- Net sales of $206.1 million, above the high-end of guidance
range
- GAAP gross margin of 48.3% and Non-GAAP gross margin of 49.8%,
above the midpoint of guidance
- GAAP operating expenses of $96.4 million, down 16%
year-over-year, and Non-GAAP operating expenses of $77.4 million,
down 17% year-over-year and below the midpoint of guidance
- GAAP net loss attributable to common stockholders of $23.2
million and Non-GAAP net income attributable to common stockholders
of $4.1 million
- GAAP diluted loss per share of $0.36 and Non-GAAP diluted
earnings per share of $0.06, above the high-end of guidance
range
- Adjusted EBITDA of $33.1 million, above the high-end of
guidance range
Semtech Corporation (Nasdaq: SMTC), a high-performance
semiconductor, IoT systems and cloud connectivity service provider,
today reported unaudited financial results for its first quarter of
fiscal year 2025, which ended April 28, 2024.
"I am pleased with Semtech’s solid first quarter financial
performance, with net sales above the high-end of our guidance
range, along with meaningful declines in channel inventories across
each of our end markets," said Paul H. Pickle, Semtech's president
and chief executive officer. "Our semiconductor business continues
to grow, and we believe our hardware business has reached bedrock,
with expectations for a recovery profile in the second half of the
year."
"We continue to closely monitor costs, with non-GAAP operating
expenses down 17% year-over-year, and we believe we have improved
allocation of spending to drive near-term financial results," said
Mark Lin, Semtech's executive vice president and chief financial
officer. "Adjusted EBITDA and adjusted EBITDA margin both improved
sequentially and year-over-year, further demonstrating cost
management and leverage in our business model."
First Quarter of Fiscal Year 2025 Results
GAAP Financial Results
Non-GAAP Financial
Results
(in millions, except per share data)
Q125
Q424
Q124
Q125
Q424
Q124
Net sales
$
206.1
$
192.9
$
236.5
$
206.1
$
192.9
$
236.5
Gross margin
48.3
%
(0.2
)%
43.5
%
49.8
%
48.9
%
48.5
%
Operating expenses, net
$
96.4
$
619.6
$
114.8
$
77.4
$
76.5
$
92.7
Operating income (loss)
$
3.1
$
(620.0
)
$
(11.9
)
$
25.2
$
17.8
$
22.0
Operating margin
1.5
%
(321.3
)%
(5.0
)%
12.2
%
9.2
%
9.3
%
Interest expense, net
$
22.7
$
22.1
$
19.4
$
20.5
$
19.9
$
18.4
Net (loss) income attributable to common
stockholders
$
(23.2
)
$
(642.4
)
$
(29.4
)
$
4.1
$
(3.7
)
$
2.8
Diluted (loss) earnings per share
$
(0.36
)
$
(9.98
)
$
(0.46
)
$
0.06
$
(0.06
)
$
0.04
Adjusted EBITDA
$
33.1
$
24.0
$
30.8
Adjusted EBITDA margin
16.1
%
12.5
%
13.0
%
See "Non-GAAP Financial Measures" below for additional
information about our non-GAAP financial results.
Second Quarter of Fiscal Year 2025 Outlook
(in millions, except per share data)
Net sales
$
212.0
+/-
$5.0
Non-GAAP Financial Measures
Gross margin
50.0
%
+/-
50 bps
Operating expenses, net
$
77.5
+/-
$1.0
Operating income
$
28.5
+/-
$2.6
Operating margin
13.4
%
+/-
90 bps
Interest expense, net
$
20.5
Normalized tax rate
15
%
Diluted earnings per share
$
0.09
+/-
$0.03
Adjusted EBITDA
$
36.3
+/-
$2.6
Diluted share count
72.4
See "Non-GAAP Financial Measures" below for additional
information about our non-GAAP financial results.
The Company is unable to include a reconciliation of
forward-looking non-GAAP results to the corresponding GAAP measures
as this is not available without unreasonable efforts due to the
high variability and low visibility with respect to the impact of
transaction, integration and restructuring expenses, share-based
awards, amortization of acquisition-related intangible assets and
other items that are excluded from these non-GAAP measures. The
Company expects the variability of the above charges to have a
potentially significant impact on its GAAP financial results.
