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Qorvo® announced financial results for the Company’s fiscal 2024 fourth quarter ended March 30, 2024.
Strategic Highlights
- Grew quarterly revenue 49% year-over-year and exceeded the mid-point of revenue guidance by $16 million
- Completed acquisition of Anokiwave, a leading supplier of high-performance silicon integrated circuits for intelligent active array antennas for Defense, SATCOM, 5G, and other beam forming applications
On a GAAP basis, revenue for Qorvo’s fiscal 2024 fourth quarter was $941 million, gross margin was 40.6%, operating income was $30 million, and diluted earnings per share was $0.03. On a non-GAAP basis, gross margin was 42.5%, operating income was $147 million, and diluted earnings per share was $1.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered year-over-year revenue growth in the March quarter in each of our three operating segments. There are global macro trends supporting our markets that are increasing customer requirements for efficiency, latency, throughput, and other critical performance metrics where Qorvo delivers significant competitive advantage.
“During the quarter, we acquired Anokiwave, and we are excited to accelerate the adoption of their technology while developing more highly integrated system solutions that leverage our D&A and power management portfolios. Qorvo continues to expand our technology portfolio to drive growth and diversify our business across markets, customers and product categories.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “In fiscal 2024, Qorvo achieved significant content gains with key mobile customers and robust revenue growth in our defense and aerospace business. As we begin fiscal 2025, flagship smartphone ramps and large defense programs are down seasonally, and we expect product mix to trend toward mass market 5G products and associated higher-cost inventories in the June quarter. In the September quarter, we anticipate substantial sequential gross margin improvement. For full-year fiscal 2025, we expect modest revenue growth and margin improvement compared to fiscal 2024. We continue to take proactive steps to reduce capital intensity and structurally enhance our gross margin profile.”
Qorvo’s current outlook for the June 2024 quarter is:
- Quarterly revenue of approximately $850 million, plus or minus $25 million
- Non-GAAP gross margin between 40% and 41%
- Non-GAAP diluted earnings per share between $0.60 and $0.80
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Qorvo® announced four 1200V silicon carbide (SiC) modules – two half-bridge and two full-bridge – in a compact E1B package with RDS(on) starting at 9.4mΩ. These highly efficient SiC modules are excellent solutions for electric vehicle (EV) charging stations, energy storage, industrial power supplies and solar power applications.
“The modules in this new family can replace as many as four discrete SiC FETs, thus simplifying thermomechanical design as well as assembly. Our cascode technology also allows higher switching frequency operation, further reducing solution size by using smaller external components,” said Ramanan Natarajan, director of product line marketing for Qorvo’s SiC Power Products business.
“For our customers, the high efficiency of these modules streamlines the power supply design process, so they can focus on the design, layout, assembly, characterization and qualification of one module as opposed to numerous discrete components.”
Led by the 9.4mΩ UHB100SC12E1BC3N, these four SiC modules leverage Qorvo’s unique cascode configuration, which minimizes RDS(on) and switching losses to maximize efficiency, especially in soft-switching applications. Silver-sinter die attach reduces thermal resistance to as low as 0.23 °C/W; when combined with the stacked die construction found in the “SC” part numbers, power cycling performance is improved by 2X over comparable SiC power modules on the market.
Together, these characteristics contribute to superior thermal performance and reliability with the ease of use and power density of a highly integrated SiC power module.
The table below provides a snapshot of Qorvo’s new 1200V SiC module family:
Part # Description RDS(on) @25C (mΩ) UFB15C12E1BC3N 1200V, 15A SiC full-bridge module 70 UFB25SC12E1BC3N 1200V, 25A SiC full-bridge module 35 UHB50SC12E1BC3N 1200V, 50A SiC half-bridge module 19 UHB100SC12E1BC3N 1200V, 100A SiC half-bridge module 9.4 Qorvo’s suite of powerful design tools like its FET-Jet Calculator and QSPICE™ software aid in product selection and performance simulation. For more information about Qorvo’s advanced SiC solutions for industrial applications, please visit www.qorvo.com/go/sic.
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Qorvo® will showcase its latest power management innovations at the upcoming Applied Power Electronics Conference (APEC) from Feb. 26-28, at the Long Beach Convention Center in California. Attendees are invited to visit the Qorvo booth #1857 to explore the latest advancements in SPICE simulation, silicon carbide (SiC) and battery management technologies.
