Current Assets – Free Bassuk http://freebassuk.com/ Sat, 25 Jun 2022 20:08:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://freebassuk.com/wp-content/uploads/2021/07/icon.png Current Assets – Free Bassuk http://freebassuk.com/ 32 32 How NFTs in the Metaverse Can Improve the Value of Physical Assets in the Real World https://freebassuk.com/how-nfts-in-the-metaverse-can-improve-the-value-of-physical-assets-in-the-real-world/ Sat, 25 Jun 2022 18:10:00 +0000 https://freebassuk.com/how-nfts-in-the-metaverse-can-improve-the-value-of-physical-assets-in-the-real-world/ We’re excited to bring back Transform 2022 in person on July 19 and virtually from July 20-28. Join leaders in AI and data for in-depth discussions and exciting networking opportunities. Register today! The metaverse has become inseparable from Web3 culture. Companies are racing to create their own metaverses, from small startups to Mark Cuban and, […]]]>

We’re excited to bring back Transform 2022 in person on July 19 and virtually from July 20-28. Join leaders in AI and data for in-depth discussions and exciting networking opportunities. Register today!


The metaverse has become inseparable from Web3 culture. Companies are racing to create their own metaverses, from small startups to Mark Cuban and, of course, Meta. Before companies rush to create a metaverse, it’s important to understand what the metaverse really is.

Or what it should be.

The “meta” prefix usually means both “self-referential” or “about”. In other words, a meta level is something about a lower level. From dictionary.com:

“-a prefix added to the name of a subject and denoting another topic that analyzes the original but at a more abstract, higher levelI :

metaphilosophy; metalinguistics.

a prefix added to the name of something that consciously refers to or comments on its own subject or its own characteristics:

a meta painting of an artist painting a canvas.

The key aspect of both definitions is self-reference. Logically, the term “metavers” should then be “a universe that analyzes the original, but at an abstract level”. In other words, the metaverse will be a layer of abstraction describing our current physical world.

The Metaverse should be an Extended Reality, not a brand new one.

And that is why the trend is heading towards a crypto-based metaverse. Crypto, just like the world, has a kind of physical nature. You cannot copy Bitcoin or NFT. Just like the coffee mug on your desk cannot occupy the same physical space as the mug next to it. Space itself is singular and immutable and cannot be copied. Even if you make a 3D printed replica, it’s not the same mug. Crypto is therefore very well suited to build an immutable layer that describes the real world. In crypto, we can build models of the real world that take on many of its properties.

The natural opportunity will be in digital twins. Digital twins create a universe of information about buildings or other physical assets and are linked to the physical world. In other words, they are that meta-layer. By integrating blockchain technology, in the form of NFTs, all data and information surrounding the physical twin can be verified and recorded, forever, all tracked with the asset itself. When you think about it, digital twins are the metaverse versions of physical twins, and technology is enhancing real-world features.

Validation is the key to metaverse truth

When evaluating the relationship between crypto/blockchain and the metaverse, it is important to remember that crypto is about verification and validation. So when considering the blockchain’s relationship to the metaverse, it makes sense to think of it as a digital space that can be validated.

So in the metaverse, it’s time to expand on what an NFT is and what it can contain. NFTs cannot be copied as they are tied to the validation and verification process over time, which makes them non-fungible. As the capabilities of NFTs expand, they become a new dimension of real-world information.

NFT domains are going to be at the heart of this idea. They become a non-fungible data space, uniquely related to us and our web activity3. In the metaverse, these domain NFTs can represent a house; register and validate each visitor, repair, event, etc. And this record and this infrastructure can be sold not only with the house, but as a central component of the house, increasing the value.

By clearly defining what a true metaverse is, for both developers and investors, we can begin to move towards a meaningful version of it.

Leonard Kish is co-founder of Cortex App, based on YouBase’s distributed date protocol.

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IIAS asks investors to vote against Reliance Power’s resolution https://freebassuk.com/iias-asks-investors-to-vote-against-reliance-powers-resolution/ Fri, 24 Jun 2022 03:00:12 +0000 https://freebassuk.com/iias-asks-investors-to-vote-against-reliance-powers-resolution/ Proxy advisory firm Institutional Investors Advisory Services (IiAS) has recommended Reliance Power (RPower) shareholders vote against adopting the financial statements for the year ended March 31, 2022, citing auditor concerns. The notice comes ahead of the company’s annual general meeting (AGM) scheduled for July 2, with electronic voting due to begin June 28 and end […]]]>

Proxy advisory firm Institutional Investors Advisory Services (IiAS) has recommended Reliance Power (RPower) shareholders vote against adopting the financial statements for the year ended March 31, 2022, citing auditor concerns.

The notice comes ahead of the company’s annual general meeting (AGM) scheduled for July 2, with electronic voting due to begin June 28 and end July 1. “The auditors qualified their opinion on the company’s consolidated financial statements. They raised concerns over the non-payment of interest of `360 crore for FY22 on borrowings of the wholly owned subsidiary, Vidarbha Industries Power (VIPL),” the IiAS said in its note, requesting votes against the adoption of a stand-alone and consolidated financial statements for the year.

VIPL suffered losses in FY22 and in previous years its current liabilities exceed current assets; its plant has not been operational since 2019. One of the lenders has also filed under the Insolvency and Bankruptcy Code.

Auditors have raised concerns about the difference in depreciation method adopted by the company compared to that of its subsidiaries, which deviates from the requirements of Indian Accounting Standard 6 (Ind AS), he added. .

Auditors of some subsidiaries have also identified material going concern uncertainty due to erosion of net worth. They also drew attention to the company’s ability to continue in business depending on certain events such as loan restructuring, asset monetization over time, and the realization of regulatory and arbitration claims. Reliance Power did not respond to an email seeking comment.

Reliance Infrastructure and Anil Ambani & family are the promoters of Reliance Power, which is in the generation, transmission and distribution of electricity. The IIAS, for its part, asked investors to vote for the reappointment of Sateesh Seth as non-executive non-independent director, to approve the remuneration of cost auditors for FY23 and to empower the board of directors to sell, transfer or dispose of assets or to invest in subsidiaries .

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Changes regarding VAT taxation during martial law https://freebassuk.com/changes-regarding-vat-taxation-during-martial-law/ Tue, 21 Jun 2022 14:57:57 +0000 https://freebassuk.com/changes-regarding-vat-taxation-during-martial-law/ Since February 24, 2022, Ukraine has been living under martial law, which was initially introduced by the Decree of the President of Ukraine No. 64/2022 “On the introduction of martial law in Ukraine” ( approved by the Law of Ukraine dated February 24, 2022, No. 2102-IX “On Approval of the Decree of the President of […]]]>

Since February 24, 2022, Ukraine has been living under martial law, which was initially introduced by the Decree of the President of Ukraine No. 64/2022 “On the introduction of martial law in Ukraine” ( approved by the Law of Ukraine dated February 24, 2022, No. 2102-IX “On Approval of the Decree of the President of Ukraine “On the Introduction of Martial Law in Ukraine”), and has since been extended to several times (most recently until May 25, 2022).

Within the framework of martial law, the authorities have already adopted many innovations, including in legislative form, the purpose of which is to maximize the simplification of the conduct of business during martial law, to maintain the operation of businesses crucial to the Ukrainian economy, to support businesses and employees, to establish mechanisms to provide the Ukrainian Armed Forces and other Ukrainian paramilitaries with necessary weapons, equipment and other accessories, etc.

Changes relating to the imposition of value added tax (VAT) under martial law have been introduced by laws dated:

March 3, 2022, No. 2118-IX “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on the peculiarities of taxation and reporting during martial law” (Law 2118 , effective March 7, 2022 );

March 15, 2022, No. 2120-IX “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on the effect of provisions for the duration of martial law” (Law 2120, entry effective March 17, 2022);

March 24, 2022, No. 2142-IX “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on improving legislation during the term of martial law” (Law 2142, entered into force on April 5, 2022); and

April 1, 2022, No. 2173-IX “On amendments to the Tax Code of Ukraine and other legislative acts of Ukraine on the administration of certain taxes during the term of martial law and state of emergency” (law 2173, entered into force on April 16, 2022).

In addition to the above-mentioned laws, which have already entered into force, it is also reasonable to note that the Verkhovna Rada of Ukraine is currently preparing for the first time draft law No. 7311-д “On amendments to the Tax Code of the Ukraine and other Ukrainian laws on the peculiarities of the collection of certain taxes and duties during the period of martial law and a state of emergency” (Bill 7311-д). This bill has been registered on May 1, 2022 and is the revised version of Draft Law No. 7311 “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Certain Taxes and Levies During Martial Law and State of Emergency Duration recorded on April 24, 2022.

Bill 7311-д, if passed, will introduce new changes to VAT regulations during martial law, including with respect to provisions that were introduced earlier with the entry into force of the aforementioned laws.

Further in this article, we will consider which VAT innovations were specifically introduced by the above-mentioned laws, as well as which ones can be introduced in the case of the adoption of Bill 7311-д.

Features of VAT taxation for taxpayers of the third group unified tax at the rate of 2% of income

One of the most significant changes to the Tax Code of Ukraine (TCU) became the introduction of special taxation with the unified tax for taxpayers of the unified tax of the third group. These changes entered into force on April 1, 2022 and will remain in force until the end or cancellation of martial law and the state of emergency in Ukraine.

The essence of the changes is that during the specified period, all individual entrepreneurs and legal business entities of any organizational and legal form, including those who previously applied the general tax regime (except for those whose list exhaustive has been explicitly established in the TCU), may,

without any restrictions on the volume of income, the number of people employed with them, register as taxpayers of the unified tax of the third group at the rate of 2% of income, that is, switch to the system simplified tax.

