Delaware | ||
(State or other jurisdiction of incorporation) |
001-06395 | 95-2119684 | ||||||||||
(Commission File Number) | (IRS Employer Identification No.) | ||||||||||
200 Flynn Road | |||||||||||
Camarillo, | California | 93012-8790 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Exchange Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | SMTC | The Nasdaq Global Select Market |
SEMTECH CORPORATION | ||||||||||||||
Date: | March 28, 2024 | /s/ Mark Lin | ||||||||||||
Name: | Mark Lin | |||||||||||||
Title: | Chief Financial Officer |
2 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
GAAP Financial Results | |||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
(in millions, except per share data) | Q424 | Q324 | Q423 | Q424 | Q423 | ||||||||||||||||||||||||
Net sales | $ | 192.9 | $ | 200.9 | $ | 167.5 | $ | 868.8 | $ | 756.5 | |||||||||||||||||||
Gross margin | (0.2) | % | 46.3 | % | 59.7 | % | 34.1 | % | 63.3 | % | |||||||||||||||||||
Operating costs and expenses, net | $ | 619.6 | $ | 105.3 | $ | 155.7 | $ | 1,240.6 | $ | 385.8 | |||||||||||||||||||
Operating (loss) income | $ | (620.0) | $ | (12.4) | $ | (55.7) | $ | (944.3) | $ | 92.8 | |||||||||||||||||||
Operating margin | (321.3) | % | (6.2) | % | (33.2) | % | (108.7) | % | 12.3 | % | |||||||||||||||||||
Interest expense, net | $ | 22.1 | $ | 27.7 | $ | 2.1 | $ | 92.8 | $ | 11.8 | |||||||||||||||||||
Goodwill impairment | $ | 473.8 | $ | 2.3 | $ | — | $ | 755.6 | $ | — | |||||||||||||||||||
Intangible impairments | $ | 131.4 | $ | — | $ | — | $ | 131.4 | $ | — | |||||||||||||||||||
Diluted (loss) earnings per share | $ | (9.98) | $ | (0.60) | $ | (0.80) | $ | (17.03) | $ | 0.96 | |||||||||||||||||||
Non-GAAP Financial Results | |||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
(in millions, except per share data) | Q424 | Q324 | Q423 | Q424 | Q423 | ||||||||||||||||||||||||
Net sales | $ | 192.9 | $ | 200.9 | $ | 167.5 | $ | 868.8 | $ | 756.5 | |||||||||||||||||||
Gross margin | 48.9 | % | 51.3 | % | 62.3 | % | 49.5 | % | 64.5 | % | |||||||||||||||||||
Operating costs and expenses, net | $ | 76.5 | $ | 82.5 | $ | 66.7 | $ | 337.5 | $ | 277.5 | |||||||||||||||||||
Operating income | $ | 17.8 | $ | 20.5 | $ | 37.7 | $ | 92.7 | $ | 210.7 | |||||||||||||||||||
Operating margin | 9.2 | % | 10.2 | % | 22.5 | % | 10.7 | % | 27.8 | % | |||||||||||||||||||
Interest expense, net | $ | 19.9 | $ | 22.3 | $ | 1.6 | $ | 81.8 | $ | 4.6 | |||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.06) | $ | 0.02 | $ | 0.49 | $ | 0.14 | $ | 2.81 | |||||||||||||||||||
Adjusted EBITDA | $ | 24.0 | $ | 28.1 | $ | 44.1 | $ | 122.0 | $ | 236.3 |
3 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
(in millions, except per share data) | |||||||||||||||||
Net sales | $ | 200.0 | +/- | $5.0 | |||||||||||||
Non-GAAP Financial Measures | |||||||||||||||||
Gross margin | 49.5% | +/- | 100 bps | ||||||||||||||
Operating costs and expenses, net | $ | 78.5 | +/- | $1.5 | |||||||||||||
Operating income | $ | 20.5 | +/- | $3.0 | |||||||||||||
Operating margin | 10.3% | +/- | 120 bps | ||||||||||||||
Interest expense, net | $ | 20.5 | |||||||||||||||
Normalized income tax rate | 12% | ||||||||||||||||
Diluted earnings (loss) per share | $0.00 | +/- | $0.04 | ||||||||||||||
Adjusted EBITDA | $ | 27.8 | +/- | $3.0 | |||||||||||||
Diluted share count of 64.5 for diluted (loss) per share and 66.0 for diluted earnings per share |
4 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
5 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
6 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
