qorvo earnings call transcript

I won't do on the call, Tim. What you've seen in the first half of the year, March and June and the kind of the shape of those deployments, if it's the same or has it changed a bit? James, huge upside, I was hoping you could help us understand where the upside came in June and where you see the upside here in September. Took us a bit longer than we thought, but we were confident we were going to get there. Our efforts to improve the portfolio and drive productivity are yielding favorable results and we expect this progress to continue, as we are forecasting approximately 50% gross margin in the September quarter. Thank you. The semiconductor company reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.49. But how are you thinking about the balance there for the next couple of quarters? Your December to March revenues were down, call it, 90-something percent. Infrastructure and Defense Products revenue increased to $319 million over 40% of the company's revenue, as the ongoing build out of 5G networks drove demand and we successfully ramped new GaN products. Hey, so Ed, so we weren't surprised to see GaN double at all. We're also expecting, as we get into next year, the deployments to start to pick up in the U.S. We'll go next to Timothy Arcuri with UBS. So I'm just wondering, is that the beginning of inventory digestion? And I think the higher bandwidth and so forth is a key feature. That was the question. So I'll provide some general comments realizing that there's still a lot of risk and we can't be too specific. We talked in the past about what's driving the 5G content. 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. Joining us today from multiple locations are Bob Bruggeworth, President and CEO; Mark Murphy, Chief Financial Officer; James Klein, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile Products Group as well as other members of Qorvo's management team. 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. So we picked up a tremendous amount of content in 5G and that's really helped drive the growth, but we're setting records in our WiFi space as well. Thank you, Doug, and thanks to everyone for joining our call. So as they're adding more content, adding more premium content, a lot of that is addressable by us. We then activated a cross-functional COVID-19 response team as part of our global business continuity plan. Image source: The Motley Fool. On our business, specifically, we're operating well. Hi. October 31, 2019 05:00 PM ET. As far as capex levels and capital allocation priorities, nothing has changed in the story there. Nice job on the results and guide in the midst this pandemic. We expect the ongoing effects of COVID-19 to weigh on our utilization. And we certainly want to do our best to balance keeping inventory levels low, while ensuring that we are not constraining part of the supply chain. Qorvo, Inc. Common Stock (QRVO) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. I can tell you that. 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. Thanks. Thanks to these and other efforts, we've experienced no material disruptions in our business or operations. I appreciate that, Mark. Sure. We supported both of these markets with a really broad set of products including GaN power amplifiers and driver modules, integrated front-end modules, BAW filters and numerous discrete products and we supported a broad set of customers in both of those markets. I'll take that. Non-GAAP operating expenses are projected to increase in the June quarter to approximately $187 million on higher personnel costs, including incremental costs associated with the full quarter effect of recently acquired businesses. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. But on the second quarter, we did put up a very strong guide and we've been very clear that included that extra week for our 53-week fiscal year, because excluding that it's still a very strong guide. I guess, first question would be, what we should be thinking about with regard to seasonality for the December quarter. Mark Murphy — Chief Financial Officer. In addition to social distancing practices, temperature scanning and restrictions on travel and site visits, we conduct rigorous screening and quarantine processes for suspected or confirmed cases. We'll hear next from Chris Caso with Raymond James. So that's important. At multiple Android smartphone manufacturers, we captured the complete main path, including low band mid-high band and ultra-high band modules for upcoming 5G smartphone launches. Yeah. They're obviously contemplated in the June guide. We are especially pleased with content gains in 5G. Qorvo (QRVO) Q4 2020 Earnings Call Transcript fool.com June 24, 2020; Qorvo Q4 2020 Earnings Preview seekingalpha.com May 7, 2020; Qorvo (QRVO) Beats Q3 Earnings and Revenue Estimates nasdaq.com January 30, 2020; Qorvo stock surges on earnings beat, outlook marketwatch.com January 29, 2020; A hidden stock tip in Apple earnings? So -- and then finally, we've reduced capital intensity and you've seen that pretty dramatically for us we're not constrained in growth. So that's also, of course, driven a