RF Micro Devices (RFMD) Q1 2013 Earnings Call July 24, 2012 5:00 pm ET Executives Doug DeLieto - Vice President of Investor Relations Robert A. Bruggeworth - Chief Executive Officer, President, Director and Member of Corporate Development Committee William A. Priddy - Chief Financial Officer, Corporate Vice President of Administration and Secretary Steven E. Creviston - Corporate Vice President and President of Cellular Products Group Norman Hilgendorf - Vice President of Corporate Development and President of Multi Market Products Group Analysts Dale Pfau - Cantor Fitzgerald & Co., Research Division Ittai Kidron - Oppenheimer & Co. Inc., Research Division Harsh N. Kumar - Stephens Inc., Research Division Blayne Curtis - Barclays Capital, Research Division Edward F. Snyder - Charter Equity Research Parag Agarwal - UBS Investment Bank, Research Division Vijay R. Rakesh - Sterne Agee & Leach Inc., Research Division Anne Edelstein Sameer Kalucha - JP Morgan Chase & Co, Research Division Quinn Bolton - Needham & Company, LLC, Research Division Aalok K. Shah - D.A. Davidson & Co., Research Division Blaine R. Carroll - Avian Securities, LLC, Research Division T. Michael Walkley - Canaccord Genuity, Research Division Presentation Operator
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Doug DeLietoThanks very much, Britney. Hello, everyone, and welcome to our conference call. At 4 p.m. today, we issued a press release. If anyone listening today did not receive a copy of the release, please call Samantha Alphonso at the Financial Relations Board at (212) 827-3746. Sam will fax a copy to you and verify that you are on our distribution list. In the meantime, the release is also available on our website, rfmd.com, under the heading, Investors. At this time, I want to remind our audience that 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 our most recent SEC filings for a complete description. In today's release and on today's call, we provide both GAAP and non-GAAP financial measures. 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 noncash expenses for unusual items that may obscure trends and 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 corporate website, rfmd.com, under Investors. [Operator Instructions] Sitting with me today are Bob Bruggeworth, President and CEO; and Dean Priddy, Chief Financial Officer. I'm also joined by Eric Creviston and Norm Hilgendorf, who lead our Cellular Products Group and Multi-Market Products Group, respectively, as well as other members of RFMD's management team. And with that, I'll turn the call over to Bob. Robert A. Bruggeworth Thank you, Doug, and welcome, everyone. RFMD's quarterly results demonstrate our sharp focus on product, and technology leadership is successfully transitioning our organization into a highly diversified, growth-oriented supplier of RF components and compound semiconductors.
June quarterly revenue increased approximately 8% sequentially, supported by solid growth in both our Cellular Products Group and in our Multi-Market Products Group. The broad nature of our revenue performance is a credit to the entire RFMD team, and it highlights the strength of our expanding product portfolio for smartphones, tablets, high-performance WiFi and other wireless and wireline growth markets.Of note, we are especially pleased with our sequential growth in 4G LTE, 3G entry and high-performance WiFi. From a market perspective, the rapidly expanding demand for data-intense mobile applications is creating an abundant growth opportunities for RFMD, given our comprehensive product development capabilities, our broad technology access and our world-class systems level expertise. RFMD is winning in the marketplace today by delivering best-in-class products to the world's leading OEMs. Through product and technology leadership, we are solving the increasingly complex RF challenges related to multi-mode complexity, thermal management and high-powered data sessions and solution size. In the cellular market, we are strengthening our relationships with customers and platform providers and winning additional content at the world's leading smartphone manufacturers. The new products driving this growth and diversification include PowerSmart, our ultra-high efficiency 3G/4G PAs; our switch-based products; our high-performance WiFi front-end modules; and our industry-leading antenna control solutions. In the market for converged power amplifiers, PowerSmart is the industry leader with volume shipments across multiple base bands and new opportunities for incremental growth, as tablets and ultra-books evolve to offer broadband connectivity. On smartphone platforms with single band and multimode, multiband architectures, RFMD's ultra-high efficiency 3G/4G PAs, are optimized to provide the improved talk time and thermal performance that are key-buying criteria for today's smartphone consumers. Our ultra-high efficiency PAs achieved robust sequential growth during the June quarter, and we are leveraging this expanding product portfolio to target new design wins at leading smartphone manufacturers.
Beyond the power amplifier, RFMD's discrete switches, antenna switch modules, switch filter modules and antenna control solutions continue to proliferate across the world's leading smartphone manufacturers. Again, by concentrating on product leadership and leveraging our system level expertise, we are supplying our customers breakthrough RF semiconductor solutions containing all RF semiconductor content, while also working with our customers and channel partners to define their next-generation roadmaps and system solutions.Read the rest of this transcript for free on seekingalpha.com