Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Yeah, I think we mentioned a quarter or two that, frankly, it's a bit ahead of our expectations. I'll talk a bit about the Decawave and ultrawideband outlook. Gary, it's Mark. Bob, I had a question on the total 5G units for the year. Non-GAAP operating expenses in the June quarter were $179 million and lower than expected due in part to spend discipline on discretionary activities.Non-GAAP net income in the June quarter was $175 million and diluted earnings per share of $1.50 was $0.37 above the midpoint of our May guidance. So for us, it's very, very broad brand. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. In some cases supplying customers the entire main path. For a follow-up, if I may. Robert Bruggeworth -- President and Chief Executive Officer. So I think we've just got a great portfolios, great technologies and the markets of aligned fairly well for us. And then it matters, are we investing in the right technologies, we think we are, we have the right capabilities to develop the most advanced products customers want. Watch these ... marketwatch.com January 29, 2020; Qorvo … So it's a good question, and a nuanced one. Yeah. That was good. And as it relates to Decawave, should we expect new design wins across automotive and mobile to filter into the model later this year? And then if you wanted to know about Huawei, specifically, it held up a better than expected, but it was, I'd say, in line with what we said, not a material part of our March quarter variance, and it remains a fraction of what we used to have with that customer in the past. What's driving big adoption today is really the 5G deployments that are using massive MIMO antennas. And as far as inventories -- yeah, on inventories, Harsh, I'm never going to say we're satisfied with inventories where they are. We're not pleased that we've reached any sort of final result. And then just a follow-up on the smartphone side as it relates to 5G, can you talk about just what you're seeing from an antenna tuning perspective and how that plays into some of your expectations around content? I think it's fairly broad-based massive MIMO or 5G roll-outs have been a really positive for us. So I think the overall message, Harsh, is we continue -- nothing's changed in our story here. Yeah. Qorvo® to Webcast Quarterly Earnings Conference Call on November 4, 2020 GREENSBORO, N.C., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, will host a conference call to review fiscal 2021 second quarter financial results on Wednesday, November 4, 2020, at 5:00 p.m. (ET). I did say it was a product mix, specifically. There's been a lot of talk about potential delays. We continue to advance the technology and work on product demonstration vehicles and so forth. That was the question. But that aside, mix effects overall are the smaller part of this compared to just the manufacturing variances and the lower revenues. We are confident, however, that the long-term secular drivers in our end markets remain compelling. Just kind of curious, two things. Yeah. With Wi-Fi 6 coming on board over the last couple of quarters, this was our third consecutive quarter of double-digit quarter-over-quarter growth in that part of the market. They're all tracking in line with expectations. OK. Mark, do you remember the first question? Yeah. That's correct. But based on your capex commentary and the intention to be disciplined there, given that you did have multiple acquisitions in the year, I would think capex stays kind of around 5% of revenue, M&A, maybe less aggressive, and that would leave room for buybacks. So obviously, the mix of 5G is higher. And then as a quick follow-up, Mark, a great job on the free cash flow generation in the year. We've seen an uptick in the rollout of sub-6 gigahertz just in the last period, and we expect to be well on track with what we're doing in China. Hello, everybody, and welcome to Qorvo's fiscal 2020 fourth-quarter earnings conference call. Logo of jester cap with thought bubble. So we're seeing just a tremendous amount of interaction, we've got absolutely the best team in the world working on these solutions and it's not just the antenna tuning, but also just the routing around all of these advanced antenna structure, so an awful lot like multiplexing in and out what we're calling antenna-plexers. Our parts are universal so they can be used with all the 5G basebands on the market today. You obviously kind of stayed away from giving guidance for fiscal '21. Edward Snyder -- Charter Equity Research -- Analyst. I mean the percentage of 5G phones now is obviously going to be a lot greater, there's a lot more dollar content that Eric's talked about $5 to $7, whether it's mid-tier or high tier. And then if I could, Mark, on the 50% gross margin, you said it's productivity efficiency in production, but it would sound like given the modules you're shipping in the module -- into high-end smartphones now that includes just about everything and James increased use of both GaN and BAW that wouldn't mix start becoming a bigger issue in the move to to 50-plus percent gross margin or is it just going to rely on volume for a while? This is Eric. The Greensboro, North Carolina-based radio-frequency solutions provider recorded adjusted earnings of $1.52 per share for the September-quarter, down 13% from last year but above the consensus estimates. Thanks, Bill. But on the second quarter, we did put up a very strong guide and we've been very clear that included that extra week for our 53-week fiscal year, because excluding that it's still