Draganfly Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements


Based in Canada
Company profile

Draganfly Inc. is a manufacturer, contract engineering and product development company within the unmanned aerial vehicles space, which serves the public safety, agriculture, industrial inspections, and mapping and surveying markets. It manufactures multi-rotor helicopters, industrial aerial video systems and civilian small unmanned aerial systems or vehicles. The Company’s products include Quadcopters, Draganfly Commander2, Vital Intelligence, Quantix Mapper, Tango2, Payloads and Sensors, Universal Control System and Software. Its services include custom engineering, training, flight services, data services and varigard spraying. The Company’s wholly owned subsidiaries include Draganfly Innovations Inc., Draganfly Innovations USA, Inc. and Dronelogics Systems Inc.

Closing Price
$1.01
Day's Change
-0.015 (-1.46%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.05
Day's Low
0.99
Volume
(Light)
Volume:
113,229

10-day average volume:
174,520
113,229

Semtech Announces First Quarter of Fiscal Year 2023 Results

4:20 pm ET June 1, 2022 (BusinessWire) Print

Semtech 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.

Highlights for the First Quarter of Fiscal Year 2023

Record net sales of $202.1 million, an increase of 6.1% sequentially and 18.7% year-over-year Record GAAP gross margin of 64.4% grew 30bps sequentially and 290bps year-over-year Record non-GAAP gross margin of 64.8% grew 30bps sequentially and 280bps year-over-year Record GAAP and non-GAAP diluted earnings per share of $0.59 and $0.80, respectively Record Wireless and Sensing products group net sales grew 8.6% sequentially and 15.0% year-over-year driven by record LoRa(R)-enabled sales Record 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 Protection products group net sales grew 5.5% sequentially and 23.0% year-over-year driven by strong Industrial and Automotive product sales Operating cash flow of $50.1 million or 24.8% of Q1 FY2023 net sales Repurchased 762,093 shares for $50.0 million

Results on a GAAP basis for the First Fiscal Quarter 2023

Net sales were $202.1 million GAAP Gross margin was 64.4% GAAP SG&A expense was $43.4 million GAAP R&D expense was $38.8 million GAAP Operating margin was 23.3% GAAP Net income attributable to common stockholders was $38.0 million or $0.59 diluted earnings per share

To 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."

Results 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")

Non-GAAP Gross margin was 64.8% Non-GAAP SG&A expense was $36.1 million Non-GAAP R&D expense was $34.8 million Non-GAAP Operating margin was 29.8% Non-GAAP Net income attributable to common stockholders was $51.8 million or $0.80 diluted earnings per share

Mohan Maheswaran, Semtech's President and Chief Executive Officer, stated, "Our fiscal year 2023 is off to a very strong start driven by solid growth from all of our product groups. We achieved record revenues and record earnings during the quarter. We believe that our strategy of developing advanced technology platforms targeted at enabling a smarter planet will continue to drive sustainable top and bottom line growth for years to come."

Second Fiscal Quarter 2023 Outlook

Both the GAAP and non-GAAP second fiscal quarter 2023 outlook below take into account the impact of the divestiture of the Company's high reliability discrete diodes and assemblies business and, based on the Company's current estimates, the uncertain, but potential negative impact to the Company of the current supply chain constraints and any associated disruptions, and the ongoing COVID-19 pandemic on global economic conditions and on the Company's business operations, net sales and operating results, as well as export restrictions. The Company is unable to predict the full impact such challenges may have on its future results of operations.

GAAP Second Fiscal Quarter 2023 Outlook

Net sales are expected to be in the range of $203.0 million to $213.0 million GAAP Gross margin is expected to be in the range of 64.1% to 65.5% GAAP SG&A expense is expected to be in the range of $45.1 million to $46.1 million GAAP R&D expense is expected to be in the range of $39.5 million to $40.5 million GAAP Intangible amortization expense is expected to be approximately $1.0 million GAAP Interest and other expense, net is expected to be approximately $1.5 million GAAP Effective tax rate is expected to be in the range of 17% to 19% GAAP Diluted earnings per share is expected to be in the range of $0.79 to $0.89 Fully-diluted share count is expected to be approximately 64.0 million shares Share-based compensation is expected to be approximately $12.3 million, categorized as follows: $0.8 million cost of sales, $7.0 million SG&A, and $4.5 million R&D Capital expenditures are expected to be approximately $10.7 million Depreciation expense is expected to be approximately $6.4 million

