Semtech Announces Fourth Quarter and Fiscal Year 2024 Results

Amounts reported in this press release are preliminary and subject to change upon the finalization of the filing of our Annual Report on Form 10-K for the year ended January 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

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales

$

192,948

 

 

$

200,899

 

 

$

167,512

 

 

$

868,758

 

 

$

756,533

 

Cost of sales

 

99,266

 

 

 

97,925

 

 

 

64,934

 

 

 

447,000

 

 

 

272,314

 

Amortization of acquired technology

 

2,280

 

 

 

10,008

 

 

 

2,565

 

 

 

33,716

 

 

 

5,661

 

Acquired technology impairments

 

91,792

 

 

 

 

 

 

 

 

 

91,792

 

 

 

 

Total cost of sales

 

193,338

 

 

 

107,933

 

 

 

67,499

 

 

 

572,508

 

 

 

277,975

 

Gross profit

 

(390

)

 

 

92,966

 

 

 

100,013

 

 

 

296,250

 

 

 

478,558

 

Operating costs and expenses, net:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

55,198

 

 

 

47,663

 

 

 

93,102

 

 

 

220,220

 

 

 

224,812

 

Product development and engineering

 

41,505

 

 

 

46,911

 

 

 

52,502

 

 

 

186,450

 

 

 

166,948

 

Intangible amortization

 

307

 

 

 

4,853

 

 

 

821

 

 

 

14,913

 

 

 

821

 

Restructuring

 

9,167

 

 

 

3,646

 

 

 

9,247

 

 

 

23,775

 

 

 

11,491

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,313

)

Intangible impairments

 

39,593

 

 

 

 

 

 

 

 

 

39,593

 

 

 

 

Goodwill impairment

 

473,800

 

 

 

2,266

 

 

 

 

 

 

755,621

 

 

 

 

Total operating costs and expenses, net

 

619,570

 

 

 

105,339

 

 

 

155,672

 

 

 

1,240,572

 

 

 

385,759

 

Operating (loss) income

 

(619,960

)

 

 

(12,373

)

 

 

(55,659

)

 

 

(944,322

)

 

 

92,799

 

Interest expense

 

(22,827

)

 

 

(28,305

)

 

 

(6,181

)

 

 

(95,813

)

 

 

(17,646

)

Interest income

 

734

 

 

 

574

 

 

 

4,043

 

 

 

3,051

 

 

 

5,801

 

Non-operating (expense) income, net

 

(2,045

)

 

 

3,542

 

 

 

(735

)

 

 

(542

)

 

 

(1,331

)

Investment impairments and credit loss

reserves, net

 

(1,679

)

 

 

(1,990

)

 

 

(1,532

)

 

 

(3,929

)

 

 

(1,156

)

(Loss) income before taxes and equity method

income (loss)

 

(645,777

)

 

 

(38,552

)

 

 

(60,064

)

 

 

(1,041,555

)

 

 

78,467

 

(Benefit) provision for income taxes

 

(3,345

)

 

 

(311

)

 

 

(9,071

)

 

 

50,519

 

 

 

17,344

 

Net (loss) income before equity method income

(loss)

 

(642,432

)

 

 

(38,241

)

 

 

(50,993

)

 

 

(1,092,074

)

 

 

61,123

 

Equity method income (loss)

 

75

 

 

 

(11

)

 

 

(22

)

 

 

45

 

 

 

249

 

Net (loss) income

 

(642,357

)

 

 

(38,252

)

 

 

(51,015

)

 

 

(1,092,029

)

 

 

61,372

 

Net income (loss) attributable to noncontrolling interest

 

6

 

 

 

(2

)

 

 

(2

)

 

 

1

 

 

 

(8

)

Net (loss) income attributable to common stockholders

$

(642,363

)

 

$

(38,250

)

 

$

(51,013

)

 

$

(1,092,030

)

 

$

61,380

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

Diluted

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic

 

64,363

 

 

 

64,216

 

 

 

63,864

 

 

 

64,127

 

 

 

63,770

 

Diluted

 

64,363

 

 

 

64,216

 

 

 

63,924

 

 

 

64,127

 

 

 

64,013

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

January 28, 2024

 

January 29, 2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

128,585

 

 

$

235,510

Accounts receivable, net

 

134,322

 

 

 

161,695

Inventories

 

144,992

 

 

 

207,704

Prepaid taxes

 

11,969

 

