Proxy Material

Letter to Stockholders

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.

Mohan Maheswaran
President and CEO

Smarter Planet

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.

  • More than 150 LoRaWAN network operators
  • 1.3 million-plus deployed gateways that use LoRa
  • Over 178 million end nodes connected worldwide

Connected Communities

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.

  • Tri-Edge™, ClearEdge® and FiberEdge™ deliver lower power, lower cost and reduced latency technology for 10Gbps to 800Gbps optical connectivity supporting hyperscale data centers, 5G wireless systems and 10G PON systems

Mobile Society

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.

  • Electrostatic discharge (ESD) protection for mobile systems, displays, accessories, and automotive platforms
  • Safeguards data interfaces for a broad range of industrial and communication markets

Sustainable World

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.

  • Remote utility meter reading decreases costs and maximizes natural resources
  • Contact tracing and facility hygiene applications foster safe and secure workplaces
  • Smart home energy monitoring reduces power consumption
  • Indoor and outdoor asset tracking optimizes processes and prevents loss

Financial Highlights

Balance Sheet Data (in thousands)

FY2017 FY2018 FY2019 FY2020 FY2021
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

Corporate Information

Semtech Leadership Team
  • Mohan Maheswaran

    President and Chief Executive Officer

  • Charles Ammann

    Executive Vice President, Chief Legal
    Officer and Chief Environmental,
    Social and Governance (ESG) Officer

  • Gary Beauchamp

    Executive Vice President
    and General Manager,
    Signal Integrity Products Group

  • Chris Chang

    Senior Vice President, Corporate
    Marketing and Sales, Asia Pacific

  • Emeka Chukwu

    Executive Vice President and
    Chief Financial Officer

  • Alistair Fulton

    Vice President and General Manager, Wireless and Sensing Products Group

  • Norris Powell

    Senior Vice President and
    Chief Human Resources Officer

  • Madhu Rayabhari

    Vice President and General Manager,
    Protection Products Group

  • Mike Rodensky

    Vice President, Sales – Americas and EMEA

  • Asaf Silberstein

    Executive Vice President, Worldwide Operations and Information Technology

  • 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

  • Martin S.J. Burvill

    Executive positions, Verizon, MCI Communications,
    Nexagent, Internap, Racal Telecom, British Telecom,
    and S.I.T.A.; Director, PERT Consortium

  • Rodolpho C. Cardenuto

    President, Applications Group, Vonage; Former SVP Sales, Magic Leap; Executive positions, SAP, 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 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

  • Jane Li

    Strategic Advisor, Diversis Capital, LLC; Former COO, Huawei Enterprise USA, Inc.; Director, CTS Corporation, 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

  • Paula LuPriore

    CEO and Co-founder, WujiTech, Inc.;
    Executive positions, Asyst Technologies,
    Inc. and IBM; Director, Wujitech, Inc.

  • Mohan Maheswaran

    President and Chief Executive Officer,
    Semtech Corporation

  • Sylvia Summers

    Board Member, Aristocrat Leisure Limited;
    Former CEO,President and Director, Trident Microsystems, Inc.

Transfer Agent

462 South 4th Street, Ste. 1600
Louisville, KY 40202
Shareholder Inquiries: 877-868-8019
Foreign Shareowners: 781-575-2879


Ticker Symbol: SMTC

Corporate Headquarters

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

Semtech Website

Contact Web E-Mail

Investor Relations

Telephone: 805-480-2004

Forward Looking Statements

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.

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