This also applies to taxpayers who, at the time of this transition, were also registered as subject to VAT. For such taxpayers, registration as a VAT taxpayer is suspended for the duration of their unified tax taxpayer status (meaning the suspension of all rights and duties of a VAT taxpayer established by the relevant provisions of the CCU, including those relating to the constitution of the VAT credit)1. Including, accordingly, exemption from the following duties is provided:

1. accumulation and payment of VAT for transactions on the supply of goods, works and services to the customs territory of Ukraine, as well as for the import of goods to the customs territory of Ukraine;

2. Execution and registration of tax invoices and calculations of adjustments thereto; and

3. filing of the VAT return (i.e. there is no obligation to file a VAT return). The last reporting (taxation) period for a VAT taxpayer who has chosen the simplified tax regime at the rate of 2% of income is the reporting month (his share), when the taxpayer applied for the tax regime. simplified taxation at the rate of 2% of income2.

These exemptions do not apply to transactions for the supply and import of goods originating in the Russian Federation, imported from its territory and/or the occupied territory of Ukraine.

It should be noted that the registration as liable for VAT is notably suspended, but not terminated3. And after the end or cancellation of martial law and the state of emergency, taxpayers who have switched to the simplified tax system with the unified tax at the rate of 2% of income from April 1, 2022 , will automatically be deemed to apply the system taxation that they applied before the transition to simplified taxation. Thus, for those subject to VAT, their registration as subject to VAT will be automatically renewed at the same time as the renewal of all the rights and obligations in terms of VAT that they had before the transition to the simplified tax system.

Attached, in the event of consumption (supply, sale) by the taxpayer, when applying the simplified tax regime at the rate of 2%, of goods/services, fixed assets purchased or produced with VAT before switching to the simplified regime , the VAT taxpayer is obliged, after the renewal of the VAT taxpayer’s registration and at the latest on the last day of the declaration period during which this renewal took place, to accumulate “contingent” tax debts, to execute and register the consolidated tax invoice for these goods/services, non-current assets in the unified register of tax invoices.

If a VAT taxpayer purchased or produced goods/services, fixed assets with VAT before the switch to the simplified tax regime, but, being on the simplified regime, did not supply them until the end of the martial law and state of emergency, such taxpayer retains the right to transfer the VAT credit amounts for such goods/services, non-current assets, to future reporting periods after the taxpayer’s registration is renewed at the VAT. In this case, the data from line 21 (“The amount of the negative value credited to the VAT credit of the next reporting (taxation) period”) of the VAT return for the last reporting period before the switch to the simplified system are transferred to line 16.1 (“Negative value of line 21 of the previous (tax) declaration period, which is included in the VAT credit of the current (tax) declaration period”) for the first reporting period after the end of martial law and the state of emergency.

Consequently, the VAT taxpayer thus retains, after the end of martial law and the state of emergency, the right to the VAT credit constituted before the transition to the simplified tax system, including the right to use the relevant VAT amounts included in the VAT credit for calculating VAT tax obligations for reporting periods after the end of martial law and the state of emergency.

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Dartmouth eliminates student loans for undergraduates https://freebassuk.com/dartmouth-eliminates-student-loans-for-undergraduates/ Sun, 19 Jun 2022 23:44:52 +0000 https://freebassuk.com/dartmouth-eliminates-student-loans-for-undergraduates/ Donating financial aid through The Call to Lead campaign has reinforced Dartmouth’s commitment to making a college education accessible and affordable to the most promising and talented students around the world and from all economic backgrounds. “Thanks to this extraordinary investment from our community, students can prepare for lives of impact with fewer constraints,” says […]]]>

Donating financial aid through The Call to Lead campaign has reinforced Dartmouth’s commitment to making a college education accessible and affordable to the most promising and talented students around the world and from all economic backgrounds.

“Thanks to this extraordinary investment from our community, students can prepare for lives of impact with fewer constraints,” says President Hanlon. “Eliminating loans from financial aid programs will allow Dartmouth undergraduates to pursue their purpose and passion in the widest possible range of career opportunities.”

Two recent donations capped efforts to eliminate student debt through the campaign. In May, Anne Kubik ’87, a member of the President’s Commission on Financial Aid and an early supporter of the initiative, added $10 million to an earlier pledge to bring the effort closer to reality. An anonymous donor then committed $25 million to complete the campaign, establishing one of the largest scholarship endowments in Dartmouth history.

“Our gratitude for these extraordinary acts of generosity knows no bounds,” said President Hanlon.

“Both donors have told me of their enthusiasm for ensuring that more applicants can pursue an education at Dartmouth without worrying about their financial means.”

– President Philip J. Hanlon ’77

Currently, Dartmouth undergraduates from families with an annual income of $125,000 or less who have typical assets are offered need-based aid with no loan component required. Dartmouth now waives the loan requirement for undergraduate students from families with annual incomes over $125,000 who receive need-based financial aid. This will reduce the debt burden of hundreds of middle-income Dartmouth students and their families by an average of $22,000 over four years. This will in turn open up opportunities for recent graduates to consider career opportunities or higher degrees that they might not otherwise have been able to pursue.

More than 65 families have supported the campaign’s goal of eliminating loan requirements from Dartmouth’s undergraduate financial aid scholarships, committing more than $80 million in donations to the endowment.

“This gift honors Dartmouth’s tradition of service,” says Kubik.

“Over the years, I’ve been fortunate to serve alongside alumni who dedicate hundreds of hours to making Dartmouth stronger for future students. The presidential commission embodied the best of this altruism of the elders. Dartmouth is more welcoming than ever because of it.

-Anne Kubik ’87

Successful applicants to the Class of 2027 will be the first undergraduate students to enroll through this historic investment in Dartmouth’s endowment.

Over the past week, members of the Dartmouth community have rallied to pledge an additional $5 million to eliminate required loans in financial aid scholarships for all current AB students, many of whom have seen their university experience disrupted by the global pandemic. President Hanlon thanked several families for their commitment to extending the no-loan policy to current students: Dana Banga and Angad Banga ’06; Leslie Davis Dahl ’85 and Robert Dahl; Katherine Dunleavy and Keith Dunleavy ’91; Karen Frank and James Frank ’65 (in honor of Peggy Epstein Tanner ’79); Julie McColl-McKenna ’89 and David McKenna ’89; Hadley Mullin ’96 and Daniel Kalafatas ’96; Robin Bryson Reynolds ’91 and Jake Reynolds ’90; and Victoria Ershova and Mike Triplett ’96.

“Dartmouth’s commitment to meeting 100% of demonstrated need for all students is longstanding and a source of pride,” says Lee Coffin, Vice Provost, Admissions and Dean of Admissions and Financial Aid. “These new policies reinforce this deep and enduring commitment to full and equal access to an education in Dartmouth. Expanding scholarships by removing loans from all aid programs further levels the playing field as we invite students from all socio-economic backgrounds to join the Dartmouth community.

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Historic Campaspe County buildings for sale? https://freebassuk.com/historic-campaspe-county-buildings-for-sale/ Thu, 16 Jun 2022 02:56:41 +0000 https://freebassuk.com/historic-campaspe-county-buildings-for-sale/ List of results: Girgarre Hall is among more than 50 community buildings and land listed for disposal in Campaspe Shire Council’s new ten-year asset management plan. It is listed for disposal in fiscal year 2023. Photo by Cathy Walker Kyabram Plaza Theater and Kyabram Town Hall are the ‘significant’ items on a list of buildings […]]]>

List of results: Girgarre Hall is among more than 50 community buildings and land listed for disposal in Campaspe Shire Council’s new ten-year asset management plan. It is listed for disposal in fiscal year 2023. Photo by Cathy Walker

Kyabram Plaza Theater and Kyabram Town Hall are the ‘significant’ items on a list of buildings owned by Campase Shire Council which have been earmarked by officers for ‘disposal’ over the next decade.

The Theater and Town Hall were listed alongside Tongala’s Brose Reserve and other buildings, including Tongala Hall and Community House, in Campaspe Shire Council’s Ten Year Asset Management Plan – a 173-page document given to councilors at the monthly meeting on Wednesday, June 15. .

Kyabram’s two historic buildings, which – if sold on the open market – could yield major windfalls for the county, were on a list of more than 50 buildings held for sale that were handed over to councillors.

The Free press believes, however, that the list of buildings and associated timelines are not “concrete” and have been prepared to meet new government asset reporting requirements for local government authorities.

Described as a “living document” by a council insider, the asset management plan details the future of the county’s $881 million in assets, including its $314.9 million in roads and $188.5 million of buildings.

Items included in the report are council-owned land ($127.8m), trails ($30.13m) and highly challenging pools (valued at $11.4m) – the report detailing assets slated for disposal, upgrade and renewal – while evaluating current assets from good to bad.

Other community facilities listed for disposal included senior residences in Echuca, Stanhope, Rochester and Rushworth, several kindergartens and a range of other community group headquarters.

Kyabram Scout Hall, Kvalley Hall, Girgarre Hall, Kyabram Tennis Club and Fenaughty Street Kindergarten were among those proposed for elimination between 2023 and 2032.

These buildings, from what Free press includes, have been on a list of Campaspe Shire surplus buildings that need to be looked at for some time, but the recent change in Victoria local government regulations for a more detailed asset management plan has made the situation worse.

The asset management document could not have come at a worse time for community groups’ often strained relationship with the Campaspe Shire.

Its delivery comes on the eve of several Campaspe communities preparing to embark on Township Development Plans (TFPs) and amid the continued delivery of Place-Based Plans (PBPs).

The TFP and PBP innovations are based on the community having a say in the future of council-owned buildings, land and other assets.

The council’s timing couldn’t be worse as it also prepares to announce the appointment of committees with the sole purpose of helping the county identify “non-essential” council-owned buildings.

The asset management plan would suggest that these decisions have, at least in some way, already been made.

At the April board meeting, it was announced that a series of seven to 11-member TFP governance committees would be appointed to help identify board-owned buildings that were surplus to requirements. County.

The committees, once formed, were to be given a detailed list of council-owned buildings and land in each city, and then be asked to recommend what can be “alienated” and what the proceeds of those sales might be used for.

Once the consultation process for the PTF is complete, a series of initiatives will be identified, which may include the closure and/or sale of council-owned community assets.

