Qorvo entered into a definitive agreement to sell its assembly and test facilities in Beijing and Dezhou, China, expected to be completed in the first half of calendar 2024. This move indicates a strategic shift in manufacturing operations.

The company terminated the long-term capacity reservation agreement, the company is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. A contract termination fee of $65.0 million, which is expected to be paid by the Company during the fourth quarter of fiscal 2024, was recorded to “Cost of goods sold” and “Other current liabilities” in the third quarter of fiscal 2024.

The company's CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period. This suggests strong internal controls and reliable financial reporting.

The company disclosed risk factors in Part I, Item 1A., “Risk Factors” in Qorvo's Annual Report on Form 10-K for the fiscal year ended April 1, 2023, which could materially affect our business, financial condition or future results.

The company continued its stock repurchase program, repurchasing approximately 3.1 million shares for $302.0 million during the nine months ended December 30, 2023. This reflects management's confidence in the company's future prospects and commitment to returning value to shareholders.

As of December 30, 2023, the company had capital commitments of approximately $104.6 million primarily for expanding capability to support new products, equipment and facility upgrades and cost savings initiatives.