7 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
8 |
Semtech Announces Fourth Quarter and Fiscal Year 2024 Results |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Net sales | $ | 192,948 | $ | 200,899 | $ | 167,512 | $ | 868,758 | $ | 756,533 | |||||||||||||||||||
Cost of sales | 99,266 | 97,925 | 64,934 | 447,000 | 272,314 | ||||||||||||||||||||||||
Amortization of acquired technology | 2,280 | 10,008 | 2,565 | 33,716 | 5,661 | ||||||||||||||||||||||||
Acquired technology impairments | 91,792 | — | — | 91,792 | — | ||||||||||||||||||||||||
Total cost of sales | 193,338 | 107,933 | 67,499 | 572,508 | 277,975 | ||||||||||||||||||||||||
Gross profit | (390) | 92,966 | 100,013 | 296,250 | 478,558 | ||||||||||||||||||||||||
Operating costs and expenses, net: | |||||||||||||||||||||||||||||
Selling, general and administrative | 55,198 | 47,663 | 93,102 | 220,220 | 224,812 | ||||||||||||||||||||||||
Product development and engineering | 41,505 | 46,911 | 52,502 | 186,450 | 166,948 | ||||||||||||||||||||||||
Intangible amortization | 307 | 4,853 | 821 | 14,913 | 821 | ||||||||||||||||||||||||
Restructuring | 9,167 | 3,646 | 9,247 | 23,775 | 11,491 | ||||||||||||||||||||||||
Gain on sale of business | — | — | — | — | (18,313) | ||||||||||||||||||||||||
Intangible impairments | 39,593 | — | — | 39,593 | — | ||||||||||||||||||||||||
Goodwill impairment | 473,800 | 2,266 | — | 755,621 | — | ||||||||||||||||||||||||
Total operating costs and expenses, net | 619,570 | 105,339 | 155,672 | 1,240,572 | 385,759 | ||||||||||||||||||||||||
Operating (loss) income | (619,960) | (12,373) | (55,659) | (944,322) | 92,799 | ||||||||||||||||||||||||
Interest expense | (22,827) | (28,305) | (6,181) | (95,813) | (17,646) | ||||||||||||||||||||||||
Interest income | 734 | 574 | 4,043 | 3,051 | 5,801 | ||||||||||||||||||||||||
Non-operating (expense) income, net | (2,045) | 3,542 | (735) | (542) | (1,331) | ||||||||||||||||||||||||
Investment impairments and credit loss reserves, net |
(1,679) | (1,990) | (1,532) | (3,929) | (1,156) | ||||||||||||||||||||||||
(Loss) income before taxes and equity method income (loss) |
(645,777) | (38,552) | (60,064) | (1,041,555) | 78,467 | ||||||||||||||||||||||||
(Benefit) provision for income taxes | (3,345) | (311) | (9,071) | 50,519 | 17,344 | ||||||||||||||||||||||||
Net (loss) income before equity method income (loss) |
(642,432) | (38,241) | (50,993) | (1,092,074) | 61,123 | ||||||||||||||||||||||||
Equity method income (loss) | 75 | (11) | (22) | 45 | 249 | ||||||||||||||||||||||||
Net (loss) income | (642,357) | (38,252) | (51,015) | (1,092,029) | 61,372 | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 6 | (2) | (2) | 1 | (8) | ||||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (642,363) | $ | (38,250) | $ | (51,013) | $ | (1,092,030) | $ | 61,380 | |||||||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | (9.98) | $ | (0.60) | $ | (0.80) | $ | (17.03) | $ | 0.96 | |||||||||||||||||||
Diluted | $ | (9.98) | $ | (0.60) | $ | (0.80) | $ | (17.03) | $ | 0.96 | |||||||||||||||||||
Weighted average number of shares used in computing (loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | 64,363 | 64,216 | 63,864 | 64,127 | 63,770 | ||||||||||||||||||||||||
Diluted | 64,363 | 64,216 | 63,924 | 64,127 | 64,013 |
January 28, 2024 | January 29, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 128,585 | $ | 235,510 | |||||||
Accounts receivable, net | 134,322 | 161,695 | |||||||||
Inventories | 144,992 | 207,704 | |||||||||
Prepaid taxes | 11,969 | 6,243 | |||||||||
Other current assets | 114,329 | 111,634 | |||||||||
Total current assets | 534,197 | 722,786 | |||||||||
