0001157523-19-001921.txt : 20190828 0001157523-19-001921.hdr.sgml : 20190828 20190828162110 ACCESSION NUMBER: 0001157523-19-001921 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20190828 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190828 DATE AS OF CHANGE: 20190828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEMTECH CORP CENTRAL INDEX KEY: 0000088941 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 952119684 STATE OF INCORPORATION: DE FISCAL YEAR END: 0126 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06395 FILM NUMBER: 191062171 BUSINESS ADDRESS: STREET 1: 200 FLYNN ROAD CITY: CAMARILLO STATE: CA ZIP: 93012-8790 BUSINESS PHONE: 8054982111 MAIL ADDRESS: STREET 1: 200 FLYNN ROAD CITY: CAMARILLO STATE: CA ZIP: 93012-8790 8-K 1 a52085285.htm SEMTECH CORPORATION 8-K
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): August 28, 2019
 
SEMTECH CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction
of incorporation)
 
001-06395
  
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
 
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 class
   Trading Symbol(s)
   Name of each exchange on which registered
Common Stock, par value $0.01 per share
   SMTC
  
The 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 August 28, 2019, the Registrant issued a press release announcing its financial results for the second quarter fiscal year 2020, which ended July 28, 2019. A copy of the press release is attached hereto as Exhibit 99.1.
   
Item 7.01
Regulation FD Disclosure.
   

On August 28, 2019, 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
   

   

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:
August 28, 2019
  
/s/ Emeka N. Chukwu
     
Name:
Emeka N. Chukwu
     
Title:
Chief Financial Officer




EX-99.1 2 a52085285ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Semtech Announces Second Quarter of Fiscal Year 2020 Results

CAMARILLO, Calif.--(BUSINESS WIRE)--August 28, 2019--Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, today reported unaudited financial results for its second quarter of fiscal year 2020, which ended July 28, 2019.

Highlights for the Second Fiscal Quarter 2020

  • Q2 FY2020 net sales increased 4% sequentially to $137.1 million
  • Q2 FY2020 GAAP EPS of $0.08 and non-GAAP EPS of $0.38
  • The Internet of Things (IoT) and hyper scale data center markets experienced strong sequential growth
  • Distributor Point of Sale (POS) increased 12% sequentially
  • Cash flow from operations was $33.4 million or 24% of net sales

Results on a GAAP basis for the Second Fiscal Quarter 2020

  • GAAP Net sales were $137.1 million
  • GAAP Gross margin was 61.9%
  • GAAP SG&A expense was $39.9 million
  • GAAP R&D expense was $25.6 million
  • GAAP Operating margin was 11.3%
  • GAAP Net income was $5.4 million or $0.08 per diluted share

To facilitate a complete understanding of comparable financial performance between periods, the Company also presents performance results that exclude certain non-cash items and items that are not considered reflective of the Company’s core results over time. These non-GAAP financial measures exclude certain items and are described below under “Non-GAAP Financial Measures.”

Results on a Non-GAAP basis for the Second Fiscal Quarter 2020 (see the list of non-GAAP items and the reconciliation of these to the most relevant GAAP items set forth in the tables below):

  • Non-GAAP Gross margin was 62.2%
  • Non-GAAP SG&A expense was $30.4 million
  • Non-GAAP R&D expense was $23.3 million
  • Non-GAAP Operating margin was 22.9%
  • Non-GAAP Net income was $25.5 million or $0.38 per diluted share

Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “Strong sequential growth by our LoRa product platforms addressing the exciting IoT markets and a stronger hyper scale data center market, contributed to the 4% sequential net sales growth for second fiscal quarter 2020. While geopolitical headwinds and the restrictions on shipments of certain products to Huawei has contributed to a weak first half performance and will also have a negative impact in the second half, the underlying fundamentals driving our core growth engines remain intact and we believe our diversified customer base and end market exposure position us well for future growth.”

Third Fiscal Quarter 2020 Outlook

Both the GAAP and non-GAAP third fiscal quarter 2020 outlook below take into account the anticipated impact to the Company, based on its current estimates, of the recently announced export restrictions pertaining to Huawei and certain of its affiliates, imposed by the U.S. Department of Commerce. The Company is continuing to review and assess the impact of the export restrictions on its products and services, but is unable to predict the full impact such restrictions may have on its results of operations.

