Qorvo, Inc.

Good day and welcome to the Corvo Q3 2022 conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Douglas DeLito, Vice President and Investor Relations. Please go ahead.

Thanks very much, Cody. Hello, everybody, and welcome to Corvo's fiscal 2022 third quarter earnings conference call. 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. We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results. In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without impact of certain non-cash expenses or other items that may obscure trends in our underlying performance. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today, available on our website at corvo.com under investors. Joining us today are Bob Rugworth, President and CEO, Mark Murphy, Chief Financial Officer, Philip Chesley, President of Corvo's Infrastructure and Defense Products Group, Eric Creviston, President of Corvo's Mobile Products Group, as well as other members of Corvo's management team. And with that, I'll turn it over to Bob.

Thanks, Doug, and welcome everyone to our call. Corvo delivered fiscal third quarter results above the midpoint of the outlook we provided November 3rd on our earnings call. Demand during the quarter was broad-based across markets, included multiple new product categories, including 5G transmit diversity, ultra-wideband, Wi-Fi 6E and 7, power management, and other power solutions. In mobile products, Corvo gained content in flagship and mass market 5G devices. The fundamental challenges and increased complexity lifting 5G content are being driven by network efficiency and carrier requirements for the device architectures. In addition to new 5G bands, requirements are increasing for carrier aggregation band combinations in both the transmit and receive to maximize bandwidth to and from the device. These are long-term trends impacting 5G devices independent of tier. New industrial designs like foldable phones are increasing RF challenges, demanding more advanced antenna management systems. Lastly, because Corvo's smartphone portfolio includes cellular RF, ETP mix, Wi-Fi, and emerging categories like ultra-wideband and MEMS-based sensors, Corvo can participate broadly across OEMs, product tiers, and chipset providers. Corvo offers a broad portfolio of key enabling technologies, and Corvo stands to benefit as connectivity continues to proliferate. More critically, Corvo is leveraging the same competencies that placed us at the forefront of connectivity to grow in new markets. In IDP, revenue increased sequentially and growth was broad-based across markets. The integration of United Silicon Carbide is proceeding well, and enhancing our opportunities in higher-voltage applications that demand maximum power efficiency. These include EVs, charging stations, and renewable energy systems. Now let's look at some of the quarterly highlights, starting with mobile. For a Korean-based smartphone OEM, we ramped shipments in support of flagship and mass-market smartphone launches. We expanded customer sampling of highly integrated main-path solutions as well as secondary transmission solutions, which increase content as these architectures are adopted more broadly. In ultra-wideband, we achieved an important strategic milestone, supplying our first complete ultra-wideband solution in an Android smartphone. This speaks to the strength of our core technology and highlights the opportunity across the Android ecosystem. For industrial and enterprise applications, we introduced a fully integrated module combining our ultra-wideband chipset with Nordic's BLE solution to address a wide range of industrial and enterprise applications. In Wi-Fi, design activity continues to be robust. For mobile applications, we've secured new Wi-Fi 7 chip-on-board reference design engagements and began customer sampling of Wi-Fi 7 FEMs, offering superior performance and design flexibility. For home and enterprise applications, we ran Wi-Fi 6E FEMs for mesh networks and released 5 gigahertz IFEMs with ball filtering for tri-band applications. In cellular infrastructure, Corvo was selected by Base Station OEM to supply 3.4 to 3.8 gigahertz 8-watt GaN power amplifier modules for massive MIMO 5G deployments in Europe. We see infrastructure markets strengthening in 2022 worldwide with significant growth in the rest of the world, excluding China. In automotive, Corvo was selected to provide cellular V to X connectivity for a leading Europe-based automotive OEM. In power, we secured design wins to supply silicon carbide for onboard chargers and DC to DC converters in support of leading automotive OEMs in Europe and in Asia. Sales of PNICs for video processors and solid state drives were strong, as were sales of motor control solutions for battery powered tools. To expand our power franchise, we are combining our power management and silicon carbide technologies to deliver superior levels of power efficiency in high power applications. Our first products, are from the defense industry, and we are broadening the portfolio to serve additional markets, including infrastructure and automotive. In bio, we were awarded a $4.1 million follow-on contract with the NIH RADx initiative, supporting a COVID flu combo assay and a COVID antigen pooling application. We also signed a channel partnership agreement for distribution in the U.S., and submitted a CLIA waiver application to the FDA to expand deployment in point-of-care settings. In both mobile and IDP, Corva is capturing diverse opportunities supported by multi-year secular growth drivers in 5G, IoT connectivity, defense, and power. We are operating well and expanding the markets we serve while investing to sustain product and technology leadership across our portfolio. With that, I'll hand the call over to Mark.