- Published: 29 November 2012
- Written by Editor
Semtech Announces Third Quarter of Fiscal Year 2013 Results
Record quarterly revenue of $161M, up 30% from prior year quarter
Net income up 66% from prior quarter
Record cash flow from operations of $55M, representing 34% of revenue
Semtech Corporation (SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its third quarter of fiscal year 2013, which ended October 28, 2012.
Net revenue for the third quarter of fiscal year 2013 was $160.9 million, up 29.8 percent from the third quarter of fiscal year 2012 and up 6.8 percent from the second quarter of fiscal year 2013. Third quarter revenue included $8.1 million of IP licensing revenue.
Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the third quarter of fiscal year 2013 was 60.2 percent compared to 59.2 percent in the third quarter of fiscal year 2012 and 49.5 percent in the second quarter of fiscal year 2013.
GAAP net income for the third quarter of fiscal year 2013 was $16.6 million, or approximately 25 cents per diluted share. This compares to GAAP net income of $27.0 million or 40 cents per diluted share in the third quarter of fiscal year 2012 and GAAP net income of $10.0 million or 15 cents per diluted share in the second quarter of fiscal year 2013.
To facilitate the complete understanding of comparable financial performance between periods, Semtech also presents performance results net of certain non-cash and one-time items. Semtech's non-GAAP results exclude the following items:
- Stock-based compensation expense
- Acquisition related fair value adjustments
- Option and restatement related expenses
- Transaction and other acquisition related expenses
- Intangible amortization and impairments
- Reorganization and integration related expenses
- Environmental monitoring and remediation reserves
- Release of prior accrued taxes on foreign earnings
Non-GAAP gross profit margin for the third quarter of fiscal year 2013 was 63.1 percent. Non-GAAP gross profit margin for the third quarter of fiscal year 2012 was 59.4 percent and 61.2 percent in the second quarter of fiscal year 2013.
Non-GAAP net income for the third quarter of fiscal year 2013 was $36.1 million or 53 cents per diluted share. Non-GAAP net income was $35.0 million or 52 cents per diluted share in the third quarter of fiscal year 2012 and was $27.5 million or 41 cents per diluted share in the second quarter of fiscal year 2013.
As of October 28, 2012 Semtech had $218.0 million in cash, cash equivalents and marketable securities and $336.2 million in debt, compared to $173.4 million in cash, cash equivalents and marketable securities and $341.6 million in debt at the end of the second quarter of fiscal year 2013.
Mohan Maheswaran, Semtech's President and Chief Executive Officer, said, "Despite a challenging macroeconomic environment, Semtech posted record revenue, expanded margins and grew profits in the third quarter of fiscal year 2013. The integration of Gennum Corporation continues to progress quite well, and Q3 was a record quarter for Gennum for both bookings and revenue. Our relentless focus on identifying growth opportunities and executing well continues to yield positive results for the company.”
The results announced today are preliminary, as they are subject to customary quarterly review procedures by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company will have filed its quarterly report on Form 10-Q for the third quarter of fiscal year 2013.
