Semtech Announces Second Quarter of Fiscal Year 2021 Results

Semtech Announces Second Quarter of Fiscal Year 2021 Results

CAMARILLO, Calif.–(BUSINESS WIRE)–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 second quarter of fiscal year 2021, which ended July 26, 2020.

Highlights for the Second Fiscal Quarter 2021

Q2 FY2021 net sales of $143.7 million increased 8% sequentially and 5% year-over-year

Q2 FY2021 GAAP EPS of $0.24 and non-GAAP EPS of $0.43

Wireless and Sensing products group net sales increased 18% sequentially, led by record net sales of LoRa® platform products

Signal Integrity products group net sales increased 20% sequentially and represented a new record

Cash flow from operations was $37.2 million or 26% of net sales

Repurchased approximately 233,000 shares for $12.4 million during Q2 FY2021

Results on a GAAP basis for the Second Fiscal Quarter 2021

Net sales were $143.7 million

GAAP Gross margin was 61.4%

GAAP SG&A expense was $38.3 million

GAAP R&D expense was $29.2 million

GAAP Operating margin was 13.1%

GAAP Net income attributable to common stockholders was $16.1 million or $0.24 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 Second Fiscal Quarter 2021 (see the list of non-GAAP items and the reconciliation of these to the most comparable GAAP items set forth in the tables below):

Non-GAAP Gross margin was 61.8%

Non-GAAP SG&A expense was $27.9 million

Non-GAAP R&D expense was $26.1 million

Non-GAAP Operating margin was 24.2%

Non-GAAP Net income attributable to common stockholders was $28.2 million or $0.43 per diluted share

Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “Fiscal Q2 net sales increased 8% sequentially led by record quarterly results from our Signal Integrity products group driven by strong growth from the Hyperscale data center and 5G wireless base station markets. Net sales of our LoRa technology platform were also a record as LoRa continues to achieve significant milestones including reaching the 1 million gateways deployed milestone. Our recent announcement with Amazon Web Services (AWS) and TensorIoT to enable LoRaWAN to connect straight into the Amazon Cloud also represents another major milestone for LoRa.” Maheswaran continued, “Despite the ongoing uncertainty from COVID-19 and the ongoing geopolitical issues, the underlying fundamentals behind our core growth engines in the Infrastructure and IoT markets remain strong and we expect to continue to outperform.”

Third Fiscal Quarter 2021 Outlook

Both the GAAP and non-GAAP third fiscal quarter 2021 outlook below take into account, based on the Company’s current estimates, the anticipated, but uncertain, negative impact to the Company of the COVID-19 pandemic on global economic conditions and on the Company’s business operations, sales and operating results, as well as export restrictions pertaining to Huawei and certain of its affiliates imposed 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 Third Fiscal Quarter 2021 Outlook

Net sales are expected to be in the range of $145.0 million to $155.0 million

GAAP Gross margin is expected to be in the range of 60.5% to 61.5%

GAAP SG&A expense is expected to be in the range of $40.1 million to $41.1 million

GAAP R&D expense is expected to be in the range of $28.6 million to $29.6 million

GAAP Intangible amortization expense is expected to be approximately $1.8 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 12% to 14%

GAAP Earnings per diluted share are expected to be in the range of $0.21 to $0.28

Fully-diluted share count is expected to be approximately 65.8 million shares

Share-based compensation is expected to be approximately $14.9 million, categorized as follows: $0.7 million cost of sales, $10.6 million SG&A, and $3.6 million R&D

Capital expenditures are expected to be approximately $9.0 million

Depreciation expense is expected to be approximately $5.9 million

Non-GAAP Third Fiscal Quarter 2021 Outlook (see the list of non-GAAP items and the reconciliation of these to the most comparable GAAP items set forth in the tables below)

Non-GAAP Gross margin is expected to be in the range of 61.0% to 62.0%

Non-GAAP SG&A expense is expected to be in the range of $29.0 million to $30.0 million

Non-GAAP R&D expense is expected to be in the range of $25.0 million to $26.0 million

Non-GAAP Interest and other expense, net is expected to be approximately $1.5 million

Non-GAAP Effective tax rate is expected to be in the range of 15% to 17%

Non-GAAP Earnings per diluted share are expected to be in the range of $0.43 to $0.49

Correction of Immaterial Errors

During the fourth quarter of fiscal year 2020, management identified certain immaterial errors related to share-based compensation expense of market-based awards granted during fiscal years 2018, 2019 and 2020. The errors resulted from adjustments to the grant date fair value of the market-based awards that were incorrectly accounted for as performance-based awards. The Company concluded that the impact of these errors was immaterial and has corrected its consolidated financial statements for these errors for all prior periods presented in this press release.

