🏢 官网IRSMTCQwen · 实盘不做把握 5/10不做原因:无法执行
北京时间·🕒 发布 04:05:00·⟳ 抓取 04:08:50·⚡ 决策 08-26 04:12:08 +3m18s·62.6 天前
Semtech Q2 FY2027营收$3.419亿超预期、Q3指引$4.1亿大幅跳升，AI信号完整性业务同比增64%
Semtech Q2 FY2027财报和Q3指引方向明确为强利好（营收/利润大幅超预期、Signal Integrity AI铜缆业务同比+64%、Q3指引环比+20%跳升），但行情服务（stock_quote）连接失败无法获取真实股价和近期走势，Web搜索不可用无法验证一致预期和price-in程度。按规则'只对stock_quote返回ok且真实价已进quotes_used的标的下ENTER'，无法给出可执行交易。方向判断为强正面，若行情恢复且确认未充分price-in，应为做多候选。
📄 原文SMTC↗ 原文
Semtech Announces Second Quarter of Fiscal Year 2027 Results
Second Quarter of Fiscal Year 2027 Results (in millions, except per share data) | Q2'27 | | Q1'27 | | Q2'26 | |||||| GA…
不做 Semtech Corporation（SMTC.US）
财报和指引方向明确为强利好（营收+32.7% YoY、Signal Integrity +64.3% YoY、Q3指引$410M/adj EPS $1.05大幅跳升），但行情服务连接失败无法获取真实股价，按规则不能对无有效报价的标的下ENTER；同时Web搜索不可用无法验证一致预期和price-in程度。若行情恢复，应重新评估做多机会。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
Semtech Q2 FY2027营收$341.9M（+32.7% YoY），Signal Integrity分部$126.2M（+64.3% YoY）反映AI数据中心铜缆互连需求爆发；Q3指引$410M/adj EPS $1.05暗示加速。但行情服务不可用无法验证当前股价和近期涨幅，无法判断是否已充分定价；Web搜索不可用无法获取一致预期。无法形成可执行交易决策。
🔎 新鲜度:最早出现 2026-08-25 · 扩散 low · price-in 风险 medium ↗
消息传播链
- 公司IR盘后5分钟发布Q2'27财报及Q3指引，为一手首发源市场反应:美股已收盘，盘后反应尚未可观察
关键理由
- Signal Integrity分部同比+64%验证AI数据中心铜缆互连（800G/1.6T DAC/ACC）需求爆发，且Q3指引暗示持续加速
- Q3 adj运营利润率指引31%（本季24.4%）显示规模效应和产品结构升级带来利润率跳升
- 自由现金流$61.4M（环比+119%）+去杠杆，基本面质量改善
主要风险
- 无法验证一致预期：若市场已提前上修预期至接近实际值，则beat幅度有限，盘后/次日反应可能不及预期
- GAAP净利$160.1M含$101.4M一次性税项收益，实际经营EPS为$0.71；若市场误读为持续性盈利水平，后续可能修正
反向证据
- 做多前查反向 · 来源 web · 影响 none
Web搜索不可用，无法核查近期股价是否已提前上涨或一致预期水平
检索:Semtech SMTC recent stock price run-up AI expectations
先例如何影响了这次决策
对本次决策的影响:先例缺失不影响方向判断（财报本身极强），但无法校准具体涨幅和止盈止损参数
方向:无法建立先例基率
涨幅量级:无可用先例校准幅度
形态:无法判断
工具调用 · 历史记录,结果未知(7 种)
- fetch_decision_experience · 结果未知
- search_processed_events · 结果未知
- stock_quote · 结果未知
- web_search · 结果未知
- kb_search · 结果未知
- search_case_library · 结果未知
- query_modeling_kb · 结果未知
原文全文
展开原文 · 22,519 字
Second Quarter of Fiscal Year 2027 Results
(in millions, except per share data) |
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
GAAP Financial Results |
|
|
|
|
|
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Gross margin |
|
53.8 |
% |
|
|
52.0 |
% |
|
|
52.1 |
% |
Operating expenses, net |
$ |
128.0 |
|
|
$ |
125.7 |
|
|
$ |
150.3 |
|
Operating income (loss) |
$ |
55.8 |
|
|
$ |
25.8 |
|
|
$ |
(16.2 |
) |
Operating margin |
|
16.3 |
% |
|
|
8.9 |
% |
|
|
(6.3 |
)% |
Interest expense, net |
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
4.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42.0 |
|
Net income (loss) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Diluted earnings (loss) per share |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
||||||
(in millions, except per share data) |
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Non-GAAP Financial Results |
|
|
|
|
|
||||||
Adjusted gross margin* |
|
54.5 |
% |
|
|
53.0 |
% |
|
|
53.2 |
% |
Adjusted operating expenses, net* |
$ |
102.8 |
|
|
$ |
95.1 |
|
|
$ |
88.4 |
|
Adjusted operating income* |
$ |
83.6 |
|
|
$ |
59.3 |
|
|
$ |
48.6 |
|
Adjusted operating margin* |
|
24.4 |
% |
|
|
20.4 |
% |
|
|
18.8 |
% |
Adjusted interest (income) expense, net* |
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
|
$ |
4.1 |
|
Adjusted net income* |
$ |
69.5 |
|
|
$ |
49.4 |
|
|
$ |
36.7 |
|
Adjusted diluted earnings per share* |
$ |
0.71 |
|
|
$ |
0.51 |
|
|
$ |
0.41 |
|
Adjusted EBITDA* |
$ |
91.1 |
|
|
$ |
66.4 |
|
|
$ |
56.5 |
|
Adjusted EBITDA margin* |
|
26.6 |
% |
|
|
22.8 |
% |
|
|
21.9 |
% |
*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results. |
Third Quarter of Fiscal Year 2027 Outlook
(in millions, except per share data) |
|
||||||
Net sales |
$ |
410.0 |
|
|
+/- |
|
|
Non-GAAP Financial Measures |
|
|
|
|
|
||
Adjusted gross margin* |
|
58.3 |
% |
|
+/- |
|
100 bps |
Adjusted gross margin, excluding business held for sale* |
|
63.9 |
% |
|
+/- |
|
100 bps |
Adjusted operating expenses, net* |
$ |
112.0 |
|
|
+/- |
|
|
Adjusted operating income* |
$ |
127.0 |
|
|
+/- |
|
|
Adjusted operating margin* |
|
31.0 |
% |
|
+/- |
|
60 bps |
Adjusted interest and other expense, net* |
$ |
0.5 |
|
|
|
|
|
Adjusted normalized tax rate* |
|
18 |
% |
|
|
|
|
Adjusted diluted earnings per share* |
$ |
1.05 |
|
|
+/- |
|
|
Adjusted EBITDA* |
$ |
134.3 |
|
|
+/- |
|
|
Adjusted EBITDA margin* |
|
32.8 |
% |
|
+/- |
|
60 bps |
|
|
|
|
|
|
||
Non-GAAP diluted share count* |
|
99.0 |
|
|
|
|
|
*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results. |
|||||||
The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results.
