Semtech Corporation Reports Improved Financial Results for Q3 2024

Semtech Corporation has released its financial results for the three months ending October 27, 2024. The company reported an adjusted operating income of $43.4 million, an increase from $30.5 million in the previous quarter, and $20.5 million in the same period last year. Adjusted operating expenses were $80.6 million, up from $77.9 million in the previous quarter but down from $82.5 million in the same period last year.

The company's GAAP net loss attributable to common stockholders was $7.6 million, an improvement from a loss of $170.3 million in the previous quarter and $38.3 million in the same period last year. Adjusted net income attributable to common stockholders was $20.3 million, compared to $8.1 million in the previous quarter and $1.5 million in the same period last year.

Semtech's GAAP diluted loss per share was $0.10, while the non-GAAP diluted earnings per share was $0.26. The company reported an adjusted EBITDA of $51.1 million, with an adjusted EBITDA margin of 21.6%, up from 18.8% in the previous quarter and 14.0% in the same period last year.

Key adjustments to GAAP results included share-based compensation, intangible amortization, transaction and integration-related costs, restructuring and other reserves, and litigation costs. These adjustments resulted in a total non-GAAP adjustment before taxes of $27.5 million, with an associated tax effect of $0.4 million.

Interest expense for the quarter was $20.3 million, with adjusted interest expense at $18.4 million. The company did not report any loss on the extinguishment of debt for the quarter.

Overall, Semtech Corporation's financial performance shows improvement in adjusted metrics, indicating effective cost management and operational efficiency improvements.