Semtech Announces Second 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 second quarter of fiscal year 2024, which ended July 30, 2023.\n\n\nHighlights for the Second Quarter of Fiscal Year 2024\n\n\n\nNet sales of $238.4 million, an increase of 0.8% sequentially and 13.9% year-over-year\n\n\n\nGAAP gross margin of 42.3% and Non-GAAP gross margin of 49.6%\n\n\n\nGAAP diluted loss per share of $5.97 and Non-GAAP diluted earnings per share of $0.11\n\n\n\nCloud data center net sales grew 114% sequentially\n\n\n\nHigh-end consumer net sales grew 58% sequentially\n\n\n\nEffective June 30, 2023, Paul H. Pickle became Semtech's president and chief executive officer\n\n\n\nOn September 8, 2023, the Company announced the appointment of Mark Lin as the next Semtech executive vice president and chief financial officer\n\n\n\nResults on a GAAP basis for the Second Fiscal Quarter 2024\n\n\n\nNet sales were $238.4 million\n\n\n\nGAAP Gross margin was 42.3%\n\n\n\nGAAP SG&A expense was $65.0 million\n\n\n\nGAAP R&D expense was $51.4 million\n\n\n\nGAAP Operating margin was (125.9)%\n\n\n\nGAAP Depreciation expense was $6.6 million\n\n\n\nGAAP Intangible amortization expense was $15.4 million\n\n\n\nGAAP Interest expense was $24.2 million\n\n\n\nGAAP Net loss attributable to common stockholders was $382.0 million or $5.97 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 Second 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 49.6%\n\n\n\nNon-GAAP SG&A expense was $42.8 million\n\n\n\nNon-GAAP R&D expense was $43.0 million\n\n\n\nNon-GAAP Operating margin was 13.6%\n\n\n\nNon-GAAP In...

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