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its second fiscal quarter 2027 results at
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 adjusted gross margin, total semiconductor products gross margin, adjusted gross margin, excluding business held for sale, adjusted product development and engineering expense, adjusted selling, general and administrative expense, adjusted operating expenses, net, adjusted operating income, adjusted operating margin, adjusted interest (income) expense, net, adjusted net income, adjusted diluted earnings per share, adjusted normalized tax rate, adjusted EBITDA and adjusted EBITDA margin exclude the following items, if any and as applicable, as set forth in the reconciliations in the tables below under "Supplemental Information: Reconciliation of GAAP to Non-GAAP Results."
In this release, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segment Information footnote of the Company's Form 10-Q for the quarter ended
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. Certain non-GAAP financial measures are also used in the Company's compensation programs. 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 second quarters of fiscal year 2027 and the second quarter of fiscal year 2026.
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 the first two quarters of fiscal year 2027, the Company applied a non-GAAP normalized tax rate of 17%. For the remaining quarters of fiscal year 2027, the Company's projected non-GAAP normalized tax rate is 18%. 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. 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.
To provide additional insight into the Company's third quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See "Third Quarter of Fiscal Year 2027 Outlook" above for further information.
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 third quarter of fiscal year 2027 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company's expectations regarding near term growth trends and market position; and the Company's plans, objectives and expectations. Statements containing words such as "may," "believes," "see," "anticipates," "expects," "intends," "positions," "plans," "targets," "projects," "objectives," "estimates," "develops," "should," "could," "will," "designed to," "projections," or "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 volatility of our financial results or impact of the cyclical nature of our industry, including due to a growing concentration of demand in artificial intelligence-related semiconductors, during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in
Amounts reported in this press release are preliminary and subject to the finalization and filing of our unaudited financial results on Form 10-Q for the three months ended
About Semtech
Semtech and the Semtech logo are registered trademarks or service marks of
SMTC-F
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Cost of sales |
|
158.1 |
|
|
|
139.6 |
|
|
|
123.5 |
|
Gross profit |
|
183.8 |
|
|
|
151.5 |
|
|
|
134.1 |
|
Operating expenses, net: |
|
|
|
|
|
||||||
Product development and engineering |
|
60.6 |
|
|
|
57.6 |
|
|
|
48.2 |
|
Selling, general and administrative |
|
67.3 |
|
|
|
66.6 |
|
|
|
58.5 |
|
Intangible amortization |
|
0.4 |
|
|
|
0.3 |
|
|
|
0.1 |
|
Restructuring |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Total operating expenses, net |
|
128.0 |
|
|
|
125.7 |
|
|
|
150.3 |
|
Operating income (loss) |
|
55.8 |
|
|
|
25.8 |
|
|
|
(16.2 |
) |
Interest expense |
|
(2.0 |
) |
|
|
(1.9 |
) |
|
|
(5.2 |
) |
Interest income |
|
0.9 |
|
|
|
0.9 |
|
|
|
0.5 |
|
Non-operating (expense) income |
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(1.3 |
) |
Income (loss) before taxes and equity method income (loss) |
|
54.7 |
|
|
|
25.1 |
|
|
|
(22.2 |
) |
(Benefit) provision for income taxes |
|
(101.4 |
) |
|
|
0.1 |
|
|
|
4.8 |
|
Net income (loss) before equity method income (loss) |
|
156.0 |
|
|
|
24.9 |
|
|
|
(27.0 |
) |
Equity method income (loss) |
|
4.1 |
|
|
|
1.6 |
|
|
|
(0.1 |
) |
Net income (loss) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
|
|
|
|
|
|
||||||
Earnings (loss) per share: |
|
|
|
|
|
||||||
Basic |
$ |
1.72 |
|
|
$ |
0.29 |
|
|
$ |
(0.31 |
) |
Diluted |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
||||||
Weighted average number of shares used in computing earnings (loss) per share: |
|
|
|
|
|
||||||
Basic |
|
93.3 |
|
|
|
92.9 |
|
|
|
86.7 |
|
Diluted |
|
100.8 |
|
|
|
98.0 |
|
|
|
86.7 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) |
|||||
|
|
|
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
204.1 |
|
$ |
195.2 |
Accounts receivable, net |
|
