Qorvo, Inc.

Okay, and now Corvo Inc. earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be a question and opportunity session. To ask a question, you may press drive-in one on your telephone keypad. To withdraw your questions, please press drive-in two. Please note this event is being recorded. I would now like to turn the conference over to Douglas DeLito, Vice President, Investor Relations. Please go ahead.

Thanks very much. Hello, everyone, and welcome to Corbeau's fiscal 2024 fourth quarter earnings 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 and as well as the risk factors associated with our business in 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 the 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 investor relations website at ir.corbo.com under financial releases. Joining us today are Bob Bruggerworth, President and CEO, Grant Brown, CFO, Dave Fullwood, Senior Vice President of Sales and Marketing, and other members of Corvo's management team. And with that, I'll turn the call over to Bob.

Thanks, Doug, and welcome, everyone, to Corvo's fiscal 2024 fourth quarter call. I'd like to begin by reminding our audience that we issued a press release last week announcing the date of our upcoming Corvo 2024 Investor Day. The event will be held June 11th. It will be webcast for all audiences, and it will begin at 8.30 a.m. Eastern. Our last Investor Day was in 2018, and we're very excited to discuss in detail our expanded opportunities and our enthusiasm for the future. Across our businesses, Corvo is at the forefront of global secular macro trends, including mobility, connectivity, electrification, and datification. These macro trends are enabling new applications and new user experiences, many of which are made accessible to you by the company's Corvo supplies and the devices we enable. Our customers continually seek to improve key performance parameters such as power out, current consumed, talk time, battery life, and time between charges. This is happening across our markets in aerospace and defense, automotive, consumer, infrastructure, industrial, and enterprise. It is increasing customer focus on power efficiency, throughput, functional density, form factor, and other areas where Corvo delivers a significant competitive advantage. Complementing this, legacy technologies are transitioning to more advanced technologies like active electronic scanning systems, advanced power management, force sensing touch sensors, RF MEMS, and a range of system-on-a-chip and system-in-a-package solutions to improve performance and enhance functionality. Also, new connectivity protocols are being adopted across our businesses, including 5G Advanced, DOCSIS 4.0, Wi-Fi 6, 6E, and 7, Matter, and Ultra Wideband. Corvo is driving innovation to enable these trends while expanding our capabilities and product offerings to target a growing set of opportunities. Now let's turn to the strategic highlights, beginning with HPA. HPA returned to year-over-year growth in the March quarter, supported by strong sequential growth in defense and aerospace, and continued improvement in end markets other than base station. In defense and aerospace, we're very pleased to have completed the acquisition of Nokia Wave in the March quarter. The Nokia Wave team brings robust capabilities and high-performance integrated silicon ICs for intelligent active array antennas. Their commercially proven portfolio includes silicon beamforming ICs and IF to RF conversion solutions, which are complementary to our transmit and receive RF front ends for SATCOM, DNA, 5G, and other beamforming applications. Record annual and March quarterly revenue in DNA was driven by large defense programs and SATCOM growth. The DNA content opportunity for Corvo is especially strong in phased arrays, where our solutions can enable transmit-receive elements. Phased array radars can contain hundreds, up to tens of thousands of transmit-receive elements per system, underscoring the multiplier effect for Corvo. Adding to this, we are developing more highly integrated placements that combine Anokia Wave solutions with our existing RF and power management IC portfolios. Design wins for the corridor span airborne and ship-borne radars, SATCOM applications, and solid-state PA products. We secured our first design win for ball-based filter bank solution that enables new architectures for large defense customers. and low Earth orbit SATCOM applications, we are engaged to supply multiple Corvo products, including LNA switches, mixers, and ball multiplexers to support ubiquitous non-terrestrial connectivity. Turning to power management, we are investing to expand our reach in markets where Corvo enjoys longstanding customer relationships, such as consumer, DNA, and mobile, while also targeting more fragmented and more diverse industrial markets. During the March quarter, we secured a motor control design win and a power tool platform with a leading manufacturer of residential and commercial lawn and garden products. We also secured new PMIC designs at new and existing solid state drive customers. Looking more closely at power management opportunities in mobile, there are increasing requirements for compute and processing power in the device that are creating new growth vectors for Corvo P-MIX. The opportunity is significant in both volume and content, and we are able to leverage our exceptional customer and ecosystem relationships. Corvo is a recognized leader delivering RF solutions addressing customer challenges related to efficiency, functional density, and power consumption. Our RF power management portfolio includes envelope tracking, Average power tracking. Beyond RF power management, there are incremental power management opportunities in the phone, where CORBO is leveraging our expertise to reduce current consumption, improve battery life, and better accommodate more data-intensive use cases. We have very strong power management IP that can be extended across markets, making our PMIC portfolio an engine for diversification, growth, and profitability. We are also extending our reach in broad markets by building up more ways to engage with existing and new customers, such as our recently launched QSPICE analog and mixed signal circuit design and simulation tool. QSPICE has gained quick traction with engineers by