CAMARILLO, Calif., May 31, 2017 (GLOBE NEWSWIRE) -- Semtech Corporation (Nasdaq:SMTC), a leading supplier of analog
and mixed-signal semiconductors, today reported unaudited financial results for its first quarter of fiscal year 2018, which ended
April 30, 2017. Net sales computed in accordance with U.S. generally accepted accounting principles (“GAAP”), were $143.8
million, after being reduced by $5.3 million of share-based compensation associated with the previously-announced issuance of a
Warrant to Comcast. Excluding the offset associated with the Warrant, net sales were $149.1 million (“non-GAAP net sales”).
Highlights for the First Fiscal Quarter 2018
- Q1 net sales increased 10% Y/Y and 3% Q/Q
- Q1 non-GAAP net sales increased 14% Y/Y and 5% Q/Q
- Q1 GAAP operating margin increased 180bps Q/Q and non-GAAP operating margin increased 290bps Q/Q
- Record quarterly net sales for the Wireless and Sensing Products Group
- Repurchased approximately $10 million or 300,000 shares of stock
Results on a GAAP basis for the First Fiscal Quarter 2018
($ millions except for earnings per diluted share data)
- Net sales were $143.8 million
- Gross margin was 59.0%
- SG&A expenses were $33.6 million
- R&D expenses were $26.0 million
- Operating margin was 12.7%
- Net income was $ 11.8 million or $0.18 per diluted share
To facilitate a complete understanding of comparable financial performance between periods, the Company also presents
performance results net of certain non-cash items and items that are not considered reflective of the Company’s core results over
time. The Company’s non-GAAP measures of net sales, gross margin, net income, earnings per diluted share, and free cash flow
exclude certain items as described below under “Non-GAAP Financial Measures.”
Results on a non-GAAP basis for the First Fiscal Quarter 2018 (see the list of non-GAAP items and
the reconciliation of these to the most relevant GAAP items set forth in the tables below):
($ millions except for earnings per diluted share data)
- Non-GAAP net sales were $149.1 million
- Non-GAAP gross margin was 60.9%
- Non-GAAP SG&A expenses were $27.5 million
- Non-GAAP R&D expenses were $23.7 million
- Non-GAAP operating margin was 26.6%
- Non- GAAP net income was $29.3 million or $0.44 per diluted share
Mohan Maheswaran, Semtech’s President and Chief Executive Officer stated, “We are pleased with the strong start to fiscal year
2018 with Q1 non-GAAP net sales and profitability coming in at the upper end of our guidance. Demand remains strong for
several of our key growth platforms highlighted by record quarterly results from both our 100G ClearEdge™ platforms for cloud and
hyper-scale datacenter applications, and our LoRa® wireless platforms.” Maheswaran continued, “I am excited by the number of
opportunities we are seeing from our target markets that include datacenters, mobile devices and particularly IoT, where our LoRa
platform continues to gain tremendous momentum. We expect this broad-based strength to continue and contribute to a record annual
financial performance for the year.”
GAAP Second Quarter of Fiscal Year 2018 Outlook
- Net sales are expected to be in the range of $147.0 million to $157.0 million
- Gross margin is expected to be in the range of 59.5% to 60.6%
- R&D expense is expected to be in the range of $25.8 million to $26.8 million
- SG&A expense is expected to be in the range of $35.3 million to $36.3 million
- Intangible amortization expense is expected to be approximately $6.3 million
- Interest and other expense is expected to be approximately $2.5 million
- Tax rate is expected to be in the range of 22% to 26%
- Earnings per diluted share are expected to be in the range of $0.20 to $0.26
- Fully-diluted share count is expected to be approximately 67.5 million shares
- Share-based compensation is expected to be approximately $11.4 million, categorized as follows: $3.0 million for net sales
associated with the Comcast Warrant, $0.3 million cost of sales, $1.8 million R&D and $6.3 million SG&A
- Capital expenditures are expected to be approximately $10.0 million
- Depreciation expense is expected to be approximately $5.0 million
Non-GAAP Second Quarter of Fiscal Year 2018 Outlook
- Non-GAAP net sales are expected to be in the range of $150.0 million to $160.0 million
- Non-GAAP gross margin is expected to be in the range of 60.5% to 61.5%
- Non-GAAP R&D expense is expected to be in the range of $23.5 million to $24.5 million
- Non-GAAP SG&A expense is expected to be in the range of $28.0 million to $29.0 million
- Non-GAAP Interest and other expense is expected to be approximately $2.5 million
- Non-GAAP tax rate is expected to be in the range of 19% to 23%
- Non-GAAP earnings per diluted share are expected to be in the range of $0.43 to $0.49
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its first quarter of fiscal year 2018 results at 2:00 p.m. Pacific
time. An audio webcast will be available on Semtech’s website at www.Semtech.com under the “Investor Relations” section. A replay of the call will be
available through July 1, 2017 at the same website or by calling (855) 859-2056 and entering conference ID 81685059.