Fourth Quarter of Fiscal Year 2013 Outlook
- Net sales are expected to be in the range of $146.0 million to $152.0 million
- GAAP gross profit margin is expected to be between 58.3 percent and 58.9 percent
- The amortization of the fair value adjustment for acquired inventory, which is included in the above GAAP estimate, is expected to be approximately $4.4 million
- Non-GAAP gross profit margin is expected to be between 61.5 percent and 62.0 percent
- GAAP SG&A expense is expected to be in the range of $32.3 million to $32.8 million
- GAAP R&D expense is expected to be in the range of $31.6 million to $32.1 million
- Stock-based compensation expense, which is included in the preceding GAAP estimates, is expected to be approximately $6.9 million, categorized as follows: $0.4 million cost of sales, $4.1 million SG&A, and $2.4 million R&D
- Amortization of acquired intangible assets is expected to be approximately $8.2 million
- Transaction and other acquisition related expenses of approximately $1.3 million
- Reorganization and integration related expenses of approximately $1.2 million
- Interest and other expense is expected to be approximately $4.4 million
- GAAP tax rate is expected to be between 0 percent and 2 percent
- GAAP earnings are expected to be in the range of 13 cents to 17 cents per diluted share
- Non-GAAP earnings are expected to be in the range of 41 cents to 45 cents per diluted share
- Fully diluted share count is expected to be approximately 68.0 million shares
- Capital expenditures are expected to be approximately $7.0 million
Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this release includes a non-GAAP presentation of gross profit, net income and earnings per diluted share. To provide additional insight into the Company's fourth quarter outlook, this release includes a presentation of forward-looking non-GAAP gross profit and earnings per diluted share. A further discussion of these non-GAAP financial measures can be found above. The non-GAAP gross profit, net income and earnings per diluted share measures exclude stock-based compensation, amortization of acquired intangible assets, and the other items detailed above. Free cash flow is defined as total cash provided (used in) by operating activities less additions to property and equipment. This non-GAAP financial measure assists investors in making a ready comparison of the company's expected free cash flow against the company's results for the respective prior periods and against management's previously provided expectations. These non-GAAP 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 GAAP results for the third quarter of fiscal years 2013 and 2012 and the second quarter of fiscal year 2013; and a reconciliation of forward-looking earnings per diluted share for the fourth quarter of fiscal year 2013. These additional 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 Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance, future operational performance, the anticipated impact of specific items on future earnings, and our plans, objectives and expectations. These forward-looking statements are identified by the use of such terms and phrases as "intends," "goal," "estimate, "expect," "project," "plans," "anticipates," "should," "will," "designed to," "believe," and other similar expressions which generally identify 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. Important factors that could cause actual results to differ materially include, but are not limited to: the continuation and/or pace of key trends considered to be main contributors to the Company's growth, such as demand for increased network bandwidth, demand for increasing energy efficiency in the Company's products or end use applications of the products, demand for increasing miniaturization of electronic components; shifts in demand among target customers, and other comparable changes in projected or anticipated markets; the success of near and longer term efforts to integrate Gennum into the Company; unexpected acquisition-related costs and expenses; competitive changes in the market place applicable to the products of Gennum, as well as the products of the Company in its pre-Gennum “organic” product lines, including, but not limited to the pace of growth or adoption rates of applicable products or technologies; shifts in focus among target customers, and other comparable changes in projected or anticipated markets; adequate supply of components and materials from our suppliers, and of our products from our third-party manufacturers, to include disruptions due to natural causes or disasters, or related extraordinary weather events; the Company's ability to forecast and achieve anticipated revenues and earnings estimates in light of periodic economic uncertainty, to include impacts arising from European and global economic dynamics; the Company's ability to manage expenses to achieve anticipated amounts; and the amount and timing of expenditures for capital equipment deemed necessary or advisable by the Company. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2012, in the Company's other filings with the SEC, and in material incorporated therein by reference. In light of the significant uncertainties inherent in the forward-looking information included herein, any such forward-looking information should not be regarded as representations by the Company that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Investors are cautioned not to place undue reliance on any forward-looking information contained herein. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Semtech
Semtech Corporation is a leading supplier of analog and mixed-signal semiconductors for high-end consumer, computing, communications and industrial equipment. 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 and the Semtech logo are marks of Semtech Corporation.
