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Here are 1-2 brief analogies to describe Qorvo:

• Qorvo is like Qualcomm for the specialized radio frequency (RF) components that enable your smartphone's wireless connectivity. (Qualcomm is famous for smartphone chips and modems.)
• Qorvo is like Broadcom for the crucial wireless communication chips found inside your phone and 5G network infrastructure. (Broadcom is known for its wide range of networking and communication semiconductors.)

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• RF Front-End Modules (FEMs): Integrated solutions combining multiple RF components for mobile devices and other wireless applications.
• Power Amplifiers (PAs): Components that boost the power of radio frequency signals for wireless transmission.
• RF Filters (SAW/BAW): Devices that select or reject specific radio frequencies in wireless communication systems.
• Wi-Fi and Connectivity Solutions: Integrated circuits and modules enabling Wi-Fi, Bluetooth, and IoT connectivity.
• Ultra-Wideband (UWB) Solutions: Integrated circuits for precise location, distance measurement, and secure communication.
• Infrastructure and Defense Products: High-performance RF components for 5G base stations, radar, and electronic warfare systems.

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Qorvo (QRVO) primarily sells its products, which are advanced radio frequency (RF) solutions, to other companies rather than directly to individuals. Its major customers are primarily original equipment manufacturers (OEMs), module manufacturers, and contract manufacturers in the mobile, infrastructure, and defense sectors.

Based on recent financial filings, the company discloses a significant concentration of revenue from a limited number of customers. The most prominent named major customers include:

• Apple, Inc. (Symbol: AAPL) - a significant customer, accounting for approximately 35% of Qorvo's total revenue in fiscal year 2024, directly and indirectly through its contract manufacturers.
• Samsung Electronics Co., Ltd. (Symbol: 005930.KS - primary listing on Korea Exchange) - another major customer, accounting for approximately 11% of Qorvo's total revenue in fiscal year 2024, directly and indirectly through its contract manufacturers.

These two companies represent a substantial portion of Qorvo's sales. While other major customers are not individually named in public filings, they fall into the categories of other large OEMs and their associated contract manufacturers, particularly in the mobile and communications infrastructure markets.

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Robert Bruggeworth, President and Chief Executive Officer

Mr. Bruggeworth has served as President and Chief Executive Officer of Qorvo since December 2013, following the merger of RFMD and TriQuint to form Qorvo. Prior to the merger, he was President and Chief Executive Officer of RFMD from January 2003 to December 2014. He held various senior management positions at RFMD starting in September 1999, including President of RFMD from June 2002 to January 2003 and Vice President and then President of RFMD's wireless products group. Before joining RFMD in 1999, Mr. Bruggeworth held several manufacturing and engineering positions at AMP Inc. (now TE Connectivity LTD) from July 1983 to April 1999, most recently as Divisional Vice President of Global Computer and Consumer Electronics based in Hong Kong. He currently serves on the board of directors of MSA Safety Incorporated.

Grant Brown, Senior Vice President and Chief Financial Officer

Mr. Brown was appointed Senior Vice President and Chief Financial Officer of Qorvo, effective August 29, 2022, after serving as interim Chief Financial Officer since April 18, 2022. Before this, he was Qorvo's Vice President of Treasury starting in October 2018. His other roles at Qorvo included Director of Corporate Financial Planning & Analysis (FP&A), Business Unit Controller, and Director of Strategic Marketing. Prior to the formation of Qorvo, he served as Director of Investor Relations and Manager of Financial Planning & Analysis at TriQuint Semiconductor. Mr. Brown began his career working in the capital markets and holds a B.S. in Industrial Engineering from Stanford University. He is also a CFA® charterholder.