strong uptick with several customers that were already in the pipeline for Decawave. As far as capital allocation, we're still below our leverage target. So the higher revenue helps us in the sense of those period costs or a smaller percent of higher revenue. And I could tell you, our enthusiasm has only grown since then. In closing, I'd like to join Bob in thanking Qorvo employees for their efforts during this time. So obviously, the mix of 5G is higher. We'll move onto Ambrish Srivastava with BMO. Joining us today from multiple locations are Bob Bruggeworth, president and CEO; Mark Murphy, chief financial officer; James Klein, president of Qorvo's infrastructure and defense products group; Eric Creviston, president of Qorvo's mobile products group, as well as other members of Qorvo's management team. 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. But Decawave came to us with a strong pipeline to begin with across many other applications such as automotive and IoT. I think we're headed for a really nice Q1 and be able to get back into year-over-year growth. What are some of the major applications that you're seeing now for WiFi 6 in your products? Obviously you're kind of well positioned with the major Chinese base station vendor, what's your positioning or your view on GaN adoption outside of China and your ability to leverage your technology in those markets? Do you see that in one quarter? All right. And as far as inventories -- yeah, on inventories, Harsh, I'm never going to say we're satisfied with inventories where they are. It looks like you just missed that mark. That's correct. Qorvo (QRVO) Earnings Report: Q4 2016 Conference Call Transcript The following Qorvo conference call took place on May 4, 2016, 05:00 PM ET. Great, great question. That's what's enabling this and as I said, we've got a lot of experience around the antenna sections of our customers' phones. I was curious if you could talk about the customer breadth that you have, both in what you're seeing in shipments, particularly, I suppose, that's China and then also your design wins that you have racked up for the year? Cash flow from operations in the March quarter was $214 million, and capex was $35 million, yielding free cash flow of $179 million. I presume infrastructure but if you can rank the -- you said defense was strong and some of the others, help us rank where the upside was coming from and expected to come from here in the September quarter? Thanks a lot. And then for my follow-up for James, IDP is doing really well, good to see it returned back to growth, and you seem pretty confident for the remainder of the year. Recent Earnings Call Transcripts. But assuming the market does come in sort of consistent with that outlook, do you think, given the strength in 5G, the relative resilience of 5G and given some of the socket wins that you guys are aware of, you think you can grow the mobile segment in calendar 2020 in that sort of backdrop? Other expense will increase to over $20 million driven by the full quarter effect of the net interest charge from debt added in June. So I said the next few quarters will run around what we've been running the past several quarters. Decawave and Cavendish, we've been clear that they're dilutive transactions. Jamison, this is Mark. When he goes to buy one in the second half, it's more likely he's going to buy a 5G phone. So we've been projecting this. And on the mobile side as well, yes, we're seeing good traction. We are also adding new capabilities in programmable power management, ultrawideband based precision location and point-of-care diagnostic testing. And I'm sorry, but Eric, real quick. Eric, why don't you take part one, James, you can take part two and Mark you'll take part three. We are engaged with multiple customers with our GaN amplifiers, and we are well-positioned to benefit from this multiyear technology upgrade cycle. I mean that's just affected. So I guess, we don't generally break it down by quarter necessarily. I was hoping you could give us some color on how you think about seasonality for the September quarter and beyond. Thanks, Bill. So I do think that this trend will continue. 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 that implies that that's going to get cut basically more than half Q-on-Q. Qorvo's highly integrated and high-performance 5G and LTE Advanced Pro solutions are helping our customers to enhance performance, reduce product footprint and accelerate products to market. Bob, you talked about the smartphone market in calendar 2020, potentially being down 10% year over year in your remarks. Hello everybody, and welcome to Qorvo's fiscal 2020 first-quarter earnings conference call. It complements the BOE approaches, which are being rolled out first, of course, by providing a much, much more accurate distance measurements between folks. And then our channel remains very, very healthy. Excluding the additional week, opex to be closer to $196 million for the quarter and we expect opex to remain below that level for the balance of the year. Questions and Answers. So we understand how to deal with the thermals, how to deal with the high current loads those sort