0000088941-22-000005 8-K 14 20220316 2.02 7.01 9.01 20220316 20220316 SEMTECH CORP 0000088941 3674 952119684 DE 0130 8-K 34 001-06395 22745142 200 FLYNN ROAD CAMARILLO CA 93012-8790 8054982111 200 FLYNN ROAD CAMARILLO CA 93012-8790 8-K 1 smtc-20220316.htm 8-K smtc-20220316
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 16, 2022

SEMTECH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation)
001-0639595-2119684
(Commission File Number)(IRS Employer Identification No.)
200 Flynn Road
Camarillo,California93012-8790
(Address of principal executive offices)(Zip Code)
805-498-2111
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareSMTCThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02     Results of Operations and Financial Condition.

On March 16, 2022, the Registrant issued a press release announcing its financial results for the fourth quarter and fiscal year 2022, which ended January 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

Item 7.01     Regulation FD Disclosure.
On March 16, 2022, the Registrant issued a press release containing forward looking statements, including with respect to its future performance and financial results. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01     Financial Statements and Exhibits.
        
        (d) Exhibits


Exhibit 104    The Cover Page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

The information contained in Item 2.02, Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02, Item 7.01 and Exhibit 99.1 hereto shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to Item 2.02, Item 7.01 and Exhibit 99.1, as applicable in such filing.









SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEMTECH CORPORATION
Date: March 16, 2022/s/ Emeka N. Chukwu
Name:Emeka N. Chukwu
Title:Chief Financial Officer


EX-99.1 2 smtc-01302022x8k991.htm EX-99.1 Document

Exhibit 99.1



logoa03.gif
FOR IMMEDIATE RELEASE

Contact:
Emeka Chukwu
Semtech Corporation
(805) 480-2004
webir@semtech.com

Semtech Announces Fourth Quarter and Fiscal Year 2022 Results

CAMARILLO, Calif., March 16, 2022—Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, today reported unaudited financial results for its fourth quarter and fiscal year 2022, which ended January 30, 2022.
Highlights for the Fourth Quarter of Fiscal Year 2022
Net sales of $190.6 million, GAAP diluted EPS of $0.53 and non-GAAP diluted EPS of $0.70
Record GAAP and non-GAAP gross margins grew 310bps and 300bps, respectively, year-over-year
Operating cash flow of $51.0 million or 26.8% of net sales
Record LoRa-enabled net sales of $41.7 million
Record distributor sell-through
Highlights for Fiscal Year 2022
Record net sales of $740.9 million, record GAAP diluted EPS of $1.92 and record non-GAAP diluted EPS of $2.61
Record GAAP and non-GAAP gross margins each grew 180bps year-over-year
Record operating cash flow of $203.1 million or 27.4% of net sales
Record Wireless and Sensing products group net sales up 38.7% driven by $134.1 million of LoRa-enabled net sales, which grew 52.6%
Record Signal Integrity products group net sales up 13.9% driven by 10G PON
Protection products group net sales grew 25.7% driven by record Industrial and Automotive products
Repurchased 1.8 million shares for $129.7 million
- more -



2
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
Results on a GAAP basis for the Fourth Quarter and Fiscal Year 2022
($ in millions, except for diluted earnings per share data)
Q4 FY2022FY2022
Net Sales$190.6 $740.9 
GAAP Gross Margin64.1 %62.9 %
GAAP SG&A Expense$39.8 $168.2 
GAAP R&D Expense$38.3 $147.9 
GAAP Operating Expense$79.1 $321.1 
GAAP Operating Margin22.5 %19.6 %
GAAP Net Income Attributable To Common Stockholders$34.8 $125.7 
GAAP Diluted Earnings Per Share$0.53 $1.92 
To facilitate a complete understanding of comparable financial performance between periods, the Company also presents performance results that exclude certain non-cash items and items that are not considered reflective of the Company’s core results over time. These non-GAAP financial measures exclude certain items and are described below under “Non-GAAP Financial Measures.”
Results on a Non-GAAP basis for the Fourth Quarter and Fiscal Year 2022 (see the list of non-GAAP financial measures and the reconciliation of these measures to the most comparable GAAP measures set forth in the tables below under "Supplemental Information: Reconciliation of GAAP to Non-GAAP Results")
($ in millions, except for diluted earnings per share data)
Q4 FY2022FY2022
Non-GAAP Gross Margin64.5 %63.3 %
Non-GAAP SG&A Expense$34.2 $133.6 
Non-GAAP R&D Expense$34.5 $132.5 
Non-GAAP Operating Expense$68.7 $266.2 
Non-GAAP Operating Margin28.5 %27.4 %
Non-GAAP Net Income Attributable To Common Stockholders$45.7 $171.2 
Non-GAAP Diluted Earnings Per Share$0.70 $2.61 
Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “Our focus on enabling a smarter, more sustainable planet, with investments in disruptive technologies that allow our customers to deliver low-power solutions for remote sensing and analytics for the Internet of Things ("IoT"), bandwidth expansion and reduction of electronic waste, drove record financial performance in fiscal year 2022. We believe these secular growth drivers will be the foundation for multi-year revenue growth for the Company."




