- Net sales of $236.8 million, up 10% sequentially
- Record data center net sales of $43.1 million, up 58%
sequentially
- GAAP gross margin of 51.1%, up 210 basis points sequentially
and Non-GAAP gross margin of 52.4%, up 200 basis points
sequentially
- GAAP operating margin of 7.5%, up 390 basis points sequentially
and Non-GAAP operating margin of 18.3%, up 410 basis points
sequentially
- GAAP diluted loss per share of $0.10 and Non-GAAP diluted
earnings per share of $0.26
- Adjusted EBITDA margin of 21.6%, up 280 basis points
sequentially
Semtech Corporation (Nasdaq: SMTC), a high-performance
semiconductor, IoT systems and cloud connectivity service provider,
today reported unaudited financial results for its third quarter of
fiscal year 2025, which ended October 27, 2024.
"We are very pleased to report broad-based growth across each of
our end markets, and particularly in data center, where we project
AI-driven product demand to be a long-term and transformational
growth engine for Semtech. Our results validate that our customers
and target markets are moving toward us and highlight the
effectiveness of our initiatives to drive market share gain and SAM
expansion," said Hong Hou, Semtech's president and chief executive
officer. "I believe we have achieved multi-generational roadmap
alignment with customers and aspire to become the partner of choice
for key technical and product solutions we provide."
"Our reported results and outlook demonstrate leverage in our
operating model, targeting healthy net sales growth along with
prudent spending," said Mark Lin, Semtech's executive vice
president and chief financial officer. "We reported positive
operating and free cash flows, and consistent with our previously
stated capital allocation priority, we made principal prepayments
on our credit facility in both the third and fourth quarters of
this fiscal year."
Third Quarter of Fiscal Year 2025 Results
GAAP Financial Results
Non-GAAP Financial
Results
(in millions, except per share data)
Q325
Q225
Q324
Q325
Q225
Q324
Net sales
$
236.8
$
215.4
$
200.9
$
236.8
$
215.4
$
200.9
Gross margin
51.1
%
49.0
%
46.3
%
52.4
%
50.4
%
51.3
%
Operating expenses, net
$
103.2
$
97.7
$
105.3
$
80.6
$
77.9
$
82.5
Operating income (loss)
$
17.8
$
7.8
$
(12.4
)
$
43.4
$
30.5
$
20.5
Operating margin
7.5
%
3.6
%
(6.2
)%
18.3
%
14.2
%
10.2
%
Interest expense, net
$
20.3
$
28.1
$
27.7
$
18.4
$
20.5
$
22.3
Net (loss) income attributable to common
stockholders
$
(7.6
)
$
(170.3
)
$
(38.3
)
$
20.3
$
8.1
$
1.5
Diluted (loss) earnings per share
$
(0.10
)
$
(2.61
)
$
(0.60
)
$
0.26
$
0.11
$
0.02
Adjusted EBITDA
$
51.1
$
40.5
$
28.1
Adjusted EBITDA margin
21.6
%
18.8
%
14.0
%
See "Non-GAAP Financial Measures" below for additional
information about our non-GAAP financial results.
Fourth Quarter of Fiscal Year 2025 Outlook
(in millions, except per share data)
Net sales
$
250.0
+/-
$5.0
Non-GAAP Financial Measures
Gross margin
52.8
%
+/-
50 bps
Operating expenses, net
$
82.8
+/-
$1.0
Operating income
$
49.2
+/-
$2.8
Operating margin
19.7
%
+/-
70 bps
Interest expense, net
$
19.0
Normalized tax rate
15
%
Diluted earnings per share
$
0.32
+/-
$0.03
Adjusted EBITDA
$
56.9
+/-
$2.8
Adjusted EBITDA margin
22.8
%
+/-
70 bps
Diluted share count
80.0
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 this is 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
third fiscal quarter 2025 results at 2:00 p.m. Pacific time. The
dial-in number for the call is (877) 407-0312. Please use
conference ID 13749931. An audio webcast and supplemental earnings
materials for the quarter will be available on the Investor
Relations section of Semtech's website at investors.semtech.com
under "News & Events." A replay of the call will be available
through December 23, 2024 at the same website or by calling (877)
660-6853 and entering conference ID 13749931.