Qorvo will feature the following highlights at APEC 2024:
QSPICE™ Simulation Software Showcase
APEC attendees can experience the next level of simulation with Qorvo’s advanced QSPICE tool during three insightful training sessions and engage in a Q&A with the tool’s creator, Mike Engelhardt. For those unable to attend APEC, the sessions will be available on the Qorvo YouTube channel in March.Training Session Schedule:
- Tuesday, Feb. 27, 10-10:20 a.m.: The QSPICE User-Interface
- Tuesday, Feb. 27, 3-3:20 p.m.: Importing 3rd Party Models
- Wednesday, Feb. 28, 10-10:20 a.m.: Anatomy of a Macro Model Done Right
Launch of Inaugural SiC Module Family
Qorvo will unveil its first SiC module family, featuring an innovative cascode JFET architecture. This highly integrated device family simplifies high-voltage designs and offers exceptional thermal and electrical performance due to low switching losses, low thermal resistance and RDS(on) as low as 9.4mΩ.Battery Management Demonstrations
Visitors to the booth can see Qorvo’s wireless battery management debut with a demonstration showcasing a remote battery pack monitoring and state of charge solution, created in combination with Qorvo’s IoT microcontroller.Original – Qorvo
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Qorvo® announced financial results for the Company’s fiscal 2024 third quarter ended December 30, 2023.
Strategic Highlights
- Grew quarterly revenue 44% year-over-year and exceeded high-point of revenue guidance by $49 million
- Recognized by top four China-based Android 5G OEMs with 2023 awards for innovation, quality, supply, technology and strategic partnership
- Signed definitive agreement to acquire Anokiwave, a leading supplier of high-performance silicon integrated circuits for intelligent active array antennas for D&A, SATCOM and 5G applications
On a GAAP basis, revenue for Qorvo’s fiscal 2024 third quarter was $1.074 billion, gross margin was 36.1%, operating loss was $42 million, and loss per share was $1.31. On a non-GAAP basis, gross margin was 43.8%, operating income was $237 million, and diluted earnings per share was $2.10.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Strong execution by the Qorvo team resulted in robust December quarterly financial performance. During the quarter we continued to bring channel inventories down, and Qorvo shipments are now more closely aligned to end market demand. We are seeing incremental improvement in end market demand in the Android ecosystem, and we expect to achieve year-over-year revenue growth in all of Qorvo’s operating segments in the March quarter.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the mid-point of December quarterly guidance for revenue, gross margin and EPS, reflecting strong content on customer programs and improving channel inventories. During the quarter, Qorvo generated record cash flow from operations of $493 million and free cash flow of $467 million. Looking forward, we are capitalizing on global macro trends and multiyear technology upgrade cycles, and we expect this to support durable long-term growth.”
Qorvo’s current outlook for the March 2024 quarter is:
- Quarterly revenue of approximately $925 million, plus or minus $25 million
- Non-GAAP gross margin of approximately 42%
- Non-GAAP diluted earnings per share of approximately $1.20 at the midpoint of revenue
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Qorvo® unveiled an automotive-qualified silicon carbide (SiC) field effect transistor (FET) offering an industry-best 9mΩ RDS(on) in a compact D2PAK-7L package. This 750V SiC FET is the first in a new family of pin-compatible SiC FETs from Qorvo with RDS(on) options up to 60mΩ, making them well suited for electric vehicle (EV) applications, including on-board chargers, DC/DC converters and positive temperature coefficient (PTC) heater modules.
The UJ4SC075009B7S features a 9mΩ typical RDS(on) at 25°C needed for reducing conduction losses and maximizing efficiency in high voltage, multi-kilowatt automotive applications. Its small, surface-mount package enables automated assembly flows and reduces customer manufacturing costs. This new 750V family complements Qorvo’s existing 1200V and 1700V automotive SiC FETs in D2PAK packaging to form a complete portfolio addressing EV applications that span 400V and 800V battery architectures.
Ramanan Natarajan, director of Product Line Marketing for Qorvo’s Power Products, said, “The launch of this new family of SiC FETs demonstrates our commitment to providing EV powertrain designers the most advanced and efficient solutions for their unique automotive power challenges.”
These fourth generation SiC FETs leverage Qorvo’s unique cascode circuit configuration, in which a SiC JFET is co-packaged with a Si MOSFET to produce a device with the efficiency advantages of wide bandgap switch technology and the simpler gate drive of silicon MOSFETs. Efficiency in SiC FETs is dependent on conduction losses, and Qorvo’s cascode/JFET approach enables reduced conduction losses through industry-best RDS(on) and body diode reverse voltage drop.
The key features of the UJ4SC075009B7S include:
- Threshold voltage VG(th): 4.5V (typical) allowing 0 to 15V drive
- Low body diode VFSD: 1.1V
- Maximum operating temperature: 175°C
- Excellent reverse recovery: Qrr = 338 nC
- Low gate charge: QG = 75 nC
- Automotive Electronics Council (AEC) Q101-qualified
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Qorvo® announced that its QSPICE™ circuit simulation software was honored as the Design Tool and Development Software Product of the Year at the 2023 Elektra Awards. This year’s Elektra Award winners were named at a ceremony in London on November 29, 2023, to recognize outstanding achievements by the most innovative and talented individuals and companies in the electronics industry.
