Fiscal Year 2023 Annual Report





We strive to deliver high-quality, high-performance and low-power analog/mixed signal technology platforms that enable a smarter, more connected and sustainable planet. We believe that our vision is being realized as the market continues to adopt Semtech’s optimized, low-power solutions for their applications. Our investments in low-power system technologies enabled us to deliver record financial performance in fiscal year 2023 and we expect them to be the foundation for future growth.

I’m pleased to report that fiscal year 2023 was a transformative year for Semtech with the completion of the Sierra Wireless acquisition. Despite the weakness of the global economy in the second half of the year, we achieved record revenues, growing 2% over the previous fiscal year.

Our Signal Integrity Products Group achieved record revenue of approximately $304 million, up 4.5% year-over-year, driven by the strong performance of our infrastructure platforms. Our LoRa® technology-enabled business also achieved record revenues of approximately $187 million, up 40% year-over-year, and is now established globally as a leading low power and long range IoT connectivity technology. Finally, our Industrial, Telecom and Automotive Protection businesses saw record revenue of approximately $80.1 million, or 9.3% growth year-over-year, and are gaining traction across a broad range of applications.

We are very proud to be recognized as the 2022 Global IoT Hardware Company of the Year by Frost & Sullivan for Market Leadership in IoT. Our leading LPWAN technology, LoRa, attained a new milestone, reaching approximately 300 million connected LoRa end points by the end of fiscal year 2023. The acquisition of Sierra Wireless positions us to scale our IoT business in the years ahead as we bring the low power capabilities of LoRa together with the network advantages of cellular technology.

The future looks exciting. We believe Semtech is well-positioned to capitalize on the growing demand for low-power IoT connectivity solutions, high-bandwidth hyperscale data center connectivity, 5G wireless and 10G PON connectivity and system protection solutions. As we continue to deliver innovative products, we remain focused on integrating Sierra Wireless, while expanding our customer base and improving our operational efficiencies to create long-term value for our stockholders.

On behalf of Semtech, I want to express my gratitude for your continued support and trust in us. We are confident that our strategies, technologies and talented team will enable us to achieve our vision and deliver growth.

Mohan Maheswaran
President and Chief Executive Officer


Balance Sheet Data (in thousands)

FY2019 FY2020 FY2021 FY2022 FY2023
Cash and cash equivalents $ 312,120 $ 293,324 $ 268,891 $ 279,601 $ 235,510
Working capital $ 355,390 $ 362,095 $ 365,155 $ 373,896 $ 325,931
Total assets $ 1,062,780 $ 1,052,433 $ 1,082,102 $ 1,130,911 $ 2,569,628
Long-term debt, less current portion $ 192,845 $ 194,743 $ 179,195 $ 171,676 $ 1,296,966
Other long-term liabilities $ 57,441 $ 81,849 $ 94,381 $ 93,061 $ 119,772
Total stockholders' equity $ 682,580 $ 676,954 $ 698,743 $ 737,584 $ 755,852


Executive Committee

Mohan R. Maheswaran
President and Chief Executive Officer

Charles B. Ammann
Executive Vice President,
Chief Legal Officer and Secretary

Emeka N. Chukwu
Executive Vice President and
Chief Financial Officer

Julie McGee
Senior Vice President,
Chief Marketing Officer and
Chief Environmental, Social
and Governance (ESG) Officer

Norris Powell
Senior Vice President and
Chief Human Resources Officer

Asaf Silberstein
Executive Vice President and
Chief Operating Officer

J. Michael Wilson
Executive Vice President and
Chief Quality Officer

Leadership Team

Gary M. Beauchamp
Executive Vice President and General Manager,
Signal Integrity Products Group

Stephen Denmark
Vice President of Operations

Pravin Desale
Senior Vice President, IoT Engineering

Ross Gray
Vice President and General Manager,
IoT Connected Services Group

Tom Mueller
Executive Vice President and General Manager,
IoT System Products Group

Mohan Mysore
Vice President of Information Technology

Madhu Rayabhari
Senior Vice President and General Manager,
Advanced Protection and Sensing Products Group

Mike W. Rodensky
Senior Vice President of Global Sales

Francois Tremblay
Chief Technical Officer and
Vice President, Design Engineering,
Signal Integrity Products Group

Board Members

Rockell N. Hankin
Chairman of the Board, Nominating and Governance
Committee Chair, Semtech Corporation; Chairman of the
Board, The Kavli Foundation; Investor

Martin S.J. Burvill
Executive positions, Verizon, MCI Communications,
Nexagent, Internap, Racal Telecom, British Telecom
and S.I.T.A.; Director, Nexar, Inc. and Okin BPS

Rodolpho C. Cardenuto
President, Applications Group of Vonage; Former SVP Sales,
Magic Leap; Executive positions, SAP, Hewlett-Packard, Vesper
and Nextel; Chairman and Director, MIGNOW

Bruce C. Edwards
Compensation Committee Chair, Semtech Corporation; CEO,
Palagon Partners, LLC; Former Director, Lantronix, lnc.; Former
Chairman and Director, Emulex Corporation

Gregory M. Fischer
Independent advisor, expert networks platforms;
Executive positions, Broadcom and Conexant

Saar Gillai
Independent board director and CEO advisor to multiple
startups; Executive mentor, The Exco Group; Executive
positions, Teridion, Hewlett Packard, 3Com, Enfora, Tropos
Networks and Cisco Systems; Director, Liquid Instruments

Ye Jane Li
Strategic Advisor, Diversis Capital, LLC; Former COO, Huawei
Enterprise USA, Inc.; Director, PDF Solutions, CTS Corporation, ServicePower and Knowles Corporation

James T. Lindstrom
Audit Committee Chair, Semtech Corporation; Former COO and
CFO of Kilopass Technology, lnc.; Former CFO of eSilicon

Paula LuPriore
CEO and Co-founder, WujiTech, Inc.; Executive positions, Asyst
Technologies, Inc. and IBM; Director, Wujitech, Inc.

Mohan R. Maheswaran
President and Chief Executive Officer, Semtech Corporation

Sylvia Summers
Board Member, Aristocrat Leisure Limited;
Former CEO, President and Director, Trident Microsystems, Inc.

Paul V. Walsh, Jr.
Board Advisor, Anokiwave; Executive positions,
Allegro Microsystems, Rocket Software and Silicon Labs

Transfer Agent

P.O. Box 43006
Providence, RI 02940-3006
Shareholder Services-Toll Free: 800-522-6645
Shareholder Services (International): +1-201-680-6578


Ticker Symbol: SMTC

Corporate Headquarters

200 Flynn Road
Camarillo, CA 93012
Telephone: 805-498-2111

Corporate Website

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