Non-current assets: | |||||||||||
Property, plant and equipment, net | 153,618 | 169,293 | |||||||||
Deferred tax assets | 18,014 | 63,783 | |||||||||
Goodwill | 541,227 | 1,281,703 | |||||||||
Other intangible assets, net | 35,566 | 215,102 | |||||||||
Other assets | 91,113 | 116,961 | |||||||||
Total assets | $ | 1,373,735 | $ | 2,569,628 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 45,051 | $ | 100,676 | |||||||
Accrued liabilities | 172,105 | 253,075 | |||||||||
Current portion of long-term debt | — | 43,104 | |||||||||
Total current liabilities | 217,156 | 396,855 | |||||||||
Non-current liabilities: | |||||||||||
Deferred tax liabilities | 829 | 5,065 | |||||||||
Long-term debt | 1,371,039 | 1,296,966 | |||||||||
Other long-term liabilities | 91,961 | 114,707 | |||||||||
Stockholders' equity (deficit) | (307,434) | 755,852 | |||||||||
Noncontrolling interest | 184 | 183 | |||||||||
Total liabilities & equity | $ | 1,373,735 | $ | 2,569,628 |
Twelve Months Ended | |||||||||||||||||
January 28, 2024 |
January 29, 2023 |
||||||||||||||||
Net (loss) income | $ | (1,092,029) | $ | 61,372 | |||||||||||||
Net cash (used in) provided by operating activities | (93,920) | 126,711 | |||||||||||||||
Net cash used in investing activities | (22,697) | (1,247,322) | |||||||||||||||
Net cash provided by financing activities | 10,550 | 1,076,520 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (858) | — | |||||||||||||||
Net decrease in cash and cash equivalents | (106,925) | (44,091) | |||||||||||||||
Cash and cash equivalents at beginning of period | 235,510 | 279,601 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 128,585 | $ | 235,510 | |||||||||||||
Three Months Ended | |||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
|||||||||||||||
Q424 | Q324 | Q423 | |||||||||||||||
Free cash flow: | |||||||||||||||||
Cash flow from operations | $ | 13,919 | $ | (5,847) | $ | (18,799) | |||||||||||
Net capital expenditures | (1,712) | (6,576) | (5,680) | ||||||||||||||
Free cash flow | $ | 12,207 | $ | (12,423) | $ | (24,479) |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Net sales by reportable segment (1): |
|||||||||||||||||||||||||||||
Signal Integrity | 42,831 | 47,185 | 59,246 | 177,033 | 298,290 | ||||||||||||||||||||||||
Analog Mixed Signal and Wireless | 60,423 | 70,233 | 93,262 | 260,264 | 443,239 | ||||||||||||||||||||||||
IoT Systems | 65,506 | 59,261 | 9,811 | 334,904 | 9,811 | ||||||||||||||||||||||||
IoT Connected Services | 24,188 | 24,220 | 5,193 | 96,557 | 5,193 | ||||||||||||||||||||||||
Total net sales by reportable segment | $ | 192,948 | $ | 200,899 | $ | 167,512 | $ | 868,758 | $ | 756,533 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Net sales by end market: | |||||||||||||||||||||||||||||
Infrastructure | 39,387 | 43,191 | 56,068 | 163,947 | 287,270 | ||||||||||||||||||||||||
High-End Consumer | 32,059 | 37,553 | 34,919 | 125,222 | 158,416 | ||||||||||||||||||||||||
Industrial | 121,502 | 120,155 | 76,525 | 579,589 | 310,847 | ||||||||||||||||||||||||
Total net sales by end market | $ | 192,948 | $ | 200,899 | $ | 167,512 | $ | 868,758 | $ | 756,533 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Gross margin (GAAP) | (0.2) | % | 46.3 | % | 59.7 | % | 34.1 | % | 63.3 | % | |||||||||||||||||||
Share-based compensation | 0.3 | % | 0.3 | % | 0.4 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
Amortization of acquired technology | 1.2 | % | 5.0 | % | 1.5 | % | 3.9 | % | 0.7 | % | |||||||||||||||||||
Transaction and integration related costs, net | — | % | (0.3) | % | — | % | 0.3 | % | — | % | |||||||||||||||||||