169.9 |
|
|
160.6 |
Inventories |
|
170.8 |
|
|
195.7 |
Prepaid taxes |
|
21.4 |
|
|
15.4 |
Assets held for sale |
|
132.2 |
|
|
— |
Other current assets |
|
44.5 |
|
|
88.2 |
Total current assets |
|
742.8 |
|
|
655.1 |
Non-current assets: |
|
|
|
||
Property, plant and equipment, net |
|
105.2 |
|
|
109.3 |
Deferred tax assets |
|
139.6 |
|
|
34.2 |
|
|
478.2 |
|
|
457.9 |
Other intangible assets, net |
|
44.6 |
|
|
40.0 |
Other assets |
|
136.5 |
|
|
113.7 |
Total assets |
$ |
1,647.0 |
|
$ |
1,410.3 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
68.2 |
|
$ |
84.1 |
Accrued liabilities |
|
155.2 |
|
|
191.8 |
Current portion of long-term debt |
|
143.4 |
|
|
— |
Liabilities held for sale |
|
70.7 |
|
|
— |
Total current liabilities |
|
437.4 |
|
|
275.9 |
Non-current liabilities: |
|
|
|
||
Deferred tax liabilities |
|
— |
|
|
0.1 |
Long-term debt |
|
349.4 |
|
|
491.2 |
Other long-term liabilities |
|
111.4 |
|
|
93.3 |
Stockholders' equity |
|
748.9 |
|
|
549.7 |
Total liabilities & equity |
$ |
1,647.0 |
|
$ |
1,410.3 |
SUPPLEMENTAL CASH FLOW INFORMATION (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net cash provided by operating activities |
$ |
68.9 |
|
|
$ |
36.2 |
|
|
$ |
44.4 |
|
Net capital expenditures |
|
(7.5 |
) |
|
|
(8.2 |
) |
|
|
(2.9 |
) |
Free cash flow |
$ |
61.4 |
|
|
$ |
28.0 |
|
|
$ |
41.5 |
|
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions) (unaudited) |
|||||||||||||||||||||||
|
Q2'27 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
126.2 |
|
|
$ |
117.4 |
|
|
$ |
243.5 |
|
|
$ |
98.3 |
|
|
$ |
— |
|
|
$ |
341.9 |
|
Segment cost of sales |
|
43.8 |
|
|
|
46.8 |
|
|
|
90.6 |
|
|
|
64.9 |
|
|
|
2.6 |
|
|
|
158.1 |
|
Segment gross profit |
$ |
82.4 |
|
|
$ |
70.5 |
|
|
$ |
153.0 |
|
|
$ |
33.4 |
|
|
$ |
(2.6 |
) |
|
$ |
183.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
65.3 |
% |
|
|
60.1 |
% |
|
|
62.8 |
% |
|
|
34.0 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
53.8 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.2 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.5 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
54.5 |
% |
|||||||||||||||||||
Business held for sale3 |
|
|
5.2 |
% |
|||||||||||||||||||
Adjusted gross margin, excluding business held for sale (Non-GAAP) |
|
|
59.7 |
% |
|
Q1'27 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
102.0 |
|
|
$ |
100.8 |
|
|
$ |
202.8 |
|
|
$ |
88.3 |
|
|
$ |
— |
|
|
$ |
291.0 |
|
Segment cost of sales |
|
38.0 |
|
|
|
41.6 |
|
|
|
79.6 |
|
|
|
56.7 |
|
|
|
3.3 |
|
|
|
139.6 |
|
Segment gross profit |
$ |
64.0 |
|
|
$ |
59.2 |
|
|
$ |
123.1 |
|
|
$ |
31.6 |
|
|
$ |
(3.3 |
) |
|
$ |
151.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
62.7 |
% |
|
|
58.7 |
% |
|
|
60.7 |
% |
|
|
35.8 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
52.0 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.4 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.6 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
53.0 |
% |
|
Q2'26 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
76.8 |
|
|
$ |
92.0 |
|
|
$ |
168.8 |
|
|
$ |
88.8 |
|
|
$ |
— |
|
|
$ |
257.6 |
|
Segment cost of sales |
|
28.9 |
|
|
|
37.5 |
|
|
|
66.4 |
|
|
|
53.7 |
|
|
|
3.4 |
|
|
|
123.5 |
|
Segment gross profit |
$ |
47.9 |
|
|
$ |
54.6 |
|
|
$ |
102.4 |
|
|
$ |
35.1 |
|
|
$ |
(3.4 |
) |
|
$ |
134.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
62.4 |
% |
|
|
59.3 |
% |
|
|
60.7 |
% |
|
|
39.5 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
52.1 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.2 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.9 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
53.2 |
% |
|||||||||||||||||||
1 Unallocated includes share-based compensation and amortization of acquired technology |
|||||||||||||||||||||||
2 Not meaningful |
|||||||||||||||||||||||
3 Adjustment for net sales of |
|||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Product development and engineering (GAAP) |
$ |
60.6 |
|
|
$ |
57.6 |
|
|
$ |
48.2 |
|
Share-based compensation |
|
(4.5 |
) |
|
|
(6.4 |
) |
|
|
(3.4 |
) |
Adjusted product development and engineering (Non-GAAP) |
$ |
56.1 |
|
|
$ |
51.1 |
|
|
$ |
44.8 |
|
|
|
|
|
|
|
||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Selling, general and administrative (GAAP) |
$ |
67.3 |
|
|
$ |
66.6 |
|
|
$ |
58.5 |
|
Share-based compensation |
|
(18.7 |
) |
|
|
(18.9 |
) |
|
|
(13.3 |
) |
Transaction and integration related costs, net |
|
(0.7 |
) |
|
|
(2.8 |
) |
|
|
(1.2 |
) |
Litigation costs, net |
|
(1.3 |
) |
|
|
(1.1 |
) |
|
|
(0.4 |
) |
Adjusted selling, general and administrative (Non-GAAP) |
$ |
46.7 |
|
|
$ |
43.9 |
|
|
$ |
