Qorvo, Inc. · NASDAQ:QRVO

Qorvo — Investor Day (May 2017)

83 slides from Qorvo's investor day presentation, May 25, 2017

Slide 3: Forward-looking statements Safe Harbor
© Qorvo, Inc. 3 Forward-looking statements Safe Harbor This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about
Slide 4: Audio transcript of opening video
© Qorvo, Inc. 4 [AUDIO TRANSCRIPT OF VIDEO TO BE PLAYED AT INVESTOR DAY] [A successful journey begins with vision – to solve problems, to simplify and improve lives. At Qorvo, we envision this and so much more. We are helping customers at the center of communication, building solutions that meet the
Slide 5: Agenda
© Qorvo, Inc. 5 Agenda Bob Bruggeworth Overview 8:30 am – 8:40 am James Klein Infrastructure & Defense 8:40 am – 9:25 am Break 9:25 am – 9:40 am Eric Creviston Mobile Products 9:40 am – 10:25 am Steve Grant Operations 10:25 am – 10:45 am Mark Murphy Financials 10:45 am – 11:00 am Q&A 11:00 am – 11:3
Slide 8: Connecting People, Places and Things
© Qorvo, Inc. 8 Connecting People, Places and Things Mobile DevicesWearables Broadband/ CATV Networks Video Conferencing Wi-Fi Smart Home Streaming Media Cellular Infrastructure Smart Energy Crowd-Sourced Traffic Connected Car Health Monitors Qorvo Connects the World
Slide 9: Limited RF Spectrum vs. Unlimited Demand
© Qorvo, Inc. 9 Limited RF Spectrum vs. Unlimited Demand Source: Cisco Visual Networking Index (VNI) Forecast, 2/2017 7 49 0 10 20 30 40 50 60 2016 2021 Exabytes per Month … while RF spectrum is becoming increasingly crowded Demand for mobile data will grow 7X by 2021 … Source: U.S. Dept. of Commerc
Slide 10: Multiple Long-Term Growth Drivers
© Qorvo, Inc. 10 Technology leadership in era of increasing RF complexity Multiple Long-Term Growth Drivers Diversified and Above-Market Growth IDP Mobile SEGMENTS DRIVERS MARKETS Content Expansion GaN IoT
Slide 11: Qorvo was built for this
© Qorvo, Inc. 11 Qorvo was built for this It’s an Exciting Time to be in RF Delivering high-value, differentiated products into diversified markets Innovating to solve customer challenges Establishing a wide and deep technology moat Positioned to deliver long-term growth and improved financials
Slide 12: Audio transcript of IDP video
© Qorvo, Inc. 12 [AUDIO TRANSCRIPT OF VIDEO TO BE PLAYED AT INVESTOR DAY] [All around you – Qorvo’s IDP is forging a new era of communications connecting and protecting what matters: • enhancing the speed and reliability of smart car connectivity for safer, more efficient roads; • upgrading WiFi cap
Slide 13: Infrastructure and Defense Products – James Klein, President
© Qorvo, Inc. 13 Infrastructure and Defense Products James Klein, President
Slide 14: Infrastructure & Defense: Connect & Protect
© Qorvo, Inc. 14 Infrastructure & Defense CONNECT & PROTECT™ Innovation Product Leadership Speed Scale Solving our customers’ most difficult challengesMISSION: Driving Growth & Value
Slide 15: Strong Foundation, Optimized Growth Portfolio
© Qorvo, Inc. 15 Strong Foundation Optimized Growth Portfolio Investing to Lead IoT GaN Optimized for Growth Portfolio positioned for IoT, 5G and GaN trends
Slide 16: The Connected World of IoT
© Qorvo, Inc. 16 The Connected World of IoT Opportunities abound Numerous Vertical Markets Multiple Open & Proprietary Standards >25B Connected Devices by 2020 +100 more IoT NB-
Slide 17: Internet of Things
© Qorvo, Inc. 17 Internet of Things >25B connected devices by 2020 Pace of Change Source: Ericsson