of things. For the full year, we repurchased $515 million in addition to the $1 billion we spent on acquisitions. As Bob mentioned, our recent acquisitions have been integrated quickly and are performing well. But we didn't see any pull-ins or anything like that as a result of any of this. We did repurchase $125 million in this last quarter. So that's good. This is Jamison Phillips calling in for Ambrish. Number one, Huawei was not even close to the 10% customer in March, not even close. And for the first time I think last year we saw massive MIMO antenna elements actually become a larger amount of the transceivers then macro and the vast majority of those are using GaN today. In the future, we see opportunities for our power management technologies, in defense and other markets. The integration activities are progressing nicely and the teams are performing extremely well. Thank you. Mark, I have one for you on gross margin. ET. 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. Thanks, Doug, and welcome everyone. I was hoping you can give us an update on your millimeter wave opportunities, and if you see this as a potential revenue driver later this year or early next year? Our design teams are releasing best-in-class products, our sales and application engineers are designing our solutions into our customers' next-generation products and our factories are operating well. At this time, I … With Decawave, we see a wide array of solutions emerging with this wireless technology, and we expect the business to contribute materially to Qorvo over time. Q4 2020 Qorvo Inc Earnings Call. And from Morgan Stanley we'll move to Craig Hettenbach. We'll go next to Edward Snyder with Charter Equity Research. [Operator Instructions]. 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. During the June quarter, we raised over $300 million through an add-on to our 2029 unsecured notes augmenting the liquidity and further extending the weighted average maturity of our outstanding debt to October of 2027. Tweet. Qorvo enjoys broad exposure to cellular IoT, ranging from our discrete portfolio of RF solutions to our highly integrated modules through our partnership with Nordic Semi for high-volume CAT-M and narrowband IoT applications. I thought I heard you say 250 million. James you're very popular today, how come all of a sudden this massive explosion of growth? IDP returned to robust year-over-year growth and represented a record percentage of total Qorvo revenue. Yeah. As mentioned in the guidance section of our press release, our fiscal year 2021 is a 53 week fiscal year and our September quarter is a 14 week quarter versus a typical 13 week quarter. Related: Qorvo Q1 2020 Earnings Conference Call Transcript. Okay, thanks for that color. We said on our January 29 earnings call that we expected the impact of COVID-19 to extend beyond the March quarter and affect both supply and demand. Bob, I had a question on the total 5G units for the year. I'm sure a lot of you saw the recent Department of Commerce order. [Operator Instructions] We'll hear first today from Gary Mobley with Wells Fargo. Image source: The Motley Fool. We feel pretty good about it. But with mobile down and IDP up, shouldn't we see the opposite effect? In programmable power management, we enjoyed growth in data center, computing and gaming consoles with our differentiated solutions. That makes sense. As we mentioned last quarter, we strongly believe that the unique capabilities with the impulse radio ultrawideband for very precise location capability, as well as proximity awareness and security would lead to becoming ubiquitous in all mobile handsets. My first question, you mentioned trade a few time, but I was hoping you can elaborate more on that. 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. So definitely, the opportunity is out there. And I've got to certainly, complement Paul Fego and his team for just a tremendous job, doing all the things around, cycle time improvement and the wafer expansions and we shut down a facility and seamlessly and die shrinks, I can go on and on. In Mobile Products, we are benefiting from the need for more and better RF fueled by higher front-end integration and increased complexity. Motley Fool Transcribing, The Motley Fool. They have revenue, but their technologies that we're investing in, so they're dilutive. And so, even without the additional week it's still a very strong quarter for us. Not much really to add, Bill. And then on the IDP, we've been hearing a lot about China being very aggressive in terms of rollouts. 