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 net sales, gross margin, net income, earnings per diluted share, and free cash flow. 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
net sales, gross margin, net income and earnings per diluted share exclude the following items, if any:
- Share-based compensation, including the Warrant-related impact
- 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
- Escheat or environmental reserves
To provide additional insight into the Company's second quarter outlook, this release also includes a presentation of
forward-looking non-GAAP measures including net sales, gross margin, effective tax rate and earnings per diluted share.
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.
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 results for first and fourth quarters of fiscal year 2017 and the first
quarter of fiscal year 2018 along with a reconciliation of forward-looking earnings per diluted share to its most comparable GAAP
measure for the second quarter of fiscal year 2018. The Company is unable to include a reconciliation of the forward-looking
non-GAAP measures of non-GAAP tax rate to the corresponding GAAP measure as these are not available without unreasonable efforts
due to the high variability and low visibility with respect to the charges which is 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 second quarter of fiscal year 2018 outlook, 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 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 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; shifts in focus among target customers, and other comparable changes in projected or anticipated end-user markets;
the Company’s ability to integrate its acquisitions and realize expected synergies and benefits from its acquisitions and
dispositions; the Company’s ability to accurately forecast the amount and timing of the share-based compensation associated with
the vesting of the Warrant issued to Comcast; 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 29, 2017, 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 analog and mixed-signal semiconductors 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 services marks, and ClearEdge is a trademark or service mark, of
Semtech Corporation or its subsidiaries.
SMTC-F
|
|
SEMTECH CORPORATION |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(Table in thousands - except per share amount) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Q1 2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net sales |
$ |
143,802 |
|
|
$ |
140,031 |
|
|
$ |
131,145 |
|
|
Cost of sales |
|
58,887 |
|
|
|
56,533 |
|
|
|
52,621 |
|
|
Gross profit |
|
84,915 |
|
|
|
83,498 |
|
|
|
78,524 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
Selling, general and administrative |
|
33,586 |
|
|
|
35,005 |
|
|
|
33,715 |
|
|
Product development and engineering |
|
25,983 |
|
|
|
26,203 |
|
|
|
25,172 |
|
|
Intangible amortization |
|
6,286 |
|
|
|
6,284 |
|
|
|
6,403 |
|
|
Changes in the fair value of contingent earn-out obligations |
|
- |
|
|
|
(53 |
) |
|
|
(33 |
) |
|
Loss (gain) on disposition of business operations |
|
375 |
|
|
|
(477 |
) |
|
|
- |
|
|
Restructuring charges |
|
429 |
|
|
|
1,248 |
|
|
|
- |
|
|
Total operating costs and expenses |
|
66,659 |
|
|
|
68,210 |
|
|
|
65,257 |
|
|
Operating income |
|
18,256 |
|
|
|
15,288 |
|
|
|
13,267 |
|
|
Interest expense, net |
|
(2,046 |
) |
|
|
(3,443 |
) |
|
|
(1,930 |
) |
|
Non-operating expense, net |
|
(632 |
) |
|
|
(850 |
) |
|
|
(45 |
) |
|
Income before taxes |
|
15,578 |
|
|
|
