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
fourth quarter and fiscal year 2020, which ended January 26,
2020.
Highlights for the Fourth Quarter and Fiscal Year
2020
- Q4 FY2020 net sales of $138.0 million, GAAP EPS of $0.04 and
non-GAAP EPS of $0.40
- FY2020 net sales of $547.5 million, GAAP EPS of $0.47 and
non-GAAP EPS of $1.52
- Cash flow from operations was $45.3 million, or 33% of net
sales, in Q4 FY2020 and was $118.6 million, or 22% of net sales, in
FY2020
- Refinanced the prior credit facility with a new $600.0 million
revolving credit facility
- Repurchased 0.5 million shares for $27.6 million in Q4 FY2020
and 1.5 million shares for $70.2 million in FY2020
Results on a GAAP basis for the Fourth Quarter and Fiscal
Year 2020
($ in millions, except for earnings per diluted share data)
Q4 FY2020
FY2020
Net Sales
$
138.0
$
547.5
GAAP Gross Margin
61.1
%
61.5
%
GAAP SG&A Expense
$
43.0
$
163.1
GAAP R&D Expense
$
27.4
$
107.4
GAAP Operating Expense
$
74.1
$
284.7
GAAP Operating Margin
7.4
%
9.5
%
GAAP Net Income Attributable To Common
Stockholders
$
2.9
$
31.9
GAAP Earnings Per Diluted Share
$
0.04
$
0.47
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 Fourth Quarter and Fiscal
Year 2020 (see the list of non-GAAP items and the
reconciliation of these to the most comparable GAAP items set forth
in the tables below):
($ in millions, except for earnings per diluted share data)
Q4 FY2020
FY2020
Non-GAAP Gross Margin
61.5
%
61.8
%
Non-GAAP SG&A Expense
$
29.8
$
117.5
Non-GAAP R&D Expense
$
24.1
$
96.2
Non-GAAP Operating Expense
$
54.0
$
213.7
Non-GAAP Operating Margin
22.5
%
22.7
%
Non-GAAP Net Income Attributable To Common
Stockholders
$
26.8
$
102.7
Non-GAAP Earnings Per Diluted Share
$
0.40
$
1.52
Mohan Maheswaran, Semtech’s President and Chief Executive
Officer, stated, “We delivered fiscal Q4 results at the upper end
of our guidance and ended with a solid finish to a challenging
year. In fiscal year 2020, we continued to invest in our disruptive
product platforms while delivering strong operating cash flow and
are very well positioned in our target markets including hyper
scale data centers and 5G infrastructure, Internet Of Things (IOT)
and mobile systems." Maheswaran continued, "Despite the ongoing
geopolitical challenges and the uncertainties associated with the
coronavirus, we believe the long-term sustainability of our secular
growth drivers, along with our balanced end-market approach and
strong customer relationships, should enable the Company to deliver
a strong financial performance in fiscal year 2021 and beyond.”
First Quarter of Fiscal Year 2021 Outlook
Both the GAAP and non-GAAP first quarter of fiscal year 2021
outlook below take into account, based on the Company's current
estimates, the anticipated, but uncertain, impact to the Company of
the export restrictions pertaining to Huawei and certain of its
affiliates imposed by the U.S. Department of Commerce, as well as
of the coronavirus. The Company is unable to predict the full
impact such challenges may have on its future results of
operations.
GAAP First Quarter of Fiscal Year 2021 Outlook
- Net sales are expected to be in the range of $125.0 million to
$135.0 million
- GAAP Gross margin is expected to be in the range of 60.6% to
61.6%
- GAAP SG&A expense is expected to be in the range of $35.5
million to $36.5 million
- GAAP R&D expense is expected to be in the range of $27.5
million to $28.5 million
- GAAP Intangible amortization expense is expected to be
approximately $2.8 million
- GAAP Effective tax rate is expected to be in the range of 23%
to 27%
- GAAP Earnings per diluted share are expected to be in the range
of $0.10 to $0.15
- Fully-diluted share count is expected to be approximately 67.0
million shares
- Share-based compensation is expected to be approximately $10.5
million, categorized as follows: $0.5 million cost of sales, $7.0
million SG&A, and $3.0 million R&D
- Capital expenditures are expected to be approximately $6.0
million
- Depreciation expense is expected to be approximately $5.7
million
Non-GAAP First Quarter of Fiscal Year 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
$28.0 million to $29.0 million
- Non-GAAP R&D expense is expected to be in the range of
$24.0 million to $25.0 million
- Non-GAAP Effective tax rate is expected to be in the range of
14% to 16%
- Non-GAAP Earnings per diluted share are expected to be in the
range of $0.30 to $0.36
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
fourth quarter and fiscal year 2020 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 April 8, 2020 at the same website or by
calling (877) 660-6853 and entering conference ID 13692226.
