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SMTC Semtech

Semtech Corporation is a supplier of analog and mixed-signal semiconductors and advanced algorithms for consumer, enterprise computing, communications and industrial end-markets. It is based in Camarillo, Ventura County, Southern California. Semtech is behind LoRa, a networking initiative for the Internet of Things.

Company profile

SMTC stock data

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Calendar

24 Mar 21
21 Apr 21
31 Jan 22
Quarter (USD)
Jan 21 Oct 20 Jul 20 Apr 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Jan 20 Jan 19 Jan 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
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Change in cash
Diluted EPS

Financial data from Semtech earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 268.89M 268.89M 268.89M 268.89M 268.89M 268.89M
Cash burn (monthly) (positive/no burn) 2.04M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 5.5M n/a n/a n/a n/a
Cash remaining n/a 263.39M n/a n/a n/a n/a
Runway (months of cash) n/a 129.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Apr 21 John Michael Wilson Common Stock Sell Dispose S No No 70.1296 5,000 350.65K 17,372
6 Apr 21 Christopher H Chang Common Stock Sell Dispose S No No 71.9629 4,830 347.58K 7,933
22 Mar 21 Christopher H Chang Common Stock Sell Dispose S No No 73.7302 7,670 565.51K 12,763
22 Mar 21 Christopher H Chang Common Stock Option exercise Aquire M No No 34.75 5,000 173.75K 20,433
22 Mar 21 Christopher H Chang Option SMTC Option exercise Dispose M No No 34.75 5,000 173.75K 5,000
9 Mar 21 Charles B. Ammann Common Stock Grant Aquire A No No 0 1,187 0 8,958
9 Mar 21 Charles B. Ammann Market-based RSU SMTC Grant Aquire A No No 0 4,225 0 4,225
9 Mar 21 Charles B. Ammann RSU SMTC Grant Aquire A No No 0 7,042 0 7,042
9 Mar 21 Gary Beauchamp Common Stock Grant Aquire A No No 0 1,055 0 7,073
9 Mar 21 Gary Beauchamp Market-based RSU SMTC Grant Aquire A No No 0 7,042 0 7,042

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

96.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 255 236 +8.1%
Opened positions 48 28 +71.4%
Closed positions 29 37 -21.6%
Increased positions 77 63 +22.2%
Reduced positions 93 103 -9.7%
13F shares
Current Prev Q Change
Total value 4.54B 9.37B -51.5%
Total shares 62.96M 63.1M -0.2%
Total puts 41.8K 43.2K -3.2%
Total calls 120.2K 96.6K +24.4%
Total put/call ratio 0.3 0.4 -22.2%
Largest owners
Shares Value Change
BLK Blackrock 7.29M $525.71M +0.5%
Vanguard 6.23M $449.2M +1.8%
FMR 5.97M $430.07M +15.8%
IVZ Invesco 4.28M $308.83M -9.5%
BK Bank Of New York Mellon 2.4M $173.27M -5.7%
STT State Street 2.33M $168.06M +4.0%
WDR Waddell & Reed Financial 2.09M $150.4M -1.8%
TROW T. Rowe Price 1.68M $120.99M +6.9%
Alliancebernstein 1.66M $119.42M +38.7%
BEN Franklin Resources 1.36M $97.78M +1.6%
Largest transactions
Shares Bought/sold Change
FMR 5.97M +813.74K +15.8%
Norges Bank 754.32K +754.32K NEW
Schroder Investment Management 809.86K -490.74K -37.7%
Alliancebernstein 1.66M +462.31K +38.7%
IVZ Invesco 4.28M -447.99K -9.5%
Channing Capital Management 0 -438.81K EXIT
Adage Capital Partners GP, L.L.C. 213.74K -374.39K -63.7%
Lord, Abbett & Co. 909.34K +294.37K +47.9%
American Century Companies 531.99K +276.69K +108.4%
Capital Research Global Investors 330.9K -193K -36.8%