43.6 |
|
|
|
|
|
|
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Operating expenses, net (GAAP) |
$ |
128.0 |
|
|
$ |
125.7 |
|
|
$ |
150.3 |
|
Share-based compensation |
|
(23.1 |
) |
|
|
(25.3 |
) |
|
|
(16.7 |
) |
Intangible amortization |
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
Transaction and integration related costs, net |
|
(0.7 |
) |
|
|
(2.8 |
) |
|
|
(1.2 |
) |
Restructuring and other reserves, net |
|
0.3 |
|
|
|
(1.2 |
) |
|
|
(1.5 |
) |
Litigation costs, net |
|
(1.3 |
) |
|
|
(1.1 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(42.0 |
) |
Adjusted operating expenses, net (Non-GAAP) |
$ |
102.8 |
|
|
$ |
95.1 |
|
|
$ |
88.4 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||||
Operating income (loss) (GAAP) |
$ |
55.8 |
|
|
$ |
25.8 |
|
$ |
(16.2 |
) |
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
17.3 |
|
Intangible amortization |
|
2.3 |
|
|
|
2.1 |
|
|
2.4 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
42.0 |
|
Adjusted operating income (Non-GAAP) |
$ |
83.6 |
|
|
$ |
59.3 |
|
$ |
48.6 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||
Operating margin (GAAP) |
16.3 |
% |
|
8.9 |
% |
|
(6.3 |
)% |
Share-based compensation |
7.0 |
% |
|
9.1 |
% |
|
6.7 |
% |
Intangible amortization |
0.7 |
% |
|
0.7 |
% |
|
0.9 |
% |
Transaction and integration related costs, net |
0.2 |
% |
|
0.9 |
% |
|
0.5 |
% |
Restructuring and other reserves, net |
(0.1 |
)% |
|
0.4 |
% |
|
0.6 |
% |
Litigation costs, net |
0.3 |
% |
|
0.4 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
16.3 |
% |
Adjusted operating margin (Non-GAAP) |
24.4 |
% |
|
20.4 |
% |
|
18.8 |
% |
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Interest expense, net (GAAP) |
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
4.7 |
|
Amortization of deferred financing costs |
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(1.3 |
) |
Write-off of deferred financing costs |
|
(0.2 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Interest rate swap termination |
|
— |
|
|
|
— |
|
|
|
1.0 |
|
Adjusted interest (income) expense, net (Non-GAAP) |
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
|
$ |
4.1 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net income (loss) (GAAP) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Adjustments to GAAP net income (loss): |
|
|
|
|
|
||||||
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
|
17.3 |
|
Intangible amortization |
|
2.3 |
|
|
|
2.1 |
|
|
|
2.4 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
|
0.4 |
|
Investment gains, net |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
Amortization of deferred financing costs |
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
Write-off of deferred financing costs |
|
0.2 |
|
|
|
— |
|
|
|
0.4 |
|
Interest rate swap termination |
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Total Non-GAAP adjustments before taxes |
|
29.0 |
|
|
|
34.5 |
|
|
|
65.3 |
|
Associated tax effect |
|
(115.6 |
) |
|
|
(10.0 |
) |
|
|
(1.7 |
) |
Equity method (income) loss |
|
(4.1 |
) |
|
|
(1.6 |
) |
|
|
0.1 |
|
Total of supplemental information, net of taxes |
|
(90.6 |
) |
|
|
22.9 |
|
|
|
63.7 |
|
Adjusted net income (Non-GAAP) |
$ |
69.5 |
|
|
$ |
49.4 |
|
|
$ |
36.7 |
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share (GAAP) |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
Adjustments per above |
|
(0.88 |
) |
|
|
0.24 |
|
|
|
0.72 |
|
Adjusted diluted earnings per share (Non-GAAP) |
$ |
0.71 |
|
|
$ |
0.51 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
||||||
Weighted-average number of shares used in computing diluted earnings (loss) per share: |
|
|
|
|
|
||||||
GAAP |
|
100.8 |
|
|
|
98.0 |
|
|
|
86.7 |
|
Non-GAAP |
|
97.7 |
|
|
|
96.5 |
|
|
|
90.0 |
|
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net income (loss) (GAAP) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Interest expense |
|
2.0 |
|
|
|
1.9 |
|
|
|
5.2 |
|
Interest income |
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
Non-operating expense (income), net |
|
0.1 |
|
|
|
(0.2 |
) |
|
|
1.3 |
|
(Benefit) provision for income taxes |
|
(101.4 |
) |
|
|
0.1 |
|
|
|
4.8 |
|
Equity method (income) loss |
|
(4.1 |
) |
|
|
(1.6 |
) |
|
|
0.1 |
|
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
|
17.3 |
|
Depreciation and amortization |
|
9.8 |
|
|
|
9.2 |
|
|
|
10.3 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
91.1 |
|
|
$ |
66.4 |
|
|
$ |
56.5 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||
Operating margin (GAAP) |
16.3 |
% |
|
8.9 |
% |
|
(6.3 |
)% |
Share-based compensation |
7.0 |
% |
|
9.1 |
% |
|
6.7 |
% |
Depreciation and amortization |
2.9 |
% |
|
3.1 |
% |