Non-GAAP Second Fiscal Quarter 2023 Outlook (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 "Reconciliation of GAAP to Non-GAAP Outlook")

Non-GAAP Gross margin is expected to be in the range of 64.5% to 65.9% Non-GAAP SG&A expense is expected to be in the range of $36.0 million to $37.0 million Non-GAAP R&D expense is expected to be in the range of $35.0 million to $36.0 million Non-GAAP normalized tax rate for fiscal year 2023 is expected to be approximately 12% Non-GAAP Diluted earnings per share is expected to be in the range of $0.80 to $0.90

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its first fiscal quarter 2023 results at 2:00 p.m. Pacific time. An audio webcast will be available on Semtech's website at www.semtech.com in the "Investor Relations" section under "Investor News." A replay of the call will be available through June 29, 2022 at the same website or by calling (877) 660-6853 and entering conference ID 13725336.

Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this release includes a presentation of select non-GAAP financial measures. The Company's non-GAAP measures of gross margin, SG&A expense, R&D expense, operating margin, net income attributable to common stockholders, diluted earnings per share and normalized tax rate exclude the following items, if any:

Share-based compensation Amortization of purchased intangibles, impairments and credit loss reserves Restructuring, transaction and other acquisition or disposition-related gains or losses Litigation expenses or dispute settlement charges or gains Cumulative other reserves associated with historical activity including environmental and pension Equity in net gains or losses of equity method investments Loss on early extinguishment of debt Interest income from debt investments Changes in the fair value of contingent earn-out obligations

To provide additional insight into the Company's second quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's financial condition and results of operations. These non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses that would not otherwise have been incurred by the Company in the normal course of the Company's business operations, or are not reflective of the Company's core results over time. These excluded items may include recurring as well as non-recurring items, and no inference should be made that all of these adjustments, charges, costs or expenses are unusual, infrequent or non-recurring. For example: certain restructuring and integration-related expenses (which consist of employee termination costs, facility closure or lease termination costs, and contract termination costs) may be considered recurring given the Company's ongoing efforts to be more cost effective and efficient; certain acquisition and disposition-related adjustments or expenses may be deemed recurring given the Company's regular evaluation of potential transactions and investments; and certain litigation expenses or dispute settlement charges or gains (which may include estimated losses for which the Company may have established a reserve, as well as any actual settlements, judgments, or other resolutions against, or in favor of, the Company related to litigation, arbitration, disputes or similar matters, and insurance recoveries received by the Company related to such matters) may be viewed as recurring given that the Company may from time to time be involved in, and may resolve, litigation, arbitration, disputes, and similar matters.

Notwithstanding that certain adjustments, charges, costs or expenses may be considered recurring, in order to provide meaningful comparisons, the Company believes that it is appropriate to exclude such items because they are not reflective of the Company's core results and tend to vary based on timing, frequency and magnitude.

These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's comparable financial performance between periods. In addition, the Company's management generally excludes the items noted above when managing and evaluating the performance of the business. The financial statements provided with this release include reconciliations of these non-GAAP financial measures to their most comparable GAAP measures for the first and fourth quarters of fiscal year 2022 and the first quarter of fiscal year 2023, along with a reconciliation of forward-looking non-GAAP measures (other than the non-GAAP normalized tax rate) to their most comparable GAAP measures for the second quarter of fiscal year 2023. Beginning with fiscal year 2022, the Company adopted a full-year, normalized tax rate for the computation of the non-GAAP income tax provision in order to provide better comparability across the interim reporting periods by reducing the quarterly variability in non-GAAP tax rates that can occur throughout the year. In estimating the full-year non-GAAP normalized tax rate, the Company utilized a full-year financial projection that considers multiple factors such as changes to the Company's current operating structure, existing positions in various tax jurisdictions, the effect of key tax law changes, and other significant tax matters to the extent they are applicable to the full fiscal year financial projection. In addition to the adjustments described above, this normalized tax rate excludes the impact of share-based awards and the amortization of acquisition-related intangible assets. For fiscal year 2023, the Company's projected non-GAAP normalized tax rate is 12% and will be applied to each quarter of fiscal year 2023. The Company's non-GAAP normalized tax rate on non-GAAP net income may be adjusted during the year to account for events or trends that the Company believes materially impact the original annual non-GAAP normalized tax rate including, but not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events. The Company is unable to include a reconciliation of the forward-looking measure of the non-GAAP normalized tax rate to the corresponding GAAP measure as this is not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of share-based awards and the amortization of acquisition-related intangible assets that are excluded from this non-GAAP measure. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies.

