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 dedicated 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 Twitter.
Semtech, the Semtech logo and LoRa are registered trademarks or service marks, and PON-X and Tri-Edge are trademarks or service marks, of Semtech Corporation or its subsidiaries.
SMTC-F
SEMTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (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 |
||||||||||
Net sales |
$ |
167,512 |
|
|
$ |
177,618 |
|
|
$ |
190,550 |
|
|
$ |
756,533 |
|
|
$ |
740,858 |
|
Cost of sales |
|
64,934 |
|
|
|
62,049 |
|
|
|
68,451 |
|
|
|
272,314 |
|
|
|
274,777 |
|
Amortization of acquired technology |
|
2,565 |
|
|
|
1,000 |
|
|
|
1,048 |
|
|
|
5,661 |
|
|
|
4,942 |
|
| Total cost of sales |
|
67,499 |
|
|
|
63,049 |
|
|
|
69,499 |
|
|
|
277,975 |
|
|
|
279,719 |
|
| Gross profit |
|
100,013 |
|
|
|
114,569 |
|
|
|
121,051 |
|
|
|
478,558 |
|
|
|
461,139 |
|
| Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
| Selling, general and administrative |
|
101,952 |
|
|
|
42,366 |
|
|
|
39,808 |
|
|
|
235,801 |
|
|
|
168,210 |
|
| Product development and engineering |
|
52,899 |
|
|
|
35,161 |
|
|
|
38,292 |
|
|
|
167,450 |
|
|
|
147,925 |
|
| Intangible amortization |
|
821 |
|
|
|
— |
|
|
|
— |
|
|
|
821 |
|
|
|
— |
|
| Gain on sale of business |
|
— |
|
|
|
(327 |
) |
|
|
— |
|
|
|
(18,313 |
) |
|
|
— |
|
| Changes in the fair value of contingent earn-out obligations |
|
— |
|
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
(13 |
) |
| Total operating costs and expenses |
|
155,672 |
|
|
|
77,200 |
|
|
|
78,087 |
|
|
|
385,759 |
|
|
|
316,122 |
|
| Operating (loss) income |
|
(55,659 |
) |
|
|
37,369 |
|
|
|
42,964 |
|
|
|
92,799 |
|
|
|
145,017 |
|
| Interest expense |
|
(6,181 |
) |
|
|
(9,009 |
) |
|
|
(1,474 |
) |
|
|
(17,646 |
) |
|
|
(5,091 |
) |
| Interest income |
|
4,043 |
|
|
|
839 |
|
|
|
714 |
|
|
|
5,801 |
|
|
|
1,469 |
|
| Non-operating expense, net |
|
(735 |
) |
|
|
(64 |
) |
|
|
(646 |
) |
|
|
(1,331 |
) |
|
|
(989 |
) |
| Investment impairments and credit loss reserves |
|
(1,532 |
) |
|
|
(29 |
) |
|
|
(407 |
) |
|
|
(1,156 |
) |
|
|
(1,337 |
) |
| (Loss) income before taxes and equity in net (losses) gains of equity method investments |
|
(60,064 |
) |
|
|
29,106 |
|
|
|
41,151 |
|
|
|
78,467 |
|
|
|
139,069 |
|
| (Benefit) provision for taxes |
|
(9,071 |
) |
|
|
6,327 |
|
|
|
6,360 |
|
|
|
17,344 |
|
|
|
15,539 |
|
| Net (loss) income before equity in net (losses) gains of equity method investments |
|
(50,993 |
) |
|
|
22,779 |
|
|
|
34,791 |
|
|
|
61,123 |
|
|
|
123,530 |
|
| Equity in net (losses) gains of equity method investments |
|
(22 |
) |
|
|
(36 |
) |
|
|
— |
|
|
|
249 |
|
|
|
2,115 |
|
| Net (loss) income |
|
(51,015 |
) |
|
|
22,743 |
|
|
|
34,791 |
|
|
|
61,372 |
|
|
|
125,645 |
|
| Net loss attributable to noncontrolling interest |
|
(2 |
) |
|
|
(3 |
) |
|
|
(13 |
) |
|
|
(8 |
) |
|
|
(19 |
) |
| Net (loss) income attributable to common stockholders |
$ |
(51,013 |
) |
|
$ |
22,746 |
|
|
$ |
34,804 |
|
|
$ |
61,380 |
|
|
$ |
125,664 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| (Loss) earnings per share: |
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
$ |
(0.80 |
) |
|
$ |
0.36 |
|
|
$ |
0.54 |
|
|
$ |
0.96 |
|
|
$ |
1.94 |
|
| Diluted |
$ |
(0.80 |
) |
|
$ |
0.36 |
|
|
$ |
0.53 |
|
|
$ |
0.96 |
|
|
$ |
