UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) |
August 22, 2012 |
Semtech Corporation |
(Exact Name of Registrant as Specified in Its Charter) |
Delaware |
(State or Other Jurisdiction of Incorporation) |
1-6395 |
95-2119684 |
(Commission File Number) |
(IRS Employer Identification No.) |
200 Flynn Road Camarillo, California |
93012-8790 |
(Address of Principal Executive Offices) | (Zip Code) |
805-498-2111 |
(Registrant's Telephone Number, Including Area Code) |
(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))
Item 2.02. Results of Operations and Financial Condition.
On August 22, 2012, the Registrant issued a press release announcing financial results for its second quarter of fiscal year 2013, which ended July 29, 2012. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in this Item 2.02 (including the exhibit 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 this Item 2.02 (including the exhibit 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 this Item 2.02 in such filing.
Item 7.01. Regulation FD Disclosure.
On August 22, 2012, 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.
The information contained in this Item 7.01 including the exhibit 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 this Item 7.01 (including the exhibit 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 this Item 7.01 in such filing.
Item 9.01. Financial Statements and Exhibits.
(c) |
Exhibits |
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Exhibit 99.1 |
Press Release of the Registrant dated August 22, 2012. (This Exhibit 99.1 is being furnished and shall not be deemed “filed” as set forth in Items 2.02 and 7.01 hereof.) |
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The information contained in Exhibit 99.1 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 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 Exhibit 99.1 in such filing. |
SIGNATURE
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.
Date: |
August 22, 2012 |
SEMTECH CORPORATION |
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By: |
/s/ Emeka Chukwu |
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Emeka Chukwu |
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Chief Financial Officer |
Exhibit 99.1
Semtech Announces Second Quarter of Fiscal Year 2013 Results
CAMARILLO, Calif.--(BUSINESS WIRE)--August 22, 2012--Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its second quarter of fiscal year 2013, which ended July 29, 2012.
Net revenue for the second quarter of fiscal year 2013 was $150.7 million, up 15.7 percent from the second quarter of fiscal year 2012 and up 29.2 percent from the first quarter of fiscal year 2013. Second quarter revenue included a full quarter of revenue from the Gennum acquisition, which closed on March 20, 2012. Revenue attributable to the Gennum product group was $35.3 million.
Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the second quarter of fiscal year 2013 was 49.5 percent compared to 60.4 percent in the second quarter of fiscal year 2012 and 47.4 percent in the first quarter of fiscal year 2013. GAAP gross profit margin for the quarter was negatively impacted by a $17.7 million purchase accounting adjustment related to inventory acquired from Gennum, which lowered GAAP gross margin by 11.7 percentage points.
GAAP net income for the second quarter of fiscal year 2013 was $10.0 million, or approximately 15 cents per diluted share. This compares to GAAP net income of $27.1 million or 40 cents per diluted share in the second quarter of fiscal year 2012 and GAAP net income of $2.2 million or 3 cents per diluted share in the first quarter of fiscal year 2013.
In the second quarter of fiscal year 2013, Semtech recognized a GAAP tax benefit of $11.3 million primarily as a result of the regional tax impact of purchase accounting adjustments related to the Gennum acquisition. This tax benefit positively impacted GAAP diluted earnings per share by approximately 12 cents.
To facilitate the complete understanding of comparable financial performance between periods, Semtech also presents performance results net of certain non-cash and one-time items. Semtech's non-GAAP results exclude the following items:
Non-GAAP gross profit margin for the second quarter of fiscal year 2013 was 61.2 percent. Non-GAAP gross profit margin for the second quarter of fiscal year 2012 was 60.6 percent and 58.5 percent in the first quarter of fiscal year 2013.
Non-GAAP net income for the second quarter of fiscal year 2013 was $27.5 million or 41 cents per diluted share. Non-GAAP net income was $33.2 million or 49 cents per diluted share in the second quarter of fiscal year 2012 and was $17.9 million or 27 cents per diluted share in the first quarter of fiscal year 2013.
As of July 29, 2012 Semtech had $173.4 million in cash, cash equivalents and marketable securities and $341.6 million in debt, compared to $161.0 million in cash, cash equivalents and marketable securities and $347.1 million in debt at the end of the first quarter of fiscal year 2013.
