Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

e2dc13ae6bc0565cfced07fe30ca67e3d656ad208614e2eeb9a39181d00f5b66

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

858a1eaa1afe52c2d5c7d3aa3db739ba48300cc22cf1d9dd69fb338d3020c6e2

| Metric (USD Millions) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| High Performance Analog (HPA) | **155**  **[0001604778-23-000034_rfmd-20221231.htm:27]**  | N/A | **140**  **[QRVO_3385034_8]** **[QRVO_3306349_7]**  | **149.8**  **[0001604778-23-000100_rfmd-20230930.htm:14]**  | **118.9**  **[0001604778-24-000018_rfmd-20231230.htm:24]**  | **572.953**  **[0001604778-24-000036_rfmd-20240330.htm:54]**  | **129.5**  **[0001604778-24-000063_rfmd-20240629.htm:14]**  | **148.3**  **[0001604778-24-000082_rfmd-20240928.htm:16]** **[0001604778-24-000078_earningsrelease20240928.htm:1]**  |
| Connectivity and Sensors Group (CSG) | **97**  **[0001604778-23-000034_rfmd-20221231.htm:27]**  | N/A | **99**  **[QRVO_3385034_8]** **[QRVO_3306349_7]**  | **103.6**  **[0001604778-23-000100_rfmd-20230930.htm:14]**  | **108.9**  **[0001604778-24-000018_rfmd-20231230.htm:15]**  | **434.537**  **[0001604778-24-000036_rfmd-20240330.htm:54]**  | **114.9**  **[0001604778-24-000063_rfmd-20240629.htm:14]**  | **146.8**  **[0001604778-24-000082_rfmd-20240928.htm:16]** **[0001604778-24-000078_earningsrelease20240928.htm:1]**  |
| Advanced Cellular Group (ACG) | **491**  **[0001604778-23-000034_rfmd-20221231.htm:27]**  | N/A | **412**  **[QRVO_3385034_8]** **[QRVO_3306349_7]**  | **850.1**  **[0001604778-23-000100_rfmd-20230930.htm:14]**  | **846.1**  **[0001604778-24-000018_rfmd-20231230.htm:15]**  | **2,762.016**  **[0001604778-24-000036_rfmd-20240330.htm:107]**  | **642.4**  **[0001604778-24-000063_rfmd-20240629.htm:14]**  | **751.4**  **[0001604778-24-000082_rfmd-20240928.htm:16]** **[0001604778-24-000078_earningsrelease20240928.htm:1]**  |
| Total Revenue | **743**  **[QRVO_3226403_3]**  | N/A | N/A | **1,103.5**  **[0001604778-23-000100_rfmd-20230930.htm:14]**  | **1,073.9**  **[0001604778-24-000012_earningsrelease20231230.htm:1]**  | **3,769.506**  **[0001604778-24-000036_rfmd-20240330.htm:107]**  | **886.7**  **[0001604778-24-000063_rfmd-20240629.htm:14]**  | **1,046.5**  **[0001604778-24-000082_rfmd-20240928.htm:16]** **[0001604778-24-000078_earningsrelease20240928.htm:1]**  |

f6bd6c2e3107e5cc3639c636197fdb88e3767196540d702659c7e29207fec90b

aa57a2ceb8ff5e23c22ed775a02939d2ac3a184bac89111b538c213da1d0b411

Qorvo, Inc. is a global leader in developing and commercializing technologies and products for wireless, wired, and power markets **[0001604778-24-000036_rfmd-20240330.htm:5]**. The company operates through three main segments, providing solutions for various industries, including automotive, defense, aerospace, and consumer electronics **[0001604778-24-000018_rfmd-20231230.htm:20]** **[0001604778-24-000063_rfmd-20240629.htm:20]**. Qorvo's offerings include RF, analog mixed signal, power management, connectivity, and sensor solutions, catering to major smartphone manufacturers and other markets **[0001604778-24-000018_rfmd-20231230.htm:20]** **[0001604778-24-000063_rfmd-20240629.htm:20]** **[0001604778-24-000082_rfmd-20240928.htm:16]**.

1. **Advanced Cellular Group (ACG)** - Supplies advanced cellular RF solutions for smartphones and consumer devices, leveraging technology to deliver high-performance cellular products **[0001604778-24-000018_rfmd-20231230.htm:20]** **[0001604778-24-000063_rfmd-20240629.htm:20]** **[0001604778-24-000082_rfmd-20240928.htm:16]**.
2. **High Performance Analog (HPA)** - Provides RF, analog mixed signal, and power management solutions, serving markets such as automotive, defense and aerospace, and cellular infrastructure **[0001604778-24-000018_rfmd-20231230.htm:20]** **[0001604778-24-000063_rfmd-20240629.htm:20]** **[0001604778-24-000082_rfmd-20240928.htm:16]**.
3. **Connectivity and Sensors Group (CSG)** - Focuses on connectivity and sensor solutions, including ultra-wideband, Bluetooth Low Energy, and Wi-Fi, targeting markets like home electronics, industrial automation, and automotive **[0001604778-24-000018_rfmd-20231230.htm:20]** **[0001604778-24-000063_rfmd-20240629.htm:20]** **[0001604778-24-000082_rfmd-20240928.htm:16]**.

60651ef0d1a60a3fc702357f4b1757ff1b2ff907775d4aa1c9bd4b89e0ab6f7e

| Metric (in thousands) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States         | **$459,194**  **[0001604778-23-000034_rfmd-20221231.htm:13]**  | N/A     | **$315,300**  **[0001604778-23-000083_rfmd-20230701.htm:9]**  | **$699,288**  **[0001604778-23-000100_rfmd-20230930.htm:12]**  | **$652,477**  **[0001604778-24-000018_rfmd-20231230.htm:12]**  | **$447,456**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$447,456**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$656,600**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |
| China                 | **$124,799**  **[0001604778-23-000034_rfmd-20221231.htm:13]**  | N/A     | **$150,800**  **[0001604778-23-000083_rfmd-20230701.htm:9]**  | **$189,900**  **[0001604778-23-000100_rfmd-20230930.htm:12]**  | **$201,172**  **[0001604778-24-000018_rfmd-20231230.htm:12]**  | **$196,434**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$196,434**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$151,800**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |
| Other Asia            | **$72,002**  **[0001604778-23-000034_rfmd-20221231.htm:13]**   | N/A     | **$91,300**  **[0001604778-23-000083_rfmd-20230701.htm:9]**   | **$119,395**  **[0001604778-23-000100_rfmd-20230930.htm:12]**  | **$144,584**  **[0001604778-24-000018_rfmd-20231230.htm:12]**  | **$132,036**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$132,036**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$113,200**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |
| Taiwan                | **$53,072**  **[0001604778-23-000034_rfmd-20221231.htm:13]**   | N/A     | **$65,900**  **[0001604778-23-000083_rfmd-20230701.htm:9]**   | **$66,162**  **[0001604778-23-000100_rfmd-20230930.htm:12]**   | **$60,775**  **[0001604778-24-000018_rfmd-20231230.htm:12]**   | **$92,554**  **[0001604778-24-000063_rfmd-20240629.htm:10]**   | **$92,554**  **[0001604778-24-000063_rfmd-20240629.htm:10]**   | **$102,300**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |
| Europe                | **$34,214**  **[0001604778-23-000034_rfmd-20221231.htm:13]**   | N/A     | **$27,900**  **[0001604778-23-000083_rfmd-20230701.htm:9]**   | **$28,748**  **[0001604778-23-000100_rfmd-20230930.htm:12]**   | **$14,853**  **[0001604778-24-000018_rfmd-20231230.htm:12]**   | **$18,191**  **[0001604778-24-000063_rfmd-20240629.htm:10]**   | **$18,191**  **[0001604778-24-000063_rfmd-20240629.htm:10]**   | **$22,700**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |
| Total Revenue         | **$743,281**  **[0001604778-23-000034_rfmd-20221231.htm:13]**  | N/A     | **$651,200**  **[0001604778-23-000083_rfmd-20230701.htm:9]**  | **$1,103,493**  **[0001604778-23-000100_rfmd-20230930.htm:12]**  | **$1,073,861**  **[0001604778-24-000018_rfmd-20231230.htm:12]**  | **$886,671**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$886,671**  **[0001604778-24-000063_rfmd-20240629.htm:10]**  | **$1,046,500**  **[0001604778-24-000082_rfmd-20240928.htm:12]**  |