a very strong guide. Qorvo Launches First Fully Integrated Automotive eCall Switch with Industry-Leading Reliability and Performance : 01/06/2021 : Qorvo Wins 2020 World Electronics Achievement Award: 01/05/2021 : Qorvo Earns Multiple Supplier Awards from ZTE: View All. Qorvo (QRVO) Earnings Report: Q1 2016 Conference Call Transcript The following Qorvo conference call took place on August 10, 2015, 04:00 AM ET. I appreciate it. Gary Mobley -- Wells Fargo Securities -- Analyst. Thank you for joining us on our call tonight. Qorvo (NASDAQ: QRVO) Q1 2020 Earnings Call Aug 01, 2019, 5:00 p.m. So I don't understand your question. ET. Sure. So -- and then finally, we've reduced capital intensity and you've seen that pretty dramatically for us we're not constrained in growth. Second, when you say shelf life, I'm not sure I understand. So as they're adding more content, adding more premium content, a lot of that is addressable by us. Cumulative Growth of a $10,000 Investment in Stock Advisor, Qorvo (QRVO) Q4 2020 Earnings Call Transcript @themotleyfool #stocks $QRVO, This 5G Stock Has Doubled, but It Can Keep Crushing the Market, Qorvo Inc (QRVO) Q2 2021 Earnings Call Transcript, Copyright, Trademark and Patent Information. It's accelerating, service providers are also adopting the distributed technology and bring WiFi 6 into that part of the market. So we continue to see that portfolio grow. Yeah. Globally, we expect 5G base station deployments to outpace the initial deployments of 4G with over three quarters of a million deployments this calendar year growing to more than a million in 2021. It's material, as you know, it ended up being less as we ended the quarter and reported it than it was in our guide. Could you maybe help us understand if inventory build or lack of it is the factor here? Toshiya, yeah, we're pleased with what we've done on free cash flow as it relates to improving it. With Decawave, we see a wide array of solutions emerging with this wireless technology, and we expect the business to contribute materially to Qorvo over time. All right. Thanks. So I think that's what's been driving the adoption is 5G and the shift to massive MIMO, it is definitely broad based in what's going on in China, I would say most of the base stations that are getting deployed with this 5G rollout in China are using GaN, especially those that are in frequencies up around 2.6 or 3.5, which is a good share of what's getting deployed. So we've seen strength, particularly in the high-end retail space. Non-GAAP net income in the March quarter was $185 million, and diluted earnings per share was $1.57, a record fourth-quarter result for Qorvo. And then can you just comment on how big China was in the March quarter? So naturally, yes, we're sort of mixing that way because they're doing really well in the market currently. Well, I mean, there's a lot in that question, Harsh. And with that, I'll hand the call over to Mark. Its quarterly revenue was up 31.4% compared to the same quarter last year. Welcome to the Qorvo, Inc. fourth-quarter 2020 conference call. So I said the next few quarters will run around what we've been running the past several quarters. Qorvo Inc (NASDAQ: QRVO) Q2 2019 Earnings Conference Call Oct. 31, 2018 , 5:00 p.m. So that gives us confidence that we're running the operation lean, we have a little bit of flexibility, but there is a healthy tension in our business between trying to keep costs down. Infrastructure and Defense Products revenue increased to $319 million over 40% of the company's revenue, as the ongoing build out of 5G networks drove demand and we successfully ramped new GaN products. So I'm just wondering how that content expansion might change as we go into second half? Our other recent acquisitions are already accretive. And again, I got to go back to really congratulating our team on the work that they've done. Prepared Remarks: Operator. And maybe just touch on the level of design activity for your ultrawideband solutions and customer engagement with that technology. It would give the chance to prove the business case and really tackle a lot of the infrastructure concerns with millimeter wave. Recent Earnings Call Transcripts. Today's conference is being recorded. Today, we've got products in the base station market that serve both the 8 and 16 watt slot. Company Participants. We supported both of these markets with a really broad set of products including GaN power amplifiers and driver modules, integrated front-end modules, BAW filters and numerous discrete products and we supported a broad set of customers in both of those markets. Jamison Phillips -- BMO Capital Markets -- Analyst. Just a lot of of activity there. So we're running as fast as we can to complement our already complete line of integrated solutions with the latest bands and capabilities and new features and so forth with new performance -- higher performance, smaller filters and so forth adding to the benefit there. They're obviously contemplated in the June guide. Thanks again and have a good night. So I think you just said that they'd be like less than 5% for June. We are especially pleased with content gains in 5G. I want to mention that risk factors are very important here. Our current generation of ultrawideband products going into production this year features the marriage of Decawave's state of the Art radio technology with our front-end to enable, enhance, angle of arrival capability. We'll move next to Harsh Kumar with Piper Sandler. We've got complete portfolio to support them. And year over year, you guys will be amazed that the growth that