Steven "Eric" Creviston, Senior Vice President and President of Connectivity & Sensors Products Group (CSG)

Mr. Creviston is the Senior Vice President and President of Qorvo's Connectivity & Sensors Products Group (CSG). He was previously president of Qorvo Mobile Products. Prior to the merger of RFMD and TriQuint to form Qorvo, Mr. Creviston served as Corporate Vice President and President of RFMD's Cellular Products Group from June 2002 to December 2014. His earlier roles at RFMD included divisional vice president of the communication semiconductor division and product line director of the Nokia product line. Before joining RFMD in 1994, he was employed by Teledyne Electronic Technologies.

Philip Chesley, Senior Vice President and President of High Performance Analog (HPA) Product Group

Mr. Chesley serves as Senior Vice President and President of Qorvo's High Performance Analog (HPA) Product Group. He joined Qorvo in November 2021 as president of Qorvo's Infrastructure and Defense Products. Previously, Mr. Chesley was Vice President and General Manager of the Industrial and Communications Business Unit at Renesas. He also held the position of Senior VP and General Manager of the Automotive, Mil/Aero and Analog Product Group at Intersil, which was acquired by Renesas in 2017. He joined Intersil in 2004, serving in various executive leadership roles, and before that, he was a director at Primarion.

Debra Howard, Senior Vice President and Chief Human Resources Officer

Ms. Howard is the Senior Vice President and Chief Human Resources Officer at Qorvo. Before joining Qorvo, she was Senior Vice President of Human Resources for Technology and Operations at NXP. Her background includes 15 years of experience in the semiconductor industry with Texas Instruments, where she held several HR leadership roles.

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The key risks to Qorvo's business include:

1. Concentration of Revenue and Dependence on the Smartphone Market: Qorvo is highly dependent on a few large customers, with its two largest customers (Apple and Samsung) accounting for nearly 50% of its business. A single large customer can account for as much as 41% of revenue. This concentration makes Qorvo vulnerable to changes in these customers' demand, product plans, or supplier relationships, which could significantly impact the company's financial performance. Furthermore, Qorvo's substantial reliance on the smartphone market, particularly the Android segment, exposes it to market saturation, intense competition, and fluctuations in smartphone sales, leading to potential pricing pressures and reduced profitability.
2. Intense Competition and Pricing Pressures: The semiconductor industry, in which Qorvo operates, is intensely competitive. Qorvo faces numerous global competitors, some with greater financial and technical resources. This competitive landscape can lead to pricing pressures, reduced market share, and decreased profitability.
3. Technological Disruption and Short Product Life Cycles: The radio frequency (RF) industry is characterized by rapid technological changes. Qorvo must continuously innovate to develop new products and achieve design wins, as customer requirements can change quickly and product life cycles can be short. Failure to stay ahead of technological disruptions could render its products obsolete or less competitive.

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The continuous and accelerating trend towards highly integrated, complete modem-to-antenna RF front-end solutions, primarily led by modem suppliers such as Qualcomm, poses an emerging threat. These comprehensive solutions aim to displace discrete RF components and less integrated modules offered by companies like Qorvo by providing a more streamlined, power-efficient, and often cost-optimized single-vendor offering. This strategic shift increasingly encroaches on Qorvo's traditional strength in supplying high-performance filters, power amplifiers, and front-end modules, particularly within the premium smartphone segment, by consolidating more RF content under a single supplier.

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Qorvo (NASDAQ: QRVO) operates in diverse high-growth segments of large global markets, with its main products and services categorized into three segments: Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity and Sensors Group (CSG). The company projects a global total addressable market (TAM) of $72.7 billion by fiscal year 2029, growing from $47.2 billion in fiscal year 2024. Qorvo's serviceable available market (SAM) is expected to reach $38.3 billion by fiscal year 2029, up from $20.6 billion in fiscal year 2024.