 

 

6,243

Other current assets

 

114,329

 

 

 

111,634

Total current assets

 

534,197

 

 

 

722,786

Non-current assets:

 

 

 

Property, plant and equipment, net

 

153,618

 

 

 

169,293

Deferred tax assets

 

18,014

 

 

 

63,783

Goodwill

 

541,227

 

 

 

1,281,703

Other intangible assets, net

 

35,566

 

 

 

215,102

Other assets

 

91,113

 

 

 

116,961

Total assets

$

1,373,735

 

 

$

2,569,628

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

45,051

 

 

$

100,676

Accrued liabilities

 

172,105

 

 

 

253,075

Current portion of long-term debt

 

 

 

 

43,104

Total current liabilities

 

217,156

 

 

 

396,855

Non-current liabilities:

 

 

 

Deferred tax liabilities

 

829

 

 

 

5,065

Long-term debt

 

1,371,039

 

 

 

1,296,966

Other long-term liabilities

 

91,961

 

 

 

114,707

Stockholders' equity (deficit)

 

(307,434

)

 

 

755,852

Noncontrolling interest

 

184

 

 

 

183

Total liabilities & equity

$

1,373,735

 

 

$

2,569,628

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)

 

 

 

 

Twelve Months Ended

 

 

 

January 28,
2024

 

January 29,
2023

Net (loss) income

 

 

$

(1,092,029

)

 

$

61,372

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

 

 

 

(93,920

)

 

 

126,711

 

Net cash used in investing activities

 

 

 

(22,697

)

 

 

(1,247,322

)

Net cash provided by financing activities

 

 

 

10,550

 

 

 

1,076,520

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

 

(858

)

 

 

 

Net decrease in cash and cash equivalents

 

 

 

(106,925

)

 

 

(44,091

)

Cash and cash equivalents at beginning of period

 

 

 

235,510

 

 

 

279,601

 

Cash and cash equivalents at end of period

 

 

$

128,585

 

 

$

235,510

 

 

 

 

 

 

 

 

Three Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

Q424

 

Q324

 

Q423

Free cash flow:

 

 

 

 

 

Cash flow from operations

$

13,919

 

 

$

(5,847

)

 

$

(18,799

)

Net capital expenditures

 

(1,712

)

 

 

(6,576

)

 

 

(5,680

)

Free cash flow

$

12,207

 

 

$

(12,423

)

 

$

(24,479

)

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales by reportable segment (1) :

 

 

 

 

 

 

 

 

 

Signal Integrity

 

42,831

 

 

47,185

 

 

59,246

 

 

177,033

 

 

298,290

Analog Mixed Signal and Wireless

 

60,423

 

 

70,233

 

 

93,262

 

 

260,264

 

 

443,239

IoT Systems

 

65,506

 

 

59,261

 

 

9,811

 

 

334,904

 

 

9,811

IoT Connected Services

 

24,188

 

 

24,220

 

 

5,193

 

 

96,557

 

 

5,193

Total net sales by reportable segment

$

192,948

 

$

200,899

 

$

167,512

 

$

868,758

 

$

756,533

 

(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 SDVoE 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. As a result of the reorganization, the Company has four reportable segments. All prior year information in the table above has been revised retrospectively to reflect the change to the Company's reportable segments.

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales by end market:

 

 

 

 

 

 

 

 

 

Infrastructure

 

39,387

 

 

43,191

 

 

56,068

 

 

163,947

 

 

287,270

High-End Consumer

 

32,059

 

 

37,553

 

 

34,919

 

 

125,222

 

 

158,416

Industrial

 

121,502

 

 

120,155

 

 

76,525

 

 

579,589

 

 

310,847

Total net sales by end market

$

192,948

 

$

200,899

 

$

167,512

 

$

868,758

 

$

756,533

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 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Gross margin (GAAP)

(0.2

) %

 

46.3

%

 

59.7

%

 

34.1

%

 

63.3

%

Share-based compensation

0.3

%

 

0.3

%

 

0.4

%

 

0.2

%

 

0.3

%

Amortization of acquired technology

1.2

%

 

5.0

%

 

1.5

%

 

3.9

%

 

0.7

%

Transaction and integration related costs, net

%

 

(0.3

)%

 

%

 

0.3

%

 

%

Share-based compensation acceleration expense

%

 

%

 

0.5

%

 

%

 

0.1

%

Restructuring and other reserves, net

%

 

