Lattice Semiconductor Reports First Quarter 2024 Results
Lattice Semiconductor (Nasdaq: LSCC) reported its financial results for the first quarter of 2024, with revenue of $140.8 million and GAAP net income of $0.11 per diluted share. Despite near-term industry headwinds, the company remains well-positioned for long-term success with significant product portfolio expansion. The Company's disciplined spending and capital return to shareholders were highlighted. The non-GAAP gross margin was 69% with net income per diluted share of $0.29.
Lattice Semiconductor reported revenue of $140.8 million for the first quarter of 2024.
The Company's GAAP gross margin was 68.3%, while non-GAAP gross margin stood at 69%.
Lattice Semiconductor's net income per diluted share was $0.11 on a GAAP basis and $0.29 on a non-GAAP basis for the first quarter of 2024.
The company remains focused on long-term growth and capital return to shareholders, executing on its fourteenth consecutive quarter of share repurchases.
Lattice Semiconductor highlighted significant product portfolio expansion in its history, positioning itself for long-term success.
Revenue for the first quarter of 2024 decreased by 17.5% compared to the previous quarter and 23.6% compared to the same quarter last year.
The Company's operating income decreased by 61.6% compared to the previous quarter and 72.0% compared to the same quarter last year.
Net income for the first quarter of 2024 decreased by 85.0% compared to the previous quarter and 73.5% compared to the same quarter last year.
Lattice Semiconductor's net income per diluted share showed a decline of $0.30 compared to the previous quarter and $0.29 compared to the same quarter last year.
Insights
The financial results of Lattice Semiconductor suggest a declining revenue trend, with a
Seeing the company's commitment to shareholder returns through consistent share repurchases could be a positive signal. Yet, the sharp declines in income from operations (
The announcements of a new AI-PC win with Dell, software solutions expansion and updated FPGA design tool suggest Lattice Semiconductor is innovating and expanding its footprint in the semiconductor industry. These initiatives, particularly in AI and 5G technologies, might be key growth drivers as the company banks on product portfolio expansion despite current headwinds.
From an industry perspective, semiconductor companies must continuously invest in R&D to remain competitive, which seems to be reflected in Lattice's increased R&D spending. However, investors should monitor how effectively these investments translate into market share gains and revenue growth.
Given the semiconductor industry's cyclical nature, the downturn in Lattice's financials might reflect broader market trends. Yet, the company's business outlook for Q2 2024 indicates a further revenue reduction to between
Understanding the dynamics of Lattice's end markets, such as consumer electronics and communications, where Lattice's programmable solutions are used, is pivotal. Factors like global supply chain challenges, shifting demand for consumer electronics and competition could heavily influence future performance.
Revenue for the first quarter of 2024 was
Jim Anderson, president and CEO, said, "First quarter 2024 results came in as expected and reflect the near-term impact of cyclic industry headwinds. Despite near-term headwinds, the Company is well-positioned for the long-term as we execute on the largest product portfolio expansion in our history."
Sherri Luther, CFO, said, "We remain disciplined in our spending, while continuing to invest for long-term growth. In addition, we continued to return capital to shareholders by executing on our fourteenth consecutive quarter of share repurchases."