Mohan Maheswaran, Semtech's President and Chief Executive Officer, said, "The second quarter of fiscal year 2013 was another record quarter for Semtech. Our organic business grew 10% sequentially, and the $35 million, excluding IP revenue, posted by Gennum was a quarterly record for that business. Our 1,384 design wins and 21 new products indicate continued demand for our highly differentiated solutions. We believe our market-leading products, balanced end market exposure, and diversified growth platforms will enable us to deliver sustainable growth and profitability for our shareholders.”
The results announced today are preliminary, as they are subject to customary quarterly review procedures by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company will have filed its quarterly report on Form 10-Q for the second quarter of fiscal year 2013.
Third Quarter of Fiscal Year 2013 Outlook
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this release includes a non-GAAP presentation of gross profit, net income and earnings per diluted share. To provide additional insight into the Company's third quarter outlook, this release includes a presentation of forward-looking non-GAAP gross profit and earnings per diluted share. A further discussion of these non-GAAP financial measures can be found above. The non-GAAP gross profit, net income and earnings per diluted share measures exclude stock-based compensation, amortization of acquired intangible assets, and the other items detailed above. Free cash flow is defined as total cash provided (used in) by operating activities less additions to property and equipment. This non-GAAP financial measure assists investors in making a ready comparison of the company's expected free cash flow against the company's results for the respective prior periods and against management's previously provided expectations. These non-GAAP 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 GAAP results for the second quarter of fiscal years 2013 and 2012 and the first quarter of fiscal year 2013; and a reconciliation of forward-looking earnings per diluted share for the third quarter of fiscal year 2013. These additional 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 Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance, future operational performance, the anticipated impact of specific items on future earnings, and our plans, objectives and expectations. These forward-looking statements are identified by the use of such terms and phrases as "intends," "goal," "estimate, "expect," "project," "plans," "anticipates," "should," "will," "designed to," "believe," and other similar expressions which generally identify 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. Important factors that could cause actual results to differ materially include, but are not limited to: the continuation and/or pace of key trends considered to be main contributors to the Company's growth, such as demand for increased network bandwidth, demand for increasing energy efficiency in the Company's products or end use applications of the products, demand for increasing miniaturization of electronic components; shifts in demand among target customers, and other comparable changes in projected or anticipated markets; the success of near and longer term efforts to integrate Gennum into the Company; unexpected acquisition-related costs and expenses; competitive changes in the market place applicable to the products of Gennum, as well as the products of the Company in its pre-Gennum “organic” product lines, including, but not limited to the pace of growth or adoption rates of applicable products or technologies; shifts in focus among target customers, and other comparable changes in projected or anticipated markets; adequate supply of components and materials from our suppliers, and of our products from our third-party manufacturers, to include disruptions due to natural causes or disasters, or related extraordinary weather events; the Company's ability to forecast and achieve anticipated revenues and earnings estimates in light of periodic economic uncertainty, to include impacts arising from European and global economic dynamics; the Company's ability to manage expenses to achieve anticipated amounts; and the amount and timing of expenditures for capital equipment deemed necessary or advisable by the Company. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2012, in the Company's other filings with the SEC, and in material incorporated therein by reference. In light of the significant uncertainties inherent in the forward-looking information included herein, any such forward-looking information should not be regarded as representations by the Company that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Investors are cautioned not to place undue reliance on any forward-looking information contained herein. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Semtech
Semtech Corporation is a leading supplier of analog and mixed-signal semiconductors for high-end consumer, 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 marks of Semtech Corporation.
