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Semtech SMTC Impairment of RBH Equity Investment

Other financials

Income statement

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Revenue$291.0M+15.9%
Gross profit$151.5M+15.4%
Operating income$25.8M-28.3%
Net income$26.6M+37.3%
EPS (diluted)$0.27+22.7%

Balance sheet

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Cash & equivalents$163.3M+4.4%
Total debt$517.6M-9.0%
Total equity$573.3M+0.8%
Total assets$1.4B+0.5%

Cash flow

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Operating cash flow$36.2M+30.0%
CapEx$8.2M+395%
Free cash flow$28.0M+7.0%

Valuation

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Market cap$14.74B+285%
Enterprise value$15.09B+243%
P/S13.5×+9.5×

Profitability

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Gross margin51.6%+0.4pp
Operating margin7%+3.7pp
Net margin-3%—
FCF margin15.9%+7.7pp

Returns & leverage

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Return on equity-5.8%—
Debt / equity0.9×-0.1×
Current ratio2.4×-0.2×

Questions, answered.

What does impairment of RBH equity investment mean?
This is a non-cash charge reflecting a permanent decline in the fair value of an equity method investment below its carrying amount. It signals that the underlying value of the associate or joint venture has deteriorated.