Qorvo® Announces Fiscal 2020 Fourth Quarter Financial Results

GREENSBORO, NC — May 7, 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 fourth quarter, ended March 28, 2020. On a GAAP basis, revenue for Qorvo’s fiscal 2020 fourth quarter was $788 million, gross margin was 42.6%, operating income was $102 million and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 49.6%, operating income was $210 million and diluted earnings per share was $1.57.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo delivered a strong quarter under challenging circumstances, and I couldn’t be more proud of how our team is responding.  We are operating well, focused on keeping our employees, partners and communities healthy, while supporting customers and advancing technology.  Our technologies and operations are more important than ever as we support global deployments in 5G handsets and infrastructure, defense, Wi-Fi 6 and IoT.”

Strategic Highlights

Enabled sub-6 GHz 5G network deployments with the ramp of GaN power amplifiers and small signal solutions
Accelerated Wi-Fi 6 shipments and secured cable amplifier design wins to support increased data to the home
Enjoyed growth in data centers, computing and gaming consoles with differentiated programmable power management solutions
Sampled broadband 100-watt (27-31 GHz) and 130-watt (32-38 GHz) millimeter wave power amplifiers, expanding portfolio of GaN-based solid state amplifiers for defense applications
Supported the Samsung® Galaxy S20 platform with a broad set of high performance and highly integrated advanced 4G and 5G components
Supplied a leading smartphone manufacturer with complete main path (LB, MHB and UHB integrated solutions) as well as Wi-Fi FEM, switches and tuners for flagship 5G smartphone
Expanded position in UHB solutions at leading Android smartphone manufacturers and across all 5G chipset solutions
Completed the acquisition of Custom MMIC, expanding leadership in GaAs and GaN RF solutions for defense and aerospace applications
Completed the acquisition of Decawave, positioning Qorvo as a leading provider of ultra-wide-band (UWB) system solutions for proximity awareness, secure payments and secure access in smartphones, automotive and IoT
Introduced high sensitivity point-of-care diagnostic test platform, utilizing acoustic resonator technology, for veterinary applications

The following information was filed by Qorvo, Inc. (QRVO) on Thursday, May 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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