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Press release content from Business Wire. The AP news staff was not involved in its creation.

Semtech Announces First Quarter of Fiscal Year 2022 Results

June 2, 2021 GMT

CAMARILLO, Calif.--(BUSINESS WIRE)--Jun 2, 2021--

Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, today reported unaudited financial results for its first quarter of fiscal year 2022, which ended May 2, 2021.

Highlights for the First Fiscal Quarter 2022

  • Q1 FY2022 net sales of $170.4 million increased 3% sequentially and 28% year-over-year
  • GAAP and non-GAAP gross margin grew sequentially 50bps
  • GAAP Operating income increased 14x sequential net sales growth and non-GAAP Operating income increased 2x sequential net sales growth
  • Wireless and Sensing products group net sales increased 7% sequentially and 78% year-over-year for a new record that included record net sales for our LoRa® platforms and proximity sensing products
  • Record quarterly bookings including records for our LoRa platforms, Tri-Edge™ and broad-based Industrial Protection devices
  • Repurchased 360,942 shares for $25.0 million during Q1 FY2022

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Results on a GAAP basis for the First Fiscal Quarter 2022

  • Net sales were $170.4 million
  • GAAP Gross margin was 61.5%
  • GAAP SG&A expense was $38.8 million
  • GAAP R&D expense was $36.8 million
  • GAAP Operating margin was 16.4%
  • GAAP Net income attributable to common stockholders was $23.5 million or $0.36 per diluted share

To facilitate a complete understanding of comparable financial performance between periods, the Company also presents performance results that exclude certain non-cash items and items that are not considered reflective of the Company’s core results over time. These non-GAAP financial measures exclude certain items and are described below under “Non-GAAP Financial Measures.”

Results on a Non-GAAP basis for the First Fiscal Quarter 2022 (see the list of non-GAAP measures and the reconciliation of these to the most comparable GAAP measures set forth in the tables below under “Supplemental Information: Reconciliation of GAAP to Non-GAAP Results”)

  • Non-GAAP Gross margin was 62.0%
  • Non-GAAP SG&A expense was $31.1 million
  • Non-GAAP R&D expense was $33.0 million
  • Non-GAAP Operating margin was 24.3%
  • Non-GAAP Net income attributable to common stockholders was $34.8 million or $0.53 per diluted share

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Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “We are pleased with the strong start to FY22 led by the strength from the IoT, Optical Infrastructure and Mobile segments. We believe we are very well positioned to continue the recent momentum into our fiscal Q2 as record demand, record bookings and record starting backlog highlight the underlying strength of our core growth engines and should enable the Company to deliver a record financial performance in FY22.”

Second Fiscal Quarter 2022 Outlook

Both the GAAP and non-GAAP second fiscal quarter 2022 outlook below take into account, based on the Company’s current estimates, the uncertain, but potential negative impact to the Company of the ongoing COVID-19 pandemic on global economic conditions and on the Company’s business operations, net sales and operating results, as well as export restrictions pertaining to Huawei and certain of its affiliates and other entities identified by the U.S. government. The Company is unable to predict the full impact such challenges may have on its future results of operations.

GAAP Second Fiscal Quarter 2022 Outlook

  • Net sales are expected to be in the range of $177.0 million to $187.0 million
  • GAAP Gross margin is expected to be in the range of 61.3% to 62.3%
  • GAAP SG&A expense is expected to be in the range of $41.6 million to $42.6 million
  • GAAP R&D expense is expected to be in the range of $35.0 million to $36.0 million
  • GAAP Intangible amortization expense is expected to be approximately $1.3 million
  • GAAP Interest and other expense, net is expected to be approximately $1.5 million
  • GAAP Effective tax rate is expected to be in the range of 9% to 11%
  • GAAP Earnings per diluted share are expected to be in the range of $0.40 to $0.48
  • Fully-diluted share count is expected to be approximately 66.2 million shares
  • Share-based compensation is expected to be approximately $12.8 million, categorized as follows: $0.7 million cost of sales, $8.1 million SG&A, and $4.0 million R&D
  • Capital expenditures are expected to be approximately $10.0 million
  • Depreciation expense is expected to be approximately $6.5 million

