Fri. Jan 24th, 2020

Semtech Corporation (Nasdaq: SMTC)

20 min read

Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, declared unaudited fiscal results for its 3rd-quarter of financial year 2k20, which finished October 27, 2k19.

Highlights for the 3rd-Fiscal Quarter 2k20

  • Q3 FY2k20 net sales inclined 3.0 percent sequentially to $141.00M.
  • Q3 FY2k20 GAAP EPS of $0.260 and non-GAAP EPS of $0.410.
  • Distributor Point of Sale (POS) inclined 8.0 percent sequentially and represented a new quarterly record.
  • Cash flow from operations was $33.30M or 24.00 percent of net sales.
  • Refinanced the prior credit facility with a new, $600.00M credit agreement.

Results on a GAAP basis for the 3rd-Fiscal Quarter 2k20

  • GAAP Net sales were $141.00M
  • GAAP Gross margin was 61.20 percent
  • GAAP SG&A cost was $33.80M
  • GAAP R&D cost was $26.70M
  • GAAP Operating margin was 15.70 percent
  • GAAP Net income was $17.60M or $0.260 for each diluted share

 

Results on a Non-GAAP basis for the 3rd-Fiscal Quarter 2k20 (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 61.60 percent
  • Non-GAAP SG&A cost was $28.50M
  • Non-GAAP R&D cost was $24.40M
  • Non-GAAP Operating margin was 24.00 percent
  • Non-GAAP Net income was $27.40M or $0.410 for each diluted share

 

GAAP 4th-Fiscal Quarter 2k20 Outlook

  • Net sales are expected to be in the range of $130.00M to $140.00M
  • GAAP Gross margin is expected to be in the range of 60.60 percent to 61.60 percent
  • GAAP SG&A cost is expected to be in the range of $36.10M to $37.10M
  • GAAP R&D cost is expected to be in the range of $27.30M to $28.30M
  • GAAP Intangible amortization cost is expected to be approximately $3.80M
  • GAAP Interest and other cost, net is expected to be approximately $2.00M
  • GAAP Effective tax rate is expected to be in the range of 12.00 percent to 16.00 percent
  • GAAP Earnings for each diluted share are expected to be in the range of $0.120 to $0.190
  • Fully-diluted share count is expected to be approximately 67.30M shares
  • Share-based compensation is expected to be approximately $12.00M, categorized as follows: $0.60M cost of sales, $8.10M SG&A, and $3.30M R&D
  • Capital expenditures are expected to be approximately $5.50M
  • Depreciation cost is expected to be approximately $5.80M

Non-GAAP 4th-Fiscal Quarter 2k20 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 61.00 percent to 62.00 percent
  • Non-GAAP SG&A cost is expected to be in the range of $28.00M to $29.00M
  • Non-GAAP R&D cost is expected to be in the range of $24.00M to $25.00M
  • Non-GAAP Interest and other cost, net is expected to be approximately $1.50M
  • Non-GAAP Effective tax rate is expected to be in the range of 13.00 percent to 17.00 percent
  • Non-GAAP Earnings for each diluted share are expected to be in the range of $0.330 to $0.390

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