Share-based compensation acceleration expense | — | % | — | % | 0.5 | % | — | % | 0.1 | % | |||||||||||||||||||
Restructuring and other reserves, net | — | % | — | % | 0.2 | % | 0.1 | % | 0.1 | % | |||||||||||||||||||
Acquired technology impairments | 47.6 | % | — | % | — | % | 10.5 | % | — | % | |||||||||||||||||||
Amortization of inventory step-up | — | % | — | % | — | % | 0.4 | % | — | % | |||||||||||||||||||
Adjusted gross margin (Non-GAAP) | 48.9 | % | 51.3 | % | 62.3 | % | 49.5 | % | 64.5 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Selling, general and administrative (GAAP) | $ | 55,198 | $ | 47,663 | $ | 93,102 | $ | 220,220 | $ | 224,812 | |||||||||||||||||||
Share-based compensation | (8,361) | (3,059) | (7,801) | (25,331) | (21,493) | ||||||||||||||||||||||||
Transaction and integration related costs, net | (8,476) | (5,936) | (22,513) | (28,751) | (32,041) | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | (33,937) | — | (33,937) | ||||||||||||||||||||||||
Environmental reserve | — | — | — | — | (500) | ||||||||||||||||||||||||
Litigation costs, net | (36) | (25) | (13) | (219) | (112) | ||||||||||||||||||||||||
Adjusted selling, general and administrative (Non-GAAP) | $ | 38,325 | $ | 38,643 | $ | 28,838 | $ | 165,919 | $ | 136,729 | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Product development and engineering (GAAP) | $ | 41,505 | $ | 46,911 | $ | 52,502 | $ | 186,450 | $ | 166,948 | |||||||||||||||||||
Share-based compensation | (2,868) | (2,972) | (3,592) | (12,844) | (15,110) | ||||||||||||||||||||||||
Transaction and integration related costs, net | (432) | (66) | (25) | (2,048) | (25) | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | (11,010) | — | (11,010) | ||||||||||||||||||||||||
Adjusted product development and engineering (Non-GAAP) | $ | 38,205 | $ | 43,873 | $ | 37,875 | $ | 171,558 | $ | 140,803 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Operating cost and expense, net (GAAP) | $ | 619,570 | $ | 105,339 | $ | 155,672 | $ | 1,240,572 | $ | 385,759 | |||||||||||||||||||
Share-based compensation | (11,229) | (6,031) | (11,393) | (38,175) | (36,603) | ||||||||||||||||||||||||
Intangible amortization | (307) | (4,853) | (821) | (14,913) | (821) | ||||||||||||||||||||||||
Transaction and integration related costs, net | (8,908) | (6,002) | (22,538) | (30,799) | (32,066) | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | (44,947) | — | (44,947) | ||||||||||||||||||||||||
Restructuring and other reserves, net | (9,167) | (3,646) | (9,247) | (23,775) | (11,991) | ||||||||||||||||||||||||
Litigation costs, net | (36) | (25) | (13) | (219) | (112) | ||||||||||||||||||||||||
Gain on sale of business | — | — | — | — | 18,313 | ||||||||||||||||||||||||
Intangible impairments | (39,593) | — | — | (39,593) | — | ||||||||||||||||||||||||
Goodwill impairment | (473,800) | (2,266) | — | (755,621) | — | ||||||||||||||||||||||||
Adjusted operating cost and expense, net (Non-GAAP) | $ | 76,530 | $ | 82,516 | $ | 66,713 | $ | 337,477 | $ | 277,532 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Operating (loss) income (GAAP) | $ | (619,960) | $ | (12,373) | $ | (55,659) | $ | (944,322) | $ | 92,799 | |||||||||||||||||||
Share-based compensation | 11,829 | 6,538 | 12,020 | 40,170 | 39,248 | ||||||||||||||||||||||||
Intangible amortization | 2,587 | 14,861 | 3,386 | 48,629 | 6,482 | ||||||||||||||||||||||||
Transaction and integration related costs, net | 8,908 | 5,507 | 22,642 | 33,018 | 32,170 | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | 45,749 | — | 45,749 | ||||||||||||||||||||||||
