Qorvo®, a leading provider of innovative RF solutions that connect the world, announced financial results for the Company’s fiscal 2022 fourth quarter ended April 2, 2022. On a GAAP basis, revenue for Qorvo’s fiscal 2022 fourth quarter was $1.166 billion, gross margin was 48.9%, operating income was $271 million and diluted earnings per share was $1.95. On a non-GAAP basis, gross margin was 52.0%, operating income was $377 million and diluted earnings per share was $3.12.
Bob Bruggeworth, President and Chief Executive Officer of Qorvo, said, “Qorvo delivered a strong fiscal 2022 fourth quarter and full fiscal year. Revenue exceeded the midpoint of quarterly guidance, despite a dynamic and challenging macro environment. We continue to execute well, and our customers are excited about the technologies and products we are releasing. Qorvo is extremely well positioned with multiyear growth drivers, broadening market and customer exposure and a deep product and technical portfolio.”
Strategic Highlights:
- Received multi-million-dollar order for new SiC power device solution for circuit protection in EV charging stations
- Secured multiple design wins for massive MIMO small signal infrastructure applications in the U.S. and Europe
- Increased shipments of power management ICs for solid state drive applications and motor control solutions for battery powered tools and appliances
- Increased shipments to a Korea-based smartphone OEM, including RF Fusion™, Wi-Fi 6E FEMs, antenna control solutions and RF power management ICs, for mass-tier and flagship 5G smartphones
- Recognized by Honor as their only “Core Strategic Supplier” in the RF category and received first production orders for Qorvo’s next-generation RF Fusion
- Secured design wins across China-based smartphone OEMs for a range of Qorvo products, including complete main path and secondary transmit solutions, supporting multiple basebands
- Secured first design win for complete UWB SiP solution, including SoC, RF front end and software, in support of multiple upcoming smartphone models
- Sampled BAW-based Wi-Fi 6E filter reducing form factors for CPE tri-band mesh applications
- Began ramping industry’s first wideband FEM for enterprise CPE applications enabling RF configurability and covering both Wi-Fi 6 and 6E, increasing capacity and maximizing throughput
- Secured design wins for multi-protocol low-power wireless (BLE/Zigbee®/Thread) SoC for remote control applications for leading Korea-based TV OEM and leading U.S.-based MSO
- Commenced shipments of MEMS-based force sensors to Joyson in a smart interior HMI application for a U.S.-based automotive OEM
- Received first design win for highly integrated V2X FEM enhancing RF performance and extending range in a shark fin application for a leading Europe-based automotive OEM
Financial Commentary and Outlook
Grant Brown, Interim Chief Financial Officer of Qorvo, said, “Qorvo finished the 2022 fiscal year on a strong note, delivering annual revenue growth of 16% and expanding gross margin to 52.4%. Despite challenges related to COVID lockdowns in China, the war in Ukraine and other disruptions, we continue to position the business for growth.”
Qorvo’s current outlook for the June 2022 quarter is:
- Quarterly revenue of $1.0 billion to $1.05 billion
- Non-GAAP gross margin of approximately 50%
- Non-GAAP diluted earnings per share in the range of $2.00 to $2.25
Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.