|
4.0 |
% |
Transaction and integration related costs, net |
0.2 |
% |
|
0.9 |
% |
|
0.5 |
% |
Restructuring and other reserves, net |
(0.1 |
)% |
|
0.4 |
% |
|
0.6 |
% |
Litigation costs, net |
0.3 |
% |
|
0.4 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
16.3 |
% |
Adjusted EBITDA margin (Non-GAAP) |
26.6 |
% |
|
22.8 |
% |
|
21.9 |
% |
webir@semtech.com
Source:
(in millions, except per share data) |
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
GAAP Financial Results |
|
|
|
|
|
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Gross margin |
|
53.8 |
% |
|
|
52.0 |
% |
|
|
52.1 |
% |
Operating expenses, net |
$ |
128.0 |
|
|
$ |
125.7 |
|
|
$ |
150.3 |
|
Operating income (loss) |
$ |
55.8 |
|
|
$ |
25.8 |
|
|
$ |
(16.2 |
) |
Operating margin |
|
16.3 |
% |
|
|
8.9 |
% |
|
|
(6.3 |
)% |
Interest expense, net |
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
4.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42.0 |
|
Net income (loss) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Diluted earnings (loss) per share |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
||||||
(in millions, except per share data) |
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Non-GAAP Financial Results |
|
|
|
|
|
||||||
Adjusted gross margin* |
|
54.5 |
% |
|
|
53.0 |
% |
|
|
53.2 |
% |
Adjusted operating expenses, net* |
$ |
102.8 |
|
|
$ |
95.1 |
|
|
$ |
88.4 |
|
Adjusted operating income* |
$ |
83.6 |
|
|
$ |
59.3 |
|
|
$ |
48.6 |
|
Adjusted operating margin* |
|
24.4 |
% |
|
|
20.4 |
% |
|
|
18.8 |
% |
Adjusted interest (income) expense, net* |
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
|
$ |
4.1 |
|
Adjusted net income* |
$ |
69.5 |
|
|
$ |
49.4 |
|
|
$ |
36.7 |
|
Adjusted diluted earnings per share* |
$ |
0.71 |
|
|
$ |
0.51 |
|
|
$ |
0.41 |
|
Adjusted EBITDA* |
$ |
91.1 |
|
|
$ |
66.4 |
|
|
$ |
56.5 |
|
Adjusted EBITDA margin* |
|
26.6 |
% |
|
|
22.8 |
% |
|
|
21.9 |
% |
*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results. |
Third Quarter of Fiscal Year 2027 Outlook
(in millions, except per share data) |
|
||||||
Net sales |
$ |
410.0 |
|
|
+/- |
|
|
Non-GAAP Financial Measures |
|
|
|
|
|
||
Adjusted gross margin* |
|
58.3 |
% |
|
+/- |
|
100 bps |
Adjusted gross margin, excluding business held for sale* |
|
63.9 |
% |
|
+/- |
|
100 bps |
Adjusted operating expenses, net* |
$ |
112.0 |
|
|
+/- |
|
|
Adjusted operating income* |
$ |
127.0 |
|
|
+/- |
|
|
Adjusted operating margin* |
|
31.0 |
% |
|
+/- |
|
60 bps |
Adjusted interest and other expense, net* |
$ |
0.5 |
|
|
|
|
|
Adjusted normalized tax rate* |
|
18 |
% |
|
|
|
|
Adjusted diluted earnings per share* |
$ |
1.05 |
|
|
+/- |
|
|
Adjusted EBITDA* |
$ |
134.3 |
|
|
+/- |
|
|
Adjusted EBITDA margin* |
|
32.8 |
% |
|
+/- |
|
60 bps |
|
|
|
|
|
|
||
Non-GAAP diluted share count* |
|
99.0 |
|
|
|
|
|
*See "Non-GAAP Financial Measures" below for additional information about our non-GAAP financial results. |
|||||||
The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results.
Webcast and Conference Call
Semtech will be hosting a conference call today to discuss its second fiscal quarter 2027 results at
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 adjusted gross margin, total semiconductor products gross margin, adjusted gross margin, excluding business held for sale, adjusted product development and engineering expense, adjusted selling, general and administrative expense, adjusted operating expenses, net, adjusted operating income, adjusted operating margin, adjusted interest (income) expense, net, adjusted net income, adjusted diluted earnings per share, adjusted normalized tax rate, adjusted EBITDA and adjusted EBITDA margin exclude the following items, if any and as applicable, as set forth in the reconciliations in the tables below under "Supplemental Information: Reconciliation of GAAP to Non-GAAP Results."
In this release, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segment Information footnote of the Company's Form 10-Q for the quarter ended
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. Certain non-GAAP financial measures are also used in the Company's compensation programs. 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 second quarters of fiscal year 2027 and the second quarter of fiscal year 2026.
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 the first two quarters of fiscal year 2027, the Company applied a non-GAAP normalized tax rate of 17%. For the remaining quarters of fiscal year 2027, the Company's projected non-GAAP normalized tax rate is 18%. 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. 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.