2f354d2a9d468da6a9f8b1adb12c334bbd334329a9bec4238eb40a5290b7c378

1. Given the intense competition in the RF components market within the Android ecosystem, how do you plan to sustain and grow your market share, and what differentiates your solutions from those of your competitors?
2. You mentioned expectations of gaining share at your largest customer; can you elaborate on the specific areas or products where you see this opportunity, and what risks could impede achieving this growth?
3. With the transition to 8-inch BAW wafers, what challenges do you anticipate in scaling production, and how might this impact your margins and capital expenditures in the near term?
4. As you expand into new markets like solid-state circuit breakers for EVs, how does this diversification align with your core competencies, and what competitive advantages do you have to succeed against established players?
5. Considering the potential for AI integration in smartphones, how are you positioning your products to capitalize on this trend, and what investments are you making to ensure you remain competitive if AI-driven features accelerate demand?

c2ad0ce34e1c829b5cde61d8afe827e169a4b000efc0cae6e444502f390b94af

High Performance Analog

Connectivity and Sensors

Advanced Cellular

Mobile Products (MP)

Infrastructure and Defense Products (IDP)

Cellular Products Group (CPG)

Multi-Market Products Group (MPG)

Other Operating Segment

All Other

Total Revenue

a536bce4af97d2b1238c802ecfc54e68a5a2fbb8433bbe7c795d13947827b954

- **Analog Devices, Inc.** - Competitor in the High Performance Analog (HPA) segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Infineon Technologies AG** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **MACOM Technology Solutions Holdings, Inc.** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Monolithic Power Systems, Inc.** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **NXP Semiconductors N.V.** - Competitor in both the HPA and Connectivity and Sensors Group (CSG) segments  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **ON Semiconductor Corporation** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **STMicroelectronics N.V.** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Sumitomo Electric Device Innovations** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Texas Instruments, Inc.** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Wolfspeed, Inc.** - Competitor in the HPA segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Broadcom Inc.** - Competitor in both the Connectivity and Sensors Group (CSG) and Advanced Cellular Group (ACG) segments  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Nordic Semiconductor** - Competitor in the CSG segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Qualcomm Technologies, Inc.** - Competitor in both the CSG and ACG segments  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Silicon Laboratories Inc.** - Competitor in the CSG segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Skyworks Solutions, Inc.** - Competitor in both the CSG and ACG segments  **[0001604778-24-000036_rfmd-20240330.htm:13]** .
- **Murata Manufacturing Co., Ltd.** - Competitor in the ACG segment  **[0001604778-24-000036_rfmd-20240330.htm:13]** .

302e2eec4d1c4f17512f3477c9de62b8002b30908fd761a8cfa3478b4304bf47

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: Q2 2025
- **Guidance**:
  - **Revenue**: Approximately **$1.025 billion**, plus or minus **$25 million**  **[QRVO_3395058_4]** .
  - **Non-GAAP Gross Margin**: Between **46% and 47%**  **[QRVO_3395058_4]** .
  - **Non-GAAP Diluted EPS**: Between **$1.75 and $1.95**  **[QRVO_3395058_4]** .
  - **Non-GAAP Operating Expenses**: Approximately **$275 million**  **[QRVO_3395058_4]** .
  - **Non-GAAP Tax Rate**: Expected to be within a range of **10% to 12%** for fiscal '25  **[QRVO_3395058_5]** .
  - **Non-GAAP Expense Below Operating Income Line**: Expected to be between **$8 million to $10 million**  **[QRVO_3395058_5]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: Q1 2025 and FY 2025
- **Guidance**:
  - **Revenue**: Approximately **$850 million**, plus or minus **$25 million**  **[QRVO_3381911_6]** .
  - **Non-GAAP Gross Margin**: Between **40% and 41%**  **[QRVO_3381911_6]** .
  - **Non-GAAP Diluted EPS**: Between **$0.60 and $0.80**  **[QRVO_3381911_6]** .
  - **Non-GAAP Operating Expenses**: Approximately **$260 million**  **[QRVO_3381911_7]** .
  - **Non-GAAP Tax Rate**: Expected to be within a range of **10% to 12%** for fiscal '25  **[QRVO_3381911_7]** .
  - **Non-Operating Expense**: Expected to be between **$6 million and $10 million**  **[QRVO_3381911_7]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024
- **Guidance**:
  - **Revenue**: Approximately **$925 million**, plus or minus **$25 million**  **[QRVO_3371436_4]** .
  - **Non-GAAP Gross Margin**: Approximately **42%**  **[QRVO_3371436_4]** .
  - **Non-GAAP Diluted EPS**: **$1.20** at the midpoint of the revenue range  **[QRVO_3371436_4]** .
  - **Non-GAAP Operating Expenses**: Approximately **$245 million**  **[QRVO_3371436_5]** .
  - **Non-Operating Expense**: Expected to be approximately **$10 million**  **[QRVO_3371436_5]** .
  - **Non-GAAP Tax Rate**: Expected to be within a range of **11% to 13%** for fiscal '24  **[QRVO_3371436_5]** .

