Qorvo, Inc. Files 2024 Annual Report

Ticker: QRVO · Form: 10-K · Filed: May 20, 2024 · CIK: 1604778

Sentiment: neutral

Topics: 10-K, annual-report, semiconductors

TL;DR

Qorvo filed its 2024 10-K. Check financials and future outlook.

AI Summary

Qorvo, Inc. filed its 10-K for the fiscal year ending March 30, 2024, reporting on its operations in the semiconductors and related devices industry. The company, formerly known as Rocky Holding, Inc., is headquartered in Greensboro, NC. The filing details financial performance and business operations for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Qorvo's financial health, strategic direction, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to rapid technological changes, intense competition, and cyclical demand, posing inherent risks to Qorvo's business.

Key Numbers

Key Players & Entities

FAQ

What is Qorvo's primary industry?

Qorvo, Inc. operates in the SEMICONDUCTORS & RELATED DEVICES industry, with SIC code 3674.

When did Qorvo, Inc. change its name?

The company formerly known as Rocky Holding, Inc. changed its name to Qorvo, Inc. on April 4, 2014.

Where is Qorvo, Inc. headquartered?

Qorvo, Inc. is headquartered at 7628 Thorndike Road, Greensboro, NC 27409.

What is the SEC file number for Qorvo, Inc.'s 10-K?

The SEC file number for this 10-K filing is 001-36801.

What is the fiscal year end date for this 10-K filing?

The conformed period of report for this 10-K filing is March 30, 2024.

Filing Stats: 4,198 words · 17 min read · ~14 pages · Grade level 14.5 · Accepted 2024-05-20 16:06:13

Key Financial Figures

Filing Documents

Business

Item 1. Business. 4

Risk Factors

Item 1A. Risk Factors. 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 30

Cybersecurity. 31

Item 1C. Cybersecurity. 31

Properties

Item 2. Properties. 32

Legal Proceedings

Item 3. Legal Proceedings. 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 32

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 46

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 48

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 88

Controls and Procedures

Item 9A. Controls and Procedures. 88

Other Information

Item 9B. Other Information. 89

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 89 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 90

Executive Compensation

Item 11. Executive Compensation. 90

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 90

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 90

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services. 90 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. 91

Form 10-K Summary

Item 16. Form 10-K Summary. 91 Exhibit Index. 92 Signatures. 95 3 Table of Contents In this Annual Report on Form 10-K, the words "Qorvo," "we," "our," "ours," "us" and "the Company" refer only to Qorvo, Inc. and our subsidiaries and not any other person or entity. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Forward-Looking Information This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, particularly in Item 1: "Business," Item 1A: "Risk Factors" and Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. Additionally, statements concerning future matters such as our future business, prospects, results of operations or financial condition; research and development or technology investments; new or enhanced products, services or technologies; emerging industries or business models; design wins or product launches; industry, market or technology trends, dynamics or transitions, such as technology upgrade cycles; our future demand or supply conditions or macroeconomic factors; strategic investments, acquisitions or divestitures, and the anticipated timing or benefits thereof; legal or regulatory matters; U.S./China trade and national security tensions; global hostilities, including the war in Ukraine and the ongoing conflict in the Middle East; vertical integration by our customers; competition

BUSINESS

ITEM 1. BUSINESS. Company Overview Qorvo is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets. We are organized into three operating and reportable segments that align our technologies and applications with customers and end markets: High Performance Analog ("HPA"), Connectivity and Sensors Group ("CSG") and Advanced Cellular Group ("ACG"). HPA is a leading global supplier of radio frequency ("RF"), analog mixed signal and power management solutions. CSG is a leading global supplier of connectivity and sensor solutions, with broad expertise spanning ultra-wideband ("UWB"), Matter , Bluetooth Low Energy, Zigbee , Thread , Wi-Fi , cellular Internet of Things ("IoT") and microelectromechanical system ("MEMS")-based sensors. ACG is a leading global supplier of cellular RF solutions for smartphones, wearables, laptops, tablets and other devices. In addition to organic growth, our strategy includes the potential acquisition of businesses, assets and technologies that complement our existing capabilities and enable us to drive growth in new or existing markets. During fiscal 4 Table of Contents 2024, we acquired Anokiwave, Inc. ("Anokiwave"), a leading supplier of high-performance beamforming and mixed signal integrated circuits ("ICs") enabling intelligent active array antennas for defense and aerospace, satellite communication and 5G applications. Industry Trends, Markets and Products Global connectivity trends and the proliferation of more intelligent, data-intensive applications are increasing demand for technologies that efficiently increase data throughput, improve user experiences and enable new methods of human-machine interaction. Additionally, global trends related to energy generation, consumption, storage and sustainability are increasing requirements for power management technologies that increase power efficiency. These and other global macro trends are increasing the

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