%

 

0.2

%

 

0.1

%

 

0.1

%

Acquired technology impairments

47.6

%

 

%

 

%

 

10.5

%

 

%

Amortization of inventory step-up

%

 

%

 

%

 

0.4

%

 

%

Adjusted gross margin (Non-GAAP)

48.9

%

 

51.3

%

 

62.3

%

 

49.5

%

 

64.5

%

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Selling, general and administrative (GAAP)

$

55,198

 

 

$

47,663

 

 

$

93,102

 

 

$

220,220

 

 

$

224,812

 

Share-based compensation

 

(8,361

)

 

 

(3,059

)

 

 

(7,801

)

 

 

(25,331

)

 

 

(21,493

)

Transaction and integration related costs, net

 

(8,476

)

 

 

(5,936

)

 

 

(22,513

)

 

 

(28,751

)

 

 

(32,041

)

Share-based compensation acceleration expense

 

 

 

 

 

 

 

(33,937

)

 

 

 

 

 

(33,937

)

Environmental reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

(500

)

Litigation costs, net

 

(36

)

 

 

(25

)

 

 

(13

)

 

 

(219

)

 

 

(112

)

Adjusted selling, general and administrative (Non-GAAP)

$

38,325

 

 

$

38,643

 

 

$

28,838

 

 

$

165,919

 

 

$

136,729

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Product development and engineering (GAAP)

$

41,505

 

 

$

46,911

 

 

$

52,502

 

 

$

186,450

 

 

$

166,948

 

Share-based compensation

 

(2,868

)

 

 

(2,972

)

 

 

(3,592

)

 

 

(12,844

)

 

 

(15,110

)

Transaction and integration related costs, net

 

(432

)

 

 

(66

)

 

 

(25

)

 

 

(2,048

)

 

 

(25

)

Share-based compensation acceleration expense

 

 

 

 

 

 

 

(11,010

)

 

 

 

 

 

(11,010

)

Adjusted product development and engineering (Non-GAAP)

$

38,205

 

 

$

43,873

 

 

$

37,875

 

 

$

171,558

 

 

$

140,803

 

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 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Operating cost and expense, net (GAAP)

$

619,570

 

 

$

105,339

 

 

$

155,672

 

 

$

1,240,572

 

 

$

385,759

 

Share-based compensation

 

(11,229

)

 

 

(6,031

)

 

 

(11,393

)

 

 

(38,175

)

 

 

(36,603

)

Intangible amortization

 

(307

)

 

 

(4,853

)

 

 

(821

)

 

 

(14,913

)

 

 

(821

)

Transaction and integration related costs, net

 

(8,908

)

 

 

(6,002

)

 

 

(22,538

)

 

 

(30,799

)

 

 

(32,066

)

Share-based compensation acceleration expense

 

 

 

 

 

 

 

(44,947

)

 

 

 

 

 

(44,947

)

Restructuring and other reserves, net

 

(9,167

)

 

 

(3,646

)

 

 

(9,247

)

 

 

(23,775

)

 

 

(11,991

)

Litigation costs, net

 

(36

)

 

 

(25

)

 

 

(13

)

 

 

(219

)

 

 

(112

)

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

18,313

 

Intangible impairments

 

(39,593

)

 

 

 

 

 

 

 

 

(39,593

)

 

 

 

Goodwill impairment

 

(473,800

)

 

 

(2,266

)

 

 

 

 

 

(755,621

)

 

 

 

Adjusted operating cost and expense, net (Non-GAAP)

$

76,530

 

 

$

82,516

 

 

$

66,713

 

 

$

337,477

 

 

$

277,532

 

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Operating (loss) income (GAAP)

$

(619,960

)

 

$

(12,373

)

 

$

(55,659

)

 

$

(944,322

)

 

$

92,799

 

Share-based compensation

 

11,829

 

 

 

6,538

 

 

 

12,020

 

 

 

40,170

 

 

 

39,248

 

Intangible amortization

 

2,587

 

 

 

14,861

 

 

 

3,386

 

 

 

48,629

 

 

 

6,482

 

Transaction and integration related costs, net

 

8,908

 

 

 

5,507

 

 

 

22,642

 

 

 

33,018

 

 

 

32,170

 

Share-based compensation acceleration expense

 

 

 

 

 

 

 

45,749

 

 

 

 

 

 

45,749

 

Restructuring and other reserves, net

 

