Qorvo, Inc. (NASDAQ:QRVO) UBS Global Technology Conference Summary Company Overview - **Company**: Qorvo, Inc. - **Industry**: Semiconductor, specifically focusing on RF solutions for mobile devices and other applications Key Points and Arguments Market Dynamics - Qorvo anticipates modest growth in the handset space for the upcoming year, marking a shift from previous pessimism, particularly in the 5G segment [4][5] - The company has successfully navigated channel inventory challenges, which have now turned into favorable conditions, allowing for growth in market share within the Android space [5][12] Customer Relationships and Product Development - Qorvo has established long-term relationships with major customers, which span over three years, contributing to sustained growth in content and market share [7][10] - The company is excited about innovative and highly-integrated products that will drive growth in the next year [5] Revenue and Market Share - Despite recent growth, Qorvo acknowledges that it remains underrepresented with certain major customers, indicating potential for further growth [8] - The company has seen sequential revenue growth in China over multiple quarters, even while working through inventory corrections [12] Competitive Landscape - Concerns regarding competition from Huawei are acknowledged, but Qorvo believes that performance challenges faced by competitors mitigate risks of market share loss [14] - The competitive landscape has remained stable over the past 15-20 years, with Qorvo positioned as a preferred strategic supplier to major Android manufacturers [49] Growth Opportunities - Qorvo sees significant opportunities in the transition from 4G to 5G, particularly in the Android ecosystem, where less than half of Android devices are currently 5G capable [46][50] - The company expects to capture 30-40% of content share on new 5G units, translating to approximately $10-$14 of content per unit [52] Segment Performance - Qorvo's various segments are projected to grow at different rates: mid to high single-digit growth for ACS, double-digit growth for HPA, and high double-digit growth for CSG [31] - The defense sector is highlighted as a strong growth area due to increasing budgets and the need for advanced technologies [32] Technological Innovations - Qorvo is investing in advanced technologies such as GaN (Gallium Nitride) for defense and infrastructure applications, which are expected to drive future growth [55] - The company is also focusing on ultra-wideband technology, particularly in automotive applications, which is anticipated to drive smartphone adoption [36] Challenges and Outlook - The infrastructure segment is facing challenges due to ongoing inventory corrections, which may take longer to recover compared to other segments [39] - Qorvo remains optimistic about its growth potential across all markets, particularly as inventory corrections are nearing completion [37] Investor Insights - Qorvo's stock is perceived to be undervalued, with significant opportunities in both existing and emerging markets that investors may not fully appreciate [57] Additional Important Content - Qorvo has received awards for quality and innovation from its customers, reinforcing its reputation as a trusted supplier [21] - The company is agnostic to modem suppliers, ensuring compatibility with various chipset providers, which enhances its market position [25][23]

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 ...