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 |
|
Nine Months Ended |
||||||||||||||||
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
Net sales |
$ |
200,899 |
|
|
$ |
238,372 |
|
|
$ |
177,618 |
|
|
$ |
675,810 |
|
|
$ |
589,021 |
|
Cost of sales |
|
97,925 |
|
|
|
127,071 |
|
|
|
62,049 |
|
|
|
347,734 |
|
|
|
207,380 |
|
Amortization of acquired technology |
|
10,008 |
|
|
|
10,573 |
|
|
|
1,000 |
|
|
|
31,436 |
|
|
|
3,096 |
|
| Total cost of sales |
|
107,933 |
|
|
|
137,644 |
|
|
|
63,049 |
|
|
|
379,170 |
|
|
|
210,476 |
|
| Gross profit |
|
92,966 |
|
|
|
100,728 |
|
|
|
114,569 |
|
|
|
296,640 |
|
|
|
378,545 |
|
| Operating costs and expenses, net: |
|
|
|
|
|
|
|
|
|
||||||||||
| Selling, general and administrative |
|
47,663 |
|
|
|
59,579 |
|
|
|
40,227 |
|
|
|
165,022 |
|
|
|
131,710 |
|
| Product development and engineering |
|
46,911 |
|
|
|
47,433 |
|
|
|
35,056 |
|
|
|
144,945 |
|
|
|
114,446 |
|
| Intangible amortization |
|
4,853 |
|
|
|
4,871 |
|
|
|
— |
|
|
|
14,606 |
|
|
|
— |
|
| Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(327 |
) |
|
|
— |
|
|
|
(18,313 |
) |
| Restructuring |
|
3,646 |
|
|
|
9,399 |
|
|
|
2,244 |
|
|
|
14,608 |
|
|
|
2,244 |
|
| Goodwill impairment |
|
2,266 |
|
|
|
279,555 |
|
|
|
— |
|
|
|
281,821 |
|
|
|
— |
|
| Total operating costs and expenses, net |
|
105,339 |
|
|
|
400,837 |
|
|
|
77,200 |
|
|
|
621,002 |
|
|
|
230,087 |
|
| Operating (loss) income |
|
(12,373 |
) |
|
|
(300,109 |
) |
|
|
37,369 |
|
|
|
(324,362 |
) |
|
|
148,458 |
|
| Interest expense |
|
(28,305 |
) |
|
|
(24,171 |
) |
|
|
(9,009 |
) |
|
|
(72,986 |
) |
|
|
(11,465 |
) |
| Interest income |
|
574 |
|
|
|
674 |
|
|
|
839 |
|
|
|
2,317 |
|
|
|
1,758 |
|
| Non-operating income (expense), net |
|
3,542 |
|
|
|
(1,566 |
) |
|
|
(64 |
) |
|
|
1,503 |
|
|
|
(596 |
) |
| Investment impairments and credit loss reserves, net |
|
(1,990 |
) |
|
|
(227 |
) |
|
|
(29 |
) |
|
|
(2,250 |
) |
|
|
376 |
|
| (Loss) income before taxes and equity method (loss) income |
|
(38,552 |
) |
|
|
(325,399 |
) |
|
|
29,106 |
|
|
|
(395,778 |
) |
|
|
138,531 |
|
| (Benefit) provision for income taxes |
|
(311 |
) |
|
|
56,592 |
|
|
|
6,327 |
|
|
|
53,864 |
|
|
|
26,415 |
|
| Net (loss) income before equity method (loss) income |
|
(38,241 |
) |
|
|
(381,991 |
) |
|
|
22,779 |
|
|
|
(449,642 |
) |
|
|
112,116 |
|
| Equity method (loss) income |
|
(11 |
) |
|
|
(12 |
) |
|
|
(36 |
) |
|
|
(30 |
) |
|
|
271 |
|
| Net (loss) income |
|
(38,252 |
) |
|
|
(382,003 |
) |
|
|
22,743 |
|
|
|
(449,672 |
) |
|
|
112,387 |
|
| Net loss attributable to noncontrolling interest |
|
(2 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
| Net (loss) income attributable to common stockholders |