10,995 |
|
|
|
11,292 |
|
|
Provision for taxes |
|
3,757 |
|
|
|
2,975 |
|
|
|
4,405 |
|
|
Net income |
$ |
11,821 |
|
|
$ |
8,020 |
|
|
$ |
6,887 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
Diluted |
$ |
0.18 |
|
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings per share: |
|
|
|
|
|
|
Basic |
|
65,839 |
|
|
|
65,716 |
|
|
|
65,144 |
|
|
Diluted |
|
67,376 |
|
|
|
66,757 |
|
|
|
65,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMTECH CORPORATION |
|
CONSOLIDATED BALANCE SHEETS |
|
(Table in thousands) |
|
|
|
|
|
|
|
|
|
April 30, |
|
January 29, |
|
|
|
|
|
2017 |
|
|
|
2017 |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
281,550 |
|
|
$ |
297,134 |
|
|
|
|
Accounts receivable, net |
|
55,912 |
|
|
|
51,441 |
|
|
|
|
Inventories |
|
76,750 |
|
|
|
65,872 |
|
|
|
|
Deferred tax assets |
|
54 |
|
|
|
- |
|
|
|
|
Prepaid taxes |
|
3,150 |
|
|
|
5,563 |
|
|
|
|
Other current assets |
|
18,247 |
|
|
|
18,418 |
|
|
|
|
Total current assets |
|
435,663 |
|
|
|
438,428 |
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property, plant and equipment, net |
|
110,317 |
|
|
|
108,910 |
|
|
|
|
Deferred tax assets |
|
5,496 |
|
|
|
5,493 |
|
|
|
|
Goodwill |
|
329,703 |
|
|
|
329,703 |
|
|
|
|
Other intangible assets, net |
|
55,487 |
|
|
|
61,773 |
|
|
|
|
Other assets |
|
70,586 |
|
|
|
67,235 |
|
|
|
|
Total assets |
$ |
1,007,252 |
|
|
$ |
1,011,542 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
39,324 |
|
|
$ |
41,960 |
|
|
|
|
Accrued liabilities |
|
39,177 |
|
|
|
54,524 |
|
|
|
|
Deferred revenue |
|
12,358 |
|
|
|
12,059 |
|
|
|
|
Current portion - long term debt |
|
14,442 |
|
|
|
14,432 |
|
|
|
|
Total current liabilities |
|
105,301 |
|
|
|
122,975 |
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Deferred tax liabilities - non-current |
|
10,071 |
|
|
|
6,881 |
|
|
|
|
Long term debt - less current |
|
222,910 |
|
|
|
226,524 |
|
|
|
|
Other long-term liabilities |
|
51,852 |
|
|
|
49,899 |
|
|
|
|
Stockholders’ equity |
|
617,118 |
|
|
|
605,263 |
|
|
|
|
Total liabilities & stockholders'
equity |
$ |
1,007,252 |
|
|
$ |
1,011,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMTECH CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(Table in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
April 30, |
|
May 1, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
11,821 |
|
|
$ |
6,887 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
10,359 |
|
|
|
13,801 |
|
|
|
|
Net cash used in investing activities |
|
(9,919 |
) |
|
|
(2,713 |
) |
|
|
|
Net cash used in financing activities |
|
(16,024 |
) |
|
|
(6,869 |
) |
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(15,584 |
) |
|
|
4,219 |
|
|
|
|
Cash and cash equivalents at beginning of period |
|
297,134 |
|
|
|
211,810 |
|
|
|
|
Cash and cash equivalents at end of period |
$ |
281,550 |
|
|
$ |
216,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMTECH CORPORATION |
|
SUPPLEMENTAL INFORMATION - NOTES TO
CONSOLIDATED GAAP STATEMENTS OF INCOME |
|
(Tables in thousands - except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Share-based Payments |
Q1
2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
Revenue offset |
$ |
5,280 |
|
|
$ |
1,727 |
|
|
$ |
- |
|
|
Cost of sales |
|
564 |
|
|
|
482 |
|
|
|
377 |
|
|
Selling, general and administrative |
|
5,557 |
|
|
|
6,018 |
|
|
|
3,853 |
|
|
Product development and engineering |
|
1,885 |
|
|
|
1,402 |
|
|
|
1,477 |
|
|
Total share-based compensation expense |
$ |
13,286 |
|
|
$ |
9,629 |
|
|
$ |
5,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Gross Profit - Reconciliation GAAP to Non-GAAP |
