- Net sales of $215.4 million, up 4% sequentially
- GAAP gross margin of 49.0%, up 70 basis points sequentially and Non-GAAP gross margin of 50.4%, up 60 basis points sequentially
- GAAP operating margin of 3.6%, up 210 basis points sequentially and Non-GAAP operating margin of 14.2%, up 200 basis points sequentially
- GAAP diluted loss per share of $2.61 and Non-GAAP diluted earnings per share of $0.11
- Adjusted EBITDA margin of 18.8%, up 270 basis points sequentially
CAMARILLO, Calif. — (BUSINESS WIRE) — August 27, 2024 — Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today reported unaudited financial results for its second quarter of fiscal year 2025, which ended July 28, 2024.
"Semtech continues to execute on an established strategy to grow our business, as demonstrated by solid second quarter financial performance and a favorable outlook for our third quarter that forecasts acceleration of this growth," said Hong Hou, Semtech's president and chief executive officer. "We are well-positioned to capture significant future market opportunities through a disciplined growth-focused approach."
"I am pleased to report gross, operating and adjusted EBITDA margin each improved sequentially and year-over-year in our second quarter," said Mark Lin, Semtech's executive vice president and chief financial officer. "Continued improvements in these metrics, along with net sales growth in our third quarter outlook, demonstrate our commitment to prudent cost control while continuing to grow the business."
Second Quarter of Fiscal Year 2025 Results
|
GAAP Financial Results |
|
Non-GAAP Financial Results |
||||||||||||||||||||
(in millions, except per share data) |
Q225 |
|
Q125 |
|
Q224 |
|
Q225 |
|
Q125 |
|
Q224 |
||||||||||||
Net sales |
$ |
215.4 |
|
|
$ |
206.1 |
|
|
$ |
238.4 |
|
|
$ |
215.4 |
|
|
$ |
206.1 |
|
|
$ |
238.4 |
|
Gross margin |
|
49.0 |
% |
|
|
48.3 |
% |
|
|
42.3 |
% |
|
|
50.4 |
% |
|
|
49.8 |
% |
|
|
49.6 |
% |
Operating expenses, net |
$ |
97.7 |
|
|
$ |
96.4 |
|
|
$ |
400.8 |
|
|
$ |
77.9 |
|
|
$ |
77.4 |
|
|
$ |
85.7 |
|
| Operating income (loss) |
$ |
7.8 |
|
|
$ |
3.1 |
|
|
$ |
(300.1 |
) |
|
$ |
30.5 |
|
|
$ |
25.2 |
|
|
$ |
32.4 |
|
| Operating margin |
|
3.6 |
% |
|
|
1.5 |
% |
|
|
(125.9 |
)% |
|
|
14.2 |
% |
|
|
12.2 |
% |
|
|
13.6 |
% |
| Interest expense, net |
$ |
28.1 |
|
|
$ |
22.7 |
|
|
$ |
23.5 |
|
|
$ |
20.5 |
|
|
$ |
20.5 |
|
|
$ |
21.2 |
|
| Net (loss) income attributable to common stockholders |
$ |
(170.3 |
) |
|
$ |
(23.2 |
) |
|
$ |
(382.0 |
) |
|
$ |
8.1 |
|
|
$ |
4.1 |
|
|
$ |
8.5 |
|
| Diluted (loss) earnings per share |
$ |
(2.61 |
) |
|
$ |
(0.36 |
) |
|
$ |
(5.97 |
) |
|
$ |
0.11 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
| Adjusted EBITDA |
|
|
|
|
|
|
$ |
40.5 |
|
|
$ |
33.1 |
|
|
$ |
39.0 |
|
||||||
| Adjusted EBITDA margin |
|
|
|
|
|
|
|
18.8 |
% |
|
|
16.1 |
% |
|
|
16.4 |
% |
||||||