9,167

 

 

 

3,646

 

 

 

9,536

 

 

 

24,634

 

 

 

12,408

 

Litigation costs, net

 

36

 

 

 

25

 

 

 

13

 

 

 

219

 

 

 

112

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,313

)

Intangible impairments

 

131,385

 

 

 

 

 

 

 

 

 

131,385

 

 

 

 

Goodwill impairment

 

473,800

 

 

 

2,266

 

 

 

 

 

 

755,621

 

 

 

 

Amortization of inventory step-up

 

 

 

 

 

 

 

 

 

 

3,314

 

 

 

 

Adjusted operating income (Non-GAAP)

$

17,752

 

 

$

20,470

 

 

$

37,687

 

 

$

92,668

 

 

$

210,655

 

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 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Operating margin (GAAP)

(321.3

)%

 

(6.2

)%

 

(33.2

)%

 

(108.7

)%

 

12.3

%

Share-based compensation

6.1

%

 

3.3

%

 

7.2

%

 

4.6

%

 

5.1

%

Intangible amortization

1.3

%

 

7.4

%

 

2.0

%

 

5.6

%

 

0.9

%

Transaction and integration related costs, net

4.6

%

 

2.8

%

 

13.5

%

 

3.9

%

 

4.3

%

Share-based compensation acceleration expense

%

 

%

 

27.3

%

 

%

 

6.0

%

Restructuring and other reserves, net

4.8

%

 

1.8

%

 

5.7

%

 

2.8

%

 

1.6

%

Gain on sale of business

%

 

%

 

%

 

%

 

(2.4

)%

Intangible impairments

68.1

%

 

%

 

%

 

15.1

%

 

%

Goodwill impairment

245.6

%

 

1.1

%

 

%

 

87.0

%

 

%

Amortization of inventory step-up

%

 

%

 

%

 

0.4

%

 

%

Adjusted operating margin (Non-GAAP)

9.2

%

 

10.2

%

 

22.5

%

 

10.7

%

 

27.8

%

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Interest expense, net (GAAP)

$

22,093

 

 

$

27,731

 

 

$

2,138

 

 

$

92,762

 

 

$

11,845

 

Amortization of deferred financing costs

 

(2,380

)

 

 

(1,837

)

 

 

(901

)

 

 

(7,320

)

 

 

(1,421

)

Write-off of deferred financing costs

 

 

 

 

(3,675

)

 

 

 

 

 

(4,446

)

 

 

 

Debt commitment fee

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,255

)

Investment income

 

201

 

 

 

103

 

 

 

342

 

 

 

832

 

 

 

1,397

 

Adjusted interest expense, net (Non-GAAP)

$

19,914

 

 

$

22,322

 

 

$

1,579

 

 

$

81,828

 

 

$

4,566

 

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 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

GAAP net (loss) income attributable to common stockholders

$

(642,363

)

 

$

(38,250

)

 

$

(51,013

)

 

$

(1,092,030

)

 

$

61,380

 

Adjustments to GAAP net (loss) income attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Share-based compensation

 

11,829

 

 

 

6,538

 

 

 

12,020

 

 

 

40,170

 

 

 

39,248

 

Intangible amortization

 

2,587

 

 

 

14,861

 

 

 

3,386

 

 

 

48,629

 

 

 

6,482

 

Transaction and integration related costs, net

 

8,908

 

 

 

5,507

 

 

 

22,642

 

 

 

33,018

 

 

 

32,170

 

Share-based compensation acceleration expense

 

 

 

 

 

 

 

45,749

 

 

 

 

 

 

45,749

 

Restructuring and other reserves, net

 

9,167

 

 

 

3,646

 

 

 

9,536

 

 

 

24,634

 

 

 

12,408

 

Litigation costs, net

 

36

 

 

 

25

 

 

 

13

 

 

 

219

 

 

 

112

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,313

)

Investment losses (gains), reserves and

impairments, net

 

1,478

 

 

 

1,887

 

 

 

1,190

 

 

 

3,097

 

 

 

(241

)

Amortization of deferred financing costs

 

2,380

 

 

 

1,837

 

 

 

901

 

 

 

7,320

 

 

 

1,421

 

Write-off of deferred financing costs

 

 

 

 

3,675

 

 

 

 

 

 

4,446

 

 

 

 

Debt commitment fee

 

 

 

 

 

 

 

 

 

 

 

 

