Semtech Corporation (NASDAQ:SMTC) Q4 2023 Earnings Conference Call March 29, 2023 5:00 PM ET

Company Participants

Anojja Shah - VP of IR

Emeka Chukwu - EVP and CFO

Mohan Maheswaran - President and CEO

Conference Call Participants

Scott Searle - Roth MKM

Craig Ellis - B. Riley Securities FBR

Harsh Kumar - Piper Sandler

Tore Svanberg - Stifel

Quinn Bolton - Needham & Company

Tristan Gerra - Baird

Christopher Rolland - Susquehanna

Operator

Greetings. Welcome to Semtech Corporation's Conference Call to discuss the Fourth Quarter and Fiscal Year 2023 Financial Results. Speakers for today's call will be Mohan Maheswaran, Semtech's President and Chief Executive Officer; and Emeka Chukwu, Semtech's Executive Vice President and Chief Financial Officer. Please note, this conference call is being recorded. At this time all participants are in a listen-only mode, a question and answer session will follow the formal presentation.

I will now turn the call over to Semtech's Vice President of Investor Relations, Anojja Shah. Please begin.

Anojja Shah

Thank you, Sherry. A press release announcing our unaudited results was issued after the market closed today and is available on our website at semtech.com. Today's call will include forward-looking statements that include risks and uncertainties and that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these uncertainties, please review the safe harbor statement included in today's press release and in the other risk factor section of our most recent periodic reports, filed with the SEC.

As a reminder, comments made on today's call are current as of today only, and Semtech undertakes no obligation to update the information from this call should facts or circumstances change. During this call, all references made to financial results in our prepared remarks will refer to non-GAAP financial measures unless otherwise noted. A discussion of why the management team considers such non-GAAP financial measures useful, along with the detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures, is included in today's press release.

Finally, for our prepared remarks today, we will use the phrase Semtech Organic to refer to Semtech's stand-alone results before the inclusion of Sierra Wireless. And with that, I'll turn it over to our Chief Financial Officer, Emeka Chukwu. Emeka?

Emeka Chukwu

Thank you, Anojja. Good afternoon, everyone. In Q4 of fiscal '23, the company delivered net sales of $167.5 million, down 6% sequentially and 12% year-over-year. These results included $15 million of revenue from the Sierra Wireless acquisition we completed on January 12. Fiscal year '23 revenue was a record $741.5 million for Organic Semtech and $756.5 million including Sierra Wireless.