To provide additional insight into the Company's third quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See "Third Quarter of Fiscal Year 2027 Outlook" above for further information.
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 third quarter of fiscal year 2027 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company's expectations regarding near term growth trends and market position; and the Company's plans, objectives and expectations. Statements containing words such as "may," "believes," "see," "anticipates," "expects," "intends," "positions," "plans," "targets," "projects," "objectives," "estimates," "develops," "should," "could," "will," "designed to," "projections," or "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 volatility of our financial results or impact of the cyclical nature of our industry, including due to a growing concentration of demand in artificial intelligence-related semiconductors, during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in
Amounts reported in this press release are preliminary and subject to the finalization and filing of our unaudited financial results on Form 10-Q for the three months ended
About Semtech
Semtech and the Semtech logo are registered trademarks or service marks of
SMTC-F
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net sales |
$ |
341.9 |
|
|
$ |
291.0 |
|
|
$ |
257.6 |
|
Cost of sales |
|
158.1 |
|
|
|
139.6 |
|
|
|
123.5 |
|
Gross profit |
|
183.8 |
|
|
|
151.5 |
|
|
|
134.1 |
|
Operating expenses, net: |
|
|
|
|
|
||||||
Product development and engineering |
|
60.6 |
|
|
|
57.6 |
|
|
|
48.2 |
|
Selling, general and administrative |
|
67.3 |
|
|
|
66.6 |
|
|
|
58.5 |
|
Intangible amortization |
|
0.4 |
|
|
|
0.3 |
|
|
|
0.1 |
|
Restructuring |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Total operating expenses, net |
|
128.0 |
|
|
|
125.7 |
|
|
|
150.3 |
|
Operating income (loss) |
|
55.8 |
|
|
|
25.8 |
|
|
|
(16.2 |
) |
Interest expense |
|
(2.0 |
) |
|
|
(1.9 |
) |
|
|
(5.2 |
) |
Interest income |
|
0.9 |
|
|
|
0.9 |
|
|
|
0.5 |
|
Non-operating (expense) income |
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(1.3 |
) |
Income (loss) before taxes and equity method income (loss) |
|
54.7 |
|
|
|
25.1 |
|
|
|
(22.2 |
) |
(Benefit) provision for income taxes |
|
(101.4 |
) |
|
|
0.1 |
|
|
|
4.8 |
|
Net income (loss) before equity method income (loss) |
|
156.0 |
|
|
|
24.9 |
|
|
|
(27.0 |
) |
Equity method income (loss) |
|
4.1 |
|
|
|
1.6 |
|
|
|
(0.1 |
) |
Net income (loss) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
|
|
|
|
|
|
||||||
Earnings (loss) per share: |
|
|
|
|
|
||||||
Basic |
$ |
1.72 |
|
|
$ |
0.29 |
|
|
$ |
(0.31 |
) |
Diluted |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
||||||
Weighted average number of shares used in computing earnings (loss) per share: |
|
|
|
|
|
||||||
Basic |
|
93.3 |
|
|
|
92.9 |
|
|
|
86.7 |
|
Diluted |
|
100.8 |
|
|
|
98.0 |
|
|
|
86.7 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) |
|||||
|
|
|
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
204.1 |
|
$ |
195.2 |
Accounts receivable, net |
|
169.9 |
|
|
160.6 |
Inventories |
|
170.8 |
|
|
195.7 |
Prepaid taxes |
|
21.4 |
|
|
15.4 |
Assets held for sale |
|
132.2 |
|
|
— |
Other current assets |
|
44.5 |
|
|
88.2 |
Total current assets |
|
742.8 |
|
|
655.1 |
Non-current assets: |
|
|
|
||
Property, plant and equipment, net |
|
105.2 |
|
|
109.3 |
Deferred tax assets |
|
139.6 |
|
|
34.2 |
|
|
478.2 |
|
|
457.9 |
Other intangible assets, net |
|
44.6 |
|
|
40.0 |
Other assets |
|
136.5 |
|
|
113.7 |
Total assets |
$ |
1,647.0 |
|
$ |
1,410.3 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
68.2 |
|
$ |
84.1 |
Accrued liabilities |
|
155.2 |
|
|
191.8 |
Current portion of long-term debt |
|
143.4 |
|
|
— |
Liabilities held for sale |
|
70.7 |
|
|
— |
Total current liabilities |
|
437.4 |
|
|
275.9 |
Non-current liabilities: |
|
|
|
||
Deferred tax liabilities |
|
— |
|
|
0.1 |
Long-term debt |
|
349.4 |
|
|
491.2 |
Other long-term liabilities |
|
111.4 |
|
|
93.3 |
Stockholders' equity |
|
748.9 |
|
|
549.7 |
Total liabilities & equity |
$ |
1,647.0 |
|
$ |
1,410.3 |
SUPPLEMENTAL CASH FLOW INFORMATION (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net cash provided by operating activities |
$ |
68.9 |
|
|
$ |
36.2 |
|
|
$ |
44.4 |
|
Net capital expenditures |
|
(7.5 |
) |
|
|
(8.2 |
) |
|
|
(2.9 |
) |
Free cash flow |
$ |
61.4 |
|
|
$ |
28.0 |
