July 24, 2024

Fourth Quarter of Fiscal Year 2024

  • Net sales of $192.9 million, above the midpoint of guidance
  • GAAP gross margin of (0.2)% and Non-GAAP gross margin of 48.9%, above the midpoint of guidance
  • GAAP diluted loss per share of $9.98 and Non-GAAP diluted loss per share of $0.06
  • Positive operating cash flow of $13.9 million and free cash flow of $12.2 million
  • Completed optional credit facility prepayment of $5.0 million

Fiscal Year 2024

  • Net sales of $868.8 million
  • GAAP gross margin of 34.1% and Non-GAAP gross margin of 49.5%
  • GAAP diluted loss per share of $17.03 and Non-GAAP diluted earnings per share of $0.14

GAAP gross margin and diluted loss per share are reflective of goodwill and intangible asset impairment charges.

CAMARILLO, Calif.–(BUSINESS WIRE)–Semtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today reported unaudited financial results for its fourth quarter and fiscal year 2024, which ended January 28, 2024.

“End market demand for our semiconductor business has progressed from stable to growing,” said Paul H. Pickle, Semtech’s president and chief executive officer. “While our hardware business remains constrained, we believe Semtech is well-positioned to benefit from near-term growth trends, particularly in our infrastructure end market.”

“Working capital improvements contributed to positive operating and free cash flows for the fourth quarter, and we completed an optional principal prepayment on our credit facility,” said Mark Lin, Semtech’s executive vice president and chief financial officer. “We went live on a single ERP at the beginning of the first quarter of fiscal year 2025, which we expect will increase efficiencies and enhance internal controls.”

Fourth Quarter and Fiscal Year 2024 Results

 

GAAP Financial Results

 

Three Months Ended

 

Twelve Months Ended

(in millions, except per share data)

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales

$

192.9

 

 

$

200.9

 

 

$

167.5

 

 

$

868.8

 

 

$

756.5

 

Gross margin

 

(0.2

)%

 

 

46.3

%

 

 

59.7

%

 

 

34.1

%

 

 

63.3

%

Operating costs and expenses, net

$

619.6

 

 

$

105.3

 

 

$

155.7

 

 

$

1,240.6

 

 

$

385.8

 

Operating (loss) income

$

(620.0

)

 

$

(12.4

)

 

$

(55.7

)

 

$

(944.3

)

 

$

92.8

 

Operating margin

 

(321.3

)%

 

 

(6.2

)%

 

 

(33.2

)%

 

 

(108.7

)%

 

 

12.3

%

Interest expense, net

$

22.1

 

 

$

27.7

 

 

$

2.1

 

 

$

92.8

 

 

$

11.8

 

Goodwill impairment

$

473.8

 

 

$

2.3

 

 

$

 

 

$

755.6

 

 

$

 

Intangible impairments

$

131.4

 

 

$

 

 

$

 

 

$

131.4

 

 

$

 

Diluted (loss) earnings per share

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

 

Non-GAAP Financial Results

 

Three Months Ended

 

Twelve Months Ended

(in millions, except per share data)

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales

$

192.9

 

 

$

200.9

 

 

$

167.5

 

 

$

868.8

 

 

$

756.5

 

Gross margin

 

48.9

%

 

 

51.3

%

 

 

62.3

%

 

 

49.5

%

 

 

64.5

%

Operating costs and expenses, net

$

76.5

 

 

$

82.5

 

 

$

66.7

 

 

$

337.5

 

 

$

277.5

 

Operating income

$

17.8

 

 

$

20.5

 

 

$

37.7

 

 

$

92.7

 

 

$

210.7

 

Operating margin

 

9.2

%

 

 

10.2

%

 

 

22.5

%

 

 

10.7

%

 

 

27.8

%

Interest expense, net

$

19.9

 

 

$

22.3

 

 

$

1.6

 

 

$

81.8

 

 

$

4.6

 

Diluted (loss) earnings per share

$

(0.06

)

 

$

0.02

 

 

$

0.49

 

 

$

0.14

 

 

$

2.81

 

Adjusted EBITDA

$

24.0

 

 

$

28.1

 

 

$

44.1

 

 

$

122.0

 

 

$

236.3

 

Goodwill impairment was $755.6 million and intangible impairments were $131.4 million for fiscal year 2024 primarily due to reduced earnings forecasts associated with the business acquired from Sierra Wireless and current macroeconomic conditions, including an elevated interest rate environment.

See “Non-GAAP Financial Measures” below for additional information about our non-GAAP financial results.