As was the case with the proposed decommissioning of outdoor pools, any facility or service identified by the community for closure, or decommissioning and/or sale through the TFP process, will have funds returned to the community.

These funds will be used to pay for any asset renewal and project identified in the PTF.

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2 Red-Hot Dow Jones Stocks With More Leeway https://freebassuk.com/2-red-hot-dow-jones-stocks-with-more-leeway/ Fri, 10 Jun 2022 16:22:16 +0000 https://freebassuk.com/2-red-hot-dow-jones-stocks-with-more-leeway/ Since the start of 2022, concerns about the Federal Reserve tightening monetary policy to combat high inflation and the Russian-Ukrainian war have weighed heavily on investors and pushed benchmarks into correction territory. Moreover, the job in May better than expected report fueled the Fed’s commitment to raise interest rates to ease inflationary pressure. The Dow […]]]>

Since the start of 2022, concerns about the Federal Reserve tightening monetary policy to combat high inflation and the Russian-Ukrainian war have weighed heavily on investors and pushed benchmarks into correction territory. Moreover, the job in May better than expected report fueled the Fed’s commitment to raise interest rates to ease inflationary pressure. The Dow Jones Industrial Average (DJIA) has fallen almost 10% since the start of the year.

Even though market stocks have had an uneven recovery over the past few weeks, the DJIA Cyclical Index is expected to decline further amid the growing likelihood of a recession. Most CFOs expect Dow Jones falls below 30,000, registering a drop of more than 18% compared to its current level. Despite its lackluster performance and outlook, some quality stocks with improving fundamentals and strong growth prospects are outperforming the Dow Jones Index.

Considering these factors, the quality constituents of the Dow Jones Verizon communications inc. (VZ) and Amgen Inc. (AMGN) are expected to recover further and therefore may be ideal additions to his portfolio.

Verizon Communications Inc. (VZ)

VZ provides communication, technology, information and entertainment products and services worldwide. The Company operates through two segments: Consumer; and Business. It offers postpaid and prepaid service plans, wireless equipment, wireless Internet devices and residential fixed connectivity solutions. Additionally, it provides network connectivity products, data security services, and more.

On May 25, VZ collaborated with AWS to bring 5G mobile edge computing to more US metro areas including Nashville, TN and Tampa, FL. Using the 5G Edge version with AWS Wavelength, developers and enterprises can build and deploy latency-sensitive applications for use cases such as immersive VR gaming, video distribution, and autonomous vehicles. This collaboration is expected to increase market reach and revenue for the company.

On May 18, VZ allocated $97.90 million to its local capital expenditures to meet growing demand from the recent pandemic-related population surge in Texas. “We are committed to providing the best possible network experience for our customers, including those who are constantly changing locations in Texas and beyond. We have revised our forecasting models and are injecting additional capital into the state to expand our coverage and ability to meet increased demands,” said Kyle Malady, executive vice president and president, Global Networks and Technology.

VZ’s consolidated operating revenue increased 2.1% year-over-year to $33.55 billion in the first quarter of fiscal 2022 ended March 31, 2022. Adjusted EBITDA was $12.03 billion. Additionally, the company’s current assets and total assets stood at $35.58 billion and $365.72 billion, respectively, as of March 31, 2022.

Analysts expect VZ’s EPS to rise 3.1% year-over-year to $5.57 for its 2023 fiscal year, ending Dec. 31, 2022. The consensus revenue estimate of $139.60 billion for next year represents a 2% increase over the previous year. Additionally, the company has exceeded consensus EPS estimates in each of the past four quarters.

Shares of VZ have risen 5.7% over the past month and closed yesterday’s trading session at $51.55.

VZ POWR Rankings reflect this promising prospect. It has an overall rating of B, which is equivalent to Buy in our proprietary rating system. POWR ratings rate stocks on 118 different factors, each with its own weighting.

VZ has a B rating for stability. Within the Telecom – Domestic industry, it is ranked #4 out of 21 stocks. To view additional POWR (Value, Quality, Momentum, Growth, and Sentiment) ratings for VZ, Click here.

Amgen Inc. (AMGN)

AMGN develops, manufactures and supplies human therapeutic products worldwide. The company focuses on areas such as bone health, cardiovascular disease, inflammation and neuroscience. AMGN’s products include Neulasta, Enbrel, Prolia, Xgeva, Otezla, Aranesp, Kyprolis and Repatha. It serves healthcare providers, including doctors, dialysis centers, hospitals, and pharmacies.

This week, AMGN announced that the U.S. Food and Drug Administration (FDA) has approved RIABNI™ (rituximab-arrx), a biosimilar to Rituxan®, for adults with moderate to severe active rheumatoid arthritis (RA). The company’s fully integrated portfolio of innovative and biosimilar drugs for inflammatory diseases could drive its growth and profitability.

During the first quarter of fiscal 2022 ended March 31, 2022, AMGN’s total revenue increased 5.7% year-on-year to $6.24 billion. The company’s non-GAAP operating profit rose 9.6% year-over-year to $3.14 billion. AMGN’s non-GAAP net income rose 9% from the year-ago quarter to $2.34 billion. Additionally, the company’s non-GAAP earnings per share were $4.25, up 14.9% year-over-year.

The consensus revenue estimate of $27.22 billion for fiscal year 2023, ending December 2023, represents a 3.8% improvement over last year. Analysts expect AMGN’s EPS for the same year to rise 9.2% year-over-year to $19.06. The company has an impressive track record of revenue and earnings, having exceeded consensus revenue estimates in three of the past four quarters and consensus EPS estimates in each of the past four quarters.

Over the past six months, AMGN has gained 15.5% to close yesterday’s trading session at $245.48. Moreover, its gain since the beginning of the year translates into 8.3%.

AMGN’s POWR ratings reflect a strong outlook. The company has an overall rating of A, which translates to Strong Buy in our proprietary rating system.

AMGN has a rating of A for quality and B for growth and stability. Among the 400 shares of the biotechnologies industry, it is ranked #4. Click here for additional POWR ratings for Sentiment, Momentum, and Value for AMGN.


Shares of VZ were trading at $50.85 per share on Friday afternoon, down $0.09 (-0.18%). Year-to-date, VZ has gained 0.25%, versus a -17.35% rise in the benchmark S&P 500 over the same period.

About the Author: Mangeet Kaur Bouns

Mangeet’s keen interest in the stock market led her to become an investment researcher and financial journalist. Using its fundamental approach to stock analysis, Mangeet seeks to help retail investors understand the underlying factors before making investment decisions. After…

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Special election will determine who operates Newton WaterWorks – Newton Daily News https://freebassuk.com/special-election-will-determine-who-operates-newton-waterworks-newton-daily-news/ Sat, 28 May 2022 16:15:00 +0000 https://freebassuk.com/special-election-will-determine-who-operates-newton-waterworks-newton-daily-news/ Newton residents must decide by September whether they want WaterWorks to be permanently run by the city council rather than a board of directors. In a special election scheduled for Sept. 13, registered voters in the city will be asked the question, “Will the Newton WaterWorks Board of Directors be dissolved and the City Council […]]]>

Newton residents must decide by September whether they want WaterWorks to be permanently run by the city council rather than a board of directors.

In a special election scheduled for Sept. 13, registered voters in the city will be asked the question, “Will the Newton WaterWorks Board of Directors be dissolved and the City Council of Newton, Iowa, in the Jasper County, Iowa, assume the management and control obligations of Newton WaterWorks? »

Newton WaterWorks is a municipal utility responsible for providing an adequate supply of water to customers in the service area for domestic, commercial, industrial and firefighting purposes in an efficient, cost-effective and reliable manner, according to city council documents. .

The Newton WaterWorks Board of Directors is appointed by the Mayor and is subject to City Council approval. Trustees govern the public service much like the library board governs the Newton Public Library; like librarians, WaterWorks employees are considered municipal employees.

Earlier this year, the board gave the city day-to-day management of Newton WaterWorks on an interim basis for two months. The council acknowledged that the city provided “excellent management services” to clients and wanted to extend the interim management for another six months.

When the board met in March to vote on this application, it also approved a resolution recommending that governance of Newton WaterWorks be permanently assigned to the city council. Directors believe this change will improve efficiency, communication with other utilities and long-term capital improvement planning.

Brett Doerring, a trustee on the Newton WaterWorks board of directors for eight years, told board members April 18 that the utility had discussed and considered trying to find a new chief executive following the retirement of the present or the possibility of transferring governance to the city for some time.

The untimely death of former general manager Lloyd Dale “LD” Palmer in early January sped up the process, which Doerring says is why the city took over in the interim. Doerring said he gave WaterWorks a period of time in which he could observe utility operations under city control.

“It gave us a try, so to speak,” he said. “During that time, we saw that it was an extremely effective and efficient process to have the city under control.”

Before 1951, WaterWorks was actually governed by the city council, Doerring said, but it was a very different form of city government then. Indeed, each member of the council was a manager of various functions in the city, the water service being one of them. As the community grew, so did WaterWorks operations.

“As a result, on March 26, 1951, the community voted to turn water service over to a board of directors. And it’s been that way ever since,” Doerring said.

If the city were to take over WaterWorks, Doerring argued that there would be a number of opportunities for improvement projects. The timing system is in good condition, for example, but parts of it are 80-100 years old and will need to be fixed at some point in the future.

The water transmission lines that come from the plant at the bottom of the Skunk River to the city were laid in 1964, Doerring said. Currently, “nothing indicates that there is a problem”. But the old infrastructure may need to be fixed in the future before it becomes a problem.

Doerring also praised WaterWorks staff, who, like many city employees, “get called in at awkward hours for doing nasty things.” Financially, the utility is in “great shape”. Current cash and accounts receivable assets total $2.2 million; liabilities are $230,000 and long-term liabilities are $700,000.

“So financially we are strong,” Doerring said. “In terms of production and distribution: our average daily production is six million gallons. Our capacity is nine million. So we are well within our capacity at this point. Very important to note… Rural Water consumes two-thirds of WaterWorks production.