Forward-Looking and Cautionary Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the second quarter of fiscal year 2023 outlook and our expectations for growth and strong financial results in fiscal year 2023; the potential for a negative impact associated with the current supply chain constraints and any associated disruptions; the potential for a negative impact of the COVID-19 pandemic on global economic conditions and on the Company's business operations, net sales and operating results; the Company's expectations concerning the negative impact on the Company's results of operations from its inability to ship certain products and provide certain support services due to the export restrictions; future operational performance; the anticipated impact of specific items on future earnings; and the Company's plans, objectives and expectations. Statements containing words such as "may," "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "should," "will," "designed to," "projections," or "business outlook," or other similar expressions constitute forward-looking statements.

Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; export restrictions and laws affecting the Company's trade and investments, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions as a result of the current conflict between Russia and Ukraine; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; decreased average selling prices of the Company's products; the Company's reliance on a limited number of suppliers and subcontractors for components and materials; changes in projected or anticipated end-user markets; the Company's ability to forecast its annual non-GAAP normalized tax rate due to material changes that could occur during the fiscal year, which could include, but are not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events; and the Company's ability to forecast and achieve anticipated net sales and earnings estimates in light of periodic economic uncertainty, including impacts arising from Asian, European and global economic dynamics. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2022, as such risk factors may be updated, amended or superseded from time to time by subsequent reports the Company files with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management's analysis only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statements that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise.

About Semtech

Semtech Corporation is a leading global supplier of high performance analog, mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer, and industrial end markets. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit http://www.semtech.com.

Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its subsidiaries.

SMTC-F

                                                                                                                                      SEMTECH CORPORATION
                                                                                                                          CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                             (in thousands, except per share data)
                                                                                                                                          (unaudited)
                                                       
                                                                                                                                                       Three Months Ended
                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               May 1,                                                   January 30,                                                  May 2,
                                                                                                   2022                                                                          2022                                                                          2021
                                                                         ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                                Q123                                                       Q422                                                       Q122
                                                                         ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Net sales                                                                                   $        202,149                        $        190,550                        $        170,372  
                                                                                   71,896               68,451               65,511  
   Cost of sales
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Gross profit                                                                      130,253              122,099              104,861  
Operating costs and expenses:                                                                                                                             
                                                                                   43,364               39,808               38,804  
   Selling, general and administrative
                                                                                   38,789               38,292               36,790  
   Product development and engineering
                                                                                    1,048                1,048                1,298  
   Intangible amortization
                                                                           --                  (13 )                        --  
   Changes in the fair value of contingent earn-out obligations
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                   83,201               79,135               76,892  
   Total operating costs and expenses
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating income                                                                   47,052               42,964               27,969  
                                                                                   (1,197 )                                (1,474 )                                (1,199 )
   Interest expense
                                                                                      262                   68                   94  
   Non-operating income, net
                                                                                      (24 )                                  (407 )                                  (246 )
   Investment impairments and credit loss reserves
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Income before taxes and equity in net gains of equity method investments           46,093               41,151               26,618  
                                                                                    8,069                6,360                3,198  
   Provision for taxes
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income before equity in net gains of equity method investments                 38,024               34,791               23,420  
                                                                                       24       --                   78  
   Equity in net gains of equity method investments
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income                                                                         38,048               34,791               23,498  
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                       (1 )                                   (13 )                                    (2 )
   Net loss attributable to noncontrolling interest
                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income attributable to common stockholders                                              $         38,049                        $         34,804                        $         23,500  
                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                          
    