Slide 18: Participating in every connection
© Qorvo, Inc. 18 Participating in every connection IoT Connectivity Architecture Wi-Fi, high-speed connectivity ZigBee, low-power networking Bluetooth connectivity Audio Wi-Fi distributed infrastructure Wi-Fi end-devices (phones, PCs, TVs…) ZigBee node Bluetooth node Audio Audio Audio Audio interfac
Slide 19: GaN Adoption Accelerating
© Qorvo, Inc. 19 $0 $200 $400 $600 $800 $1,000 $1,200 2017 2021 GaN Adoption Accelerating Source: Strategy Analytics GaN Market Forecast 2016 and management estimates. 25% market CAGR $M RF GaN Market Projections Driven by data traffic and advanced defense systems Top 3 market segments experiencing
Slide 20: Why GaN?
© Qorvo, Inc. 20 Meeting the needs of advanced RF systems Why GaN? Efficiency Drives Lower Total Solution Costs Higher Efficiency Drives Smaller Die Sizes and Costs Defense and Commercial Shipments Drive Scale Thermal Performance Drives Long Term Reliability Efficiency and Broadband Coverage Enable
Slide 21: 5G is More Than Just Higher Speeds
© Qorvo, Inc. 21 5G is More Than Just Higher Speeds Connections are all around you Source: 3GPP
Slide 22: The Path to 5G Networks
© Qorvo, Inc. 22 The Path to 5G Networks Field Trials Underway • mmW system architectures • Massive MIMO • Integrated backhaul & cloud-based RAN Disruptive Technologies 5G Network Infrastructure Market CAGR 70% Source: Ericsson Europe 37% North America 55% Latin America 50% Asia Pacific 27% Telco 5G
Slide 23: GaN PAs balance power consumption vs array complexity
© Qorvo, Inc. 23 GaN PAs balance power consumption vs array complexity 5G Phased Arrays at 30 GHz 256 Power Consumption vs. Number of Active Elements for EIRP=60 dBm Number of Active Elements 8 16 32 64 96 128 160 192 224 100 200 300 1,000 DC P o w e r Co n s um p ti o n ( W ) 500 8% PA Eff 20% PA E
Slide 24: GaN Drives mmWave Integration
© Qorvo, Inc. 24 12.9mm2 Power density and die size enable phased array applications 0.25 um GaAs Die PD: ~ 650 mW/mm Multiple GaN Die Massive MIMO Arrays GaN Drives mmWave Integration 2002 2005 2017+2014 64 Supported Antennas 30 mm 3 0 m m 1.56mm2 88% Die Size Reduction @ 4x Power Density 8.7mm2 0.
Slide 25: Leadership Across Key Markets
© Qorvo, Inc. 25 Key markets aggregate annual growth of >20% Leadership Across Key Markets Macro Trends IoT GaN Today’s Markets & Future Opportunities
Slide 26: Defense Growth
© Qorvo, Inc. 26 Defense Growth • DoD Category 1A Trusted Source • Industry’s broadest RF capabilities • 1-100 GHz frequency coverage • Higher levels of integration • Driven by phased array radar and electronic warfare • 2017-2021 CAGR: 8% (GaN >25%) GaN fueling above-market growth Source: Industry
Slide 27: Base Station Growth
© Qorvo, Inc. 27 Base Station Growth • Rapidly expanding GaN portfolio • Participant in all major 5G trials • Higher levels of integration • GaN displacing LDMOS • Massive MIMO 10x higher content • 5G field trials underway • 2017-2021 CAGR: 6% (GaN >25%) GaN and 5G driving long-term growth Source: I
Slide 28: Optical Growth
© Qorvo, Inc. 28 Optical Growth • Driven by increased data demand • Systems driving to 800 Gbps • 2017-2021 CAGR: 14% • Expanding technology and product portfolio targeting DCI • Higher levels of integration Leveraging our telecom leadership into Data Center Interconnect (DCI) Source: Industry repor
Slide 29: Smart Home IoT Growth
