Qorvo, Inc. (NASDAQ:QRVO) UBS Global Technology Conference November 29, 2023 2:55 PM ET Company Participants Frank Stewart - SVP and President of Advanced Cellular Douglas DeLieto - Vice President, Investor Relations Dave Fullwood - Senior Vice President, Sales & Marketing Conference Call Participants Tim Arcuri - UBS Tim Arcuri I am Tim Arcuri. I'm a semicon analyst here at UBS. Very happy to have Qorvo next. And we have, Frank Stewart, who is the SVP and President of the ACS, the Advanced Cellular Group. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ (336) 664-1233 (Registrant's telephone number, including area code) | Securities registered pursuant to Section 12(b) of the Act: | | ...

Financial Data and Key Metrics - Revenue for the quarter was $1.1 billion, with non-GAAP gross margin at 47.6% and non-GAAP diluted EPS at $2.39, all exceeding the high end of the August guidance [87] - The company expects revenue of approximately $1 billion plus or minus $25 million for the current quarter, with non-GAAP gross margin between 43% and 44% [90] - Non-GAAP operating expenses in the quarter were $246 million, slightly higher than guidance due to performance-based incentive compensation [88] - Free cash flow was $64 million, and CapEx was $29 million during the quarter [97] Business Line Data and Key Metrics - ACG (Advanced Connectivity Group) was 77% of revenue, HPA (High Performance Analog) was 14%, and CSG (Custom Solutions Group) was 9% [43] - ACG operating margin was 34%, HPA was 17%, and CSG was negative 27%, which includes the impact of the biotechnology division [89] - The company saw significant content gains at its largest customer, driving revenue growth [87] - The company is investing in new product development and targeting multi-year growth opportunities across all three segments [88] Market Data and Key Metrics - The company's largest customer has a significant impact on March quarter performance, with expectations of seasonal decline in China Android business [4][5][6] - Channel inventories of Qorvo components across the Android ecosystem are approaching historical norms, allowing the company to ship more closely to end market demand [69][70] - The company is seeing growth in ultra-wideband adoption, particularly in automotive and Android markets [84] Company Strategy and Industry Competition - The company is focusing on multi-year technology upgrade cycles supported by global macro trends, including connectivity, sustainability, and electrification [71] - Qorvo is leading the transition to DOCSIS 4.0 in broadband and delivering increasing levels of functional integration for 5G massive-MIMO deployments [72] - The company is expanding its presence in power management markets, with initial wins in SSDs, power tools, and appliances [73] - Qorvo is leveraging its ultra-wideband technology for automotive and Android markets, with significant design wins in both areas [84] Management Commentary on Operating Environment and Future Outlook - The company expects revenue growth and margin expansion as product mix favors higher growth investment businesses [93] - Management believes the company can achieve 50% gross margin on a quarterly basis and subsequently on an annual basis as inventory and utilization levels normalize [16][96] - The company is not expecting a significant rebound in end markets but is optimistic about design wins and inventory normalization driving growth [30][81] Other Important Information - The company repurchased $100 million worth of shares at approximately $103 per share during the quarter [97] - Qorvo's net inventory balance was reduced to $840 million, down $78 million sequentially, with days of inventory decreasing from 210 days to 138 days [98] - The company successfully closed the sale of the Omnia Biotechnology business and will continue to sell BAW filters to support the acquirer [89] Q&A Session Summary Question: Gross Margin Trajectory for Fiscal 2025 - The company expects to achieve 50% gross margin on a quarterly basis before achieving it on an annual basis, depending on macro conditions and utilization levels [106] Question: Seasonal Trends in Q4 - The company expects a seasonal decline in March, particularly in the China Android business, but growth in ACG and CSG segments will offset some of this decline [108] Question: Ultra-Wideband Market Opportunity - The company is seeing significant opportunities in ultra-wideband, particularly in automotive and Android markets, with multiple design wins and expanding applications [38][39] Question: Inventory Levels and Normalization - The company expects to continue reducing inventory levels, with channel inventories approaching historical norms, particularly in the Android ecosystem [99] Question: Competitive Landscape in China - The company does not see significant changes in the competitive environment in China, with local suppliers still behind in key technology areas [21]

For the quarterly period ended July 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number 001-36801 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Qorvo, Inc. (Exact name of registrant as specified in its charter) Delaware 46-5288992 (State or other jur ...