GAAP Third Fiscal Quarter 2020 Outlook

  • Net sales are expected to be in the range of $135.0 million to $145.0 million
  • GAAP Gross margin is expected to be in the range of 61.0% to 61.6%
  • GAAP SG&A expense is expected to be in the range of $33.5 million to $34.5 million
  • GAAP R&D expense is expected to be in the range of $26.9 million to $27.9 million
  • GAAP Intangible amortization expense is expected to be approximately $3.9 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 13% to 17%
  • GAAP Earnings per diluted share are expected to be in the range of $0.21 to $0.27
  • Fully-diluted share count is expected to be approximately 67.3 million shares
  • Share-based compensation is expected to be approximately $8.0 million, categorized as follows: $0.6 million cost of sales, $4.5 million SG&A, and $2.9 million R&D
  • Capital expenditures are expected to be approximately $7.0 million
  • Depreciation expense is expected to be approximately $6.1 million

Non-GAAP Third Fiscal Quarter 2020 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 61.4% 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 Interest and other expense, net is expected to be approximately $1.5 million
  • Non-GAAP Effective tax rate is expected to be in the range of 14% to 18%
  • Non-GAAP Earnings per diluted share are expected to be in the range of $0.38 to $0.42

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its second fiscal quarter 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 September 28, 2019 at the same website or by calling (877) 660-6853 and entering conference ID 13692181

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 margin, effective tax rate, net income 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 expenses and gains on dispositions
  • Litigation expenses or dispute settlement charges or gains
  • Environmental reserves
  • Equity in net gains or losses of equity method investments

To provide additional insight into the Company's third quarter outlook, this release also includes a presentation of forward-looking non-GAAP measures. Management believes that the presentation of these non-GAAP financial measures provide useful information to investors regarding the Company’s financial condition and results of operations because these non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses which would not otherwise have been incurred by the Company in the normal course of the Company’s business operations or are not reflective of the Company’s core results over time. These excluded items may include recurring as well as non-recurring items, and no inference should be made that all of these adjustments, charges, costs or expenses are unusual, infrequent or non-recurring. For example: certain restructuring and integration-related expenses (which consist of employee termination costs, facility closure or lease termination costs, and contract termination costs) may be considered recurring given the Company’s ongoing efforts to be more cost effective and efficient; certain acquisition and disposition-related adjustments or expenses may be deemed recurring given the Company's regular evaluation of potential transactions and investments; and certain litigation expenses or dispute settlement charges or gains (which may include estimated losses for which we may have established a reserve, as well as any actual settlements, judgments, or other resolutions against, or in favor of, the Company related to litigation, arbitration, disputes or similar matters, and insurance recoveries received by the Company related to such matters) may be viewed as recurring given that the Company may from time to time be involved in, and may resolve, litigation, arbitration, disputes, and similar matters.

Notwithstanding that certain adjustments, charges, costs or expenses may be considered recurring, in order to provide meaningful comparisons, the Company believes that it is appropriate to exclude such items because they are not reflective of the Company's core results and tend to vary based on timing, frequency and magnitude.

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 second quarter of fiscal year 2019 and the first and second quarters of fiscal year 2020, along with a reconciliation of forward-looking non-GAAP measures (other than the non-GAAP effective tax rate) to their most comparable GAAP measures for the third quarter of fiscal year 2020. The Company is unable to include a reconciliation of the forward-looking non-GAAP measure of the non-GAAP effective tax rate to the corresponding GAAP measure as this is not available without unreasonable efforts due to the high variability and low visibility with respect to the charges that are excluded from this non-GAAP measure. We expect the variability of the above charges to have a potentially significant impact on our GAAP financial results. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies.

Forward-Looking and Cautionary Statements

This press release contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company’s current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the third quarter of fiscal year 2020 outlook, 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: the Company's ability to manage expenses to achieve anticipated shifts in demand among target customers, and other comparable changes or protracted weakness in projected or anticipated markets; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; export restrictions and laws affecting the Company's trade and investments including the adoption and expansion of trade restrictions including with respect to Huawei, and tariffs or the occurrence of trade wars; changes in the legal requirements related to the sale of our products, including developments regarding the restrictions on future shipments with respect to Huawei; shifts in focus among target customers, and other comparable 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; the Company’s ability to integrate its acquisitions and realize expected synergies and benefits from its acquisitions and dispositions; 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 and connectivity, demand for increasing energy efficiency in the Company's products or end-use applications of the products, and demand for increasing miniaturization of electronic components; adequate supply of components and materials from the Company’s suppliers, to include disruptions due to natural causes or disasters, weather, or other extraordinary events; 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 European, Asian and global economic dynamics; and the amount and timing of expenditures for capital equipment. 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, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its subsidiaries.

