Qorvo, Inc. (NASDAQ:QRVO) Goldman Sachs Communacopia + Technology Conference September 10, 2024 7:25 PM ET Company Participants Grant Brown - Senior Vice President and Chief Financial Officer Philip Chesley - Senior Vice President and President of the high performance Analog business Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari All right, we'd like to get started. Good afternoon, everyone. Thank you so much for coming. My name is Toshiya Hari. I cover the semiconductor space at Gol ...

Qorvo, Inc. (NASDAQ:QRVO) Goldman Sachs Communacopia + Technology Conference September 10, 2024 7:25 PM ET Company Participants Grant Brown - Senior Vice President and Chief Financial Officer Philip Chesley - Senior Vice President and President of the high performance Analog business Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari All right, we'd like to get started. Good afternoon, everyone. Thank you so much for coming. My name is Toshiya Hari. I cover the semiconductor space at Gol ...

GREENSBORO, N.C., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced that Company executives are scheduled to present at the Goldman Sachs Communacopia + Technology Conference on Tuesday, September 10, 2024, at 7:25 p.m. Eastern Time (4:25 p.m. Pacific Time). A live webcast of the event will be available on the Company's website at the following URL: https://ir.qorvo.com (under "Events & Presentations"). About Qorvo Qorvo ( ...

Eduard Lysenko Qorvo's (NASDAQ:QRVO) share price has dipped from mid-July alongside the iShares Semiconductor ETF (SOXX) as shown in the chart below. However, unlike the ETF which benefited from its artificial intelligence holdings, the stock has not recouped the losses suffered after the Federal Reserve aggressively hiked interest rates in 2022. VAL ● Qorvo Inc (QRVO) Price ● iShares Semiconductor ETF (SOXX) Price 115.52 233.39 180.00 60.00 Jul '22 Jan '23 Jul "24 Jan '22 Jul '23 Jan '24 Seeking AlphaQ Aug ...

A jump in sales of AI-enabled smartphones could turn out to be a catalyst for this chip supplier. Artificial intelligence (AI) is having a positive impact on multiple industries across the globe, and the smartphone market is one of them. The advent of generative AI has started giving smartphone sales a nice lift following a difficult couple of years when shipments fell. The smartphone market contracted 11% in 2022, which was followed by a 3.2% decline last year. This explains why shares of Qorvo (QRVO), a n ...

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 June 29, 2024 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 other ju ...

Upcoming Releases Cogent Communications Holdings, Inc. (CCOI) is scheduled to release second-quarter 2024 earnings on Aug 8. The Zacks Consensus Estimate for earnings is pegged at a loss of $1.02 per share, suggesting a decline of 684.6% from the year-ago reported figure. Akamai Technologies, Inc. (AKAM) is slated to release second-quarter 2024 earnings on Aug 8. The Zacks Consensus Estimate for earnings is pegged at $1.54 per share, indicating growth of 3.4% from the year-ago reported figure. Akamai has a ...