|
|
$ |
41.5 |
|
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions) (unaudited) |
|||||||||||||||||||||||
|
Q2'27 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
126.2 |
|
|
$ |
117.4 |
|
|
$ |
243.5 |
|
|
$ |
98.3 |
|
|
$ |
— |
|
|
$ |
341.9 |
|
Segment cost of sales |
|
43.8 |
|
|
|
46.8 |
|
|
|
90.6 |
|
|
|
64.9 |
|
|
|
2.6 |
|
|
|
158.1 |
|
Segment gross profit |
$ |
82.4 |
|
|
$ |
70.5 |
|
|
$ |
153.0 |
|
|
$ |
33.4 |
|
|
$ |
(2.6 |
) |
|
$ |
183.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
65.3 |
% |
|
|
60.1 |
% |
|
|
62.8 |
% |
|
|
34.0 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
53.8 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.2 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.5 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
54.5 |
% |
|||||||||||||||||||
Business held for sale3 |
|
|
5.2 |
% |
|||||||||||||||||||
Adjusted gross margin, excluding business held for sale (Non-GAAP) |
|
|
59.7 |
% |
|
Q1'27 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
102.0 |
|
|
$ |
100.8 |
|
|
$ |
202.8 |
|
|
$ |
88.3 |
|
|
$ |
— |
|
|
$ |
291.0 |
|
Segment cost of sales |
|
38.0 |
|
|
|
41.6 |
|
|
|
79.6 |
|
|
|
56.7 |
|
|
|
3.3 |
|
|
|
139.6 |
|
Segment gross profit |
$ |
64.0 |
|
|
$ |
59.2 |
|
|
$ |
123.1 |
|
|
$ |
31.6 |
|
|
$ |
(3.3 |
) |
|
$ |
151.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
62.7 |
% |
|
|
58.7 |
% |
|
|
60.7 |
% |
|
|
35.8 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
52.0 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.4 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.6 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
53.0 |
% |
|
Q2'26 |
||||||||||||||||||||||
(in millions) |
Signal Integrity |
|
Analog Mixed
|
|
Total
|
|
|
|
Unallocated1 |
|
Total |
||||||||||||
Net sales |
$ |
76.8 |
|
|
$ |
92.0 |
|
|
$ |
168.8 |
|
|
$ |
88.8 |
|
|
$ |
— |
|
|
$ |
257.6 |
|
Segment cost of sales |
|
28.9 |
|
|
|
37.5 |
|
|
|
66.4 |
|
|
|
53.7 |
|
|
|
3.4 |
|
|
|
123.5 |
|
Segment gross profit |
$ |
47.9 |
|
|
$ |
54.6 |
|
|
$ |
102.4 |
|
|
$ |
35.1 |
|
|
$ |
(3.4 |
) |
|
$ |
134.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment gross margin |
|
62.4 |
% |
|
|
59.3 |
% |
|
|
60.7 |
% |
|
|
39.5 |
% |
|
NM2 |
|
|
||||
Gross margin (GAAP) |
|
|
52.1 |
% |
|||||||||||||||||||
Share-based compensation |
|
|
0.2 |
% |
|||||||||||||||||||
Amortization of acquired technology |
|
|
0.9 |
% |
|||||||||||||||||||
Adjusted gross margin (Non-GAAP) |
|
|
53.2 |
% |
|||||||||||||||||||
1 Unallocated includes share-based compensation and amortization of acquired technology |
|||||||||||||||||||||||
2 Not meaningful |
|||||||||||||||||||||||
3 Adjustment for net sales of |
|||||||||||||||||||||||
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Product development and engineering (GAAP) |
$ |
60.6 |
|
|
$ |
57.6 |
|
|
$ |
48.2 |
|
Share-based compensation |
|
(4.5 |
) |
|
|
(6.4 |
) |
|
|
(3.4 |
) |
Adjusted product development and engineering (Non-GAAP) |
$ |
56.1 |
|
|
$ |
51.1 |
|
|
$ |
44.8 |
|
|
|
|
|
|
|
||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Selling, general and administrative (GAAP) |
$ |
67.3 |
|
|
$ |
66.6 |
|
|
$ |
58.5 |
|
Share-based compensation |
|
(18.7 |
) |
|
|
(18.9 |
) |
|
|
(13.3 |
) |
Transaction and integration related costs, net |
|
(0.7 |
) |
|
|
(2.8 |
) |
|
|
(1.2 |
) |
Litigation costs, net |
|
(1.3 |
) |
|
|
(1.1 |
) |
|
|
(0.4 |
) |
Adjusted selling, general and administrative (Non-GAAP) |
$ |
46.7 |
|
|
$ |
43.9 |
|
|
$ |
43.6 |
|
|
|
|
|
|
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Operating expenses, net (GAAP) |
$ |
128.0 |
|
|
$ |
125.7 |
|
|
$ |
150.3 |
|
Share-based compensation |
|
(23.1 |
) |
|
|
(25.3 |
) |
|
|
(16.7 |
) |
Intangible amortization |
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
Transaction and integration related costs, net |
|
(0.7 |
) |
|
|
(2.8 |
) |
|
|
(1.2 |
) |
Restructuring and other reserves, net |
|
0.3 |
|
|
|
(1.2 |
) |
|
|
(1.5 |
) |
Litigation costs, net |
|
(1.3 |
) |
|
|
(1.1 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(42.0 |
) |
Adjusted operating expenses, net (Non-GAAP) |
$ |
102.8 |
|
|
$ |
95.1 |
|
|
$ |
88.4 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||||
Operating income (loss) (GAAP) |
$ |
55.8 |
|
|
$ |
25.8 |
|
$ |
(16.2 |
) |
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
17.3 |
|
Intangible amortization |
|
2.3 |
|
|
|
2.1 |
|
|