Selected First Quarter 2024 Financial Results and Comparisons (in thousands, except per share data)
|
|
GAAP Financial Results (unaudited) |
||||||||||||||
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
Q1 2023 |
|
|
Q/Q |
|
Y/Y |
|||
Revenue |
|
$ |
140,815 |
|
|
$ |
170,596 |
|
|
$ |
184,310 |
|
|
(17.5)% |
|
(23.6)% |
Gross Margin % |
|
|
68.3 |
% |
|
|
69.7 |
% |
|
|
69.8 |
% |
|
(140) bps |
|
(150) bps |
R&D Expense % |
|
|
28.8 |
% |
|
|
23.3 |
% |
|
|
19.5 |
% |
|
550 bps |
|
930 bps |
SG&A Expense % |
|
|
25.9 |
% |
|
|
20.3 |
% |
|
|
17.7 |
% |
|
560 bps |
|
820 bps |
Operating Expenses |
|
$ |
79,634 |
|
|
$ |
75,798 |
|
|
$ |
69,467 |
|
|
|
|
|
Income from Operations |
|
$ |
16,574 |
|
|
$ |
43,149 |
|
|
$ |
59,134 |
|
|
(61.6)% |
|
(72.0)% |
Net Income |
|
$ |
14,796 |
|
|
$ |
98,706 |
|
|
$ |
55,923 |
|
|
(85.0)% |
|
(73.5)% |
Net Income per Share - Basic |
|
$ |
0.11 |
|
|
$ |
0.72 |
|
|
$ |
0.41 |
|
|
|
|
|
Net Income per Share - Diluted |
|
$ |
0.11 |
|
|
$ |
0.71 |
|
|
$ |
0.40 |
|
|
|
|
|
Fourth quarter of 2023 GAAP net income includes an income tax benefit of |
||||||||||||||||
|
|
Non-GAAP* Financial Results (unaudited) |
||||||||||||||
|
|
Q1 2024 |
|
|
Q4 2023 |
|
|
Q1 2023 |
|
|
Q/Q |
|
Y/Y |
|||
Revenue |
|
$ |
140,815 |
|
|
$ |
170,596 |
|
|
$ |
184,310 |
|
|
(17.5)% |
|
(23.6)% |
Gross Margin % |
|
|
69.0 |
% |
|
|
70.4 |
% |
|
|
70.3 |
% |
|
(140) bps |
|
(130) bps |
R&D Expense % |
|
|
23.1 |
% |
|
|
18.7 |
% |
|
|
16.5 |
% |
|
440 bps |
|
660 bps |
SG&A Expense % |
|
|
16.1 |
% |
|
|
13.8 |
% |
|
|
12.8 |
% |
|
230 bps |
|
330 bps |
Operating Expenses |
|
$ |
54,858 |
|
|
$ |
55,495 |
|
|
$ |
53,983 |
|
|
(1.1)% |
|
|
Income from Operations |
|
$ |
42,238 |
|
|
$ |
64,563 |
|
|
$ |
75,641 |
|
|
(34.6)% |
|
(44.2)% |
Net Income |
|
$ |
40,258 |
|
|
$ |
62,801 |
|
|
$ |
71,772 |
|
|
(35.9)% |
|
(43.9)% |
Net Income per Share - Basic |
|
$ |
0.29 |
|
|
$ |
0.46 |
|
|
$ |
0.52 |
|
|
|
|
|
Net Income per Share - Diluted |
|
$ |
0.29 |
|
|
$ |
0.45 |
|
|
$ |
0.51 |
|
|
|
|
|
GAAP represents |
||||||||||||||||
First Quarter 2024 Highlights:
- New AI-PC Win: Lattice hardware and software power AI computer vision on new Dell Latitude models.
- Software Solutions Expansion: Launched an enhanced version of the award-winning Lattice ORAN™ solution stack.
- Enhanced FPGA Design Tool: Released a new version of the award-winning Lattice Radiant® software, featuring an advanced design automation flow solution with expanded functional safety and reliability capabilities.
-
Lattice Received Multiple Industry Awards:
-
2024 Top Workplace
USA Award - 2024 BIG AI Excellence Award Winner
- 2024 Globee Cybersecurity Awards
-
2024 Top Workplace
Business Outlook - Second Quarter of 2024:
-
Revenue for the second quarter of 2024 is expected to be between
$120 million $140 million -
Gross margin percentage for the second quarter of 2024 is expected to be
69.0% plus or minus1% on a non-GAAP basis. -
Total operating expenses for the second quarter of 2024 are expected to be between
$54 million $56 million
Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP financial measures. With respect to the outlook for the second quarter of 2024, certain items that affect GAAP measurement of financial measures for gross margin percentage and total operating expenses are not accessible on a forward-looking basis because such items cannot be reasonably predicted without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP measures, including certain large and/or unpredictable charges such as stock-based compensation expense; litigation expense outside the ordinary course of business; and restructuring. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for non-GAAP gross margin percentage or non-GAAP total operating expenses for quarterly guidance or a corresponding reconciliation to GAAP for the quarter. From a qualitative perspective, the differences between our GAAP measurement of financial measures for gross margin percentage and total operating expenses and our non-GAAP measure of those items will consist of items similar to those described in the financial tables later in this release for such items historically, including, for example and without limitation, certain large and/or unpredictable charges such as stock-based compensation expense; litigation expense outside the ordinary course of business; and restructuring. Additional information regarding the reasons the Company uses non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included in this press release.
Investor Conference Call / Webcast Details:
Lattice Semiconductor will review the Company's financial results for the fiscal first quarter 2024, and business outlook on Monday, April 29 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-877-407-3982 or 1-201-493-6780 with conference identification number 13745683. A live webcast of the conference call will also be available on the investor relations section of www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.
