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Semtech Announces First Quarter of Fiscal Year 2022 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 2022, which ended May 2, 2021.\n\nHighlights for the First Fiscal Quarter 2022\n\n\nQ1 FY2022 net sales of $170.4 million increased 3% sequentially and 28% year-over-year\n\n\nGAAP and non-GAAP gross margin grew sequentially 50bps\n\n\nGAAP Operating income increased 14x sequential net sales growth and non-GAAP Operating income increased 2x sequential net sales growth\n\n\nWireless and Sensing products group net sales increased 7% sequentially and 78% year-over-year for a new record that included record net sales for our LoRa® platforms and proximity sensing products\n\n\nRecord quarterly bookings including records for our LoRa platforms, Tri-Edge™ and broad-based Industrial Protection devices\n\n\nRepurchased 360,942 shares for $25.0 million during Q1 FY2022\n\n\nResults on a GAAP basis for the First Fiscal Quarter 2022 \n\n\nNet sales were $170.4 million\n\n\nGAAP Gross margin was 61.5%\n\n\nGAAP SG&A expense was $38.8 million\n\n\nGAAP R&D expense was $36.8 million\n\n\nGAAP Operating margin was 16.4%\n\n\nGAAP Net income attributable to common stockholders was $23.5 million or $0.36 per diluted share\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 2022 (see the list of non-GAAP measures and the reconciliation of these to the most comparable GAAP measures set forth in the tables below under \"Supplemental Information: Reconciliation of GAAP to Non-GAAP Results\")\n\n\nNon-GAAP Gross margin was 62.0%\n\n\nNon-GAAP SG&A expense was $31.1 million\n\n\nNon-GAAP R&D expense was $33.0 million\n\n\nNon-GAAP Operating margin was 24.3%\n\n\nNon-GAAP Net income attributable to common stockholders was $34.8 million or $0.53 per diluted share\n\n\nMohan Maheswaran, Semtech’s President and Chief E...