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 gross margin, product development and
engineering expense, SG&A expense, operating expenses, net,
operating income or loss, operating margin, interest expense, net,
net (loss) income attributable to common stockholders, diluted
(loss) earnings per share, 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."
- Share-based compensation
- Intangible amortization
- Transaction and integration related costs or recoveries
(including costs associated with the acquisition and integration of
Sierra Wireless, Inc.)
- Restructuring and other reserves, including cumulative other
reserves associated with historical activity including
environmental, pension, deferred compensation and right-of-use
asset impairments
- Litigation costs or dispute settlement charges or
recoveries
- Equity method income or loss
- Investment gains, losses, reserves and impairments, including
interest income from debt investments
- Write-off and amortization of deferred financing costs
- Loss on extinguishment of debt
- Debt commitment fee
- Goodwill and intangible impairment
- Amortization of inventory step-up
In this release, the Company also presents adjusted EBITDA,
adjusted EBITDA margin and free cash flow. Adjusted EBITDA is
defined as net (loss) income attributable to common stockholders
plus interest expense, interest income, provision (benefit) for
income taxes, depreciation and amortization, and share-based
compensation, and adjusted to exclude certain expenses, gains and
losses that the Company believes are not indicative of its core
results over time. Adjusted EBITDA margin is defined as adjusted
EBITDA as a percentage of net sales. The Company considers free
cash flow, which may be positive or negative, a non-GAAP financial
measure defined as cash flows provided by (used in) operating
activities less net capital expenditures. Management believes that
the presentation of these non-GAAP measures provides useful
information to investors regarding the Company's financial
condition and results of operations. These non-GAAP financial
measures are adjusted to exclude the items identified above because
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.
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. The financial
statements provided with this release include reconciliations of
these non-GAAP financial measures to their most comparable GAAP
measures for the second and third quarters of fiscal year 2025 and
the third quarter of fiscal year 2024.
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 fiscal year 2025, the
Company's projected non-GAAP normalized tax rate is 15% and will be
applied to each quarter of fiscal year 2025. 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 fourth quarter
outlook, this release also includes a presentation of
forward-looking non-GAAP financial measures. See "Fourth Quarter of
Fiscal Year 2025 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 fourth quarter of fiscal year 2025
outlook; future operational performance; the anticipated impact of
specific items on future earnings; the Company's expectations
regarding near term growth trends; and the Company's plans,
objectives and expectations. Statements containing words such as
"may," "believes," "anticipates," "expects," "intends," "plans,"
"projects," "estimates," "should," "could," "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, or pursue business strategies due
to the covenants under the agreements governing its indebtedness;
the Company's ability to remediate material weakness in its
internal control over financial reporting, discovery of additional
weaknesses, and its inability to achieve and maintain effective
disclosure controls and procedures and internal control over
financial reporting; 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, Inc. 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 current geopolitical conflicts;
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; decreasing 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 28, 2024, filed with the SEC on March 28, 2024 as such risk
factors may be amended, supplemented 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.
Amounts reported in this press release are preliminary and
subject to the finalization of the filing of our unaudited
financial results on Form 10-Q for the three and nine months ended
October 27, 2024. Reported amounts may not foot precisely due to
rounding.
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 committed to empowering solution architects and
application developers to develop breakthrough products for the
infrastructure, industrial and consumer markets.