Non-GAAP Second Fiscal Quarter 2022 Outlook (see the list of non-GAAP measures and the reconciliation of these to the most comparable GAAP measures set forth in the tables below under “Reconciliation of GAAP to Non-GAAP Outlook”)

  • Non-GAAP Gross margin is expected to be in the range of 61.7% to 62.7%
  • Non-GAAP SG&A expense is expected to be in the range of $33.0 million to $34.0 million
  • Non-GAAP R&D expense is expected to be in the range of $31.0 million to $32.0 million
  • Non-GAAP normalized tax rate for FY2022 is expected to be approximately 13%
  • Non-GAAP Earnings per diluted share are expected to be in the range of $0.57 to $0.65

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its first fiscal quarter 2022 results at 2:00 p.m. Pacific time. An audio webcast will be available on Semtech’s website at www.semtech.com in the “Investor Relations” section under “Investor News.” A replay of the call will be available through June 30, 2021 at the same website or by calling (877) 660-6853 and entering conference ID 13716891.

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 measures. The Company’s non-GAAP measures of gross margin, SG&A expense, R&D expense, operating margin, net income attributable to common stockholders, earnings per diluted share and normalized tax rate exclude the following items, if any:

  • Share-based compensation
  • Amortization of purchased intangibles, impairments and credit loss reserves
  • Restructuring, transaction and other acquisition or disposition-related gains or losses
  • Litigation expenses or dispute settlement charges or gains
  • Cumulative other reserves associated with historical activity including environmental and pension
  • Equity in net gains or losses of equity method investments
  • Loss on early extinguishment of debt
  • Interest income from debt investments
  • Changes in the fair value of contingent earn-out obligations

To provide additional insight into the Company’s second quarter outlook, this release also includes a presentation of forward-looking non-GAAP measures. Management believes that the presentation of these non-GAAP financial measures provide useful information to investors regarding the Company’s financial condition and results of operations because these non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses which 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 measures to their most comparable GAAP measures for the first and fourth quarters of fiscal year 2021 and the first quarter of fiscal year 2022, along with a reconciliation of forward-looking non-GAAP measures (other than the non-GAAP normalized tax rate) to their most comparable GAAP measures for the second quarter of fiscal year 2022. Beginning with fiscal year 2022, 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 2022, the Company’s projected non-GAAP normalized tax rate is 13% and will be applied to each quarter of fiscal year 2022. The Company’s non-GAAP normalized tax rate on non-GAAP net income may be adjusted during the year to account for events or trends that the Company believes materially impact the original annual non-GAAP normalized tax rate including, but not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events. The Company is unable to include a reconciliation of the forward-looking measure of the non-GAAP normalized tax rate to the corresponding GAAP measure as this is not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of share-based awards and the amortization of acquisition-related intangible assets that are excluded from this non-GAAP measure. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies.

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 second quarter of fiscal year 2022 outlook and our expectations for growth momentum and record financial results for our fiscal year 2022; the potential for a negative impact associated with the current supply chain tightness and any associated disruptions; the potential for a negative impact of the COVID-19 pandemic on global economic conditions and on the Company’s business operations, net sales and operating results; the Company’s expectations concerning the negative impact on the Company’s results of operations from its inability to ship certain products and provide certain support services due to the export restrictions including export restrictions with respect to Huawei and certain of its affiliates and other entities identified by the U.S. government; future operational performance; the anticipated impact of specific items on future earnings; and the Company’s plans, objectives and expectations. Statements containing words such as “may,” “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “estimates,” “should,” “will,” “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 uncertainty surrounding the impact and duration of the COVID-19 pandemic on global economic conditions and on the Company’s business and results of operations; export restrictions and laws affecting the Company’s trade and investments including with respect to Huawei and certain of its affiliates and other entities identified by the U.S. government, and tariffs or the occurrence of trade wars; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; decreased average selling prices of the Company’s products; the Company’s reliance on a limited number of suppliers and subcontractors for components and materials; changes in projected or anticipated end-user markets; the Company’s ability to forecast its annual non-GAAP normalized tax rate due to material changes that could occur during the fiscal year, which could include, but are not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events; and the Company’s ability to forecast and achieve anticipated net sales and earnings estimates in light of periodic economic uncertainty, including impacts arising from Asian, European and global economic dynamics. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021, subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission, and in material incorporated therein, including, without limitation, information under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management’s analysis only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statements that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise.

