Semtech Corp. Files 2024 10-K Report

TL;DR

<b>Semtech Corp. has filed its 2024 10-K annual report detailing its fiscal year performance and business operations.</b>

AI Summary

SEMTECH CORP (SMTC) filed a Annual Report (10-K) with the SEC on March 28, 2024. Semtech Corp. filed its annual 10-K report on March 28, 2024. The report covers the fiscal year ending January 28, 2024. The company's principal executive offices are located at 200 Flynn Road, Camarillo, CA 93012-8790. Semtech Corp. is classified under SIC code 3674 for Semiconductors & Related Devices. The filing was made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking SEMTECH CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Semtech Corp.'s financial health, operational strategies, and risk factors for the fiscal year ending January 28, 2024, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report allows stakeholders to evaluate Semtech Corp.'s position within the semiconductor industry and its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — SEMTECH CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the semiconductor industry is subject to rapid technological changes and global supply chain disruptions, which can introduce medium-level risks.

Analyst Insight

Review the financial statements and risk factors in the 10-K to understand Semtech Corp.'s performance and potential challenges in the semiconductor market.

Key Numbers

• 2024-01-28 — Fiscal Year End (Conformed period of report)
• 2024-03-28 — Filing Date (Filed as of date)
• 001-06395 — SEC File Number (SEC file number)
• 146 — Public Document Count (Public document count)

Key Players & Entities

• SEMTECH CORP (company) — Filer name
• 200 FLYNN ROAD (location) — Business and mailing address
• CAMARILLO (location) — Business and mailing address city
• CA (location) — Business and mailing address state
• 93012-8790 (location) — Business and mailing address zip
• 3674 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Semtech Corp. operates in the Semiconductors & Related Devices industry (SIC 3674), a sector characterized by rapid innovation and global competition.

Regulatory Implications

The filing adheres to the requirements of the Securities Exchange Act of 1934, ensuring transparency and regulatory compliance for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and balance sheet details.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing Semtech Corp.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2024-01-28: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — hich registered Common Stock par value $0.01 per share SMTC The Nasdaq Global Select
• $28.49 — t (based upon the closing sale price of $28.49 on The Nasdaq Global Select Market) as

Filing Documents

• smtc-20240128.htm (10-K) — 3067KB
• smtc-01282024xex211.htm (EX-21.1) — 38KB
• smtc-01282024xex231.htm (EX-23.1) — 2KB
• smtc-01282024xex311.htm (EX-31.1) — 9KB
• smtc-01282024xex312.htm (EX-31.2) — 10KB
• smtc-01282024xex32.htm (EX-32) — 5KB
• smtc01282024ex97.htm (EX-97) — 9KB
• smtc-20240128_g1.jpg (GRAPHIC) — 203KB
• smtc01282024ex97001.jpg (GRAPHIC) — 649KB
• 0000088941-24-000030.txt (&nbsp;) — 18387KB
• smtc-20240128.xsd (EX-101.SCH) — 114KB
• smtc-20240128_cal.xml (EX-101.CAL) — 166KB
• smtc-20240128_def.xml (EX-101.DEF) — 721KB
• smtc-20240128_lab.xml (EX-101.LAB) — 1254KB
• smtc-20240128_pre.xml (EX-101.PRE) — 1037KB
• smtc-20240128_htm.xml (XML) — 2820KB

Risk Factors

Item 1A Risk Factors 15

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 35

Cybersecurity 35

Item 1C Cybersecurity 35

Properties

Item 2 Properties 37

Legal Proceedings

Item 3 Legal Proceedings 37

Mine Safety Disclosure s

Item 4 Mine Safety Disclosure s 37 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved] 38

Item 6 [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116

Controls and Procedures

Item 9A Controls and Procedures 116

Other Information

Item 9B Other Information 119

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 119 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 120

Executive Compensation

Item 11 Executive Compensation 120

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 120

Principal Account ant Fees and Services

Item 14 Principal Account ant Fees and Services 120 PART IV

Exhibits, Financial Statement Schedules

Item 15 Exhibits, Financial Statement Schedules 121

Form 10-K Summary

Item 16 Form 10-K Summary 126

Signatures

Signatures 127 2 Unless the context otherwise requires, the use of the terms "Semtech," "the Company," "we," "us" and "our" in this Annual Report on Form 10-K refers to Semtech Corporation and, as applicable, its consolidated subsidiaries. This Annual Report on Form 10-K may contain references to the Company's trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Annual Report on Form 10-K, including logos, artwork and other visual displays, may appear without the or symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other company. Special Note Regarding Forward-Looking and Cautionary Statements This Annual Report on Form 10-K 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 our current expectations, estimates and projections about our operations, industry, financial condition, performance, operating results, 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, future operational performance, the anticipated impact of specific items on future earnings, and our plans, objectives and expectations. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "estimate," "should," "will," "designed to," "projections," or "business outlook," or other similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and

Business

Item 1. Business General We are a high-performance semiconductor, Internet of Things ("IoT") systems and cloud connectivity service provider and were incorporated in Delaware in 1960. We design, develop, manufacture and market a wide range of products and services for commercial applications, the majority of which are sold into the infrastructure, high-end consumer and industrial end markets. Infrastructure: data centers, passive optical networks ("PON"), base stations, optical networks, servers, carrier networks, switches and routers, cable modems, wireless local area network ("LAN") and other communication infrastructure equipment. High-End Consumer: smartphones, tablets, wearables, desktops, notebooks, and other handheld products, wireless charging, set-top boxes, digital televisions, monitors and displays, digital video recorders and other consumer equipment. Industrial: IoT applications, analog and digital video broadcast equipment, video-over-IP solutions, automated meter reading, smart grid, wireless charging, medical, security systems, automotive, industrial and home automation and other industrial equipment. Our end customers for our silicon solutions are primarily original equipment manufacturers ("OEMs") that produce and sell technology solutions. Our IoT module, router, gateways and managed connectivity solutions ship to IoT device makers, enterprises and solution providers to provide IoT connectivity to end devices. Overview of the Semiconductor and IoT Industries The semiconductor industry is broadly divided into analog and digital semiconductor products. Analog semiconductors condition and regulate "real world" functions such as temperature, speed, sound and electrical current. Digital semiconductors process binary information, such as that used by computers. Mixed-signal devices incorporate both analog and digital functions into a single chip and provide the ability for digital electronics to interface with the outside world. The market for

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View this 10-K filing on SEC EDGAR