While the city of Newton consumes a third. Doerring said the city has been “a wonderful customer and partner” and is keeping water rates “extremely attractive to other similar utilities in the state of Iowa.”

Contact Christopher Braunschweig at 641-792-3121 ext. 6560 or cbraunschweig@newtondailynews.com

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Oil won’t help Uganda if corruption stays high https://freebassuk.com/oil-wont-help-uganda-if-corruption-stays-high/ Fri, 27 May 2022 05:00:37 +0000 https://freebassuk.com/oil-wont-help-uganda-if-corruption-stays-high/ USAID Country Director Richard Nelson Kampala, Uganda | THE INDEPENDENT | The United States Agency for International Development (USAID) has expressed concern about corruption in the country, saying that if the vice is not tackled, the long-awaited oil money may not flow to the country. USAID Country Director Richard Nelson said at a meeting hosted […]]]>
USAID Country Director Richard Nelson

Kampala, Uganda | THE INDEPENDENT | The United States Agency for International Development (USAID) has expressed concern about corruption in the country, saying that if the vice is not tackled, the long-awaited oil money may not flow to the country.

USAID Country Director Richard Nelson said at a meeting hosted by the Government Inspectorate-IG to brief development partners on anti-corruption strategies, Uganda is moving closer to oil production, the country should tackle the vice of corruption, otherwise the oil products might be lost due to corruption.

This year, TotalEnergies and its partner China National Offshore Oil Corporation reached an agreement with Uganda and Tanzania to invest more than $10 billion in the development of crude oil production in East Africa.

Uganda plans to produce 230,000 barrels of oil per salary for over ten years and attract revenues of over $2 billion a year, or over 7.3 trillion shillings.

However, according to the IG, the country loses more than 20 trillion shillings a year to corruption. It is for this reason that Richard says that unless corruption is tackled, Uganda would gain on one side while losing a substantial amount of money on the other side, which could hamper development.

Nelson says that although there have been no studies indicating that oil money could be lost to corruption, the trend in several oil-producing countries is that oil money is being diverted away from the country.

Nelson therefore noted that Uganda should not only invest in lucrative projects but also in building the integrity of the people as the Corruption Index clearly shows how much the country loses due to corruption.

The Inspector General of Government, Beti Kamya, said in his response that it is important to invest in transparency and ensure proper accountability to prevent Uganda’s resources and funds from being misdirected. managed.

Kamya says the fight against corruption should be a collective effort where citizens report any instances of corruption to the authorities to bring them under the long arm of the law. The IG recently launched a Lifestyle Audit, an anti-corruption model that compares a person’s income to their known wealth. If a person’s wealth is far beyond their income, then they are investigated and forced to return funds or other assets they may have gained through corrupt tendencies .

Kamya is optimistic that when Uganda saves the 20 trillion shillings lost to corruption, there will be enough money to give to parishes to establish infrastructure and capitalize people’s businesses.

As the IG seeks to step up its efforts to fight corruption and recover assets acquired by officials especially by stealing from the government, the Inspectorate says their hands are partly tied by the law which does not allow them to recover assets until the court so decides.

According to Patricia Achan Okiria, the second Deputy Inspector General of the Inspectorate, Uganda has yet to finalize the process of establishing a conviction-free asset recovery system. She says the Inspectorate is working with the Ministry of Justice and Constitutional Affairs to ensure that the current asset recovery law provides for recovery before conviction and before the court issues an order authorizing recovery.

However, Joyce Ngaiza of the British High Commission advised the Inspectorate to work with the Chief Justice to create a secular procedure allowing asset recovery without conviction. She says waiting for politicians to make changes to the law could take time and cost the country more.

*****

URN

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EverGen Infrastructure Corp. announces record financial results for the first quarter of 2022 https://freebassuk.com/evergen-infrastructure-corp-announces-record-financial-results-for-the-first-quarter-of-2022/ Tue, 24 May 2022 23:24:00 +0000 https://freebassuk.com/evergen-infrastructure-corp-announces-record-financial-results-for-the-first-quarter-of-2022/ Vancouver, British Columbia–(BUSINESS WIRE)–EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today released its financial results as of and for the three-month period ended March 31, 2022 (“Q1 2022”). Unless otherwise indicated, all amounts are in Canadian dollars and are in accordance with IFRS. For additional information on results, please see the […]]]>

Vancouver, British Columbia–(BUSINESS WIRE)–EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today released its financial results as of and for the three-month period ended March 31, 2022 (“Q1 2022”). Unless otherwise indicated, all amounts are in Canadian dollars and are in accordance with IFRS.

For additional information on results, please see the Company’s consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on EverGen’s website at www.evergeninfra .com.

First Quarter Events and Updates

“EverGen is well positioned to accelerate growth as Canada’s RNG infrastructure platform and we have continued to achieve our goals,” said Chase Edgelow, CEO of EverGen. “We have been able to expand our presence in Alberta thanks to the letter of intent to acquire a 67% stake in GrowTEC, a stepping stone project towards our regional expansion into a strategic jurisdiction and the expected consolidation of the RNG industry in Canada. . »

During the first quarter of 2022, EverGen recorded over $1.7 million in insurance progress payments, which covers all flood-related revenue loss and expenses to date on the FVB facility and approximately 60% flood-related expenses through March 31, 2022 at EverGen’s NZWA. facility. EverGen expects to receive additional funding throughout 2022 to cover any additional flood-related expenses. Net loss and adjusted EBITDA were positively impacted by the recognition of these insurance products in the first quarter of 2022 and EverGen expects a full financial recovery with limited or no financial impact from the floods.

As previously announced, during the first quarter of 2022, EverGen entered into a letter of intent (“LOI”) to acquire a 67% interest in Grow the Energy Circle Ltd. (“GrowTEC”), a biogas facility in Alberta. GrowTEC has an off-take agreement with FortisBC and is currently in Phase 1 of a development which is expected to produce 80,000 gigajoules of GNR per year and is expected to be completed by the end of 2022.

Post-first trimester event

As previously announced, on May 20, 2022, EverGen acquired a 50% interest in Project Radius, a portfolio of late-stage projects in Ontario for a cash contribution of $1.5 million. Together, the three projects are capable of producing approximately 1.7 million GJ/yr of RNG and will be built throughout 2023 and 2024.

First Quarter 2022 Financial Highlights

The operating results included below exceeded management’s expectations and were further strengthened by the recognition of insurance revenue in the first quarter of 2022.

  • Revenue of $1.4 million have been relatively in line with Q1 2021 revenue of $1.6 million, given seasonal fluctuations.
  • Net loss of $0.2 million improved significantly from the $1.2 million net loss in the first quarter of 2021, as insurance proceeds offset lost revenue and flood-related expenses.
  • Adjusted EBITDA $0.6 million increased 211% from Q1 2021 Adjusted EBITDA of $0.2 million, driven by an increase in our overall business profitability.
  • Cash and cash equivalents (including restricted cash) of $20.2 million and a working capital surplus of $19.2 million as at March 31, 2022.

The following table presents EverGen’s consolidated financial and operating summary:

Three months completed

March, 31st

March, 31st

December 31st

In thousands of Canadian dollars

2022

$

2021

$

2021

$

FINANCIAL

Revenue (1)

1,427

1,585

2,693

Net loss (2)(3)

(219)

(1,158)

(1,113)

Net loss per share ($), basic and diluted

($0.02)

($0.13)

($0.08)

EBITDA (3)(4)

481

(960)

(512)

Adjusted EBITDA (3)(4)

631

203

(18)

Capital expenditure

1,355

146

1,004

Total assets

79,771

61,912

80,610

Total long-term liabilities

14,522

14,347

14,764

Working capital surplus (4)

19,196

11,579

20,545

OPERATING

Incoming organic raw material (tons)

16,047

17,164

26 110

Sale of organic compost and soil (yards)

5,400

7,087

5,119

RNG (gigajoules) (1)

5,772

12,682

(1)

RNG volumes started on April 16, 2021, when FVB was acquired. RNG volumes were impacted in the first quarter of 2022 and fourth quarter of 2021 as a direct result of flooding in the Abbotsford and Sumas Prairie areas, which resulted in the closure of the FVB facility on November 15 2021, until operations are restored. . Since March 2, 2022, FVB has been operating and producing daily volumes of up to 334 GJ/d, restoring production volumes to historical levels.

(2)

Operating expenses and cost of goods sold increased during the first quarter of 2022 and fourth quarter of 2021 at FVB and Net Zero Waste Abbotsford (“NZWA”) as a direct result of the flooding.

(3)

EverGen recognized $1.7 million in insurance proceeds, of which $0.9 million was recognized in net income related to loss of revenue and incremental costs incurred as a result of flooding as of March 31, 2022.

(4)

Please see “Non-IFRS Measures” section.

About EverGen Infrastructure Corp.

EverGen, Canada’s renewable natural gas infrastructure platform, is fighting climate change and helping communities contribute to a sustainable future, starting on Canada’s West Coast. EverGen is an established independent renewable power producer that acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects. EverGen is focused on Canada, with continued growth expected in other regions of North America and beyond.

For more information on EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Non-IFRS Measures

EverGen uses certain financial measures referenced in this press release to quantify its results that are not prescribed by IFRS. The terms EBITDA, Adjusted EBITDA and Working Capital are not recognized measures under IFRS and may not be comparable to those presented by other companies. EverGen believes that in addition to measures prepared in accordance with IFRS, non-IFRS measures provide useful information in evaluating the Company’s performance and its ability to generate cash, profitability and meet its financial commitments.

These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS.

EBITDA is defined as net profit (loss) before interest, taxes and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for charges (recoveries) from share-based payments and unusual or non-recurring items. Working capital is calculated as current assets less current liabilities.

