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Oct 31, 2021
Semtech Q3 2022 Earnings Report
Reported record net sales and EPS, driven by strong demand in IoT and Infrastructure segments.
Key Takeaways
Semtech reported record third quarter fiscal year 2022 results, with record net sales of $194.9 million, record GAAP EPS of $0.53, and record non-GAAP EPS of $0.74. The company saw strong demand from the IoT and Infrastructure segments, led by new record net sales by LoRa, 10G PON, and broad-based Protection platforms.
Record net sales of $194.9 million, an increase of 5% sequentially and 27% year-over-year.
Record GAAP and non-GAAP gross margin of 63.5% and 63.8%, respectively.
Record GAAP and non-GAAP diluted earnings per share of $0.53 and $0.74, respectively.
Record operating cash flow of $66.5 million or 34.1% of Q3 FY2022 net sales.
Forward Guidance
The company expects net sales to be in the range of $184.0 million to $194.0 million and Non-GAAP diluted earnings per share are expected to be in the range of $0.65 to $0.73 for Q4 2022.
Positive Outlook
- GAAP Gross margin is expected to be in the range of 63.1% to 64.1%
- GAAP SG&A expense is expected to be in the range of $44.0 million to $45.0 million
- GAAP R&D expense is expected to be in the range of $36.6 million to $37.6 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
Challenges Ahead
- Potential negative impact to the Company of the ongoing supply chain constraints and any associated disruptions
- Potential negative impact of the COVID-19 pandemic on the Company's business operations, net sales and operating results
- Export restrictions may negatively impact the Company’s results of operations from its inability to ship certain products and provide certain support services
Historical Earnings Impact
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Avg. Return Before/After Earnings
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