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its
first fiscal quarter 2025 results at 2:00 p.m. Pacific time. The
dial-in number for the call is (877) 407-0312. Please use
conference ID 13746448. An audio webcast and supplemental earnings
materials for the quarter will be available on the Investor
Relations section of Semtech's website at investors.semtech.com
under "News & Events." A replay of the call will be available
through July 3, 2024 at the same website or by calling (877)
660-6853 and entering conference ID 13746448.
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements
prepared in accordance with GAAP, this release includes a
presentation of select non-GAAP financial measures. The Company's
non-GAAP measures of gross margin, SG&A expense, product
development and engineering expense, operating expenses, net,
operating income or loss, operating margin, interest expense, net,
diluted (loss) earnings per share, normalized tax rate, adjusted
EBITDA and adjusted EBITDA margin exclude the following items, if
any and as applicable, as set forth in the reconciliations in the
tables below under "Supplemental Information: Reconciliation of
GAAP to Non-GAAP Results":
- Share-based compensation
- Intangible amortization
- Transaction and integration related costs or recoveries
(including costs associated with the acquisition and integration of
Sierra Wireless, Inc.)
- Restructuring and other reserves, including cumulative other
reserves associated with historical activity including
environmental, pension, deferred compensation and right-of-use
asset impairments
- Litigation costs or dispute settlement charges or
recoveries
- Gain on sale of business
- Equity method income or loss
- Investment gains, losses, reserves and impairments, including
interest income from debt investments
- Write-off and amortization of deferred financing costs
- Debt commitment fee
- Goodwill and intangible impairment
- Amortization of inventory step-up
Effective as of the third quarter of fiscal year 2024, the
Company's non-GAAP measures have been adjusted to exclude
amortization of deferred financing costs, which had the impact of
decreasing non-GAAP interest expense, net and increasing non-GAAP
net income or loss attributable to common stockholders and non-GAAP
earnings or loss per diluted share. This adjustment was applied
retrospectively and all prior period amounts have been revised to
conform to the current presentation.
To provide additional insight into the Company's second quarter
outlook, this release also includes a presentation of
forward-looking non-GAAP financial measures. In this release, the
Company also presents adjusted EBITDA, adjusted EBITDA margin and
free cash flow. Adjusted EBITDA is defined as net (loss) income
plus interest expense, interest income, provision (benefit) for
income taxes, depreciation and amortization, and share-based
compensation, and adjusted to exclude certain expenses, gains and
losses that the Company believes are not indicative of its core
results over time. Adjusted EBITDA margin is defined as adjusted
EBITDA as a percentage of net sales. The Company considers free
cash flow, which may be positive or negative, a non-GAAP financial
measure defined as cash flows provided by (used in) operating
activities less net capital expenditures. Management believes that
the presentation of these non-GAAP measures provides useful
information to investors regarding the Company's financial
condition and results of operations. These non-GAAP financial
measures are adjusted to exclude the items identified above because
such items are either operating expenses that would not otherwise
have been incurred by the Company in the normal course of the
Company's business operations, or are not reflective of the
Company's core results over time. These excluded items may include
recurring as well as non-recurring items, and no inference should
be made that all of these adjustments, charges, costs or expenses
are unusual, infrequent or non-recurring. For example: certain
restructuring and integration-related expenses (which consist of
employee termination costs, facility closure or lease termination
costs, and contract termination costs) may be considered recurring
given the Company's ongoing efforts to be more cost effective and
efficient; certain acquisition and disposition-related adjustments
or expenses may be deemed recurring given the Company's regular
evaluation of potential transactions and investments; and certain
litigation expenses or dispute settlement charges or gains (which
may include estimated losses for which the Company may have
established a reserve, as well as any actual settlements,
judgments, or other resolutions against, or in favor of, the
Company related to litigation, arbitration, disputes or similar
matters, and insurance recoveries received by the Company related
to such matters) may be viewed as recurring given that the Company
may from time to time be involved in, and may resolve, litigation,
arbitration, disputes, and similar matters.
Notwithstanding that certain adjustments, charges, costs or
expenses may be considered recurring, in order to provide
meaningful comparisons, the Company believes that it is appropriate
to exclude such items because they are not reflective of the
Company's core results and tend to vary based on timing, frequency
and magnitude.