$ |
(38,250 |
) |
|
$ |
(382,002 |
) |
|
$ |
22,746 |
|
|
$ |
(449,667 |
) |
|
$ |
112,393 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| (Loss) earnings per share: |
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
$ |
(0.60 |
) |
|
$ |
(5.97 |
) |
|
$ |
0.36 |
|
|
$ |
(7.02 |
) |
|
$ |
1.76 |
|
| Diluted |
$ |
(0.60 |
) |
|
$ |
(5.97 |
) |
|
$ |
0.36 |
|
|
$ |
(7.02 |
) |
|
$ |
1.76 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Weighted average number of shares used in computing (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
64,216 |
|
|
|
64,005 |
|
|
|
63,764 |
|
|
|
64,048 |
|
|
|
63,738 |
|
| Diluted |
|
64,216 |
|
|
|
64,005 |
|
|
|
63,855 |
|
|
|
64,048 |
|
|
|
64,040 |
|
| SEMTECH CORPORATION |
|||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
| (in thousands) |
|||||
| (unaudited) |
|||||
|
|
October 29, 2023 |
|
January 29, 2023 |
||
| ASSETS |
|
|
|
||
| Current assets: |
|
|
|
||
| Cash and cash equivalents |
$ |
123,820 |
|
$ |
235,510 |
| Accounts receivable, net |
|
156,613 |
|
|
161,695 |
| Inventories |
|
160,586 |
|
|
207,704 |
| Prepaid taxes |
|
10,193 |
|
|
6,243 |
| Other current assets |
|
121,192 |
|
|
111,634 |
| Total current assets |
|
572,404 |
|
|
722,786 |
| Non-current assets: |
|
|
|
||
| Property, plant and equipment, net |
|
158,834 |
|
|
169,293 |
| Deferred tax assets |
|
13,597 |
|
|
63,783 |
| Goodwill |
|
1,013,679 |
|
|
1,281,703 |
| Other intangible assets, net |
|
168,230 |
|
|
215,102 |
| Other assets |
|
111,385 |
|
|
116,961 |
| Total assets |
$ |
2,038,129 |
|
$ |
2,569,628 |
|
|
|
|
|
||
| LIABILITIES AND EQUITY |
|
|
|
||
| Current liabilities: |
|
|
|
||
| Accounts payable |
$ |
55,008 |
|
$ |
100,676 |
| Accrued liabilities |
|
183,989 |
|
|
253,075 |
| Current portion of long-term debt |
|
— |
|
|
43,104 |
| Total current liabilities |
|
238,997 |
|
|
396,855 |
| Non-current liabilities: |
|
|
|
||
| Deferred tax liabilities |
|
4,526 |
|
|
5,065 |
| Long-term debt |
|
1,373,618 |
|
|
1,296,966 |
| Other long-term liabilities |
|
86,549 |
|
|
114,707 |
| Stockholders’ equity |
|
334,261 |
|
|
755,852 |
| Noncontrolling interest |
|
178 |
|
|
183 |
| Total liabilities & equity |
$ |
2,038,129 |
|
$ |
2,569,628 |
| SEMTECH CORPORATION |
|||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION |
|||||||||||
| (in thousands) |
|||||||||||
| (unaudited) |
|||||||||||
|
|
|
|
Nine Months Ended |
||||||||
|
|
|
|
October 29,
|
|
October 30,
|
||||||
| Net (loss) income |
|
|
$ |
(449,672 |
) |
|
$ |
112,387 |
|
||
|
|
|
|
|
|
|
||||||
| Net cash (used in) provided by operating activities |
|
|
|
(107,839 |
) |
|
|
145,510 |
|
||
| Net cash used in investing activities |
|
|
|
(26,266 |
) |
|
|
(761 |
) |
||