Q1
2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
84,915 |
|
|
$ |
83,498 |
|
|
$ |
78,524 |
|
|
Adjustments to GAAP gross profit: |
|
|
|
|
|
|
Revenue: share-based payment- Comcast Warrant |
|
5,280 |
|
|
|
1,727 |
|
|
|
- |
|
|
Cost of sales: other share-based payments |
|
564 |
|
|
|
482 |
|
|
|
377 |
|
|
Acquisition related fair value adjustments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Non-GAAP gross profit |
$ |
90,759 |
|
|
$ |
85,707 |
|
|
$ |
78,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Net Income - Reconciliation GAAP to Non-GAAP |
Q1
2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
11,821 |
|
|
$ |
8,020 |
|
|
$ |
6,887 |
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income: |
|
|
|
|
|
|
Share-based compensation |
$ |
13,286 |
|
|
$ |
9,629 |
|
|
$ |
5,707 |
|
|
Intangible amortization |
|
6,286 |
|
|
|
6,284 |
|
|
|
6,403 |
|
|
Loss (gain) on disposition of business operations |
|
375 |
|
|
|
(438 |
) |
|
|
- |
|
|
Transaction and related expenses, including debt refinance costs |
|
406 |
|
|
|
1,827 |
|
|
|
736 |
|
|
Acquisition related earn-out |
|
559 |
|
|
|
191 |
|
|
|
1,293 |
|
|
Environmental and other reserves |
|
- |
|
|
|
570 |
|
|
|
1,000 |
|
|
Litigation cost net of recoveries |
|
- |
|
|
|
289 |
|
|
|
(1,512 |
) |
|
Restructuring charges |
|
429 |
|
|
|
1,248 |
|
|
|
- |
|
|
Total Non-GAAP adjustments before taxes |
|
21,341 |
|
|
|
19,600 |
|
|
|
13,627 |
|
|
Associated tax effect |
|
(3,820 |
) |
|
|
(3,144 |
) |
|
|
(999 |
) |
|
Total of supplemental information net of taxes |
|
17,521 |
|
|
|
16,456 |
|
|
|
12,628 |
|
|
Non-GAAP net income |
$ |
29,342 |
|
|
$ |
24,476 |
|
|
$ |
19,515 |
|
|
|
|
|
|
|
|
|
Diluted GAAP earnings per share |
$ |
0.18 |
|
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
Adjustments per above |
|
0.26 |
|
|
|
0.25 |
|
|
|
0.19 |
|
|
Diluted non-GAAP earnings per share |
$ |
0.44 |
|
|
$ |
0.37 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Tax Impact Associated With Supplemental Information |
Q1
2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
Adjustments to GAAP net income: |
|
|
|
|
|
|
Share-based compensation |
$ |
4,153 |
|
|
$ |
2,886 |
|
|
$ |
1,429 |
|
|
Valuation allowance against deferred tax assets |
|
(2,356 |
) |
|
|
(2,537 |
) |
|
|
(2,232 |
) |
|
Other |
|
2,023 |
|
|
|
2,795 |
|
|
|
1,802 |
|
|
Total of associated tax effect |
$ |
3,820 |
|
|
$ |
3,144 |
|
|
$ |
999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 30, |
|
January 29, |
|
May 1, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Q1
2018 |
|
Q4 2017 |
|
Q1 2017 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
Free Cash Flow: |
|
|
|
|
|
|
Cash Flow from Operations |
$ |
10,359 |
|
|
$ |
32,918 |
|
|
$ |
13,801 |
|
|
Net Capital Expenditure |
|
(5,175 |
) |
|
|
(19,166 |
) |
|
|
(2,713 |
) |
|
Free Cash Flow: |
$ |
5,184 |
|
|
$ |
13,752 |
|
|
$ |
11,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2FY18 EPS Guidance Range Reconciliation |
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation (net of tax) |
|
|
|
|
|
|
|
Low |
|
High |
|
|
|
GAAP EPS |
|
0.20 |
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
0.15 |
|
|
|
0.15 |
|
|
|
|
Transaction, restructuring, and acquisition related expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
|
Amortization of acquired intangibles |
|
0.07 |
|
|
|
0.07 |
|
|
|
|
Non-GAAP EPS |
$ |
0.43 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
Contact: Sandy Harrison Semtech Corporation (805) 480-2004 webir@semtech.com
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