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) Conference Call Summary Industry Overview - The conference is part of the TD Cowen 51st Annual Technology, Media & Telecom Conference, focusing on the semiconductor industry [1][2] Company Focus and Strategy - Qorvo is diversifying its business beyond the mobile sector, emphasizing applications in less cyclical markets with higher margins [4][7] - The company has made several acquisitions to enhance its technology portfolio, including Decawave for ultra-wideband technology and NextInput for ForceTouch sensor technology [7][8] - The Connectivity and Sensors Group (CSG) is focusing on IoT, automotive connectivity, and smart home applications, leveraging existing technologies [9][10] Market Opportunities - The High Performance Analog (HPA) segment is projected to grow from a $5 billion Serviceable Available Market (SAM) to $10 billion to $12 billion in three years [11] - The Defense and Aerospace market is evolving rapidly, with increased demand for advanced radar systems and compact RF solutions [12][42] - Qorvo is positioned to capitalize on the growing need for silicon carbide technology in power management, particularly in automotive applications [13][35] Growth Projections - Qorvo anticipates strong double-digit growth in the CSG segment, despite current market challenges [29] - The HPA segment is also expected to see double-digit growth, driven by inventory corrections and expanding market opportunities [47] Competitive Landscape - Qorvo is not planning to enter the microcontroller (MCU) market, focusing instead on connectivity solutions [15] - The company maintains strong relationships with major tech players like Amazon, Google, and Apple, which aids in system architecture collaboration [19][20] Ultra-Wideband (UWB) Technology - UWB technology is being leveraged beyond mobile phones into automotive and smart home applications, enhancing security and user experience [23][24][26] - Qorvo's UWB technology is expected to become a standard feature in various devices, not limited to mobile phones [27] Financial Performance and Inventory Management - Qorvo is currently consuming inventory, with expectations to clear excess stock by the end of the calendar year [49] - The company is underutilized, impacting margins, but anticipates a rebound as inventory levels normalize [50][52] Margin Dynamics - The gross margin profile of Qorvo's segments is expected to improve as the company moves past underutilization challenges [54][56] - The current underutilization is estimated to impact margins by approximately 1,000 basis points [59] Conclusion - Qorvo is strategically positioning itself for growth in diverse markets, leveraging its technological advancements and strong industry relationships while navigating current market challenges and inventory corrections [4][11][47]

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 ...

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 31, 2022 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 2023 Results Conference Call February 1, 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 Karl Ackerman - BNP Paribas Gary Mobley - Wells Fargo Securities Edward Snyder - Charter Equity Research Vivek Arya - Bank of America Blayne Curtis - Barclays Matt Ramsay - Cowen Rajvindra Gill - Needham & Company Chris Caso - ...

Table of Contents ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2022 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) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Delaware 46-5288992 (State or other ...

Financial Data and Key Metrics Changes - Revenue for Q2 2023 was $1.158 billion, exceeding guidance by $8 million [21] - Non-GAAP gross margin was 49.2%, impacted by product mix and higher inventory-related charges [23] - Non-GAAP operating income was $338 million, representing 29.2% of sales [24] - Non-GAAP net income was $276 million, with diluted earnings per share of $2.66, $0.11 above guidance [24] - Free cash flow was $220 million, with capital expenditures of $47 million [25] Business Line Data and Key Metrics Changes - High-Performance Analog (HPA) revenue was $228 million, up 8% sequentially and 47% year-over-year, driven by defense and power products [21] - Connectivity and Sensors revenue was $143 million, down 6% sequentially and 19% year-over-year due to weaker consumer electronics spending [21] - Advanced Cellular revenue was $787 million, up 17% sequentially but down 15% year-over-year due to lower smartphone unit volumes [22] Market Data and Key Metrics Changes - China-based revenue was down approximately 20% quarter-on-quarter and about 45% year-on-year [37] - Android-based revenue is expected to represent approximately 10% of total revenue in the December quarter, marking a significant decline [37] - The global handset unit number for 5G is now projected at approximately 600 million for calendar 2022, down from previous estimates [91] Company Strategy and Development Direction - Qorvo is focusing on leveraging core strengths in system solution design, semiconductor manufacturing, and advanced packaging technologies to support growth [9] - The company aims to capitalize on multiyear secular trends like electrification, sustainability, and connectivity [16] - Qorvo is committed to driving process and product development while reducing factory loadings and inventories [17][19] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing weakness in end markets, particularly in consumer-related areas, and a more acute inventory correction than previously predicted [28] - The company expects to see a recovery in Android-based revenue in the March quarter [61] - Management remains optimistic about long-term growth drivers across all business segments despite current challenges [95] Other Important Information - Qorvo signed a long-term supply agreement with SK Siltron for silicon carbide wafers, contributing to growth in the power device business [10] - The company announced a $2 billion share repurchase authorization, replacing a previous authorization [25] - Non-GAAP operating expenses were $233 million, lower than guidance due to cost discipline [23] Q&A Session Summary Question: What was the revenue in China for the quarter? - China-based revenue was down approximately 20% quarter-on-quarter and about 45% year-on-year, expected to represent about 10% of total revenue in the December quarter [37] Question: What is the path to improving gross margins? - The primary headwind for gross margins is underutilization, which is generating over 700 basis points of headwind, with a clear path back to 50% gross margins as volumes return [39][41] Question: How is the Android business trending? - The Android business is experiencing significant weakness, with expectations for a recovery in the March quarter [46][61] Question: What is the outlook for inventory digestion? - Management expects to see some increase in Android-based revenue in the March quarter, indicating a potential recovery [61] Question: What is the expected performance of the connectivity segment? - The connectivity segment is currently underperforming but is expected to become profitable as scale increases and utilization improves [79]