About Semtech

Semtech Corporation is a leading supplier of high performance analog, mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer, and industrial end markets. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit http://www.semtech.com.

Semtech, the Semtech logo and LoRa are registered 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

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Net sales

$

170,372

 

 

 

$

164,673

 

 

 

$

132,702

 

 

Cost of sales

65,511

 

 

 

64,197

 

 

 

51,941

 

 

Gross profit

104,861

 

 

 

100,476

 

 

 

80,761

 

 

Operating costs and expenses:

 

 

 

 

 

Selling, general and administrative

38,804

 

 

 

47,086

 

 

 

34,600

 

 

Product development and engineering

36,790

 

 

 

32,833

 

 

 

27,586

 

 

Intangible amortization

1,298

 

 

 

1,607

 

 

 

2,840

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

 

 

 

(33

)

 

Total operating costs and expenses

76,892

 

 

 

81,526

 

 

 

64,993

 

 

Operating income

27,969

 

 

 

18,950

 

 

 

15,768

 

 

Interest expense

(1,199

)

 

 

(1,517

)

 

 

(1,559

)

 

Non-operating income, net

94

 

 

 

113

 

 

 

423

 

 

Investment impairments and credit loss reserves

(246

)

 

 

(1,319

)

 

 

(3,630

)

 

Income before taxes and equity in net gains (losses) of equity method investments

26,618

 

 

 

16,227

 

 

 

11,002

 

 

Provision for taxes

3,198

 

 

 

914

 

 

 

1,359

 

 

Net income before equity in net gains (losses) of equity method investments

23,420

 

 

 

15,313

 

 

 

9,643

 

 

Equity in net gains (losses) of equity method investments

78

 

 

 

318

 

 

 

(11

)

 

Net income

23,498

 

 

 

15,631

 

 

 

9,632

 

 

Net loss attributable to noncontrolling interest

(2

)

 

 

(25

)

 

 

(3

)

 

Net income attributable to common stockholders

$

23,500

 

 

 

$

15,656

 

 

 

$

9,635

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.36

 

 

 

$

0.24

 

 

 

$

0.15

 

 

Diluted

$

0.36

 

 

 

$

0.24

 

 

 

$

0.15

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

65,089

 

 

 

65,035

 

 

 

65,589

 

 

Diluted

66,110

 

 

 

66,085

 

 

 

66,174

 

 

 
SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

May 2, 2021

 

January 31, 2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

258,219

 

 

$

268,891

 

Accounts receivable, net

66,518

 

 

70,433

 

Inventories

93,919

 

 

87,494

 

Prepaid taxes

16,397

 

 

22,083

 

Other current assets

26,309

 

 

25,827

 

Total current assets

461,362

 

 

474,728

 

Non-current assets:

 

 

 

Property, plant and equipment, net

131,255

 

 

130,934

 

Deferred tax assets

25,413

 

 

25,483

 

Goodwill

351,141

 

 

351,141

 

Other intangible assets, net

10,448

 

 

11,746

 

Other assets

89,998

 

 

88,070

 

Total assets

$

1,069,617

 

 

$

1,082,102

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

51,195

 

 

$

50,189

 

Accrued liabilities

45,317

 

 

59,384

 

