Semtech Corporation (NASDAQ:SMTC) Q2 2023 Earnings Conference Call August 31, 2022 5:00 PM ET

Company Participants

Emeka Chukwu - Executive Vice President and Chief Financial Officer

Mohan Maheswaran - President and Chief Executive Officer

Conference Call Participants

Tore Svanberg - Stifel

Craig Ellis - B. Riley

Richard Schafer - Oppenheimer

Tristan Gerra - Baird

Harsh Kumar - Piper Sandler

Christopher Rolland - Susquehanna International Group

Scott Searle - Roth Capital

Operator

Greetings and welcome to the Semtech Corporation Conference Call to discuss the Second Quarter 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 is being recorded. At this time all participants are in a listen-only made. A question-and-answer session will follow the formal presentation.

I will now turn the call over to Semtech's Executive Vice President and Chief Financial Officer, Emeka Chukwu.

Emeka Chukwu

Thank you, operator. The 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 that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these risks and uncertainties, please review the safe harbor statement included in today's press release and in the other risk factors section of our most recent periodic reports filed with the Securities and Exchange Commission.

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 factor circumstances change.

During this call, all the prices made the financial results in my prepared remarks and Mohan's prepared remarks, we 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 detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures are included in today's press release.

In Q2 fiscal 2023, the company delivered record net revenue of $209.3 million, a sequential increase of 3.5% and an increase of 13.1% year-over-year. While in a challenging business environment, we focus on operational execution and we're able to grow our earnings at approximately twice the rate of revenue growth and delivered non-GAAP earnings per share growth of 9% sequentially and 34% year-over-year.