SEMTECH CORPORATION | |||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||
(Table in thousands - except per share amount) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
July 29, | April 29, | July 31, | July 29, | July 31, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||
Q2 2013 | Q1 2013 | Q2 2012 | FY 2013 | FY 2012 | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
Net sales | $ | 150,704 | $ | 116,642 | $ | 130,254 | $ | 267,346 | $ | 252,625 | |||||||||||||||||
Cost of sales | 76,179 | 61,305 | 51,534 | 137,484 | 100,051 | ||||||||||||||||||||||
Gross profit | 74,525 | 55,337 | 78,720 | 129,862 | 152,574 | ||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||
Selling, general and administrative | 31,220 | 44,818 | 22,481 | 76,038 | 49,186 | ||||||||||||||||||||||
Product development and engineering | 32,613 | 24,083 | 22,228 | 56,696 | 40,753 | ||||||||||||||||||||||
Intangible amortization and impairments | 7,977 | 5,578 | 2,103 | 13,555 | 4,205 | ||||||||||||||||||||||
Total operating costs and expenses | 71,810 | 74,479 | 46,812 | 146,289 | 94,144 | ||||||||||||||||||||||
Operating income (loss) | 2,715 | (19,142 | ) | 31,908 | (16,427 | ) | 58,430 | ||||||||||||||||||||
Interest expense | (3,404 | ) | (1,513 | ) | - | (4,917 | ) | - | |||||||||||||||||||
Interest income and other (expense), net | (628 | ) | (116 | ) | (117 | ) | (744 | ) | (557 | ) | |||||||||||||||||
(Loss) income before taxes | (1,317 | ) | (20,771 | ) | 31,791 | (22,088 | ) | 57,873 | |||||||||||||||||||
(Benefit) provision for taxes | (11,339 | ) | (22,980 | ) | 4,653 | (34,319 | ) | 8,153 | |||||||||||||||||||
Net income | $ | 10,022 | $ | 2,209 | $ | 27,138 | $ | 12,231 | $ | 49,720 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||
Basic | $ | 0.15 | 0.03 | $ | 0.41 | $ | 0.19 | $ | 0.76 | ||||||||||||||||||
Diluted | $ | 0.15 | $ | 0.03 | $ | 0.40 | $ | 0.18 | $ | 0.74 | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||||||
Basic | 65,587 | 65,282 | 65,547 | 65,435 | 65,050 | ||||||||||||||||||||||
Diluted | 67,165 | 67,233 | 68,186 | 67,207 | 67,638 | ||||||||||||||||||||||
SEMTECH CORPORATION | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(Table in thousands) | |||||||||
July 29, | Jan 29, | ||||||||
2012 | 2012 | ||||||||
(Unaudited) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 165,858 | $ | 227,022 | |||||
Temporary investments | - | 83,121 | |||||||
Accounts receivable, net | 77,284 | 49,644 | |||||||
Inventories | 75,951 | 46,995 | |||||||
Deferred tax assets | 13,876 | 5,339 | |||||||
Other current assets | 47,063 | 15,191 | |||||||
Total current assets | 380,032 | 427,312 | |||||||
Property, plant and equipment, net | 98,174 | 69,713 | |||||||
Long-term investments | 7,518 | 17,522 | |||||||
Deferred income taxes | 47,411 | - | |||||||
Goodwill | 389,806 | 129,651 | |||||||
Other intangible assets, net | 223,095 | 66,720 | |||||||
Other assets | 22,170 | 15,403 | |||||||
Total assets | $ | 1,168,206 | $ | 726,321 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 44,052 | $ | 26,699 | |||||
Accrued liabilities | 32,390 | 32,389 | |||||||
Deferred revenue | 5,842 | 3,853 | |||||||
Current portion - long term debt | 21,835 | - | |||||||
Deferred tax liabilities | 4,601 | 4,041 | |||||||
Total current liabilities | 108,720 | 66,982 | |||||||
Deferred tax liabilities - non-current | 52,923 | 1,000 | |||||||
Long term debt - less current | 319,788 | - | |||||||
Other long-term liabilities | 29,509 | 28,151 | |||||||
Shareholders’ equity | 657,266 | 630,188 | |||||||
Total liabilities & shareholders' equity | $ | 1,168,206 | $ | 726,321 | |||||
SEMTECH CORPORATION | |||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||
(Table in thousands) | |||||||||||
Six Months Ended | |||||||||||
July 29, | July 31, | ||||||||||
2012 | 2011 | ||||||||||
(Unaudited) | (Unaudited) | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 12,231 | $ | 49,720 | |||||||