SMTC-F

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)





 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

 


 

 

 

 

 

 

 

 

 

Net sales


$

137,146

 

 

$

131,354

 

 

$

163,211

 

 

$

268,500

 

 

$

293,640

 

Cost of sales


52,262

 

 

50,079

 

 

63,087

 

 

102,341

 

 

122,047

 

Gross profit


84,884

 

 

81,275

 

 

100,124

 

 

166,159

 

 

171,593

 

Operating costs and expenses:


 

 

 

 

 

 

 

 

 

Selling, general and administrative


39,875

 

 

38,377

 

 

33,529

 

 

78,252

 

 

74,935

 

Product development and engineering


25,553

 

 

27,099

 

 

28,079

 

 

52,652

 

 

54,278

 

Intangible amortization


3,908

 

 

5,143

 

 

6,480

 

 

9,051

 

 

13,441

 

Changes in the fair value of contingent earn-out obligations


—

 

 

(2,161

)

 

(900

)

 

(2,161

)

 

(900

)

Total operating costs and expenses


69,336

 

 

68,458

 

 

67,188

 

 

137,794

 

 

141,754

 

Operating income


15,548

 

 

12,817

 

 

32,936

 

 

28,365

 

 

29,839

 

Interest expense


(2,597

)

 

(2,467

)

 

(2,200

)

 

(5,064

)

 

(4,390

)

Non-operating income, net


1,213

 

 

1,043

 

 

542

 

 

2,256

 

 

732

 

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


14,164

 

 

11,393

 

 

31,278

 

 

25,557

 

 

26,181

 

Provision (benefit) for taxes


8,966

 

 

(2,312

)

 

6,082

 

 

6,654

 

 

(11,428

)

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


5,198

 

 

13,705

 

 

25,196

 

 

18,903

 

 

37,609

 

Equity in net gains (losses) of equity method investments


168

 

 

(411

)

 

(27

)

 

(243

)

 

(58

)

Net income


$

5,366

 

 

$

13,294

 

 

$

25,169

 

 

$

18,660

 

 

$

37,551

 

 


 

 

 

 

 

 

 

 

 

Earnings per share:


 

 

 

 

 

 

 

 

 

Basic


$

0.08

 

 

$

0.20

 

 

$

0.38

 

 

$

0.28

 

 

$

0.57

 

Diluted


$

0.08

 

 

$

0.20

 

 

$

0.37

 

 

$

0.28

 

 

$

0.55

 

 


 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

 

 

Basic


66,519

 

 

66,105

 

 

66,063

 

 

66,312

 

 

66,194

 

Diluted


67,746

 

 

67,976

 

 

68,880

 

 

67,814

 

 

68,428

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)





 

 


July 28,
2019

 

January 27,
2019

ASSETS


 

 

 

Current assets:


 

 

 

Cash and cash equivalents


$

287,839

 

 

$

312,120

 

Accounts receivable, net


58,643

 

 

79,223

 

Inventories


75,060

 

 

63,679

 

Prepaid taxes


15,540

 

 

8,406

 

Other current assets


16,175

 

 

21,876

 

Total current assets


453,257

 

 

485,304

 

Non-current assets:


 

 

 

Property, plant and equipment, net


125,764

 

 

118,488

 

Deferred tax assets


17,896

 

 

14,362

 

Goodwill


351,141

 

 

351,141

 

Other intangible assets, net


27,506

 

 

36,558

 

Other assets


80,750

 

 

57,028

 

Total assets


$

1,056,314

 

 

$

1,062,881

 

 


 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY


 

 

 

Current liabilities:


 

 

 

Accounts payable


$

38,903

 

 

$

43,183

 

Accrued liabilities


49,925

 

 

65,023

 

Deferred revenue


3,455

 

 

3,439

 

Current portion, long term debt


18,294

 

 

18,269

 

Total current liabilities


110,577

 

 

129,914

 

Non-current liabilities:


 

 

 

Deferred tax liabilities


3,620

 

 

3,363

 

Long term debt, less current portion


183,692

 

 

192,845

 

Other long-term liabilities


68,885

 