| SEMTECH CORPORATION | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
| (Table in thousands - except per share amount) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| October 28, | July 29, | October 30, | October 28, | October 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Q3 2013 | Q2 2013 | Q3 2012 | FY 2013 | FY 2012 | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Net sales | $ | 160,878 | $ | 150,704 | $ | 123,944 | $ | 428,224 | $ | 376,569 | ||||||||||
| Cost of sales | 64,085 | 76,179 | 50,537 | 201,569 | 150,588 | |||||||||||||||
| Gross profit | 96,793 | 74,525 | 73,407 | 226,655 | 225,981 | |||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||
| Selling, general and administrative | 35,646 | 31,220 | 25,110 | 111,684 | 74,296 | |||||||||||||||
| Product development and engineering | 33,354 | 32,613 | 20,489 | 90,050 | 61,242 | |||||||||||||||
| Intangible amortization and impairments | 8,212 | 7,977 | 4,573 | 21,767 | 8,778 | |||||||||||||||
| Total operating costs and expenses | 77,212 | 71,810 | 50,172 | 223,501 | 144,316 | |||||||||||||||
| Operating income | 19,581 | 2,715 | 23,235 | 3,154 | 81,665 | |||||||||||||||
| Interest expense | (4,172 | ) | (4,194 | ) | - | (10,208 | ) | - | ||||||||||||
| Interest income and other (expense), net | (1,071 | ) | 162 | 729 | (696 | ) | 172 | |||||||||||||
| Income (loss) before taxes | 14,338 | (1,317 | ) | 23,964 | (7,750 | ) | 81,837 | |||||||||||||
| (Benefit) provision for taxes | (2,252 | ) | (11,339 | ) | (3,015 | ) | (36,571 | ) | 5,138 | |||||||||||
| Net income | $ | 16,590 | $ | 10,022 | $ | 26,979 | $ | 28,821 | $ | 76,699 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 0.25 | $ | 0.15 | $ | 0.41 | $ | 0.44 | $ | 1.18 | ||||||||||
| Diluted | $ | 0.25 | $ | 0.15 | $ | 0.40 | $ | 0.43 | $ | 1.14 | ||||||||||
| Weighted average number of shares used in computing earnings per share: | ||||||||||||||||||||
| Basic | 65,996 | 65,587 | 65,440 | 65,622 | 65,180 | |||||||||||||||
| Diluted | 67,465 | 67,165 | 67,314 | 67,306 | 67,539 | |||||||||||||||
| SEMTECH CORPORATION | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (Table in thousands) | ||||||
| October 28, | Jan 29, | |||||
| 2012 | 2012 | |||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 204,954 | $ | 227,022 | ||
| Temporary investments | 5,017 | 83,121 | ||||
| Accounts receivable, net | 72,804 | 49,644 | ||||
| Inventories | 73,825 | 46,995 | ||||
| Deferred tax assets | 13,800 | 5,339 | ||||
| Prepaid taxes | 31,740 | 9,580 | ||||
| Other current assets | 18,342 | 5,611 | ||||
| Total current assets | 420,482 | 427,312 | ||||
| Property, plant and equipment, net | 100,390 | 69,713 | ||||
| Long-term investments | 8,012 | 17,522 | ||||
| Deferred income taxes | 47,917 | - | ||||
| Goodwill | 394,508 | 129,651 | ||||
| Other intangible assets, net | 212,043 | 66,720 | ||||
| Other assets | 21,321 | 15,403 | ||||
| Total assets | $ | 1,204,673 | $ | 726,321 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 51,131 | $ | 26,699 | ||
| Accrued liabilities | 46,697 | 32,389 | ||||
| Deferred revenue | 4,565 | 3,853 | ||||
| Current portion - long term debt | 46,845 | - | ||||
| Deferred tax liabilities | 4,157 | 4,041 | ||||
| Total current liabilities | 153,395 | 66,982 | ||||
| Deferred tax liabilities - non-current | 52,316 | 1,000 | ||||
| Long term debt - less current | 289,323 | - | ||||
| Other long-term liabilities | 27,713 | 28,151 | ||||
| - | ||||||
| Shareholders’ equity | 681,926 | 630,188 | ||||
| Total liabilities & shareholders' equity | $ | 1,204,673 | $ | 726,321 | ||
| SEMTECH CORPORATION | ||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
| (Table in thousands) | ||||||||
| Nine Months Ended | ||||||||
| October 28, | October 30, | |||||||
| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 28,821 | $ | 76,699 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions | ||||||||
| Depreciation, amortization and impairments | 35,300 | 16,084 | ||||||
