Semtech Announces Third Quarter of Fiscal Year 2025 Results
Semtech (SMTC) reported strong Q3 FY2025 results with net sales of $236.8 million, up 10% sequentially. The company achieved record data center sales of $43.1 million, representing a 58% sequential increase. GAAP gross margin improved to 51.1%, while non-GAAP gross margin reached 52.4%. The company reported a GAAP operating margin of 7.5% and non-GAAP operating margin of 18.3%. Despite posting a GAAP diluted loss per share of $0.10, non-GAAP diluted earnings were $0.26 per share. For Q4 FY2025, Semtech expects net sales of $250.0 million ±$5.0 million with projected non-GAAP gross margin of 52.8% ±50 bps.
Semtech (SMTC) ha riportato risultati solidi per il terzo trimestre dell'anno fiscale 2025, con vendite nette di 236,8 milioni di dollari, in aumento del 10% rispetto al trimestre precedente. L'azienda ha ottenuto vendite record nei data center pari a 43,1 milioni di dollari, segnando un incremento del 58% rispetto al trimestre precedente. Il margine lordo GAAP è migliorato al 51,1%, mentre il margine lordo non-GAAP ha raggiunto il 52,4%. L'azienda ha registrato un margine operativo GAAP del 7,5% e un margine operativo non-GAAP del 18,3%. Nonostante una perdita diluita per azione GAAP di 0,10 dollari, gli utili diluiti non-GAAP sono stati di 0,26 dollari per azione. Per il quarto trimestre dell'anno fiscale 2025, Semtech prevede vendite nette di 250,0 milioni di dollari ± 5,0 milioni, con un margine lordo non-GAAP previsto del 52,8% ± 50 punti base.
Semtech (SMTC) reportó resultados sólidos en el tercer trimestre del año fiscal 2025, con ventas netas de 236,8 millones de dólares, un aumento del 10% en comparación con el trimestre anterior. La compañía logró ventas récord en centros de datos de 43,1 millones de dólares, representando un incremento del 58% secuencial. El margen bruto GAAP mejoró al 51,1%, mientras que el margen bruto no-GAAP alcanzó el 52,4%. La compañía reportó un margen operativo GAAP del 7,5% y un margen operativo no-GAAP del 18,3%. A pesar de reportar una pérdida diluida por acción GAAP de 0,10 dólares, las ganancias diluidas no-GAAP fueron de 0,26 dólares por acción. Para el cuarto trimestre del año fiscal 2025, Semtech espera ventas netas de 250,0 millones de dólares ± 5,0 millones, con un margen bruto no-GAAP proyectado del 52,8% ± 50 puntos básicos.
Semtech (SMTC)는 2025 회계연도 3분기 강력한 실적을 보고했으며, 순매출 2억 3,680만 달러로 전분기 대비 10% 증가했습니다. 이 회사는 데이터 센터에서 기록적인 매출 4,310만 달러를 달성하여 전분기 대비 58% 증가한 것입니다. GAAP 총 이익률은 51.1%로 개선되었고, 비GAAP 총 이익률은 52.4%에 도달했습니다. 회사는 GAAP 운영 이익률 7.5%와 비GAAP 운영 이익률 18.3%를 보고했습니다. GAAP 기준으로 주당 희석 손실이 0.10달러였음에도 불구하고, 비GAAP 희석 수익은 주당 0.26달러였습니다. 2025 회계연도 4분기에 대해 Semtech는 ±5.0백만 달러의 변동성을 고려해 순매출 2억 5,000만 달러를 예상하며, 비GAAP 총 이익률은 ±50bp로 52.8%로 예상하고 있습니다.