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: The documents do not provide specific guidance from the Q2 2025 earnings call. The available information is from the Q1 2025 earnings call, which includes guidance for Q2 2025. Therefore, the guidance for Q2 2025 is the same as provided in the Q1 2025 earnings call.

bee0d9cad6822fa3a3783c7a3ebf1ccf60d5f1789842a9d116b0907d2d476b18

United States

China

Other Asia

Taiwan

Europe

Other

47d9a5e85abf16fcc0c47bed50796f89a40b577c007b05de08894fcbbfba0d56

| Name                  | Position                                           | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------------|----------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert A. Bruggeworth | President and Chief Executive Officer              | December 2013    | Robert A. Bruggeworth has served as the President and CEO of Qorvo since its incorporation in December 2013. He was previously the President and CEO of RF Micro Devices, Inc. from January 2003 until January 2015  **[0001193125-24-172278_d800106ddef14a.htm:7]** **[0001193125-23-177516_d498338ddef14a.htm:7]** .                     |
| Grant A. Brown        | Senior Vice President and Chief Financial Officer  | August 29, 2022  | Grant A. Brown has served as the Senior Vice President and CFO of Qorvo since August 29, 2022. He was the interim CFO starting in April 2022 and has held various roles at Qorvo, including Vice President of Treasury  **[0001193125-24-172278_d800106ddef14a.htm:28]** **[0001193125-23-177516_d498338ddef14a.htm:28]** .                   |
| Philip J. Chesley     | Senior Vice President and President of High Performance Analog | July 2022        | Philip J. Chesley has served as Senior Vice President and President of High Performance Analog at Qorvo since July 2022. He joined Qorvo in November 2021 as Corporate Vice President and President of Infrastructure and Defense Products  **[0001193125-24-172278_d800106ddef14a.htm:28]** **[0001193125-23-177516_d498338ddef14a.htm:28]** . |
| Steven E. Creviston   | Senior Vice President and President of Connectivity & Sensors | July 2022        | Steven E. Creviston has served as Senior Vice President and President of Connectivity & Sensors at Qorvo since July 2022. He was previously Corporate Vice President and President of Mobile Products from January 2015  **[0001193125-24-172278_d800106ddef14a.htm:28]** **[0001193125-23-177516_d498338ddef14a.htm:28]** .                  |
| Paul J. Fego          | Senior Vice President and President of Global Operations | July 2022        | Paul J. Fego has served as Senior Vice President and President of Global Operations at Qorvo since July 2022. He was previously Corporate Vice President of Global Operations starting in July 2018  **[0001193125-24-172278_d800106ddef14a.htm:29]** **[0001193125-23-177516_d498338ddef14a.htm:29]** .                                      |
| Gina B. Harrison      | Vice President and Corporate Controller            | November 2015    | Gina B. Harrison has served as Vice President and Corporate Controller at Qorvo since November 2015. She is a certified public accountant with over 30 years of experience in corporate and public accounting  **[0001193125-23-177516_d498338ddef14a.htm:29]** **[0001193125-24-172278_d800106ddef14a.htm:30]** .                           |
| Frank P. Stewart      | Senior Vice President and President of Advanced Cellular | July 2022        | Frank P. Stewart has served as Senior Vice President and President of Advanced Cellular at Qorvo since July 2022. He was previously the general manager of the RF Solutions Business Unit within Qorvo's Mobile Products  **[0001193125-24-172278_d800106ddef14a.htm:30]** **[0001193125-24-172278_d800106ddef14a.htm:28]** **[0001193125-23-177516_d498338ddef14a.htm:29]** .             |

7d1d9721c063f0891c5efd6f0a7b5a1c687bcec2f0637eccf005644149d3a94f

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | November 2, 2022  **[0001604778-24-000082_rfmd-20240928.htm:12]** **[0001604778-24-000082_rfmd-20240928.htm:38]**  |
| End Date/Duration        | No fixed term  **[0001604778-24-000082_rfmd-20240928.htm:12]** **[0001604778-24-000082_rfmd-20240928.htm:38]**  |
| Total additional amount  | **$2.0 billion**  **[0001604778-24-000082_rfmd-20240928.htm:12]** **[0001604778-24-000082_rfmd-20240928.htm:38]**  |
| Remaining authorization amount | **$1,098.7 million** (as of September 28, 2024)  **[0001604778-24-000082_rfmd-20240928.htm:12]** **[0001604778-24-000082_rfmd-20240928.htm:38]** **[0001604778-24-000082_rfmd-20240928.htm:30]**  |
| Details                  | The program can be modified, suspended, or terminated at any time without prior notice.  **[0001604778-24-000082_rfmd-20240928.htm:12]** **[0001604778-24-000082_rfmd-20240928.htm:38]**  |

3086ff61a878340b756a08f04fcece268d26612ea6ae71549f3e3c328e564a39

**Quarterly guidance for Q2 2025:**
- **Revenue**: Approximately $1.025 billion, plus or minus $25 million  **[QRVO_3395058_4]**  (no change from prior guidance of approximately $1.025 billion, plus or minus $25 million  **[QRVO_3395058_5]** )  
- **Non-GAAP Gross Margin**: Between 46% and 47%  **[QRVO_3395058_4]**  (no change from prior guidance of between 46% and 47%  **[QRVO_3395058_5]** )  
- **Non-GAAP Diluted EPS**: Between $1.75 and $1.95  **[QRVO_3395058_4]**  (no change from prior guidance of between $1.75 and $1.95  **[QRVO_3395058_5]** )  
- **Non-GAAP Operating Expenses**: Approximately $275 million  **[QRVO_3395058_4]**  (no change from prior guidance of approximately $275 million  **[QRVO_3395058_5]** )  
- **Non-GAAP Tax Rate**: Expected range of 10% to 12%  **[QRVO_3395058_4]**  (no change from prior guidance of 10% to 12%  **[QRVO_3395058_5]** )  
- **Non-GAAP Expense Below Operating Income Line**: Expected to be between $8 million and $10 million  **[QRVO_3395058_4]**  (no change from prior guidance of $8 million to $10 million  **[QRVO_3395058_5]** )  

2f34f72f05298a08fe32306abcd9de3ce6bf3b35f633d52d1479e4323aa0b91f

| Name              | Start Date   | End Date | Reason for Change                                                                                                                                          |
|-------------------|--------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ernst & Young LLP | May 18, 2018  **[0001604778-18-000032_form8-kitem401v8.htm:1]**  | Present  | Current auditor.                                                                                                                                           |
| KPMG LLP          | November 25, 2014  **[0001604778-14-000020_a8-kauditorappointment1.htm:1]**  | May 21, 2018  **[0001604778-18-000032_form8-kitem401v8.htm:1]**  | The dismissal was approved by the Audit Committee of the Board of Directors. There were no disagreements on accounting principles, practices, or auditing scope.  **[0001604778-18-000032_form8-kitem401v8.htm:1]**  |
| Ernst & Young LLP | N/A          | November 25, 2014  **[0001604778-14-000020_a8-kauditorappointment1.htm:1]**  | The change was due to the strategic business combination between RF Micro Devices, Inc. and TriQuint Semiconductor, Inc., resulting in the engagement of a new auditor.  **[0001604778-14-000020_a8-kauditorappointment1.htm:1]**  |