These non-GAAP financial measures are provided to enhance the
user's overall understanding of the Company's comparable financial
performance between periods. In addition, the Company's management
generally excludes the items noted above when managing and
evaluating the performance of the business. The financial
statements provided with this release include reconciliations of
these non-GAAP financial measures to their most comparable GAAP
measures for the first and fourth quarters of fiscal year 2024 and
the first quarter of fiscal year 2025.
The Company adopted a full-year, normalized tax rate for the
computation of the non-GAAP income tax provision in order to
provide better comparability across the interim reporting periods
by reducing the quarterly variability in non-GAAP tax rates that
can occur throughout the year. In estimating the full-year non-GAAP
normalized tax rate, the Company utilized a full-year financial
projection that considers multiple factors such as changes to the
Company's current operating structure, existing positions in
various tax jurisdictions, the effect of key tax law changes, and
other significant tax matters to the extent they are applicable to
the full fiscal year financial projection. In addition to the
adjustments described above, this normalized tax rate excludes the
impact of share-based awards and the amortization of
acquisition-related intangible assets. For fiscal year 2025, the
Company's projected non-GAAP normalized tax rate is 15% and will be
applied to each quarter of fiscal year 2025. The Company's non-GAAP
normalized tax rate on non-GAAP net income may be adjusted during
the year to account for events or trends that the Company believes
materially impact the original annual non-GAAP normalized tax rate
including, but not limited to, significant changes resulting from
tax legislation, acquisitions, entity structures or operational
changes and other significant events. These additional non-GAAP
financial measures should not be considered substitutes for any
measures derived in accordance with GAAP and may be inconsistent
with similar measures presented by other companies.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, as amended, based on the
Company's current expectations, estimates and projections about its
operations, industry, financial condition, performance, results of
operations, and liquidity. Forward-looking statements are
statements other than historical information or statements of
current condition and relate to matters such as future financial
performance including the second quarter of fiscal year 2025
outlook; future operational performance; the anticipated impact of
specific items on future earnings; the Company's expectations
regarding near term growth trends; and the Company's plans,
objectives and expectations. Statements containing words such as
"may," "believes," "anticipates," "expects," "intends," "plans,"
"projects," "estimates," "should," "will," "designed to,"
"projections," or "business outlook," or other similar expressions
constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results and events to differ
materially from those projected. Potential factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the
Company's ability to comply with, or pursue business strategies due
to the covenants under the agreements governing its indebtedness;
the Company's ability to remediate material weakness in its
internal control over financial reporting, discovery of additional
weaknesses, and its inability to achieve and maintain effective
disclosure controls and procedures and internal control over
financial reporting; the Company's ability to forecast and achieve
anticipated net sales and earnings estimates in light of periodic
economic uncertainty; the inherent risks, costs and uncertainties
associated with integrating Sierra Wireless, Inc. successfully and
risks of not achieving all or any of the anticipated benefits, or
the risk that the anticipated benefits may not be fully realized or
take longer to realize than expected; the uncertainty surrounding
the impact and duration of supply chain constraints and any
associated disruptions; export restrictions and laws affecting the
Company's trade and investments, and tariffs or the occurrence of
trade wars; worldwide economic and political disruptions, including
as a result of inflation and current geopolitical conflicts;
tightening credit conditions related to the United States banking
system concerns; competitive changes in the marketplace including,
but not limited to, the pace of growth or adoption rates of
applicable products or technologies; downturns in the business
cycle; decreased average selling prices of the Company's products;
the Company's reliance on a limited number of suppliers and
subcontractors for components and materials; changes in projected
or anticipated end-user markets; future responses to and effects of
public health crises; and the Company's ability to forecast its
annual non-GAAP normalized tax rate due to material changes that
could occur during the fiscal year, which could include, but are
not limited to, significant changes resulting from tax legislation,
acquisitions, entity structures or operational changes and other
significant events. Additionally, forward-looking statements should
be considered in conjunction with the cautionary statements
contained in the risk factors disclosed in the Company's filings
with the Securities and Exchange Commission (the "SEC"), including
the Company's Annual Report on Form 10-K for the fiscal year ended
January 28, 2024, filed with the SEC on March 28, 2024 as such risk
factors may be amended, supplemented or superseded from time to
time by subsequent reports the Company files with the SEC. In light
of the significant risks and uncertainties inherent in the
forward-looking information included herein that may cause actual
performance and results to differ materially from those predicted,
any such forward-looking information should not be regarded as
representations or guarantees by the Company of future performance
or results, or that its objectives or plans will be achieved or
that any of its operating expectations or financial forecasts will
be realized. Reported results should not be considered an
indication of future performance. Investors are cautioned not to
place undue reliance on any forward-looking information contained
herein, which reflect management's analysis only as of the date
hereof. Except as required by law, the Company assumes no
obligation to publicly release the results of any update or
revision to any forward-looking statements that may be made to
reflect new information, events or circumstances after the date
hereof or to reflect the occurrence of unanticipated or future
events, or otherwise.