| Net cash provided by financing activities |
|
|
|
24,337 |
|
|
|
193,451 |
|
||
| Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
|
(1,922 |
) |
|
|
— |
|
||
| Net (decrease) increase in cash and cash equivalents |
|
|
|
(111,690 |
) |
|
|
338,200 |
|
||
| Cash and cash equivalents at beginning of period |
|
|
|
235,510 |
|
|
|
279,601 |
|
||
| Cash and cash equivalents at end of period |
|
|
$ |
123,820 |
|
|
$ |
617,801 |
|
||
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
||||||
| Free cash flow: |
|
|
|
|
|
||||||
| Cash flow from operations |
$ |
(5,847 |
) |
|
$ |
(12,005 |
) |
|
$ |
18,181 |
|
| Net capital expenditures |
|
(6,576 |
) |
|
|
(6,920 |
) |
|
|
(7,060 |
) |
| Free cash flow |
$ |
(12,423 |
) |
|
$ |
(18,925 |
) |
|
$ |
11,121 |
|
|
|
|
|
Three Months Ended |
|
|
||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
||||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
||||||||||||
| Net sales by reportable segment: |
|
|
|
|
|
|
|
|
|
|
|
||||||
| Signal Integrity |
$ |
48,737 |
|
24 |
% |
|
$ |
46,507 |
|
20 |
% |
|
$ |
76,705 |
|
43 |
% |
| Advanced Protection and Sensing |
|
50,569 |
|
25 |
% |
|
|
48,521 |
|
20 |
% |
|
|
51,225 |
|
29 |
% |
| IoT Systems |
|
77,373 |
|
39 |
% |
|
|
119,455 |
|
50 |
% |
|
|
49,688 |
|
28 |
% |
| IoT Connected Services |
|
24,220 |
|
12 |
% |
|
|
23,889 |
|
10 |
% |
|
|
— |
|
— |
% |
| Total net sales by reportable segment |
$ |
200,899 |
|
100 |
% |
|
$ |
238,372 |
|
100 |
% |
|
$ |
177,618 |
|
100 |
% |
|
|
Three Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
||||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
||||||||||||
| Net sales by end market: |
|
|
|
|
|
|
|
|
|
|
|
||||||
| Infrastructure |
$ |
43,191 |
|
21 |
% |
|
$ |
42,369 |
|
18 |
% |
|
$ |
70,475 |
|
39 |
% |
| High-End Consumer |
|
37,553 |
|
19 |
% |
|
|
34,016 |
|
14 |
% |
|
|
34,662 |
|
20 |
% |
| Industrial |
|
120,155 |
|
60 |
% |
|
|
161,987 |
|
68 |
% |
|
|
72,481 |
|
41 |
% |
| Total net sales by end market |
$ |
200,899 |
|
100 |
% |
|
$ |
238,372 |
|
100 |
% |
|
$ |
177,618 |
|
100 |
% |
| SEMTECH CORPORATION |
|||||||||||||||||||
| SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
|||||||||||||||||||
| (in thousands, except per share data) |
|||||||||||||||||||
| (unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Gross margin (GAAP) |
|
46.3 |
% |
|
|
42.3 |
% |
|
|
64.5 |
% |
|
|
43.9 |
% |
|
|
64.3 |
% |
| Share-based compensation |
|
0.3 |
% |
|
|
0.2 |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
0.4 |
% |
| Amortization of acquired technology |
|
5.0 |
% |
|
|
4.4 |
% |
|
|
0.5 |
% |
|
|
4.7 |
% |
|
|
0.5 |
% |
| Transaction and integration related costs, net |
|
(0.3 |
)% |
|
|