3ca6ab477811b209fcfab7140416056aa7c2035eed526b78cb886315e2fea2c0

- **Qorvo is confident in gaining market share and growing revenue with its largest customer, expecting to gain share in FY '25 and FY '26 and grow revenue**.  **[QRVO_3381911_12]**
- **Strong tailwinds in the defense business are expected in the fiscal second half, driven by recent congressional budget approvals and increased order activity**.  **[QRVO_3381911_16]**
- **Anticipated gross margin expansion as factory utilization improves, with gross margins expected to be the low point in the June quarter and improve substantially in the September quarter**.  **[QRVO_3381911_7]**

d5738a0955cf79e2a0620cb58ccfe9bf5b280ba4f11e1619582f61de048f3193

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4fe5d07a2c90ef6840fc5622d4f96adcbf3263414035270fdc7339d63fffbdf6

- **Double-digit growth expected in HPA and CSG segments:** Qorvo anticipates growth of approximately **10% to 12%** in High Performance Analog (HPA) and Connectivity and Sensor Group (CSG) in fiscal '26, excluding the silicon carbide business. This growth is driven by increased momentum in defense and aerospace, power management, and ultra-wideband products, which is expected to offset declines in the Advanced Cellular Group (ACG) segment.  **[QRVO_3413406_15]**   **[QRVO_3413406_11]**
- **Gaining content and share at the largest customer leading to potential revenue growth:** Qorvo is confident about delivering on its goal of gaining content and share at its largest customer, expecting revenue to be **"flat to up modestly"** in fiscal '26. The company is investing to increase its share over multiple years in areas where it has strength and has continued to gain share.  **[QRVO_3413406_9]**   **[QRVO_3413406_23]**
- **Strategic focus on premium and flagship tiers in Android market to improve profitability:** Qorvo is focusing on supporting the premium and flagship tiers of the Android market while exiting lower-margin mass-tier Android 5G business. This shift is expected to enhance margins, reduce revenue variability, and maintain share in higher-end Android devices.  **[QRVO_3413406_7]**   **[QRVO_3413406_15]**   **[QRVO_3413406_22]**   **[QRVO_3413406_29]**

007f84b8512dc3570dca83508cac739161d166d0e87d098f1414be06049564f0

- **Significant Decline in Android 5G Revenue:** Qorvo expects its Android 5G revenue in the Advanced Cellular Group (ACG) to decline by approximately **$150 million to $200 million annually** in fiscal '26 and again in fiscal '27, primarily due to decreased demand in China and mid-tier at Samsung. This decline could lead to a **single-digit decline in ACG revenue** in fiscal '26, impacting overall company performance.  **[QRVO_3413406_1]** **[QRVO_3413406_5]** **[QRVO_3413406_7]** **[QRVO_3413406_15]** **[QRVO_3413406_29]**
- **Increasing Revenue Concentration with Largest Customer:** With the decline in the Android business, Qorvo's revenue is becoming more concentrated with its largest customer, which represented **just over 50% of the total revenue** in the December quarter. This increased dependency poses a risk if there are any demand fluctuations or loss of content share with this customer.  **[QRVO_3413406_3]** **[QRVO_3413406_23]** **[QRVO_3413406_18]**
- **Challenging Near-Term Outlook and Workforce Reductions:** Qorvo anticipates a **10% to 15% decline** in total company revenue heading into the June quarter due to seasonal factors and decreased demand. Additionally, the company is implementing significant **workforce reductions**, primarily targeting its mass market Android business, indicating potential challenges in maintaining growth and profitability.  **[QRVO_3413406_1]** **[QRVO_3413406_5]** **[QRVO_3413406_12]**

c8c1480894edda4be5050f29c994b1bb3ae7ce44c20dd96a1b19240474e1c83c

1. **Largest Customer Content Gains**  
   **Q:** Will your content with your largest customer increase this year?  
   **A:** Yes, we expect to gain content with our largest customer this year based on awards we've already received, leading to flat to modest revenue growth despite uncertainties in volume and mix. Our content is more weighted towards the **Pro models**, which could result in higher revenue in the second half of fiscal '26.  **[QRVO_3413406_19]** ,  **[QRVO_3413406_20]** ,  **[QRVO_3413406_27]** 

2. **Android Business Decline**  
   **Q:** How is the decline in your Android business impacting revenues?  
   **A:** Our Android revenue is expected to decrease by **$150 million to $200 million** this year, primarily due to exiting lower-tier markets and declining demand in China. This will reduce our quarterly Android revenue from around **$100 million** to approximately **$50 million** per quarter.  **[QRVO_3413406_7]** ,  **[QRVO_3413406_15]** ,  **[QRVO_3413406_29]** 

3. **Gross Margin Improvement**  
   **Q:** What are the key drivers for gross margin improvement?  
   **A:** Exiting lower-margin Android business will positively impact gross margins. Additionally, we're reducing factory costs, optimizing our footprint, leveraging outsourced suppliers, and have implemented workforce reductions. These efforts are expected to increase gross margins to the **high 40s** and potentially reach **50%** over time.  **[QRVO_3413406_10]** ,  **[QRVO_3413406_16]** 

4. **Defense and Aerospace Growth**  
   **Q:** Can you elaborate on growth in your defense and aerospace segment?  
   **A:** Our defense and aerospace (D&A) business is now approximately a **$400 million** segment, experiencing significant growth and seasonality. We expect strong performance in the March quarter, a drop in June, but overall growth faster than the HPA business in the **10% to 12%** range for the year. Opportunities in areas like radar systems and satellite communications are driving this growth.  **[QRVO_3413406_8]** ,  **[QRVO_3413406_25]** ,  **[QRVO_3413406_28]** 

5. **Customer Concentration and Diversification**  
   **Q:** Are you concerned about increasing revenue concentration with your largest customers?  
   **A:** While we acknowledge the growing concentration due to declining Android revenues, we are focusing on growing our HPA and CSG segments to reduce reliance on our largest customers. We are also open to strategic acquisitions that could enhance shareholder value and diversify our revenue streams.  **[QRVO_3413406_17]** ,  **[QRVO_3413406_18]** 

6. **Tax Rate Increase**  
   **Q:** How will changes in the tax rate impact your financials?  
   **A:** Our tax rate is expected to increase from approximately **11%** to **18% to 19%** in fiscal '26 due to changes in international and domestic tax laws. This will have an impact on our net income, but we are exploring opportunities to mitigate this increase.  **[QRVO_3413406_20]** 

7. **Capital Allocation Priorities**  
   **Q:** What are your priorities for capital allocation moving forward?  
   **A:** Our capital allocation priorities remain unchanged: investing in working capital, strategic CapEx, pursuing organic and inorganic growth opportunities, retiring debt, and returning value to shareholders through share repurchases. We regularly review these priorities with our Board.  **[QRVO_3413406_23]** 

8. **China Market Dynamics**  
   **Q:** How are China market dynamics affecting your business?  
   **A:** The mid-tier market in China is collapsing into the entry tier, which we're exiting due to lower margins. We'll reduce our exposure in China from around **$100 million** to approximately **$50 million** per quarter, focusing on premium and flagship tiers with growth potential.  **[QRVO_3413406_21]** ,  **[QRVO_3413406_29]** ,  **[QRVO_3413406_30]** 