Financial Data and Key Metrics - Revenue for the quarter was $887 million, a decrease of 6% sequentially but an increase of 36% year-over-year [12] - Non-GAAP diluted EPS was $0.87, above the high end of the guidance range due to higher revenue and gross margin, offset by slightly higher operating expenses [13] - Cash and equivalents stood at $1.1 billion, with long-term debt of approximately $1.5 billion as of quarter-end [13] - Operating cash flow was $81 million, with capital expenditures of $38 million, resulting in free cash flow of $43 million [14] - Net inventory balance increased by $16 million sequentially to $727 million, primarily due to WIP and raw materials supporting the seasonal ramp at the largest customer [28] Business Line Data and Key Metrics - The company launched three new highly integrated RF multichip modules for X-band, S-band, and L-band advanced radar applications, which integrate filters, switches, and amplifiers to simplify design and improve performance [8] - In the Android ecosystem, Qorvo remains the primary RF supplier, collaborating with OEMs on product roadmaps and positioning for growth as 4G devices transition to 5G [10] - The company expanded its Ultra-Wideband wins in the Android ecosystem, including a mid-tier smartphone, Motorola's Moto X50 Ultra, which features Qorvo's Ultra-Wideband SoC [11] - In the automotive market, Qorvo is expanding opportunities in EVs, including solid-state circuit breakers using silicon carbide solutions [6] - The company secured new engagements for force-sensing touch sensors, primarily for laptop trackpads and other consumer applications [7] Market Data and Key Metrics - In the defense and aerospace market, Qorvo secured design wins across segments, including AESA radars, large defense programs, and SATCOM deployments [90] - For infrastructure markets, the company launched a single-chip inverse cable equalizer for DOCSIS 4.0 field installations, simplifying operations for cable operators [91] - In the consumer market, Qorvo secured a new engagement to supply a switch-mode DC-to-DC charger for a wearable accessory for an Android OEM [89] - The company is seeing increasing demand for AC-to-DC high-density server power supplies in industrial and enterprise markets [23] Company Strategy and Industry Competition - Qorvo is investing in R&D for future programs, including products currently supplied to customers and new products not yet in the portfolio [10] - The company is leveraging its BAW and LRT SAW processes to ramp multiple new products, including a highly integrated mid-high band pad for an Android OEM [25] - Qorvo is transitioning from mechanical to semiconductor-based electrical systems, particularly in solid-state circuit breakers for residential, commercial, and industrial applications [9] - The company is focusing on expanding its Ultra-Wideband and Matter technologies for smart home and office applications, including door locks, smart lighting, and indoor navigation [21] Management Commentary on Operating Environment and Future Outlook - Management highlighted the trend of transitioning from mechanical to active electronic scanning systems in defense and aerospace markets, driven by increasing system-level functionality and size constraints [22] - The company is optimistic about the adoption of Ultra-Wideband in China for automotive applications, including presence detection and kick sensors [50] - Qorvo expects Android 5G unit volumes to grow by more than 10% in calendar 2024, with content drivers in 5G Advanced including additional transmit paths and non-terrestrial network connectivity [93] - The company is confident in its ability to grow with its largest customer, particularly as AI and 5G trends accelerate, driving higher RF content [68] Other Important Information - Qorvo completed the migration to 8-inch BAW wafers, with BAW lines now exclusively running on 8-inch wafers [95] - The company repurchased $125 million of stock at $101 per share during the quarter, as part of its capital allocation strategy [101] - Qorvo expects revenue of approximately $1.025 billion for the current quarter, with non-GAAP gross margin between 46% and 47% and non-GAAP diluted EPS between $1.75 and $1.95 [102] Q&A Session Summary Question: Impact of AI smartphones on demand - Management is taking a conservative approach regarding AI smartphones, noting that while Samsung's S24 had a nice ramp, it was not significantly above expectations [37] - The company is not modeling an uplift from AI smartphones at this time but would welcome a reduction in replacement cycle time if AI proves useful [37] Question: Utilization rates and high-cost Android inventory - Qorvo expects a substantial sequential increase in gross margin in the September quarter, driven by product mix and higher utilization rates [39] - Underutilization headwinds are expected to decrease to around 100 basis points in the September quarter and become negligible in the back half of the year [39] Question: China mobile market trends - The company is seeing low single-digit year-over-year growth in China's mobile market, with the 6/18 holiday showing slight improvement [53] - Ultra-Wideband adoption in China is accelerating, particularly in automotive applications like presence detection and kick sensors [50] Question: Revenue decline in the September quarter - The slight year-over-year decline in revenue is primarily related to smartphone revenues, with assumptions in the guide contemplating total smartphone market dynamics [56] - The company is on the other side of strong ramps for key models like the S24 and Pixel, with new design wins expected to ramp later in the year [57] Question: New product developments - Qorvo is tiering its low, mid, high band pad for different product segments in the Android ecosystem, with ramps expected in the December and March quarters [58] - The company is also seeing strong performance from its mid-high band pad, which integrates diversity receive functions [58] Question: Internal production vs. external foundries - The company differentiates between internal production for technologies like BAW and external sourcing for silicon and SOI, leveraging partner scale and R&D investments [65] - In the defense market, internal assembly capability is a key differentiator [66] Question: Content growth in 5G Advanced - Qorvo sees significant opportunities in 5G Advanced, including additional transmit paths and non-terrestrial network connectivity, with AI trends potentially accelerating adoption [68] Question: Mobile content growth at the largest customer - The company is confident in its ability to grow content and gain share at its largest customer, with new products like the low, mid, high band pad expected to ramp in the coming quarters [76]

The reported revenue compares to the Zacks Consensus Estimate of $851.14 million, representing a surprise of +4.18%. The company delivered an EPS surprise of +22.54%, with the consensus EPS estimate being $0.71. Here is how Qorvo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Shares of Qorvo have returned +4% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #3 (Hold), indic ...

Over the last four quarters, the company has surpassed consensus EPS estimates four times. Qorvo (QRVO) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for nonrecurring items. Qorvo, which belongs to the Zacks Semiconductors - Radio Frequency industry, posted revenues of $886.67 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4. ...