Restructuring and other reserves, net | 9,167 | 3,646 | 9,536 | 24,634 | 12,408 | ||||||||||||||||||||||||
Litigation costs, net | 36 | 25 | 13 | 219 | 112 | ||||||||||||||||||||||||
Gain on sale of business | — | — | — | — | (18,313) | ||||||||||||||||||||||||
Intangible impairments | 131,385 | — | — | 131,385 | — | ||||||||||||||||||||||||
Goodwill impairment | 473,800 | 2,266 | — | 755,621 | — | ||||||||||||||||||||||||
Amortization of inventory step-up | — | — | — | 3,314 | — | ||||||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 17,752 | $ | 20,470 | $ | 37,687 | $ | 92,668 | $ | 210,655 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Operating margin (GAAP) | (321.3) | % | (6.2) | % | (33.2) | % | (108.7) | % | 12.3 | % | |||||||||||||||||||
Share-based compensation | 6.1 | % | 3.3 | % | 7.2 | % | 4.6 | % | 5.1 | % | |||||||||||||||||||
Intangible amortization | 1.3 | % | 7.4 | % | 2.0 | % | 5.6 | % | 0.9 | % | |||||||||||||||||||
Transaction and integration related costs, net | 4.6 | % | 2.8 | % | 13.5 | % | 3.9 | % | 4.3 | % | |||||||||||||||||||
Share-based compensation acceleration expense | — | % | — | % | 27.3 | % | — | % | 6.0 | % | |||||||||||||||||||
Restructuring and other reserves, net | 4.8 | % | 1.8 | % | 5.7 | % | 2.8 | % | 1.6 | % | |||||||||||||||||||
Gain on sale of business | — | % | — | % | — | % | — | % | (2.4) | % | |||||||||||||||||||
Intangible impairments | 68.1 | % | — | % | — | % | 15.1 | % | — | % | |||||||||||||||||||
Goodwill impairment | 245.6 | % | 1.1 | % | — | % | 87.0 | % | — | % | |||||||||||||||||||
Amortization of inventory step-up | — | % | — | % | — | % | 0.4 | % | — | % | |||||||||||||||||||
Adjusted operating margin (Non-GAAP) | 9.2 | % | 10.2 | % | 22.5 | % | 10.7 | % | 27.8 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
Interest expense, net (GAAP) | $ | 22,093 | $ | 27,731 | $ | 2,138 | $ | 92,762 | $ | 11,845 | |||||||||||||||||||
Amortization of deferred financing costs | (2,380) | (1,837) | (901) | (7,320) | (1,421) | ||||||||||||||||||||||||
Write-off of deferred financing costs | — | (3,675) | — | (4,446) | — | ||||||||||||||||||||||||
Debt commitment fee | — | — | — | — | (7,255) | ||||||||||||||||||||||||
Investment income | 201 | 103 | 342 | 832 | 1,397 | ||||||||||||||||||||||||
Adjusted interest expense, net (Non-GAAP) | $ | 19,914 | $ | 22,322 | $ | 1,579 | $ | 81,828 | $ | 4,566 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
GAAP net (loss) income attributable to common stockholders | $ | (642,363) | $ | (38,250) | $ | (51,013) | $ | (1,092,030) | $ | 61,380 | |||||||||||||||||||
Adjustments to GAAP net (loss) income attributable to common stockholders: | |||||||||||||||||||||||||||||
Share-based compensation | 11,829 | 6,538 | 12,020 | 40,170 | 39,248 | ||||||||||||||||||||||||
Intangible amortization | 2,587 | 14,861 | 3,386 | 48,629 | 6,482 | ||||||||||||||||||||||||
Transaction and integration related costs, net | 8,908 | 5,507 | 22,642 | 33,018 | 32,170 | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | 45,749 | — | 45,749 | ||||||||||||||||||||||||
Restructuring and other reserves, net | 9,167 | 3,646 | 9,536 | 24,634 | 12,408 | ||||||||||||||||||||||||
Litigation costs, net | 36 | 25 | 13 | 219 | 112 | ||||||||||||||||||||||||
Gain on sale of business | — | — | — | — | (18,313) | ||||||||||||||||||||||||
Investment losses (gains), reserves and impairments, net |
1,478 | 1,887 | 1,190 | 3,097 | (241) | ||||||||||||||||||||||||
Amortization of deferred financing costs | 2,380 | 1,837 | 901 | 7,320 | 1,421 | ||||||||||||||||||||||||
