Revenue: $941 million for the fiscal 2024 fourth quarter.
Non-GAAP Gross Margin: 42.5%.
Non-GAAP Diluted EPS: $1.39.
Year-over-Year Revenue Growth: Approximately 49% for the fiscal Q4.
HPA Segment Revenue Growth: 24% year-over-year in the March quarter, driven by strong performance in defense business.
ACG Segment Revenue Growth: 56% year-over-year.
CSG Segment Revenue Growth: 50% year-over-year.
Full Year Revenue: $3.8 billion.
Full Year Non-GAAP Gross Margin: 44.5%.
Full Year Non-GAAP EPS: $6.21.
Operating Cash Flow: $202 million for Q4.
Capital Expenditures: $33 million for Q4.
Future Guidance
Revenue Guidance for Next Quarter: Approximately $850 million, plus or minus $25 million.
Non-GAAP Gross Margin Guidance for Next Quarter: Between 40% and 41%.
Non-GAAP Diluted EPS Guidance for Next Quarter: Between $0.60 and $0.80.
Expected Improvement in Gross Margin: Substantial improvement anticipated in the September quarter with full year gross margin expected to improve modestly year-on-year.
Operating Expenses for Next Quarter: Approximately $260 million, including ~$5 million related to modernizing core systems.
Full-Year Expense Related to Modernization Project: Approximately $40 million.
Expected Revenue Seasonality: Reflects annual ramp profiles of major customers, with significant sequential growth anticipated in September and modest growth in December.
Trends, Market Conditions, Sentiment
Defense and Aerospace: Notable strength, with record annual and quarterly revenue driven by large defense programs and SATCOM growth.
Android Ecosystem: Transition to 5G is creating new growth vectors for Qorvo, especially in mass market smartphones.
Customer Demand: Improving customer demand in HPA segment, transitioning DOCSIS 3.1 to DOCSIS 4.0 in broadband access.
Inventory Levels: Clearing of high-cost inventory expected in June quarter, paving the way for improved gross margins.
Market Expansion: Focused on diversifying and growing in consumer, defense, aerospace, and mobile markets, leveraging strengths in manufacturing, system-level expertise, and advanced packaging capabilities.
Notable Quotes
On Market Positioning: “Across our businesses, Qorvo is at the forefront of global secular macro trends, including mobility, connectivity, electrification and datafication.”
On Long-term Growth: “Qorvo is well positioned to capitalize on multiple long-term growth drivers within each of our 3 operating segments.”
On Infrastructure Upgrades: “We’re investing to upgrade the core systems and processes we use to run our business… intended to extend our competitive advantage and enable us to scale growth in dynamic markets.”
On Investor Expectations: “This approach ensures that our capital allocation strategy balances future growth with the return of capital and aligns with our underlying goal of delivering long-term shareholder value.”
On Gross Margin Improvement: “We expect substantial improvement in September, reflecting increased levels of utilization and clearing the majority of high-cost inventory.”
