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Qorvo® Announces Fiscal 2020 Third Quarter Financial Results
Greensboro, NC – January 29, 2020 –
Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions
that connect the world, today announced financial results for the Company's fiscal
2020 third quarter, ended December 28, 2019. On a GAAP basis, revenue for Qorvo's
fiscal 2020 third quarter was $869 million, gross margin was 42.4%, operating income
was $153 million and diluted earnings per share was $1.36. On a non-GAAP basis,
gross margin was 49.3%, operating income was $252 million and diluted earnings per
share was $1.86.
president and chief executive officer of Qorvo, said, "Qorvo delivered an exceptional
December quarter. In Mobile Products, 5G design wins are accelerating, and in IDP
we are enjoying robust design win momentum.
We're also looking forward to
welcoming two industry-leading teams,
Custom MMIC, to the Qorvo family, expanding our
technology portfolio and product offerings."
- Awarded broad-based design wins to supply highly integrated 4G/5G low-, mid-/high-,
and ultra-high band solutions for second-generation 5G smartphones
- Chosen to supply ultra-high band FEMs on multiple 5G cellular chipsets, leveraging
performance advantages at higher frequencies and enabling next wave of 5G smartphones
- Secured new 4G and 5G design wins and extended leadership in BAW-based multiplexers,
including hexaplexers and recently launched micro BAW-based quadplexer
- Expanded GaN customer engagements with ramp of high-power amplifiers at a third
major OEM to support 5G massive MIMO deployments
- Launched high power GaAs FEM addressing enhanced performance requirements of
second-generation 5G millimeter wave base stations
- Commenced volume shipments of BAW filters to a top-tier infrastructure OEM supporting
China Mobile's 5G small cell deployment
- Introduced industry's first solution combining a Zigbee, Thread and Bluetooth
Low Energy SoC with a Wi-Fi 6 FEM to enable next-generation distributed Wi-Fi networks
- Secured new design wins and increased shipments of Wi-Fi 6 FEMs across CPE,
retail and mobile
- Sampled complete V2X front end solution, including 5.9 GHz Wi-Fi coexistence
BAW filter, to multiple automotive OEMs and tier-one suppliers
- Shipped power management ICs into datacenter solid state drives for two of the
top three storage providers
- Signed, following the quarter, definitive agreements to acquire Decawave, a
pioneer in ultra-wideband (UWB) technology and provider of UWB solutions for mobile,
automotive and IoT applications; and Custom MMIC, a leading supplier of high-performance
GaAs and GaN MMICs for defense and aerospace applications
Financial Commentary and Outlook
Mark Murphy, chief financial officer of Qorvo, said, "Qorvo's December quarter
results and March quarter guidance reflect strength in our end markets of 5G, Wi-Fi
and Defense and continued strong operating performance. Given our operating results
and capital management, we now forecast free cash flow for the full fiscal year
of over $700 million."
Qorvo currently believes the demand environment in its end markets supports the
following expectations for the March 2020 quarter:
- Quarterly revenue in the range of $800 million to $840 million
- Non-GAAP gross margin of approximately 48.5%
- Non-GAAP diluted earnings per share of $1.55 at the midpoint of guidance
Qorvo's actual quarterly results may differ from these expectations and projections,
and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information
for Qorvo for the periods indicated. See the more detailed financial information
for Qorvo, including reconciliations of GAAP and non-GAAP financial information,
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Qorvo (Nasdaq:QRVO) makes a better world possible by providing innovative Radio
Frequency (RF) solutions at the center of connectivity. We combine product and technology
leadership, systems-level expertise and global manufacturing scale to quickly solve
our customers' most complex technical challenges. Qorvo serves diverse high-growth
segments of large global markets, including advanced wireless devices, wired and
wireless networks and defense radar and communications. We also leverage unique
competitive strengths to advance 5G networks, cloud computing, the Internet of Things,
and other emerging applications that expand the global framework interconnecting
people, places and things. Visit www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries.
All other trademarks are the property of their respective owners. This press release
includes "forward-looking statements" within the meaning of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to, statements
about our plans, objectives, representations and contentions, and are not historical
facts and typically are identified by use of terms such as "may," "will," "should,"
"could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential,"
"continue" and similar words, although some forward-looking statements are expressed
differently. You should be aware
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Posted January 30, 2020