Forward-looking information

This press release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, words such as “would”, “will”, “anticipate”, believe”, “explore” and similar expressions, with respect to EverGen or its direction, are intended to identify such forward-looking statements. These forward-looking statements reflect EverGen’s current beliefs with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen’s actual results, performance or achievements are materially different from any expected future results, performance or achievements that may be expressed or implied by such forward-looking statements and, therefore, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur. , or if any of them occur, what benefits EverGen will derive from them.These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: the impact of general economic conditions in Canada, including the ongoing COVID19 pandemic; industry conditions, including changes in laws and regulations and/or the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; the volatility of energy commodity prices; changes in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtain required approvals from regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings from synergies and efficiencies expected to be realized from acquisitions made by the Company; the sufficiency of EverGen’s liquidity to fund operations and to satisfy the covenants of its credit facility; continued growth through strategic acquisitions and consolidation opportunities; the continued growth of the raw material opportunity from municipal and commercial sources, and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated January 31, 2022, many of which are beyond EverGen’s control.

Forward-looking statements included in this press release should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such forward-looking statements.

The forward-looking statements contained in this release are made as of the date of this release, and except as expressly required by law, EverGen disclaims any intention, obligation or undertaking to publicly release any updates or revisions to any forward-looking material. statements contained herein, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

]]>
QORVO, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS. (Form 10-K) https://freebassuk.com/qorvo-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-k/ Fri, 20 May 2022 21:08:08 +0000 https://freebassuk.com/qorvo-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-k/ The following discussion should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements, including the notes thereto, set forth in Part II, Item 8 of this report. PREVIEW Company Qorvo® is a world leader in the development and commercialization of technologies and products for the […]]]>
The following discussion should be read in conjunction with, and is qualified in
its entirety by reference to, our audited consolidated financial statements,
including the notes thereto, set forth in Part II, Item 8 of this report.

PREVIEW

Company

Qorvo® is a world leader in the development and commercialization of technologies and products for the wireless, wireline and energy markets.


We design, develop, manufacture and market our products to U.S. and
international OEMs and ODMs in two operating segments, MP and IDP, which are
also our reportable segments. MP is a global supplier of cellular, UWB, Wi-Fi
and other wireless solutions for a variety of applications, including
smartphones, wearables, laptops, tablets and IoT. IDP is a global supplier of
RF, SoC and power management solutions for a wide range of markets, including
cellular and IT infrastructure, automotive, renewable energy, defense and IoT.

In fiscal 2022, the semiconductor industry continued to experience supply
constraints, and we have taken actions to address short and long-term supply
requirements. During the second quarter ended October 2, 2021, we entered into a
long-term capacity agreement with a foundry supplier to reserve manufacturing
supply capacity. Under the agreement we are required to purchase, and the
foundry supplier is required to supply, a certain number of wafers for calendar
years 2022 through 2025. See Note 11 of the Notes to Consolidated Financial
Statements for additional information regarding this agreement.

The COVID-19 pandemic (including the recent COVID-19 lockdowns in China) has
been a contributing factor of the semiconductor industry supply constraints and
may continue to cause volatility and uncertainty in customer demand, worldwide
economies and financial markets for an extended period of time. To date, any
negative impact of COVID-19 on the overall demand for our products, cash flows
from operations, need for capital expenditures and our liquidity position has
been limited, although we are addressing capacity constraints in our supply
chain as described above. However, the recent COVID-19 lockdowns in China could
negatively impact the overall demand for our products, cash flows from
operations, need for capital expenditures and our liquidity position in future
periods.
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Contents

Fiscal 2022 Financial Highlights


•Revenue increased 15.7% in fiscal 2022 to $4,645.7 million, compared to
$4,015.3 million in fiscal 2021, driven primarily by higher demand for our 5G
mobile solutions and our power management, automotive and broadband products,
partially offset by lower demand for our base station and defense and aerospace
products.

•Gross margin for fiscal 2022 was 49.2%, compared to 46.9% in fiscal 2021,
primarily due to lower intangible amortization expense as well as lower unit
costs on higher volume and productivity. The increase in gross margin was
partially offset by average selling price erosion.

•Operating income was $1,226.1 million in fiscal 2022, compared to $906.6
million in fiscal 2021. This increase was primarily due to higher revenue and
favorable gross margin, partially offset by higher operating expenses. Operating
expenses increased primarily due to higher personnel costs, a goodwill
impairment charge and increased product development spend, partially offset by
lower intangible amortization expense and lower incentive-based compensation.

• Diluted net earnings per share were $9.26 for the 2022 financial year, compared to the net earnings per diluted share of $6.32 for fiscal year 2021.


•Cash flows from operations was $1,049.2 million for fiscal 2022, compared to
$1,301.9 million for fiscal 2021. This year-over-year decrease was primarily due
to increased inventory as well as prepayments of certain fees and deposits
associated with a long-term capacity reservation agreement. The increased
inventory related to the lower demand for 5G handsets from China-based OEMs and
the build of inventory in anticipation of certain customers' product ramps.

• Capital expenditures have been $213.5 million in fiscal 2022, compared to $187.0 million in fiscal year 2021. Our capital expenditures in fiscal year 2022 included investments in premium screening capacity.

•We finalized the acquisitions of Next entry and United SiC for a total of $389.1 millionnet of cash acquired.

•We recorded a $48.0 million impairment of goodwill related to the
Next entry acquisition.

• We issued $500.0 million aggregate principal amount of the 1.750% Senior Notes due 2024 (the “2024 Notes”).

•Have been paid $197.5 million on the 2020 Term Loan (as defined below), plus accrued and unpaid interest.

• We repurchased approximately 7.3 million common shares for approximately $1,152.3 million.

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  Table of     Contents
RESULTS OF OPERATIONS

Consolidated

The table below presents a summary of our results of operations for fiscal years
2022 and 2021 along with a year-over-year comparison. See Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" of our Annual Report on Form 10-K for the fiscal year ended April 3,
2021, filed with the SEC on May 24, 2021, which is incorporated by reference
herein, for a summary of our results of operations for the fiscal year ended
March 28, 2020 along with a year-over-year comparison between fiscal years 2021
and 2020.

                                               Fiscal 2022                                    Fiscal 2021                               Increase (Decrease)
(In thousands, except
percentages)                        Dollars              % of Revenue              Dollars              % of Revenue              Dollars          Percentage Change
Revenue                          $ 4,645,714                     100.0  %       $ 4,015,307                     100.0  %       $  630,407                    15.7  %
Cost of goods sold                 2,359,546                      50.8            2,131,741                      53.1             227,805                    10.7
Gross profit                       2,286,168                      49.2            1,883,566                      46.9             402,602                    21.4
Research and development             623,636                      13.4              570,395                      14.2              53,241                     9.3
Selling, general and
administrative                       349,718                       7.5              367,238                       9.1             (17,520)                   (4.8)
Other operating expense               86,745                       1.9               39,306                       1.0              47,439                   120.7
Operating income                 $ 1,226,069                      26.4  %       $   906,627                      22.6  %       $  319,442                    35.2  %



Revenue

Revenue increased primarily due to higher demand for our 5G mobile solutions and
our power management, automotive and broadband products, partially offset by
lower demand for our base station and defense and aerospace products. The higher
demand for our mobile solutions was driven by 5G content increases with our
largest customers, and the increased demand for our power management products
was driven by the migration to smaller and more efficient power solutions. The
increased demand for our automotive and broadband products was driven by the
proliferation of connected devices and the increasing requirements for higher
efficiency, greater throughput and smaller size. The lower demand for our base
station products was attributed to fewer 5G massive
Multiple-Input/Multiple-Output ("mMIMO") deployments in China, and the lower
demand for our defense and aerospace products was due to the timing of programs.

We provided our products to our largest end customer (Apple) through sales to
multiple contract manufacturers, which in the aggregate accounted for
approximately 33% and 30% of total revenue in fiscal years 2022 and 2021,
respectively. Samsung accounted for approximately 11% and 7% of total revenue in
fiscal years 2022 and 2021, respectively. These customers primarily purchase RF
solutions for a variety of mobile devices.

International shipments amounted to $2,717.3 million in fiscal year 2022 (approximately 58% of revenue) compared to $2,384.2 million in fiscal year 2021 (approximately 59% of revenue). Shipments to Asia totaled $2,465.7 million in fiscal year 2022 (approximately 53% of revenue) compared to $2,191.2 million in fiscal year 2021 (around 55% of revenue).

Gross margin

Gross margin increased primarily due to lower intangible asset amortization expense as well as lower unit costs related to increased volume and productivity. The increase in gross margin was partially offset by the erosion of the average selling price.

Functionnary costs

Research and development


R&D spending increased primarily due to additional headcount and higher design
and development costs associated with our UWB solutions, biotechnology testing
solutions and 5G mobile solutions as well as the acquisition of United SiC.
These increases were partially offset by lower incentive-based compensation.
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Contents

Selling, general and administrative expenses


Selling, general and administrative expense decreased primarily due to lower
intangible amortization expense and lower incentive-based compensation. These
decreases were partially offset by higher personnel and commission expenses.

Other operating expenses

Other operating expenses increased in fiscal year 2022 mainly due to a goodwill impairment charge of $48.0 million. See note 6 of the notes to the consolidated financial statements for more information.

Operating Segments

Mobile Products

                                                     Fiscal Year                                   Increase
(In thousands, except percentages)            2022                 2021               Dollars            Percentage Change
Revenue                                  $ 3,545,253          $ 2,856,813          $  688,440                        24.1  %
Operating income                           1,290,132            1,008,171             281,961                        28.0
Operating income as a % of revenue              36.4  %              35.3  %



MP revenue increased primarily due to increased demand for our mobile solutions, driven by increased 5G content with our largest customers.


MP operating income increased primarily due to the effects of increased revenue
and lower unit costs on higher volume and productivity. These increases were
partially offset by average selling price erosion and higher operating expenses.
Operating expenses increased primarily due to additional headcount and higher
design and development costs associated with our UWB solutions and 5G mobile
solutions as well as the acquisition of NextInput. These increases were
partially offset by lower incentive-based compensation.