© Qorvo, Inc. 29 Smart Home IoT Growth • IoT adoption begins in the home • 2017-2021 CAGR: 47% • Broad RF and low power SoC portfolio • Industry’s first multi-protocol platform • Leveraging Wi-Fi experience Open standards accelerating adoption Source: Industry reports and management estimates
Slide 30: Wi-Fi Customer Premises Equipment Growth
© Qorvo, Inc. 30 Wi-Fi Customer Premises Equipment (CPE) Growth • Distributed Wi-Fi nodes • Consumer and enterprise requirements converging • Multi-user streaming media • 802.11ax adoption • 2017-2021 CAGR: 10% • Best in class PAs and LNAs • Integrated FEMs with premium filters High-performance prod
Slide 31: Automotive Connectivity Growth
© Qorvo, Inc. 31 Automotive Connectivity Growth • 69M connected cars by 2020 • Consumer demand and regulations driving safety and connectivity • 2017-2021 CAGR: 29% • AECQ-100 qualified portfolio of active & premium filter products • Five ISO TS-16949 certified factories • Focused on SDARS, Wi-Fi, L
Slide 32: Delivering a Highly Profitable Model
© Qorvo, Inc. 32 High-value innovation in diverse growth markets Delivering a Highly Profitable Model Strongly positioned to address IoT, 5G, GaN macro trends Winning in $4B diversified market with broad technology capability Market portfolio growing at 10-15%
Slide 36: Demand for Mobile Data is Accelerating
© Qorvo, Inc. 36 Global mobile traffic forecast Demand for Mobile Data is Accelerating 0 10 20 30 40 50 60 2016 2017 2018 2019 2020 2021 E xab yt e s per M on th Asia Pacific Americas EMEA 47% CAGR Source: Cisco Mobile VNI Study, 2017
Slide 37: Streaming Video: The New Baseline
© Qorvo, Inc. 37 Generational shift in how information is consumed Streaming Video: The New Baseline 15 Years Ago 05 Years Ago Now Messi scores two stunning goals
Slide 38: Live Stream Goes Mainstream
© Qorvo, Inc. 38 New business models rely on improved uplink capabilities Live Stream Goes Mainstream
Slide 39: Network Performance is Lagging Demand
© Qorvo, Inc. 39 Network Performance is Lagging Demand SpeedAvailability United States United States
Slide 40: The Race to Gigabit Performance and Beyond
© Qorvo, Inc. 40 The Race to Gigabit Performance and Beyond Carrier Aggregation (CA) simultaneous data streams LTE over unlicensed spectrum more available bandwidth Higher Order Modulation (256 QAM) faster throughput 4x4 MIMO multiple data paths
Slide 41: Unlicensed LAA Joins Licensed LTE to Help Achieve Gbps Speeds
© Qorvo, Inc. 41 Unlicensed LAA Joins Licensed LTE to Help Achieve Gbps Speeds Advanced architectures drive continuous growth in RF complexity Global Delivery of Gigabit Performance CA Band Combinations and Advanced Modulation Drive RF Complexity
Slide 42: Advanced Antenna Solutions Required
© Qorvo, Inc. 42 Transitioning to a 4X4 MIMO implementation for higher data throughput Advanced Antenna Solutions Required Main Path One Antenna Diversity Path Two Antennas MIMO Implementation 4X4 MIMO Implementation Four Antennas + Tuning + Switching + Filtering + LNAs
Slide 43: Advanced Modulation Required for Higher Throughput
© Qorvo, Inc. 43 Transition to 256 QAM drives need for higher quality RF Advanced Modulation Required for Higher Throughput Higher order modulation adds more communication resolution increasing signal density The RF challenge is to keep the signals distinct with a high signal to noise ratio (SNR) Ac
Slide 44: Strong History of Advancing Industry Standards
© Qorvo, Inc. 44 Enabled through successive generations of RF technology Strong History of Advancing Industry Standards LTE/LTE Advanced LTE/LTE Advanced Pro 2002 2008 2014 2020 2020+ GaAs HBT PA pHEMT Antenna Switch Module with Filter Integration Integrated Shielding Integrated Power Control TC SAW
