Semtech Announces First Quarter of Fiscal Year 2024 Results

About this update from Semtech Corporation

[{"type":"text","content":" CAMARILLO, Calif.--(BUSINESS WIRE)--\nSemtech Corporation (Nasdaq: SMTC), a high-performance semiconductor, IoT systems and cloud connectivity service provider, today reported unaudited financial results for its first quarter of fiscal year 2024, which ended April 30, 2023.\n\n\nHighlights for the First Quarter of Fiscal Year 2024\n\n\n\nNet sales of $236.5 million, an increase of 41.2% sequentially and 17.0% year-over-year\n\n\n\n\nGAAP gross margin of 43.5% and Non-GAAP gross margin of 48.5%\n\n\n\n\nGAAP diluted loss per share of $0.46 and Non-GAAP diluted earnings per share of $0.02\n\n\n\n\nPublished our first Corporate Sustainability Report showcasing our commitment to sustainability and products for environmental and social good\n\n\n\n\nOn May 30, 2023, the Company announced the appointment of Paul H. Pickle as the next Semtech president and chief executive officer\n\n\n\n\nOn June 6, 2023, the Company entered into a second amendment to its existing credit agreement that provides, among other things, additional cushion with respect to certain financial covenants\n\n\n\nResults on a GAAP basis for the First Fiscal Quarter 2024\n\n\n\nNet sales were $236.5 million\n\n\n\n\nGAAP Gross margin was 43.5%\n\n\n\n\nGAAP SG&A expense was $58.1 million\n\n\n\n\nGAAP R&D expense was $51.8 million\n\n\n\n\nGAAP Operating margin was (5.0)%\n\n\n\n\nGAAP Interest expense was $20.5 million\n\n\n\n\nGAAP Net loss attributable to common stockholders was $29.4 million or $0.46 diluted loss per share\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 2024 (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\n\nNon-GAAP Gross margin was 48.5%\n\n\n\n\nNon-GAAP SG&A expense was $46.2 million\n\n\n\n\nNon-GAAP R&D expense was $46.5 million\n\n\n\n\nNon-GAAP Operating margin...

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