Semtech Announces First Quarter of Fiscal Year 2023 Results

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[{"type":"text","content":" CAMARILLO, Calif.--(BUSINESS WIRE)--\nSemtech Corporation (Nasdaq: SMTC), a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, today reported unaudited financial results for its first quarter of fiscal year 2023, which ended May 1, 2022.\n\nHighlights for the First Quarter of Fiscal Year 2023\n\n\nRecord net sales of $202.1 million, an increase of 6.1% sequentially and 18.7% year-over-year\n\n\nRecord GAAP gross margin of 64.4% grew 30bps sequentially and 290bps year-over-year\n\n\nRecord non-GAAP gross margin of 64.8% grew 30bps sequentially and 280bps year-over-year\n\n\nRecord GAAP and non-GAAP diluted earnings per share of $0.59 and $0.80, respectively\n\n\nRecord Wireless and Sensing products group net sales grew 8.6% sequentially and 15.0% year-over-year driven by record LoRa®-enabled sales\n\n\nRecord Signal Integrity products group net sales grew 4.4% sequentially and 18.9% year-over-year driven by strong hyperscale data center sales and 10G and 2.5G PON sales\n\n\nProtection products group net sales grew 5.5% sequentially and 23.0% year-over-year driven by strong Industrial and Automotive product sales\n\n\nOperating cash flow of $50.1 million or 24.8% of Q1 FY2023 net sales\n\n\nRepurchased 762,093 shares for $50.0 million\n\n\nResults on a GAAP basis for the First Fiscal Quarter 2023\n\n\nNet sales were $202.1 million\n\n\nGAAP Gross margin was 64.4%\n\n\nGAAP SG&A expense was $43.4 million\n\n\nGAAP R&D expense was $38.8 million\n\n\nGAAP Operating margin was 23.3%\n\n\nGAAP Net income attributable to common stockholders was $38.0 million or $0.59 diluted earnings per 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\nResults on a Non-GAAP basis for the First Fiscal Quarter 2023 (see the list of non-GAAP financial measures and the reconciliation of these measures 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...

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