Forward-Looking Statements Notice:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are neither historical facts nor assurances of future performance and may be forward-looking. Such forward-looking statements include, but are not limited to, statements relating to our rapid product portfolio expansion; long-term position; near-term cyclical industry headwinds; accelerating customer momentum; and the statements under the heading “Business Outlook - Second Quarter of 2024.” 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.
Estimates of future revenue and other financial and operational outcomes are inherently uncertain due to factors such as global economic conditions which may affect customer demand, the cyclical nature of the semiconductor industry, pricing and inflationary pressures, competitive actions, international trade disputes and sanctions, the potential impact of global pandemics, and other significant risks and uncertainties that are beyond our ability to predict or control. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, variations in manufacturing yields, the failure to sustain operational improvements, and the actual amount of compensation charges due to stock price changes. 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 described in our filings with the Securities and Exchange Commission, including Lattice’s most recent Annual Report on Form 10-K, especially those under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations”, all of which are expressly incorporated herein by reference.
Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. New risk factors emerge from time to time and it is not possible for the Company to predict all risk factors. You should not 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 and undertakes no obligation 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.
Non-GAAP Financial Measures:
Included within this press release and the accompanying tables and notes are certain non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with
The Company's management believes that these non-GAAP financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data. The non-GAAP financial information used by the Company may differ from that used by other companies. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.
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, or Weibo.
Lattice Semiconductor Corporation |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
(in thousands, except per share data) |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 30, |
|
|
December 30, |
|
|
April 1, |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
Revenue |
|
$ |
140,815 |
|
|
$ |
170,596 |
|
|
$ |
184,310 |
|
Cost of sales |
|
|
44,607 |
|
|
|
51,649 |
|
|
|
55,709 |
|
Gross margin |
|
|
96,208 |
|
|
|
118,947 |
|
|
|
128,601 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
40,591 |
|
|
|
39,787 |
|
|
|
35,989 |
|
Selling, general, and administrative |
|
|
36,469 |
|
|
|
34,661 |
|
|
|
32,578 |
|
Amortization of acquired intangible assets |
|
|
870 |
|
|
|
869 |
|
|
|
870 |
|
Restructuring |
|
|
1,704 |
|
|
|
481 |
|
|
|
30 |
|
Total operating expenses |
|
|
79,634 |
|
|
|
75,798 |
|
|
|
69,467 |
|
Income from operations |
|
|
16,574 |
|
|
|
43,149 |
|
|
|
59,134 |
|
Interest income (expense), net |
|
|
1,307 |
|
|
|
1,453 |
|
|
|
(555 |
) |
Other income (expense), net |
|
|
(46 |
) |
|
|
802 |
|
|
|
(95 |
) |
Income before income taxes |
|
|
17,835 |
|
|
|
45,404 |
|
|
|
58,484 |
|
Income tax expense (benefit) |
|
|
3,039 |
|
|
|
(53,302 |
) |
|
|
2,561 |
|
Net income |
|
$ |
14,796 |
|
|
$ |
98,706 |
|
|
$ |
55,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.72 |
|
|
$ |
0.41 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.71 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