Total current liabilities

96,512

 

 

109,573

 

Non-current liabilities:

 

 

 

Deferred tax liabilities

955

 

 

976

 

Long term debt

175,316

 

 

179,195

 

Other long-term liabilities

92,349

 

 

93,405

 

Stockholders’ equity

704,277

 

 

698,743

 

Noncontrolling interest

208

 

 

210

 

Total liabilities & equity

$

1,069,617

 

 

$

1,082,102

 

 
SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)

 

 

Three Months Ended

 

 

 

May 2,
2021

 

April 26,
2020

 

 

Net income

$

23,498

 

 

 

$

9,632

 

 

 

 

 

 

 

 

 

 

Net cash provided by operations

32,585

 

 

 

26,083

 

 

 

 

Net cash used in investing activities

(8,655

)

 

 

(11,560

)

 

 

 

Net cash used in financing activities

(34,602

)

 

 

(38,900

)

 

 

 

Net decrease in cash and cash equivalents

(10,672

)

 

 

(24,377

)

 

 

 

Cash and cash equivalents at beginning of period

268,891

 

 

 

293,324

 

 

 

 

Cash and cash equivalents at end of period

$

258,219

 

 

 

$

268,947

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Free Cash Flow:

 

 

 

 

 

Cash Flow from Operations

$

32,585

 

 

 

$

27,254

 

 

 

$

26,083

 

 

Net Capital Expenditures

(5,760

)

 

 

(10,561

)

 

 

(7,672

)

 

Free Cash Flow

$

26,825

 

 

 

$

16,693

 

 

 

$

18,411

 

 

 
SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Gross Margin–GAAP

61.5

 

%

 

61.0

 

%

 

60.9

 

%

Share-based compensation

0.5

 

%

 

0.5

 

%

 

0.4

 

%

Adjusted Gross Margin (Non-GAAP)

62.0

 

%

 

61.5

 

%

 

61.3

 

%

 

 

 

 

 

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Selling, general and administrative–GAAP

$

38,804

 

 

 

$

47,086

 

 

 

$

34,600

 

 

Share-based compensation

(7,359

)

 

 

(12,136

)

 

 

(5,959

)

 

Transaction and integration related

177

 

 

 

(245

)

 

 

(85

)

 

Restructuring and other reserves

 

 

 

(926

)

 

 

 

 

Litigation cost, net of recoveries

(540

)

 

 

(454

)

 

 

(146

)

 

Adjusted selling, general and administrative (Non-GAAP)

$

31,082

 

 

 

$

33,325

 

 

 

$

28,410

 

 

 

 

 

 

 

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Product development and engineering–GAAP

$

36,790

 

 

 

$

32,833

 

 

 

$

27,586

 

 

Share-based compensation

(3,762

)

 

 

(3,980

)

 

 

(2,890

)

 

Transaction and integration related

 

 

 

 

 

 

87

 

 

Restructuring and other reserves

 

 

 

114

 

 

 

 

 

Adjusted product development and engineering (Non-GAAP)

$

33,028

 

 

 

$

28,967

 

 

 

$

24,783

 

 

 

 

 

 

 

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

Operating Margin–GAAP

16.4

 

%

 

11.5

 

%

 

11.9

 

%

Share-based compensation

6.9

 

%

 

10.3

 

%

 

7.1

 

%

Intangible amortization

0.8

 

%

 

1.0

 

%

 

2.1

 

%

Transaction and integration related

(0.1

)

%

 

0.1

 

%

 

 

%

Restructuring and other reserves

 

%

 

0.5

 

%

 

 

%

Litigation cost, net of recoveries

0.3

 

%

 

0.3

 

%

 

0.1

 

%

Adjusted Operating Margin (Non-GAAP)

24.3

 

%

 

23.7

 

%

 

21.2

 

%

 
SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

May 2,
2021

 

January 31,
2021

 

April 26,
2020

 

Q122

 

Q421

 