Amounts reported in this press release are preliminary and
subject to the finalization of the filing of our unaudited
financial results on Form 10-Q for the three months ended April 28,
2024.
About Semtech
Semtech Corporation (Nasdaq: SMTC) is a high-performance
semiconductor, IoT systems and cloud connectivity service provider
dedicated to delivering high-quality technology solutions that
enable a smarter, more connected and sustainable planet. Our global
teams are committed to empowering solution architects and
application developers to develop breakthrough products for the
infrastructure, industrial and consumer markets. To learn more
about Semtech technology, visit us at Semtech.com or follow us on
LinkedIn or X.
Semtech and the Semtech logo are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Net sales
$
206,105
$
192,948
$
236,539
Cost of sales
104,232
99,266
122,738
Amortization of acquired technology
2,281
2,280
10,855
Acquired technology impairments
—
91,792
—
Total cost of sales
106,513
193,338
133,593
Gross profit
99,592
(390
)
102,946
Operating expenses, net:
Selling, general and administrative
52,269
55,198
57,780
Product development and engineering
41,604
41,505
50,601
Intangible amortization
307
307
4,882
Restructuring
2,269
9,167
1,563
Intangible impairments
—
39,593
—
Goodwill impairment
—
473,800
—
Total operating expenses, net
96,449
619,570
114,826
Operating income (loss)
3,143
(619,960
)
(11,880
)
Interest expense
(23,229
)
(22,827
)
(20,510
)
Interest income
542
734
1,069
Non-operating income (expense), net
400
(2,045
)
(473
)
Investment impairments and credit loss
reserves, net
(1,109
)
(1,679
)
(33
)
Loss before taxes and equity method
income (loss)
(20,253
)
(645,777
)
(31,827
)
Provision (benefit) for income taxes
2,956
(3,345
)
(2,417
)
Net loss before equity method income
(loss)
(23,209
)
(642,432
)
(29,410
)
Equity method income (loss)
50
75
(7
)
Net loss
(23,159
)
(642,357
)
(29,417
)
Net income (loss) attributable to
noncontrolling interest
—
6
(2
)
Net loss attributable to common
stockholders
$
(23,159
)
$
(642,363
)
$
(29,415
)
Loss per share:
Basic
$
(0.36
)
$
(9.98
)
$
(0.46
)
Diluted
$
(0.36
)
$
(9.98
)
$
(0.46
)
Weighted average number of shares used in
computing loss per share:
Basic
64,509
64,363
63,924
Diluted
64,509
64,363
63,924
SEMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
April 28, 2024
January 28, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
126,777
$
128,585
Accounts receivable, net
153,921
134,322
Inventories
148,541
144,992
Prepaid taxes
10,405
11,969
Other current assets
99,628
114,329
Total current assets
539,272
534,197
Non-current assets:
Property, plant and equipment, net
146,944
153,618
Deferred tax assets
15,271
18,014
Goodwill
540,923
541,227
Other intangible assets, net
35,086
35,566
Other assets
99,013
91,113
Total assets
$
1,376,509
$
1,373,735
LIABILITIES AND EQUITY
(DEFICIT)
Current liabilities:
Accounts payable
$
64,674
$
45,051
Accrued liabilities
160,217
172,105
Total current liabilities
224,891
217,156
Non-current liabilities:
Deferred tax liabilities
—
829
Long-term debt
1,373,422
1,371,039
Other long-term liabilities
91,294
91,961
Stockholders’ deficit
(313,098
)
(307,434
)
Noncontrolling interest
—
184
Total liabilities & equity
(deficit)
$
1,376,509
$
1,373,735
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
(in thousands)
(unaudited)
Three Months Ended
April 28,
2024
April 30,
2023
Net loss
$
(23,159
)
$
(29,417
)
Net cash used in operating activities
(89
)
(89,987
)
Net cash provided by (used in) investing
activities
1,791
(14,407
)
Net cash (used in) provided by financing
activities