Semtech (SMTC) a rapporté de solides résultats pour le troisième trimestre de l'exercice 2025, avec des ventes nettes de 236,8 millions de dollars, en hausse de 10 % par rapport au trimestre précédent. L'entreprise a réalisé des ventes record dans les centres de données de 43,1 millions de dollars, ce qui représente une augmentation de 58 % par rapport au trimestre précédent. La marge brute GAAP a amélioré à 51,1 %, tandis que la marge brute non-GAAP a atteint 52,4 %. L'entreprise a rapporté une marge opérationnelle GAAP de 7,5 % et une marge opérationnelle non-GAAP de 18,3 %. Bien qu'elle ait affiché une perte diluée par action GAAP de 0,10 dollar, les bénéfices dilués non-GAAP étaient de 0,26 dollar par action. Pour le quatrième trimestre de l'exercice 2025, Semtech prévoit des ventes nettes de 250,0 millions de dollars ± 5,0 millions, avec une marge brute non-GAAP projetée de 52,8 % ± 50 points de base.
Semtech (SMTC) hat im dritten Quartal des Geschäftsjahres 2025 starke Ergebnisse gemeldet, mit Nettoverkäufen von 236,8 Millionen US-Dollar, was einem Anstieg von 10 % im Vergleich zum vorherigen Quartal entspricht. Das Unternehmen verzeichnete Rekordverkäufe in Rechenzentren von 43,1 Millionen US-Dollar, was einem sequenziellen Anstieg von 58 % entspricht. Die GAAP-Bruttomarge verbesserte sich auf 51,1 %, während die Nicht-GAAP-Bruttomarge 52,4 % erreichte. Das Unternehmen berichtete von einer GAAP-Betriebsgewinnmarge von 7,5 % und einer Nicht-GAAP-Betriebsgewinnmarge von 18,3 %. Trotz eines GAAP-diluted Verlusts pro Aktie von 0,10 US-Dollar lagen die nicht-GAAP-diluted Gewinne bei 0,26 US-Dollar pro Aktie. Für das vierte Quartal des Geschäftsjahres 2025 erwartet Semtech Nettoverkäufe von 250,0 Millionen US-Dollar ± 5,0 Millionen mit einer prognostizierten Nicht-GAAP-Bruttomarge von 52,8 % ± 50 Basispunkten.
- Net sales increased 10% sequentially to $236.8 million
- Record data center sales of $43.1 million, up 58% sequentially
- GAAP gross margin improved 210 basis points to 51.1%
- Non-GAAP operating margin increased 410 basis points to 18.3%
- Adjusted EBITDA margin improved 280 basis points to 21.6%
- Q4 guidance shows continued growth with projected sales of $250.0 million
- GAAP diluted loss per share of $0.10
- Net interest expense of $20.3 million
- Net loss attributable to common stockholders of $7.6 million
Insights
The Q3 FY25 results show strong sequential improvement across key metrics. Net sales reached
The Q4 guidance suggests continued momentum, projecting revenue of
The record data center performance signals Semtech's successful positioning in the AI infrastructure market. The
The improvement in gross margins (GAAP:
-
Net sales of
$236.8 million 10% sequentially -
Record data center net sales of
$43.1 million 58% sequentially -
GAAP gross margin of
51.1% , up 210 basis points sequentially and Non-GAAP gross margin of52.4% , up 200 basis points sequentially -
GAAP operating margin of
7.5% , up 390 basis points sequentially and Non-GAAP operating margin of18.3% , up 410 basis points sequentially -
GAAP diluted loss per share of
$0.10 $0.26 -
Adjusted EBITDA margin of
21.6% , up 280 basis points sequentially
"We are very pleased to report broad-based growth across each of our end markets, and particularly in data center, where we project AI-driven product demand to be a long-term and transformational growth engine for Semtech. Our results validate that our customers and target markets are moving toward us and highlight the effectiveness of our initiatives to drive market share gain and SAM expansion," said Hong Hou, Semtech's president and chief executive officer. "I believe we have achieved multi-generational roadmap alignment with customers and aspire to become the partner of choice for key technical and product solutions we provide."
"Our reported results and outlook demonstrate leverage in our operating model, targeting healthy net sales growth along with prudent spending," said Mark Lin, Semtech's executive vice president and chief financial officer. "We reported positive operating and free cash flows, and consistent with our previously stated capital allocation priority, we made principal prepayments on our credit facility in both the third and fourth quarters of this fiscal year."