Earnings per share:                                                                                                                                       
                                                                                            $           0.59                        $           0.54                        $           0.36  
   Basic
                                                                                            $           0.59                        $           0.53                        $           0.36  
   Diluted
                                                                                                                                                          
    
Weighted average number of shares used in computing earnings per share:                                                                                   
                                                                                   63,950               64,289               65,089  
   Basic
                                                           SEMTECH CORPORATION
                                                  CONDENSED CONSOLIDATED BALANCE SHEETS
                                                             (in thousands)
                                                               (unaudited)
                                             
                                        May 1, 2022                      January 30, 2022
                                                ------------------------------                       ----------------------------------
ASSETS                                                          
Current assets:                                                 
                                                                   $    275,184                      $        279,601
   Cash and cash equivalents
                                                      66,360             71,507
   Accounts receivable, net
                                                     106,901            114,003
   Inventories
                                                       2,442              5,983
   Prepaid taxes
                                                       9,065     --
   Assets held for sale
                                                      35,471             31,201
   Other current assets
                                                -------------------- ----------                      -------------------- --------------
                                                     495,423            502,295
      Total current assets
                                                -------------------- ----------                      -------------------- --------------
Non-current assets:                                             
                                                     133,590            134,940
   Property, plant and equipment, net
                                                      25,643             27,803
   Deferred tax assets
                                                     350,306            351,141
   Goodwill
                                                       5,756              6,804
   Other intangible assets, net
                                                     105,198            107,928
   Other assets
                                                -------------------- ----------                      -------------------- --------------
                                                                   $  1,115,916                      $      1,130,911
      Total assets
                                                ==================== ==========                      ==================== ==============
                                                                
    
LIABILITIES AND EQUITY                                          
Current liabilities:                                            
                                                                   $     48,381                      $         50,695
   Accounts payable
                                                      60,793             77,704
   Accrued liabilities
                                                       1,242     --
      Liabilities held for sale
                                                -------------------- ----------                      -------------------- --------------
                                                     110,416            128,399
      Total current liabilities
                                                -------------------- ----------                      -------------------- --------------
Non-current liabilities:                                        
                                                       1,066              1,132
   Deferred tax liabilities
                                                     181,797            171,676
   Long term debt
                                                      87,464             91,929
   Other long-term liabilities
Stockholders' equity      734,983            737,584
Noncontrolling interest                                  190                191
                                                -------------------- ----------                      -------------------- --------------
                                                                                                                SEMTECH CORPORATION
                                                                                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
                                                                                                                  (in thousands)
                                                                                                                    (unaudited)
                                                                                                                                          
                                                                                    Three Months Ended                                                       
                                                    ------------------------------------------------------------------------------------------------------------------
                                                       May 1,                                              May 2,                         
                                                                           2022                                                                   2021
                                                    -----------------------------------------------                        -----------------------------------------------
Net income                                                             $  38,048                        $  23,498      
                                                                                                    
                                                       50,051        32,585      
   Net cash provided by operations
                                                      (10,315 )                         (8,655 )                       
   Net cash used in investing activities
                                                      (44,153 )                        (34,602 )                       
   Net cash used in financing activities
                                                    -------------------- ------- --------------------                      -------------------- ------- --------------------
Net decrease in cash and cash equivalents              (4,417 )                        (10,672 )                       
                                                      279,601       268,891      
   Cash and cash equivalents at beginning of period
                                                    -------------------- ------- --------------------                      -------------------- ------- --------------------
Cash and cash equivalents at end of period                             $ 275,184                        $ 258,219      
                                                    ==================== ======= ====================                      ==================== ======= ====================
                                                                                                    
