Results on a Non-GAAP basis for the Fourth Quarter and Fiscal Year 2023 (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 FY2023 |
|
FY2023 |
||||
Non-GAAP Gross Margin |
|
|
62.3 |
% |
|
|
64.5 |
% |
Non-GAAP SG&A Expense |
|
$ |
28.8 |
|
|
$ |
136.7 |
|
Non-GAAP R&D Expense |
|
$ |
37.9 |
|
|
$ |
140.8 |
|
Non-GAAP Operating Expense |
|
$ |
66.7 |
|
|
$ |
277.5 |
|
Non-GAAP Operating Margin |
|
|
22.5 |
% |
|
|
27.8 |
% |
Non-GAAP Net Income Attributable To Common Stockholders |
|
$ |
30.3 |
|
|
$ |
178.9 |
|
Non-GAAP Diluted Earnings Per Share |
|
$ |
0.47 |
|
|
$ |
2.80 |
|
“Despite a challenging macroeconomic environment Semtech delivered Q4 results that exceeded the midpoint of our Q4 guidance," said Mohan Maheswaran, Semtech’s President and Chief Executive Officer. "While the challenging macroeconomic environment is likely to continue over the next few quarters, the acquisition of Sierra Wireless is now complete helping us to diversify our geographical balance and deliver highly differentiated end-to-end solutions for the fast-growing low power IoT market. With our full leading-edge technology portfolio targeting high-growth segments, we are well positioned to realize our vision of enabling a smarter and more sustainable planet.”
First Quarter of Fiscal Year 2024 Outlook
Both the GAAP and non-GAAP first quarter of fiscal year 2024 outlook below take into account, based on the Company's current estimates, export restrictions, inflationary pressure and other macroeconomic conditions. 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 2024 Outlook
- Net sales are expected to be in the range of $230.0 million to $240.0 million
- GAAP Gross margin is expected to be in the range of 42.5% to 44.7%
- GAAP SG&A expense is expected to be in the range of $68.9 million to $70.9 million
- GAAP R&D expense is expected to be in the range of $53.5 million to $55.5 million
- GAAP Intangible amortization expense is expected to be approximately $15.8 million
- GAAP Interest and other expense, net is expected to be approximately $20.5 million
- Fully-diluted share count is expected to be approximately 64.0 million shares
- Share-based compensation is expected to be approximately $11.0 million, categorized as follows: $0.7 million cost of sales, $6.8 million SG&A, and $3.5 million R&D
- Transaction and integration expenses are expected to be approximately $15.0 million
- Capital expenditures are expected to be approximately $13.5 million
- Depreciation expense is expected to be approximately $8.4 million
Non-GAAP First Quarter of Fiscal Year 2024 Outlook (see the list of non-GAAP financial measures and the reconciliation of Non-GAAP Gross margin, Non-GAAP SG&A expense, and Non-GAAP R&D expense to the most comparable GAAP measures set forth in the tables below under "Reconciliation of GAAP to Non-GAAP Outlook")
