GREENSBORO, N.C., May 20, 2024 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced that a federal jury in the U.S. District Court for the District of Delaware returned a verdict on Friday, May 17, 2024, in favor of Qorvo, finding that Akoustis Technologies, Inc. and Akoustis Inc. (together, "Akoustis") willfully and maliciously misappropriated Qorvo trade secrets and infringed certain Qorvo patents relating to BAW filter designs. The jury ...

Core Viewpoint - Qorvo achieved a significant legal victory against Akoustis Technologies, with a jury awarding over $31.5 million in compensatory damages and $7 million in punitive damages for trade secret misappropriation and patent infringement related to BAW filter designs [1] Group 1: Legal Outcome - A federal jury found Akoustis willfully and maliciously misappropriated Qorvo's trade secrets and infringed on its patents [1] - The verdict allows Qorvo to pursue an injunction against Akoustis products [1] Group 2: Company Commitment - Qorvo emphasizes its commitment to protecting its intellectual property and addressing complex challenges faced by customers [2] Group 3: Company Overview - Qorvo is a leading provider of semiconductor solutions, serving high-growth segments such as consumer electronics, smart home/IoT, automotive, EVs, and aerospace/defense [3]

Qorvo, Inc. (NASDAQ:QRVO) Q4 2024 Earnings Conference Call May 1, 2024 5:00 PM ET Company Participants Douglas DeLieto - Vice President, Investor Relations Bob Bruggeworth - President & Chief Executive Officer Grant Brown - Chief Financial Officer Dave Fullwood - Senior Vice President, Sales & Marketing Conference Call Participants Ruben Roy - Stifel Karl Ackerman - BNP Paribas Edward Snyder - Charter Equity Research Chris Caso - Wolfe Research Srini Pajjuri - Raymond James Thomas O'Malley - Barclays Christ ...

FOR IMMEDIATE RELEASE Qorvo Announces Fiscal 2024 Fourth Quarter Financial Results ® GREENSBORO, N.C., May 1, 2024 — Qorvo (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company's fiscal 2024 fourth quarter ended March 30, 2024. ® Strategic Highlights On a GAAP basis, revenue for Qorvo's fiscal 2024 fourth quarter was $941 million, gross margin was 40.6%, operating income was $30 million, and diluted earnings per share was $0.03. On a ...

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 December 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 _____ Commission File Number 001-36801 Qorvo, Inc. (Exact name of registrant as specified in its charter) Delaware 46-5288992 (State or othe ...

Qorvo, Inc. (NASDAQ:QRVO) Q3 2024 Earnings Conference Call January 31, 2024 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 Toshiya Hari - Goldman Sachs Ruben Roy - Stifel Nicolaus Edward Snyder - Charter Equity Research Karl Ackerman - BNP Paribas Srini Pajjuri - R ...

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 ...