9. **Outlook for ACG Business**  
   **Q:** What is the outlook for your Mobile Products (ACG) business?  
   **A:** We expect ACG revenues to decline in fiscal '26 due to the reduction in Android revenues, but anticipate growth resuming afterward by increasing content with our largest customer and maintaining share in flagship Android phones.  **[QRVO_3413406_15]** ,  **[QRVO_3413406_18]** 

10. **Restructuring Initiatives**  
    **Q:** Are you planning further restructuring to optimize the company?  
    **A:** We continuously consider ways to optimize our factory footprint and operations in line with revenue mix and demand. Recent actions include headcount reductions and shifting production, and we will continue to make adjustments as needed.  **[QRVO_3413406_17]** 

3d3fa7ac6e562d53f0ef8a928d6e57a259c24e68d11111d800e01e8b59a2b410

Qorvo sees 10–12% growth in HPA/CSG for FY26—defense/aerospace and UWB are key drivers—offset by a $150–200M annual drop in Android 5G. ACG likely dips single digits, but largest-customer revenue remains “flat to up.” Margins could push toward 50% next year.

0075fc900697fd104590ccea1724c937013f563551968eaf1530442713690ca5

**Quarterly guidance for Q4 2025:**
- **Revenue**: ~$850M ± $25M  **[QRVO_3413406_4]**  (lowered from ~$1.025B ± $25M  **[QRVO_3395058_4]** )  
- **Non-GAAP Gross Margin**: 43%–44%  **[QRVO_3413406_4]**  (lowered from 46%–47%  **[QRVO_3395058_4]** )  
- **Non-GAAP Diluted EPS**: $0.90–$1.10  **[QRVO_3413406_4]**  (lowered from $1.75–$1.95  **[QRVO_3395058_4]** )  
- **Non-GAAP Operating Expenses**: ~$250M  **[QRVO_3413406_4]**  (lowered from ~$275M  **[QRVO_3395058_4]** )  
- **Non-Operating Expense**: $13M–$15M  **[QRVO_3413406_4]**  (raised from $8M–$10M  **[QRVO_3395058_5]** )  
- **Silicon Carbide revenue**: negligible  **[QRVO_3413406_4]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Non-GAAP Tax Rate**: ~11%  **[QRVO_3413406_4]**  (no change from 10%–12%  **[QRVO_3395058_5]** )

**Annual guidance for FY 2026:**
- **Non-GAAP Tax Rate**: 18%–19%  **[QRVO_3413406_4]**  (no prior guidance)

1ef4b6688c5349df30d479468c8229bd4022c76f23a6ea90614844c43036ef1e

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- Total Revenue: $916.3 million (**-15%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:15]** **[0001604778-25-000017_rfmd-20241228.htm:17]**   
- High Performance Analog: $171.7 million (**+44%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:15]** **[0001604778-25-000017_rfmd-20241228.htm:17]**   
- Advanced Cellular: $635.1 million (**-25%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:15]** **[0001604778-25-000017_rfmd-20241228.htm:17]**   
- United States: $602.7 million (-8% YoY)  **[0001604778-24-000018_rfmd-20231230.htm:12]** **[0001604778-25-000017_rfmd-20241228.htm:13]**   
- China: $139.6 million (**-31%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:12]** **[0001604778-25-000017_rfmd-20241228.htm:13]**   
- Other Asia: $79.8 million (**-45%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:12]** **[0001604778-25-000017_rfmd-20241228.htm:13]**   
- Taiwan: $69.4 million (+14% YoY)  **[0001604778-24-000018_rfmd-20231230.htm:12]** **[0001604778-25-000017_rfmd-20241228.htm:13]**   
- Europe: $24.9 million (**+68%** YoY)  **[0001604778-24-000018_rfmd-20231230.htm:12]** **[0001604778-25-000017_rfmd-20241228.htm:13]**   

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689998093d5e44317e14382a783fa7c1b6784c53b945abc679ff3fc135f56993

- **Qorvo is experiencing challenges improving gross margins due to utilization issues**, with underutilization and higher-cost inventories expected to persist until the second half of the calendar year 2024.  **[QRVO_3371436_12]** **[QRVO_3371436_7]**
- **Competitive pressures in the Android market are increasing**, with competitors expanding capacity and targeting key markets, which may threaten Qorvo's market share and pricing power.  **[QRVO_3371436_21]**
- **Huawei's re-entry into the China smartphone market could reduce market share for Qorvo's existing Chinese customers**, potentially impacting Qorvo's sales in the region since they have minimal revenue from Huawei.  **[QRVO_3371436_20]**

fe79040f2d39c52bc349fe4eb3d8ac496bd747d0b3f471445162686d48093748

| Year  | Amount Due (Millions) | Debt Type               | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|-------------------------|-------------------|--------------------------------------|
| 2029  | 850.0 **[0001604778-25-000017_rfmd-20241228.htm:11]**         | 4.375% Senior Notes     | 4.375 **[0001604778-25-000017_rfmd-20241228.htm:11]**     | 54.9% = (850.0 / 1,549.2) * 100 **[0001604778-25-000017_rfmd-20241228.htm:9]** **[0001604778-25-000017_rfmd-20241228.htm:11]** |
| 2031  | 700.0 **[0001604778-25-000017_rfmd-20241228.htm:11]**         | 3.375% Senior Notes     | 3.375 **[0001604778-25-000017_rfmd-20241228.htm:11]**     | 45.2% = (700.0 / 1,549.2) * 100 **[0001604778-25-000017_rfmd-20241228.htm:9]** **[0001604778-25-000017_rfmd-20241228.htm:11]** |

5bcdd42a8641df8c7c48a367baa6c6a59e0331e279de9645854b8163fd1e5472

a25009c1ad1a0c593e2daafb565810eb00f4b43e10c1458a9865e9dac3cd4b2b

- Qorvo is guiding for a **slight year-over-year revenue decline** in the September quarter, primarily due to **declines in smartphone revenues**. Despite content gains at large customers, **total smartphone market units, SKUs, timing, and mix** are leading to a **conservative outlook**.  **[QRVO_3395058_9]**
- The company is on the "other side" of strong ramps in key models such as the **Samsung S24** (with over **$5** of content) and the **Pixel** (with about **$15** of content). New products like their **low mid-high** are only starting to ramp at the end of this quarter, leading to **timing issues causing revenue softness in the near term**.  **[QRVO_3395058_9]**
- Qorvo does not expect near-term benefits from **AI smartphone trends**, as they are **not modeling any uplift from AI** at this time, indicating potential **cautiousness in mobile demand forecasts**.  **[QRVO_3395058_6]**