2.4 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
42.0 |
|
Adjusted operating income (Non-GAAP) |
$ |
83.6 |
|
|
$ |
59.3 |
|
$ |
48.6 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||
Operating margin (GAAP) |
16.3 |
% |
|
8.9 |
% |
|
(6.3 |
)% |
Share-based compensation |
7.0 |
% |
|
9.1 |
% |
|
6.7 |
% |
Intangible amortization |
0.7 |
% |
|
0.7 |
% |
|
0.9 |
% |
Transaction and integration related costs, net |
0.2 |
% |
|
0.9 |
% |
|
0.5 |
% |
Restructuring and other reserves, net |
(0.1 |
)% |
|
0.4 |
% |
|
0.6 |
% |
Litigation costs, net |
0.3 |
% |
|
0.4 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
16.3 |
% |
Adjusted operating margin (Non-GAAP) |
24.4 |
% |
|
20.4 |
% |
|
18.8 |
% |
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Interest expense, net (GAAP) |
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
4.7 |
|
Amortization of deferred financing costs |
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(1.3 |
) |
Write-off of deferred financing costs |
|
(0.2 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Interest rate swap termination |
|
— |
|
|
|
— |
|
|
|
1.0 |
|
Adjusted interest (income) expense, net (Non-GAAP) |
$ |
(0.2 |
) |
|
$ |
(0.1 |
) |
|
$ |
4.1 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net income (loss) (GAAP) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Adjustments to GAAP net income (loss): |
|
|
|
|
|
||||||
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
|
17.3 |
|
Intangible amortization |
|
2.3 |
|
|
|
2.1 |
|
|
|
2.4 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
|
0.4 |
|
Investment gains, net |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
Amortization of deferred financing costs |
|
1.1 |
|
|
|
1.1 |
|
|
|
1.3 |
|
Write-off of deferred financing costs |
|
0.2 |
|
|
|
— |
|
|
|
0.4 |
|
Interest rate swap termination |
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Total Non-GAAP adjustments before taxes |
|
29.0 |
|
|
|
34.5 |
|
|
|
65.3 |
|
Associated tax effect |
|
(115.6 |
) |
|
|
(10.0 |
) |
|
|
(1.7 |
) |
Equity method (income) loss |
|
(4.1 |
) |
|
|
(1.6 |
) |
|
|
0.1 |
|
Total of supplemental information, net of taxes |
|
(90.6 |
) |
|
|
22.9 |
|
|
|
63.7 |
|
Adjusted net income (Non-GAAP) |
$ |
69.5 |
|
|
$ |
49.4 |
|
|
$ |
36.7 |
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share (GAAP) |
$ |
1.59 |
|
|
$ |
0.27 |
|
|
$ |
(0.31 |
) |
Adjustments per above |
|
(0.88 |
) |
|
|
0.24 |
|
|
|
0.72 |
|
Adjusted diluted earnings per share (Non-GAAP) |
$ |
0.71 |
|
|
$ |
0.51 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
||||||
Weighted-average number of shares used in computing diluted earnings (loss) per share: |
|
|
|
|
|
||||||
GAAP |
|
100.8 |
|
|
|
98.0 |
|
|
|
86.7 |
|
Non-GAAP |
|
97.7 |
|
|
|
96.5 |
|
|
|
90.0 |
|
SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited) |
|||||||||||
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
||||||
Net income (loss) (GAAP) |
$ |
160.1 |
|
|
$ |
26.6 |
|
|
$ |
(27.1 |
) |
Interest expense |
|
2.0 |
|
|
|
1.9 |
|
|
|
5.2 |
|
Interest income |
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
Non-operating expense (income), net |
|
0.1 |
|
|
|
(0.2 |
) |
|
|
1.3 |
|
(Benefit) provision for income taxes |
|
(101.4 |
) |
|
|
0.1 |
|
|
|
4.8 |
|
Equity method (income) loss |
|
(4.1 |
) |
|
|
(1.6 |
) |
|
|
0.1 |
|
Share-based compensation |
|
23.8 |
|
|
|
26.4 |
|
|
|
17.3 |
|
Depreciation and amortization |
|
9.8 |
|
|
|
9.2 |
|
|
|
10.3 |
|
Transaction and integration related costs, net |
|
0.7 |
|
|
|
2.8 |
|
|
|
1.2 |
|
Restructuring and other reserves, net |
|
(0.3 |
) |
|
|
1.2 |
|
|
|
1.5 |
|
Litigation costs, net |
|
1.3 |
|
|
|
1.1 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
42.0 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
91.1 |
|
|
$ |
66.4 |
|
|
$ |
56.5 |
|
|
Q2'27 |
|
Q1'27 |
|
Q2'26 |
|||
Operating margin (GAAP) |
16.3 |
% |
|
8.9 |
% |
|
(6.3 |
)% |
Share-based compensation |
7.0 |
% |
|
9.1 |
% |
|
6.7 |
% |
Depreciation and amortization |
2.9 |
% |
|
3.1 |
% |
|
4.0 |
% |
Transaction and integration related costs, net |
0.2 |
% |
|
0.9 |
% |
|
0.5 |
% |
Restructuring and other reserves, net |
(0.1 |
)% |
|
0.4 |
% |
|
0.6 |
% |
Litigation costs, net |
0.3 |
% |
|
0.4 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
16.3 |
% |
Adjusted EBITDA margin (Non-GAAP) |
26.6 |
% |
|
22.8 |
% |
|
21.9 |
% |
webir@semtech.com
Source:
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