Third Quarter of Fiscal Year 2025 Results
|
GAAP Financial Results |
|
Non-GAAP Financial Results |
||||||||||||||||||||
(in millions, except per share data) |
Q325 |
|
Q225 |
|
Q324 |
|
Q325 |
|
Q225 |
|
Q324 |
||||||||||||
Net sales |
$ |
236.8 |
|
|
$ |
215.4 |
|
|
$ |
200.9 |
|
|
$ |
236.8 |
|
|
$ |
215.4 |
|
|
$ |
200.9 |
|
Gross margin |
|
51.1 |
% |
|
|
49.0 |
% |
|
|
46.3 |
% |
|
|
52.4 |
% |
|
|
50.4 |
% |
|
|
51.3 |
% |
Operating expenses, net |
$ |
103.2 |
|
|
$ |
97.7 |
|
|
$ |
105.3 |
|
|
$ |
80.6 |
|
|
$ |
77.9 |
|
|
$ |
82.5 |
|
Operating income (loss) |
$ |
17.8 |
|
|
$ |
7.8 |
|
|
$ |
(12.4 |
) |
|
$ |
43.4 |
|
|
$ |
30.5 |
|
|
$ |
20.5 |
|
Operating margin |
|
7.5 |
% |
|
|
3.6 |
% |
|
|
(6.2 |
)% |
|
|
18.3 |
% |
|
|
14.2 |
% |
|
|
10.2 |
% |
Interest expense, net |
$ |
20.3 |
|
|
$ |
28.1 |
|
|
$ |
27.7 |
|
|
$ |
18.4 |
|
|
$ |
20.5 |
|
|
$ |
22.3 |
|
Net (loss) income attributable to common stockholders |
$ |
(7.6 |
) |
|
$ |
(170.3 |
) |
|
$ |
(38.3 |
) |
|
$ |
20.3 |
|
|
$ |
8.1 |
|
|
$ |
1.5 |
|
Diluted (loss) earnings per share |
$ |
(0.10 |
) |
|
$ |
(2.61 |
) |
|
$ |
(0.60 |
) |
|
$ |
0.26 |
|
|
$ |
0.11 |
|
|
$ |
0.02 |
|
Adjusted EBITDA |
|
|
|
|
|
|
$ |
51.1 |
|
|
$ |
40.5 |
|
|
$ |
28.1 |
|
||||||
Adjusted EBITDA margin |
|
|
|
|
|
|
|
21.6 |
% |
|
|
18.8 |
% |
|
|
14.0 |
% |
||||||
See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results.
Fourth Quarter of Fiscal Year 2025 Outlook
(in millions, except per share data) |
|
||||||
Net sales |
$ |
250.0 |
|
|
+/- |
|
|
Non-GAAP Financial Measures |
|
|
|
|
|
||
Gross margin |
|
52.8 |
% |
|
+/- |
|
50 bps |
Operating expenses, net |
$ |
82.8 |
|
|
+/- |
|
|
Operating income |
$ |
49.2 |
|
|
+/- |
|
|
Operating margin |
|
19.7 |
% |
|
+/- |
|
70 bps |
Interest expense, net |
$ |
19.0 |
|
|
|
|
|
Normalized tax rate |
|
15 |
% |
|
|
|
|
Diluted earnings per share |
$ |
0.32 |
|
|
+/- |
|
|
Adjusted EBITDA |
$ |
56.9 |
|
|
+/- |
|
|
Adjusted EBITDA margin |
|
22.8 |
% |
|
+/- |
|
70 bps |
|
|
|
|
|
|
||
Diluted share count |
|
80.0 |
|
|
|
|
|
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 third 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 13749931. 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 December 23, 2024 at the same website or by calling (877) 660-6853 and entering conference ID 13749931.
