<SEC-DOCUMENT>0001193125-18-151152.txt : 20180619
<SEC-HEADER>0001193125-18-151152.hdr.sgml : 20180619
<ACCEPTANCE-DATETIME>20180503182402
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-151152
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEMTECH CORP
		CENTRAL INDEX KEY:			0000088941
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				952119684
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 FLYNN ROAD
		CITY:			CAMARILLO
		STATE:			CA
		ZIP:			93012-8790
		BUSINESS PHONE:		8054982111

	MAIL ADDRESS:	
		STREET 1:		200 FLYNN ROAD
		CITY:			CAMARILLO
		STATE:			CA
		ZIP:			93012-8790
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g581180g37k03.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Semtech Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">200
Flynn Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Camarillo, CA 93012-8790 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;3, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Kevin&nbsp;J. Kuhar </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Semtech Corporation </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal
Year Ended January&nbsp;29, 2017 filed March&nbsp;23, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed November&nbsp;29,
2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-06395</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Kuhar: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Semtech Corporation (the
&#147;<B>Company</B>&#148;), I submit this supplemental letter to our previously submitted correspondence dated February&nbsp;7, 2018 made in response to the comments (the &#147;<B>Comments</B>&#148;) from the staff (the &#147;<B>Staff</B>&#148;) of
the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) received by letter dated January&nbsp;25, 2018, relating to the Company&#146;s above referenced filings. The Company&#146;s supplemental response is set forth below. For the
convenience of the Staff, we have restated in <I>italics</I> comment #5 followed by the Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form
<FONT STYLE="white-space:nowrap">8-K</FONT> filed November&nbsp;29, 2017 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures and changes based on <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures, such as <FONT STYLE="white-space:nowrap">non-GAAP</FONT> net
sales and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> gross profit, exclude the effects of the fair value of warrants issued to Comcast. Tell us how you considered Question 100.04 of the Compliance and Disclosure Interpretations on <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures when presenting your measures that exclude the <FONT STYLE="white-space:nowrap">non-cash</FONT> sales incentives provided to Comcast. That guidance indicates that it is not appropriate to
present <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures that substitute individually tailored revenue recognition and measurement methods for those of GAAP. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">This letter provides additional information related to the Company&#146;s response in its letter dated February&nbsp;7, 2018 to comment #5 in
the Staff&#146;s letter dated January&nbsp;25, 2018 regarding the use of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures that exclude the effects of the fair value of warrants issued to Comcast in Exhibit 99.1 of Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed November&nbsp;29, 2017. As disclosed in the Company&#146;s press release furnished to the SEC as an Exhibit to the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on May&nbsp;3, 2018, the Company
accelerated the vesting of the remaining 586,956 unvested shares from the Warrant originally issued to a subsidiary of Comcast on October&nbsp;5, 2016. The Warrant is now fully-vested and exercisable for a total of 869,565 shares. As a result of
this action, the Company expects to record expense </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Kevin J. Kuhar </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;3, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page | <B>
2</B>
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
related to the Warrant of $21.5&nbsp;million, including $15.9&nbsp;million related to this acceleration, which will be reflected as a reduction to net sales in the Company&#146;s earnings release
for its first fiscal quarter ended April&nbsp;29, 2018. Because the Warrant is now fully vested, there will not be expense related to the Warrant in future periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Consistent with prior quarters since the Warrant was issued, the Company intends to continue to use the same
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures that exclude the effects of the fair value of the Warrant in its earnings release furnished on Form <FONT STYLE="white-space:nowrap">8-K</FONT> for the fiscal quarter ended April&nbsp;29,
2018. As discussed in the Company&#146;s response letter dated February&nbsp;7, 2018 to comment #5, the Company will enhance the purpose and use disclosure related to the measures to explain why investors find this information useful and how
management uses these measures. However, since the Warrant has now been fully-vested and the Company will not record additional expense related to the Warrant in future periods, the Company will no longer report any
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures that adjust for the Warrant in future earnings releases after the earnings release for the fiscal quarter ended April&nbsp;29, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may contact me at (805) <FONT STYLE="white-space:nowrap">480-2191</FONT> if you have any further questions or comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Emeka N. Chukwu </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Emeka N. Chukwu </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Executive Vice President and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Semtech Corporation </P>
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