                                                                                                                       Three Months Ended
                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       May 1,                                            January 30,                                          May 2,
                                                                           2022                                                                   2022                                                                  2021
                                                    -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
                                                        Q123                                                Q422                                               Q122
                                                    -----------------------------------------------                        -----------------------------------------------                        ----------------------------------------------
Free Cash Flow:                                                                                                        
                                                                       $  50,051                        $  50,986                        $ 32,585  
   Cash Flow from Operations
                                                       (8,315 )                         (8,100 )                        (5,760 )
   Net Capital Expenditures
                                                    -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------ --------------------
                                                                                                                                 SEMTECH CORPORATION
                                                                                                        SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS
                                                                                                                        (in thousands, except per share data)
                                                                                                                                     (unaudited)
                                             
                                                                                                                                             Three Months Ended
                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     May 1,                                                   January 30,                                                  May 2,
                                                                                         2022                                                                          2022                                                                          2021
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                      Q123                                                       Q422                                                       Q122
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Gross Margin-GAAP                                             64.4 %                                  64.1 %                                  61.5 %
                                                                            0.4 %                                   0.4 %                                   0.5 %
   Share-based compensation
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted Gross Margin (Non-GAAP)                                           64.8 %                                  64.5 %                                  62.0 %
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                             
                                                                                                                                             Three Months Ended
                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     May 1,                                                   January 30,                                                  May 2,
                                                                                         2022                                                                          2022                                                                          2021
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                      Q123                                                       Q422                                                       Q122
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Selling, general and administrative-GAAP                             $         43,364                        $         39,808                        $         38,804  
                                                                         (6,132 )                                (5,593 )                                (7,359 )
   Share-based compensation
                                                                           (495 )                                  (204 )                                   177  
   Transaction and integration related (costs) recoveries, net
                                                                           (500 )                        --       --  
   Restructuring and other reserves, net
                                                                           (181 )                                   152                 (540 )
   Litigation (costs) recoveries, net
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted selling, general and administrative (Non-GAAP)                           $         36,056                        $         34,163                        $         31,082  
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                             
                                                                                                                                             Three Months Ended
                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     May 1,                                                   January 30,                                                  May 2,
                                                                                         2022                                                                          2022                                                                          2021
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                      Q123                                                       Q422                                                       Q122
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Product development and engineering-GAAP                             $         38,789                        $         38,292                        $         36,790  
                                                                         (3,986 )                                (4,110 )                                (3,762 )
   Share-based compensation
                                                                 --                  329       --  
   Transaction and integration related recoveries, net
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted product development and engineering (Non-GAAP)                           $         34,803                        $         34,511                        $         33,028  
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                             
                                                                                                                                             Three Months Ended
                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     May 1,                                                   January 30,                                                  May 2,
                                                                                         2022                                                                          2022                                                                          2021
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                      Q123                                                       Q422                                                       Q122
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Operating Margin-GAAP                                         23.3 %                                  22.5 %                                  16.4 %
                                                                            5.5 %                                   5.6 %                                   6.9 %
   Share-based compensation
                                                                            0.5 %                                   0.6 %                                   0.8 %
   Intangible amortization
                                                                            0.2 %                                  (0.1 )%                                 (0.1 )%
   Transaction and integration related costs (recoveries), net
                                                                            0.2 %                        -- %                        -- %
   Restructuring and other reserves, net
                                                                            0.1 %                                  (0.1 )%                                  0.3 %
   Litigation costs (recoveries), net
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                     SEMTECH CORPORATION
                                                                                                      SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
                                                                                                                            (in thousands, except per share data)
                                                                                                                                         (unaudited)
                                                     
                                                                                                                                                     Three Months Ended
                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             May 1,                                                   January 30,                                                  May 2,
                                                                                                 2022                                                                          2022                                                                          2021
                                                                       ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                              Q123                                                       Q422                                                       Q122
                                                                       ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
GAAP net income attributable to common stockholders                                       $         38,049                        $         34,804                        $         23,500  
                                                                                                                                                        