Slide 45: Best Positioned to Deliver Complete RF Solutions
© Qorvo, Inc. 45 Flagship Performance Low Risk to RF Compliance Full 3GPP & Carrier Compliance Rapid Handset Development Systems engineering, layout & software support ACLR Compliance Output Power Compliance Receiver Sensitivity Compliance Complete, Global CA Solution CA Validated LTE Sub-Systems Be
Slide 46: Evolution of the RF Front End
© Qorvo, Inc. 46 Evolution of the RF Front End Single Carrier, 3G One Antenna 4G, DL CA Two Antennas LTE Advanced / Pro (Pre-5G), 5 Carrier CA Four Antennas High Band Mid Band Low Band Low Band Mid / High Band Diversity Path ANT MUX Main Path ANT MUX
Slide 47: Distinct Architectures for Each Business Model
© Qorvo, Inc. 47 Distinct Architectures for Each Business Model Emerging IoT Future Performance Future Premium High Band Mid Band Low Band Low Band Mid / High Band Diversity Path ANT MUX Main Path ANT MUX
Slide 48: Managing Crowded Frequency Spectrum
© Qorvo, Inc. 48 Requirements for advanced filtering continue to grow Managing Crowded Frequency Spectrum A unique filter is required for each band of operation Frequency spectrum allocation Source: U.S. Dept. of Commerce
Slide 49: Qorvo BAW5: World-Class Filter Performance
© Qorvo, Inc. 49 Qorvo BAW5: World-Class Filter Performance In se rti o n L o s s (dB ) Frequency (MHz) Improved Q factor reduces insertion loss Improved coupling factor increases useable bandwidth BAW4 Enabling broad band, low loss operation Band of operation
Slide 50: Enabling Advanced CA with Higher Order Multiplexers
© Qorvo, Inc. 50 Enabling Advanced CA with Higher Order Multiplexers Tx1 Tx2 Tx3 Rx1 Rx2 Rx3 Connect multiple transmit & receive signal paths through a single node In se rt io n L o ss ( d B ) Frequency (MHz)
Slide 51: Leveraging Technology to Solve RF Challenges
© Qorvo, Inc. 51 Filter Technology Leveraging Technology to Solve RF Challenges Targeted investments aligned to portfolio strategy and future customer needs BAW 5 Significant bandwidth and IL improvements Next-Generation SOI Significant improvement in IL and digital density Envelope Tracking New hig
Slide 52: Increasing Value of RF Solutions
© Qorvo, Inc. 52 TAM driven by content growth and mix shift to performance tier Increasing Value of RF Solutions $0B $3B $6B $9B $12B $15B $18B $21B 2015 2016 2017 2018 2019 2020 Legacy Value Performance Premium Value 3G/4G Performance 4G Premium 4G Legacy 2G/3G $0.75 $4.00 $7.50 $19.50 $ Content by
Slide 53: Building the World's Best RF Partner
© Qorvo, Inc. 53 Qorvo Mobile positioned for continued growth Building the World’s Best RF Partner Solve customers’ RF challenges with innovative portfolio of core RF solutions Capitalize on global presence and scale in R&D, sales & marketing Lead the transition to 5G and IoT
Slide 55: Qorvo Operations Strategy
© Qorvo, Inc. 55 Industry-leading technology portfolio Manufacturing scale and positioned for growth Cost reduction and learning rates Operational excellence Qorvo Operations Strategy
Slide 56: Operations Leadership Team
© Qorvo, Inc. 56 World-class research, development & manufacturing team Operations Leadership Team Oregon Fab Manager Intel, 25+ years industry PhD Adv. Technology Development Infineon, 30+ years industry PhD Foundry Engineering IBM, 20+ years industry Texas Fab Manager TI, 25+ years industry PhD No
Slide 57: RF Technology Portfolio
