Semtech Announces Fourth Quarter and Fiscal Year 2023 Results

(1) Includes Sierra Wireless net sales from January 12, 2023 to January 29, 2023

 

Twelve Months Ended

(in thousands)

January 29, 2023

Net sales by end market:

 

 

 

Infrastructure

$

287,270

 

38

%

High-End Consumer

 

158,416

 

21

%

Industrial

 

310,847

 

41

%

Total net sales by end market (1)

$

756,533

 

100

%

(1) Includes Sierra Wireless net sales from January 12, 2023 to January 29, 2023

 

Twelve Months Ended

(in thousands)

January 29, 2023

 

Semtech

 

Sierra Wireless

 

Combined

Net sales

$

741,529

 

 

$

15,004

 

 

$

756,533

 

GAAP gross margin

 

64.1

%

 

 

21.3

%

 

 

63.3

%

Non-GAAP gross margin

 

65.1

%

 

 

38.4

%

 

 

64.5

%

GAAP earnings (loss) per share

$

1.78

 

 

$

(0.82

)

 

$

0.96

 

Non-GAAP earnings (loss) per share

$

2.82

 

 

$

(0.02

)

 

$

2.80

 

SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(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

Gross Margin- GAAP

 

59.7

%

 

 

64.5

%

 

 

63.5

%

 

 

63.3

%

 

 

62.2

%

Share-based compensation

 

0.4

%

 

 

0.4

%

 

 

%

 

 

0.3

%

 

 

0.1

%

Amortization of acquired technology

 

1.5

%

 

 

0.6

%

 

 

1.0

%

 

 

0.7

%

 

 

1.0

%

Share-based compensation acceleration expense

 

0.5

%

 

 

%

 

 

%

 

 

0.1

%

 

 

%

Restructuring and other reserves

 

0.2

%

 

 

%

 

 

%

 

 

0.1

%

 

 

%

Adjusted Gross Margin (Non-GAAP)

 

62.3

%

 

 

65.5

%

 

 

64.5

%

 

 

64.5

%

 

 

63.3

%

 

 

 

 

 

 

 

 

 

 

 

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

Selling, general and administrative- GAAP

$

101,952

 

 

$

42,366

 

 

$

39,808

 

 

$

235,801

 

 

$

168,210

 

Share-based compensation

 

(7,801

)

 

 

1,028

 

 

 

(5,593

)

 

 

(21,493

)

 

 

(32,578

)

Transaction and integration related (costs) recoveries, net

 

(22,513

)

 

 

(4,902

)

 

 

(204

)

 

 

(32,041

)

 

 

(588

)

Share-based compensation acceleration expense

 

(33,937

)

 

 

 

 

 

 

 

 

(33,937

)

 

 

 

Restructuring and other reserves

 

(8,850

)

 

 

(2,139

)

 

 

 

 

 

(11,489

)

 

 

(16

)

Litigation (costs) recoveries, net

 

(13

)

 

 

97

 

 

 

152

 

 

 

(112

)

 

 

(1,382

)

Adjusted selling, general and administrative (Non-GAAP)

$

28,838

 

 

$

36,450

 

 

$

34,163

 

 

$

136,729

 

 

$

133,646

 

 

 

 

 

 

 

 

 

 

 

 

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

Product development and engineering- GAAP

$

52,899

 

 

$

35,161

 

 

$

38,292

 

 

$

167,450

 

 

$

147,925

 

Share-based compensation

 

(3,592

)

 

 

(3,480

)

 

 

(4,110

)

 

 

(15,110

)

 

 

(15,710

)

Transaction and integration related (costs) recoveries, net

 

(25

)

 

 

 

 

 

329

 

 

 

(25

)

 

 

329

 

Share-based compensation acceleration expense

 

(11,010

)

 

 

 

 

 

 

 

 

(11,010

)

 

 

 

Restructuring and other reserves

 

(397

)

 

 

(105

)

 

 

 

 

 

(502

)

 

 

 

Adjusted product development and engineering (Non-GAAP)

$

37,875

 

 

$

31,576

 

 

$

34,511

 

 

$

140,803

 

 

$

132,544

 

 

 

 

 

 

 

 

 

 

 

 

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

Operating cost and expense–GAAP

$

155,672

 

 

$

77,200

 

 

$

78,087

 

 

$

385,759

 

 

$

316,122

 

Share-based compensation

 

(11,393

)

 

 

(2,452

)

 

 

(9,703

)

 

 

(36,603

)

 

 

(48,288

)

Intangible amortization

 

(821

)

 

 

 

 

 

 

 

 

(821

)

 

 

 

Transaction and integration related (costs) recoveries, net

 

(22,538

)

 

 

(4,902

)

 

 

125

 

 

 

(32,066

)

 

 

(259

)

Share-based compensation acceleration expense

 

(44,947

)

 

 

 

 

 

 

 

 

(44,947

)

 

 

 

Restructuring and other reserves, net

 

(9,247

)

 

 

(2,244

)

 

 

 

 

 

(11,991

)

 

 

(16

)

Litigation (costs) recoveries, net

 

(13

)

 

 

97

 

 

 

152

 

 

 

(112

)

 

 

(1,382

)

Gain on sale of business

 

 

 

 

327

 

 

 

