$SMTC

SEMTECH CORP

CIK:0000088941|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 26, 2026	Jul. 27, 2025	Jul. 26, 2026	Jul. 27, 2025
Income Statement [Abstract]
Net sales	$ 341,871	$ 257,589	$ 632,889	$ 508,649
Cost of sales	158,107	123,484	297,661	243,255
Gross profit	183,764	134,105	335,228	265,394
Operating expenses, net:
Product development and engineering	60,577	48,198	118,146	95,727
Selling, general and administrative	67,331	58,469	133,930	104,916
Intangible amortization	396	148	724	295
Restructuring	(312)	1,491	865	2,690
Goodwill impairment	0	41,991	0	41,991
Total operating expenses, net	127,992	150,297	253,665	245,619
Operating income (loss)	55,772	(16,192)	81,563	19,775
Interest expense	(1,958)	(5,235)	(3,814)	(11,817)
Interest income	915	529	1,803	898
Non-operating (expense) income, net	(65)	(1,311)	166	(4,113)
Income (loss) before taxes and equity method income (loss)	54,664	(22,209)	79,718	4,743
(Benefit) provision for income taxes	(101,361)	4,793	(101,249)	13,446
Net income (loss) before equity method income (loss)	156,025	(27,002)	180,967	(8,703)
Equity method income (loss)	4,096	(62)	5,717	984
Net income (loss)	$ 160,121	$ (27,064)	$ 186,684	$ (7,719)
Earnings (loss) per share:
Basic (in dollars per share)	$ 1.72	$ (0.31)	$ 2.01	$ (0.09)
Diluted (in dollars per share)	$ 1.59	$ (0.31)	$ 1.88	$ (0.09)
Weighted-average number of shares used in computing earnings (loss) per share:
Basic (in shares)	93,278	86,707	93,092	86,574
Diluted (in shares)	100,841	86,707	99,439	86,574

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 26, 2026	Jul. 27, 2025	Jul. 26, 2026	Jul. 27, 2025	Jan. 25, 2026	Jan. 26, 2025
Cash flows from operating activities:
Net income	$ 160,121	$ (27,064)	$ 186,684	$ (7,719)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			18,915	20,504
Amortization of right-of-use assets			3,168	2,702
Goodwill impairment	0	41,991	0	41,991
Accretion of deferred financing costs			2,144	2,525
Write-off of deferred financing costs	193	364	193	516
Interest rate swap termination			0	(729)
Deferred income taxes			(107,002)	4,848
Share-based compensation			50,292	24,132
Loss on disposition of business operations and assets			5	42
Equity method income	(4,096)	62	(5,717)	(984)
Gain from sale of investments			(100)	0
Corporate-owned life insurance, net			4,068	1,389
Changes in assets and liabilities:
Accounts receivable, net			(35,021)	9,218
Inventories			(5,997)	(19,628)
Other assets			(17,447)	(2,770)
Accounts payable			13,245	11,225
Accrued liabilities			1,232	(11,440)
Other liabilities			(3,591)	(3,603)
Net cash provided by operating activities			105,071	72,219
Cash flows from investing activities:
Proceeds from sales of property, plant and equipment			46	3
Purchase of property, plant and equipment			(15,663)	(4,534)
Proceeds from sale of investments			100	536
Purchase of intangibles			(5,986)	(2,779)
Acquisitions, net of cash acquired			(36,306)	0
Premiums paid for corporate-owned life insurance			0	(3,428)
Net cash used in investing activities			(57,809)	(10,202)
Cash flows from financing activities:
Proceeds from revolving line of credit			50,000	0		$ 68,300
Payments of revolving line of credit			(50,000)	0
Payments of term loans			0	(35,000)
Proceeds from interest rate swap termination			0	237
Deferred financing costs			(2,287)	(564)
Payments for employee share-based compensation payroll taxes			(37,213)	(12,191)
Proceeds from exercise of stock options			1,133	500
Net cash used in financing activities			(38,367)	(47,018)
Effect of foreign exchange rate changes on cash and cash equivalents			(23)	1,818
Net increase in cash and cash equivalents			8,872	16,817
Cash and cash equivalents at beginning of period			195,179	151,743	$ 151,743
Cash and cash equivalents at end of period	$ 204,051	$ 168,560	204,051	168,560	$ 195,179	$ 151,743
Supplemental disclosure of cash flow information:
Interest paid			1,535	10,035
Income taxes paid			6,735	3,996
Non-cash investing and financing activities:
Accounts payable related to capital expenditures			468	507
Accrued deferred financing costs			455	0
Accrued purchases of intangibles			111	3,652
Acquisition related holdback liability			$ 4,000	$ 0

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jul. 26, 2026	Jan. 25, 2026
Current assets:
Cash and cash equivalents	$ 204,051	$ 195,179
Accounts receivable, less allowances of $8,328 and $7,976, respectively	169,882	160,552
Inventories	170,795	195,737
Prepaid taxes	21,376	15,422
Assets held for sale	132,235	0
Other current assets	44,502	88,230
Total current assets	742,841	655,120
Non-current assets:
Property, plant and equipment, net of accumulated depreciation of $342,356 and $340,331, respectively	105,213	109,345
Deferred tax assets	139,605	34,188
Goodwill	478,210	457,925
Other intangible assets, net	44,633	40,015
Other assets	136,539	113,744
TOTAL ASSETS	1,647,041	1,410,337
Current liabilities:
Accounts payable	68,166	84,134
Accrued liabilities	155,178	191,802
Current portion of long-term debt	143,362	0
Liabilities held for sale	70,693	0
Total current liabilities	437,399	275,936
Non-current liabilities:
Deferred tax liabilities	0	101
Long-term debt	349,368	491,234
Other long-term liabilities	111,402	93,348
Commitments and contingencies (Note 12)
Stockholders' equity :
Common stock, $0.01 par value, 250,000,000 shares authorized, 104,264,193 issued and 93,324,892 outstanding and 104,264,193 issued and 92,668,555 outstanding, respectively	1,043	1,043
Treasury stock, at cost, 10,939,301 shares and 11,595,638 shares, respectively	(457,360)	(474,376)
Additional paid-in capital	1,463,396	1,466,789
Retained deficit	(249,378)	(436,062)
Accumulated other comprehensive loss, net	(8,829)	(7,676)
Total equity	748,872	549,718
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,647,041	$ 1,410,337