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its second fiscal quarter 2021 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 September 27, 2020 at the same website or by calling (877) 660-6853 and entering conference ID 13704537.

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 metrics. The Company’s non-GAAP measures of gross margin, SG&A expenses, R&D expenses, operating margin, effective tax rate, net income attributable to common stockholders and earnings per diluted share 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

Non-cash interest income from debt investments

To provide additional insight into the Company’s third 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 we 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 second quarter of fiscal year 2020 and the first and second quarters of fiscal year 2021, along with a reconciliation of forward-looking non-GAAP measures (other than the non-GAAP effective tax rate) to their most comparable GAAP measures for the third quarter of fiscal year 2021. The Company is unable to include a reconciliation of the forward-looking non-GAAP measure of the non-GAAP effective 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 charges that are excluded from this non-GAAP measure. We expect the variability of the above charges to have a potentially significant impact on our 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 third quarter of fiscal year 2021 outlook; the negative impact of the COVID-19 pandemic on global economic conditions and on the Company’s business operations, 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; 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 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 effective tax rates due to changing income in higher or lower tax jurisdictions and other factors that contribute to the volatility of the Company’s effective tax rates and impact anticipated tax benefits; and the Company’s ability to forecast and achieve anticipated net sales and earnings estimates in light of periodic economic uncertainty, to include 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 26, 2020, 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

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

 

 

 

 

 

 

 

 

 

 

Net sales

$

143,660

 

 

 

$

132,702

 

 

 

$

137,146

 

 

 

$

276,362

 

 

 

$

268,500

 

 

Cost of sales

55,409

 

 

 

51,941

 

 

 

52,262

 

 

 

107,350

 

 

 

102,341

 

 

Gross profit

88,251

 

 

 

80,761

 

 

 

84,884

 

 

 

169,012

 

 

 

166,159

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

38,255

 

 

 

34,600

 

 

 

43,325

 

 

 

72,855

 

 

 

82,297

 

 

Product development and engineering

29,220

 

 

 

27,586

 

 

 

25,882

 

 

 

56,806

 

 

 

53,036

 

 

Intangible amortization

2,020

 

 

 

2,840

 

 

 

3,908

 

 

 

4,860

 

 

 

9,051

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

(33

)

 

 

 

 

 

(33

)

 

 

(2,161

)

 

Total operating costs and expenses

69,495

 

 

 

64,993

 

 

 

73,115

 

 

 

134,488

 

 

 

142,223

 

 

Operating income

18,756

 

 

 

15,768

 

 

 

11,769

 

 

 

34,524

 

 

 

23,936

 

 

Interest expense

(1,252

)

 

 

(1,559

)

 

 

(2,597

)

 

 

(2,811

)

 

 

(5,064

)

 

Non-operating (expense) income, net

(176

)

 

 

423

 

 

 

1,213

 

 

 

247

 

 

 

2,256

 

 

Investment impairments and credit loss reserves

(1,485

)

 

 

(3,630

)

 

 

 

 

 

(5,115

)

 

 

 

 

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

15,843

 

 

 

11,002

 

 

 

10,385

 

 

 

26,845

 

 

 

21,128

 

 

(Benefit) provision for taxes

(416

)

 

 

1,359

 

 

 

8,361

 

 

 

943

 

 

 

5,945

 

 

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

16,259

 

 

 

9,643

 

 

 

2,024

 

 

 

25,902

 

 

 

15,183

 

 

Equity in net (losses) gains of equity method investments

(137

)

 

 

(11

)

 

 

168

 

 

 

(148

)

 

 

(243

)

 

Net income

16,122

 

 

 

9,632

 

 

 

2,192

 

 

 

25,754

 

 

 

14,940

 

 

Net loss attributable to noncontrolling interest

(3

)

 

 

(3

)

 

 

 

 

 

(6

)

 

 

 

 

Net income attributable to common stockholders

$

16,125

 

 

 

$

9,635

 

 

 

$

2,192

 

 

 

$

25,760

 

 

 

$

14,940

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

0.25

 

 

 

$

0.15

 

 

 

$

0.03

 

 

 

$

0.39

 

 

 

$

0.23

 

 

Diluted

$

0.24

 

 

 

