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Semtech (SMTC) Q1 FY2025 earnings: revenue $206 million, down 12.9% on the year

Semtech Corp. (SMTC) reported revenue of $206 million for Q1 FY2025, the quarter ended 28 April 2024, down 12.9% on the same quarter a year earlier. Net income was -$23 million, and diluted earnings per share $-0.36. The figures are the company's own, from the 10-Q it filed with the SEC on 5 June 2024.

Revenue$206 milliondown 12.9%
Net income-$23 million
Diluted EPS$-0.36
QuarterQ1 FY2025ended 28 April 2024

The quarter, against the one before and a year earlier

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Revenue206193n/an/a
Cost of revenue107193n/an/a
Gross profit99.6-0.4n/an/a
Gross margin48.3%-0.2%n/a
Research and development41.641.5n/an/a
Selling, general and administrative52.355.2n/an/a
Operating income3.1-620n/an/a
Operating margin1.5%-321.3%n/a
Interest expense23.623.3n/an/a
Pre-tax income-20.3-646n/an/a
Income tax3.0-3.3n/an/a
Net income-23.2-642n/an/a
Net margin-11.2%-332.9%n/a
Diluted EPS-$0.36-$9.98n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Operating cash flow-0.113.9n/an/a
Capital expenditure1.31.7n/an/a
Free cash flow-1.412.2n/an/a
Free cash flow margin-0.7%6.3%n/a
Cash from investing1.83.6n/an/a
Cash from financing-3.2-13.8n/an/a
Depreciation and amortisation10.5-24.9n/an/a
Share-based compensation15.211.8n/an/a
Buybacksn/a0.0n/an/a
Diluted shares, weighted65m64mn/an/a
Shares outstanding at period end65m64mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Shareholders' equity-313-307n/an/a
Non-controlling interest0.00.2n/an/a
Debt1,3731,371n/an/a
Operating lease liabilities20.322.0n/an/a
Other liabilities296288n/an/a
Total liabilities and equity1,3771,374n/an/a
Fixed assets147154n/an/a
Goodwill541541n/an/a
Intangible assets35.135.6n/an/a
Investmentsn/a14.5n/an/a
Securities held for sale or to maturity12.1n/an/an/a
Cash and equivalents127129n/an/a
Receivables154134n/an/a
Inventory149145n/an/a
Other assets212221n/an/a
Total assets1,3771,374n/an/a

Quarterly results, the last 12 quarters

Q3 FY2024Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027Q2 FY2027
Revenue201193206215237251251258267274291342
Cost of revenue108193107110116120120123128136140158
Gross profit93.0-0.499.6105121131131134138138151184
Gross margin46%-0%48%49%51%52%52%52%52%50%52%54%
R&D46.941.541.640.142.646.747.548.249.451.257.660.6
SG&A47.755.252.355.859.854.546.458.557.159.866.667.3
Operating income-12.4-6203.17.817.821.236.0-16.231.1-18.325.855.8
Operating margin-6%-321%2%4%8%8%14%-6%12%-7%9%16%
Interest expense25.623.323.623.521.312.95.44.73.40.70.80.7
Pre-tax income-38.6-646-20.3-166-3.66.527.0-22.24.4-30.425.154.7
Tax raten/an/an/an/an/a-508%32%n/a165%n/a0%-185%
Net income-38.2-642-23.2-170-7.639.119.3-27.1-2.9-29.826.6160
Net margin-19%-333%-11%-79%-3%16%8%-11%-1%-11%9%47%
Diluted EPS-$0.60-$9.98-$0.36-$2.61-$0.10$0.81$0.22-$0.31-$0.03-$0.32$0.27$1.59
Operating cash flow-5.813.9-0.1-5.029.633.527.844.447.561.536.268.9
Capital expenditure6.61.71.33.40.52.61.62.92.82.48.27.5
Free cash flow-12.412.2-1.4-8.429.130.926.241.544.659.128.061.4
Buybacks0.00.0n/an/an/an/an/an/an/an/an/an/a
Shares outstanding64m64m65m75m75m86m87m87m92m93m93m93m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 April 2024, filed 5 June 2024, accession 0000088941-24-000065: the filing on EDGAR. All of Semtech Corp.'s filings: EDGAR company page.

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