbide | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 31,300 |
Stock Repurchases (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
Nov. 02, 2022 |
|
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 2.2 | 1.9 | 7.2 | 4.8 | |
Stock Repurchased During Period, Value | $ 201,633 | $ 302,020 | $ 711,732 | $ 825,393 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,855,000 | $ 1,855,000 | |||
Document Period End Date | Dec. 31, 2022 | ||||
November 2, 2022 Program | |||||
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 |
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Oct. 01, 2022 |
Jul. 02, 2022 |
Apr. 02, 2022 |
|
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Inventory Write-down | $ 4,000 | $ 5,000 | $ 11,000 | |
Inventory, Firm Purchase Commitment, Loss | 12,000 | 43,000 | 86,000 | |
Asset Impairment Charges | 8,000 | $ 38,000 | 13,000 | |
Other Liabilities, Current | 149,466 | $ 107,026 | ||
Other Liabilities, Noncurrent | $ 250,318 | $ 233,629 | ||
Loss on Long-Term Purchase Commitment | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Other Liabilities, Current | 8,000 | |||
Other Liabilities, Noncurrent | $ 78,000 |
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
|
Disaggregation of Revenue | ||||
Revenues | $ 743,281 | $ 1,113,957 | $ 2,936,696 | $ 3,479,556 |
China | ||||
Disaggregation of Revenue | ||||
Revenues | 124,799 | 273,582 | 630,012 | 1,227,782 |
Taiwan | ||||
Disaggregation of Revenue | ||||
Revenues | 53,072 | 76,432 | 274,707 | 253,713 |
United States | ||||
Disaggregation of Revenue | ||||
Revenues | 459,194 | 569,494 | 1,470,231 | 1,449,667 |
Europe | ||||
Disaggregation of Revenue | ||||
Revenues | 34,214 | 58,360 | 171,056 | 183,539 |
Other Asia | ||||
Disaggregation of Revenue | ||||
Revenues | $ 72,002 | $ 136,089 | $ 390,690 | $ 364,855 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 13,156 | $ 66,951 | $ 82,074 | $ 112,537 |
Effective tax rate | (474.10%) | 23.60% | 25.40% | 12.10% |
Discrete tax expense (benefit) | $ 2,200 | $ 42,500 | $ 10,400 | $ 12,000 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2022 |
Jan. 01, 2022 |
|
Earnings Per Share [Abstract] | ||||
Document Period End Date | Dec. 31, 2022 | |||
Numerator: | ||||
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | $ (15,931) | $ 216,263 | $ 241,568 | $ 821,078 |
EPS Line Items | ||||
Denominator for basic net income (loss) per share — weighted average shares | 100,943 | 109,687 | 103,039 | 110,966 |
Stock-based awards | 0 | 1,123 | 773 | 1,449 |
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | 100,943 | 110,810 | 103,812 | 112,415 |
Basic net income (loss) per share (in dollars per share) | $ (0.16) | $ 1.97 | $ 2.34 | $ 7.40 |
Diluted net income (loss) per share (in dollars per share) | $ (0.16) | $ 1.95 | $ 2.33 | $ 7.30 |
Antidilutive shares excluded from the computation of diluted shares outstanding | 2,000 | 900 |
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