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 measure of
free cash flow is calculated as cash flow from operations less net
capital expenditures. The Company’s non-GAAP measures of gross
margin, SG&A expenses, R&D expenses, operating 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 and impairments
- 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
To provide additional insight into the Company's first 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.
As noted in its first quarter fiscal year 2019 earnings release,
the Company is no longer adjusting prior-period non-GAAP
performance metrics of net sales and gross margin to exclude the
cost of the Comcast Warrant as the Comcast Warrant was fully vested
in the first quarter of fiscal year 2019. The Company in previous
periods had excluded the recognized cost of the Comcast Warrant
from non-GAAP net sales and non-GAAP gross margin because the cost
related to a non-routine, non-cash equity award that was provided
to Comcast as an incentive to deploy a network based on technology
developed by the Company and because the Comcast Warrant would not
have had an ongoing impact on revenues in future periods.
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 fourth quarter of fiscal year 2019, the third and fourth
quarters of fiscal year 2020, and the full-year fiscal 2020 and
fiscal 2019 periods, 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 first 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 first quarter of fiscal year 2021
outlook; the negative impact of the novel coronavirus outbreak 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 related to
Huawei; 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:
potential differences between the unaudited results disclosed in
this release and the Company’s final results when disclosed in its
Annual Report on Form 10-K as a result of the completion of the
Company’s financial closing procedures, final adjustments, annual
audit by the Company’s independent registered public accounting
firm, and other developments arising between now and the disclosure
of the final results; the uncertainty surrounding the impact and
duration of the novel coronavirus outbreak 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 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 27, 2019, 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
high-end consumer, enterprise computing, communications and
industrial equipment. 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 and the Semtech logo 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
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Net sales
$
138,001
$
141,011
$
160,006
$
547,512
$
627,196
Cost of sales
53,724
54,763
61,139
210,828
250,174
Gross profit
84,277
86,248
98,867
336,684
377,022
Operating costs and expenses:
Selling, general and administrative
43,032
37,777
36,525
163,106
145,246
Product development and engineering
27,356
26,976
28,447
107,368
109,047
Intangible amortization
3,725
3,770
6,728
16,546
26,649
Changes in the fair value of contingent
earn-out obligations
(32
)
(152
)
—
(2,345
)
(9,419
)
Total operating costs and expenses
74,081
68,371
71,700
284,675
271,523
Operating income
10,196
17,877
27,167
52,009
105,499
Interest expense
(1,859
)
(2,183
)
(2,457
)
(9,106
)
(9,202
)
Non-operating (expense) income, net
(7
)
644
1,909
2,893
3,823
Investment impairments
(1,211
)
—
—
(1,211
)
(30,000
)
Income before taxes and equity in net
gains (losses) of equity method investments
7,119
16,338
26,619
44,585
70,120
Provision for taxes
4,190
2,693
12,861
12,828
1,040
Net income before equity in net gains
(losses) of equity method investments
2,929
13,645
13,758
31,757
69,080
Equity in net gains (losses) of equity
method investments
—
352
(85
)
109
(126
)
Net income
2,929
13,997
13,673
31,866
68,954
Net loss attributable to noncontrolling
interest
(5
)
—
—
(5
)
—
Net income attributable to common