Adjustments to reconcile net income to net cash provided by operations | |||||||||||
Depreciation and amortization | 13,708 | 8,811 | |||||||||
Amortization of acquisition related fair value adjustments | 37,437 | - | |||||||||
Accretion of deferred financing costs and debt discount | 1,081 | - | |||||||||
Accrued interest expense | 227 | - | |||||||||
Deferred income taxes | (12,425 | ) | 6,239 | ||||||||
Stock-based compensation | 10,245 | 12,108 | |||||||||
Excess tax benefits on stock based compensation | (2,913 | ) | (1,719 | ) | |||||||
Loss on disposition of property, plant, and equipment | 85 | 7 | |||||||||
Changes in assets and liabilities | (47,805 | ) | (34,580 | ) | |||||||
Net cash provided by operating activities | 11,871 | 40,586 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchase of available-for-sale investments | (10,106 | ) | (83,830 | ) | |||||||
Proceeds from sales and maturities of available-for-sale investments | 103,199 | 50,004 | |||||||||
Proceeds from sales of property, plant, and equipment | - | 5 | |||||||||
Purchase of property, plant, and equipment | (10,715 | ) | (15,259 | ) | |||||||
Acquisitions, net of cash acquired | (491,717 | ) | - | ||||||||
Net cash used in investing activities | (409,339 | ) | (49,080 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from debt issue, net of discount | 347,000 | - | |||||||||
Deferred financing cost | (10,062 | ) | - | ||||||||
Excess tax benefits on stock based compensation | 2,913 | 1,719 | |||||||||
Proceeds from issuance of common stock | 2,413 | 28,896 | |||||||||
Repurchase of outstanding common stock | (269 | ) | (551 | ) | |||||||
Payment of debt | (5,625 | ) | - | ||||||||
Net cash provided by financing activities | 336,370 | 30,064 | |||||||||
Effect of foreign currency translation on cash and cash equivalents | (66 | ) | - | ||||||||
Net (decrease) increase in cash and cash equivalents | (61,164 | ) | 21,570 | ||||||||
Cash and cash equivalents at beginning of period | 227,022 | 119,019 | |||||||||
Cash and cash equivalents at end of period | $ | 165,858 | $ | 140,589 | |||||||
SEMTECH CORPORATION | |||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION - NOTES TO CONSOLIDATED GAAP STATEMENTS OF INCOME | |||||||||||||||||||||||||||
(Tables in thousands - except per share amounts) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
July 29, | April 29, | July 31, | July 29, | July 31, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||
Stock-based Compensation Expense | Q2 2013 | Q1 2013 | Q2 2012 | FY 2013 | FY 2012 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
Cost of sales | $ | 297 | $ | 231 | $ | 195 | $ | 528 | $ | 474 | |||||||||||||||||
Selling, general and administrative | 2,657 | 3,224 | 2,666 | 5,881 | 8,284 | ||||||||||||||||||||||
Product development and engineering | 1,965 | 1,871 | 1,760 | 3,836 | 3,350 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 4,919 | $ | 5,326 | $ | 4,621 | $ | 10,245 | $ | 12,108 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
July 29, | April 29, | July 31, | July 29, | July 31, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||
Gross Profit - Reconciliation GAAP to Non-GAAP | Q2 2013 | Q1 2013 | Q2 2012 | FY 2013 | FY 2012 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
GAAP gross profit | $ | 74,525 | $ | 55,337 | $ | 78,720 | $ | 129,862 | $ | 152,574 | |||||||||||||||||
Adjustments to GAAP gross profit: | |||||||||||||||||||||||||||
Stock-based compensation expense | 297 | 231 | 195 | 528 | 474 | ||||||||||||||||||||||
Expiration of acquired return rights | (371 | ) | (305 | ) | - | (676 | ) | - | |||||||||||||||||||
Fair value adjustment related to acquired inventory | 17,726 | 12,916 | - | 30,642 | - | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 92,177 | $ | 68,179 | $ | 78,915 | $ | 160,356 | $ | 153,048 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
July 29, | April 29, | July 31, | July 29, | July 31, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||