Write-off of deferred financing costs | — | 3,675 | — | 4,446 | — | ||||||||||||||||||||||||
Debt commitment fee | — | — | — | — | 7,255 | ||||||||||||||||||||||||
Intangible impairments | 131,385 | — | — | 131,385 | — | ||||||||||||||||||||||||
Goodwill impairment | 473,800 | 2,266 | — | 755,621 | — | ||||||||||||||||||||||||
Amortization of inventory step-up | — | — | — | 3,314 | — | ||||||||||||||||||||||||
Total Non-GAAP adjustments before taxes | 641,570 | 40,242 | 95,437 | 1,051,853 | 126,291 | ||||||||||||||||||||||||
Associated tax effect | (2,840) | (514) | (13,316) | 49,283 | (7,227) | ||||||||||||||||||||||||
Equity method (income) loss | (75) | 11 | 22 | (45) | (249) | ||||||||||||||||||||||||
Total of supplemental information, net of taxes | 638,655 | 39,739 | 82,143 | 1,101,091 | 118,815 | ||||||||||||||||||||||||
Non-GAAP net (loss) income attributable to common stockholders |
$ | (3,708) | $ | 1,489 | $ | 31,130 | $ | 9,061 | $ | 180,195 | |||||||||||||||||||
GAAP diluted (loss) earnings per share | $ | (9.98) | $ | (0.60) | $ | (0.80) | $ | (17.03) | $ | 0.96 | |||||||||||||||||||
Adjustments per above | 9.92 | 0.62 | 1.29 | 17.17 | 1.85 | ||||||||||||||||||||||||
Non-GAAP diluted (loss) earnings per share | $ | (0.06) | $ | 0.02 | $ | 0.49 | $ | 0.14 | $ | 2.81 | |||||||||||||||||||
Weighted-average number of shares used in computing diluted (loss) earnings per share: | |||||||||||||||||||||||||||||
GAAP | 64,363 | 64,216 | 63,924 | 64,127 | 64,013 | ||||||||||||||||||||||||
Non-GAAP | 64,363 | 64,304 | 63,924 | 64,284 | 64,013 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
January 28, 2024 |
October 29, 2023 |
January 29, 2023 |
January 28, 2024 |
January 29, 2023 |
|||||||||||||||||||||||||
Q424 | Q324 | Q423 | Q424 | Q423 | |||||||||||||||||||||||||
GAAP net (loss) income attributable to common stockholders | $ | (642,363) | $ | (38,250) | $ | (51,013) | $ | (1,092,030) | $ | 61,380 | |||||||||||||||||||
Interest expense | 22,827 | 28,305 | 6,181 | 95,813 | 17,646 | ||||||||||||||||||||||||
Interest income | (734) | (574) | (4,043) | (3,051) | (5,801) | ||||||||||||||||||||||||
Non-operating expense (income), net | 2,045 | (3,542) | 735 | 542 | 1,331 | ||||||||||||||||||||||||
Investment impairments and credit loss reserves, net | 1,679 | 1,990 | 1,532 | 3,929 | 1,156 | ||||||||||||||||||||||||
(Benefit) provision for income taxes | (3,345) | (311) | (9,071) | 50,519 | 17,344 | ||||||||||||||||||||||||
Equity method (income) loss | (75) | 11 | 22 | (45) | (249) | ||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 6 | (2) | (2) | 1 | (8) | ||||||||||||||||||||||||
Share-based compensation | 11,829 | 6,538 | 12,020 | 40,170 | 39,248 | ||||||||||||||||||||||||
Depreciation and amortization | 8,864 | 22,539 | 9,830 | 77,968 | 32,151 | ||||||||||||||||||||||||
Transaction and integration related costs, net | 8,908 | 5,507 | 22,642 | 33,018 | 32,170 | ||||||||||||||||||||||||
Share-based compensation acceleration expense | — | — | 45,749 | — | 45,749 | ||||||||||||||||||||||||
Restructuring and other reserves, net | 9,167 | 3,646 | 9,536 | 24,634 | 12,408 | ||||||||||||||||||||||||
Litigation costs, net | 36 | 25 | 13 | 219 | 112 | ||||||||||||||||||||||||
Gain on sale of business | — | — | — | — | (18,313) | ||||||||||||||||||||||||
Intangible impairments | 131,385 | — | — | 131,385 | — | ||||||||||||||||||||||||
Goodwill impairment | 473,800 | 2,266 | — | 755,621 | — | ||||||||||||||||||||||||
Amortization of inventory step-up | — | — | — | 3,314 | — | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 24,029 | $ | 28,148 | $ | 44,131 | $ | 122,007 | $ | 236,324 |