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. And there's a few differences this year with the extra week that you have in the September quarter. Returns as of 01/14/2021. Yeah. Yes, thanks. Prepared Remarks: Operator. James Klein -- President, Infrastructure and Defense Products Group. And with that, I'll hand it over to Mark for more color on Q4 and our outlook for June. But based on your capex commentary and the intention to be disciplined there, given that you did have multiple acquisitions in the year, I would think capex stays kind of around 5% of revenue, M&A, maybe less aggressive, and that would leave room for buybacks. But that business and Custom MMIc are both accretive. Defense stayed a good foundation for the business and as we move into Q2, we'll see a similar type story. We had two 10% customers, and they can change. We are operating well focused on keeping our employees, partners and communities healthy while supporting our customers. Hey, good afternoon, gentlemen. And then China as well. We brought out our Fusion 20 this year. Today's conference is being recorded. Thank you for joining us on our call tonight. Market data powered by FactSet and Web Financial Group. And so, the fully integrated solution just offers an awful lot of value for time to market, given all the complexity. OK. That's very helpful. And trying to keep inventories low, trying to keep the fabs level loaded, I mean, there is a healthy dynamic that occurs here that which we think we've been playing OK. Turning to our June out -- quarter outlook. We'll continue the ramp in Wi-Fi 6, defense will also pick up quite a bit again based on some of those long-term supply agreements that we -- that Bob talked about in his earlier comments. Mail ... Qorvo Inc (QRVO) Q2 2019 Earnings Conference Call Transcript. But it really comes down absolute state of the art in BAW filter process technology. Toshiya, yeah, we're pleased with what we've done on free cash flow as it relates to improving it. This is Eric, again. And we don't talk about it, relatively small business, but our power management business is doing very, very well exceeding our expectations and growing in strong double digits on top of everything else. And we are engaged with virtually all of the rest of the Tier 1s and Tier 2s in the space. Read full article. Qorvo Inc (NASDAQ:QRVO)Q1 2021 Earnings CallJul 29, 2020, 5:00 p.m. And then does that provide a runway for gross -- for continued gross margin improvement as you go into fiscal '22? I think that the reason I mentioned trade a few times is certainly, as we're looking at year-over-year comps, the trade effects have had a substantial impact on us, March quarter year over year. Yeah. During the quarter, we helped enable Samsung's Galaxy S20 platform with a broad set of high-performance and highly integrated components. We are continuously monitoring the demand and supply effects of COVID-19 and are sizing our inventories and cost structure accordingly. And after extensive review by our legal team, we feel the rules are not applicable to our products. We like our technology. We are pleased to add Qorvo's scale to both of these well established, high-performing teams to build on their successes and accelerate their growth. Today’s call is being recorded. Our WiFi business is rapidly mixing toward WiFi 6, and especially as you move and add the new 7.2 gigahertz capability and so forth, we do have a lot of unique capability to bring to that. We're doing a good job of keeping capex down so our footprint we're very sensitive to that. In the smartphone market, demand was more resilient than anticipated and 5G smartphones represented increasing percentage of total units. Let me handle the Huawei one first. If I can return to gross margin a bit and just the avoidance of doubt, you're talking about 50% gross margin through the end of the calendar year not the fiscal year, I assume... That's a good question, Chris and I'm glad you asked it. And so how much is remaining? Thank you. So we're seeing just a tremendous amount of interaction, we've got absolutely the best team in the world working on these solutions and it's not just the antenna tuning, but also just the routing around all of these advanced antenna structure, so an awful lot like multiplexing in and out what we're calling antenna-plexers. Our free cash flow generation underpins a strong credit profile. We deal with Huawei. And so then we develop the capability of multiplexing those into very high order multiplexers is driven by our main path modules and then it's a short step from there into the antenna plexing business, essentially leveraging all of that work to get to multiplexing capability. Craig M Hettenbach -- Morgan Stanley -- Analyst. We serve a broad range of industrial, commercial and consumer markets and current demand is especially strong, driven by data centers. As I mentioned, we expect to grow full year. I talk to them. Cumulative Growth of a $10,000 Investment in Stock Advisor, Qorvo (QRVO) Q4 2020 Earnings Call Transcript @themotleyfool #stocks $QRVO, This 5G Stock Has Doubled, but It Can Keep Crushing the Market, Qorvo Inc (QRVO) Q2 2021 Earnings Call Transcript, Copyright, Trademark and Patent Information. Douglas DeLieto — Vice President of Investor Relation. So I think you just said that they'd be like less than 5% for June. Looking broadly at the March quarter, our performance reflects an exceptional effort by the entire Qorvo team. Because you're one of the only ones that where the revenue with them has sort of reexpanded and breach that 10% range again, but it's coming down in June. Sure. At this time, I'd like to turn the conference over to Douglas DeLieto, vice president of investor relations.

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