Infrastructure and defense products


                                                     Fiscal Year                                    Decrease
(In thousands, except percentages)            2022                 2021               Dollars            Percentage Change
Revenue                                  $ 1,100,461          $ 1,158,494          $  (58,033)                        (5.0) %
Operating income                             261,511              283,507             (21,996)                        (7.8)
Operating income as a % of revenue              23.8  %              24.5  %



IDP revenue decreased primarily due to lower demand for our base station and
defense and aerospace products, partially offset by increased demand for our
power management, automotive and broadband products. The lower demand for our
base station products was attributed to fewer 5G mMIMO deployments in China, and
the lower demand for our defense and aerospace products was due to the timing of
programs. The increased demand for our power management products was driven by
the migration to smaller and more efficient power solutions. The increased
demand for our automotive and broadband products was driven by the proliferation
of connected devices and the increasing requirements for higher efficiency,
greater throughput and smaller size.

IDP operating income decreased primarily due to decreased revenue and higher
operating expenses, partially offset by favorable changes in gross margin.
Operating expenses increased primarily due to increased expenses associated with
the design and development of our biotechnology testing solutions as well as the
acquisition of United SiC, partially offset by lower incentive-based
compensation. Gross margin was favorable primarily due to improved product mix,
average selling price expansion and lower costs from improved factory
utilization.

See note 17 of the notes to the consolidated financial statements for a reconciliation of segment operating profit with consolidated operating profit for fiscal years 2022, 2021 and 2020.

                                       36
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  Table of     Contents
INTEREST, OTHER INCOME (EXPENSE) AND INCOME TAXES

                                                          Fiscal Year
                (In thousands)                        2022           2021
                Interest expense                   $ (63,326)     $ (75,198)
                Other income (expense), net           18,341        (24,049)
                Income tax expense                  (147,731)       (73,769)



Interest expense

During fiscal 2022, we recorded interest expense primarily related to our 4.375%
senior notes due 2029 (the "2029 Notes") and our 3.375% senior notes due 2031
(the "2031 Notes"). During fiscal 2021, we recorded interest expense primarily
related to our 5.50% senior notes due July 15, 2026 (the "2026 Notes"), the 2029
Notes and the 2031 Notes. Interest expense in the preceding table for fiscal
years 2022 and 2021 is net of capitalized interest of $3.7 million and $4.1
million, respectively.

Other income (expenses), net

Other income (expenses) includes realized or unrealized gains and losses on investments, interest income, exchange rate fluctuations and losses on extinguishment of debts.


During fiscal 2022, we recorded $12.0 million of income based on our share of
the earnings from our limited partnership investments, and we recorded net gains
of $2.7 million from other investments.

During fiscal 2021, we recorded $21.5 million of income based on our share of
the earnings from our limited partnership investments, and we recorded net gains
of $9.1 million from other investments. In addition, we recognized a loss on
debt extinguishment of $62.0 million primarily related to the redemption of our
2026 Notes on October 16, 2020.

income tax expense


Income tax expense for fiscal 2022 was $147.7 million. This was primarily
comprised of tax expense related to domestic and international operations
generating pre-tax book income (exclusive of nondeductible expenses associated
with acquisition related adjustments), the impact of the Tax Act's GILTI
provisions and an increase in gross unrecognized tax benefits, offset by a tax
benefit related to international operations generating pre-tax book losses and
domestic tax credits. For fiscal 2022, this resulted in an annual effective tax
rate of 12.5%.

Income tax expense for fiscal 2021 was $73.8 million. This was primarily
comprised of tax expense related to international operations generating pre-tax
book income, the impact of the Tax Act's GILTI provisions, the reversal of the
permanent reinvestment assertion with regards to certain unrepatriated foreign
earnings and an increase in gross unrecognized tax benefits, offset by a tax
benefit related to international operations generating pre-tax book losses and
domestic tax credits. For fiscal 2021, this resulted in an annual effective tax
rate of 9.1%.

A valuation allowance has been established against deferred tax assets in the
taxing jurisdictions where, based upon the positive and negative evidence
available, it is more likely than not that the related deferred tax assets will
not be realized. Realization is dependent upon generating future income in the
taxing jurisdictions in which the operating loss carryovers, credit carryovers,
depreciable tax basis and other deferred tax assets exist. Management
reevaluates the ability to realize the benefit of these deferred tax assets on a
quarterly basis. As of the end of fiscal years 2022 and 2021, the valuation
allowance against domestic and foreign deferred tax assets was $36.3 million and
$36.5 million, respectively.

See Note 13 of the Notes to the Consolidated Financial Statements for additional information regarding income taxes.

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  Table of     Contents
STOCK-BASED COMPENSATION

Under Accounting Standards Codification ("ASC") 718, "Compensation - Stock
Compensation," stock-based compensation cost is measured at the grant date,
based on the estimated fair value of the award using an option pricing model for
stock options (Black-Scholes) and market price for restricted stock units, and
is recognized as expense over the employee's requisite service period.

From April 2, 2022the total remaining unearned compensation cost related to unvested restricted stock units was $121.0 millionwhich will be amortized over the weighted average remaining service life of approximately 1.2 years.

CASH AND CAPITAL RESOURCES


Cash generated by operations is our primary source of liquidity. As of April 2,
2022, we had working capital of approximately $1,774.7 million, including $972.6
million in cash and cash equivalents, compared to working capital of
approximately $1,802.2 million, including $1,397.9 million in cash and cash
equivalents, as of April 3, 2021.

Our $972.6 million of total cash and cash equivalents as of April 2, 2022,
includes $831.8 million held by our foreign subsidiaries, of which $709.5
million is held by Qorvo International Pte. Ltd. in Singapore. If the
undistributed earnings of our foreign subsidiaries are needed in the U.S., we
may be required to pay state income and/or foreign local withholding taxes to
repatriate these earnings.

Credit Agreement

On September 29, 2020, we and certain of our 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 "2020 Credit Agreement") with Bank of America, N.A.,
acting as administrative agent, and a syndicate of lenders. The 2020 Credit
Agreement amended and restated the previous credit agreement dated as of
December 5, 2017 (the "2017 Credit Agreement"). The 2020 Credit Agreement
included a senior term loan (the "2020 Term Loan") of $200.0 million and a
senior revolving line of credit (the "Revolving Facility") of up to $300.0
million (collectively the "Credit Facility"). The Revolving Facility includes a
$25.0 million sublimit for the issuance of standby letters of credit and a $10.0
million sublimit for swing line loans. The Credit Facility is available to
finance working capital, capital expenditures and other general corporate
purposes.

Pursuant to the 2020 Credit Agreement, we may request one or more additional tranches of Term Loans or increases to the Revolving Credit Facility, up to an aggregate of $500.0 million and subject to, among other things, obtaining additional financing commitments from existing or new lenders.

During fiscal 2022, there was no borrowing under the revolving credit facility.


During fiscal 2021, we made principal payments totaling $2.5 million on the term
loan under the 2017 Credit Agreement (the "2017 Term Loan"). On the closing date
of the 2020 Credit Agreement, we repaid the remaining principal balance of $97.5
million on the 2017 Term Loan and concurrently drew $200.0 million under the
2020 Term Loan.

During fiscal 2021, we made principal payments totaling $2.5 million on the 2020
Term Loan, and during fiscal 2022, we repaid the remaining principal balance of
$197.5 million on the 2020 Term Loan.

The 2020 Credit Agreement contains various conditions, covenants and
representations with which we must be in compliance in order to borrow funds and
to avoid an event of default. As of April 2, 2022, we were in compliance with
these covenants. See Note 9 of the Notes to Consolidated Financial Statements
for further information about the Credit Agreement, including applicable
interest rates.

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Stock Repurchases

On October 31, 2019, we announced that our Board of Directors authorized a share
repurchase program to repurchase up to $1.0 billion of our outstanding common
stock, which included approximately $117.0 million authorized under a prior
program which was terminated concurrent with this authorization.

On May 5, 2021, we announced that our Board of Directors authorized a new share
repurchase program to repurchase up to $2.0 billion of our outstanding common
stock, which included approximately $236.9 million authorized under the program
announced on October 31, 2019, which was terminated concurrent with the new
authorization. As of April 2, 2022, there was $861.7 million of availability
under the share repurchase program.

Under our share repurchase programs, repurchases are made in accordance with
applicable securities laws on the open market or in privately negotiated
transactions. The extent to which we repurchase our 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 current program does not require us 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.

We repurchased 7.3 million shares, 3.6 million shares and 6.4 million shares of
our common stock during fiscal years 2022, 2021 and 2020, respectively, at an
aggregate cost of $1,152.3 million, $515.1 million and $515.1 million,
respectively.

Cash flow from operating activities


Operating activities in fiscal 2022 generated cash of $1,049.2 million, compared
to $1,301.9 million in fiscal 2021. This decrease in cash provided by operating
activities was primarily due to increased inventory as well as prepayments of
certain fees and deposits associated with a long-term capacity reservation
agreement. The increased inventory related to the lower demand for 5G handsets
from China-based OEMs and the build of inventory in anticipation of certain
customers' product ramps. These decreases to cash provided by operating
activities were partially offset by increased profitability as a result of
demand and revenue growth.

Cash flow from investing activities


Net cash used in investing activities in fiscal 2022 was $596.0 million,
compared to $218.7 million in fiscal 2021. This increase in cash used in
investing activities was primarily due to the acquisitions of NextInput and
United SiC in fiscal 2022, which resulted in net cash outflows of $389.1
million, as compared to the acquisition of 7Hugs Labs S.A.S. in fiscal 2021,
which resulted in net cash outflows of $47.7 million. See Note 5 of the Notes to
Consolidated Financial Statements for additional information regarding our
business acquisitions.

Cash flow from financing activities


Net cash used in financing activities in fiscal 2022 was $875.5 million,
compared to $401.9 million in fiscal 2021. This increase in cash used in
financing activities was primarily due to stock repurchases. See Note 16 of the
Notes to Consolidated Financial Statements for additional information regarding
our stock repurchases.

