Semtech to delay 10-Q report for Q2

In a regulatory filing, the company stated: “Semtech will be unable to file its Quarterly Report on Form 10-Q for the quarter ended July 30, 2023 with the Securities and Exchange Commission within the prescribed time period. During the second quarter of fiscal year 2024, the Company determined it was required to perform an interim goodwill impairment test using a quantitative assessment. Despite working diligently in an effort to timely file its Q2 Form 10-Q, as of the date of this Notification of Late Filing, the goodwill impairment assessment is not complete and is not expected to be completed within the prescribed time period. Additionally, the Company is working diligently to complete certain procedures to conclude whether a valuation allowance is to be recorded against certain deferred tax assets. These assessments require significant resources from the Company’s financial, accounting and administrative personnel, and as a result, the Company requires additional time to complete the assessments and finalize the Q2 Form 10-Q. Based on preliminary information, the Company expects to incur total pre-tax non-cash goodwill impairment charges of approximately $340 million, which are expected to be incurred in reporting units identified during the quarter ended July 30, 2023 in connection with the Company’s acquisition of Sierra Wireless, Inc. on January 12, 2023. The amount of this estimated impairment could materially change between the time of this filing and the filing of the Q2 Form 10-Q as management completes its review procedures. No reasonable estimate for a valuation allowance can be provided at this time.”