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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
Original – Qorvo
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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
Original – Qorvo
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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.
Original – Qorvo
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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
Original – Qorvo
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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.
Original – Qorvo®
