Semtech Announces Fourth Quarter and Fiscal Year 2023 Results

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 dedicated 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 Twitter.

Semtech, the Semtech logo and LoRa are registered trademarks or service marks, and PON-X and Tri-Edge are trademarks or service marks, of Semtech Corporation or its subsidiaries.

SMTC-F

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

January 29,
2023

 

October 30,
2022

 

January 30,
2022

 

January 29,
2023

 

January 30,
2022

 

Q423

 

Q323

 

Q422

 

Q423

 

Q422

Net sales

$

167,512

 

 

$

177,618

 

 

$

190,550

 

 

$

756,533

 

 

$

740,858

 

Cost of sales

 

64,934

 

 

 

62,049

 

 

 

68,451

 

 

 

272,314

 

 

 

274,777

 

Amortization of acquired technology

 

2,565

 

 

 

1,000

 

 

 

1,048

 

 

 

5,661

 

 

 

4,942

 

Total cost of sales

 

67,499

 

 

 

63,049

 

 

 

69,499

 

 

 

277,975

 

 

 

279,719

 

Gross profit

 

100,013

 

 

 

114,569

 

 

 

121,051

 

 

 

478,558

 

 

 

461,139

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

101,952

 

 

 

42,366

 

 

 

39,808

 

 

 

235,801

 

 

 

168,210

 

Product development and engineering

 

52,899

 

 

 

35,161

 

 

 

38,292

 

 

 

167,450

 

 

 

147,925

 

Intangible amortization

 

821

 

 

 

 

 

 

 

 

 

821

 

 

 

 

Gain on sale of business

 

 

 

 

(327

)

 

 

 

 

 

(18,313

)

 

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

(13

)

Total operating costs and expenses

 

155,672

 

 

 

77,200

 

 

 

78,087

 

 

 

385,759

 

 

 

316,122

 

Operating (loss) income

 

(55,659

)

 

 

37,369

 

 

 

42,964

 

 

 

92,799

 

 

 

145,017

 

Interest expense

 

(6,181

)

 

 

(9,009

)

 

 

(1,474

)

 

 

(17,646

)

 

 

(5,091

)

Interest income

 

4,043

 

 

 

839

 

 

 

714

 

 

 

5,801

 

 

 

1,469

 

Non-operating expense, net

 

(735

)

 

 

(64

)

 

 

(646

)

 

 

(1,331

)

 

 

(989

)

Investment impairments and credit loss reserves

 

(1,532

)

 

 

(29

)

 

 

(407

)

 

 

(1,156

)

 

 

(1,337

)

(Loss) income before taxes and equity in net (losses) gains of equity method investments

 

(60,064

)

 

 

29,106

 

 

 

41,151

 

 

 

78,467

 

 

 

139,069

 

(Benefit) provision for taxes

 

(9,071

)

 

 

6,327

 

 

 

6,360

 

 

 

17,344

 

 

 

15,539

 

Net (loss) income before equity in net (losses) gains of equity method investments

 

(50,993

)

 

 

22,779

 

 

 

34,791

 

 

 

61,123

 

 

 

123,530

 

Equity in net (losses) gains of equity method investments

 

(22

)

 

 

(36

)

 

 

 

 

 

249

 

 

 

2,115

 

Net (loss) income

 

(51,015

)

 

 

22,743

 

 

 

34,791

 

 

 

61,372

 

 

 

125,645

 

Net loss attributable to noncontrolling interest

 

(2

)

 

 

(3

)

 

 

(13

)

 

 

(8

)

 

 

(19

)

Net (loss) income attributable to common stockholders

$

(51,013

)

 

$

22,746

 

 

$

34,804

 

 

$

61,380

 

 

$

125,664

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

(0.80

)

 

$

0.36

 

 

$

0.54

 

 

$

0.96

 

 

$

1.94

 

Diluted

$

(0.80

)

 

$

0.36

 

 

$

0.53

 

 

$

0.96

 

 

$

1.92

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing (loss) earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

63,864

 

 

 

63,764

 

 

 

64,289

 

 

 

63,770

 

 

 

64,662

 

Diluted

 

63,924

 

 

 

63,855

 

 

 

65,235

 

 

 

64,013

 

 

 

65,565

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

January 29, 2023

 

January 30, 2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

235,510

 

$

279,601

Accounts receivable, net

 

161,695

 

 

71,507

Inventories

 

207,704

 

 

114,003

Prepaid taxes

 

6,243

 

 

5,983

Other current assets

 

111,634

 

 

31,201

Total current assets

 

722,786

 

 

502,295

Non-current assets:

 

 

 

Property, plant and equipment, net

 

169,293

 

 

134,940

Deferred tax assets

 

63,783

 

 

27,803

Goodwill

 

1,281,703

 

 

351,141

Other intangible assets, net

 

215,102

 

 

6,804

Other assets

 

116,961

 

 

107,928

Total assets

$

2,569,628

 

$

1,130,911

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

100,676

 

$

50,695

Accrued liabilities

 

253,075

 

 

77,704

Current portion - long term debt

 

43,104

 

 

Total current liabilities

 

396,855

 

 

128,399

Non-current liabilities:

 

 

 

Deferred tax liabilities

 

5,065

 

 

1,132

Long term debt

 

1,296,966

 

 

171,676

Other long-term liabilities

 

114,707

 

 

91,929

Stockholders’ equity

 

755,852

 

 

737,584

Noncontrolling interest

 

183

 

 

191

Total liabilities & equity

$

2,569,628

 

$

1,130,911

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)

 

 

 

 

Twelve Months Ended

 

 

 

January 29,
2023

 

January 30,
2022

Net income

 

 

$

61,372

 

 

$

125,645

 

 

 

 

 

 

 

Net cash provided by operations

 

 

 

126,711

 

 

 

203,123

 

Net cash used in investing activities

 

 

 

(1,247,322

)

 

 

(40,316

)

Net cash provided by (used in) financing activities

 

 

 

1,076,520

 

 

 

(152,097

)

Net (decrease) increase in cash and cash equivalents

 

 

 

(44,091

)

 

 

10,710

 

Cash and cash equivalents at beginning of period

 

 

 

279,601

 

 

 

268,891

 

Cash and cash equivalents at end of period

 

 

$

235,510

 

 

$

279,601

 

 

 

 

 

 

 

 

Three Months Ended

 

January 29,
2023

 

October 30,
2022

 

January 30,
2022

 

Q423

 

Q323

 

Q422

Free Cash Flow:

 

 

 

 

 

Cash Flow from Operations

$

(18,799

)

 

$

18,181

 

 

$

50,986

 

Net Capital Expenditures

 

(5,680

)

 

 

(7,060

)

 

 

(8,100

)

Free Cash Flow

$

(24,479

)

 

$

11,121

 

 

$

42,886

 

SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION (CONTINUED)

(in thousands)

(unaudited)

 

 

Twelve Months Ended

(in thousands)

January 29, 2023

Net sales by reportable segment:

 

 

 

Signal Integrity Products Group

$

304,124

 

40

%

Advanced Protection and Sensing Products Group

 

236,890

 

31

%

IoT System Products Group

 

210,326

 

28

%

IoT Connected Services Group

 

5,193

 

1

%

Total net sales by reportable segment (1)

$

756,533

 

100

%


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