Slide 1: Quarterly Earnings Presentation Q1 FY25
QUARTERLY EARNINGS PRESENTATION Q1 FY25 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q1 FY25
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, which are based on the based on the Company's current expectations, estimates and projections abo
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this presentation includes a presentation of select non-GAAP financial measures. The Company's non-GAAP measures of gross margin, SG&A expense, product development and engineer
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures In the financial results provided in this presentation, the Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net (loss) income plus interest expense, interest income, provision (benefit) for income taxes, depr
Slide 5: Q1'25 Results
Q1’25 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1 Q1FY25 FY25
Slide 6: Q1'25 Net Sales
Q1’25 Net Sales "I am pleased with Semtech’s solid first quarter financial performance, with net sales above the high-end of our guidance range, along with meaningful declines in channel inventories across each of our end markets," said Paul H. Pickle, Semtech's president and chief executive officer
Slide 7: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • In hyperscale data center applications, net sales more than doubled Y/Y, with powerful secular trends in AI Q1’25 NET SALES continuing to support our copper and optical portfolios • Timing and market oppor
Slide 8: High-End Consumer End Market
High-End Consumer End Market PerSe® Smart Sensing, Consumer Circuit Protection • Net sales in consumer TVS grew 20% Q/Q and 108% Y/Y; we believe our market share at several leading Q1’25 NET SALES consumer products companies continued to grow • Secured top-tier scorecard rating at our largest consum
Slide 9: Industrial End Market
Industrial End Market Modules, Routers, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • IoT Systems net sales down 26% Q/Q and down 57% Y/Y, with shipment volume reflecting desire for Q1’25 NET SALES healthier channel and end customer inventories. • IoT Systems sh
Slide 10: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS QUARTER ENDED (in millions, except per share data) Q125 Q424 Q124 Net sales $ 206.1 $ 192.9 $ 236.5 Gross margin 48.3% (0.2)% 43.5% Operating costs and expenses, net $ 96.4 $ 619.6 $ 114.8 Operating income (loss) $ 3.1 $ (620.0) $ (11.9) Operating mar
Slide 11: Q2'25 Outlook
Q2’25 OUTLOOK 11 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1 Q1FY25 FY25
Slide 12: Q2'25 Outlook
Q2’25 Outlook* (in millions, except per share data) Net sales $ 212.0 +/- $ 5.0 Net Sales Outlook • Infrastructure market is expected Non-GAAP Financial Measures to be up with data center gains offset by PON Gross margin 50.0 % +/- 50 bps • High-end consumer is expected Operating expenses, net $ 77.
Slide 13: Q&A
Q&A 13 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1 Q1FY25 FY25
Slide 14: Net Sales Schedules
APPENDIX NET SALES SCHEDULES 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1 Q1FY25 FY25
Slide 15: Net Sales Schedules
Net Sales Schedules END MARKET Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24 Infrastructure $56.0 $39.4 $43.1 $42.4 $39.0 High-End Consumer 34.5 32.1 37.6 34.0 21.6 Industrial 115.6 121.5 120.2 162.0 175.9 Total $206.1 $192.9 $200.9 $238.4 $236.5 REPORTABLE SEGMENT Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24
Slide 16: Reconciliation of GAAP to Non-GAAP Results
APPENDIX RECONCILATION OF GAAP TO NON- GAAP RESULTS 16 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1 Q1FY25 FY25
Slide 17: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 Gross margin (GAAP) 48.3 % (0.2) % 43.5 % Share-based compensation 0.4 % 0.3 % 0.2 % Amortization of acquired technology 1.1 % 1.2 % 4.6 % Restructuring and other reserves, net — %
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 Operating expense, net (GAAP) $ 96,449 $ 619,570 $ 114,826 Share-based compensation (14,552) (11,229) (8,041) Intangible amortization (307) (307) (4,882) Transaction and integration
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 Operating income (loss) (GAAP) $ 3,143 $ (619,960) $ (11,880) Share-based compensation 15,234 11,829 8,404 Intangible amortization 2,588 2,587 15,737 Transaction and integration rel
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 Operating margin (GAAP) 1.5 % (321.3) % (5.0) % Share-based compensation 7.4 % 6.1 % 3.6 % Intangible amortization 1.3 % 1.3 % 6.6 % Transaction and integration related costs, net 0
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 Interest expense, net (GAAP) $ 22,687 $ 22,093 $ 19,441 Amortization of deferred financing costs (2,379) (2,380) (1,414) Investment income 170 201 350 Adjusted interest expense, net
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 GAAP net loss attributable to common stockholders $ (23,159) $ (642,363) $ (29,415) Adjustments to GAAP net loss attributable to common stockholders: Share-based compensation 15,234
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA QUARTER ENDED April 28, 2024 January 28, 2024 April 30, 2023 Q125 Q424 Q124 GAAP net loss attributable to common stockholders $ (23,159) $ (642,363) $ (29,415) Interest expense 23,229 22,827 20,510 Interest income (542) (734) (1,069) Non-operating (income) expense,
Slide 24: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2024 Semtech Corporation. All rights reserved. 24 | QUARTERLY EARNINGS PRESENTATION | Q1 FY25