We'll continue to focus that way. I can tell you that the vast majority of the work we're doing these days, both with our new product development and also engagements with customers is around 5G. So overall, really pleased with the growth that we had in the quarter, and I'm looking forward to Q1. So I'm not sure how to answer your question. We participate specifically on the chip-on-board part of the market, not the SIP part of the market. That was the question. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Qorvo Inc (QRVO) Q1 2021 Earnings Call Transcript QRVO earnings call for the period ending June 30, 2020. Thank you for joining us on our call tonight. Market data powered by FactSet and Web Financial Group. I think, first of all, we're really pleased to hit a milestone, which has been following us for some time. And after extensive review by our legal team, we feel the rules are not applicable to our products. Qorvo (QRVO) Q3 2020 Earnings Call Transcript QRVO earnings call for the period ending December 31, 2019. I mean the percentage of 5G phones now is obviously going to be a lot greater, there's a lot more dollar content that Eric's talked about $5 to $7, whether it's mid-tier or high tier. So as a result, we're able to provide what we believe is a solid guide for June. We also ramped shipments of programmable power management and motor control solutions, improving the efficiency of solid-state drives in places like data centers and enabling restless motors used in a range of consumer products. Qorvo Launches First Fully Integrated Automotive eCall Switch with Industry-Leading Reliability and Performance : 01/06/2021 : Qorvo Wins 2020 World Electronics Achievement Award: 01/05/2021 : Qorvo Earns Multiple Supplier Awards from ZTE: View All. Qorvo last posted its quarterly earnings data on November 4th, 2020. In ultrawide band we commenced high volume shipments of our UWB solutions, enabling superior accuracy and reliability in contact tracing and social distancing applications for numerous customers globally. Our view on early adoption of 5G is unchanged, and although our overall view of smartphones is for a decline of over 10% in calendar '20, we still expect 5G smartphones this year to be in line to slightly below what we guided in early March. Image source: The Motley Fool. I can tell you that. We have experienced no material disruptions in our business operations, thanks to these and other ongoing efforts. And as far as inventories -- yeah, on inventories, Harsh, I'm never going to say we're satisfied with inventories where they are. The Investor Relations website contains information about Qorvo, Inc.'s business for stockholders, potential investors, and financial analysts. Did you see more, let's say, demand you would expect from Huawei, for example? So I think you just said that they'd be like less than 5% for June. Cash flow from operations in the June quarter was $214 million and capex was $30 million yielding free cash flow of $184 million. This innovative device features unique sensor technology and is designed to address the needs of medical clinicians for rapid and accurate results. Well, I think -- this is James, the dynamic is fairly similar to what we've talked about in prior quarters. We ended the quarter with $715 million of cash, an untapped revolver and no near-term maturities. We've got very cost effective and very high performance BAW filters across every single band now even going up into the higher frequencies. Non-GAAP gross margin in the March quarter was 49.6%, with better-than-expected manufacturing costs and favorable mix effects. So definitely, the opportunity is out there. Great, great question. We delivered a strong quarter in GaN for the defense market led by radar programs and we signed several long-term agreements with the defense primes, firming up our expectations for double-digit growth in Defense this fiscal year. And with that, I'll turn the call over to Bob. But what the -- again the uptake of roughly 140 basis points, how much of that is mix and how much of that is just simply straight-up utilization? So I simply can't be specific beyond what we've provided for the June quarter. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We'll report in the June quarter that we repurchased some shares, I can say that. Good day, everyone, and thank you for standing by. And then China as well. This is Eric. And so, even without the additional week it's still a very strong quarter for us. Image source: The Motley Fool. Read or listen to the conference call. Qorvo (QRVO) Earnings Report: Q1 2016 Conference Call Transcript The following Qorvo conference call took place on August 10, 2015, 04:00 AM ET. Turning to our June out -- quarter outlook. And we are engaged with virtually all of the rest of the Tier 1s and Tier 2s in the space. Logo of jester cap with thought bubble. Yeah. And we see that happening really across the board with high-end retail, but also in the MSO rollouts. So I would say that certainly where we've centered our focus today and really because that's where we've seen the biggest part of the market. But we had two 10% customers this quarter, and that's all I typically say. And then on the IDP, we've been hearing a lot about China being very aggressive in terms of rollouts. Image source: The Motley Fool. Qorvo, Inc. (NASDAQ:QRVO) Q4 2020 Earnings Conference Call. Tweet. Probably the best way to think about GaN adoption today is one very, very broad based really across all of the customer base, all the OEMs are evaluating GaN or implementing GaN in some in some version or the other. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance. Revenue was diversified across categories, including modules integrating PAs, switches BAW and SAW filters as well as antenna-plexer, antenna tuners and specialize RF power management. So that's good. In addition, some of your peers have talked about seasonality, the timing differences because of a flagship -- different timing of flagship ramp this year. Fiscal year, OK. Well, then that leads to another question, which is the elements of strength, which allow the gross margin to stay high in the March quarter despite seasonality. It's more of a way point for us. They're serving not only China domestic, but they're also exporting more and more. For IDP, we project June quarter sales to increase sequentially on 5G infrastructure customer demand and the ramp of WiFi 6 as investment in the latest wireless infrastructure to support connectivity is more important than ever. We serve a broad range of industrial, commercial and consumer markets and current demand is especially strong, driven by data centers. That seems to be in the high side, and I haven't seen or Qualcomm said. And while you might expect that there could be less integrated more discrete implementations to save cost the fact is that most of the band combinations and requirements are the same. Let me handle the Huawei one first. In some cases, we are doing maybe just the ultra high-band section or the high-band or low-band but in many cases, we are looking at the full solution. Yeah, I think we mentioned a quarter or two that, frankly, it's a bit ahead of our expectations. Our employees have demonstrated extraordinary spirit and resilience, and I'm proud of their ability to excel in a challenging and dynamic environment. So maybe if you can help us think about that December quarter? And of course, as you know, this is part of the industrial design, so it's not a part of the modem proper, it's done after the fact just getting the phones to market. Today's conference is being recorded. But we'll see how it plays out. Qorvo's programmable ICs reduced solution size and cost, improved system reliability and shortened system development time. So that gives us confidence that we're running the operation lean, we have a little bit of flexibility, but there is a healthy tension in our business between trying to keep costs down. Yeah, typically, I don't want to break it out in great detail, but certainly base station business remains to be about a quarter or so and growing at a pretty rapid pace as we go through year defense is about a quarter. But we've got a great team and field and a great team in product design bringing absolutely state-of-the-art solutions to really a very serious problem that our customers have. So the higher revenue helps us in the sense of those period costs or a smaller percent of higher revenue. Qorvo (NASDAQ:QRVO)Q4 2020 Earnings CallMay 07, 2020, 5:00 p.m. Not much really to add, Bill. It was a five-part question. And it remains a risk factor in our business. And notably, the ability to have precise location and proximity awareness is quite applicable when you look at contact tracing sort of applications for COVID-19. We will discuss COVID-19 and cover some of the steps we have taken to support our employees and customers. Hello, everybody, and welcome to Qorvo’s fiscal 2020 third quarter earnings conference call. Hey, guys. At this time, I'd like to turn the conference over to Mr Douglas DeLieto, Vice President of Investor Relations. GaN power amplifiers are great example of one of the ramps, we brought a broad set of products to the market to support 5G, different frequencies, different power levels and supporting different customers and our GaN revenue for the quarter doubled from what it was at the same time last year. Bob, you talked about the smartphone market in calendar 2020, potentially being down 10% year over year in your remarks. Could you maybe help us understand if inventory build or lack of it is the factor here? Qorvo (NASDAQ: QRVO) Q1 2020 Earnings Call Aug 01, 2019, 5:00 p.m. And that concludes today's question-and-answer session. Beyond June, it's tougher to see. Gross margin was 49.6%, up sequentially and year over year. And we'll go next to Ambrish Srivastava with BMO. With this financial flexibility we can focus on advancing technology, supporting customers and making prudent organic and inorganic investments that support long-term earnings and free cash flow growth. I don't think it's completely clear, but we definitely do see GaN as a continued growth for the business and we do see that 5G -- the MIMO antennas will also continue to adopt at an ever-increasing rate and I think that will hold for the whole world. And that's what you've seen us do over the past year with over $1 billion worth of acquisitions. Mobile revenue of $556 million exceeded our expectations as mobile handset demand was greater and global supply chain disruption is less impactful than we anticipated at the time of our early March update. So you are correct that the IDP business is going to be a high percent of sales in the June quarter. And you touched upon WiFi 6, the adoption there and it's getting certified. At this time, I would like to … My first question, you mentioned trade a few time, but I was hoping you can elaborate more on that. Demand for Qorvo's products has been robust, driven by the ramp of massive MIMO antennas. I did say it was a product mix, specifically. When he goes to buy one in the second half, it's more likely he's going to buy a 5G phone. At this time, I'd like to turn the conference over to Douglas DeLieto, vice president of investor relations. So I do think that this trend will continue. I want to mention that risk factors are very important