© Qorvo, Inc. 57 RF technology integration RF Technology Portfolio Bulk Acoustic Wave (BAW) Filters Surface Acoustic Wave (SAW) Filters GaAs Power Amplifiers SiGe Power Amplifiers GaN Power Amplifiers SOI Switches CMOS Controllers Flip Chip Assembly Technology Shown to scale Low Band S-PAD
Slide 58: Comprehensive Product & Technology Portfolio
© Qorvo, Inc. 58 Filters Power Amplifiers ET PMIC Tuners Switches SAW TC-SAW BAW GaN GaAs Silicon CMOS SOI SOI Comprehensive Product & Technology Portfolio Competitor A Competitor B Qorvo Uniquely positioned to deliver a diverse suite of solutions
Slide 59: Increasing levels of complexity: SAW-Based Modules
© Qorvo, Inc. 59 Increasing levels of complexity SAW-Based Modules 9 Die Placements Module Footprint – 26 mm2 14 Die Placements Module Footprint – 45 mm2 2014 2016 6 SAW filters 16 SAW filters
Slide 60: Increasing levels of complexity: BAW-Based Modules
© Qorvo, Inc. 60 Increasing levels of complexity BAW-Based Modules 10 Die Placements Module Footprint – 27 mm2 17 Die Placements Module Footprint – 45 mm2 2014 2016 4 BAW filters 12 BAW filters
Slide 61: Manufacturing Scale
© Qorvo, Inc. 61 Scale to support industry-leading revenue growth Manufacturing Scale GaAs Hillsboro SAW and GaAs Greensboro SAW Apopka BAW and GaN Richardson Farmers Branch BAW and SAW Assembly Costa Rica Assembly/Test Beijing Assembly/Test Dezhou Silicon Partners
Slide 62: Cost Reduction Initiatives
© Qorvo, Inc. 62 Wafer size conversions Cost Reduction Initiatives Cost-effective way to expand with little capital investment >90% of existing install tool sets are upgradeable Within 5% of line and die yields for larger-sized wafers 125% SAW BAW 4” to 6” wafer size conversion First 6” TC-SAW produ
Slide 63: SAW advancements
© Qorvo, Inc. 63 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 SAW advancements Technology Initiatives Production Surface Mount Technology 1.0 SMT 2.5 Performance Improvement SMT 2.0 25% Size Reduction 4” to 6” Wafer Conversion Laser Dicing
Slide 64: BAW advancements
© Qorvo, Inc. 64 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 BAW advancements Technology Initiatives Laser Dicing Wafer Level Packaging Micro-BAW 40% Size Reduction 6” – 8” Wafer Conversion Gen 5 Resonator Performance WLP Shrink Production
Slide 65: GaN advancements
© Qorvo, Inc. 65 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 GaN advancements Technology Initiatives GaN 15 (0.15 m) GaN 25 (0.25 m) High Voltage 4” to 6” Wafer Conversion GaN 15 Gen2 LCOR Packaging Production
Slide 66: Qorvo R&D Wins
© Qorvo, Inc. 66 Qorvo R&D Wins:  6” TC SAW  SAW SMT  8” BAW  BAW Gen 5  HBT5 PAs  GaN PAs  Flip Chip  SOI Switches  ET Controllers Technology development Operational Excellence • Process innovation and development engine • Wide and deep technology moat • Organic development capabilities •
Slide 67: Operational Excellence
© Qorvo, Inc. 67 Clean launch and production excellence Operational Excellence Pipeline Die-Level Traceability In Situ Development Hand-off Real-time Tool Monitoring Automated Visual Inspection Parametric Testing Wafer and Module 100% Known Good Singulated Die Ongoing Reliability Testing >3B BAW die
Slide 68: Qorvo Operations Summary
© Qorvo, Inc. 68 Qorvo Operations Summary A solid foundation of innovation • Technology leadership from transceiver to antenna • Centers of Excellence for GaN, GaAs, SiGe, Si, BAW/SAW filters, assembly & test Built to win today and in the future • Proven industry “athletes” • Adding filter capabilit
