Semtech Corporation (Nasdaq: SMTC), a high-performance
semiconductor, IoT systems and cloud connectivity service provider,
today provided comments on its third fiscal quarter 2024
outlook.
“Based on quarter-to-date performance and expectations through
the end of the current quarter, we are pleased to reaffirm our
outlook for net sales in the range of $190.0 million to $210.0
million and non-GAAP diluted loss per share in the range of $0.22
to $0.09, previously provided on September 13, 2023,” said Paul H.
Pickle, Semtech’s president and chief executive officer. “We remain
proactive in evaluating our business, including operational
refinements and capital structure changes, to provide long-term
benefit to our shareholders as economic conditions evolve.”
Non-GAAP Financial Measure
This release includes a presentation of forward-looking non-GAAP
diluted loss per share. Management believes that the presentation
of this non-GAAP measure provides useful information to investors
regarding the Company’s financial condition and results of
operations. This non-GAAP financial measure is adjusted to exclude
the following items:
- Share-based compensation
- Intangible amortization
- Transaction and integration related costs or recoveries
(including costs associated with the acquisition of Sierra
Wireless)
- Restructuring and other reserves, including cumulative other
reserves associated with historical activity including
environmental and pension
- Litigation costs or dispute settlement charges or
recoveries
- Gain on sale of business
- Equity method income or loss
- Investment gains, losses, reserves and impairments, including
interest income from debt investment
- Write-off of deferred financing costs and debt discount
- Goodwill impairment
- Amortization of inventory step-up
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.
Information about forward-looking non-GAAP diluted loss per
share disclosed in this release is 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.
Semtech is unable to include a reconciliation of the
forward-looking non-GAAP diluted loss per share to the
corresponding GAAP financial measure, GAAP net (loss) income, as
this is not available without unreasonable effort due to the high
variability and low visibility with respect to the impact of
transaction, integration and restructuring expenses, share-based
awards and the amortization of acquisition-related intangible
assets that are excluded from the non-GAAP measure. The Company
expects the variability of the above charges to have a potentially
significant impact on the corresponding GAAP financial measure.
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 2024
outlook; 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 Company's ability to comply with the
covenants under the agreements governing its indebtedness; the
Company's ability to forecast and achieve anticipated net sales and
earnings estimates in light of periodic economic uncertainty; the
inherent risks, costs and uncertainties associated with integrating
Sierra Wireless successfully and risks of not achieving all or any
of the anticipated benefits, or the risk that the anticipated
benefits may not be fully realized or take longer to realize than
expected; the uncertainty surrounding the impact and duration of
supply chain constraints and any associated disruptions; export
restrictions and laws affecting the Company's trade and
investments, and tariffs or the occurrence of trade wars; worldwide
economic and political disruptions, including as a result of
inflation and the current conflict between Russia and Ukraine;
tightening credit conditions related to the United States banking
system concerns; 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; future responses to and effects of
public health crises; and 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. 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 29, 2023, filed with the SEC on March 30, 2023 and the
Company’s Quarterly Report on Form 10-Q filed on September 13, 2023
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 (Nasdaq: SMTC) is a high-performance
semiconductor, IoT systems and cloud connectivity service provider
dedicated to delivering high quality technology solutions that
enable a smarter, more connected and sustainable planet. Our global
teams are dedicated to empowering solution architects and
application developers to develop breakthrough products for the
infrastructure, industrial and consumer markets. To learn more
about Semtech technology, visit us at Semtech.com or follow us on
LinkedIn or X.
Semtech and the Semtech logo are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
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Sara Kesten Semtech Corporation (805) 480-2004
webir@semtech.com
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