First Quarter of Fiscal Year 2025 Outlook

(in millions, except per share data)

 

Net sales

$

200.0

 

 

+/-

 

$

5.0

Non-GAAP Financial Measures

 

 

 

 

 

Gross margin

 

49.5

%

 

+/-

 

 

100 bps

Operating costs and expenses, net

$

78.5

 

 

+/-

 

$

1.5

Operating income

$

20.5

 

 

+/-

 

$

3.0

Operating margin

 

10.3

%

 

+/-

 

 

120 bps

Interest expense, net

$

20.5

 

 

 

 

 

Normalized income tax rate

 

12

%

 

 

 

 

Diluted earnings (loss) per share

$

0.00

 

 

+/-

 

$

0.04

Adjusted EBITDA

$

27.8

 

 

+/-

 

$

3.0

 

 

 

 

 

 

Diluted share count of 64.5 for diluted (loss) per share and 66.0 for diluted earnings per share

The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as this is not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results.

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its fourth quarter and fiscal year 2024 results at 2:00 p.m. Pacific time. The dial-in number for the call is (877) 407-0312. Please use conference ID 13736084. An audio webcast and supplemental earnings materials for the quarter will be available on the Investor Relations section of Semtech’s website at investors.semtech.com under “News & Events.” A replay of the call will be available through April 25, 2024 at the same website or by calling (877) 660-6853 and entering conference ID 13736084.

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 costs and expenses, net, operating income or loss, operating margin, interest expense, net, diluted (loss) earnings per share and normalized tax rate exclude the following items, if any, as set forth in the reconciliations in the tables below under “Supplemental Information: Reconciliation of GAAP to Non-GAAP Results:”

  • Share-based compensation
  • Intangible amortization
  • Transaction and integration related costs or recoveries (including costs associated with the acquisition of Sierra Wireless)
  • Restructuring and other reserves, including cumulative other reserves associated with historical activity including environmental, pension, deferred compensation and right-of-use asset impairments
  • Share-based compensation acceleration expense related to the acquisition of Sierra Wireless
  • Litigation costs or dispute settlement charges or recoveries
  • Gain on sale of business
  • Equity method income or loss
  • Investment gains, losses, reserves and impairments, including interest income from debt investments
  • Write-off and amortization of deferred financing costs
  • Debt commitment fee
  • Goodwill and intangible impairment
  • Amortization of inventory step-up

Effective as of the third quarter of fiscal year 2024, the Company’s non-GAAP measures have been adjusted to exclude amortization of deferred financing costs, which had the impact of decreasing non-GAAP interest expense, net and increasing non-GAAP net income or loss attributable to common stockholders and non-GAAP earnings or loss per diluted share. This adjustment was applied retrospectively and all prior period amounts have been revised to conform to the current presentation.

To provide additional insight into the Company’s first quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. In the financial statements provided with this release, the Company also presents Adjusted EBITDA and free cash flow. Adjusted EBITDA is defined as net (loss) income plus interest expense, interest income, income taxes, depreciation and amortization and share-based compensation, and adjusted to exclude certain expenses, gains and losses that the Company believes are not indicative of its core results over time. The Company considers free cash flow, which may be positive or negative, a non-GAAP financial measure defined as cash flows provided by (used in) operating activities less net capital expenditures. 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 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 2023, the third and fourth quarters of fiscal year 2024, and the full-year fiscal 2024 and fiscal 2023 periods.

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 2024, the Company’s projected non-GAAP normalized tax rate was 12% and was applied to each quarter of fiscal year 2024. For fiscal year 2025, the Company’s projected non-GAAP normalized tax rate is 12% and will be applied to each quarter of fiscal year 2025. 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 legislation, acquisitions, entity structures or operational changes and other significant events. 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 2025 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company’s expectations regarding near term growth trends; 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 comply with, or pursue business strategies due to the covenants under the agreements governing its indebtedness; the Company’s ability to remediate material weakness in its internal control over financial reporting, discovery of additional weaknesses, and its inability to achieve and maintain effective disclosure controls and procedures and internal control over financial reporting; the Company’s ability to forecast and achieve anticipated net sales and earnings estimates in light of periodic economic uncertainty; the inherent risks, costs and uncertainties associated with integrating Sierra Wireless successfully and risks of not achieving all or any of the anticipated benefits, or the risk that the anticipated benefits may not be fully realized or take longer to realize than expected; the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; export restrictions and laws affecting the Company’s trade and investments, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions, including as a result of inflation and current geopolitical conflicts; tightening credit conditions related to the United States banking system concerns; 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; future responses to and effects of public health crises; and 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. 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 28, 2024, which the Company expects to file with the SEC on March 28, 2024, as such risk factors may be amended, supplemented 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.