Jeff Strang, general manager for Qorvo’s Power Management business, said, “We are extremely gratified to be recognized at this year’s Elektra Awards. Qorvo’s QSPICE represents a breakthrough in power and analog circuit design and development by improving simulation speed, functionality and reliability. We believe this prestigious industry award will encourage designers everywhere to leverage this powerful tool for their most complex projects.”
Qorvo’s winning product, QSPICE, is a new generation of circuit simulation software that offers significantly better SPICE basics, supports vast amounts of digital logic without performance penalties and provides the speed and accuracy required for reliable power electronics simulation. Since its introduction in July 2023, QSPICE has been downloaded by more than 15,000 users. QSPICE is available free of charge and actively supported by Qorvo as well as a robust user community through Qorvo’s QSPICE forum at http://forum.qorvo.com/.
The Elektra Awards are decided by an independent panel of senior representatives from end-user organizations, consultants and key industry players selected by the editors of Electronics Weekly. Every judge signs a non-disclosure agreement and must declare any association or involvement with any of the entries. Their meetings are held in private, confidential environments and all scores are collated, verified and averaged to determine the winners.
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Qorvo® announced financial results for the Company’s fiscal 2024 second quarter ended September 30, 2023.
Quarterly Highlights
- Grew quarterly revenue 70% sequentially and exceeded the mid-point of revenue guidance by $103 million
- Achieved sequential growth in ACG, CSG and HPA operating segments
- Secured broad-based design wins in all end markets, including major UWB wins in a flagship Android smartphone and an in-vehicle car access platform by a leading German automotive tier one
- Significantly reduced Qorvo inventory while improving Android channel inventory
On a GAAP basis, revenue for Qorvo’s fiscal 2024 second quarter was $1.103 billion, gross margin was 44.4%, operating income was $151 million and diluted earnings per share was $0.99. On a non-GAAP basis, gross margin was 47.6%, operating income was $279 million and diluted earnings per share was $2.39.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered significantly improved financial performance in the September quarter supported by content gains at our largest customer. Each of our operating segments is enjoying multiyear technology upgrade cycles that improve performance and enhance functionality, and Qorvo is critical to enabling these capabilities. The Qorvo team continues to operate very well to secure new customer designs and broaden our opportunities in growth markets.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the high end of our September quarterly guidance for revenue, gross margin and EPS, reflecting content gains at our largest customer and sequential growth in all three operating segments. Looking forward, our December quarterly guidance reflects seasonal patterns, robust content on customer programs and improved channel inventories. We continue to expect year-over-year revenue growth in fiscal 2024.”
Qorvo’s current outlook for the December 2023 quarter is:
- Quarterly revenue of approximately $1 billion, plus or minus $25 million
- Non-GAAP gross margin between 43% and 44%
- Non-GAAP diluted earnings per share of approximately $1.65 at the midpoint of revenue
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Qorvo® announced the release of QSPICE™, a new generation of circuit simulation software that provides power and analog designers significantly higher levels of design productivity through improved simulation speed, functionality and reliability.
In addition to advancing the state of the art in analog simulation technology, QSPICE allows designers to simulate complex digital circuits and algorithms. Its unique combination of modern schematic capture and fast mixed-mode simulation make it the ideal tool to solve the increasingly complex hardware and software challenges faced by today’s system designers.
“QSPICE enables an entirely new generation of mixed-mode circuit simulation,” said Jeff Strang, general manager for Qorvo’s Power Management business. “In the past, power designers relied on analog circuits and silicon power switches. Today, digital control and compound semiconductors are common elements of advanced power designs. Whether an engineer is developing AI algorithms for EV battery charging, optimizing a Qorvo pulsed-radar power supply or evaluating the newest silicon carbide FETs, QSPICE is the perfect platform for innovation.”
Qorvo’s QSPICE is available free of charge and offers numerous enhancements over legacy analog modeling tools. These improvements include:
- Complete support for advanced analog and digital system simulations, such as those used in AI and machine-learning applications.
- An upgraded simulation engine that uses advanced numerical methods and is optimized for modern computing hardware, including a GPU-rendered user interface and SSD-aware memory management, to provide dramatically higher speed and accuracy.
- Reduced overall runtimes and a 100% completion rate, based on Qorvo benchmark tests with a suite of challenging test circuits. This compares to a failure rate of up to 15% with these same test circuits using other popular SPICE simulators.
- Availability of a regularly updated QSPICE model library featuring Qorvo’s silicon carbide and advanced power management solutions, making it easy for customers to evaluate and design with Qorvo power.
QSPICE is available now at www.qspice.com and is actively supported by Qorvo as well as a robust user community through Qorvo’s QSPICE forum at forum.qorvo.com.
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