Semtech Corporation (NASDAQ:SMTC) Q1 2023 Earnings Conference Call June 1, 2022 5:00 PM ET
Company Participants
Emeka Chukwu - EVP & CFO
Mohan Maheswaran - President and CEO
Conference Call Participants
Tristan Gerra - Robert W. Baird & Co.
Craig Ellis - B. Riley Securities FBR
Richard Schafer - Oppenheimer
Trevor Janoskie - Needham & Company
Harsh Kumar - Piper Sandler
Gary Mobley - Wells Fargo
Scott Searle - Roth Capital
Christopher Rolland - Susquehanna
Operator
Greetings. Welcome to the Semtech Corporation Conference Call to discuss the First 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 Q1 fiscal '23, the company delivered net revenue of $202.1 million, a sequential increase of 6% and an increase of 19% year-over-year and was once again above the midpoint of our guidance. These numbers include $2.9 million of revenue from our High Reliability business that we divested at the start of Q2.