- Record Full Year 2023 Revenue of $737
Million, up 12% Year Over Year
Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power
programmable leader, announced financial results today for the
fiscal fourth quarter and full year ended December 30, 2023.
Revenue for the fourth quarter of 2023 was $170.6 million, with
GAAP gross margin of 69.7% and GAAP net income of $0.71 per diluted
share, including a GAAP-only income tax benefit of $0.41 per
diluted share associated with a valuation release. On a non-GAAP
basis, gross margin was 70.4% with net income per diluted share of
$0.45.
Revenue for the full year 2023 was $737.2 million, with GAAP
gross margin of 69.8% and GAAP net income of $1.85 per diluted
share, including a GAAP-only income tax benefit of $0.41 per
diluted share associated with a valuation release. On a non-GAAP
basis, gross margin was 70.4% with net income per diluted share of
$2.01.
Jim Anderson, president and CEO, said, "We achieved double-digit
annual revenue growth in 2023, with record gross margin and
continued profit expansion. Despite near-term cyclical industry
headwinds, we continue to be well positioned for the long-term with
a rapidly expanding product portfolio and strong customer
momentum."
Sherri Luther, CFO, said, "We achieved operating margin of 28.8%
on a GAAP basis and a record 39.8% on a non-GAAP basis for the full
year 2023, with gross margin expanding to 69.8% on a GAAP basis and
70.4% on a non-GAAP basis. We generated a record level of cash flow
from operations in 2023, representing a 13% increase compared to
the prior year, and exited the year with zero outstanding debt. In
addition, in the fourth quarter, we repurchased approximately
900,000 shares, representing our thirteenth consecutive quarter of
share repurchases."
Selected Fourth Quarter and Full Year 2023 Financial Results
and Comparisons (in thousands, except per share data)
GAAP Financial Results
(unaudited)
Q4 2023
Q3 2023
Q4 2022
Q/Q
Y/Y
FY 2023
FY 2022
FY/FY
Revenue
$ 170,596
$ 192,169
$ 175,960
(11.2)%
(3.0)%
$ 737,154
$ 660,356
11.6%
Gross Margin %
69.7%
70.0%
69.4%
(30) bps
30 bps
69.8%
68.5%
130 bps
R&D Expense %
23.3%
21.9%
19.8%
140 bps
350 bps
21.7%
20.6%
110 bps
SG&A Expense %
20.3%
17.3%
18.4%
300 bps
190 bps
18.6%
18.5%
10 bps
Operating Expenses
$ 75,798
$ 77,644
$ 68,050
(2.4)%
11.4%
$ 302,400
$ 264,683
14.2%
Income from Operations
$ 43,149
$ 56,917
$ 54,016
(24.2)%
(20.1)%
$ 212,270
$ 187,367
13.3%
Net Income
$ 98,706
$ 53,788
$ 51,913
83.5%
90.1%
$ 259,061
$ 178,882
44.8%
Net Income per Share - Basic
$ 0.72
$ 0.39
$ 0.38
$ 0.33
$ 0.34
$ 1.88
$ 1.30
$ 0.58
Net Income per Share - Diluted
$ 0.71
$ 0.38
$ 0.37
$ 0.33
$ 0.34
$ 1.85
$ 1.27
$ 0.58
Fourth quarter of 2023 GAAP net income
includes an income tax benefit of $0.41 per diluted share
associated with a valuation allowance release. Full year 2023 GAAP
net income includes an income tax benefit of $0.41 per diluted
share associated with a valuation allowance release.
