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Jan 29, 2023
Semtech Q4 2023 Earnings Report
Semtech exceeded guidance with acquisition of Sierra Wireless completed.
Key Takeaways
Semtech's Q4 results exceeded the midpoint of guidance, driven by strong performance in LoRa-enabled products and the completion of the Sierra Wireless acquisition. Despite a challenging macroeconomic environment, the company is well-positioned for future growth with its diversified portfolio and focus on the IoT market.
Completed the acquisition of Sierra Wireless for $1.3 billion.
Semtech Organic net sales reached $152.5 million, surpassing the midpoint of guidance.
Sierra Wireless contributed $15.0 million in net sales post-acquisition.
LoRa-enabled net sales totaled $40.8 million.
Forward Guidance
Semtech anticipates net sales between $230.0 million and $240.0 million for the first quarter of fiscal year 2024. The non-GAAP diluted loss per share is expected to be in the range of $(0.11) to $(0.04).
Positive Outlook
- Net sales are expected to be in the range of $230.0 million to $240.0 million.
- GAAP Gross margin is expected to be in the range of 42.5% to 44.7%.
- Non-GAAP Gross margin is expected to be in the range of 47.5% to 49.5%.
- Non-GAAP SG&A expense is expected to be in the range of $47.0 million to $49.0 million.
- Non-GAAP R&D expense is expected to be in the range of $50.0 million to $52.0 million.
Challenges Ahead
- Export restrictions, inflationary pressure and other macroeconomic conditions may impact results.
- GAAP SG&A expense is expected to be in the range of $68.9 million to $70.9 million.
- GAAP R&D expense is expected to be in the range of $53.5 million to $55.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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