137,475 |
|
|
|
137,686 |
|
|
|
137,418 |
|
Diluted |
|
|
138,774 |
|
|
|
139,114 |
|
|
|
140,101 |
|
Lattice Semiconductor Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
March 30, |
|
|
December 30, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
107,466 |
|
|
$ |
128,317 |
|
Accounts receivable, net |
|
|
98,940 |
|
|
|
104,373 |
|
Inventories, net |
|
|
95,384 |
|
|
|
98,826 |
|
Other current assets |
|
|
38,948 |
|
|
|
36,430 |
|
Total current assets |
|
|
340,738 |
|
|
|
367,946 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
51,390 |
|
|
|
49,546 |
|
Operating lease right-of-use assets |
|
|
17,039 |
|
|
|
14,487 |
|
Intangible assets, net |
|
|
19,888 |
|
|
|
20,974 |
|
Goodwill |
|
|
315,358 |
|
|
|
315,358 |
|
Deferred income taxes |
|
|
57,111 |
|
|
|
57,762 |
|
Other long-term assets |
|
|
14,075 |
|
|
|
14,821 |
|
|
|
$ |
815,599 |
|
|
$ |
840,894 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
33,069 |
|
|
$ |
34,487 |
|
Accrued liabilities |
|
|
32,049 |
|
|
|
36,048 |
|
Accrued payroll obligations |
|
|
16,443 |
|
|
|
26,865 |
|
Total current liabilities |
|
|
81,561 |
|
|
|
97,400 |
|
|
|
|
|
|
|
|
|
|
Long-term operating lease liabilities, net of current portion |
|
|
12,799 |
|
|
|
10,739 |
|
Other long-term liabilities |
|
|
38,577 |
|
|
|
40,735 |
|
Total liabilities |
|
|
132,937 |
|
|
|
148,874 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
682,662 |
|
|
|
692,020 |
|
|
|
$ |
815,599 |
|
|
$ |
840,894 |
|
Lattice Semiconductor Corporation |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 30, |
|
|
April 1, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,796 |
|
|
$ |
55,923 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
18,494 |
|
|
|
14,255 |
|
Depreciation and amortization |
|
|
9,129 |
|
|
|
8,090 |
|
Other non-cash adjustments |
|
|
2,442 |
|
|
|
1,314 |
|
Net changes in assets and liabilities |
|
|
(15,350 |
) |
|
|
(34,718 |
) |
Net cash provided by (used in) operating activities |
|
|
29,511 |
|
|
|
44,864 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(3,426 |
) |
|
|
(8,414 |
) |
Other investing activities |
|
|
(4,321 |
) |
|
|
(2,615 |
) |
Net cash provided by (used in) investing activities |
|
|
(7,747 |
) |
|
|
(11,029 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Repayment of long-term debt |
|
|
— |
|
|
|
(25,000 |
) |
Repurchase of common stock |
|
|
(20,000 |
) |
|
|
(10,004 |
) |
Net cash flows related to stock compensation exercises |
|
|
(22,174 |
) |
|
|
(32,552 |
) |
Net cash provided by (used in) financing activities |
|
|
(42,174 |
) |
|
|
(67,556 |
) |
Effect of exchange rate change on cash |
|
|
(441 |
) |
|
|
135 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
(20,851 |
) |
|
|
(33,586 |
) |
Beginning cash and cash equivalents |
|
|
128,317 |
|
|
|
145,722 |
|
Ending cash and cash equivalents |
|
$ |
107,466 |
|
|
$ |
112,136 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information and non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
— |
|
|
$ |
1,849 |
|
Income taxes paid, net of refunds |
|
$ |
1,249 |
|
|
$ |
413 |
|
Operating lease payments |
|
$ |
2,099 |
|
|
$ |
2,000 |
|
Lattice Semiconductor Corporation |
||||||||||||
Supplemental Historical Financial Information |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 30, |
|
December 30, |
|
April 1, |
||||||
|
|
2024 |
|
2023 |
|
2023 |
||||||
Balance Sheet Information |
|
|
|
|
|
|
|
|
|
|
|
|
A/R Days Revenue Outstanding (DSO) |
|
|
64 |
|
|
|
56 |
|
|
|
45 |
|
Inventory Days (DIO) |
|
|
195 |
|
|
|
175 |
|
|
|
192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue % (by Geography) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66 |
% |
|
|
60 |
% |
|
|
57 |
% |
|
|
|
22 |
% |
|
|
22 |
% |
|
|
23 |
% |
|
|
|