this company has put up less Huawei. So we're pleased with that. We don't typically see things reverse and go back to discrete. Custom MMIC, a bolt on to our IDP segment exceeded plan in its first full quarter and further strengthens our defense and aerospace franchise. Our free cash flow generation underpins a strong credit profile. Now from a power perspective, you can tell from our defense related comments over the last few quarters that we definitely have experience in very, very high power. Srini Pajjuri -- SMBC Nikko Securities -- Analyst. Listen, we're constantly working, Chris, to expand gross margins and covered it at length in a previous question. While our factories and engineering labs remained open, we successfully transitioned thousands of employees to work from their homes. Sure. We'll go next to Bill Peterson with JP Morgan. With that as context, I will recap our business performance by market. As my follow-up, I wanted to ask about sort of the emergence of the mid-tier in 5G in particular in China. And also, you're probably going to see much more in the mid-range and even in the low end. Yeah. As far as year-over-year growth, Ed, Mark had said last quarter that it was a long put, and we got awful close. ET Contents: Prepared. Couple of questions. ... Qorvo (QRVO) Q1 2020 Earnings Call Transcript. Okay. But for now, we're seeing, as it continues to mix down through the portfolio, that dollar content adder is remaining pretty consistent. We have a good balance sheet. Of course, there's much tighter requirements on filtering. So that implies that that's going to get cut basically more than half Q-on-Q. Greensboro, NC, July 15, 2020 – Qorvo ® (Nasdaq: QRVO), a leading provider of innovative RF solutions that connect the world, will host a conference call to review fiscal 2021 first quarter financial results on Wednesday, July 29, 2020, at 5:00 p.m. (ET). Qorvo (QRVO) Q4 2020 Earnings Call Transcript QRVO earnings call for the period ending March 31, 2020. We're seeing rapid adoption of GaN across numerous customers in that space and certainly, in sub-6 gigahertz space. And we've been continuously adding feature sets and scale over the last couple of years in preparation for this ramp. Qorvo (QRVO) Earnings Report: Q4 2016 Conference Call Transcript The following Qorvo conference call took place on May 4, 2016, 05:00 PM ET. As far as how it continues, we definitely think deployments continue in China throughout the year with additional tenders offered, and then it will pick up again in the first part of next year as they do additional sets of deployments. My second question is for James. Image source: The Motley Fool. In the June quarter, we expect continued robust mobile 5G growth, though on lower base handset volumes and a return to year-over-year growth for IDP. As far as capex levels and capital allocation priorities, nothing has changed in the story there. Qorvo's diagnostic platform has the potential to improve veterinary diagnostics by delivering central lab performance to the veterinary clinic at point of care. Our design teams are releasing best-in-class products, our sales and application engineers are designing our solutions into our customers' next-generation products and our factories are operating well. James, there was a question about year-over-year growth in IDP just being off by just a slight little bit and can you sell 5G components to Huawei? Qorvo (NASDAQ:QRVO) Q3 2020 Earnings Call Jan 29, 2020, 5:00 p.m. After the quarter closed, we introduced our high sensitivity point-of-care diagnostic test platform and cartridges, utilizing acoustic resonator technology for veterinary applications. Read full article. Today’s call is being recorded. Market data powered by FactSet and Web Financial Group. But over the time here, over the long-term that we've been expanding our margins and we expect to continue to expand our margins, mix is playing an important role. And how many base stations are of what configuration as we go out over the next four or five years. Expect that customer to remain under 5% in the June quarter. In the future, we see opportunities for our power management technologies, in defense and other markets. During the June quarter, we ramped a programmable power management solution along with a WiFi 6 front-end module for the leading drone manufacturer, enabling longer flight times, greater range and larger payload. Reblog. So just to be clear there. And from Needham & Company we'll move to Raji Gill. And then are we managing the portfolio in a way that we're winning business in the sockets we want to that are going to bring the most value to customers and hopefully with that carry the margins. Ancillary question. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website at qorvo.com under Investors. Okay, thanks for that color. And so, maybe if you can just walk us through under scenario where the sub-$600 portion of the smartphone market becomes a leading driver in the second half of the year for 5G mobile handset sales in particular in China, how this plays out for Qorvo? Motley Fool Transcribing (MFTranscribing) Jan 29, … Adjusted the quarter -- September quarter would be around $873 million or so. But we're in a reasonably good position if you compare our inventory levels to historical levels and then also compared to others that we've seen in the space, inventories were up sequentially as we thought they would have been but as I mentioned, the turns are on the better side of OK, historically speaking. Hey, so Ed, so we weren't surprised to see GaN double at all. The global economy slowing down, and every company is wrestling with the risks in their outlooks. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products. We've got a fantastic reliability. That includes programmable power management and the others. Qorvo, Inc. (QRVO) CEO Robert Bruggeworth on Q2 2021 Results - Earnings Call Transcript SA Transcripts Wed, Nov. 04, 2020 1 Comment Qorvo reports … And while you might expect that there could be less integrated more discrete implementations to save cost the fact is that most of the band combinations and requirements are the same. First of all, when you say Korea, a year ago, we're just turning the corner and realigning our portfolio with Samsung. Qorvo's highly integrated and high-performance 5G and LTE Advanced Pro solutions are helping our customers to enhance performance, reduce product footprint and accelerate products to market. A couple of questions. Questions and Answers. So we picked up a tremendous amount of content in 5G and that's really helped drive the growth, but we're setting records in our WiFi space as well. I thought I heard you say 250 million. Published Oct 31, 2019. Absolutely, industry-leading, best-in-class performance, highly integrated full band coverage low-band mid-high and ultra high bands, integrated shielding so the parts are already shielded. Read or listen to the conference call. So we are developing those technologies and certainly expect to play in those parts of the market as we continue to expand. Yeah. I was curious if you could talk about the customer breadth that you have, both in what you're seeing in shipments, particularly, I suppose, that's China and then also your design wins that you have racked up for the year? During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. Prepared Remarks: Operator. Hi. Yeah. Thank you. In Mobile Products, we are benefiting from the need for more and better RF fueled by higher front-end integration and increased complexity. We feel pretty good about it. Revenue was $788 million, driven by broad-based demand in 5G handsets and infrastructure, defense, WiFi 6 and IoT. Douglas DeLieto -- Vice President of Investor Relations. I was hoping you can give us an update on your millimeter wave opportunities, and if you see this as a potential revenue driver later this year or early next year? Thanks for that. And is this driven by the 5G bands being added especially dual transmit which kind of mux of everything in the antenna side of it? Was this a shortfall in area? So it's very strong given the environment. This is Eric, again. And so, even without the additional week it's still a very strong quarter for us. We're seeing strong growth driven by multiyear defense programs and the acquisition of Custom MMIC further expands our capabilities in this market. Qorvo (QRVO) Q4 2020 Earnings Call Transcript fool.com June 24, 2020; Qorvo Q4 2020 Earnings Preview seekingalpha.com May 7, 2020; Semis gain after earnings kickoff seekingalpha.com April 23, 2020; Qorvo (QRVO) Beats Q3 Earnings and Revenue Estimates nasdaq.com January 30, 2020; Qorvo stock surges on earnings beat, outlook marketwatch.com January 29, 2020; A hidden stock tip in Apple earnings … OK. That's very helpful. Turning to our June out -- quarter outlook. May 7, 2019, 9:24 PM. I can tell you that the vast majority of the work we're doing these days, both with our new product development and also engagements with customers is around 5G. If the market softens in the back half or somewhat worse than anticipated on mix, then we would be on the south side of 50%, but we feel good we're in that neighborhood and we intent to stay there and actually expand margins. I'm kind of just curious what you've already seen. So they don't look bad I'm never going to say, we're pleased with our inventories, but they're -- they've been managed and the channel is very healthy. Thanks for taking my question. We did repurchase $125 million in this last quarter. Mark, I have one for you on gross margin. They don't have our product stockpiled somewhere. We repurchased $125 million of shares during the quarter. And with that, I'll turn the call over to Bob. So it's a little challenging to model. Tweet. Products like our 5G ultra-high band solutions are being adopted across customers and on all leading 5G chipsets. ET. Another one for James. But the direct answer to Huawei is no, we don't have a license and our deliveries to Huawei are pretty much not material at this point in time and that's a IDP comment. So I can't really give comps year over year and all that, I typically don't. So great alignment there. And I've got to certainly, complement Paul Fego and his team for just a tremendous job, doing all the things around, cycle time improvement and the wafer expansions and we shut down a facility and seamlessly and die shrinks, I can go on and on. Qorvo (QRVO) Q3 2020 Earnings Call Transcript QRVO earnings call for the period ending December 31, 2019. I think as folks are thinking about that, keep in mind we've got one this extra week, I laid out the acquisition impact year-over-year on last quarter's call so you have that. As far as capital allocation, we're still below our leverage target. In today's release and on today's call, we provide both GAAP and non-GAAP financial results. Flow for fiscal '21 company is wrestling with the best technology and is designed to address needs! Toward Korea and China is pretty real multiple customers already adapting the tags or IoT things they reflected. Demand as the amount of subscribers to date its tracking in line our... 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