Amounts reported in this press release are preliminary and subject to change upon the finalization of the filing of our Annual Report on Form 10-K for the year ended January 28,2024.

About Semtech

Semtech Corporation (Nasdaq: SMTC) is a high-performance semiconductor, IoT systems and cloud connectivity service provider dedicated to delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com or follow us on LinkedIn or X.

_______________

Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries.

SMTC-F

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales

$

192,948

 

 

$

200,899

 

 

$

167,512

 

 

$

868,758

 

 

$

756,533

 

Cost of sales

 

99,266

 

 

 

97,925

 

 

 

64,934

 

 

 

447,000

 

 

 

272,314

 

Amortization of acquired technology

 

2,280

 

 

 

10,008

 

 

 

2,565

 

 

 

33,716

 

 

 

5,661

 

Acquired technology impairments

 

91,792

 

 

 

 

 

 

 

 

 

91,792

 

 

 

 

Total cost of sales

 

193,338

 

 

 

107,933

 

 

 

67,499

 

 

 

572,508

 

 

 

277,975

 

Gross profit

 

(390

)

 

 

92,966

 

 

 

100,013

 

 

 

296,250

 

 

 

478,558

 

Operating costs and expenses, net:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

55,198

 

 

 

47,663

 

 

 

93,102

 

 

 

220,220

 

 

 

224,812

 

Product development and engineering

 

41,505

 

 

 

46,911

 

 

 

52,502

 

 

 

186,450

 

 

 

166,948

 

Intangible amortization

 

307

 

 

 

4,853

 

 

 

821

 

 

 

14,913

 

 

 

821

 

Restructuring

 

9,167

 

 

 

3,646

 

 

 

9,247

 

 

 

23,775

 

 

 

11,491

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,313

)

Intangible impairments

 

39,593

 

 

 

 

 

 

 

 

 

39,593

 

 

 

 

Goodwill impairment

 

473,800

 

 

 

2,266

 

 

 

 

 

 

755,621

 

 

 

 

Total operating costs and expenses, net

 

619,570

 

 

 

105,339

 

 

 

155,672

 

 

 

1,240,572

 

 

 

385,759

 

Operating (loss) income

 

(619,960

)

 

 

(12,373

)

 

 

(55,659

)

 

 

(944,322

)

 

 

92,799

 

Interest expense

 

(22,827

)

 

 

(28,305

)

 

 

(6,181

)

 

 

(95,813

)

 

 

(17,646

)

Interest income

 

734

 

 

 

574

 

 

 

4,043

 

 

 

3,051

 

 

 

5,801

 

Non-operating (expense) income, net

 

(2,045

)

 

 

3,542

 

 

 

(735

)

 

 

(542

)

 

 

(1,331

)

Investment impairments and credit loss

reserves, net

 

(1,679

)

 

 

(1,990

)

 

 

(1,532

)

 

 

(3,929

)

 

 

(1,156

)

(Loss) income before taxes and equity method

income (loss)

 

(645,777

)

 

 

(38,552

)

 

 

(60,064

)

 

 

(1,041,555

)

 

 

78,467

 

(Benefit) provision for income taxes

 

(3,345

)

 

 

(311

)

 

 

(9,071

)

 

 

50,519

 

 

 

17,344

 

Net (loss) income before equity method income

(loss)

 

(642,432

)

 

 

(38,241

)

 

 

(50,993

)

 

 

(1,092,074

)

 

 

61,123

 

Equity method income (loss)

 

75

 

 

 

(11

)

 

 

(22

)

 

 

45

 

 

 

249

 

Net (loss) income

 

(642,357

)

 

 

(38,252

)

 

 

(51,015

)

 

 

(1,092,029

)

 

 

61,372

 

Net income (loss) attributable to noncontrolling interest

 

6

 

 

 

(2

)

 

 

(2

)

 

 

1

 

 

 

(8

)

Net (loss) income attributable to common stockholders

$

(642,363

)

 

$

(38,250

)

 

$

(51,013

)

 

$

(1,092,030

)

 

$

61,380

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

Basic

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

Diluted

$

(9.98

)

 

$

(0.60

)

 

$

(0.80

)

 

$

(17.03

)

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic

 

64,363

 

 

 

64,216

 

 

 

63,864

 

 

 

64,127

 

 

 

63,770

 

Diluted

 

64,363

 

 

 

64,216

 

 

 

63,924

 