12 |
% |
|
|
18 |
% |
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue % (by End Market) |
|
|
|
|
|
|
|
|
|
|
|
|
Communications and Computing |
|
|
39 |
% |
|
|
34 |
% |
|
|
36 |
% |
Industrial and Automotive |
|
|
53 |
% |
|
|
59 |
% |
|
|
59 |
% |
Consumer |
|
|
8 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue $M (by End Market) |
|
|
|
|
|
|
|
|
|
|
|
|
Communications and Computing |
|
$ |
54.6 |
|
|
$ |
58.7 |
|
|
$ |
66.3 |
|
Industrial and Automotive |
|
$ |
75.3 |
|
|
$ |
99.8 |
|
|
$ |
108.3 |
|
Consumer |
|
$ |
10.9 |
|
|
$ |
12.1 |
|
|
$ |
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue % (by Channel) |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution |
|
|
87 |
% |
|
|
82 |
% |
|
|
88 |
% |
Direct |
|
|
13 |
% |
|
|
18 |
% |
|
|
12 |
% |
Lattice Semiconductor Corporation |
|||||||||||
Reconciliation of |
|||||||||||
(in thousands, except per share data) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 30, |
|
December 30, |
|
April 1, |
||||||
|
2024 |
|
2023 |
|
2023 |
||||||
Gross Margin Reconciliation |
|||||||||||
GAAP Gross margin |
$ |
96,208 |
|
$ |
118,947 |
|
$ |
128,601 |
|
||
Stock-based compensation - gross margin (1) |
|
888 |
|
|
1,111 |
|
|
1,023 |
|
||
Non-GAAP Gross margin |
$ |
97,096 |
|
$ |
120,058 |
|
$ |
129,624 |
|
||
Gross Margin % Reconciliation |
|||||||||||
GAAP Gross margin % |
|
68.3 |
% |
|
69.7 |
% |
|
69.8 |
% |
||
Stock-based compensation - gross margin (1) |
|
0.7 |
% |
|
0.7 |
% |
|
0.5 |
% |
||
Non-GAAP Gross margin % |
|
69.0 |
% |
|
70.4 |
% |
|
70.3 |
% |
||
Research and Development Expense % (R&D Expense %) Reconciliation |
|||||||||||
GAAP R&D Expense % |
|
28.8 |
% |
|
23.3 |
% |
|
19.5 |
% |
||
Stock-based compensation - R&D (1) |
|
(5.7 |
)% |
|
(4.6 |
)% |
|
(3.0 |
)% |
||
Non-GAAP R&D Expense % |
|
23.1 |
% |
|
18.7 |
% |
|
16.5 |
% |
||
Selling, General, and Administrative Expense % (SG&A Expense %) Reconciliation |
|||||||||||
GAAP SG&A Expense % |
|
25.9 |
% |
|
20.3 |
% |
|
17.7 |
% |
||
Stock-based compensation - SG&A (1) |
|
(7.1 |
)% |
|
(5.3 |
)% |
|
(4.7 |
)% |
||
Litigation expense (2) |
|
(2.7 |
)% |
|
(1.2 |
)% |
|
(0.2 |
)% |
||
Non-GAAP SG&A Expense % |
|
16.1 |
% |
|
13.8 |
% |
|
12.8 |
% |
||
Operating Expenses Reconciliation |
|
|
|||||||||
GAAP Operating expenses |
$ |
79,634 |
|
$ |
75,798 |
|
$ |
69,467 |
|
||
Stock-based compensation - operations (1) |
|
(18,117 |
) |
|
(16,811 |
) |
|
(14,296 |
) |
||
Litigation expense (2) |
|
(3,832 |
) |
|
(2,098 |
) |
|
(288 |
) |
||
Amortization of acquired intangible assets |
|
(870 |
) |
|
(869 |
) |
|
(870 |
) |
||
Restructuring and other |
|
(1,957 |
) |
|
(525 |
) |
|
(30 |
) |
||
Non-GAAP Operating expenses |
$ |
54,858 |
|
$ |
55,495 |
|
$ |
53,983 |
|
||
Income from Operations Reconciliation |
|
|
|||||||||
GAAP Income from operations |
$ |
16,574 |
|
$ |
43,149 |
|
$ |
59,134 |
|
||
Stock-based compensation - gross margin (1) |
|
888 |
|
|
1,111 |
|
|
1,023 |
|
||
Stock-based compensation - operations (1) |
|
18,117 |
|
|
16,811 |
|
|
14,296 |
|
||
Litigation expense (2) |
|
3,832 |
|
|
2,098 |
|
|
288 |
|
||
Amortization of acquired intangible assets |
|
870 |
|
|
869 |
|
|
870 |
|
||
Restructuring and other |
|
1,957 |
|
|
525 |
|
|
30 |
|
||
Non-GAAP Income from operations |
$ |
42,238 |
|
$ |
64,563 |
|
$ |
75,641 |
|
||
Income from Operations % Reconciliation |
|||||||||||
GAAP Income from operations % |
|
11.8 |
% |
|
25.3 |
% |
|
32.1 |
% |
||
Cumulative effect of non-GAAP Gross Margin and Operating adjustments |
|
18.2 |
% |
|
12.5 |
% |
|
8.9 |
% |
||
Non-GAAP Income from operations % |
|
30.0 |
% |
|
37.8 |
% |
|
41.0 |
% |
||
(1) |
|
The non-GAAP adjustments for Stock-based compensation include related payroll tax expenses. |
(2) |
|