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, product development and engineering expense, SG&A expense, operating expenses, net, operating income or loss, operating margin, interest expense, net, net (loss) income attributable to common stockholders, 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
- 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
- Loss on extinguishment of debt
- Debt commitment fee
- Goodwill and intangible impairment
- Amortization of inventory step-up
In this release, the Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net (loss) income attributable to common stockholders 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 second and third quarters of fiscal year 2025 and the third quarter of fiscal year 2024.
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
To provide additional insight into the Company's fourth quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See "Fourth Quarter of Fiscal Year 2025 Outlook" above for further information.
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 fourth 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," "could," "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
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 and nine months ended October 27, 2024. Reported amounts may not foot precisely due to rounding.
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.
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 millions, except per share data) (unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Net sales |
$ |
236.8 |
|
|
$ |
215.4 |
|
|
$ |
200.9 |
|
Cost of sales |
|
113.6 |
|
|
|
107.6 |
|
|
|
97.9 |
|
Amortization of acquired technology |
|
2.3 |
|
|
|
2.3 |
|
|
|
10.0 |
|
Total cost of sales |
|
115.9 |
|
|
|
109.9 |
|
|
|
107.9 |
|
Gross profit |
|
121.0 |
|
|
|
105.5 |
|
|
|
93.0 |
|
Operating expenses, net: |
|
|
|
|
|
||||||
Product development and engineering |
|
42.6 |
|
|
|
40.1 |
|
|
|
46.9 |
|
Selling, general and administrative |
|
59.8 |
|
|
|
55.8 |
|
|
|
47.7 |
|
Intangible amortization |
|
0.1 |
|
|
|
0.3 |
|
|
|
4.9 |
|
Restructuring |
|
0.7 |
|
|
|
1.5 |
|
|
|
3.6 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Total operating expenses, net |
|
103.2 |
|
|
|
97.7 |
|
|
|
105.3 |
|
Operating income (loss) |
|
17.8 |
|
|
|
7.8 |
|
|
|
(12.4 |
) |
Interest expense |
|
(20.8 |
) |
|
|
(28.6 |
) |
|
|
(28.3 |
) |
Interest income |
|
0.5 |
|
|
|
0.4 |
|
|
|
0.6 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
(144.7 |
) |
|
|
— |
|
Non-operating (expense) income, net |
|
(1.1 |
) |
|
|
(1.0 |
) |
|
|
3.5 |
|
Investment impairments and credit loss reserves, net |
|
— |
|
|
|
— |
|
|
|
(2.0 |
) |
Loss before taxes |
|
(3.6 |
) |
|
|
(166.1 |
) |
|
|
(38.6 |
) |
Provision (benefit) for income taxes |
|
4.0 |
|
|
|
4.2 |
|
|
|
(0.3 |
) |
Net loss attributable to common stockholders |
$ |
(7.6 |
) |
|
$ |
(170.3 |
) |
|
$ |
(38.3 |
) |
|
|
|
|
|
|
||||||
Loss per share: |
|
|
|
|
|
||||||
Basic |
$ |
(0.10 |
) |
|
$ |
(2.61 |
) |
|
$ |
(0.60 |
) |
Diluted |
$ |
(0.10 |
) |
|
$ |
(2.61 |
) |
|
$ |