Qorvo, Inc. (NASDAQ:QRVO) Q1 2024 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Douglas DeLieto - Vice President, Investor Relations Robert Bruggeworth - President and Chief Executive Officer Grant Brown - Senior Vice President and Chief Financial Officer Dave Fullwood - Senior Vice President, Sales & Marketing Conference Call Participants Karl Ackerman - BNP Paribas Ruben Roy - Stifel Nicolaus Gary Mobley - Wells Fargo Srini Pajjuri - Raymond James Vivek Arya - Bank of America Sec ...

Qorvo, Inc. (NASDAQ:QRVO) TD Cowen 51st Annual Technology, Media & Telecom Conference Transcript June 1, 2023 9:05 AM ET Executives Eric Creviston - Corporate Vice President and President, Mobile Products Phil Chesley - Corporate Vice President and President, Infrastructure and Defense Products Doug DeLieto - Vice President, Investor Relations Analysts Matt Ramsay - TD Cowen Matt Ramsay All right. Maybe -- hopefully you guys can hear me. I will just shout, if you can. Good morning, everybody. Welcome to the ...

Qorvo, Inc. (NASDAQ:QRVO) 51st Annual JPMorgan Global Technology, Media and Communications Conference Call May 24, 2023 8:40 AM ET Company Participants Bob Bruggeworth - President & Chief Executive Officer Frank Stewart - President of Qorvo's Advanced Cellular Group Doug DeLieto - Vice President of Investor Relations Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Okay, good morning. Let’s go ahead and get started. Welcome to the third day of JPMorgan's 51st Annual Technology ,Media and Commun ...

