Qorvo, Inc. (NASDAQ:QRVO) Q2 2024 Earnings Call Transcript November 1, 2023 5:00 PM ET

Company Participants

Douglas DeLieto - VP of IR

Bob Bruggeworth - President and CEO

Grant Brown - CFO

Dave Fullwood - SVP of Sales and Marketing

Conference Call Participants

Gary Mobley - Wells Fargo Securities

Karl Ackerman - BNP Paribas

Toshiya Hari - Goldman Sachs

Ruben Roy - Stifel

Edward Snyder - Charter Equity Research

Srini Pajjuri - Raymond James

Vivek Arya - Bank of America Securities

Chris Caso - Wolfe Research

Blayne Curtis - Barclays

Operator

Welcome to the Qorvo Inc. Second Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, today's event is being recorded. I would now like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead.

Douglas DeLieto

Thanks very much. Hello, everybody and welcome to Qorvo's fiscal 2024 second 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, 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 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.

Bob Bruggeworth

Thanks, Doug, and welcome everyone to Qorvo's fiscal 2024 second quarter call. Revenue, margin and EPS were all above the high-end of our outlook provided during our August earnings call. Customer demand during the September quarter improved versus our August guidance. The primary driver was a large smartphone customer ramp. In addition, channel inventories of Qorvo components across the Android ecosystem continued to be consumed with OEMs indicating inventory levels are approaching historical norms.