Qorvo, Inc. Q3 FY2026 earnings call

• Restructuring actions: Closed Costa Rica facility, transferred SAW filter production to Greensboro and Richardson on track. - ACG: Revenue trends, customer relationships, product portfolio details. - CSG: Ultra-wideband progress in automotive, divestment impact. - HPA: Market tailwinds, DNA and power management growth.

ACG: December quarterly revenue declined sequentially; at largest customer, content gains on ramping platform led to double-digit revenue growth vs Dec 2025; ET PMICs受益于内部调制解调器采用增加；ultra-high band pad revenue declined y/y, but secured high band pad in largest customers' cellular-enabled iPads. CSG: Broad in Wi-Fi applications, expanding in automotive, etc. with ultra-wideband; divested MEMS-based Sensing Solutions business, which was a headwind to CSG growth. HPA: Growing in defense, aerospace, satellite comms, etc.; DNA markets expected to total ~$500M in FY2027; power management strong for enterprise SSDs with strong customer demand.

• Fiscal Q4 guidance: Revenue ~$800M plus or minus $25M, non-GAAP gross margin 48-49%, non-GAAP diluted EPS ~$1.20 plus or minus 15¢. - FY2027 outlook: mid-single-digit revenue decline, gross margin above 50%, EPS approaching $7 per share.

• Uncertainties related to tax policy changes in US and internationally. - Memory pricing and availability impacting mass-tier Android build plans.

Q: Talk about content roadmap for ACG.

A: Can't comment on future generations/architectures but there's opportunity to grow footprint, with multi-sourcing more sockets.

Q: Clarification on Android down more than seasonal.

A: Android typically up in March, but strategic exit from lower margin business leads to down quarter over quarter.

Q: Android business exit acceleration.

A: Due to strategic exit from lower margin Android and memory pricing/availability impacting customer build plans.

Q: Margin profile in FY2027.

A: Driven by business mix (HPA growth) and product mix within segments.

Q: Content on Apple and FY2027 revenue flat.

A: Can't comment on customer volumes, but guide based on known info.

Q: Q4 revenue decrease cause.

A: Vast majority Android related, some from divestitures.

Q: Integrated modules prospects.

A: Dual sourcing helps in some areas, underlying assumptions reflected in outlook.

Q: Android sales decline impact and memory effect.

A: Decline from strategic Android resizing and memory pricing/availability pressuring mass tier.

Q: Inventory at customers.

A: No abnormal inventory, just customer build plan adjustments.

Q: Ultra-high band share and ET content.

A: Lost share in ultra-high band but secured high band pad, ET has tailwind but overall revenue guide reflects expectations.

Q: Underutilization charges and utilization.

A: No specific underutilization charges, ops team managing costs to support gross margin improvements