1.1 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
— |
% |
| Restructuring and other reserves, net |
|
— |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
— |
% |
| Amortization of inventory step-up |
|
— |
% |
|
|
1.4 |
% |
|
|
— |
% |
|
|
0.5 |
% |
|
|
— |
% |
| Adjusted gross margin (Non-GAAP) |
|
51.3 |
% |
|
|
49.6 |
% |
|
|
65.5 |
% |
|
|
49.7 |
% |
|
|
65.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Selling, general and administrative (GAAP) |
$ |
47,663 |
|
|
$ |
59,579 |
|
|
$ |
40,227 |
|
|
$ |
165,022 |
|
|
$ |
131,710 |
|
| Share-based compensation |
|
(3,059 |
) |
|
|
(9,409 |
) |
|
|
1,028 |
|
|
|
(16,970 |
) |
|
|
(13,692 |
) |
| Transaction and integration related costs, net |
|
(5,936 |
) |
|
|
(7,271 |
) |
|
|
(4,902 |
) |
|
|
(20,275 |
) |
|
|
(9,528 |
) |
| Environmental reserve |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
| Litigation costs, net |
|
(25 |
) |
|
|
(132 |
) |
|
|
97 |
|
|
|
(183 |
) |
|
|
(99 |
) |
| Adjusted selling, general and administrative (Non-GAAP) |
$ |
38,643 |
|
|
$ |
42,767 |
|
|
$ |
36,450 |
|
|
$ |
127,594 |
|
|
$ |
107,891 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Product development and engineering (GAAP) |
$ |
46,911 |
|
|
$ |
47,433 |
|
|
$ |
35,056 |
|
|
$ |
144,945 |
|
|
$ |
114,446 |
|
| Share-based compensation |
|
(2,972 |
) |
|
|
(3,465 |
) |
|
|
(3,480 |
) |
|
|
(9,976 |
) |
|
|
(11,518 |
) |
| Transaction and integration related costs, net |
|
(66 |
) |
|
|
(1,016 |
) |
|
|
— |
|
|
|
(1,616 |
) |
|
|
— |
|
| Adjusted product development and engineering (Non-GAAP) |
$ |
43,873 |
|
|
$ |
42,952 |
|
|
$ |
31,576 |
|
|
$ |
133,353 |
|
|
$ |
102,928 |
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Operating cost and expense (GAAP) |
$ |
105,339 |
|
|
$ |
400,837 |
|
|
$ |
77,200 |
|
|
$ |
621,002 |
|
|
$ |
230,087 |
|
| Share-based compensation |
|
(6,031 |
) |
|
|
(12,874 |
) |
|
|
(2,452 |
) |
|
|
(26,946 |
) |
|
|
(25,210 |
) |
| Intangible amortization |
|
(4,853 |
) |
|
|
(4,871 |
) |
|
|
— |
|
|
|
(14,606 |
) |
|
|
— |
|
| Transaction and integration related costs, net |
|
(6,002 |
) |
|
|
(8,287 |
) |
|
|
(4,902 |
) |
|
|
(21,891 |
) |
|
|
(9,528 |
) |
| Restructuring and other reserves |
|
(3,646 |
) |
|
|
(9,399 |
) |
|
|
(2,244 |
) |
|
|
(14,608 |
) |
|
|
(2,744 |
) |
| Litigation costs, net |
|
(25 |
) |
|
|
(132 |
) |
|
|
97 |
|
|
|
(183 |
) |
|
|
99 |
|
| Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
327 |
|
|
|
— |
|
|
|
18,313 |
|
| Goodwill Impairment |
|
(2,266 |
) |
|
|
(279,555 |
) |
|
|
— |
|
|
|
(281,821 |
) |
|
|
— |
|
| Adjusted operating cost and expense (Non-GAAP) |
$ |
82,516 |
|
|
$ |
85,719 |
|
|
$ |
68,026 |
|
|
$ |
260,947 |
|
|
$ |
211,017 |
|
| SEMTECH CORPORATION |
|||||||||||||||||||
| SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) |
|||||||||||||||||||
| (in thousands, except per share data) |
|||||||||||||||||||
| (unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Operating (loss) income (GAAP) |
$ |
(12,373 |
) |
|
$ |
(300,109 |
) |
|
$ |
37,369 |
|
|
$ |
(324,362 |
) |
|
$ |
148,458 |
|
| Share-based compensation |
|
6,538 |
|
|
|
13,399 |
|
|
|
3,085 |
|
|
|
28,341 |
|
|
|
27,228 |
|
| Intangible amortization |
|
14,861 |
|
|
|
15,444 |
|
|
|
1,000 |
|
|
|
46,042 |
|
|
|
3,096 |
|
| Transaction and integration related costs, net |
|
5,507 |
|
|
|
10,952 |
|
|
|
4,902 |
|
|
|
24,110 |
|
|
|
9,528 |
|
| Restructuring and other reserves, net |
|
3,646 |
|
|
|
9,761 |
|
|
|
2,372 |
|
|
|
15,467 |
|
|
|
2,872 |
|
| Litigation costs, net |
|
25 |
|
|
|
132 |
|
|
|
(97 |
) |
|
|
183 |
|
|
|
99 |
|
| Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(327 |
) |
|
|
— |
|
|
|
(18,313 |
) |
| Goodwill impairment |
|
2,266 |
|
|
|
279,555 |
|
|
|
— |
|
|
|
281,821 |
|
|
|
— |
|
| Amortization of inventory step-up |
|
— |
|
|
|
3,314 |
|
|
|
— |
|
|
|
3,314 |
|
|
|
— |
|
| Adjusted operating income (Non-GAAP) |
$ |
20,470 |
|
|
$ |
32,448 |
|
|
$ |
48,304 |
|
|
$ |
74,916 |
|
|
$ |
172,968 |
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Operating margin (GAAP) |
(6.2 |
)% |
|
(125.9 |
)% |
|
21.0 |
% |
|
(48.0 |
)% |
|
25.2 |
% |
|||||
| Share-based compensation |
|
3.3 |
% |
|
|
5.6 |
% |
|
|
1.8 |
% |
|
|
4.2 |
% |
|
|
4.7 |
% |
| Intangible amortization |
|
7.4 |
% |
|
|
6.5 |
% |
|
|
0.6 |
% |
|
|
6.8 |
% |
|
|
0.5 |
% |
| Transaction and integration related costs, net |
|
2.8 |
% |
|
|
4.6 |
% |
|
|
2.8 |
% |
|
|
3.6 |
% |
|
|
1.6 |
% |
| Restructuring and other reserves, net |
|
1.8 |
% |
|
|
4.1 |
% |
|
|
1.3 |
% |
|
|
2.3 |
% |
|
|
0.5 |
% |
| Litigation costs, net |
|
— |
% |
|
|
0.1 |
% |
|
|
(0.1 |
)% |
|
|
— |
% |
|
|
— |
% |
| Gain on sale of business |
|
— |
% |
|
|
— |
% |
|
|
(0.2 |
)% |
|
|
— |
% |
|
|
(3.1 |
)% |
| Goodwill impairment |
|
1.1 |
% |
|
|
117.2 |
% |
|
|
— |
% |
|
|
41.7 |
% |
|
|
— |
% |
| Amortization of inventory step-up |
|
— |
% |
|
|
1.4 |
% |
|
|
— |
% |
|
|
0.5 |
% |
|
|
— |
% |
| Adjusted operating margin (Non-GAAP) |
|
10.2 |
% |
|
|
13.6 |
% |
|
|
27.2 |
% |
|
|
11.1 |
% |
|
|
29.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| Interest expense, net (GAAP) |
$ |
27,731 |
|
|
$ |
23,497 |
|
|
$ |
8,170 |
|
|
$ |
70,669 |
|
|
$ |
9,707 |
|
| Amortization of deferred financing costs |
|
(1,837 |
) |
|
|
(1,689 |
) |
|
|
(279 |
) |
|
|
(4,940 |
) |
|
|
(520 |
) |
| Write-off of deferred financing costs |
|
(3,675 |
) |
|
|
(771 |
) |
|
|
— |
|
|
|
(4,446 |
) |
|
|
— |
|
| Debt commitment fee |
|
— |
|