(0.60 |
) |
|
|
|
|
|
|
||||||
Weighted average number of shares used in computing loss per share: |
|
|
|
|
|
||||||
Basic |
|
75,319 |
|
|
|
65,281 |
|
|
|
64,216 |
|
Diluted |
|
75,319 |
|
|
|
65,281 |
|
|
|
64,216 |
|
SEMTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) |
|||||||
|
October 27,
|
|
January 28,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
136.5 |
|
|
$ |
128.6 |
|
Accounts receivable, net |
|
142.5 |
|
|
|
134.3 |
|
Inventories |
|
163.5 |
|
|
|
145.0 |
|
Prepaid taxes |
|
7.8 |
|
|
|
12.0 |
|
Other current assets |
|
107.6 |
|
|
|
114.3 |
|
Total current assets |
|
557.8 |
|
|
|
534.2 |
|
Non-current assets: |
|
|
|
||||
Property, plant and equipment, net |
|
133.2 |
|
|
|
153.6 |
|
Deferred tax assets |
|
18.7 |
|
|
|
18.0 |
|
Goodwill |
|
541.3 |
|
|
|
541.2 |
|
Other intangible assets, net |
|
36.8 |
|
|
|
35.6 |
|
Other assets |
|
91.2 |
|
|
|
91.1 |
|
Total assets |
$ |
1,379.0 |
|
|
$ |
1,373.7 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY (DEFICIT) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
63.9 |
|
|
$ |
45.1 |
|
Accrued liabilities |
|
171.6 |
|
|
|
172.1 |
|
Total current liabilities |
|
235.5 |
|
|
|
217.2 |
|
Non-current liabilities: |
|
|
|
||||
Deferred tax liabilities |
|
— |
|
|
|
0.8 |
|
Long-term debt |
|
1,190.3 |
|
|
|
1,371.0 |
|
Other long-term liabilities |
|
92.9 |
|
|
|
92.0 |
|
Stockholders’ deficit |
|
(139.7 |
) |
|
|
(307.4 |
) |
Noncontrolling interest |
|
— |
|
|
|
0.2 |
|
Total liabilities & equity (deficit) |
$ |
1,379.0 |
|
|
$ |
1,373.7 |
|
SEMTECH CORPORATION SUPPLEMENTAL CASH FLOW INFORMATION (in millions) (unaudited) |
|||||||||||
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Free cash flow: |
|
|
|
|
|
||||||
| Net cash provided by (used in) operating activities | $ |
29.6 |
|
|
$ |
(5.0 |
) |
|
$ |
(5.8 |
) |
Net capital expenditures |
|
(0.5 |
) |
|
|
(3.4 |
) |
|
|
(6.6 |
) |
Free cash flow |
$ |
29.1 |
|
|
$ |
(8.4 |
) |
|
$ |
(12.4 |
) |
| SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions, except per share data) (unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Gross margin (GAAP) |
|
51.1 |
% |
|
|
49.0 |
% |
|
|
46.3 |
% |
Share-based compensation |
|
0.3 |
% |
|
|
0.3 |
% |
|
|
0.3 |
% |
Amortization of acquired technology |
|
1.0 |
% |
|
|
1.1 |
% |
|
|
5.0 |
% |
Transaction and integration related costs, net |
|
— |
% |
|
|
— |
% |
|
|
(0.3 |
)% |
Adjusted gross margin (Non-GAAP) |
|
52.4 |
% |
|
|
50.4 |
% |
|
|
51.3 |
% |
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Product development and engineering (GAAP) |
$ |
42.6 |
|
|
$ |
40.1 |
|
|
$ |
46.9 |
|
Share-based compensation |
|
(3.8 |
) |
|
|
(3.4 |
) |
|
|
(3.0 |
) |
Transaction and integration related costs, net |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Adjusted product development and engineering (Non-GAAP) |
$ |
38.7 |
|
|
$ |
36.6 |
|
|
$ |
43.9 |
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Selling, general and administrative (GAAP) |
$ |
59.8 |
|
|
$ |
55.8 |
|
|
$ |
47.7 |
|
Share-based compensation |
|
(13.8 |
) |
|
|
(13.0 |
) |