a610c3344250e1f765bc71e9c6a8614d7e007fe45e229d79decdd708cf884915

- *Bull Case for QRVO Based on Q&A Section of Earnings Call Transcript:**
- **Channel inventories are normalizing faster than expected, shifting from a headwind to a tailwind, leading to anticipated revenue growth in upcoming quarters.**  **[QRVO_3363320_17]** ,  **[QRVO_3363320_12]**
- **Qorvo secured significant ultra-wideband design wins, including a **$250 million lifetime value** automotive program with a leading German Tier 1, highlighting substantial future growth opportunities in both automotive and smartphone markets.**  **[QRVO_3363320_4]** ,  **[QRVO_3363320_14]**

ac0de9f2b60bfc6fe97ab686fcc88101ce29121a9576c15c42689a44edbafe2f

1. **Mobile Revenue Decline**  
   **Q:** Why is mobile revenue down year-over-year despite content growth?  
   **A:** The slight decline in September guidance is mainly due to smartphone revenues. Although we've seen significant gains at our largest customer, overall market factors like SKUs, unit volumes, and mix contribute to the decrease. We had strong ramps in the first half with models like the S24, where we had over **$5** of content, and the Pixel with about **$15** of content, but we're now on the other side of those ramps. Additionally, our new low mid-high products will start ramping at the very end of this quarter, impacting revenues going forward.  **[QRVO_3395058_9]** **[QRVO_3395058_10]** 

2. **Gross Margin Outlook**  
   **Q:** How are utilization rates and gross margins expected to change?  
   **A:** In the September quarter, we expect a substantial sequential increase in gross margin, primarily due to a higher mix of customized solutions for flagship-tier phones. This product mix includes more externally sourced silicon and SOI content, not impacted by internal utilization levels. Underutilization headwinds were about **200 basis points** last quarter, expected to fall to around or slightly less than **100 basis points** in September, and negligible for the back half of the year.  **[QRVO_3395058_7]** 

3. **Content Growth at Largest Customer**  
   **Q:** What's the outlook for content growth at your largest customer?  
   **A:** We are confident in our ability to grow with our largest customer and gain share this year. We also believe we're in a great position to gain share again next year.  **[QRVO_3395058_13]** 

4. **AI Smartphone Demand**  
   **Q:** Is AI driving increased demand in smartphones?  
   **A:** We're taking a conservative approach regarding AI. While Samsung's S24 had a nice ramp and we have excellent dollar content there, it wasn't tremendously above expectations. Our largest customer hasn't released their next-generation phones, so we can't comment. It would be fantastic if AI reduces replacement cycle times, leading to an uplift, but that's not what we're modeling at this time.  **[QRVO_3395058_6]** 

5. **New Product Development**  
   **Q:** Any new products that could be significant?  
   **A:** Our low mid-high (LMH) products are interesting as we're tiering them for different segments in the Android ecosystem, from entry to high tier. We're starting to release a lower-cost LMH, and we expect ramping to begin this quarter, growing significantly into next year. We're also working on other products but prefer not to telegraph those at this time.  **[QRVO_3395058_10]** **[QRVO_3395058_11]** 

6. **Internal vs. External Production**  
   **Q:** How are you balancing internal production versus external foundries?  
   **A:** It's technology-dependent. For silicon or SOI, we rely on partners as they can produce more efficiently. In areas where we can differentiate ourselves, like BAW filters where foundry options aren't available, we continue to produce internally. This strategy helps support margin expansion.  **[QRVO_3395058_11]** **[QRVO_3395058_12]** 

7. **China Mobile Market**  
   **Q:** What's the outlook for the China mobile market?  
   **A:** We're seeing slightly better data year-over-year, expecting the market to be up low single-digit percentages, similar to the overall smartphone market. The 6/18 holiday was a bit better year-over-year, but cumulative smartphone sales are flat to slightly up.  **[QRVO_3395058_8]** 

8. **Non-Mobile China Growth**  
   **Q:** Any areas of strength in China outside mobile?  
   **A:** While we wouldn't focus on China specifically, we're seeing broad-based growth across High Performance Analog (HPA) and Connectivity and Sensors Group (CSG). In China automotive, ultra-wideband adoption is accelerating for features like presence detection and advanced radar. In power, AI and data centers are driving demand for improved efficiency and silicon carbide adoption, which is a great trend for us. Additionally, China's leading in adopting our VDX technology, which is exciting as it will ramp next calendar year.  **[QRVO_3395058_13]** **[QRVO_3395058_14]** 

6f77dc735ab3dded66ed1a0158fdea7888e8ff7e6795cb6a5e8ab20a05a73e96

1. **Fiscal '25 Growth Outlook**  
   **Q:** Will revenue and gross margin grow modestly in fiscal '25?  
   **A:** Yes, we expect to grow both **revenue** and **gross margin** modestly in fiscal '25, absent any macro-related disruptions **[QRVO_3381911_9]**. This growth is driven by content gains at our largest customer and success in the defense market **[QRVO_3381911_9]**.

2. **Confidence with Largest Customer**  
   **Q:** Any change in outlook for share gains with largest customer?  
   **A:** We are very confident in our outlook with our largest customer, expecting to gain share and grow revenue in FY '**25** and FY '**26** **[QRVO_3381911_12]**.

3. **Gross Margin Improvement**  
   **Q:** How will you improve gross margins back to peak levels?  
   **A:** We are improving **utilization**, optimizing manufacturing, and focusing on high-margin businesses like defense **[QRVO_3381911_18]**. Utilization across our U.S. fabs increased by **20 percentage points**, from the 40s to the 60s **[QRVO_3381911_18]**.

4. **Android Business Outlook**  
   **Q:** What's the outlook for Android business in June?  
   **A:** The Android business is likely to be **flat** in June **[QRVO_3381911_20]**. We're offsetting a decline from a big flagship ramp with growth elsewhere **[QRVO_3381911_20]**.

5. **Segment Growth Expectations**  
   **Q:** Are you expecting growth across all segments in fiscal '25?  
   **A:** Yes, for the full year, we expect growth across **all segments** **[QRVO_3381911_22]**.

6. **Silicon Carbide Business**  
   **Q:** What's the outlook for silicon carbide business?  
   **A:** Our silicon carbide business is **mixed** **[QRVO_3381911_11]**. Success in data centers, but areas like solar are soft due to the interest rate environment **[QRVO_3381911_11]**. It's a small but growing business with opportunities **[QRVO_3381911_11]**.

7. **Anokiwave Acquisition Focus**  
   **Q:** Is Anokiwave acquisition focused on mobile?  
   **A:** No, the acquisition is focused on **defense** **[QRVO_3381911_13]**. We have no plans to bring it into the mobile business **[QRVO_3381911_13]**.

8. **Revenue Seasonality**  
   **Q:** How will fiscal '25 revenue shape compare to '24?  
   **A:** Similar to fiscal '24, but we expect a **larger December** quarter than September **[QRVO_3381911_19]**. September and December will be our largest quarters **[QRVO_3381911_19]**.

9. **Inventory at Largest Customer**  
   **Q:** Are you seeing inventory build at your largest customer?  
   **A:** No, we do not see any channel inventory between us and our largest customer **[QRVO_3381911_23]**. We ship directly to their manufacturers **[QRVO_3381911_23]**.