Non-GAAP* Financial Results
(unaudited)
Q4 2023
Q3 2023
Q4 2022
Q/Q
Y/Y
FY 2023
FY 2022
FY/FY
Revenue
$ 170,596
$ 192,169
$ 175,960
(11.2)%
(3.0)%
$ 737,154
$ 660,356
11.6%
Gross Margin %
70.4%
70.6%
70.0%
(20) bps
40 bps
70.4%
69.1%
130 bps
R&D Expense %
18.7%
18.2%
16.8%
50 bps
190 bps
17.8%
17.4%
40 bps
SG&A Expense %
13.8%
12.1%
13.1%
170 bps
70 bps
12.8%
13.0%
(20) bps
Operating Expenses
$ 55,495
$ 58,206
$ 52,469
(4.7)%
5.8%
$ 225,702
$ 200,997
12.3%
Income from Operations
$ 64,563
$ 77,408
$ 70,653
(16.6)%
(8.6)%
$ 293,580
$ 255,363
15.0%
Net Income
$ 62,801
$ 73,578
$ 68,367
(14.6)%
(8.1)%
$ 280,660
$ 246,679
13.8%
Net Income per Share - Basic
$ 0.46
$ 0.53
$ 0.50
$ (0.07)
$ (0.04)
$ 2.04
$ 1.80
$ 0.24
Net Income per Share - Diluted
$ 0.45
$ 0.53
$ 0.49
$ (0.08)
$ (0.04)
$ 2.01
$ 1.75
$ 0.26
GAAP represents U.S. Generally Accepted
Accounting Principles. Non-GAAP represents GAAP excluding the
impact of certain activities which the Company's management
excludes in analyzing the Company's operating results and in
understanding trends in the Company's earnings. Additional
information relating to these measures is included below in
“Non-GAAP Financial Measures.” For a reconciliation of GAAP to
non-GAAP results, see accompanying tables "Reconciliation of U.S.
GAAP to Non-GAAP Financial Measures."
Fourth Quarter and Full Year 2023 Highlights:
- Full Year Revenue Growth: Revenue for the full year 2023
increased 12% compared to 2022. Q4 2023 revenue decreased 3%
year-over-year and 11% sequentially.
- Margin Expansion: Gross margin for the full year 2023
expanded 130 basis points on both a GAAP basis and a non-GAAP basis
compared to the full year 2022. Q4 2023 gross margin expanded 30
basis points on a GAAP basis and 40 basis points on a non-GAAP
basis compared to Q4 2022.
- Expanded Repurchase Program: Lattice's Board of
Directors authorized the Company to repurchase up to an additional
$250 million of its outstanding common stock through the end of
December 2024. Over the past thirteen quarters of consecutive share
repurchases the Company has repurchased a total of approximately
4.8 million shares.
- Inaugural Developers Conference: Over 5,000
registrations, 35 sessions, with over 40 technology demonstrations
and featured keynote addresses from customers including BMW, Meta
and NVIDIA.
- Collaboration with NVIDIA: Introduced a new reference
design platform to accelerate the development of high-performance
edge AI applications using Lattice Nexus and NVIDIA Jetson Orin and
IGX Orin platforms.
- Continued Rapid Portfolio Expansion: Launched two new
mid-range FPGA device families built on the award-winning Lattice
Avant™ platform. Introduced four new versions of Lattice's
application-specific solution stacks. Released key updates to
Lattice's advanced computer vision software and software
tools.
- Over 30 Industry Awards: Lattice received over 30
industry awards during 2023, including the Global Semiconductor
Alliance's Most Respected Semiconductor Company for the fourth
consecutive year and Best Financially Managed Semiconductor
Company.
Business Outlook - First Quarter of 2024:
- Revenue for the first quarter of 2024 is expected to be between
$130 million and $150 million.
- Gross margin percentage for the first quarter of 2024 is
expected to be 69% plus or minus 1% on a non-GAAP basis.
- Total operating expenses for the first quarter of 2024 are
expected to be between $54 million and $56 million on a non-GAAP
basis.
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
first 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 fourth quarter and full year 2023, and
business outlook on Monday, February 12 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 13743739. 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, that 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 - First 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 are inherently uncertain due to such
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, and potential impact of
global pandemics. 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
Item 1A in Lattice’s most recent Annual Report on Form 10-K and as
may be supplemented from time-to-time in Lattice’s other filings
with the Securities and Exchange Commission, 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 Lattice’s management 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 U.S. GAAP, including non-GAAP gross margin, gross
margin percentage, R&D expense, SG&A expense, operating
expenses, income from operations, other (expense) income, net,
income tax expense, net income, net income per share – basic, and
net income per share – diluted. The non-GAAP measures presented
exclude charges and adjustments primarily related to stock-based
compensation and related payroll tax effects, litigation expense
outside the ordinary course of business, amortization of acquired
intangible assets, restructuring plans and other charges, and the
estimated tax effect of these items, non-cash changes in net
deferred income taxes, change in tax law and other tax adjustments.
These charges and adjustments are a result of periodic or non-core
operating activities of the Company. The Company describes these
non-GAAP financial measures and reconciles them to the most
directly comparable GAAP measures in the tables and notes attached
to this press release.