Semtech and the Semtech logo are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
SEMTECH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions, except per share
data)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Net sales
$
236.8
$
215.4
$
200.9
Cost of sales
113.6
107.6
97.9
Amortization of acquired technology
2.3
2.3
10.0
Total cost of sales
115.9
109.9
107.9
Gross profit
121.0
105.5
93.0
Operating expenses, net:
Product development and engineering
42.6
40.1
46.9
Selling, general and administrative
59.8
55.8
47.7
Intangible amortization
0.1
0.3
4.9
Restructuring
0.7
1.5
3.6
Goodwill impairment
—
—
2.3
Total operating expenses, net
103.2
97.7
105.3
Operating income (loss)
17.8
7.8
(12.4
)
Interest expense
(20.8
)
(28.6
)
(28.3
)
Interest income
0.5
0.4
0.6
Loss on extinguishment of debt
—
(144.7
)
—
Non-operating (expense) income, net
(1.1
)
(1.0
)
3.5
Investment impairments and credit loss
reserves, net
—
—
(2.0
)
Loss before taxes
(3.6
)
(166.1
)
(38.6
)
Provision (benefit) for income taxes
4.0
4.2
(0.3
)
Net loss attributable to common
stockholders
$
(7.6
)
$
(170.3
)
$
(38.3
)
Loss per share:
Basic
$
(0.10
)
$
(2.61
)
$
(0.60
)
Diluted
$
(0.10
)
$
(2.61
)
$
(0.60
)
Weighted average number of shares used in
computing loss per share:
Basic
75,319
65,281
64,216
Diluted
75,319
65,281
64,216
SEMTECH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions)
(unaudited)
October 27, 2024
January 28, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
136.5
$
128.6
Accounts receivable, net
142.5
134.3
Inventories
163.5
145.0
Prepaid taxes
7.8
12.0
Other current assets
107.6
114.3
Total current assets
557.8
534.2
Non-current assets:
Property, plant and equipment, net
133.2
153.6
Deferred tax assets
18.7
18.0
Goodwill
541.3
541.2
Other intangible assets, net
36.8
35.6
Other assets
91.2
91.1
Total assets
$
1,379.0
$
1,373.7
LIABILITIES AND EQUITY
(DEFICIT)
Current liabilities:
Accounts payable
$
63.9
$
45.1
Accrued liabilities
171.6
172.1
Total current liabilities
235.5
217.2
Non-current liabilities:
Deferred tax liabilities
—
0.8
Long-term debt
1,190.3
1,371.0
Other long-term liabilities
92.9
92.0
Stockholders’ deficit
(139.7
)
(307.4
)
Noncontrolling interest
—
0.2
Total liabilities & equity
(deficit)
$
1,379.0
$
1,373.7
SEMTECH CORPORATION
SUPPLEMENTAL CASH FLOW
INFORMATION
(in millions)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Free cash flow:
Net cash provided by (used in) operating activities
$
29.6
$
(5.0
)
$
(5.8
)
Net capital expenditures
(0.5
)
(3.4
)
(6.6
)
Free cash flow
$
29.1
$
(8.4
)
$
(12.4
)
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in millions, except per share
data)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Gross margin (GAAP)
51.1
%
49.0
%
46.3
%
Share-based compensation
0.3
%
0.3
%
0.3
%
Amortization of acquired technology
1.0
%
1.1
%
5.0
%
Transaction and integration related costs,
net
—
%
—
%
(0.3
)%
Adjusted gross margin
(Non-GAAP)
52.4
%
50.4
%
51.3
%
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Product development and engineering
(GAAP)
$
42.6
$
40.1
$
46.9
Share-based compensation
(3.8
)
(3.4
)
(3.0
)
Transaction and integration related costs,
net
—
—
(0.1
)
Adjusted product development and
engineering (Non-GAAP)
$
38.7
$
36.6
$
43.9
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Selling, general and administrative
(GAAP)
$
59.8
$
55.8
$
47.7
Share-based compensation
(13.8
)
(13.0
)
(3.1
)
Transaction and integration related costs,
net
(3.2
)
(1.5
)
(5.9
)
Litigation costs, net
(0.9
)
(0.1
)
—
Adjusted selling, general and
administrative (Non-GAAP)
$
41.9
$
41.3
$
38.6
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Operating expenses, net (GAAP)
$
103.2
$
97.7
$
105.3
Share-based compensation
(17.6
)
(16.4
)
(6.0
)
Intangible amortization
(0.1
)
(0.3
)
(4.9
)
Transaction and integration related costs,
net
(3.2
)
(1.5
)
(6.0
)
Restructuring and other reserves, net
(0.7
)
(1.5
)
(3.6
)
Litigation costs, net