 

 

64,127

 

 

 

64,013

 

SEMTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

January 28, 2024

 

January 29, 2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

128,585

 

 

$

235,510

Accounts receivable, net

 

134,322

 

 

 

161,695

Inventories

 

144,992

 

 

 

207,704

Prepaid taxes

 

11,969

 

 

 

6,243

Other current assets

 

114,329

 

 

 

111,634

Total current assets

 

534,197

 

 

 

722,786

Non-current assets:

 

 

 

Property, plant and equipment, net

 

153,618

 

 

 

169,293

Deferred tax assets

 

18,014

 

 

 

63,783

Goodwill

 

541,227

 

 

 

1,281,703

Other intangible assets, net

 

35,566

 

 

 

215,102

Other assets

 

91,113

 

 

 

116,961

Total assets

$

1,373,735

 

 

$

2,569,628

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

45,051

 

 

$

100,676

Accrued liabilities

 

172,105

 

 

 

253,075

Current portion of long-term debt

 

 

 

 

43,104

Total current liabilities

 

217,156

 

 

 

396,855

Non-current liabilities:

 

 

 

Deferred tax liabilities

 

829

 

 

 

5,065

Long-term debt

 

1,371,039

 

 

 

1,296,966

Other long-term liabilities

 

91,961

 

 

 

114,707

Stockholders’ equity (deficit)

 

(307,434

)

 

 

755,852

Noncontrolling interest

 

184

 

 

 

183

Total liabilities & equity

$

1,373,735

 

 

$

2,569,628

SEMTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION

(in thousands)

(unaudited)

 

 

 

 

Twelve Months Ended

 

 

 

January 28,
2024

 

January 29,
2023

Net (loss) income

 

 

$

(1,092,029

)

 

$

61,372

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

 

 

 

(93,920

)

 

 

126,711

 

Net cash used in investing activities

 

 

 

(22,697

)

 

 

(1,247,322

)

Net cash provided by financing activities

 

 

 

10,550

 

 

 

1,076,520

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

 

(858

)

 

 

 

Net decrease in cash and cash equivalents

 

 

 

(106,925

)

 

 

(44,091

)

Cash and cash equivalents at beginning of period

 

 

 

235,510

 

 

 

279,601

 

Cash and cash equivalents at end of period

 

 

$

128,585

 

 

$

235,510

 

 

 

 

 

 

 

 

Three Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

Q424

 

Q324

 

Q423

Free cash flow:

 

 

 

 

 

Cash flow from operations

$

13,919

 

 

$

(5,847

)

 

$

(18,799

)

Net capital expenditures

 

(1,712

)

 

 

(6,576

)

 

 

(5,680

)

Free cash flow

$

12,207

 

 

$

(12,423

)

 

$

(24,479

)

 

Three Months Ended

 

Twelve Months Ended

 

January 28,
2024

 

October 29,
2023

 

January 29,
2023

 

January 28,
2024

 

January 29,
2023

 

Q424

 

Q324

 

Q423

 

Q424

 

Q423

Net sales by reportable segment (1):

 

 

 

 

 

 

 

 

 

Signal Integrity

 

42,831

 

 

47,185

 

 

59,246

 

 

177,033

 

 

298,290

Analog Mixed Signal and Wireless

 

60,423

 

 

70,233

 

 

93,262

 

 

260,264

 

 

443,239

IoT Systems

 

65,506

 

 

59,261

 

 

9,811

 

 

334,904

 

 

9,811

IoT Connected Services

 

24,188

 

 

24,220

 

 

5,193

 

 

96,557

 

 

5,193

Total net sales by reportable segment

$

192,948

 

$

200,899

 

$

167,512

 

$

868,758

 

$

756,533

 

(1) In the fourth quarter of fiscal year 2024, as a result of organizational restructuring, the wireless business, which was previously included in the IoT Systems operating segment, and the SDVoE business, which was previously included in the Signal Integrity operating segment, were moved into the Analog Mixed Signal and Wireless operating segment, formerly the Advanced Protection and Sensing operating segment, which also includes the proximity sensing, power and protection businesses. As a result of the reorganization, the Company has four reportable segments. All prior year information in the table above has been revised retrospectively to reflect the change to the Company’s reportable segments.

Contacts

Sara Kesten

Semtech Corporation

(805) 480-2004

webir@semtech.com

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The post Semtech Announces Fourth Quarter and Fiscal Year 2024 Results appeared first on Daily Host News.

Semtech Announces Fourth Quarter and Fiscal Year 2024 Results first appeared on Web and IT News.

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