The addressable markets for Qorvo's main product segments are as follows (all market sizes are global):

• Advanced Cellular Group (ACG): This segment, which provides cellular RF solutions for devices such as smartphones, wearables, and laptops, is projected to have a serviceable available market of approximately $12.9 billion by fiscal year 2029. This is an increase from approximately $10.1 billion in fiscal year 2024.
• High Performance Analog (HPA): The HPA segment, offering RF and power management solutions for infrastructure, defense, aerospace, automotive, industrial, and enterprise markets, is anticipated to see its serviceable available market grow to about $14.7 billion by fiscal year 2029, up from approximately $6.1 billion in fiscal year 2024.
• Connectivity and Sensors Group (CSG): Focusing on connectivity and sensor components utilizing technologies like UWB, Wi-Fi, Bluetooth, and cellular IoT for smart home, automotive, and consumer electronics, this segment's serviceable available market is predicted to reach around $9.7 billion by fiscal year 2029, compared to approximately $4.4 billion in fiscal year 2024.

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Qorvo (QRVO) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Growth in Defense and Aerospace (D&A) Markets: Qorvo anticipates double-digit year-over-year growth in its defense and aerospace markets. This growth is projected to be fueled by new platforms, ongoing upgrade cycles, increased radio frequency (RF) content, and a rise in defense spending by the U.S. and its allies. Qorvo is a strategic supplier to the U.S. government and prime contractors, benefiting from broad exposure to RF content growth opportunities in critical programs.
2. Increased Content and Focus on Premium Smartphone Tiers: The company is strategically shifting its focus away from lower-margin, mass-tier Android segments to prioritize high-value content in premium and flagship smartphone tiers. This includes efforts to increase its content opportunity with its largest customer, with expectations of greater than 10% content growth in recent and upcoming product launches. This strategic pivot is aimed at enhancing overall profitability and reducing volatility within Qorvo's largest mobile business.
3. Expansion in Connectivity & Sensing Solutions for Diverse Markets (Ultra-Wideband and Wi-Fi): Qorvo is expanding its portfolio in Ultra-Wideband (UWB) technology and Wi-Fi solutions, targeting growth in automotive, industrial, enterprise, and Internet of Things (IoT) markets. The company has launched new UWB System-on-Chips (SoCs) with advanced features like on-chip AI and machine learning, enabling applications such as precise location tracking, secure access, and radar-based sensing. The UWB market itself is projected for significant growth. Additionally, Qorvo is securing design wins in Wi-Fi 7 for applications like augmented reality glasses and is positioned to benefit from demand for broadband amplifiers in network infrastructure (e.g., DOCSIS 4.0).

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Share Repurchases

• Qorvo's Board of Directors authorized a new $2 billion share repurchase program on November 2, 2022, which included the remaining amount from a prior authorization.
• As of September 28, 2024, approximately $1,098.7 million remained authorized under the $2 billion share repurchase program.
• Between June 29, 2025, and September 27, 2025, Qorvo repurchased 729,000 shares for $65.12 million, contributing to a total of 12,424,000 shares repurchased for $1,167.16 million under the November 2, 2022 program.

Share Issuance

• Qorvo's shares outstanding have shown a consistent decline over the last three fiscal years, indicating a net reduction in shares.
• Shares outstanding decreased by 2.16% from 2024 to 0.095 billion in 2025.
• The number of shares outstanding decreased by 5.3% from 2023 to 0.098 billion in 2024.

Outbound Investments

• In 2024, Qorvo acquired Anokiwave, Inc. for $93.7 million (with $10.7 million in cash acquired). This acquisition strategically expanded Qorvo's RF front-end capabilities, incorporating high-performance ICs for beamforming and IF-to-RF conversion, complementing its offerings in defense, aerospace, and SATCOM.

Capital Expenditures

• Qorvo's capital expenditures averaged $164.8 million for the fiscal years ending April 2021 to 2025.
• Capital expenditures reached a peak of $213.5 million in April 2022 and subsequently hit a 5-year low of $127.2 million in March 2024.
• Management has established a long-term target of a 5% capital expenditure margin, with projected capital expenditures ranging from $143 million in March 2026 to $186 million in March 2030, generally maintained at around 4% of revenue.