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Qorvo Announces Acquisition of Decawave and Custom MMIC

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Qorvo® Announces Fiscal 2020 Third Quarter Financial Results

Custom MMICGreensboro, 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.

Decawave header - RF CafeBob Bruggeworth, 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, Decawave and Custom MMIC, to the Qorvo family, expanding our technology portfolio and product offerings."

Strategic Highlights

  • 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, attached   <<< click here to access entire announcement >>>


About Qorvo

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




John Greichen

300 Apollo Drive

Chelmsford, MA  01824  USA

Phone:  978-467-4290

Website:  www.qorvo.com

E-Mail:  jgreichen@custommmic.com



Posted January 30, 2020

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