10. **Capital Intensity Targets**  
    **Q:** What are your capital intensity targets?  
    **A:** We plan to spend CapEx around a **5%** target level over time **[QRVO_3381911_15]**. It may vary based on capacity needed to support demand **[QRVO_3381911_15]**.

b823adaeab3a4693226969154c37ba0d503197d5cf15e981282c9eccd6ce7afb

- **Qorvo is confident in growing and gaining market share at its largest customer, expecting to increase content this year and next year.**  **[QRVO_3395058_13]**
- **Strong adoption and ramp of Qorvo's new low-mid-high (LMH) products in the Android ecosystem, with significant engagement across customers, expected to drive growth in coming quarters.**  **[QRVO_3395058_10]**
- **Increasing opportunities in China, particularly in automotive with ultra-wideband adoption and VDX trends, along with growing demand in power management for AI and data centers, supporting solid-state circuit breaker adoption with silicon carbide solutions.**  **[QRVO_3395058_14]**

cf394e3384a88b440ac449cd5a10c7e0c4a58856100719dea7ece0dc580df5ff

- **Qorvo is the preferred strategic supplier for all Android customers**, receiving top supplier awards from **Honor, OPPO, Xiaomi, and Vivo**.  **[QRVO_3371436_8]**  They secured significant content in the **Samsung Galaxy S24**, including **ultra-wideband**, and received initial purchase orders for their **next-generation mid/high band** products, positioning them well for growth as Android devices transition to **5G**.  **[QRVO_3371436_8]**
- **Qorvo expects to grow with its largest customer in FY '25 and even more in FY '26**, driven by **multiyear engagements, technology investments, and product performance**, without significant competitive threats in their sockets.  **[QRVO_3371436_6]**
- **Qorvo anticipates substantial year-over-year growth in its ACG segment**, supported by **improving smartphone demand in China**, the **flagship launch by its largest Android customer**, and healthier channel inventories. Additionally, the **HPA segment is expected to grow**, with **defense and aerospace now representing over half of the HPA top line**, providing diversification and financial resiliency.  **[QRVO_3371436_14]**

e95fe2054c203116772dcefce30a5d8a539bbd2b533a324d1fafee1713736017

1. **Android Market Impact**  
   **Q:** How is the shift in Android affecting your revenue outlook?  
   **A:** We expect **fiscal '25 revenue to be down slightly** compared to fiscal '24, by a few percentage points, due to a shift in Android 5G towards the **entry-tier market**.  **[QRVO_3404426_8]**  This shift has impacted unit volumes and content per model, especially with our largest Android customer where revenue in their highest volume fall models is less than last year.  **[QRVO_3404426_8]**  We're intentionally pivoting away from entry-tier areas that are more margin-compressed to focus on higher tiers and profitable mid-tier segments.  **[QRVO_3404426_10]** **[QRVO_3404426_16]** 

2. **Gross Margin Outlook**  
   **Q:** What is your long-term gross margin target amidst current headwinds?  
   **A:** Despite current headwinds, there's **no change to our long-term gross margin guidance of 50%** plus.  **[QRVO_3404426_9]**  In fiscal '25, we expect margins in the **mid-40% range**, comparable to last year.  **[QRVO_3404426_9]**  Near-term margins are impacted by mix shifts to entry-tier Android devices and underutilization charges, but structural changes like moving to 8-inch BAW and shifting capacity will help us reach our target.  **[QRVO_3404426_9]** **[QRVO_3404426_18]** **[QRVO_3404426_19]** 

3. **Pricing Discipline and Revenue Mix**  
   **Q:** Are you changing your strategy in the entry-tier Android market?  
   **A:** Yes, we're exercising **pricing discipline** and have chosen not to compete in the entry-tier Android market due to compressed margins.  **[QRVO_3404426_14]** **[QRVO_3404426_16]**  This decision leads to a **reduction of approximately $1 billion in TAM**, but allows us to focus on profitable segments.  **[QRVO_3404426_16]**  We're shifting resources to areas where we add the most value and can maintain healthier margins.  **[QRVO_3404426_17]** **[QRVO_3404426_20]** 

4. **Strategic Shift and Diversification**  
   **Q:** How are you adjusting your business strategy amid market changes?  
   **A:** We're reallocating R&D dollars to **Defense & Aerospace (D&A), Power Management, and High Performance Analog (HPA)**.  **[QRVO_3404426_15]**  Our D&A business is now **larger than our China Android-based cellular business**.  **[QRVO_3404426_15]**  We're also investing in ultra-wideband, automotive, and maintaining our share in Wi-Fi within our Connectivity and Sensors Group (CSG), aiming for **double-digit growth** in both HPA and CSG this year.  **[QRVO_3404426_15]** 

5. **Long-Term Growth Expectations**  
   **Q:** Has the Android market shift affected your long-term growth targets?  
   **A:** No, we're still confident in achieving a **strong single-digit growth rate** in our Mobile Products segment (ACG).  **[QRVO_3404426_11]**  We believe we can grow this business even as the wider Android market declines.  **[QRVO_3404426_11]** 

6. **Seasonality Expectations**  
   **Q:** What are your expectations for the upcoming March quarter?  
   **A:** For modeling purposes, we anticipate being down **5% to 10% sequentially** in the March quarter, which aligns with typical seasonality.  **[QRVO_3404426_12]**  While ACG may decline due to seasonal factors, we expect **substantial growth in HPA** and growth in CSG during this period.  **[QRVO_3404426_12]** 

7. **Operating Expense Reductions**  
   **Q:** How are you managing operating expenses in light of revenue changes?  
   **A:** We've reduced OpEx to reflect changes in the Android business, focusing resources on the best investment areas.  **[QRVO_3404426_17]**  This realignment ensures we're utilizing our resources efficiently and positioning ourselves for long-term profitability.  **[QRVO_3404426_17]** 

8. **Content Variation with Largest Customer**  
   **Q:** Does your content vary across different models for your largest customer?  
   **A:** Yes, our content **varies by model and SKU** with our largest customer, affecting overall content levels based on product mix.  **[QRVO_3404426_21]**  This variation is consistent with prior years and influences our revenue depending on the sales mix.  **[QRVO_3404426_21]** 

9. **Growth in SAW Filters**  
   **Q:** Do you anticipate growth in SAW filter opportunities?  
   **A:** Yes, we're seeing growth in SAW filters, particularly with our **next-generation LRT SAW technology** performing well in mid-band and high-band spectrums.  **[QRVO_3404426_13]**  This opens up opportunities across various frequency bands and is available to all customers, not just limited to Android devices.  **[QRVO_3404426_13]** 

10. **Exposure to Entry-Tier Android Market**  
    **Q:** How significant is your exposure to the entry-tier Android market now?  
    **A:** Our revenue from China-based Android is now **under $100 million** and expected to trend lower in fiscal '26, reducing our exposure significantly.  **[QRVO_3404426_18]** **[QRVO_3404426_20]**  We've seen a **75% decline** from the peak in China Android revenue and are focusing on more margin-accretive opportunities moving forward.  **[QRVO_3404426_18]** **[QRVO_3404426_20]** 