|
|
— |
|
|
|
(7,255 |
) |
|
|
— |
|
|
|
(7,255 |
) |
| Investment income |
|
103 |
|
|
|
178 |
|
|
|
335 |
|
|
|
631 |
|
|
|
1,055 |
|
| Adjusted interest expense, net (Non-GAAP) |
$ |
22,322 |
|
|
$ |
21,215 |
|
|
$ |
971 |
|
|
$ |
61,914 |
|
|
$ |
2,987 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| SEMTECH CORPORATION |
|||||||||||||||||||
| SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) |
|||||||||||||||||||
| (in thousands, except per share data) |
|||||||||||||||||||
| (unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| GAAP net (loss) income attributable to common stockholders |
$ |
(38,250 |
) |
|
$ |
(382,002 |
) |
|
$ |
22,746 |
|
|
$ |
(449,667 |
) |
|
$ |
112,393 |
|
| Adjustments to GAAP net (loss) income attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
||||||||||
| Share-based compensation |
|
6,538 |
|
|
|
13,399 |
|
|
|
3,085 |
|
|
|
28,341 |
|
|
|
27,228 |
|
| Intangible amortization |
|
14,861 |
|
|
|
15,444 |
|
|
|
1,000 |
|
|
|
46,042 |
|
|
|
3,096 |
|
| Transaction and integration related costs, net |
|
5,507 |
|
|
|
10,952 |
|
|
|
4,902 |
|
|
|
24,110 |
|
|
|
9,528 |
|
| Restructuring and other reserves, net |
|
3,646 |
|
|
|
9,761 |
|
|
|
2,372 |
|
|
|
15,467 |
|
|
|
2,872 |
|
| Litigation costs, net |
|
25 |
|
|
|
132 |
|
|
|
(97 |
) |
|
|
183 |
|
|
|
99 |
|
| Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(327 |
) |
|
|
— |
|
|
|
(18,313 |
) |
| Investment losses (gains), reserves and impairments, net |
|
1,887 |
|
|
|
49 |
|
|
|
(306 |
) |
|
|
1,619 |
|
|
|
(1,431 |
) |
| Amortization of deferred financing costs |
|
1,837 |
|
|
|
1,689 |
|
|
|
279 |
|
|
|
4,940 |
|
|
|
520 |
|
| Write-off of deferred financing costs |
|
3,675 |
|
|
|
771 |
|
|
|
— |
|
|
|
4,446 |
|
|
|
— |
|
| Debt commitment fee |
|
— |
|
|
|
— |
|
|
|
7,255 |
|
|
|
— |
|
|
|
7,255 |
|
| Goodwill impairment |
|
2,266 |
|
|
|
279,555 |
|
|
|
— |
|
|
|
281,821 |
|
|
|
— |
|
| Amortization of inventory step-up |
|
— |
|
|
|
3,314 |
|
|
|
— |
|
|
|
3,314 |
|
|
|
— |
|
| Total Non-GAAP adjustments before taxes |
|
40,242 |
|
|
|
335,066 |
|
|
|
18,163 |
|
|
|
410,283 |
|
|
|
30,854 |
|
| Associated tax effect |
|
(514 |
) |
|
|
55,432 |
|
|
|
655 |
|
|
|
52,123 |
|
|
|
6,089 |
|
| Equity method loss (income) |
|
11 |
|
|
|
12 |
|
|
|
36 |
|
|
|
30 |
|
|
|
(271 |
) |
| Total of supplemental information, net of taxes |
|
39,739 |
|
|
|
390,510 |
|
|
|
18,854 |
|
|
|
462,436 |
|
|
|
36,672 |
|
| Non-GAAP net income attributable to common stockholders |
$ |
1,489 |
|
|
$ |
8,508 |
|
|
$ |
41,600 |
|
|
$ |
12,769 |
|
|
$ |
149,065 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| GAAP diluted (loss) earnings per share |
$ |
(0.60 |
) |
|
$ |
(5.97 |
) |
|
$ |
0.36 |