$

0.15

 

 

 

$

0.03

 

 

 

$

0.39

 

 

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic

65,084

 

 

 

65,589

 

 

 

66,519

 

 

 

65,337

 

 

 

66,312

 

 

Diluted

66,004

 

 

 

66,174

 

 

 

67,746

 

 

 

66,099

 

 

 

67,814

 

 

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

July 26, 2020

 

January 26, 2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

281,456

 

 

$

293,324

 

Accounts receivable, net

51,672

 

 

61,927

 

Inventories

77,548

 

 

73,010

 

Prepaid taxes

20,990

 

 

10,718

 

Other current assets

22,205

 

 

21,757

 

Total current assets

453,871

 

 

460,736

 

Non-current assets:

 

 

 

Property, plant and equipment, net

125,542

 

 

124,418

 

Deferred tax assets

26,929

 

 

20,094

 

Goodwill

351,141

 

 

351,141

 

Other intangible assets, net

15,152

 

 

20,012

 

Other assets

81,396

 

 

76,032

 

Total assets

$

1,054,031

 

 

$

1,052,433

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

39,319

 

 

$

48,009

 

Accrued liabilities

62,753

 

 

50,632

 

Total current liabilities

102,072

 

 

98,641

 

Non-current liabilities:

 

 

 

Deferred tax liabilities

3,735

 

 

3,600

 

Long term debt

186,955

 

 

194,743

 

Other long-term liabilities

83,536

 

 

78,249

 

Stockholders’ equity

677,493

 

 

676,954

 

Noncontrolling interest

240

 

 

246

 

Total liabilities & equity

$

1,054,031

 

 

$

1,052,433

 

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)

 

 

Six Months Ended

 

 

 

July 26,2020

 

July 28,2019

 

 

Net income

$

25,754

 

 

 

$

14,940

 

 

 

 

 

 

 

 

 

 

Net cash provided by operations

63,299

 

 

 

40,093

 

 

 

 

Net cash used in investing activities

(20,981

)

 

 

(24,442

)

 

 

 

Net cash used in financing activities

(54,186

)

 

 

(39,932

)

 

 

 

Net decrease in cash and cash equivalents

(11,868

)

 

 

(24,281

)

 

 

 

Cash and cash equivalents at beginning of period

293,324

 

 

 

312,120

 

 

 

 

Cash and cash equivalents at end of period

$

281,456

 

 

 

$

287,839

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

Free Cash Flow:

 

 

 

 

 

Cash Flow from Operations

$

37,216

 

 

 

$

26,083

 

 

 

$

33,352

 

 

Net Capital Expenditures

(6,968

)

 

 

(7,672

)

 

 

(1,635

)

 

Free Cash Flow

$

30,248

 

 

 

$

18,411

 

 

 

$

31,717

 

 

 

SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

Gross Margin–GAAP

61.4

 

%

 

60.9

 

%

 

61.9

 

%

 

61.2

 

%

 

61.9

 

%

Share-based compensation

0.4

 

%

 

0.4

 

%

 

0.3

 

%

 

0.3

 

%

 

0.3

 

%

Adjusted Gross Margin (Non-GAAP)

61.8

 

%

 

61.3

 

%

 

62.2

 

%

 

61.5

 

%

 

62.2

 

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

Selling, general and administrative–GAAP

$

38,255

 

 

 

$

34,600

 

 

 

$

43,325

 

 

 

$

72,855

 

 

 

$

82,297

 

 

Share-based compensation

(9,501

)

 

 

(5,959

)

 

 

(9,532

)

 

 

(15,460

)

 

 

(18,471

)

 

Transaction and integration related

(249

)

 

 

(85

)

 

 

14

 

 

 

(334

)

 

 

(1,235

)

 

Restructuring and other reserves

(502

)

 

 

 

 

 

(2,571

)

 

 

(502

)

 

 

(2,711

)

 

Litigation cost, net of recoveries

(105

)

 

 

(146

)

 

 

(799

)

 

 

(251

)

 

 

(725

)

 

Adjusted selling, general and administrative (Non-GAAP)

$

27,898

 

 

 

$

28,410

 

 

 

$

30,437

 

 

 

$

56,308

 

 

 

$

59,155

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

Product development and engineering–GAAP

$

29,220

 

 

 

$

27,586

 

 

 

$

25,882

 

 

 

$

56,806

 

 

 

$

53,036

 

 

Share-based compensation

(3,135

)

 

 

(2,890

)