Legal expenses associated with the defense of claims that are outside the ordinary course of business that were brought against the Company by Steven A.W. De Jaray, Perienne De Jaray and Darrell R. Oswalde. |
Lattice Semiconductor Corporation |
||||||||||||
Reconciliation of |
||||||||||||
(in thousands, except per share data) |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 30, |
|
|
December 30, |
|
|
April 1, |
|
|||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
Income Tax (Benefit) Expense Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Income tax (benefit) expense |
|
$ |
3,039 |
|
|
$ |
(53,302 |
) |
|
$ |
2,561 |
|
Estimated tax effect of non-GAAP adjustments |
|
|
4,337 |
|
|
|
1,170 |
|
|
|
1,670 |
|
Non-cash changes in net deferred income taxes (3) |
|
|
(2,754 |
) |
|
|
56,913 |
|
|
|
— |
|
Change in tax law (4) |
|
|
(1,381 |
) |
|
|
(764 |
) |
|
|
(1,012 |
) |
Non-GAAP Income tax expense |
|
$ |
3,241 |
|
|
$ |
4,017 |
|
|
$ |
3,219 |
|
Net Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income |
|
$ |
14,796 |
|
|
$ |
98,706 |
|
|
$ |
55,923 |
|
Stock-based compensation - gross margin (1) |
|
|
888 |
|
|
|
1,111 |
|
|
|
1,023 |
|
Stock-based compensation - operations (1) |
|
|
18,117 |
|
|
|
16,811 |
|
|
|
14,296 |
|
Litigation expense (2) |
|
|
3,832 |
|
|
|
2,098 |
|
|
|
288 |
|
Amortization of acquired intangible assets |
|
|
870 |
|
|
|
869 |
|
|
|
870 |
|
Restructuring and other |
|
|
1,957 |
|
|
|
525 |
|
|
|
30 |
|
Estimated tax effect of non-GAAP adjustments |
|
|
(4,337 |
) |
|
|
(1,170 |
) |
|
|
(1,670 |
) |
Non-cash changes in net deferred income taxes (3) |
|
|
2,754 |
|
|
|
(56,913 |
) |
|
|
— |
|
Change in tax law (4) |
|
|
1,381 |
|
|
|
764 |
|
|
|
1,012 |
|
Non-GAAP Net income |
|
$ |
40,258 |
|
|
$ |
62,801 |
|
|
$ |
71,772 |
|
Net Income Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income per share - basic |
|
$ |
0.11 |
|
|
$ |
0.72 |
|
|
$ |
0.41 |
|
Cumulative effect of Non-GAAP adjustments |
|
|
0.18 |
|
|
|
(0.26 |
) |
|
|
0.11 |
|
Non-GAAP Net income per share - basic |
|
$ |
0.29 |
|
|
$ |
0.46 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income per share - diluted |
|
$ |
0.11 |
|
|
$ |
0.71 |
|
|
$ |
0.40 |
|
Cumulative effect of Non-GAAP adjustments |
|
|
0.18 |
|
|
|
(0.26 |
) |
|
|
0.11 |
|
Non-GAAP Net income per share - diluted |
|
$ |
0.29 |
|
|
$ |
0.45 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
137,475 |
|
|
|
137,686 |
|
|
|
137,418 |
|
Diluted |
|
|
138,774 |
|
|
|
139,114 |
|
|
|
140,101 |
|
(1) |
|
The non-GAAP adjustments for Stock-based compensation include related payroll tax expenses. |
(2) |
|
Legal expenses associated with the defense of claims that are outside the ordinary course of business that were brought against the Company by Steven A.W. De Jaray, Perienne De Jaray and Darrell R. Oswalde. |
(3) |
|
Non-cash changes in net deferred income taxes associated with the release of the valuation allowance against |
(4) |
|
Adjustments for Change in tax law reflect an increase in our provision for |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429871162/en/
MEDIA:
Sophia Hong
Lattice Semiconductor Corporation
503-268-8786
Sophia.Hong@latticesemi.com
INVESTORS:
Rick Muscha
Lattice Semiconductor Corporation
408-826-6000
Rick.Muscha@latticesemi.com
Source: Lattice Semiconductor Corporation
FAQ
What was Lattice Semiconductor's revenue for the first quarter of 2024?
What were Lattice Semiconductor's GAAP and non-GAAP gross margins for the first quarter of 2024?
What was Lattice Semiconductor's net income per diluted share for the first quarter of 2024?
How did Lattice Semiconductor perform in terms of revenue compared to the previous quarter and the same quarter last year?
What highlights were mentioned in Lattice Semiconductor's first quarter 2024 results?