| Effect of acquisition fair value adjustments | 33,251 | - | ||||||
| Accretion of deferred financing costs and debt discount | 1,819 | - | ||||||
| Accrued interest expense | 186 | - | ||||||
| Deferred income taxes | (12,586 | ) | 5,209 | |||||
| Stock-based compensation | 16,727 | 17,149 | ||||||
| Excess tax benefits on stock based compensation | (3,335 | ) | (2,327 | ) | ||||
| Loss (gain) on disposition of property, plant, and equipment | 85 | (6 | ) | |||||
| Changes in assets and liabilities | (33,489 | ) | (39,240 | ) | ||||
| Net cash provided by operating activities | 66,779 | 73,568 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of available-for-sale investments | (17,122 | ) | (90,331 | ) | ||||
| Proceeds from sales and maturities of available-for-sale investments | 104,699 | 95,122 | ||||||
| Proceeds from sales of property, plant, and equipment | - | 18 | ||||||
| Purchase of property, plant, and equipment | (18,115 | ) | (18,007 | ) | ||||
| Purchase of intangible assets | (250 | ) | (3,000 | ) | ||||
| Acquisitions, net of cash acquired | (491,717 | ) | - | |||||
| Net cash used in investing activities | (422,505 | ) | (16,198 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt issuance, net of discount | 347,000 | - | ||||||
| Deferred financing cost | (8,962 | ) | - | |||||
| Payment for interest rate cap | (1,100 | ) | - | |||||
| Excess tax benefits on stock based compensation | 3,335 | 2,327 | ||||||
| Proceeds from issuance of common stock | 4,839 | 35,005 | ||||||
| Repurchase of outstanding common stock | (269 | ) | (30,579 | ) | ||||
| Payment of long term debt | (11,250 | ) | - | |||||
| Net cash provided by financing activities | 333,593 | 6,753 | ||||||
| Effect of exchange rate increase (decrease) on cash and cash equivalents | 65 | (2 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | (22,068 | ) | 64,121 | |||||
| Cash and cash equivalents at beginning of period | 227,022 | 119,019 | ||||||
| Cash and cash equivalents at end of period | $ | 204,954 | $ | 183,140 | ||||
| SEMTECH CORPORATION | ||||||||||||||||||||
| SUPPLEMENTAL INFORMATION - NOTES TO CONSOLIDATED GAAP STATEMENTS OF INCOME | ||||||||||||||||||||
| (Tables in thousands - except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| October 28, | July 29, | October 30, | October 28, | October 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Stock-based Compensation Expense | Q3 2013 | Q2 2013 | Q3 2012 | FY 2013 | FY 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Cost of sales | $ | 313 | $ | 297 | $ | 238 | $ | 841 | $ | 712 | ||||||||||
| Selling, general and administrative | 3,970 | 2,657 | 2,757 | 9,852 | 11,041 | |||||||||||||||
| Product development and engineering | 2,199 | 1,965 | 2,046 | 6,034 | 5,396 | |||||||||||||||
| Total stock-based compensation expense | $ | 6,482 | $ | 4,919 | $ | 5,041 | $ | 16,727 | $ | 17,149 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| October 28, | July 29, | October 30, | October 28, | October 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Gross Profit - Reconciliation GAAP to Non-GAAP | Q3 2013 | Q2 2013 | Q3 2012 | FY 2013 | FY 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| GAAP gross profit | $ | 96,793 | $ | 74,525 | $ | 73,407 | $ | 226,655 | $ | 225,981 | ||||||||||
| Adjustments to GAAP gross profit: | ||||||||||||||||||||
| Stock-based compensation expense | 313 | 297 | 238 | 841 | 712 | |||||||||||||||
| Expiration of acquired return rights | - | (371 | ) | - | (676 | ) | - | |||||||||||||
| Fair value adjustment related to acquired inventory | 4,382 | 17,726 | - | 35,024 | - | |||||||||||||||
| Non-GAAP gross profit | $ | 101,488 | $ | 92,177 | $ | 73,645 | $ | 261,844 | $ | 226,693 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| October 28, | July 29, | October 30, | October 28, | October 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Net Income - Reconciliation GAAP to Non-GAAP | Q3 2013 | Q2 2013 | Q3 2012 | FY 2013 | FY 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| GAAP net income | $ | 16,590 | $ | 10,022 | $ | 26,979 | $ | 28,821 | $ | 76,699 | ||||||||||