(3,198
)
33,728
Effect of foreign exchange rate changes on
cash and cash equivalents
(312
)
(646
)
Net decrease in cash and cash
equivalents
(1,808
)
(71,312
)
Cash and cash equivalents at beginning of
period
128,585
235,510
Cash and cash equivalents at end of
period
$
126,777
$
164,198
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Free cash flow:
Cash flow from operations
$
(89
)
$
13,919
$
(89,987
)
Net capital expenditures
(1,334
)
(1,712
)
(13,977
)
Free cash flow
$
(1,423
)
$
12,207
$
(103,964
)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Net sales by reportable segment
(1):
Signal Integrity
$
58,299
$
42,831
$
40,891
Analog Mixed Signal and Wireless
75,344
60,423
59,619
IoT Systems and Connectivity
72,462
89,694
136,029
Total net sales by reportable
segment
$
206,105
$
192,948
$
236,539
(1) In the fourth quarter of fiscal year
2024, as a result of organizational restructuring, the wireless
business, which was previously included in the IoT Systems
operating segment, and the software defined video over ethernet
business, which was previously included in the Signal Integrity
operating segment, were moved into the Analog Mixed Signal and
Wireless operating segment, formerly the Advanced Protection and
Sensing operating segment, which also includes the proximity
sensing, power and protection businesses. In the first quarter of
fiscal year 2025, as a result of organizational restructuring, the
Company combined the IoT Systems operating segment and the IoT
Connected Services operating segment into the newly formed IoT
Systems and Connectivity operating segment. As a result of the
reorganization, the Company has three reportable segments. All
prior year information in the table above has been revised
retrospectively to reflect the changes to the Company's reportable
segments.
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Net sales by end market:
Infrastructure
$
55,977
$
39,387
$
39,000
High-End Consumer
34,539
32,059
21,594
Industrial
115,589
121,502
175,945
Total net sales by end market
$
206,105
$
192,948
$
236,539
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Gross margin (GAAP)
48.3
%
(0.2
)%
43.5
%
Share-based compensation
0.4
%
0.3
%
0.2
%
Amortization of acquired technology
1.1
%
1.2
%
4.6
%
Restructuring and other reserves, net
—
%
—
%
0.2
%
Acquired technology impairments
—
%
47.6
%
—
%
Adjusted gross margin
(Non-GAAP)
49.8
%
48.9
%
48.5
%
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Selling, general and administrative
(GAAP)
$
52,269
$
55,198
$
57,780
Share-based compensation
(11,391
)
(8,361
)
(4,502
)
Transaction and integration related costs,
net
(1,845
)
(8,476
)
(7,068
)
Litigation costs, net
(98
)
(36
)
(26
)
Adjusted selling, general and
administrative (Non-GAAP)
$
38,935
$
38,325
$
46,184
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Product development and engineering
(GAAP)
$
41,604
$
41,505
$
50,601
Share-based compensation
(3,161
)
(2,868
)
(3,539
)
Transaction and integration related costs,
net
—
(432
)
(534
)
Adjusted product development and
engineering (Non-GAAP)
$
38,443
$
38,205
$
46,528
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Operating expenses, net (GAAP)
$
96,449
$
619,570
$
114,826
Share-based compensation
(14,552
)
(11,229
)
(8,041
)
Intangible amortization
(307
)
(307
)
(4,882
)
Transaction and integration related costs,
net
(1,845
)
(8,908
)
(7,602
)
Restructuring and other reserves, net
(2,269
)
(9,167
)
(1,563
)
Litigation costs, net
(98
)
(36
)
(26
)
Intangible impairments
—
(39,593
)
—
Goodwill impairment
—
(473,800
)
—
Adjusted operating expenses, net
(Non-GAAP)
$
77,378
$
76,530
$