Financial report summary

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Risks
  • The COVID-19 pandemic is adversely affecting, and is expected to continue to adversely affect, our operations, and those of our customers, distributors, suppliers, third-party foundries and subcontractors thereby adversely affecting our business, financial condition and results of operations.
  • Our future results may fluctuate, fail to match past performance or fail to meet expectations as a result of conditions beyond our control, such as general economic conditions in the markets we compete, cyclical and other conditions unique to our industry and the financial health and viability of our suppliers and customers.
  • The average selling prices of products in our markets have historically decreased rapidly and will likely do so in the future, which could harm our revenue and gross margins.
  • We rely on a limited number of suppliers and subcontractors, many of which are foreign-based entities, for many essential components and materials and certain critical manufacturing services and any interruption or loss of supplies or services from these entities could significantly interrupt our business operations and the production of our products.
  • Our ability to increase product sales and revenue may be constrained by the manufacturing capacity of our suppliers.
  • Our products may be found to be defective, product liability claims may be asserted against us and we may not have sufficient liability insurance.
  • Obsolete inventories as a result of changes in demand for our products and change in life cycles of our products could adversely affect our business, operating results and financial condition.
  • We may be unsuccessful in developing and selling new products, which is central to our objective of maintaining and expanding our business.
  • Our customers require our products to undergo a lengthy and expensive qualification process without any assurance of product sales.
  • We may be unable to adequately protect our intellectual property rights.
  • We may suffer losses and business interruption if our products infringe the intellectual property rights of others.
  • We must commit resources to product production prior to receipt of purchase commitments and could lose some or all of the associated investment.
  • While we intend to continue to invest in research and development, we may be unable to make the substantial investments that are required to remain competitive in our business.
  • Certain software we use is from open source code sources, which, under certain circumstances, may lead to unintended consequences and, therefore, could materially adversely affect our business, financial condition, operating results and cash flow.
  • We may need to transition to smaller geometry process technologies and achieve higher levels of design integration to remain competitive and may experience delays in this transition or fail to efficiently implement this transition.
  • We are subject to export restrictions and laws affecting trade and investments, which may limit our ability to sell to certain customers.
  • We sell and trade with foreign customers, which subjects our business to increased risks.
  • A substantial portion of our sales is derived from China and adverse changes to general economic conditions in China could have a material and adverse impact on our sales and financial results.
  • We and our manufacturing partners are or will be subject to extensive Chinese government regulation, and the benefit of various incentives from Chinese governments that we and our manufacturing partners receive may be reduced or eliminated, which could increase our costs or limit our ability to sell products and conduct activities in China.
  • Our foreign currency exposures may change over time as the level of activity in foreign markets grows and could have an adverse impact upon financial results.
  • We may be subject to increased tax liabilities and an increased effective tax rate if we need to remit funds held by our foreign subsidiaries.
  • The volatility of customer demand limits our ability to predict future levels of sales and profitability.
  • Most of our authorized distributors, which collectively represent more than half of our net sales, can terminate their contract with us with little or no notice. The termination of a distributor could negatively impact our business, including net sales and accounts receivable.
  • Our inability to effectively control the sales of our products on the gray market could have a material adverse effect on us.
  • Changes in government trade policies could have an adverse impact on our business or the business of our customers, which may materially adversely affect our business operations, sales or gross margins.
  • Our failure to comply with any applicable environmental regulations could result in a range of consequences, including fines, suspension of production, excess inventory, sales limitations, and criminal and civil liabilities.
  • Our operating results could be adversely affected as a result of changes in our effective tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, or by material differences between our forecasted annual effective tax rates and actual tax rates.
  • We may be subject to taxation and review of our compliance with income, value-added and other sales-type tax regulations in other jurisdictions which could negatively affect our operations.
  • We have limited experience with government contracting, which entails differentiated business risks.
  • Corporate responsibility, specifically related to environmental, social and governance (“ESG”) matters, may impose additional costs and expose us to new risks.
  • The loss of any of our key personnel or the failure to attract or retain specialized technical and management personnel could impair our ability to grow our business.
  • We face risks associated with companies we have acquired in the past and may acquire in the future.
  • We may be required to recognize additional impairment charges in the future which could have an adverse effect on our financial condition and operating results.
  • Restrictive covenants in the Credit Agreement governing the Credit Facility may restrict our ability to pursue our business strategies.
  • We rely on certain critical information systems for the operation of our business and a disruption in our information systems, including those related to cybersecurity, could adversely affect our business operations.
  • The costs associated with our indemnification of certain customers, distributors, and other parties could be higher in future periods.
Management Discussion
  • A discussion of our results of operations for the fiscal years ended January 31, 2021 and January 26, 2020 and year-to-year comparisons between fiscal years 2021 and 2020 appear below. A discussion of our results of operations for the fiscal year ended January 27, 2019 and year-to-year comparisons between fiscal years 2020 and 2019 have been omitted from this Annual Report on Form 10-K, but may be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended January 26, 2020, filed with the Securities and Exchange Commission on March 20, 2020 and is incorporated herein by reference.
  • Net sales for fiscal year 2021 were $595.1 million, an increase of 9% compared to $547.5 million for fiscal year 2020. During fiscal year 2021, the infrastructure end market increased by $36 million driven by a $20 million increase in PON sales and a $17 million increase in data center demand. The industrial end market increased by $8 million due to a $14 million increase in LoRa-enabled product sales, partially offset by a $6 million decrease in broadcast revenue due to the adverse impact of COVID-19 on large venue events. In the high-end consumer end market, the sales increase was driven by strength in proximity sensing products. Net sales also benefited from the extra week in the fiscal year, as noted above.
  • Entering fiscal year 2022, customer demand remains strong and supply tight, with many of our suppliers running at or near capacity and our customers competing for the limited supply. While we believe we have good visibility going into the first quarter of fiscal year 2022, it is unknown how much of this demand strength reflects real end market consumption or just the customers' goal to increase their inventory levels over fear of the global supply chain constraints. To the extent that the increase in demand is driven by the latter, we and the industry could experience a period of slower future demand as the potential excess inventories are worked down. Based on booking trends and backlog entering the quarter, we estimate net sales for the first quarter of fiscal year 2022 to be between $164.0 million to $172.0 million.
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Patents