3
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
First Quarter of Fiscal Year 2023 Outlook
Both the GAAP and non-GAAP first quarter of fiscal year 2023 outlook below take into account, based on the Company's current estimates, the uncertain, but potential negative impact to the Company of the current supply chain constraints and any associated disruptions and 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 First Quarter of Fiscal Year 2023 Outlook
Net sales are expected to be in the range of $195.0 million to $205.0 million
GAAP Gross margin is expected to be in the range of 63.8% to 64.8%
GAAP SG&A expense is expected to be in the range of $43.2 million to $44.2 million
GAAP R&D expense is expected to be in the range of $39.0 million to $40.0 million
GAAP Intangible amortization expense is expected to be approximately $1.0 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 17% to 19%
GAAP Diluted earnings per share is expected to be in the range of $0.50 to $0.58
Fully-diluted share count is expected to be approximately 65.3 million shares
Share-based compensation is expected to be approximately $12.0 million, categorized as follows: $0.8 million cost of sales, $6.7 million SG&A, and $4.5 million R&D
Capital expenditures are expected to be approximately $10.0 million
Depreciation expense is expected to be approximately $6.4 million
Non-GAAP First Quarter of Fiscal Year 2023 Outlook (see the list of non-GAAP financial measures and the reconciliation of these measures 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 64.2% to 65.2%
Non-GAAP SG&A expense is expected to be in the range of $36.0 million to $37.0 million
Non-GAAP R&D expense is expected to be in the range of $34.5 million to $35.5 million
Non-GAAP normalized tax rate for FY2023 is expected to be approximately 12%
Non-GAAP Diluted earnings per share is expected to be in the range of $0.72 to $0.80




4
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its fourth quarter and fiscal year 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 April 13, 2022 at the same website or by calling (877) 660-6853 and entering conference ID 13716895.
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 financial measures. The Company’s non-GAAP measures of gross margin, SG&A expense, R&D expense, operating expense, operating margin, net income attributable to common stockholders, diluted earnings per 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 first quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company’s financial condition and results of operations. These non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses that 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




5
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
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 financial measures to their most comparable GAAP measures for the fourth quarter of fiscal year 2021, the third and fourth quarters of fiscal year 2022, and the full-year fiscal 2022 and fiscal 2021 periods, 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 first quarter of fiscal year 2023. 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 was 13% and was applied to each quarter of fiscal year 2022. For fiscal year 2023, the Company’s projected non-GAAP normalized tax rate is 12% and will be applied to each quarter of fiscal year 2023. 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




6
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
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 first quarter of fiscal year 2023 outlook and our expectations for growth and strong financial results in fiscal year 2023; the potential for a negative impact associated with the current supply chain constraints 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 supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; export restrictions and laws affecting the Company's trade and investments including with respect to Huawei and




7
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
certain of its affiliates and other entities identified by the U.S. government, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions as a result of the current conflict between Russia and Ukraine; 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 filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2022, which the Company expects to file with the SEC on March 16, 2022, as such risk factors may be updated, amended or superseded from time to time by subsequent reports the Company files with the SEC. 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 global 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




8
Semtech Announces Fourth Quarter and Fiscal Year 2022 Results
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, and Tri-Edge is a trademark or service mark, of Semtech Corporation or its subsidiaries.