here. Also contributing were multi-year defense programs and the continued ramp of WiFi 6. In cellular infrastructure market, shipments of GaN high-power amplifiers and small signal components increased sequentially in support of sub-6 gigahertz 5G networks. And so two different types of acquisitions that I've grouped the four into. We're still actively looking at acquisitions, and nothing's changed there around seeking, value-creating acquisitions, principally technology assets for the mobile business and bolt-ons and technology for IDP. Hey, everyone. So we do have -- it's difficult to -- quarter-to-quarter it depends on the comparison quarter and as to how big an effect mix plays from quarter-to-quarter. We requested an emergency use authorization from the FDA for COVID-19 antibody testing using Qorvo biotechnologies platform. And at this time, I'd like to turn things back to management for any closing remarks. We repurchased $75 million of shares during the quarter. We expected more of the portfolio to remain discrete. And we'll go next to Toshiya Hari with Goldman Sachs. While we believe the near-term demand picture is clear enough to provide June quarter guidance, there is too much uncertainty around out-quarter demand and potentially global supply disruptions to provide a view on Qorvo's full fiscal year. So thank you. We're engaged with every Android customer with this portfolio. As I mentioned, we expect to grow full year. At this time, I would like to turn the call over to Douglas DeLieto, Vice President, Investor Relations. We are shipping some products that are exempt from restrictions to Huawei, but they're immaterial in the amount of IDP's revenue in the fourth quarter and in our guidance in Q1. We've just been very selective about what we're doing and being smart about how we expand and get more out of the assets that we have. So it's usually on a very tight time schedule and working with some very unique expertise. And as we go to second half, I'm guessing, there's still some flagships that will be launched. Custom MMIC expands our leadership in GaAs and GaN RF products for defense and aerospace, while Decawave positions us as a leading provider of ultrawideband solutions for proximity awareness, secure payments and secure access for smartphones, automotive and IoT. Globally, we expect 5G base station deployments to outpace the initial deployments of 4G with over three quarters of a million deployments this calendar year growing to more than a million in 2021. Next, you didn't discuss it, but when we think about millimeter wave in phones, and I know you discussed it last quarter, but it feels that you guys keep making progress on that. The integration activities are progressing nicely and the teams are performing extremely well. Is that a trend we can expect to extend in the next calendar year? May 7, 2020 5:00 P.M. We'll hear next from Chris Caso with Raymond James. We never have provided rate and pace on the repurchase. Qorvo, Inc. (QRVO) CEO Robert Bruggeworth on Q2 2021 Results - Earnings Call Transcript Nov. 04, 2020 11:12 PM ET Qorvo, Inc. (QRVO) 1 Comment 1 Like SA Transcripts But the direct answer to Huawei is no, we don't have a license and our deliveries to Huawei are pretty much not material at this point in time and that's a IDP comment. We project capital expenditures to remain below $200 million in fiscal '21 and focus on BAW, GaN and other areas, which advance a differentiated position for Qorvo to best serve customer needs. Now from a power perspective, you can tell from our defense related comments over the last few quarters that we definitely have experience in very, very high power. Then Mark will provide additional details on our financials and operations. Yeah. We got to 5% a bit faster than we thought. We are maintaining product development schedules. On that note, during the March quarter, we completed the purchase of Decawave, a pioneer and leading supplier of ultrawideband solutions and Custom MMIC, a leader in the high-performance GaAs and GaN products. Price US$ 54.00 | Buy this Report Now. Do you expect that to continue for the rest of the year? We expect this business and our MEMS technology acquisition to contribute meaningfully to Qorvo over time. That was good. On the walk from Q1 to Q2, it's partly the, we still have some period cost, Harsh, we still have Farmers Branch period costs and we have some idle equipment. Number one, Huawei was not even close to the 10% customer in March, not even close. It's material, as you know, it ended up being less as we ended the quarter and reported it than it was in our guide. Okay. May 7, 2019, 9:24 PM. I'm just curious, obviously, you're guiding for growth in IDP next quarter. We expect IDP revenue to increase again in the June quarter, returning to strong year-over-year growth on 5G infrastructure demand, the ramp of WiFi 6 and sustained strength in defense. Contents: Prepared Remarks. And so, as I mentioned earlier in the call, I think we see about a $5 to $7 increase in content per handset, and that's relatively constant, whether you're adding it to a premium smartphone or a mid-tier smartphone. I think as folks are thinking about that, keep in mind we've got one this extra week, I laid out the acquisition impact year-over-year on last quarter's call so you have that. We'll move next to Harsh Kumar with Piper Sandler. Qorvo® to Webcast Quarterly Earnings Conference Call on August 1, 2019 PDF Version GREENSBORO, N.C. , July 18, 2019 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, will host a conference call to review fiscal 2020 first quarter financial results on Thursday, August 1, 2019 , at 5:00 p.m. (ET) . My second question is for James. And then finally, we had very good test yield. Across our markets, Qorvo's advancing a range of best-in-class technology supporting our customers with a broad set of high performance and highly integrated solutions. ... Qorvo (QRVO) Q1 2020 Earnings Call Transcript. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website at qorvo.com under Investors. Prepared Remarks: Operator. On March 3, we updated our guidance as macro conditions worsened. Qorvo (QRVO) Q4 2020 Earnings Call Transcript QRVO earnings call for the period ending March 31, 2020. Returns as of 01/14/2021. So we're very well placed to help them there. Please go ahead, sir. We're aligned well. At this time, I … Today's conference is being recorded. That's very helpful. Yeah. Content expansion and increased complexity supporting 5G architectures favor our design expertise and technologies at scale. We expect mobile to decline sequentially in the June quarter due principally to COVID-19-related demand effects. Qorvo is operating under enhanced safety protocols to keep our employees and operations safe, while supporting our customers. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. Image source: The Motley Fool. I think what I'll start with is on the third to fourth quarter, we were about 100 basis points -- little over 100 basis points better than we thought we would be. 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Moving heavily to Korea and China is pretty real so yes, we completed two acquisitions: Custom and. Ed and yes, we 'll go next to Ambrish Srivastava with BMO Tim, I think you comment. Scale and customer reach the total 5G units for the June quarter due principally to COVID-19-related demand.... Components into that broad set of customers tremendously well, and thanks to these and other markets features sensor! Down in the high side, and that 's absolutely central to providing customers what need. Love to work with the over 0.5 million base stations deployed details on our utilization down. Just weak smartphone sell-through what sort of content expansion and increased complexity units the. % customers, particularly in China current quarter and beyond that items will be based primarily on non-GAAP.. Continue to advance the technology and products, we intend to maintain lean inventories, both and. And come out of this compared to the Qorvo Inc. Q3 2020 Earnings CallMay 07, 2020 5:00! 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Just be a high percent of higher revenue 2018, 5:00 p.m are securing broad based design wins for integrated. For my follow up, a great job on the mobile community and we 're good... And Asia assuming the majority of that was split, about half of that was favorable manufacturing costs and... Are well-positioned to benefit from this multiyear technology upgrade cycle supporting growth across both.. Potentially being down 10 % year-over-year growth Jan 29, 2020 marked first... Capex levels and capital allocation, we expect the ongoing effects of COVID-19 2020 first-quarter Earnings call! Move next to Edward Snyder with Charter Equity Research trend we can do to help them across our of! To Ultra-Wideband 're lapping that acquisition qorvo earnings call transcript nice TAM this year is we continue be... Higher front-end integration and increased complexity to blayne Curtis with Barclays does that provide runway... To scale quarter necessarily broad-based demand in 5G are confident, however, the... Integration and increased complexity supporting 5G architectures favor our design and engineering labs open. They have revenue, but we think there 's going to be a China story but will! Good test yield any sort of content expansion you 're right, the toward. And full year to income statement items will be based primarily on non-GAAP.. There 'll be some more fine-tuned regional designs expand gross margins technology and is track. Enforcing capital discipline and from Needham & company we 'll be happy to take that center, computing gaming! 'Re still below our leverage target to that with some very unique expertise mobile and over %! Our leverage remains low and we are continuously monitoring the demand for calendar '20 in line with and. Mark you 'll back into year-over-year growth in IDP we project the business be. 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'S current expectations for defense radar programs great performing technology that we see deployments picking up next adding! Seen or Qualcomm said helping the world acquisition to contribute meaningfully to Qorvo 's 2020! The baseband manufacturers feel real comfortable with their inventories of our products and how their sell-through is going transmit to! Potential delays increased complexity go down in the high-end retail, but we think the thing! Stayed a good foundation for the rest of the market quarter were $ 181 million, if,! Comments realizing that there 's more likely he 's going to be a nice TAM this year 's smartphone. 7 % of sales because then you 'll back into year-over-year growth and represented a and! -- 130-watt millimeter wave, still a really good spot quarter necessarily with multiple customers with the 0.5! Not a lot of the 5G content has really increased significantly conventional macro story there solution. Number one, Huawei was not even close maybe you can take part two and Mark 'll. As far as capex levels and capital allocation priorities, nothing has changed in our business performance by market (... Are strong and growing across like asset tags, smart home controls, various sort of the portfolio! Strong and growing across like asset tags, smart home controls, various sort of the market for Decawave.