stockholders
$
2,934
$
13,997
$
13,673
$
31,871
$
68,954
Earnings per share:
Basic
$
0.04
$
0.21
$
0.21
$
0.48
$
1.05
Diluted
$
0.04
$
0.21
$
0.20
$
0.47
$
1.01
Weighted average number of shares used in
computing earnings per share:
Basic
66,041
66,387
65,525
66,263
65,982
Diluted
67,051
67,318
68,165
67,418
68,481
SEMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
January 26, 2020
January 27, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
293,324
$
312,120
Accounts receivable, net
61,927
79,223
Inventories
73,010
63,679
Prepaid taxes
10,718
8,406
Other current assets
21,757
21,876
Total current assets
460,736
485,304
Non-current assets:
Property, plant and equipment, net
124,418
118,488
Deferred tax assets
19,409
13,576
Goodwill
351,141
351,141
Other intangible assets, net
20,012
36,558
Other assets
76,032
57,028
Total assets
$
1,051,748
$
1,062,095
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
48,009
$
43,183
Accrued liabilities
50,632
68,462
Current portion, long term debt
—
18,269
Total current liabilities
98,641
129,914
Non-current liabilities:
Deferred tax liabilities
3,600
3,363
Long term debt, less current portion
194,743
192,845
Other long-term liabilities
78,249
54,078
Stockholders’ equity
676,269
681,895
Noncontrolling interest
246
—
Total liabilities & equity
$
1,051,748
$
1,062,095
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
(in thousands)
(unaudited)
Twelve Months Ended
January 26, 2020
January 27, 2019
Net income
$
31,866
$
68,954
Net cash provided by operations
118,616
183,563
Net cash used in investing activities
(34,334
)
(36,218
)
Net cash used in financing activities
(103,078
)
(143,148
)
Net (decrease) increase in cash and
cash equivalents
(18,796
)
4,197
Cash and cash equivalents at beginning of
period
312,120
307,923
Cash and cash equivalents at end of
period
$
293,324
$
312,120
Three Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
Q420
Q320
Q419
Free Cash Flow:
Cash Flow from Operations
$
45,255
$
33,268
$
47,198
Net Capital Expenditures
(2,647
)
(3,516
)
(4,124
)
Free Cash Flow:
$
42,608
$
29,752
$
43,074
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Gross Margin–GAAP
61.1
%
61.2
%
61.8
%
61.5
%
60.1
%
Share-based compensation
0.4
%
0.4
%
0.3
%
0.3
%
0.3
%
Adjusted Gross Margin
(Non-GAAP)
61.5
%
61.6
%
62.1
%
61.8
%
60.4
%
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Selling, general and
administrative–GAAP
$
43,032
$
37,777
$
36,525
$
163,106
$
145,246
Share-based compensation
(10,762
)
(9,323
)
(9,914
)
(38,556
)
(35,431
)
Transaction and integration related
(141
)
258
(41
)
(1,118
)
(1,993
)
Restructuring and other reserves
(1,910
)
—
(252
)
(4,621
)
(1,021
)
Litigation cost, net of recoveries
(410
)
(205
)
575
(1,340
)
6,921
Adjusted selling, general and
administrative (Non-GAAP)
$
29,809
$
28,507
$
26,893
$
117,471
$
113,722
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Product development and
engineering–GAAP
$
27,356
$
26,976
$
28,447
$
107,368
$
109,047
Share-based compensation
(3,282
)
(3,180
)
(2,075
)
(11,565
)
(8,268
)
Transaction and integration related
67
593
(186
)
427
(783
)
Restructuring and other reserves
—
—
—
—
252
Litigation cost, net of recoveries
—
—
—
—
(784
)
Adjusted product development and
engineering (Non-GAAP)
$
24,141
$
24,389
$
26,186
$
96,230
$
99,464
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Operating cost and expense–GAAP
$
74,081
$
68,371
$
71,700
$
284,675
$
271,523
Share-based compensation
(14,044
)
(12,503
)
(11,989
)
(50,121
)
(43,697
)
Intangible amortization
(3,725
)
(3,770
)
(6,728
)
(16,546
)
(26,649
)
Transaction and integration related
(74
)
851
(226
)
(691
)
(2,777
)
Restructuring and other reserves
(1,910
)
—
(252
)
(4,621
)
(769
)
Litigation cost, net of recoveries
(410
)
(205
)
575
(1,340
)
6,137
Changes in the fair value of contingent
earn-out obligations
32
152
—
2,345
9,419
Adjusted operating cost and expense
(Non-GAAP)