| Adjustments to GAAP net income: | ||||||||||||||||||||
| Stock-based compensation expense | 6,482 | 4,919 | 5,041 | 16,727 | 17,149 | |||||||||||||||
| Acquisition related fair value adjustments | 4,721 | 18,065 | - | 35,918 | - | |||||||||||||||
| Option and restatement related expenses | - | - | 8 | - | 194 | |||||||||||||||
| Transaction and other acquisition related expenses | 1,099 | 606 | 921 | 4,737 | 921 | |||||||||||||||
| Environmental monitoring and remediation reserves | 2,540 | - | - | 2,540 | - | |||||||||||||||
| Intangible amortization and impairments | 8,212 | 7,977 | 4,573 | 21,767 | 8,778 | |||||||||||||||
| Reorganization and integration related expenses | 1,310 | 1,151 | 1,981 | 16,996 | 1,981 | |||||||||||||||
| Total before taxes | 24,364 | 32,718 | 12,524 | 98,685 | 29,023 | |||||||||||||||
| Associated tax effect | (4,884 | ) | (15,276 | ) | (4,460 | ) | (46,034 | ) | (7,502 | ) | ||||||||||
| Total of supplemental information net of taxes | 19,480 | 17,442 | 8,064 | 52,651 | 21,521 | |||||||||||||||
| Non-GAAP net income | $ | 36,070 | $ | 27,464 | $ | 35,043 | $ | 81,472 | $ | 98,220 | ||||||||||
| Diluted GAAP earnings per share | $ | 0.25 | $ | 0.15 | $ | 0.40 | $ | 0.43 | $ | 1.14 | ||||||||||
| Adjustments per above |
0.28
|
0.26 | 0.12 | 0.78 | 0.31 | |||||||||||||||
| Diluted non-GAAP earnings per share | $ | 0.53 | $ | 0.41 | $ | 0.52 | $ | 1.21 | $ | 1.45 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| October 28, | July 29, | October 30, | October 28, | October 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Tax Impact Associated With Supplemental Information | Q3 2013 | Q2 2013 | Q3 2012 | FY 2013 | FY 2012 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Adjustments to GAAP net income: | ||||||||||||||||||||
| Stock-based compensation expense | $ | 119 | $ | 4,029 | $ | 2,798 | $ | 4,884 | $ | 4,757 | ||||||||||
| Acquisition related fair value adjustments | 1,249 | 4,238 | - | 6,433 | - | |||||||||||||||
| Option and restatement related expenses | - | - | 8 | - | 75 | |||||||||||||||
| Transaction and other acquisition related expenses | 322 | 296 | 156 | 883 | 156 | |||||||||||||||
| Environmental monitoring and remediation reserves | 707 | - | - | 707 | - | |||||||||||||||
| Intangible amortization and impairments | 1,664 | 1,495 | 930 | 3,388 | 1,946 | |||||||||||||||
| Reorganization and integration related expenses | 823 | 2,174 | 568 | 3,252 | 568 | |||||||||||||||
| Release of prior accrued taxes on foreign earnings | - | - | - | 23,443 | - | |||||||||||||||
| Effect of enacted tax rate changes | - | 3,044 | - | 3,044 | - | |||||||||||||||
| Total of associated tax effect | $ | 4,884 | $ | 15,276 | $ | 4,460 | $ | 46,034 | $ | 7,502 | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| October 28, | July 29, | October 30, | ||||||||||||||||||
| 2012 | 2012 | 2011 | ||||||||||||||||||
| Q3 2013 | Q2 2013 | Q3 2012 | ||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
| Free Cash Flow: | ||||||||||||||||||||
| Cash Flow from Operations | 54,908 | 23,605 | 32,982 | |||||||||||||||||
| Net Capital Expenditure | (7,400 | ) | (6,085 | ) | (2,735 | ) | ||||||||||||||
| Free Cash Flow: | 47,508 | 17,520 | 30,247 | |||||||||||||||||
| Q4 FY13 Earnings Per Share Guidance | ||||||
| GAAP to Non-GAAP Reconciliation (net of tax) | ||||||
| Low | High | |||||
| GAAP EPS | 0.13 | 0.17 | ||||
| Stock based compensation expense | 0.09 | 0.09 | ||||
| Acquisition related fair value adjustments | 0.08 | 0.08 | ||||
| Amortization of acquired intangibles | 0.11 | 0.11 | ||||
| Non-GAAP EPS | $ | 0.41 | $ | 0.45 | ||
Semtech Corporation
Linda Brewton
(805) 480-2004
This email address is being protected from spambots. You need JavaScript enabled to view it.