SMTC-F



SEMTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Net sales$190,550 $194,932 $164,673 $740,858   $595,117 
Cost of sales68,451 71,243 64,197 274,777   231,568 
Gross profit122,099 123,689 100,476 466,081 363,549 
Operating costs and expenses:
Selling, general and administrative39,808 47,621 47,086 168,210   162,832 
Product development and engineering38,292 37,346 32,833 147,925   117,529 
Intangible amortization1,048 1,298 1,607 4,942 8,265 
Changes in the fair value of contingent earn-out obligations(13)— — (13)(33)
Total operating costs and expenses79,135 86,265 81,526 321,064 288,593 
Operating income42,964 37,424 18,950 145,017 74,956 
Interest expense(1,474)(1,233)(1,517)(5,091)(5,336)
Non-operating income, net68 105 113 480   124 
Investment impairments and credit loss reserves(407)(216)(1,319)(1,337)(6,769)
Income before taxes and equity in net gains of equity method investments41,151 36,080 16,227 139,069 62,975 
Provision for taxes6,360 3,018 914 15,539   3,437 
Net income before equity in net gains of equity method investments34,791 33,062 15,313 123,530 59,538 
Equity in net gains of equity method investments— 1,363 318 2,115 329 
Net income 34,791 34,425 15,631 125,645 59,867 
Net loss attributable to noncontrolling interest(13)(2)(25)(19)(36)
Net income attributable to common stockholders$34,804 $34,427 $15,656 $125,664 $59,903 
Earnings per share:
Basic$0.54 $0.53 $0.24 $1.94 $0.92 
Diluted$0.53 $0.53 $0.24 $1.92 $0.91 
Weighted average number of shares used in computing earnings per share:
Basic64,289 64,546 65,035 64,662 65,208 
Diluted65,235 65,299 66,085 65,565 66,059 




SEMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
January 30, 2022January 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$279,601 $268,891 
Accounts receivable, net71,507 70,433 
Inventories114,003 87,494 
Prepaid taxes5,983 22,083 
Other current assets31,201 25,827 
Total current assets502,295 474,728 
Non-current assets:
Property, plant and equipment, net134,940 130,934 
Deferred tax assets27,803 25,483 
Goodwill351,141 351,141 
Other intangible assets, net6,804 11,746 
Other assets107,928 88,070 
Total assets$1,130,911 $1,082,102 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$50,695 $50,189 
Accrued liabilities77,704 59,384 
Total current liabilities128,399 109,573 
Non-current liabilities:
Deferred tax liabilities1,132 976 
Long term debt171,676 179,195 
Other long-term liabilities91,929 93,405 
Stockholders’ equity737,584 698,743 
Noncontrolling interest191 210 
Total liabilities & equity$1,130,911 $1,082,102 





SEMTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
(in thousands)
(unaudited)
Twelve Months Ended
January 30,
2022
January 31,
2021
Net income$125,645 $59,867 
Net cash provided by operations203,123 118,930 
Net cash used in investing activities(40,316)(42,909)
Net cash used in financing activities(152,097)(100,454)
Net increase (decrease) in cash and cash equivalents10,710 (24,433)
Cash and cash equivalents at beginning of period268,891 293,324 
Cash and cash equivalents at end of period$279,601 $268,891 
Three Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
Q422Q322Q421
Free Cash Flow:
Cash Flow from Operations$50,986 $66,538 $27,254 
Net Capital Expenditures(8,100)(5,349)(10,561)
Free Cash Flow:$42,886 $61,189 $16,693 




SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Gross Margin–GAAP64.1 %63.5 %61.0 %62.9 %61.1 %
Share-based compensation0.4 %0.3 %0.5 %0.4 %0.4 %
Adjusted Gross Margin (Non-GAAP)64.5 %63.8 %61.5 %63.3 %61.5 %
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Selling, general and administrative–GAAP$39,808 $47,621 $47,086 $168,210 $162,832 
Share-based compensation(5,593)(12,528)(12,136)(32,578)(37,000)
Transaction and integration related costs, net(204)(460)(245)(588)(871)
Restructuring and other reserves, net— — (926)(16)(1,428)
Litigation recoveries (costs), net152 (434)(454)(1,382)(1,263)
Adjusted selling, general and administrative (Non-GAAP)$34,163 $34,199 $33,325 $133,646 $122,270 
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Product development and engineering–GAAP$38,292 $37,346 $32,833 $147,925 $117,529 
Share-based compensation(4,110)(4,070)(3,980)(15,710)(13,485)
Transaction and integration related recoveries, net329 — — 329 87 
Restructuring and other reserves, net— — 114 — 114 
Adjusted product development and engineering (Non-GAAP)$34,511 $33,276 $28,967 $132,544 $104,245 
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Operating cost and expense–GAAP$79,135 $86,265 $81,526 $321,064 $288,593 
Share-based compensation(9,703)(16,598)(16,116)(48,288)(50,485)
Intangible amortization(1,048)(1,298)(1,607)(4,942)(8,265)
Transaction and integration related recoveries (costs), net125 (460)(245)(259)(784)
Restructuring and other reserves, net— — (812)(16)(1,314)
Litigation recoveries (costs), net152 (434)(454)(1,382)(1,263)
Changes in the fair value of contingent earn-out obligations13 — — 13 33 
Adjusted operating cost and expense (Non-GAAP)$68,674 $67,475 $62,292 $266,190 $226,515 




SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in thousands, except per share data)
(unaudited)
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
Operating Margin–GAAP22.5 %19.2 %11.5 %19.6 %12.6 %
Share-based compensation5.6 %8.9 %10.3 %6.9 %8.9 %
Intangible amortization0.6 %0.7 %1.0 %0.7 %1.4 %
Transaction and integration related (recoveries) costs, net(0.1)%0.2 %0.1 %— %0.1 %
Restructuring and other reserves, net— %— %0.5 %— %0.2 %
Litigation (recoveries) costs, net(0.1)%0.2 %0.3 %0.2 %0.2 %
Adjusted Operating Margin (Non-GAAP)28.5 %29.2 %23.7 %27.4 %23.4 %
Three Months EndedTwelve Months Ended
January 30,
2022
October 31,
2021
January 31,
2021
January 30,
2022
January 31,
2021
Q422Q322Q421Q422Q421
GAAP net income attributable to common stockholders$34,804 $34,427 $15,656 $125,664 $59,903 
Adjustments to GAAP net income attributable to common stockholders:
Share-based compensation10,492 17,341 16,883 51,189 52,986 
Intangible amortization1,048 1,298 1,607 4,942 8,265 
Transaction and integration related (recoveries) costs, net(125)460 245 259 784 
Restructuring and other reserves, net— — 812 16 1,314 
Litigation (recoveries) costs, net(152)434 454 1,382 1,263 
Changes in the fair value of contingent earn-out obligations(13)— — (13)(33)
Investment gains, losses, reserves and impairments65 (96)860 (71)5,280 
Total Non-GAAP adjustments before taxes11,315 19,437 20,861 57,704 69,859 
Associated tax effect (460)(4,199)(2,609)(10,040)(13,792)
Equity in net gains of equity method investments— (1,363)(318)(2,115)(329)
Total of supplemental information, net of taxes10,855 13,875 17,934 45,549 55,738 
Non-GAAP net income attributable to common
stockholders
$45,659 $48,302 $33,590 $171,213 $115,641 
GAAP diluted earnings per share$0.53 $0.53 $0.24 $1.92 $0.91 
Adjustments per above0.17 0.21 0.27 0.69 0.84 
Non-GAAP diluted earnings per share$0.70 $0.74 $0.51 $2.61 $1.75 





SEMTECH CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
First Quarter of Fiscal Year 2023 Outlook
(in millions, except per share data)
Q1 FY23 Outlook
May 1, 2022
LowHigh
Gross Margin–GAAP63.8 %64.8 %
Share-based compensation0.4 %0.4 %
Adjusted Gross Margin (Non-GAAP)64.2 %65.2 %
LowHigh
Selling, general and administrative–GAAP$43.2 $44.2 
Share-based compensation(6.7)(6.7)
Transaction and integration related(0.5)(0.5)
Adjusted selling, general and administrative (Non-GAAP)$36.0 $37.0 
LowHigh
Product development and engineering–GAAP$39.0 $40.0 
Share-based compensation(4.5)(4.5)
Adjusted product development and engineering (Non-GAAP)$34.5 $35.5 
LowHigh
Diluted earnings per share–GAAP$0.50 $0.58 
Share-based compensation0.18 0.18 
Transaction, restructuring, and acquisition related expenses0.01 0.01 
Amortization of acquired intangibles0.02 0.02 
Associated tax effect
0.01 0.01 
Adjusted diluted earnings per share (Non-GAAP)$0.72 $0.80 


CONTACT:
Emeka Chukwu
Semtech Corporation
(805) 480-2004
webir@semtech.com


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Cover Page
Mar. 16, 2022
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 16, 2022
Entity Registrant Name SEMTECH CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-06395
Entity Tax Identification Number 95-2119684
Entity Address, Address Line One 200 Flynn Road
Entity Address, City or Town Camarillo,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 93012-8790
City Area Code 805
Local Phone Number 498-2111
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol SMTC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000088941

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