delivering results

Fiscal Year 2019

was a very exciting year for Semtech as the Company delivered a strong operating performance that included several new financial records. Net sales of $627.2 million grew 7% over the prior year and represented a new record, driven by growth from all three of our Product Groups. Our Signal Integrity and our Wireless and Sensing Products Groups achieved record annual net sales, while our Protection Products Group grew annual net sales for a third consecutive year. We also achieved a record number of new design wins, and generated a record $183.6 million in operating cash flow.

This strong operating performance was driven by our innovative growth engines targeted at the Internet of Things (IoT), Data Center and Mobile markets which are all benefitting from three industry mega-trends:

  1. Smarter Planet
  2. Higher Bandwidth Connectivity
  3. Greater Mobility

Internet of Things

IoT is expected to deliver intelligence and efficiency on an unparalleled scale through the use of advanced analytics by quickly and inexpensively connecting billions of “things” to the Cloud. Semtech’s revolutionary LoRa® devices and wireless radio frequency technology (LoRa Technology) continued its march toward establishing itself as the de facto platform in Low Power Wide Area Networks (LPWAN). Some of the major milestones achieved to date include:

  • The number of countries with LoRaWAN®-based networks increased to more than 100 globally
  • LoRa-based gateway deployments more than tripled to 243,000 in fiscal year 2019, with the capability to support over 1 billion end nodes and
  • We announced our first LoRa Cloud™ Services platform for location-based services

Data Centers

The ongoing demand for higher bandwidth and connectivity solutions remained a key driver behind the growth and record annual net sales results achieved by our Signal Integrity Products Group in fiscal year 2019.

Demand for these higher speed links by Cloud and Hyperscale data centers is expected to continue and Semtech’s ClearEdge® and recently introduced Tri-Edge CDR platforms, along with our FiberEdge™ PMD platforms, position the Company to benefit from this secular growth driver.


Semtech continued to deliver innovative protection and proximity sensing platforms used in smartphones, tablets and wearable devices that are used to protect customers’ products as well as protect users from the radio emissions of increasingly more powerful radio waves.

We believe our unrelenting focus on developing innovative solutions, our diverse customer base, our balanced end-market exposure, and balanced product portfolio position Semtech very well strategically to deliver future net sales and earnings growth.

Mohan Maheswaran
President and Chief Executive Officer


LoRa-based gateways deployed globally at the end of fiscal year 2019, and expected to double in fiscal year 2020

1.2 billion

LoRa-based end-nodes capable of being supported by installed LoRa-based gateways, which is expected to increase to over 2 billion by the end of fiscal year 2020

87 million

Cumulative number of LoRa-based end-nodes deployed globally and expected to grow to 140 million by the end of fiscal year 2020


The number of LoRaWAN-based network operators worldwide at the end of 2018

financial highlights

BALANCE SHEET DATA (in thousands) FY 2015** FY 2016 FY 2017 FY 2018 FY 2019
Cash and cash equivalents $230,328 $211,810 $297,134 $307,923 $312,120
Working capital $288,647 $237,334 $315,453 $335,024 $355,390
Total assets $929,431 $911,517 $1,011,542 $1,085,776 $1,062,881
Long-term debt, less current portion $234,746 $239,177 $226,524 $211,114 $192,845
Other long-term liabilities $35,286 $40,402 $56,780 $83,441 $57,441
Total stockholders' equity $551,358 $528,051 $605,263 $665,013 $682,681

** FY2015 EPS impacted by restructuring and impairment related charges of $25.1M from the strategic decision to conclude investment in defense and microwave communications infrastructure markets.

corporate information

Semtech Leadership
  • Mohan Maheswaran

    President and Chief Executive Officer

  • Charles Ammann

    Executive Vice President, General Counsel and Secretary

  • Gary Beauchamp

    Executive Vice President and General Manager, Signal Integrity Products Group

  • Chris Chang

    Senior Vice President, Corporate Marketing and Business Development

  • Emeka Chukwu

    Executive Vice President and
    Chief Financial Officer

  • Mark Costello

    Vice President and General Manager, Protection Products Group

  • Sharon Faltemier

    Senior Vice President, Human Resources

  • Alistair Fulton

    Vice President and General Manager, Wireless and Sensing Products Group

  • James Kim

    Executive Vice President, Worldwide Sales

  • Asaf Silberstein

    Executive Vice President,
 Worldwide Operations and Information Technology

  • Nicolas Sornin

    Chief Technology Officer and Vice President of Architecture, Wireless and Sensing Products Group

  • Michael Wilson

    Executive Vice President and Chief Quality Officer

Board Members
  • Rockell N. Hankin

    Chairman of the Board, Nominating and Governance Committee Chair, Semtech Corporation; Chairman of the Board, The Kavli Foundation; lnvestor

  • James P. Burra

    Vice Chairman, Semtech Corporation; CEO, Endural, LLC and its predecessors

  • Rodolpho C. Cardenuto

    SVP Sales, Magic Leap; Former President of SAP’s Global Partner Operations; Executive positions, Hewlett-Packard, Vesper and Nextel

  • Bruce C. Edwards

    Compensation Committee Chair, Semtech Corporation; CEO, Palagon Partners, LLC; Director, Lantronix, lnc.; Former Chairman and Director, Emulex Corporation

  • Saar Gillai

    CEO and Director, Teridion; Former SVP and GM, Hewlett-Packard; Executive positions, 3Com, Tropos Networks and Cisco Systems; Director, SpaceIQ and Xilinx, Inc.

  • Jane Li

    Strategic Advisor, Diversis Capital, LLC; Advisory Board Member, a couple of private companies; Former COO, Huawei Enterprise USA, Inc.; Director, ServicePower and Knowles Corporation

  • James T. Lindstrom

    Audit Committee Chair, Semtech Corporation; Former COO and CFO of Kilopass Technology, lnc.; Former CFO of eSilicon Corporation

  • Mohan Maheswaran

    President and Chief Executive Officer,
 Semtech Corporation

  • Carmelo J. Santoro

    Independent Business Consultant; Former Board Member, two private companies; Former President and CEO, Attensity Inc.; Former CEO and Chairman, Platinum Software Corp and Silicon Systems Inc.

  • Sylvia Summers

    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


Nasdaq, Ticker Symbol: SMTC


200 Flynn Road, Camarillo, CA 93012
Telephone: 805-498-2111



Telephone: 805-480-2004


This document may contain certain forwardlooking 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. We undertake no obligation to update or revise forwardlooking statements, whether as a result of new information, future events or otherwise.

Semtech, the Semtech logo, ClearEdge, LoRa and LoRaWAN are registered trademarks or service marks, and FiberEdge, LoRa Cloud and the LoRa Alliance are trademarks or service marks, of Semtech Corporation.