|
|
(3.1 |
) |
Transaction and integration related costs, net |
|
(3.2 |
) |
|
|
(1.5 |
) |
|
|
(5.9 |
) |
Litigation costs, net |
|
(0.9 |
) |
|
|
(0.1 |
) |
|
|
— |
|
Adjusted selling, general and administrative (Non-GAAP) |
$ |
41.9 |
|
|
$ |
41.3 |
|
|
$ |
38.6 |
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Operating expenses, net (GAAP) |
$ |
103.2 |
|
|
$ |
97.7 |
|
|
$ |
105.3 |
|
Share-based compensation |
|
(17.6 |
) |
|
|
(16.4 |
) |
|
|
(6.0 |
) |
Intangible amortization |
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(4.9 |
) |
Transaction and integration related costs, net |
|
(3.2 |
) |
|
|
(1.5 |
) |
|
|
(6.0 |
) |
Restructuring and other reserves, net |
|
(0.7 |
) |
|
|
(1.5 |
) |
|
|
(3.6 |
) |
Litigation costs, net |
|
(0.9 |
) |
|
|
(0.1 |
) |
|
|
— |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
(2.3 |
) |
Adjusted operating expenses, net (Non-GAAP) |
$ |
80.6 |
|
|
$ |
77.9 |
|
|
$ |
82.5 |
|
| SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||
|
Q325 |
|
Q225 |
|
Q324 |
||||
Operating income (loss) (GAAP) |
$ |
17.8 |
|
$ |
7.8 |
|
$ |
(12.4 |
) |
Share-based compensation |
|
18.4 |
|
|
17.1 |
|
|
6.5 |
|
Intangible amortization |
|
2.4 |
|
|
2.6 |
|
|
14.9 |
|
Transaction and integration related costs, net |
|
3.2 |
|
|
1.5 |
|
|
5.5 |
|
Restructuring and other reserves, net |
|
0.7 |
|
|
1.5 |
|
|
3.6 |
|
Litigation costs, net |
|
0.9 |
|
|
0.1 |
|
|
— |
|
Goodwill impairment |
|
— |
|
|
— |
|
|
2.3 |
|
Adjusted operating income (Non-GAAP) |
$ |
43.4 |
|
$ |
30.5 |
|
$ |
20.5 |
|
|
Three Months Ended |
|||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
|||
|
Q325 |
|
Q225 |
|
Q324 |
|||
Operating margin (GAAP) |
7.5 |
% |
|
3.6 |
% |
|
(6.2 |
)% |
Share-based compensation |
7.8 |
% |
|
8.0 |
% |
|
3.3 |
% |
Intangible amortization |
1.0 |
% |
|
1.2 |
% |
|
7.4 |
% |
Transaction and integration related costs, net |
1.4 |
% |
|
0.7 |
% |
|
2.8 |
% |
Restructuring and other reserves, net |
0.3 |
% |
|
0.7 |
% |
|
1.8 |
% |
Litigation costs, net |
0.3 |
% |
|
— |
% |
|
— |
% |
Goodwill impairment |
— |
% |
|
— |
% |
|
1.1 |
% |
Adjusted operating margin (Non-GAAP) |
18.3 |
% |
|
14.2 |
% |
|
10.2 |
% |
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
Interest expense, net (GAAP) |
$ |
20.3 |
|
|
$ |
28.1 |
|
|
$ |
27.7 |
|
Amortization of deferred financing costs |
|
(2.1 |
) |
|
|
(2.4 |
) |
|
|
(1.8 |
) |
Write-off of deferred financing costs |
|
— |
|
|
|
(5.5 |
) |
|
|
(3.7 |
) |
Investment income |
|
0.2 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Adjusted interest expense, net (Non-GAAP) |
$ |
18.4 |
|
|
$ |
20.5 |
|
|
$ |
22.3 |
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||
|
Q325 |
|
Q225 |
|
Q324 |
||||
Loss on extinguishment of debt (GAAP) |
$ |
— |
|
$ |
144.7 |
|
|
$ |
— |
Loss on extinguishment of debt |
|
— |
|
|
(144.7 |
) |
|
|
— |
Adjusted loss on extinguishment of debt (Non-GAAP) |
$ |
— |
|
$ |
— |
|
|
$ |
— |
| SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
GAAP net loss attributable to common stockholders |
$ |
(7.6 |
) |
|
$ |
(170.3 |
