Semtech Corporation SMTC
Q2 2013 Earnings Call Transcript
Operator: Good afternoon. My name is Ethan and I will be your conference operator today. At this time, I would like to welcome everyone to the Semtech's Quarter Two FY '13 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-answer-session. Thank you.
Linda Brewton, Senior Manager of Investor Relations, you may begin your conference.
Linda Brewton - IR: Thank you, Ethan. Welcome to Semtech's fiscal year 2013 second quarter conference call. I am Linda Brewton, Senior Manager of Investor Relations. Speakers for today's call will be Mohan Maheswaran, Semtech's President and Chief Executive Officer; and Emeka Chukwu, our Chief Financial Officer.
A press release announcing our unaudited results for the quarter ended July 29, 2012, was issued after the market closed today and is available on our website at www.semtech.com.
Today's call will include forward-looking statements that include risks and uncertainties that could cause actual results to differ materially from the results anticipated in these statements. For a more detailed discussion of these risks and uncertainties, please review the Safe Harbor statement included in today's press release, as well as the other risk factors section of our most recent periodic reports on forms 10-Q and 10-K filed with the Securities and Exchange Commission.
As a reminder, comments made on today's call are current as of today only. Semtech undertakes no obligation to update the information in this call should facts or circumstances change. During the call, we may refer to pro forma or other financial measures that are not prepared in accordance with Generally Accepted Accounting Principles. A discussion of why the management team believes non-GAAP information to be useful, along with detailed reconciliations between GAAP and non-GAAP results are included in today's press release.
I would like to mention that Semtech will be presenting at the Citi 2012 Technology Conference in New York City on Tuesday, September 4th at 3.00 pm Eastern. A link to the webcast will be available under the events section of our Investor Relations webpage.
With that, I will now turn the call over to Semtech's Chief Financial Officer, Emeka Chukwu.
Emeka Chukwu - SVP and CFO: Thank you, Linda. Good afternoon, everyone. Our second quarter of fiscal year 2013 was a record quarter for Semtech. With revenue growing 29% sequentially to a record $150.7 million and up 16% from the same quarter last year. Our Q2 results included a full quarter of Gennum revenue, excluding the $35 million generated by Gennum, our organic business grew 10% from Q1. In Q2 sales into Asia represented 69% of revenue, North America represented 18% and Europe represented 13% of total revenue.
Direct sales represented approximately 59% of total revenues, while distribution made up 41%. Book-to-bill for the quarter was less than 1. Bookings were strong for the first half of Q2, weakened in the second half of the quarter and had been strong so far in Q3. Sales bookings accounted for approximately 40% of shipments during the quarter.
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