259ae96be866f6bce2c7e1621941796d65070095eeec88960e326a6b1163cc61

- **Gross margins are expected to decline in the December quarter to between 43% and 44%** due to selling higher-cost inventories manufactured during periods of lower utilization.  **[QRVO_3363320_26]**
- **Revenue is increasingly dependent on the largest customer**, potentially contributing over 50% of total revenue, raising concerns about customer concentration risk.  **[QRVO_3363320_16]** **[QRVO_3363320_10]**
- **Uncertainty in the China Android market persists**, with channel inventories not fully normalized and potential competition from Huawei impacting future revenues.  **[QRVO_3363320_12]** **[QRVO_3363320_11]**

ad493de9320ce8899f0ed22855ecc4592402b11d32ce2d56d3c98e262922737a

- **Modest Revenue and Gross Margin Growth Expectations**: Qorvo projects only **modest growth** in both revenue and gross margin for fiscal 2025.  **[QRVO_3381911_14]**
- **Flat Outlook for Android Business in June Quarter**: The company expects its Android business to be **flat** in the June quarter, potentially signaling challenges in that market segment.  **[QRVO_3381911_20]**
- **Limited Contribution from Anokiwave Acquisition to Mobile Segment**: Qorvo does not plan to integrate Anokiwave's technology into the mobile phone segment, focusing instead on defense markets, which may limit growth opportunities in mobile.  **[QRVO_3381911_13]**

2bca331b7b8f608dc4bf4c5cb45d549685061022066a4ba6d97059cb93460255

1. **Content Growth & Competitor Impact**  
   **Q:** How will you grow content with your largest customer amid competition?  
   **A:** Bob clarified that despite reports suggesting otherwise, **Qualcomm did not win any sockets** that Qorvo was engaged in at their largest customer. Qorvo expects to grow with this customer in **FY '25** and even more in **FY '26**, based on multi-year engagements, technology investments, and product performance.  **[QRVO_3371436_6]** 

2. **Gross Margin Trajectory & Luxshare Impact**  
   **Q:** What is the outlook for gross margins and the impact of the Luxshare deal?  
   **A:** Grant explained that underutilization charges were about **half** of what was previously reported, and they expect to work through higher-cost inventories over the balance of the year, clearing them in the second half.  **[QRVO_3371436_7]**  Beyond March, they maintain guidance of returning to **50%+ gross margin** over time.  **[QRVO_3371436_7]**  The Luxshare deal will help reduce capital intensity and contribute to gross margin improvements in the medium to long term.  **[QRVO_3371436_7]** **[QRVO_3371436_9]** 

3. **CapEx and Cash Flow Outlook**  
   **Q:** How are you thinking about CapEx and cash flow over the next 12–18 months?  
   **A:** Grant stated that CapEx as a percentage of the top line is expected to continue at **5% or less**.  **[QRVO_3371436_9]**  The Luxshare partnership reduces capital intensity and helps with cost improvements.  **[QRVO_3371436_9]**  Cash flow is expected to improve as they monetize receivables and reduce inventory balances, with CapEx supporting top-line growth and capacity additions.  **[QRVO_3371436_15]** 

4. **Huawei's Impact on Android Market**  
   **Q:** How does Huawei's re-entry affect your Android outlook?  
   **A:** Dave noted that Huawei's projected unit increase in **CY '24** is **10–20 million units**, which is not significant in a **1.2 billion unit** smartphone market.  **[QRVO_3371436_20]**  Huawei's phones face performance challenges and are likely limited to China due to difficulties in getting carrier approval elsewhere.  **[QRVO_3371436_20]**  Qorvo sees growth opportunities with other China customers as the market converts to 5G.  **[QRVO_3371436_20]** 

5. **Competitive Position in Android Market**  
   **Q:** How will you maintain leadership amid competition in Android?  
   **A:** Dave emphasized their strong, long-term relationships with Android customers, being the preferred strategic supplier, and receiving top supplier awards from **Honor, OPPO, Xiaomi, and Vivo**.  **[QRVO_3371436_8]** **[QRVO_3371436_10]** **[QRVO_3371436_21]**  Their leadership is based on technology, quality, and supply assurance, and they are confident in maintaining their share despite competitors.  **[QRVO_3371436_21]** 

6. **5G Unit Growth**  
   **Q:** Where is 5G unit growth coming from this year?  
   **A:** Bob stated that 5G unit growth of over **10%** this calendar year is primarily driven by the **Android ecosystem**, including all Android manufacturers, especially as non-Huawei Chinese OEMs are moving into 5G.  **[QRVO_3371436_13]** 

7. **Seasonality and Revenue Outlook**  
   **Q:** What is the expected seasonality for the rest of the year?  
   **A:** Grant mentioned that while it's early to comment specifically, they expect to grow and improve gross margins year-on-year, with revenue seasonality more closely aligned to customer programs and ramp profiles, anticipating a similar quarterly profile in **FY '25** as in '24.  **[QRVO_3371436_18]** 

8. **AI Adoption and RF Content**  
   **Q:** How will AI in handsets impact your RF content?  
   **A:** Dave explained that AI could drive higher replacement rates as users seek new capabilities, leading to more data over networks, which requires better RF performance.  **[QRVO_3371436_16]**  Increased processing power in devices puts pressure on RF, and Qorvo can deliver improved RF solutions and power management to reduce current consumption and improve battery life.  **[QRVO_3371436_16]**  It's early, but they are optimistic about AI driving smartphone market growth.  **[QRVO_3371436_16]** 

9. **Anokiwave Acquisition**  
   **Q:** Can you provide details on the Anokiwave acquisition?  
   **A:** Grant expressed excitement about acquiring Anokiwave, bringing experienced talent in RF silicon antenna and phased array systems to their defense and aerospace group.  **[QRVO_3371436_17]**  The technology complements Qorvo's existing beamforming capabilities. The deal is expected to close this quarter, adding revenue in the **low single digits per quarter**, slightly dilutive to EPS but accretive to gross margin, all factored into guidance.  **[QRVO_3371436_17]** 

10. **Outlook for CSG and HPA Businesses**  
    **Q:** What is the long-term outlook for your CSG and HPA segments?  
    **A:** Grant stated there's no change to long-term growth metrics. About **2∕3** of revenue comes from ACG (smartphones), while HPA and CSG make up the other **1∕3**.  **[QRVO_3371436_19]**  Over half of HPA is now **defense and aerospace**, with CSG over half in **WiFi**.  **[QRVO_3371436_19]**  They see room to grow in markets addressing opportunities of around **$1 billion**, supporting strong double-digit growth rates.  **[QRVO_3371436_19]** 

78af0d0d698454e971e714208d82a31faac21cece4cc73bf8d9030176d604c40

Qorvo Inc (QRVO)

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