 

7,255

 

Intangible impairments

 

131,385

 

 

 

 

 

 

 

 

 

131,385

 

 

 

 

Goodwill impairment

 

473,800

 

 

 

2,266

 

 

 

 

 

 

755,621

 

 

 

 

Amortization of inventory step-up

 

 

 

 

 

 

 

 

 

 

3,314

 

 

 

 

Total Non-GAAP adjustments before taxes

 

641,570

 

 

 

40,242

 

 

 

95,437

 

 

 

1,051,853

 

 

 

126,291

 

Associated tax effect

 

(2,840

)

 

 

(514

)

 

 

(13,316

)

 

 

49,283

 

 

 

(7,227

)

Equity method (income) loss

 

(75

)

 

 

11

 

 

 

22

 

 

 

(45

)

 

 

(249

)

Total of supplemental information, net of taxes

 

638,655

 

 

 

39,739

 

 

 

82,143

 

 

 

1,101,091

 

 

 

118,815

 

Non-GAAP net (loss) income attributable to common

stockholders

$

(3,708

)

 

$

1,489

 

 

$

31,130

 

 

$

9,061

 

 

$

180,195

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted (loss) earnings per share

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

Adjustments per above

 

9.92

 

 

 

0.62

 

 

 

1.29

 

 

 

17.17

 

 

 

1.85

 

Non-GAAP diluted (loss) earnings per share

$

(0.06

)

 

$

0.02

 

 

$

0.49

 

 

$

0.14

 

 

$

2.81

 

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

 

 

 

 

 

 

 

 

 

GAAP

 

64,363

 

 

 

64,216

 

 

 

63,924

 

 

 

64,127

 

 

 

64,013

 

Non-GAAP

 

64,363

 

 

 

64,304

 

 

 

63,924

 

 

 

64,284

 

 

 

64,013

 

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 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

GAAP net (loss) income attributable to common stockholders

$

(642,363

)

 

$

(38,250

)

 

$

(51,013

)

 

$

(1,092,030

)

 

$

61,380

 

Interest expense

 

22,827

 

 

 

28,305

 

 

 

6,181

 

 

 

95,813

 

 

 

17,646

 

Interest income

 

(734

)

 

 

(574

)

 

 

(4,043

)

 

 

(3,051

)

 

 

(5,801

)

Non-operating expense (income), net

 

2,045

 

 

 

(3,542

)

 

 

735

 

 

 

542

 

 

 

1,331

 

Investment impairments and credit loss reserves, net

 

1,679

 

 

 

1,990

 

 

 

1,532

 

 

 

3,929

 

 

 

1,156

 

(Benefit) provision for income taxes

 

(3,345

)

 

 

(311

)

 

 

(9,071

)

 

 

50,519

 

 

 

17,344

 

Equity method (income) loss

 

(75

)

 

 

11

 

 

 

22

 

 

 

(45

)

 

 

(249

)

Net income (loss) attributable to noncontrolling interest

 

6

 

 

 

(2

)

 

 

(2

)

 

 

1

 

 

 

(8

)

Share-based compensation

 

11,829

 

 

 

6,538

 

 

 

12,020

 

 

 

40,170

 

 

 

39,248

 

Depreciation and amortization

 

8,864

 

 

 

22,539

 

 

 

9,830

 

 

 

77,968

 

 

 

32,151

 

Transaction and integration related costs, net

 

8,908

 

 

 

5,507

 

 

 

22,642

 

 

 

33,018

 

 

 

32,170

 

Share-based compensation acceleration expense

 

 

 

 

 

 

 

45,749

 

 

 

 

 

 

45,749

 

Restructuring and other reserves, net

 

9,167

 

 

 

3,646

 

 

 

9,536

 

 

 

24,634

 

 

 

12,408

 

Litigation costs, net

 

36

 

 

 

25

 

 

 

13

 

 

 

219

 

 

 

112

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,313

)

Intangible impairments

 

131,385

 

 

 

 

 

 

 

 

 

131,385

 

 

 

 

Goodwill impairment

 

473,800

 

 

 

2,266

 

 

 

 

 

 

755,621

 

 

 

 

Amortization of inventory step-up

 

 

 

 

 

 

 

 

 

 

3,314

 

 

 

 

Adjusted EBITDA

$

24,029

 

 

$

28,148

 

 

$

44,131

 

 

$

122,007

 

 

$

236,324

 


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