Our future capital requirements may differ materially from those currently
anticipated and will depend on many factors, including market acceptance of and
demand for our products, acquisition opportunities, technological advances and
our relationships with suppliers and customers. Based on current and projected
levels of cash flows from operations, coupled with our existing cash and cash
equivalents and our Credit Facility, we believe that we have sufficient
liquidity to meet both our short-term and long-term cash requirements. However,
if there is a significant decrease in demand for our products, or if our revenue
grows faster than we anticipate, operating cash flows may be insufficient to
meet our needs. If existing resources and cash from operations are not
sufficient to meet our future requirements or if we perceive conditions to be
favorable, we may seek additional debt or equity financing. Additional debt or
equity financing could be dilutive to holders of our common stock. Further, we
cannot be sure that additional debt or equity financing, if required, will be
available on favorable terms, if at all.

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CONTRACTUAL OBLIGATIONS

The following table summarizes our main contractual obligations and commitments (in thousands) as of April 2, 2022and the effect these obligations are expected to have on our liquidity and cash flows in future periods.

Payments Due by Fiscal Period

                                  Total Payments              2023              2024-2025           2026-2027            2028 and
                                                                                                                        thereafter
Capital commitments (1)         $       137,176          $   116,482          $    20,694          $       -          $          -
Purchase obligations (2)              2,019,516              902,162              880,450            236,904                     -
Leases                                  104,886               20,839               30,581             22,062                31,404
Long-term debt obligations (3)        2,586,399               69,587              627,313            133,437             1,756,062
Total                           $     4,847,977          $ 1,109,070          $ 1,559,038          $ 392,403          $  1,787,466


(1) Capital commitments represent obligations for the purchase of property and
equipment, a majority of which are not recorded as liabilities on our
Consolidated Balance Sheet because we had not received the related goods or
services as of April 2, 2022.
(2) Purchase obligations represent payments due related to the purchase of
materials and manufacturing services, a majority of which are not recorded as
liabilities on our Consolidated Balance Sheet because we had not received the
related goods or services as of April 2, 2022. See Note 11 of the Notes to
Consolidated Financial Statements for further information.
(3) Long-term debt obligations represent future cash payments of principal and
interest over the life of the 2024 Notes, the 2029 Notes and the 2031 Notes,
including anticipated interest payments not recorded as liabilities on our
Consolidated Balance Sheet as of April 2, 2022. Debt obligations are classified
based on their stated maturity date, and any future redemptions would impact our
cash payments. See Note 9 of the Notes to Consolidated Financial Statements for
further information.

Other Contractual Obligations

As of April 2, 2022, in addition to the amounts shown in the contractual
obligations table above, we have $13.8 million of unrecognized income tax
benefits and accrued interest and penalties which has been recorded as a
liability. We are uncertain as to if, or when, such amounts may be settled. We
also have an obligation related to the Transitional Repatriation Tax that we
elected to pay over eight years which has been recorded as a liability. The
remaining obligation of $5.4 million is to be paid over the next four years.

As discussed in Note 10 of the Notes to Consolidated Financial Statements, we
have two pension plans in Germany with a combined benefit obligation of
approximately $12.1 million as of April 2, 2022. Pension benefit payments are
not included in the schedule above due to the uncertainty regarding the amount
and timing of any future cash outflows. Pension benefit payments were
approximately $0.3 million in fiscal 2022 and are expected to be approximately
$0.3 million in fiscal 2023.

We also offer a non-qualified deferred compensation plan to eligible
participants to defer and invest a specified percentage of their cash
compensation. We record an obligation under the plan for the distributions to be
made to participants upon certain triggering events. Although participants are
required to make distribution elections at the time of enrollment, the amount
and timing of any future cash outflows is uncertain until such triggering events
occur. The total deferred compensation obligation as of April 2, 2022 was $39.4
million, of which $1.5 million is estimated to be paid in fiscal 2023. See Note
10 of the Notes to Consolidated Financial Statements for further information.
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SUPPLEMENTAL PARENT AND GUARANTOR FINANCIAL INFORMATION

In accordance with the indentures governing the 2024 Notes, the 2029 Notes and
the 2031 Notes (together, the "Notes"), our obligations under the Notes are
fully and unconditionally guaranteed on a joint and several unsecured basis by
the Guarantors, which are listed on Exhibit 22 to this Annual Report on Form
10-K. Each Guarantor is 100% owned, directly or indirectly, by Qorvo, Inc.
("Parent"). A Guarantor can be released in certain customary circumstances. Our
other U.S. subsidiaries and our non-U.S. subsidiaries do not guarantee the Notes
(such subsidiaries are referred to as the "Non-Guarantors").

The following presents summarized financial information for the Parent and the
Guarantors on a combined basis as of and for the periods indicated, after
eliminating (i) intercompany transactions and balances among the Parent and
Guarantors, and (ii) equity earnings from, and investments in, any
Non-Guarantor. The summarized financial information may not necessarily be
indicative of the financial position and results of operations had the combined
Parent and Guarantors operated independently from the Non-Guarantors.

            Summarized Balance Sheets
            (in thousands)                 April 2, 2022       April 3, 2021
            ASSETS
            Current assets (1)            $      771,528      $   

1,143,086

            Non-current assets            $    2,624,454      $    

2,450,960


            LIABILITIES
            Current liabilities           $      241,674      $     

240,943

            Long-term liabilities (2)     $    2,634,501      $    

2,250,666

(1) Includes the net amounts owed by subsidiaries that do not guarantee $286.8 million
and $532.4 million from April 2, 2022 and April 3, 2021respectively.

(2) Includes the net amounts due to non-guaranteeing subsidiaries of $433.5 million and
$395.3 million from April 2, 2022 and April 3, 2021respectively.


                   Summarized Statement of Income       Fiscal Year
                   (in thousands)                          2022
                   Revenue                             $ 1,126,193
                   Gross profit                        $   268,025
                   Net loss                            $   (93,405)


CRITICAL ACCOUNTING POLICIES AND ESTIMATES


The preparation of consolidated financial statements requires management to use
judgment and estimates. The level of uncertainty in estimates and assumptions
increases with the length of time until the underlying transactions are
completed. Actual results could materially differ from those estimates. The
accounting policies that are most critical in the preparation of our
consolidated financial statements are those that are both important to the
presentation of our financial condition and results of operations and require
significant judgment and estimates on the part of management. Our critical
accounting policies are reviewed periodically with the Audit Committee of the
Board of Directors. We also have other policies that we consider key accounting
policies; however, these policies typically do not require us to make estimates
or judgments that are difficult or subjective. See Note 1 of the Notes to
Consolidated Financial Statements.

Inventory Reserves. The valuation of inventory requires us to estimate obsolete
or excess inventory. The determination of obsolete or excess inventory requires
us to estimate the future demand for our products within specific time horizons,
generally 12 to 24 months. The estimates of future demand that we use in the
valuation of inventory reserves are the same as those used in our revenue
forecasts and are also consistent with the estimates used in our manufacturing
plans to enable consistency between inventory valuations and build decisions.
Product-specific facts and circumstances reviewed in the inventory
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valuation process include a review of the customer base, market conditions and
customer acceptance of our products and technologies, as well as an assessment
of the selling price in relation to the product cost.

Historically, inventory reserves have fluctuated as new technologies have been
introduced and customers' demand has shifted. Inventory reserves had an impact
on margins of less than 2% in fiscal years 2022 and 2021.

Property and Equipment. Periodically, we evaluate the period over which we
expect to recover the economic value of our property and equipment, considering
factors such as changes in machinery and equipment technology, our ability to
re-use equipment across generations of process technology and historical usage
trends. When we determine that the useful lives of assets are shorter or longer
than we had originally estimated, we adjust the rate of depreciation to reflect
the revised useful lives of the assets.

We assess property and equipment for impairment when events or changes in
circumstances indicate that the carrying value of the assets or the asset group
may not be recoverable. Factors that we consider in deciding when to perform an
impairment review include an adverse change in our use of the assets or an
expectation that the assets will be sold or otherwise disposed. We assess the
recoverability of the assets held and used by comparing the projected
undiscounted net cash flows associated with the related asset or group of assets
over their remaining estimated useful lives against their respective carrying
amounts.  Assets identified as "held for sale" are recorded at the lesser of
their carrying value or their fair market value less costs to sell.  Impairment,
if any, is based on the excess of the carrying amount over the fair value of
those assets.  The process of evaluating property and equipment for impairment
is highly subjective and requires significant judgment as we are required to
make assumptions about items such as future demand for our products and industry
trends.

Business Acquisitions. We allocate the fair value of the purchase price to the
assets acquired and liabilities assumed based on their estimated fair value. The
excess of the purchase price over the fair values of the identifiable assets and
liabilities is recorded to goodwill. Goodwill is assigned to the reporting unit
that is expected to benefit from the synergies of the business combination.

A number of assumptions, estimates and judgments are used in determining the
fair value of acquired assets and liabilities, particularly with respect to the
intangible assets acquired. The valuation of intangible assets requires the use
of valuation techniques such as the income approach. The income approach
includes management's estimation of future cash flows (including expected
revenue growth rates and profitability), the underlying product or technology
life cycles and the discount rates applied to future cash flows.

Judgment is also required in estimating the fair values of deferred tax assets
and liabilities, uncertain tax positions and tax-related valuation allowances,
which are initially estimated as of the acquisition date, as well as inventory,
property and equipment, pre-existing liabilities or legal claims, deferred
revenue and contingent consideration, each as may be applicable.

While we use our best estimates and assumptions to accurately value assets
acquired and liabilities assumed at the acquisition date as well as contingent
consideration, where applicable, our estimates are inherently uncertain and
subject to refinement. As a result, during the measurement period, which may be
up to one year from the acquisition date, we may record adjustments to the
assets acquired and liabilities assumed with the corresponding offset to
goodwill. After the measurement period, any purchase price adjustments are
recognized in our Consolidated Statements of Income.

Goodwill Impairment Testing. In accordance with ASC 350, "Intangibles - Goodwill
and Other" ("ASC 350"), goodwill is not amortized, but rather is reviewed for
impairment at the reporting unit level on the first day of our fourth quarter of
each fiscal year, or when there is evidence that events or changes in
circumstances indicate that the carrying amount of the goodwill may not be
recovered.