   Adjustments to GAAP net income attributable to common stockholders:
                                                                                 10,893               10,492               11,839  
   Share-based compensation
                                                                                  1,048                1,048                1,298  
   Intangible amortization
                                                                                    495                 (125 )                                  (177 )
   Transaction and integration related costs (recoveries), net
                                                                                    500       --       --  
   Restructuring and other reserves
                                                                                    181                 (152 )                                   540  
   Litigation costs (recoveries), net
                                                                         --                  (13 )                        --  
   Changes in the fair value of contingent earn-out obligations
                                                                                   (324 )                                    65                  (84 )
   Investment (gains) losses, reserves and impairments, net
                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total Non-GAAP adjustments before taxes                                          12,793               11,315               13,416  
                                                                                  1,003                 (460 )                                (2,006 )
   Associated tax effect
                                                                                    (24 )                        --                  (78 )
   Equity in net gains of equity method investments
                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                 13,772               10,855               11,332  
   Total of supplemental information, net of taxes
                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Non-GAAP net income attributable to common stockholders                                   $         51,821                        $         45,659                        $         34,832  
                                                                       ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                        
    
GAAP diluted earnings per share                                                           $           0.59                        $           0.53                        $           0.36  
                                                                                   0.21                 0.17                 0.17  
   Adjustments per above
                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                     SEMTECH CORPORATION
                                                                                         RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
                                                                                         Second Quarter of Fiscal Year 2023 Outlook
                                                                                            (in millions, except per share data)
                                                
                                                                                                           Q2 FY23 Outlook
                                                                                     --------------------------------------------------------------------------------------------------------------------------------
                                                                                                            July 31, 2022
                                                                                     --------------------------------------------------------------------------------------------------------------------------------
                                                                          Low                                                       High
                                                                                     ------------------------------------------------------                        ------------------------------------------------------
Gross Margin-GAAP                                                64.1 %                                  65.5 %
                                                                               0.4 %                                   0.4 %
   Share-based compensation
                                                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted Gross Margin (Non-GAAP)                                              64.5 %                                  65.9 %
                                                                                     ==================== ============== ====================                      ==================== ============== ====================
                                                                                        
                                                                          Low                                                       High
                                                                                     ------------------------------------------------------                        ------------------------------------------------------
Selling, general and administrative-GAAP                                $           45.1                        $           46.1  
                                                                              (7.0 )                                  (7.0 )
   Share-based compensation
                                                                              (2.1 )                                  (2.1 )
   Transaction and integration related
                                                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted selling, general and administrative (Non-GAAP)                              $           36.0                        $           37.0  
                                                                                     ==================== ============== ====================                      ==================== ============== ====================
                                                                                        
                                                                          Low                                                       High
                                                                                     ------------------------------------------------------                        ------------------------------------------------------
Product development and engineering-GAAP                                $           39.5                        $           40.5  
                                                                              (4.5 )                                  (4.5 )
   Share-based compensation
                                                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted product development and engineering (Non-GAAP)                              $           35.0                        $           36.0  
                                                                                     ==================== ============== ====================                      ==================== ============== ====================
                                                                                        
                                                                          Low                                                       High
                                                                                     ------------------------------------------------------                        ------------------------------------------------------
Gain on sale of business-GAAP                                           $          (19.0 )                                         $          (19.0 )
Gain on sale of business                                                      19.0                 19.0  
                                                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted gain on sale of business (Non-GAAP)                                         $ --                        $ --  
                                                                                     ==================== ============== ====================                      ==================== ============== ====================
                                                                                        
                                                                          Low                                                       High
                                                                                     ------------------------------------------------------                        ------------------------------------------------------
Diluted earnings per share-GAAP                                         $           0.79                        $           0.89  
                                                                              0.19                 0.19  
   Share-based compensation
                                                                              0.03                 0.03  
   Transaction, restructuring, and acquisition related expenses
                                                                              0.02                 0.02  
   Amortization of acquired intangibles
                                                                             (0.30 )                                 (0.30 )
   Gain on sale of business
                                                                              0.07                 0.07  
   Associated tax effect
                                                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601006105/en/

SOURCE: Semtech Corporation

Julie McGee
Semtech Corporation
(805) 480-2004
webir@semtech.com
comtex tracking

COMTEX_408064585/1006/2022-06-01T16:20:00

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