 

 

 

18,313

 

 

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

Adjusted operating cost and expense (Non-GAAP)

$

66,713

 

 

$

68,026

 

 

$

68,674

 

 

$

277,532

 

 

$

266,190

 

SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)

(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

Operating Margin–GAAP

(33.2

) %

 

21.0

%

 

22.5

%

 

12.3

%

 

19.6

%

Share-based compensation

7.2

%

 

1.7

%

 

5.6

%

 

5.1

%

 

6.9

%

Intangible amortization

2.0

%

 

0.6

%

 

0.6

%

 

0.9

%

 

0.7

%

Transaction and integration related costs (recoveries), net

13.5

%

 

2.8

%

 

(0.1

) %

 

4.3

%

 

%

Share-based compensation acceleration expense

27.3

%

 

%

 

%

 

6.0

%

 

%

Restructuring and other reserves, net

5.7

%

 

1.3

%

 

%

 

1.6

%

 

%

Litigation costs (recoveries), net

%

 

%

 

(0.1

) %

 

%

 

0.2

%

Gain on sale of business

%

 

(0.2

) %

 

%

 

(2.4

) %

 

%

Adjusted Operating Margin (Non-GAAP)

22.5

%

 

27.2

%

 

28.5

%

 

27.8

%

 

27.4

%

 

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

GAAP net (loss) income attributable to common stockholders

$

(51,013

)

 

$

22,746

 

 

$

34,804

 

 

$

61,380

 

 

$

125,664

 

Adjustments to GAAP net income attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Share-based compensation

 

12,020

 

 

 

3,085

 

 

 

10,492

 

 

 

39,248

 

 

 

51,189

 

Intangible amortization

 

3,386

 

 

 

1,000

 

 

 

1,048

 

 

 

6,482

 

 

 

4,942

 

Transaction and integration related costs (recoveries), net

 

22,642

 

 

 

4,902

 

 

 

(125

)

 

 

32,170

 

 

 

259

 

Share-based compensation acceleration expense

 

45,749

 

 

 

 

 

 

 

 

 

45,749

 

 

 

 

Restructuring and other reserves, net

 

9,536

 

 

 

2,372

 

 

 

 

 

 

12,408

 

 

 

16

 

Litigation costs (recoveries), net

 

13

 

 

 

(97

)

 

 

(152

)

 

 

112

 

 

 

1,382

 

Gain on sale of business

 

 

 

 

(327

)

 

 

 

 

 

(18,313

)

 

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

(13

)

Investment gains, losses, reserves and impairments

 

1,190

 

 

 

(306

)

 

 

65

 

 

 

(241

)

 

 

(71

)

Debt commitment fee

 

 

 

 

7,255

 

 

 

 

 

 

7,255

 

 

 

 

Total Non-GAAP adjustments before taxes

 

94,536

 

 

 

17,884

 

 

 

11,315

 

 

 

124,870

 

 

 

57,704

 

Associated tax effect

 

(13,208

)

 

 

688

 

 

 

(460

)

 

 

(7,057

)

 

 

(10,040

)

Equity in net gains of equity method investments

 

22

 

 

 

36

 

 

 

 

 

 

(249

)

 

 

(2,115

)

Total of supplemental information, net of taxes

 

81,350

 

 

 

18,608

 

 

 

10,855

 

 

 

117,564

 

 

 

45,549

 

Non-GAAP net income attributable to common

stockholders

$

30,337

 

 

$

41,354

 

 

$

45,659

 

 

$

178,944

 

 

$

171,213

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted (loss) earnings per share

$

(0.80

)

 

$

0.36

 

 

$

0.53

 

 

$

0.96

 

 

$

1.92

 

Adjustments per above

 

1.27

 

 

 

0.29

 

 

 

0.17

 

 

 

1.84

 

 

 

0.69

 

Non-GAAP diluted earnings per share

$

0.47

 

 

$

0.65

 

 

$

0.70

 

 

$

2.80

 

 

$

2.61

 

SEMTECH CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

First Quarter of Fiscal Year 2024 Outlook

(in millions, except per share data)

 

 

 

Q1 FY24 Outlook

 

 

April 30, 2023

 

 

Low

 

High

Gross Margin–GAAP

 

 

42.5

%

 

 

44.7

%

Share-based compensation

 

 

0.3

%

 

 

0.3

%

Amortization of acquired intangibles

 

 

4.7

%

 

 

4.5

%

Adjusted Gross Margin (Non-GAAP)

 

 

47.5

%

 

 

49.5

%

 

 

 

 

 

 

 

Low

 

High

Selling, general and administrative–GAAP

 

$

68.9

 

 

$

70.9

 

Share-based compensation

 

 

(6.9

)

 

 

(6.9

)

Transaction and integration related

 

 

(15.0

)

 

 

(15.0

)

Adjusted selling, general and administrative (Non-GAAP)

 

$

47.0

 

 

$

49.0

 

 

 

 

 

 

 

 

Low

 

High

Product development and engineering–GAAP

 

$

53.5

 

 

$

55.5

 

Share-based compensation

 

 

(3.5

)

 

 

(3.5

)

Adjusted product development and engineering (Non-GAAP)

 

$

50.0

 

 

$

52.0

 

 

 

 

 

 


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