|
|
$ |
(7.02 |
) |
|
$ |
1.76 |
|
| Adjustments per above |
|
0.62 |
|
|
|
6.10 |
|
|
|
0.29 |
|
|
|
7.22 |
|
|
|
0.57 |
|
| Non-GAAP diluted earnings per share |
$ |
0.02 |
|
|
$ |
0.13 |
|
|
$ |
0.65 |
|
|
$ |
0.20 |
|
|
$ |
2.33 |
|
| Weighted-average number of shares used in computing diluted (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
||||||||||
| GAAP |
|
64,216 |
|
|
|
64,005 |
|
|
|
63,855 |
|
|
|
64,048 |
|
|
|
64,040 |
|
| Non-GAAP |
|
64,304 |
|
|
|
64,104 |
|
|
|
63,855 |
|
|
|
64,135 |
|
|
|
64,040 |
|
| SEMTECH CORPORATION |
|||||||||||||||||||
| SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) |
|||||||||||||||||||
| (in thousands, except per share data) |
|||||||||||||||||||
| (unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
October 29,
|
|
July 30,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||||
|
|
Q324 |
|
Q224 |
|
Q323 |
|
Q324 |
|
Q323 |
||||||||||
| GAAP net (loss) income attributable to common stockholders |
$ |
(38,250 |
) |
|
$ |
(382,002 |
) |
|
$ |
22,746 |
|
|
$ |
(449,667 |
) |
|
$ |
112,393 |
|
| Interest expense |
|
28,305 |
|
|
|
24,171 |
|
|
|
9,009 |
|
|
|
72,986 |
|
|
|
11,465 |
|
| Interest income |
|
(574 |
) |
|
|
(674 |
) |
|
|
(839 |
) |
|
|
(2,317 |
) |
|
|
(1,758 |
) |
| Non-operating (expense) income, net |
|
(3,542 |
) |
|
|
1,566 |
|
|
|
64 |
|
|
|
(1,503 |
) |
|
|
596 |
|
| Investment impairments and credit loss reserves, net |
|
1,990 |
|
|
|
227 |
|
|
|
29 |
|
|
|
2,250 |
|
|
|
(376 |
) |
| Provision (benefit) for income taxes |
|
(311 |
) |
|
|
56,592 |
|
|
|
6,327 |
|
|
|
53,864 |
|
|
|
26,415 |
|
| Equity in net gains (losses) of equity method investments |
|
11 |
|
|
|
12 |
|
|
|
36 |
|
|
|
30 |
|
|
|
(271 |
) |
| Net loss attributable to noncontrolling interest |
|
(2 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
| Share-based compensation |
|
6,538 |
|
|
|
13,399 |
|
|
|
3,085 |
|
|
|
28,341 |
|
|
|
27,228 |
|
| Depreciation and amortization |
|
22,539 |
|
|
|
22,042 |
|
|
|
7,323 |
|
|
|
69,104 |
|
|
|
22,321 |
|
| Transaction and integration related costs, net |
|
5,507 |
|
|
|
10,952 |
|
|
|
4,902 |
|
|
|
24,110 |
|
|
|
9,528 |
|
| Restructuring and other reserves, net |
|
3,646 |
|
|
|
9,761 |
|
|
|
2,372 |
|
|
|
15,467 |
|
|
|
2,872 |
|
| Litigation costs, net |
|
25 |
|
|
|
132 |
|
|
|
(97 |
) |
|
|
183 |
|
|
|
99 |
|
| Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(327 |
) |
|
|
— |
|
|
|
(18,313 |
) |
| Goodwill impairment |
|
2,266 |
|
|
|
279,555 |
|
|
|
— |
|
|
|
281,821 |
|
|
|
— |
|
| Amortization of inventory step-up |
|
— |
|
|
|
3,314 |
|
|
|
— |
|
|
|
3,314 |
|
|
|
— |
|
| Adjusted EBITDA |
$ |
28,148 |
|
|
$ |
39,046 |
|
|
$ |
54,627 |
|
|
$ |
97,978 |
|
|
$ |
192,193 |
|