Slide 69: Financials – Mark Murphy, Chief Financial Officer
© Qorvo, Inc. 69 Financials Mark Murphy, Chief Financial Officer
Slide 70: Profitable Growth
© Qorvo, Inc. 70 Profitable Growth Discipline, consistency and predictability Above-Market Revenue Growth • Broad-based IDP growth driven by GaN, IoT and 5G • Increasingly complex content-driven Mobile growth Create Shareholder Value Expanding Margins • Improving mix and higher utilization rates • M
Slide 71: Multiple Long-Term Growth Drivers
© Qorvo, Inc. 71 Multiple Long-Term Growth Drivers Technology leadership in era of increasing RF complexity Diversified and Above Market Growth IDP Mobile SEGMENTS DRIVERS MARKETS (1) +8% +10% +14% +6% +47% +29% +13% 10-15% CAGR Content Expansion GaN IoT (1) 5 year CAGR; Source: Industry reports and
Slide 72: Expanding Margins
© Qorvo, Inc. 72 Expanding Margins Enterprise-wide efforts on productivity Operating Leverage GM% R&D SG&A Portfolio Management Design Efficiency ERP Consolidation Qorvo Lean Higher BAW Volumes Larger Wafers Die Shrink “Sweating the Assets” Sourcing Initiatives ~ 40% BAW-based Mobile revenue FY19 6”
Slide 73: Focused on Free Cash Flow
© Qorvo, Inc. 73 FY18 FCF growth ~2x year over year Focused on Free Cash Flow $0 M $250 M $500 M $750 M $1,000 M FY15 FY16 FY17 FY18  Operating Cash Flow  Capital Expenditures 2x Free Cash Flow Non-GAAP. For more information regarding non-GAAP financial measures, including reconciliations to the n
Slide 74: Capital Allocation
© Qorvo, Inc. 74 Balanced and disciplined approach Capital Allocation Capital Priorities: • Reinvest for growth • Targeted acquisitions • Return cash to shareholders Capacity for Additional Leverage: • Long-term target ~1.5X Debt/EBITDA • Notes callable in 2018 and 2020 $1.6B in share repurchases at
Slide 75: Target Operating Model Beyond FY18
© Qorvo, Inc. 75 Strong revenue growth and higher margins Target Operating Model Beyond FY18 Metric IDP Mobile Qorvo Revenue Growth (1) Greater than Market Non-GAAP Target Model (2) (% Sales) Gross Margin > 60% > 48% > 50% Operating Expenses < 30% < 18% < 20% Operating Margin > 30% > 30% 30% - 35% (
Slide 77: Q&A
QOorvo all around you Q&A
Slide 78: Thank you
QOorvo all around you Thank you
Slide 80: Supplemental information on Non-GAAP financial measures
© Qorvo, Inc. 80 Supplemental information on Non-GAAP financial measures Qorvo Investor Day Presentation In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this presentation contains the following non-GAAP f
Slide 81: Supplemental information on Non-GAAP financial measures (continued)
© Qorvo, Inc. 81 Supplemental information on Non-GAAP financial measures (continued) Qorvo Investor Day Presentation Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below: Non-GAAP gross margin. Non-GAAP gross
Slide 82: Supplemental information on Non-GAAP financial measures (continued)
© Qorvo, Inc. 82 Supplemental information on Non-GAAP financial measures (continued) Qorvo Investor Day Presentation Non-GAAP operating margin. Non-GAAP operating margin excludes stock-based compensation expense, amortization of intangible assets, restructuring and disposal costs, acquisition and in
Slide 83: Supplemental information on Non-GAAP financial measures (continued)
© Qorvo, Inc. 83 Supplemental information on Non-GAAP financial measures (continued) Qorvo Investor Day Presentation Net debt. Net debt is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior

Qorvo — Investor Day (May 2017) on 6ix

Qorvo — Investor Day (May 2017)

Slide 1: Qorvo Investor Day May 25, 2017

Slide 2: Qorvo – Doug DeLieto, Vice President of IR

Slide 3: Forward-looking statements Safe Harbor

Slide 4: Audio transcript of opening video

Slide 5: Agenda

Slide 6: Qorvo – Bob Bruggeworth, President and CEO

Slide 7: Connectivity Is A Way Of Life

Slide 8: Connecting People, Places and Things

Slide 9: Limited RF Spectrum vs. Unlimited Demand

Slide 10: Multiple Long-Term Growth Drivers

Slide 11: Qorvo was built for this

Slide 12: Audio transcript of IDP video

Slide 13: Infrastructure and Defense Products – James Klein, President

Slide 14: Infrastructure & Defense: Connect & Protect

Slide 15: Strong Foundation, Optimized Growth Portfolio

Slide 16: The Connected World of IoT

Slide 17: Internet of Things

Slide 18: Participating in every connection

Slide 19: GaN Adoption Accelerating

Slide 20: Why GaN?

Slide 21: 5G is More Than Just Higher Speeds

Slide 22: The Path to 5G Networks

Slide 23: GaN PAs balance power consumption vs array complexity

Slide 24: GaN Drives mmWave Integration

Slide 25: Leadership Across Key Markets

Slide 26: Defense Growth

Slide 27: Base Station Growth

Slide 28: Optical Growth

Slide 29: Smart Home IoT Growth

Slide 30: Wi-Fi Customer Premises Equipment Growth

Slide 31: Automotive Connectivity Growth

Slide 32: Delivering a Highly Profitable Model

Slide 33: Break until 9:40am

Slide 34: Mobile Products – Eric Creviston, President

Slide 35: Connectivity Is Changing Lives

Slide 36: Demand for Mobile Data is Accelerating

Slide 37: Streaming Video: The New Baseline

Slide 38: Live Stream Goes Mainstream

Slide 39: Network Performance is Lagging Demand

Slide 40: The Race to Gigabit Performance and Beyond

Slide 41: Unlicensed LAA Joins Licensed LTE to Help Achieve Gbps Speeds

Slide 42: Advanced Antenna Solutions Required

Slide 43: Advanced Modulation Required for Higher Throughput

Slide 44: Strong History of Advancing Industry Standards

Slide 45: Best Positioned to Deliver Complete RF Solutions

Slide 46: Evolution of the RF Front End

Slide 47: Distinct Architectures for Each Business Model

Slide 48: Managing Crowded Frequency Spectrum

Slide 49: Qorvo BAW5: World-Class Filter Performance

Slide 50: Enabling Advanced CA with Higher Order Multiplexers

Slide 51: Leveraging Technology to Solve RF Challenges

Slide 52: Increasing Value of RF Solutions

Slide 53: Building the World's Best RF Partner

Slide 54: Operations – Steve Grant

Slide 55: Qorvo Operations Strategy

Slide 56: Operations Leadership Team

Slide 57: RF Technology Portfolio

Slide 58: Comprehensive Product & Technology Portfolio

Slide 59: Increasing levels of complexity: SAW-Based Modules

Slide 60: Increasing levels of complexity: BAW-Based Modules

Slide 61: Manufacturing Scale

Slide 62: Cost Reduction Initiatives

Slide 63: SAW advancements

Slide 64: BAW advancements

Slide 65: GaN advancements

Slide 66: Qorvo R&D Wins

Slide 67: Operational Excellence

Slide 68: Qorvo Operations Summary

Slide 69: Financials – Mark Murphy, Chief Financial Officer

Slide 70: Profitable Growth

Slide 71: Multiple Long-Term Growth Drivers

Slide 72: Expanding Margins

Slide 73: Focused on Free Cash Flow

Slide 74: Capital Allocation

Slide 75: Target Operating Model Beyond FY18

Slide 76: Connectivity Is A Way Of Life – Thank You

Slide 77: Q&A

Slide 78: Thank you

Slide 79: Important Supplemental Information