 

54,078

 

Stockholders’ equity


689,540

 

 

682,681

 

Total liabilities & stockholders' equity


$

1,056,314

 

 

$

1,062,881

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)




 

 

Six Months Ended

 

 

 

July 28,
2019

 

July 29,
2018

 

 

Net income

$

18,660

 

 

$

37,551

 

 

 

 

 

 

 

 

 

Net cash provided by operations

40,093

 

 

84,367

 

 

 

Net cash used in investing activities

(24,442

)

 

(21,126

)

 

 

Net cash used in financing activities

(39,932

)

 

(59,830

)

 

 

Net (decrease) increase in cash and cash equivalents

(24,281

)

 

3,411

 

 

 

Cash and cash equivalents at beginning of period

312,120

 

 

307,923

 

 

 

Cash and cash equivalents at end of period

$

287,839

 

 

$

311,334

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

Q220

 

Q120

 

Q219

Free Cash Flow:

 

 

 

 

 

Cash Flow from Operations

$

33,352

 

 

$

6,741

 

 

$

49,338

 

Net Capital Expenditures

(1,635

)

 

(15,258

)

 

(4,886

)

Free Cash Flow:

$

31,717

 

 

$

(8,517

)

 

$

44,452

 

SEMTECH CORPORATION

SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)





 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

Gross Margin- GAAP


61.9

%

 

61.9

%

 

61.3

%

 

61.9

%

 

58.4

%

Share-based compensation


0.3

%

 

0.3

%

 

0.2

%

 

0.3

%

 

0.2

%

Adjusted Gross Margin (Non-GAAP)


62.2

%

 

62.2

%

 

61.5

%

 

62.2

%

 

58.6

%

 


 

 

 

 

 

 

 

 

 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

Selling, general and administrative- GAAP


$

39,875

 

 

$

38,377

 

 

$

33,529

 

 

$

78,252

 

 

$

74,935

 

Share-based compensation


(6,082

)

 

(8,344

)

 

(11,378

)

 

(14,426

)

 

(22,840

)

Transaction and integration related


14

 

 

(1,249

)

 

(264

)

 

(1,235

)

 

(498

)

Restructuring and other reserves


(2,571

)

 

(140

)

 

(337

)

 

(2,711

)

 

(684

)

Litigation cost, net of recoveries


(799

)

 

74

 

 

6,641

 

 

(725

)

 

6,082

 

Adjusted selling, general and administrative (Non-GAAP)


$

30,437

 

 

$

28,718

 

 

$

28,191

 

 

$

59,155

 

 

$

56,995

 

 


 

 

 

 

 

 

 

 

 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

Product development and engineering- GAAP


$

25,553

 

 

$

27,099

 

 

$

28,079

 

 

$

52,652

 

 

$

54,278

 

Share-based compensation


(2,162

)

 

(2,557

)

 

(2,282

)

 

(4,719

)

 

(4,506

)

Transaction and integration related


(47

)

 

(186

)

 

(135

)

 

(233

)

 

(429

)

Restructuring and other reserves


—

 

 

—

 

 

252

 

 

—

 

 

252

 

Litigation cost, net of recoveries


—

 

 

—

 

 

(784

)

 

—

 

 

(784

)

Adjusted product development and engineering (Non-GAAP)


$

23,344

 

 

$

24,356

 

 

$

25,130

 

 

$

47,700

 

 

$

48,811

 

 


 

 

 

 

 

 

 

 

 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

Operating Margin- GAAP


11.3

%

 

9.8

%

 

20.2

%

 

10.6

%

 

10.2

%

Share-based compensation


6.3

%

 

8.6

%

 

8.6

%

 

7.4

%

 

9.5

%

Intangible amortization


2.8

%

 

3.9

%

 

4.0

%

 

3.4

%

 

4.6

%

Transaction and integration related


—

%

 

1.1

%

 

0.2

%

 

0.5

%

 

0.3

%

Restructuring and other reserves


1.9

%

 

0.1

%

 

0.1

%

 

1.0

%

 

0.1

%

Litigation cost, net of recoveries


0.6

%

 

(0.1

)%

 

(3.6

)%

 

0.3

%

 

(1.8

)%

Changes in the fair value of contingent earn-out obligations


—

%

 

(1.6

)%

 

(0.6

)%

 

(0.8

)%

 

(0.3

)%

Adjusted Operating Margin (Non-GAAP)


