|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
||||||||||
|
|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
||||||||||
|
|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
||||||||||
|
|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
||||||||||
|
|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
|||||
|
|
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,
|
|
October 30,
|
|
January 30,
|
|
January 29,
|
|
January 30,
|
||||||||||
|
|
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 |
|
|
|
|
|
|
|
||||