Q121

GAAP net income attributable to common stockholders

$

23,500

 

 

 

$

15,656

 

 

 

$

9,635

 

 

Adjustments to GAAP net income attributable to common stockholders:

 

 

 

 

 

Share-based compensation

11,839

 

 

 

16,883

 

 

 

9,379

 

 

Intangible amortization

1,298

 

 

 

1,607

 

 

 

2,840

 

 

Transaction and integration related

(177

)

 

 

245

 

 

 

(2

)

 

Restructuring and other reserves

 

 

 

812

 

 

 

 

 

Litigation cost, net of recoveries

540

 

 

 

454

 

 

 

146

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

 

 

 

(33

)

 

Investment (gains), losses, reserves and impairments, net

(84

)

 

 

860

 

 

 

3,630

 

 

Total Non-GAAP adjustments before taxes

13,416

 

 

 

20,861

 

 

 

15,960

 

 

Associated tax effect

(2,006

)

 

 

(2,609

)

 

 

(2,572

)

 

Equity in net (gains) losses of equity method investments

(78

)

 

 

(318

)

 

 

11

 

 

Total of supplemental information, net of taxes

11,332

 

 

 

17,934

 

 

 

13,399

 

 

Non-GAAP net income attributable to common stockholders

$

34,832

 

 

 

$

33,590

 

 

 

$

23,034

 

 

 

 

 

 

 

 

Diluted GAAP earnings per share

$

0.36

 

 

 

$

0.24

 

 

 

$

0.15

 

 

Adjustments per above

0.17

 

 

 

0.27

 

 

 

0.20

 

 

Diluted non-GAAP earnings per share

$

0.53

 

 

 

$

0.51

 

 

 

$

0.35

 

 

 
SEMTECH CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

Second Quarter of Fiscal Year 2022 Outlook

(in millions, except per share data)

 

 

 

Q2 FY22 Outlook

 

 

August 1, 2021

 

 

Low

 

High

Gross Margin–GAAP

 

61.3

 

%

 

62.3

 

%

Share-based compensation

 

0.4

 

%

 

0.4

 

%

Adjusted Gross Margin (Non-GAAP)

 

61.7

 

%

 

62.7

 

%

 

 

 

 

 

 

 

Low

 

High

Selling, general and administrative–GAAP

 

$

41.6

 

 

 

$

42.6

 

 

Share-based compensation

 

(8.1

)

 

 

(8.1

)

 

Transaction and integration related

 

(0.5

)

 

 

(0.5

)

 

Adjusted selling, general and administrative (Non-GAAP)

 

$

33.0

 

 

 

$

34.0

 

 

 

 

 

 

 

 

 

Low

 

High

Product development and engineering–GAAP

 

$

35.0

 

 

 

$

36.0

 

 

Share-based compensation

 

(4.0

)

 

 

(4.0

)

 

Adjusted product development and engineering (Non-GAAP)

 

$

31.0

 

 

 

$

32.0

 

 

 

 

 

 

 

 

 

Low

 

High

Diluted GAAP earnings per share

 

$

0.40

 

 

 

$

0.48

 

 

Share-based compensation

 

0.19

 

 

 

0.19

 

 

Transaction, restructuring, and acquisition related expenses

 

0.01

 

 

 

0.01

 

 

Amortization of acquired intangibles

 

0.02

 

 

 

0.02

 

 

Associated tax effect

 

(0.05

)

 

 

(0.05

)

 

Diluted adjusted earnings per share (Non-GAAP)

 

$

0.57

 

 

 

$

0.65

 

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20210602005966/en/

CONTACT: Sandy Harrison

Semtech Corporation

(805) 480-2004

webir@semtech.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY HARDWARE SEMICONDUCTOR

SOURCE: Semtech Corporation

Copyright Business Wire 2021.

PUB: 06/02/2021 04:15 PM/DISC: 06/02/2021 04:16 PM

http://www.businesswire.com/news/home/20210602005966/en