Under ASC 350, we have the option to first assess qualitatively whether it is
more likely than not that the fair value of a reporting unit is less than its
carrying amount, including goodwill.

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We establish our reporting units based on our current organizational structure,
product and technology characteristics and segment management's view of the
business. As of January 2, 2022, we identified three reporting units within the
MP operating segment and two reporting units within the IDP operating segment,
and we performed the optional qualitative assessment to determine whether the
existence of events or circumstances indicated that it was more likely than not
that the fair value of each reporting unit was less than its respective carrying
value.

In performing qualitative assessments, we consider (i) our overall historical
and projected future operating results, (ii) if there was a significant decline
in our stock price for a sustained period, (iii) if there was a significant
change in our market capitalization relative to our net book value, and (iv) if
there was a prolonged or more significant slowdown in the worldwide economy of
the semiconductor industry, as well as other relevant events and factors
affecting the reporting unit.

In fiscal 2022, we completed our annual qualitative assessments and concluded
that based on the relevant events and circumstances, it was more likely than not
that four of our five reporting units' fair values exceeded their related
carrying values. However, for one of our MP reporting units (the acquired
NextInput business), it was determined that the market adoption of the acquired
technology into mobile handsets is expected to be delayed compared to the
previous assumptions. Therefore, we determined that it was more likely than not
that the fair value of the reporting unit was less than its carrying amount, and
we performed a quantitative assessment to calculate the fair value of the
reporting unit.

Our quantitative assessment considered both the income and market approaches to
estimate the fair value of the reporting unit. The income approach is based on
the discounted cash flow method that uses estimates of the reporting unit's
forecasted future financial performance including revenues, operating expenses,
taxes and capital expenditures. These estimates are developed as part of our
long-term planning process based on assumed market segment growth rates and our
assumed market segment share, estimated costs based on historical data and
various internal estimates. Projected cash flows are then discounted to a
present value employing a discount rate that properly accounts for the estimated
market weighted-average cost of capital, as well as any risk unique to the cash
flows. The market approach is based on financial multiples (i.e., multiples of
revenue or earnings before income taxes, depreciation and amortization) of
comparable companies.

Based on the quantitative assessment performed, we determined that the carrying
amount of the reporting unit exceeded its fair value, which resulted in a
goodwill impairment charge of approximately $48.0 million. The goodwill
impairment charge is recorded in "Other operating expense" in the Statement of
Income for the fiscal year ended April 2, 2022.

Inherent in the fair value determination are significant judgments and
estimates, including assumptions about our future revenue, profitability and
cash flows, our operational plans and our interpretation of current economic
indicators and market valuations. To the extent these assumptions are incorrect
or there are further declines in our business outlook, additional goodwill
impairment charges may be recorded in future periods.

In fiscal 2021, we completed qualitative assessments and concluded that based on
the relevant events and circumstances, it was more likely than not that each of
the reporting unit's fair value exceeded its related carrying value, and no
further impairment testing was required.

Identified Intangible Assets. We amortize definite-lived intangible assets
(including developed technology, customer relationships, technology licenses,
backlog and trade names) over their estimated useful lives. In-process research
and development ("IPRD") assets represent the fair value of incomplete R&D
projects that had not reached technological feasibility as of the date of the
acquisition; initially, these are classified as IPRD and are not subject to
amortization. Upon completion of development, IPRD assets are transferred to
developed technology and are amortized over their useful lives. The asset
balances relating to abandoned projects are impaired and expensed to R&D.

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We evaluate definite-lived intangible assets for impairment in accordance with
ASC 360-10-35, "Impairment or Disposal of Long-Lived Assets" to determine
whether facts and circumstances (including external factors such as industry and
economic trends and internal factors such as changes in our business strategy
and forecasts) indicate that the carrying amount of the assets may not be
recoverable. If such facts and circumstances exist, we assess the recoverability
of identified intangible assets by comparing the projected undiscounted net cash
flows associated with the related asset or group of assets over their remaining
lives against their respective carrying amounts. Impairments, if any, are based
on the excess of the carrying amounts over the fair value of those assets and
occur in the period in which the impairment determination was made.

In connection with completing our fiscal 2022 annual goodwill impairment
assessment, we also evaluated our long-lived intangible assets and determined
that the forecasted undiscounted net cash flows related to these assets were in
excess of their carrying values. No definite-lived intangible asset impairment
charges were recorded for fiscal years 2022 or 2021.

Revenue Recognition. We generate revenue primarily from the sale of
semiconductor products, either directly to a customer or to a distributor, or at
completion of a consignment process. Revenue is recognized when control of the
promised goods or services is transferred to our customers, in an amount that
reflects the consideration we expect to be entitled in exchange for those goods
or services. A majority of our revenue is recognized at a point in time, either
on shipment or delivery of the product, depending on individual customer terms
and conditions. Revenue from sales to our distributors is recognized upon
shipment of the product to the distributors (sell-in). Revenue is recognized
from our consignment programs at a point in time when the products are pulled
from consignment inventory by the customer. Revenue recognized for products and
services over-time is immaterial (less than 3% of overall revenue). We apply a
five-step approach as defined in ASC 606, "Revenue from Contracts with
Customers," in determining the amount and timing of revenue to be recognized:
(1) identifying the contract with a customer; (2) identifying the performance
obligations in the contract; (3) determining the transaction price; (4)
allocating the transaction price to the performance obligations in the contract;
and (5) recognizing revenue when the corresponding performance obligation is
satisfied.

Sales agreements are in place with certain customers and contain terms and
conditions with respect to payment, delivery, warranty and supply, but typically
do not require minimum purchase commitments. In the absence of a sales
agreement, our standard terms and conditions apply. We consider a customer's
purchase order, which is governed by a sales agreement or our standard terms and
conditions, to be the contract with the customer.

Our pricing terms are negotiated independently, on a stand-alone basis. In
determining the transaction price, we evaluate whether the price is subject to a
refund or adjustment to determine the net consideration to which we expect to be
entitled. Variable consideration in the form of rebate programs is offered to
certain customers, including distributors, and represents less than 7% of net
revenue. We determine variable consideration by estimating the most likely
amount of consideration we expect to receive from the customer. Our terms and
conditions do not give our customers a right of return associated with the
original sale of our products. However, we may authorize sales returns under
certain circumstances, which include courtesy returns and like-kind exchanges.
We reduce revenue and record reserves for product returns and allowances, rebate
programs and scrap allowance based on historical experience or specific
identification depending on the contractual terms of the arrangement.

Our accounts receivable balance is from contracts with customers and represents
our unconditional right to receive consideration from our customers. Payments
are due upon completion of the performance obligation and subsequent invoicing.
Substantially all payments are collected within our standard terms, which do not
include any financing components. To date, there have been no material
impairment losses on accounts receivable. Contract assets and contract
liabilities recorded on the Consolidated Balance Sheets were immaterial as of
April 2, 2022 and April 3, 2021.

We invoice customers upon shipment and recognize revenue in accordance with delivery terms. From April 2, 2022we have had $424.7 million remaining unfulfilled performance obligations with an original

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Duration greater than one year, the majority of which is expected to be recognized as revenue over the next 12 months.


We include shipping charges billed to customers in "Revenue" and include the
related shipping costs in "Cost of goods sold" in the Consolidated Statements of
Income. Taxes assessed by government authorities on revenue-producing
transactions, including tariffs, value-added and excise taxes, are excluded from
revenue in the Consolidated Statements of Income.

We incur commission expense that is incremental to obtaining contracts with
customers. Sales commissions (which are recorded in the "Selling, general and
administrative" expense line item in the Consolidated Statements of Income) are
expensed when incurred because such commissions are not owed until the
performance obligation is satisfied, which coincides with the end of the
contract term; therefore, no remaining period exists over which to amortize the
commissions.

Income Taxes. In determining income for financial statement purposes, we must
make certain estimates and judgments in the calculation of tax expense, the
resultant tax liabilities and the recoverability of deferred tax assets that
arise from temporary differences between the tax and financial statement
recognition of revenue and expense.

As part of our financial process, we assess on a tax jurisdictional basis the
likelihood that our deferred tax assets can be recovered. If recovery is not
more likely than not (a likelihood of less than 50 percent), the provision for
taxes must be increased by recording a reserve in the form of a valuation
allowance for the deferred tax assets that are estimated not to ultimately be
recoverable. In this process, certain relevant criteria are evaluated including:
the amount of income or loss in prior years, the existence of deferred tax
liabilities that can be used to absorb deferred tax assets, the taxable income
in prior carryback years that can be used to absorb net operating losses and
credit carrybacks, future expected taxable income and prudent and feasible tax
planning strategies. Changes in taxable income, market conditions, U.S. or
international tax laws and other factors may change our judgment regarding
whether we will be able to realize the deferred tax assets. These changes, if
any, may require material adjustments to the net deferred tax assets and an
accompanying reduction or increase in income tax expense which will result in a
corresponding increase or decrease in net income in the period when such
determinations are made. See Note 13 of the Notes to Consolidated Financial
Statements for additional information regarding changes in the valuation
allowance and net deferred tax assets.

As part of our financial process, we also assess the likelihood that our tax
reporting positions will ultimately be sustained. To the extent it is determined
it is more likely than not (a likelihood of more than 50 percent) that some
portion, or all, of a tax reporting position will ultimately not be recognized
and sustained, a provision for unrecognized tax benefit is provided by either
reducing the applicable deferred tax asset or accruing an income tax liability.
Our judgment regarding the sustainability of our tax reporting positions may
change in the future due to changes in U.S. or international tax laws and other
factors. These changes, if any, may require material adjustments to the related
deferred tax assets or accrued income tax liabilities and an accompanying
reduction or increase in income tax expense which will result in a corresponding
increase or decrease in net income in the period when such determinations are
made. See Note 13 of the Notes to Consolidated Financial Statements for
additional information regarding our uncertain tax positions and the amount of
unrecognized tax benefits.

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