 

 

(2,491

)

 

 

(6,025

)

 

 

(5,103

)

 

Transaction and integration related

 

 

 

87

 

 

 

(47

)

 

 

87

 

 

 

(233

)

 

Adjusted product development and engineering (Non-GAAP)

$

26,085

 

 

 

$

24,783

 

 

 

$

23,344

 

 

 

$

50,868

 

 

 

$

47,700

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

Operating Margin–GAAP

13.1

 

%

 

11.9

 

%

 

8.6

 

%

 

12.5

 

%

 

8.9

 

%

Share-based compensation

9.2

 

%

 

7.1

 

%

 

9.0

 

%

 

8.2

 

%

 

9.1

 

%

Intangible amortization

1.4

 

%

 

2.1

 

%

 

2.8

 

%

 

1.7

 

%

 

3.4

 

%

Transaction and integration related

0.1

 

%

 

 

%

 

 

%

 

0.1

 

%

 

0.5

 

%

Restructuring and other reserves

0.3

 

%

 

 

%

 

1.9

 

%

 

0.2

 

%

 

1.0

 

%

Litigation cost, net of recoveries

0.1

 

%

 

0.1

 

%

 

0.6

 

%

 

0.1

 

%

 

0.3

 

%

Changes in the fair value of contingent earn-out obligations

 

%

 

 

%

 

 

%

 

 

%

 

(0.8

)

%

Adjusted Operating Margin (Non-GAAP)

24.2

 

%

 

21.2

 

%

 

22.9

 

%

 

22.8

 

%

 

22.4

 

%

 

SEMTECH CORPORATION

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

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

July 26,2020

 

April 26,2020

 

July 28,2019

 

July 26,2020

 

July 28,2019

 

Q221

 

Q121

 

Q220

 

Q221

 

Q220

GAAP net income attributable to common stockholders

$

16,125

 

 

 

$

9,635

 

 

 

$

2,192

 

 

 

$

25,760

 

 

 

$

14,940

 

 

Adjustments to GAAP net income attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Share-based compensation

13,186

 

 

 

9,379

 

 

 

12,425

 

 

 

22,565

 

 

 

24,403

 

 

Intangible amortization

2,020

 

 

 

2,840

 

 

 

3,908

 

 

 

4,860

 

 

 

9,051

 

 

Transaction and integration related

249

 

 

 

(2

)

 

 

33

 

 

 

247

 

 

 

1,468

 

 

Restructuring and other reserves

502

 

 

 

 

 

 

2,571

 

 

 

502

 

 

 

2,711

 

 

Litigation cost, net of recoveries

105

 

 

 

146

 

 

 

799

 

 

 

251

 

 

 

725

 

 

Changes in the fair value of contingent earn-out obligations

 

 

 

(33

)

 

 

 

 

 

(33

)

 

 

(2,161

)

 

Investment gains, losses, reserves and impairments

729

 

 

 

3,630

 

 

 

 

 

 

4,359

 

 

 

 

 

Total Non-GAAP adjustments before taxes

16,791

 

 

 

15,960

 

 

 

19,736

 

 

 

32,751

 

 

 

36,197

 

 

Associated tax effect

(4,848

)

 

 

(2,572

)

 

 

3,709

 

 

 

(7,420

)

 

 

(2,899

)

 

Equity in net losses (gains) of equity method investments

137

 

 

 

11

 

 

 

(168

)

 

 

148

 

 

 

243

 

 

Total of supplemental information, net of taxes

12,080

 

 

 

13,399

 

 

 

23,277

 

 

 

25,479

 

 

 

33,541

 

 

Non-GAAP net income attributable to common stockholders

$

28,205

 

 

 

$

23,034

 

 

 

$

25,469

 

 

 

$

51,239

 

 

 

$

48,481

 

 

 

 

 

 

 

 

 

 

 

 

Diluted GAAP earnings per share

$

0.24

 

 

 

$

0.15

 

 

 

$

0.03

 

 

 

$

0.39

 

 

 

$

0.22

 

 

Adjustments per above

0.19

 

 

 

0.20

 

 

 

0.35

 

 

 

0.39

 

 

 

0.49

 

 

Diluted non-GAAP earnings per share

$

0.43

 

 

 

$

0.35

 

 

 

$

0.38

 

 

 

$

0.78

 

 

 

$

0.71

 

 

 
Contacts
Sandy Harrison
Semtech Corporation
(805) 480-2004
[email protected]
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