$
53,950
$
52,896
$
53,080
$
213,701
$
213,187
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Operating Margin–GAAP
7.4
%
12.7
%
17.0
%
9.5
%
16.8
%
Share-based compensation
10.6
%
9.2
%
7.8
%
9.5
%
7.3
%
Intangible amortization
2.7
%
2.7
%
4.2
%
3.0
%
4.2
%
Transaction and integration related
0.1
%
(0.6
)%
0.1
%
0.1
%
0.4
%
Restructuring and other reserves
1.4
%
—
%
0.2
%
0.8
%
0.2
%
Litigation cost, net of recoveries
0.3
%
0.1
%
(0.4
)%
0.2
%
(1.0
)%
Changes in the fair value of contingent
earn-out obligations
—
%
(0.1
)%
—
%
(0.4
)%
(1.5
)%
Adjusted Operating Margin
(Non-GAAP)
22.5
%
24.0
%
28.9
%
22.7
%
26.4
%
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
GAAP net income attributable to common
stockholders
$
2,934
$
13,997
$
13,673
$
31,871
$
68,954
Adjustments to GAAP net income
attributable to common stockholders:
Share-based compensation
14,590
13,055
12,517
52,049
45,336
Intangible amortization
3,725
3,770
6,728
16,546
26,649
Transaction and integration related
74
(851
)
227
691
2,777
Restructuring and other reserves
1,910
—
252
4,621
769
Litigation cost, net of recoveries
410
205
(575
)
1,340
(6,137
)
Changes in the fair value of contingent
earn-out obligations
(32
)
(152
)
—
(2,345
)
(9,419
)
Investment impairments
1,211
—
—
1,211
30,000
Investment gain
—
—
(1,288
)
—
(1,288
)
Loss on early extinguishment of debt
514
—
—
514
—
Total Non-GAAP adjustments before
taxes
22,402
16,027
17,861
74,627
88,687
Associated tax effect
1,474
(2,276
)
5,929
(3,701
)
(25,350
)
Equity in net (gains) losses of equity
method investments
—
(352
)
85
(109
)
126
Total of supplemental information, net of
taxes
23,876
13,399
23,875
70,817
63,463
Non-GAAP net income attributable to
common stockholders
$
26,810
$
27,396
$
37,548
$
102,688
$
132,417
Diluted GAAP earnings per share
$
0.04
$
0.21
$
0.20
$
0.47
$
1.01
Adjustments per above
0.36
0.20
0.35
1.05
0.92
Diluted non-GAAP earnings per
share
$
0.40
$
0.41
$
0.55
$
1.52
$
1.93
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Twelve Months Ended
January 26, 2020
October 27, 2019
January 27, 2019
January 26, 2020
January 27, 2019
Q420
Q320
Q419
Q420
Q419
Comcast Warrant*
Impact on Net Sales
$
—
$
—
$
—
$
—
$
(21,501
)
Associated tax effect
—
—
—
—
3,678
Impact on EPS
$
—
$
—
$
—
$
—
$
(0.26
)
*In consideration of discussions held with the Securities and
Exchange Commission, we will no longer adjust net sales for the
impact of the Warrant for any comparable historical periods
presented. The Company will instead provide GAAP net sales for
historical periods presented and will separately disclose the
impact of the Warrant on the financial statement line items
impacted by the Warrant.
SEMTECH CORPORATION
RECONCILIATION OF GAAP TO
NON-GAAP OUTLOOK
First Quarter of Fiscal Year
2021 Outlook
(in millions, except per share
data)
Q1 FY21 Outlook
April 26, 2020
Low
High
Gross Margin–GAAP
60.6
%
61.6
%
Share-based compensation
0.4
%
0.4
%
Adjusted Gross Margin
(Non-GAAP)
61.0
%
62.0
%
Low
High
Selling, general and
administrative–GAAP
$
35.5
$
36.5
Share-based compensation
(7.0
)
(7.0
)
Transaction and integration related
(0.5
)
(0.5
)
Adjusted selling, general and
administrative (Non-GAAP)
$
28.0
$
29.0
Low
High
Product development and
engineering–GAAP
$
27.5
$
28.5
Share-based compensation
(3.0
)
(3.0
)
Transaction and integration related
(0.5
)
(0.5
)
Adjusted product development and
engineering (Non-GAAP)
$
24.0
$
25.0
Low
High
Diluted GAAP earnings per share
$
0.10
$
0.15
Share-based compensation
0.16
0.16
Transaction, restructuring, and
acquisition related expenses
0.02
0.02
Amortization of acquired intangibles
0.04
0.04
Associated tax effect
(0.02
)
(0.01
)
Diluted adjusted earnings per share
(Non-GAAP)
$
0.30
$
0.36
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200311005737/en/
Sandy Harrison Semtech Corporation (805) 480-2004
webir@semtech.com
Semtech (NASDAQ:SMTC)
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