Fiscal year 2021 proved to be an exceptional year for Semtech, despite the impact of the global pandemic, as the Company grew net sales 9% to $595.1 million. Highlights include an increased adoption of our LoRa® technology for low power wide area networks (LPWAN), providing connectivity solutions that enable the Internet of Things (IoT) which grew 19% year-over-year and represented a new record led by growth of our LoRa platforms and the strength in our infrastructure products including our hyperscale data center, 5G Wireless and 10G PON products, which all exhibited strong annual growth driven by the work from home environment.
Our success was driven by the strength of the underlying secular trends from our growth engines targeted at the IoT, Data Center and Mobile markets. The Company’s strong operating performance allowed us to continue investing in new platforms that enable a smarter planet, increased bandwidth and enable greater mobility.
Following the initial onset of the pandemic, the semiconductor industry experienced a significant recovery in demand that has led to tighter capacity. Semtech worked extremely hard to mitigate risks and worked closely with customers and partners to ensure that our overall business operations remained healthy. We also prioritized the health and well-being of our employees and their families around the world.
Through the efforts of our leadership team, the dedication of our employees, and strong demand for our innovative products, we were able to finish the year strongly. We continued to drive business forward and delivered advanced technologies that create a social and environmental impact for our clients. We look toward the future and imagine how our building blocks for innovation will produce a safer, more connected and sustainable world.
President and CEO
Enterprises and municipalities are leveraging IoT technology to maximize efficiencies, reduce carbon emissions and better manage our precious natural resources. By leveraging LoRa devices and the LoRaWAN® protocol to deploy connected “smart” infrastructure and solutions, sustainable advancements are being made across a variety of industries including utilities, agriculture, healthcare, and transportation.
The desire for faster, more reliable and broadly available high-speed connectivity, especially in telecommuting and video conferencing, is at an all-time high. Semtech’s optical components are utilized in critical infrastructure platforms that include data centers, PON and 5G wireless networks. We are helping to keep our businesses and families connected like never before.
The increased demand for smaller, low-powered, high-performance mobile platforms with more enjoyable organic light-emitting diode displays has benefited our protection and proximity sensing solutions. Our innovations protect mobile devices and their users from dangerous radio frequency signals.
The impact of environmental, social and governance principals are key factors in our decision making process and inform every aspect of the operations in our business. We take great pride in our responsibility as global citizens by producing sustainable green technology for an endless variety of use cases.
Balance Sheet Data (in thousands)
|Cash and cash equivalents||$ 297,134||$ 307,923||$ 312,120||$ 293,324||$ 268,891|
|Working capital||$ 315,453||$ 335,024||$ 355,390||$ 362,095||$ 365,155|
|Total assets||$ 1,011,542||$ 1,086,114||$ 1,062,780||$ 1,052,433||$ 1,082,102|
|Long-term debt, less current portion||$ 226,524||$ 211,114||$ 192,845||$ 194,743||$ 179,195|
|Other long-term liabilities||$ 56,780||$ 83,441||$ 57,441||$ 81,849||$ 94,381|
|Total stockholders' equity||$ 605,263||$ 665,351||$ 682,580||$ 676,954||$ 698,743|
President and Chief Executive Officer
Executive Vice President, Chief Legal
Officer and Chief Environmental,
Social and Governance (ESG) Officer
Executive Vice President
and General Manager,
Signal Integrity Products Group
Senior Vice President, Corporate
Marketing and Sales, Asia Pacific
Executive Vice President and
Chief Financial Officer
Vice President and General Manager, Wireless and Sensing Products Group
Senior Vice President and
Chief Human Resources Officer
Vice President and General Manager,
Protection Products Group
Vice President, Sales – Americas and EMEA
Executive Vice President, Worldwide Operations and Information Technology
Executive Vice President and Chief Quality Officer
Chairman of the Board, Nominating and Governance Committee Chair, Semtech Corporation; Chairman of the Board, The Kavli Foundation; lnvestor
Vice Chairman, Semtech Corporation; CEO, Endural, LLC and its predecessors
Executive positions, Verizon, MCI Communications,
Nexagent, Internap, Racal Telecom, British Telecom,
and S.I.T.A.; Director, PERT Consortium
President, Applications Group, Vonage; Former SVP Sales, Magic Leap; Executive positions, SAP, Hewlett-Packard, Vesper and Nextel
Compensation Committee Chair, Semtech Corporation; CEO, Palagon Partners, LLC; Director, Lantronix, lnc.; Former Chairman and Director, Emulex Corporation
CEO Advisor to multiple startups; and Director, Xilinx, Inc.; Former CEO and Director, Teridion; Former SVP and GM, Hewlett-Packard; Executive positions, 3Com, Tropos Networks and Cisco Systems
Strategic Advisor, Diversis Capital, LLC; Former COO, Huawei Enterprise USA, Inc.; Director, CTS Corporation, ServicePower and Knowles Corporation
Audit Committee Chair, Semtech Corporation; Former COO and CFO of Kilopass Technology, lnc.; Former CFO of eSilicon Corporation
CEO and Co-founder, WujiTech, Inc.;
Executive positions, Asyst Technologies,
Inc. and IBM; Director, Wujitech, Inc.
President and Chief Executive Officer,
Board Member, Aristocrat Leisure Limited;
Former CEO,President and Director, Trident Microsystems, Inc.
462 South 4th Street, Ste. 1600
Louisville, KY 40202
Shareholder Inquiries: 877-868-8019
Foreign Shareowners: 781-575-2879
Ticker Symbol: SMTC
200 Flynn Road
Camarillo, CA 93012
This document may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s financial position and long-term projections and strategy. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties discussed in our filings with the Securities and Exchange Commission. The Company’s actual results may differ materially from expected results. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Semtech, the Semtech logo, ClearEdge®, LoRa®, LoRa Alliance®, and LoRaWAN® are registered trademarks or service marks, and FiberEdge™, Tri-Edge™ and LoRa Cloud™ are trademarks or service marks, of Semtech Corporation or its affiliates.