(0.9
)
(0.1
)
—
Goodwill impairment
—
—
(2.3
)
Adjusted operating expenses, net
(Non-GAAP)
$
80.6
$
77.9
$
82.5
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in millions, except per share
data)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Operating income (loss) (GAAP)
$
17.8
$
7.8
$
(12.4
)
Share-based compensation
18.4
17.1
6.5
Intangible amortization
2.4
2.6
14.9
Transaction and integration related costs,
net
3.2
1.5
5.5
Restructuring and other reserves, net
0.7
1.5
3.6
Litigation costs, net
0.9
0.1
—
Goodwill impairment
—
—
2.3
Adjusted operating income
(Non-GAAP)
$
43.4
$
30.5
$
20.5
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Operating margin (GAAP)
7.5
%
3.6
%
(6.2
)%
Share-based compensation
7.8
%
8.0
%
3.3
%
Intangible amortization
1.0
%
1.2
%
7.4
%
Transaction and integration related costs,
net
1.4
%
0.7
%
2.8
%
Restructuring and other reserves, net
0.3
%
0.7
%
1.8
%
Litigation costs, net
0.3
%
—
%
—
%
Goodwill impairment
—
%
—
%
1.1
%
Adjusted operating margin
(Non-GAAP)
18.3
%
14.2
%
10.2
%
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Interest expense, net (GAAP)
$
20.3
$
28.1
$
27.7
Amortization of deferred financing
costs
(2.1
)
(2.4
)
(1.8
)
Write-off of deferred financing costs
—
(5.5
)
(3.7
)
Investment income
0.2
0.2
0.1
Adjusted interest expense, net
(Non-GAAP)
$
18.4
$
20.5
$
22.3
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
Loss on extinguishment of debt
(GAAP)
$
—
$
144.7
$
—
Loss on extinguishment of debt
—
(144.7
)
—
Adjusted loss on extinguishment of debt
(Non-GAAP)
$
—
$
—
$
—
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in millions, except per share
data)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
GAAP net loss attributable to common
stockholders
$
(7.6
)
$
(170.3
)
$
(38.3
)
Adjustments to GAAP net loss attributable
to common stockholders:
Share-based compensation
18.4
17.1
6.5
Intangible amortization
2.4
2.6
14.9
Transaction and integration related costs,
net
3.2
2.0
5.5
Restructuring and other reserves, net
0.7
1.5
3.6
Litigation costs, net
0.9
0.1
—
Investment (gains) losses, reserves and
impairments, net
(0.2
)
(0.2
)
1.9
Amortization of deferred financing
costs
2.1
2.4
1.8
Write-off of deferred financing costs
—
5.5
3.7
Loss on extinguishment of debt
—
144.7
—
Goodwill impairment
—
—
2.3
Total Non-GAAP adjustments before
taxes
27.5
175.6
40.2
Associated tax effect
0.4
2.8
(0.5
)
Total of supplemental information, net of
taxes
27.9
178.4
39.7
Non-GAAP net income attributable to
common stockholders
$
20.3
$
8.1
$
1.5
GAAP diluted loss per share
$
(0.10
)
$
(2.61
)
$
(0.60
)
Adjustments per above
0.36
2.72
0.62
Non-GAAP diluted earnings per
share
$
0.26
$
0.11
$
0.02
Weighted-average number of shares used
in computing diluted (loss) earnings per share:
GAAP
75,319
65,281
64,216
Non-GAAP
78,581
71,787
64,304
SEMTECH CORPORATION
SUPPLEMENTAL INFORMATION:
RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)
(in millions, except per share
data)
(unaudited)
Three Months Ended
October 27,
2024
July 28, 2024
October 29,
2023
Q325
Q225
Q324
GAAP net loss attributable to common
stockholders
$
(7.6
)
$
(170.3
)
$
(38.3
)
Interest expense
20.8
28.6
28.3
Interest income
(0.5
)
(0.4
)
(0.6
)
Loss on extinguishment of debt
—
144.7
—
Non-operating expense (income), net
1.1
1.0
(3.5
)
Investment impairments and credit loss
reserves, net
—
—
2.0
Provision (benefit) for income taxes
4.0
4.2
(0.3
)
Share-based compensation
18.4
17.1
6.5
Depreciation and amortization
10.1
12.6
22.5
Transaction and integration related costs,
net
3.2
1.5
5.5
Restructuring and other reserves, net
0.7
1.5
3.6
Litigation costs, net
0.9
0.1
—
Goodwill impairment
—
—
2.3
Adjusted EBITDA
$
51.1
$
40.5
$
28.1
Adjusted EBITDA margin
21.6
%
18.8
%
14.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241122904051/en/
Sara Kesten Semtech Corporation (805) 480-2004
webir@semtech.com
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