Lattice Semiconductor Expands Stock Repurchase Program With New $150 Million Authorization

Rhea-AI Summary

Lattice Semiconductor (NASDAQ: LSCC) has authorized a stock buyback program of up to $150 million to enhance shareholder value, effective through December 2023. This addition follows a previous authorization of $100 million set to expire at the end of 2022. Notably, the company reported a 31% year-over-year increase in operating cash flow. The buyback strategy reflects Lattice's strong financial position and ongoing commitment to deliver value to shareholders through effective capital allocation.

Positive

• Authorization of an additional $150 million stock buyback enhances shareholder value.
• 31% year-over-year increase in operating cash flow indicates strong financial health.

Negative

• None.

HILLSBORO, Ore.--(BUSINESS WIRE)-- Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced that its Board of Directors has authorized the Company to repurchase up to an additional $150 million of its outstanding common stock through the end of December 2023.

The authorization to repurchase up to $150 million of Lattice’s common stock is in addition to the authorization by the Board of Directors, on Nov. 5, 2021, to repurchase up to $100 million of its outstanding common stock until Dec. 31, 2022. As of July 2, 2022, $40 million of the Nov. 5, 2021 authorization remained available.

Sherri Luther, Chief Financial Officer, said, "Through the first half of this year, we’ve driven a 31 percent year over year increase in operating cash flow, and 2Q 2022 was our seventh consecutive quarter of executing share buybacks. This share repurchase program expansion is an important component of our capital allocation program and reflects the financial strength of our business, reinforcing our commitment to delivering shareholder value.”

Under the program, Lattice may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under this program will depend on market conditions, share price, corporate and regulatory considerations, and other factors. The Company intends to conduct the program in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchase program may be suspended or discontinued by the Company at any time.

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include, but are not limited to, statements relating to: the amount of our outstanding capital stock we plan to or will purchase under the repurchase program and the timing and methods to execute such repurchases, the financial strength of the Company’s business, and the Company’s ability to deliver value to stockholders. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.

Actual results may differ materially from our expectations and are subject to risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its Annual Report on Form 10-K for the fiscal year ended January 1, 2022, and Lattice’s quarterly reports filed on Form 10-Q. Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Lattice Semiconductor Corporation:

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive, and consumer markets. Our technology, long-standing relationships, and commitment to world-class support let our customers quickly and easily unleash their innovation to create a smart, secure, and connected world.

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, Weibo or Youku.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005193/en/

MEDIA:

Sophia Hong

Lattice Semiconductor

503-268-8786

Sophia.Hong@latticesemi.com

INVESTORS:

Rick Muscha

Lattice Semiconductor

408-826-6000

Rick.Muscha@latticesemi.com

Source: Lattice Semiconductor

FAQ

What is the recent stock buyback authorization amount for Lattice Semiconductor (LSCC)?

Lattice Semiconductor has authorized an additional stock buyback of up to $150 million.

What was the previous stock buyback authorization before the recent announcement by Lattice (LSCC)?

The previous stock buyback authorization was $100 million, which was set to expire at the end of 2022.

When does the new stock buyback program for Lattice Semiconductor (LSCC) end?

The new stock buyback program is effective through December 2023.

What financial performance did Lattice Semiconductor (LSCC) report for the first half of the year?

Lattice Semiconductor reported a 31% year-over-year increase in operating cash flow.