) |
|
$ |
(38.3 |
) |
Adjustments to GAAP net loss attributable to common stockholders: |
|
|
|
|
|
||||||
Share-based compensation |
|
18.4 |
|
|
|
17.1 |
|
|
|
6.5 |
|
Intangible amortization |
|
2.4 |
|
|
|
2.6 |
|
|
|
14.9 |
|
Transaction and integration related costs, net |
|
3.2 |
|
|
|
2.0 |
|
|
|
5.5 |
|
Restructuring and other reserves, net |
|
0.7 |
|
|
|
1.5 |
|
|
|
3.6 |
|
Litigation costs, net |
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
Investment (gains) losses, reserves and impairments, net |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
1.9 |
|
Amortization of deferred financing costs |
|
2.1 |
|
|
|
2.4 |
|
|
|
1.8 |
|
Write-off of deferred financing costs |
|
— |
|
|
|
5.5 |
|
|
|
3.7 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
144.7 |
|
|
|
— |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Total Non-GAAP adjustments before taxes |
|
27.5 |
|
|
|
175.6 |
|
|
|
40.2 |
|
Associated tax effect |
|
0.4 |
|
|
|
2.8 |
|
|
|
(0.5 |
) |
Total of supplemental information, net of taxes |
|
27.9 |
|
|
|
178.4 |
|
|
|
39.7 |
|
Non-GAAP net income attributable to common stockholders |
$ |
20.3 |
|
|
$ |
8.1 |
|
|
$ |
1.5 |
|
|
|
|
|
|
|
||||||
GAAP diluted loss per share |
$ |
(0.10 |
) |
|
$ |
(2.61 |
) |
|
$ |
(0.60 |
) |
Adjustments per above |
|
0.36 |
|
|
|
2.72 |
|
|
|
0.62 |
|
Non-GAAP diluted earnings per share |
$ |
0.26 |
|
|
$ |
0.11 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
||||||
Weighted-average number of shares used in computing diluted (loss) earnings per share: |
|
|
|
|
|
||||||
GAAP |
|
75,319 |
|
|
|
65,281 |
|
|
|
64,216 |
|
Non-GAAP |
|
78,581 |
|
|
|
71,787 |
|
|
|
64,304 |
|
| SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
October 27,
|
|
July 28,
|
|
October 29,
|
||||||
|
Q325 |
|
Q225 |
|
Q324 |
||||||
GAAP net loss attributable to common stockholders |
$ |
(7.6 |
) |
|
$ |
(170.3 |
) |
|
$ |
(38.3 |
) |
Interest expense |
|
20.8 |
|
|
|
28.6 |
|
|
|
28.3 |
|
Interest income |
|
(0.5 |
) |
|
|
(0.4 |
) |
|
|
(0.6 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
144.7 |
|
|
|
— |
|
Non-operating expense (income), net |
|
1.1 |
|
|
|
1.0 |
|
|
|
(3.5 |
) |
Investment impairments and credit loss reserves, net |
|
— |
|
|
|
— |
|
|
|
2.0 |
|
Provision (benefit) for income taxes |
|
4.0 |
|
|
|
4.2 |
|
|
|
(0.3 |
) |
Share-based compensation |
|
18.4 |
|
|
|
17.1 |
|
|
|
6.5 |
|
Depreciation and amortization |
|
10.1 |
|
|
|
12.6 |
|
|
|
22.5 |
|
Transaction and integration related costs, net |
|
3.2 |
|
|
|
1.5 |
|
|
|
5.5 |
|
Restructuring and other reserves, net |
|
0.7 |
|
|
|
1.5 |
|
|
|
3.6 |
|
Litigation costs, net |
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
2.3 |
|
Adjusted EBITDA |
$ |
51.1 |
|
|
$ |
40.5 |
|
|
$ |
28.1 |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA margin |
|
21.6 |
% |
|
|
18.8 |
% |
|
|
14.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241122904051/en/
Sara Kesten
Semtech Corporation
(805) 480-2004
webir@semtech.com
Source: Semtech Corporation
FAQ
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