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Semtech Announces First Quarter of Fiscal Year 2021 Results
CAMARILLO, Calif.--(BUSINESS WIRE)-- Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and
About this update from Semtech Corporation
[{"type":"text","content":" CAMARILLO, Calif.--(BUSINESS WIRE)--\nSemtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, today reported unaudited financial results for its first quarter of fiscal year 2021, which ended April 26, 2020.\n\n\nHighlights for the First Fiscal Quarter 2021\n\n\n\nQ1 FY2021 net sales of $132.7 million\n\n\nQ1 FY2021 GAAP EPS of $0.15 and non-GAAP EPS of $0.35\n\n\nNet bookings grew 22% sequentially led by record bookings for our LoRa®-enabled, 100G data center CDRs and broad-based Protection devices\n\n\nDistributor Point of Sale (POS) increased 5% sequentially and represented a new quarterly record\n\n\nCash flow from operations was $26.1 million or 20% of net sales\n\n\nRepurchased approximately 855,000 shares for $30.0 million during Q1 FY2021\n\n\n\nResults on a GAAP basis for the First Fiscal Quarter 2021\n\n\n\nNet sales were $132.7 million\n\n\nGAAP Gross margin was 60.9%\n\n\nGAAP SG&A expense was $34.6 million\n\n\nGAAP R&D expense was $27.6 million\n\n\nGAAP Operating margin was 11.9%\n\n\nGAAP Net income attributable to common stockholders was $9.6 million or $0.15 per diluted share\n\n\n\n\n\nTo 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.”\n\n\nResults on a Non-GAAP basis for the First Fiscal Quarter 2021 (see the list of non-GAAP items and the reconciliation of these to the most comparable GAAP items set forth in the tables below):\n\n\n\nNon-GAAP Gross margin was 61.3%\n\n\nNon-GAAP SG&A expense was $28.4 million\n\n\nNon-GAAP R&D expense was $24.8 million\n\n\nNon-GAAP Operating margin was 21.2%\n\n\nNon-GAAP Net income attributable to common stockholders was $23.0 million or $0.35 per diluted share\n\n\n\nMohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “We are pleased with our strong Q1 results and execution, despite the unexpected disruptions from COVID-19. Our secular growth drivers in the IoT, hyperscale data center, and mobility markets remain intact as evidenced by our record ...