A transmitter power supply modulates an RF signal without needing to run a calibration/training cycle every time an exciter or PA module is switched in and out or every time the transmitter powers up. During calibration of the exciter module, an exciter module delay factor is determined, and stored in the exciter module, for each signal modulation scheme that may be implemented by the exciter module. During calibration of a power amplifier (PA) module, a power supply modulation (PSM) delay factor is determined for, and stored in, the PA module. During transmitter operation, the exciter module generates RF and envelope signals based on an input signal. The PA module generates a power supply voltage based on the envelope signal and a final delay factor, which final delay factor is based on the exciter module and PSM delay factors. The PA module then modulates the RF signal using the power supply voltage.