Net Income - Reconciliation GAAP to Non-GAAP | Q2 2013 | Q1 2013 | Q2 2012 | FY 2013 | FY 2012 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
GAAP net income | $ | 10,022 | $ | 2,209 | $ | 27,138 | $ | 12,231 | $ | 49,720 | |||||||||||||||||
Adjustments to GAAP net income: | |||||||||||||||||||||||||||
Stock-based compensation expense | 4,919 | 5,326 | 4,621 | 10,245 | 12,108 | ||||||||||||||||||||||
Acquisition related fair value adjustments | 18,065 | 13,133 | - | 31,198 | - | ||||||||||||||||||||||
Option and restatement related expenses | - | - | 55 | - | 187 | ||||||||||||||||||||||
Transaction and other acquisition related expenses | 606 | 3,032 | - | 3,638 | |||||||||||||||||||||||
Intangible amortization and impairments | 7,977 | 5,578 | 2,103 | 13,555 | 4,205 | ||||||||||||||||||||||
Restructuring and integration related expenses | 1,151 | 14,534 | - | 15,685 | - | ||||||||||||||||||||||
Total before taxes | 32,718 | 41,603 | 6,779 | 74,321 | 16,500 | ||||||||||||||||||||||
Associated tax effect | (15,276 | ) | (25,875 | ) | (703 | ) | (41,151 | ) | (3,042 | ) | |||||||||||||||||
Total of supplemental information net of taxes | 17,442 | 15,728 | 6,076 | 33,170 | 13,458 | ||||||||||||||||||||||
Non-GAAP net income | $ | 27,464 | $ | 17,937 | $ | 33,214 | $ | 45,401 | $ | 63,178 | |||||||||||||||||
Diluted GAAP earnings per share | $ | 0.15 | $ | 0.03 | $ | 0.40 | $ | 0.18 | $ | 0.74 | |||||||||||||||||
Adjustments per above | 0.26 | 0.24 | 0.09 | 0.50 | 0.19 | ||||||||||||||||||||||
Diluted non-GAAP earnings per share | $ | 0.41 | $ | 0.27 | $ | 0.49 | $ | 0.68 | $ | 0.93 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
July 29, | April 29, | July 31, | July 29, | July 31, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||
Tax Impact Associated With Supplemental Information | Q2 2013 | Q1 2013 | Q2 2012 | FY 2013 | FY 2012 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||
Adjustments to GAAP net income: | |||||||||||||||||||||||||||
Stock-based compensation expense | $ | 4,029 | $ | 737 | $ | 150 | $ | 4,766 | $ | 1,958 | |||||||||||||||||
Acquisition related fair value adjustments | 4,238 | 675 | - | 4,913 | - | ||||||||||||||||||||||
Option and restatement related expenses | - | - | 23 | - | 67 | ||||||||||||||||||||||
Transaction and other acquisition related expenses | 296 | 60 | - | 356 | - | ||||||||||||||||||||||
Intangible amortization and impairments | 1,495 | 705 | 530 | 2,200 | 1,017 | ||||||||||||||||||||||
Restructuring and integration related expenses | 2,174 | 255 | - | 2,429 | - | ||||||||||||||||||||||
Release of prior accrued taxes on foreign earnings | - | 23,443 | - | 23,443 | - | ||||||||||||||||||||||
Effect of enacted tax rate changes | 3,044 | - | - | 3,044 | - | ||||||||||||||||||||||
Total of associated tax effect | $ | 15,276 | $ | 25,875 | $ | 703 | $ | 41,151 | $ | 3,042 | |||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
July 29, | April 29, | July 31, | |||||||||||||||||||||||||
2012 | 2012 | 2011 | |||||||||||||||||||||||||
Q2 2013 | Q1 2013 | Q2 2012 | |||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Free Cash Flow: | |||||||||||||||||||||||||||
Cash Flow from Operations | 23,605 | (11,734 | ) | 34,245 | |||||||||||||||||||||||
Net Capital Expenditure | (6,085 | ) | (4,630 | ) | (7,790 | ) | |||||||||||||||||||||
Free Cash Flow: | 17,520 | (16,364 | ) | 26,455 | |||||||||||||||||||||||
Q3 FY13 Earnings Per Share Guidance | ||||||||||||||||
GAAP to Non-GAAP Reconciliation (net of tax) | ||||||||||||||||
Low | High | |||||||||||||||
GAAP EPS | $ | 0.15 | $ | 0.20 | ||||||||||||
Stock based compensation expense | 0.09 | 0.08 | ||||||||||||||
Acquisition related fair value adjustments | 0.06 | 0.07 | ||||||||||||||
Amortization of acquired intangibles | 0.11 | 0.10 | ||||||||||||||
Non-GAAP EPS | $ | 0.41 | $ | 0.45 |
CONTACT:
Semtech Corporation
Linda Brewton
(805) 480-2004
webir@semtech.com