22.9

%

 

21.8

%

 

28.9

%

 

22.4

%

 

22.6

%

SEMTECH CORPORATION

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

(in thousands, except per share data)

(unaudited)





 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

GAAP net income


$

5,366

 

 

$

13,294

 

 

$

25,169

 

 

$

18,660

 

 

$

37,551

 

 


 

 

 

 

 

 

 

 

 

Adjustments to GAAP net income:


 

 

 

 

 

 

 

 

 

Share-based compensation


8,646

 

 

11,328

 

 

13,966

 

 

19,974

 

 

27,980

 

Intangible amortization


3,908

 

 

5,143

 

 

6,480

 

 

9,051

 

 

13,441

 

Transaction and integration related


33

 

 

1,435

 

 

399

 

 

1,468

 

 

927

 

Restructuring and other reserves


2,571

 

 

140

 

 

85

 

 

2,711

 

 

431

 

Litigation cost, net of recoveries


799

 

 

(74

)

 

(5,857

)

 

725

 

 

(5,297

)

Changes in the fair value of contingent earn-out obligations


—

 

 

(2,161

)

 

(900

)

 

(2,161

)

 

(900

)

Total Non-GAAP adjustments before taxes


15,957

 

 

15,811

 

 

14,173

 

 

31,768

 

 

36,582

 

Associated tax effect


4,314

 

 

(6,504

)

 

(1,741

)

 

(2,190

)

 

(22,395

)

Equity in net (gains) losses of equity method investments


(168

)

 

411

 

 

27

 

 

243

 

 

58

 

Total of supplemental information, net of taxes


20,103

 

 

9,718

 

 

12,459

 

 

29,821

 

 

14,245

 

Non-GAAP net income


$

25,469

 

 

$

23,012

 

 

$

37,628

 

 

$

48,481

 

 

$

51,796

 

 


 

 

 

 

 

 

 

 

 

Diluted GAAP earnings per share


$

0.08

 

 

$

0.20

 

 

$

0.37

 

 

$

0.28

 

 

$

0.55

 

Adjustments per above


0.30

 

 

0.14

 

 

0.18

 

 

0.43

 

 

0.21

 

Diluted non-GAAP earnings per share


$

0.38

 

 

$

0.34

 

 

$

0.55

 

 

$

0.71

 

 

$

0.76

 

 


 

 

 

 

 

 

 

 

 

 


Three Months Ended

 

Six Months Ended

 


July 28,
2019

 

April 28,
2019

 

July 29,
2018

 

July 28,
2019

 

July 29,
2018

 


Q220

 

Q120

 

Q219

 

Q220

 

Q219

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

Third Quarter of Fiscal Year 2020 Outlook

(in millions, except per share data)



 

 

 

Q3 FY20 Outlook

 

 

October 27, 2019

 

 

Low

 

High

Gross Margin–GAAP

 

61.0

%

 

61.6

%

Share-based compensation

 

0.4

%

 

0.4

%

Adjusted Gross Margin (Non-GAAP)

 

61.4

%

 

62.0

%

 

 

 

 

 

 

 

Low

 

High

Selling, general and administrative–GAAP

 

$

33.5

 

 

$

34.5

 

Share-based compensation

 

(4.5

)

 

(4.5

)

Transaction and integration related

 

(1.0

)

 

(1.0

)

Adjusted selling, general and administrative (Non-GAAP)

 

$

28.0

 

 

$

29.0

 

 

 

 

 

 

 

 

Low

 

High

Product development and engineering–GAAP

 

$

26.9

 

 

$

27.9

 

Share-based compensation

 

(2.9

)

 

(2.9

)

Adjusted product development and engineering (Non-GAAP)

 

$

24.0

 

 

$

25.0

 

 

 

 

 

 

 

 

Low

 

High

Diluted GAAP earnings per share

 

$

0.21

 

 

$

0.27

 

Share-based compensation

 

0.12

 

 

0.12

 

Transaction, restructuring, and acquisition related expenses

 

0.01

 

 

0.01

 

Amortization of acquired intangibles

 

0.06

 

 

0.06

 

Associated tax effect

 

(0.02

)

 

(0.04

)

Diluted adjusted earnings per share (Non-GAAP)

 

$

0.38

 

 

$

0.42

 

 

Contacts

Sandy Harrison
Semtech Corporation
(805) 480-2004
webir@semtech.com

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