providing them measurable improvements in speed, functionality, and reliability of circuit simulation. Since its launch, QSPICE has surpassed 20,000 unique downloads. In power devices, customers continue to transition from silicon to silicon carbide, and the design activity for Corvo remains strong in our target markets. We continue to secure design wins for high density server power supplies and added a second tier one North American server OEM during the quarter. In infrastructure markets, Corvo is leading the transition from DOCSIS 3.1 to DOCSIS 4.0 with a broad portfolio of products. DOCSIS 4.0 will increase the efficiency of existing infrastructure and significantly enhance the user experience. DOCSIS 4.0 will support download speeds of up to 10 gigabits per second and increase upload speeds by four times compared to DOCSIS 3.1 to 6 gigabits per second. In our base station business, customers continue to award Corvo design wins. However, we expect the demand environment to remain weak. Longer term, we're very pleased to have been selected by a European-based OEM to support their 6G development efforts. Turning to CSG, we're supporting an increasing number of applications requiring the security and precision location awareness of our ultra-wideband solutions across mobile, consumer, automotive, and other markets. In mobile, our ultra-wideband placements were among many Corvo's solutions supplied to Samsung in support of their Galaxy S24 flagship brand. In consumer markets, recent wins include a robotic lawnmower that leverages Corvo's ultra wideband to provide the precision location accuracy required to enable this application. In automotive, customer engagements are expanding to enable a range of applications that leverage Corvo's ultra wideband radar capabilities. Automotive applications for ultra-wideband technology include secure access and digital key, as well as kick sensors, and the reliable detection of both intrusion and occupancy. During the quarter, customer activity included an ultra-wideband design win, enabling secure access for an EV manufacturer in North America. In other automotive applications, we were selected to supply automotive Wi-Fi 6E solutions in support of a different North American EV OEM. We were also selected to supply our VDAG solution for an automotive OEM in Europe on a platform ramping in calendar 25. For an EV OEM in Asia, Corvo was selected to enable their 5G network access device with six solutions, each of which contain our low band, mid high band, ultra high band, diversity receive, average power tracker, in high-performance BAW filtering. Production for this program begins this year, and the win is noteworthy as this 5G reference design will be marketed to additional automotive OEMs and Tier 1s. For Wi-Fi markets, we continue to roll out new technologies and solutions. We are migrating our newest and most advanced BAW technology across our Wi-Fi portfolio. We launched six gigahertz Wi-Fi 7 filters using our next-generation VAW, and we will soon launch Wi-Fi 7 iFEMs that combine our next-generation VAW with our PA, switch, and LNA content in a single placement. We also ramped our newest Wi-Fi 7 nonlinear FEMs for a Tier 1 network operator in the U.S., and we sampled next-generation high-efficiency Wi-Fi 7 FEMs aligning with a leading mobile Wi-Fi chipset. Connected home applications, we began sampling our next-generation Matter SoC, and we secured a design win with a leading network operator in the U.S. to supply our BLE ZigBee SoC to remote controls for home gateways. In force-sensing touch sensors, we expanded our engagements in trackpads and other consumer applications. In ACG, Corvo is unique in our opportunity to drive growth across major smartphone OEMs. Our largest opportunity remains dollar content gains at our largest customer. We have clearly invested to grow this account to represent a larger percentage of Corvo's revenue, and our continuing investments today reflect our confidence in our multi-year growth opportunity. Within the Android ecosystem, mass market smartphones are set to transition to 5G through the decade. We are the primary RF supplier to the Android ecosystem, and our strong roadmap and multi-year collaboration positions us to benefit as the Android ecosystem continues to transition to 5G. During the quarter, Corvo supported the Galaxy S24 launch with our low-band, mid-high-band, ultra-high-band, secondary transmit and receive, tuning, Wi-Fi, and ultra-wide-band solutions. This highlights the strength of our portfolio and the breadth of our opportunity at Samsung, and we are pleased to support them across their flagship and mass-market 5G smartphones. For mass-market Android 5G smartphones, we see strong pull for our recently launched low, mid, high-band path. Corvo's LMH solution reduces surface area by 40% by combining in one placement the low, mid, and high-band main path content traditionally offered in two placements. We have expanded customer engagement to include the top four China-based 5G Android OEMs, and volume shipments are set to commence this calendar year. To broadly support all customers with best-in-class portfolios, we continue to advance new technologies across our products. We are proliferating our next-generation VAW technology across high-performance discrete and integrated solutions, We also recently released a next generation LRT saw process to complement our advanced ball and saw processes in select bands. The first module combining our LRT saw and ball filters will support a flagship launch later this summer. In summary, the increasing emphasis on throughput, efficiency, and size in Corvo's markets is growing the content opportunity and demand for better performing, smaller, more highly integrated RF and power solutions. For customers in automotive, consumer, defense and aerospace, industrial and enterprise, and broad markets, we are leveraging core strengths, including our manufacturing scale, system level expertise, and advanced packaging capabilities to expand our RF and power product portfolios and deliver outsized growth. For customers in the mobile market, we're addressing new product categories and expanding our SAM across tiers, from the flagship tier to the mass market 5G tier, to capture a growing percentage of the total opportunity. And with that, I'll hand it off to Grant.