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Weighted average number of shares used in computing (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
||||||||||
| Basic |
|
63,864 |
|
|
|
63,764 |
|
|
|
64,289 |
|
|
|
63,770 |
|
|
|
64,662 |
|
| Diluted |
|
63,924 |
|
|
|
63,855 |
|
|
|
65,235 |
|
|
|
64,013 |
|
|
|
65,565 |
|
| SEMTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
|||||
|
|
January 29, 2023 |
|
January 30, 2022 |
||
| ASSETS |
|
|
|
||
| Current assets: |
|
|
|
||
| Cash and cash equivalents |
$ |
235,510 |
|
$ |
279,601 |
| Accounts receivable, net |
|
161,695 |
|
|
71,507 |
| Inventories |
|
207,704 |
|
|
114,003 |
| Prepaid taxes |
|
6,243 |
|
|
5,983 |
| Other current assets |
|
111,634 |
|
|
31,201 |
| Total current assets |
|
722,786 |
|
|
502,295 |
| Non-current assets: |
|
|
|
||
| Property, plant and equipment, net |
|
169,293 |
|
|
134,940 |
| Deferred tax assets |
|
63,783 |
|
|
27,803 |
| Goodwill |
|
1,281,703 |
|
|
351,141 |
| Other intangible assets, net |
|
215,102 |
|
|
6,804 |
| Other assets |
|
116,961 |
|
|
107,928 |
| Total assets |
$ |
2,569,628 |
|
$ |
1,130,911 |
|
|
|
|
|
||
| LIABILITIES AND EQUITY |
|
|
|
||
| Current liabilities: |
|
|
|
||
| Accounts payable |
$ |
100,676 |
|
$ |
50,695 |
| Accrued liabilities |
|
253,075 |
|
|
77,704 |
| Current portion - long term debt |
|
43,104 |
|
|
— |
| Total current liabilities |
|
396,855 |
|
|
128,399 |
| Non-current liabilities: |
|
|
|
||
| Deferred tax liabilities |
|
5,065 |
|
|
1,132 |
| Long term debt |
|
1,296,966 |
|
|
171,676 |
| Other long-term liabilities |
|
114,707 |
|
|
91,929 |
| Stockholders’ equity |
|
755,852 |
|
|
737,584 |
| Noncontrolling interest |
|
183 |
|
|
191 |
| Total liabilities & equity |
$ |
2,569,628 |
|
$ |
1,130,911 |
| SEMTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION (in thousands) (unaudited) |
|||||||||||
|
|
|
|
Twelve Months Ended |
||||||||
|
|
|
|
January 29,
|
|
January 30,
|
||||||
| Net income |
|
|
$ |
61,372 |
|
|
$ |
125,645 |
|
||
|
|
|
|
|
|
|
||||||
| Net cash provided by operations |
|
|
|
126,711 |
|
|
|
203,123 |
|
||
| Net cash used in investing activities |
|
|
|
(1,247,322 |
) |
|
|
(40,316 |
) |
||
| Net cash provided by (used in) financing activities |
|
|
|
1,076,520 |
|
|
|
(152,097 |
) |
||
| Net (decrease) increase in cash and cash equivalents |
|
|
|
(44,091 |
) |
|
|
10,710 |
|
||
| Cash and cash equivalents at beginning of period |
|
|
|
279,601 |
|
|
|
268,891 |
|
||
| Cash and cash equivalents at end of period |
|
|
$ |
235,510 |
|
|
$ |
279,601 |
|
||
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||
|
|
January 29,
|
|
October 30,
|
|
January 30,
|
||||||
|
|
Q423 |
|
Q323 |
|
Q422 |
||||||
| Free Cash Flow: |
|
|
|
|
|
||||||
| Cash Flow from Operations |
$ |
(18,799 |
) |
|
$ |
18,181 |
|
|
$ |
50,986 |
|
| Net Capital Expenditures |
|
(5,680 |
) |
|
|
(7,060 |
) |
|
|
(8,100 |
) |
| Free Cash Flow |
$ |
(24,479 |
) |
|
$ |
11,121 |
|
|
$ |
42,886 |
|
| SEMTECH CORPORATION SUPPLEMENTAL INFORMATION (CONTINUED) (in thousands) (unaudited) |
|||||
|
|
Twelve Months Ended |
||||
| (in thousands) |
January 29, 2023 |
||||
| Net sales by reportable segment: |
|
|
|
||
| Signal Integrity Products Group |
$ |
304,124 |
|
40 |
% |
| Advanced Protection and Sensing Products Group |
|
236,890 |
|
31 |
% |
| IoT System Products Group |
|
210,326 |
|
28 |
% |
| IoT Connected Services Group |
|
5,193 |
|
1 |
% |
| Total net sales by reportable segment (1) |
$ |
756,533 |
|
100 |
% |