GRANT
Utility
Signal detection for GPON optical line terminal
6 Apr 21
A signal detection circuit has a first differential amplifier including a first input coupled for receiving a data signal, and a second input coupled for receiving a threshold signal.
APP
Utility
Proximity Sensor with Nonlinear Filter and Method
18 Mar 21
A sensor for a portable connected device comprising a filter 30 is arranged to reduce a noise component on a sampled input signal, wherein the filter is arranged to consider only input measurements that change systematically in a same direction, updating an output value when all the input samples in a predetermined time window are above or below a current output value and, repeating the current output value when the input samples in the time window are below and above the current output value.
APP
Utility
Single Switch Modulation Circuit and Wireless Charging Receiver
11 Mar 21
A wireless charging receiver that provides power delivered from a transmitter over an wireless path.
APP
Utility
Capacitive Proximity Sensor In a Mobile Device and Method of Limiting Radiation Absorption
11 Mar 21
A proximity sensor for detecting proximity of a body portion to a mobile device, comprising: a plurality of capacitive sensing electrodes for detecting said body portion, an electronic processing circuit arranged for measuring the capacities of said capacitive sensing electrodes and for generating a proximity signal based on the capacities so measured, wherein the capacitive sensing electrodes are connected together by one or more capacitive elements, and at least one capacitive sensing electrode is connectable to a radio circuit of said mobile device so as to constitute a radiofrequency antenna of said mobile device.
APP
Utility
Method and Device for Improved Accuracy of Proximity and Touch Detection in Mobile Devices
4 Mar 21
A mobile device has a proximity sensor.