92,712
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Operating income (loss) (GAAP)
$
3,143
$
(619,960
)
$
(11,880
)
Share-based compensation
15,234
11,829
8,404
Intangible amortization
2,588
2,587
15,737
Transaction and integration related costs,
net
1,845
8,908
7,651
Restructuring and other reserves, net
2,269
9,167
2,060
Litigation costs, net
98
36
26
Intangible impairments
—
131,385
—
Goodwill impairment
—
473,800
—
Adjusted operating income
(Non-GAAP)
$
25,177
$
17,752
$
21,998
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Operating margin (GAAP)
1.5
%
(321.3
)%
(5.0
)%
Share-based compensation
7.4
%
6.1
%
3.6
%
Intangible amortization
1.3
%
1.3
%
6.6
%
Transaction and integration related costs,
net
0.9
%
4.6
%
3.2
%
Restructuring and other reserves, net
1.1
%
4.8
%
0.9
%
Intangible impairments
—
%
68.1
%
—
%
Goodwill impairment
—
%
245.6
%
—
%
Adjusted operating margin
(Non-GAAP)
12.2
%
9.2
%
9.3
%
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
Interest expense, net (GAAP)
$
22,687
$
22,093
$
19,441
Amortization of deferred financing
costs
(2,379
)
(2,380
)
(1,414
)
Investment income
170
201
350
Adjusted interest expense, net
(Non-GAAP)
$
20,478
$
19,914
$
18,377
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
GAAP net loss attributable to common
stockholders
$
(23,159
)
$
(642,363
)
$
(29,415
)
Adjustments to GAAP net loss attributable
to common stockholders:
Share-based compensation
15,234
11,829
8,404
Intangible amortization
2,588
2,587
15,737
Transaction and integration related costs,
net
1,845
8,908
7,651
Restructuring and other reserves, net
2,269
9,167
2,060
Litigation costs, net
98
36
26
Investment losses (gains), reserves and
impairments, net
662
1,478
(317
)
Amortization of deferred financing
costs
2,379
2,380
1,414
Intangible impairments
—
131,385
—
Goodwill impairment
—
473,800
—
Total Non-GAAP adjustments before
taxes
25,075
641,570
34,975
Associated tax effect
2,233
(2,840
)
(2,795
)
Equity method (income) loss
(50
)
(75
)
7
Total of supplemental information, net of
taxes
27,258
638,655
32,187
Non-GAAP net income (loss) attributable
to common stockholders
$
4,099
$
(3,708
)
$
2,772
GAAP diluted loss per share
$
(0.36
)
$
(9.98
)
$
(0.46
)
Adjustments per above
0.42
9.92
0.50
Non-GAAP diluted earnings (loss) per
share
$
0.06
$
(0.06
)
$
0.04
Weighted-average number of shares used
in computing diluted earnings (loss) per share:
GAAP
64,509
64,363
63,924
Non-GAAP
67,620
64,363
63,924
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
April 28,
2024
January 28,
2024
April 30,
2023
Q125
Q424
Q124
GAAP net loss attributable to common
stockholders
$
(23,159
)
$
(642,363
)
$
(29,415
)
Interest expense
23,229
22,827
20,510
Interest income
(542
)
(734
)
(1,069
)
Non-operating (income) expense, net
(400
)
2,045
473
Investment impairments and credit loss
reserves, net
1,109
1,679
33
Provision (benefit) for income taxes
2,956
(3,345
)
(2,417
)
Equity method (income) loss
(50
)
(75
)
7
Net income (loss) attributable to
noncontrolling interest
—
6
(2
)
Share-based compensation
15,234
11,829
8,404
Depreciation and amortization
10,504
8,864
24,523
Transaction and integration related costs,
net
1,845
8,908
7,651
Restructuring and other reserves, net
2,269
9,167
2,060
Litigation costs, net
98
36
26
Intangible impairments
—
131,385
—
Goodwill impairment
—
473,800
—
Adjusted EBITDA
$
33,093
$
24,029
$
30,784
Adjusted EBITDA margin
16.1
%
12.5
%
13.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240605850976/en/
Sara Kesten Semtech Corporation (805) 480-2004
webir@semtech.com
Semtech (NASDAQ:SMTC)
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