Qorvo, Inc. (QRVO) Q1 2024 Earnings Call Transcript

For the period ending July 1, 2023

August 2, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to Qorvo Inc. Q1 2024 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Douglas DeLieto, Vice President, Investor Relations. Thank you, Mr. DeLieto. You may begin.

Douglas DeLieto

Thanks very much. Hello, everybody, and welcome to Qorvo's fiscal 2024 first 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 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 provided 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 a 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.qorvo.com under Financial Releases.

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; Dave Fullwood, Senior Vice President of Sales and Marketing; and other members of Qorvo's management team.

And with that, I'll turn the call over to Bob.

Robert Bruggeworth

Thanks, Doug, and welcome everyone to Qorvo's fiscal 2024 first quarter call. Revenue, margin and EPS were all above the midpoint of the outlook we provided on our May 3rd earnings call.

End market demand in the June quarter was consistent with our expectations. Within the Android ecosystem, channel inventories continue to be consumed and Qorvo continue to undership to end market demand. We expect continued reduction in channel inventories in the September quarter and we see Android channel inventories normalizing by calendar year end.