Company Overview - The company is a leading global supplier of RF and power solutions for various markets, including automotive, defense, and cellular infrastructure [22]. - The mobile devices market is the largest for the company, characterized by high volumes and includes smartphones, wearables, and tablets [27]. - The company’s automotive products include traction inverters, on-board chargers, and DC/DC converters, meeting AEC-Q100 quality standards [45]. - The company’s IoT solutions are increasingly in demand due to the proliferation of connected devices, enhancing wireless connectivity and efficiency [38]. - The company supports the migration to 5G networks, which are expected to enable new data-driven applications and increase demand for its infrastructure solutions [31]. Financial Performance - For fiscal 2023, the company reported revenue of $3,569.4 million, a decrease of 23.2% from $4,645.7 million in fiscal 2022 [298]. - The company's net income for fiscal 2023 was $103.2 million, down 90.0% from $1,033.4 million in fiscal 2022 [298]. - The company reported a gross profit of $1,296.9 million for fiscal 2023, down 43.4% from $2,286.2 million in fiscal 2022 [298]. - Cash provided by operating activities in fiscal year 2023 was $843,231,000, down from $1,049,243,000 in fiscal year 2022 [307]. - The company's total current assets decreased to $2,029.8 million as of April 1, 2023, from $2,449.9 million as of April 2, 2022, representing a decline of 17.1% [295]. - The company's total liabilities decreased to $2,789.1 million as of April 1, 2023, from $2,955.9 million as of April 2, 2022, a reduction of 5.6% [295]. - The company's cash and cash equivalents decreased to $808.8 million as of April 1, 2023, down from $972.6 million as of April 2, 2022, a decline of 16.8% [295]. - The company's total stockholders' equity decreased to $3,902.8 million as of April 1, 2023, from $4,553.2 million as of April 2, 2022, a decrease of 14.3% [295]. Research and Development - The company invests in R&D to develop advanced technologies, focusing on materials, software, and semiconductor process technologies [46]. - Research and development expenses increased to $649.8 million in fiscal 2023, up 4.0% from $623.6 million in fiscal 2022 [298]. - The Company charges all research and development costs to expense as incurred [355]. Patents and Innovation - The company has approximately 2,250 patents with expiration dates ranging from 2023 to 2041, supporting its innovation and product development efforts [69]. Employee and Workplace Safety - The company employs over 8,500 full and part-time employees across 23 countries, with 55% located in the Americas and 38% in Asia [72]. - The company achieved its safety goal for the fifth consecutive year in fiscal 2023, emphasizing its commitment to workplace safety [80]. - The company’s global attrition rate has consistently been below the technology industry average, indicating effective employee retention strategies [77]. Environmental Compliance - The company is ISO 14001:2015 certified, ensuring compliance with environmental management standards [83]. - The company’s products are compliant with the European Union RoHS Directive, ensuring adherence to environmental regulations [83]. Inventory and Accounts Receivable - The company’s inventory decreased by $81,450,000 in fiscal year 2023, compared to a decrease of $236,196,000 in fiscal year 2022 [307]. - The company’s accounts receivable increased by $264,781,000 in fiscal year 2023, compared to a decrease of $107,896,000 in fiscal year 2022 [307]. - Total inventories as of April 1, 2023, amounted to $796.6 million, an increase from $755.7 million as of April 2, 2022 [375]. Goodwill and Intangible Assets - Goodwill balance as of April 1, 2023, was $2,760.8 million, reflecting a decrease due to a goodwill impairment charge of $12.4 million [389]. - The Company recorded a goodwill impairment charge of $12.4 million in Q4 2023, related to its non-core biotechnology business, reflecting a more-likely-than-not expectation of selling or disposing of this reporting unit [392]. - Total intangible assets amortization expense was $132.4 million in fiscal 2023, down from $150.5 million in fiscal 2022 [396]. Acquisitions - The Company acquired United Silicon Carbide, Inc. for a total purchase price of $236.7 million, expanding its offerings in SiC power products [380]. - The contingent consideration related to the acquisition of United Silicon Carbide, Inc. was $31.3 million, with $9.5 million recognized as fair value at acquisition [381]. - The Company recorded acquisition and integration related costs of $14.6 million and $12.2 million for United SiC in fiscal years 2023 and 2022, respectively [382]. Revenue Recognition and Financial Management - Revenue is primarily generated from semiconductor product sales, with less than 4% recognized over time, and variable consideration from rebate programs representing less than 7% of net revenue [347][349]. - The Company uses a five-step approach to determine the amount and timing of revenue recognition in accordance with ASC 606 [347]. - The company’s financial risk management aims to mitigate impacts from changes in interest rates, foreign currency exchange rates, and commodity prices [285].

Qorvo, Inc. (NASDAQ:QRVO) Q4 2023 Results Conference Call May 3, 2023 5:00 PM ET Company Participants Douglas DeLieto - VP, IR Bob Bruggeworth - President and CEO Grant Brown - CFO Dave Fullwood - SVP, Sales and Marketing Conference Call Participants Toshiya Hari - Goldman Sachs Gary Mobley - Wells Fargo Securities Vivek Arya - Bank of America Karl Ackerman - BNP Edward Snyder - Charter Equity Matt Ramsay - Cowen & Company Ambrish Srivastava - BMO Capital Ruben Roy - Stifel Srini Pajjuri - Raymond James Ati ...

Qorvo, Inc. (NASDAQ:QRVO) Raymond James 44th Annual Institutional Investors Conference March 7, 2023 10:25 AM ET Company Participants Grant Brown - CFO Doug DeLieto - VP of IR Conference Call Participants Srinivas Pajjuri - Raymond James Srinivas Pajjuri Okay, thanks, everyone. And good morning. I am Srini Pajjuri, I'm the Semiconductor Analyst here. And I want to welcome you to Raymond James Institutional Investor Conference. We have Qorvo with us this morning. From Qorvo, we have Grant Brown, the CFO, and ...