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
Year Ended
December 30,
September 30,
December 31,
December 30,
December 31,
2023
2023
2022
2023
2022
Revenue
$
170,596
$
192,169
$
175,960
$
737,154
$
660,356
Cost of sales
51,649
57,608
53,894
222,484
208,306
Gross margin
118,947
134,561
122,066
514,670
452,050
Operating expenses:
Research and development
39,787
42,048
34,779
159,770
135,767
Selling, general, and administrative
34,661
33,217
32,355
137,244
122,076
Amortization of acquired intangible
assets
869
870
870
3,478
3,778
Restructuring
481
1,509
46
1,908
2,551
Acquisition related
—
—
—
—
511
Total operating expenses
75,798
77,644
68,050
302,400
264,683
Income from operations
43,149
56,917
54,016
212,270
187,367
Interest income (expense), net
1,453
954
(1,280
)
2,041
(4,146
)
Other income (expense), net
802
14
(24
)
545
(1,109
)
Income before income taxes
45,404
57,885
52,712
214,856
182,112
Income tax (benefit) expense
(53,302
)
4,097
799
(44,205
)
3,230
Net income
$
98,706
$
53,788
$
51,913
$
259,061
$
178,882
Net income per share:
Basic
$
0.72
$
0.39
$
0.38
$
1.88
$
1.30
Diluted
$
0.71
$
0.38
$
0.37
$
1.85
$
1.27
Shares used in per share calculations:
Basic
137,686
137,948
137,095
137,694
137,321
Diluted
139,114
139,828
139,631
139,790
140,667
Lattice Semiconductor
Corporation
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
December 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
128,317
$
145,722
Accounts receivable, net
104,373
94,018
Inventories, net
98,826
110,375
Other current assets
36,430
29,052
Total current assets
367,946
379,167
Property and equipment, net
49,546
47,614
Operating lease right-of-use assets
14,487
17,590
Intangible assets, net
20,974
25,070
Goodwill
315,358
315,358
Deferred income taxes
57,762
1,022
Other long-term assets
14,821
12,892
$
840,894
$
798,713
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
34,487
$
42,036
Accrued liabilities
36,048
48,467
Accrued payroll obligations
26,865
36,870
Total current liabilities
97,400
127,373
Long-term debt
—
128,752
Long-term operating lease liabilities, net
of current portion
10,739
13,618
Other long-term liabilities
40,735
41,807
Total liabilities
148,874
311,550
Stockholders' equity
692,020
487,163
$
840,894
$
798,713
Lattice Semiconductor
Corporation
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended
December 30,
December 31,
2023
2022
Cash flows from operating activities:
Net income
$
259,061
$
178,882
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Stock-based compensation expense
70,197
55,530
Depreciation and amortization
34,432
29,323
Change in deferred income tax
provision
(58,614
)
(1,420
)
Other non-cash adjustments
7,017
8,415
Net changes in assets and liabilities
(42,505
)
(31,924
)
Net cash provided by (used in) operating
activities
269,588
238,806
Cash flows from investing activities:
Capital expenditures
(20,098
)
(23,338
)
Other investing activities
(13,152
)
(11,594
)
Net cash provided by (used in) investing
activities
(33,250
)
(34,932
)
Cash flows from financing activities:
Proceeds from long-term debt, net of
issuance costs
—
148,597
Repayment of long-term debt
(130,000
)
(178,750
)
Repurchase of common stock
(80,004
)
(110,132
)
Net cash flows related to stock
compensation exercises
(43,713
)
(47,787
)
Net cash provided by (used in) financing
activities
(253,717
)
(188,072
)
Effect of exchange rate change on cash
(26
)
(1,650
)
Net increase (decrease) in cash and cash
equivalents
(17,405
)
14,152
Beginning cash and cash equivalents
145,722
131,570
Ending cash and cash equivalents
$
128,317
$
145,722
Supplemental disclosure of cash flow
information and non-cash investing and financing
activities:
Interest paid
$
3,240
$
3,973
Income taxes paid, net of refunds
$
15,754
$
4,621
Operating lease payments
$
8,344
$
7,419
Lattice Semiconductor
Corporation
Supplemental Historical
Financial Information
(unaudited)
Three Months Ended
Year Ended
December 30,
September 30,
December 31,
December 30,
December 31,
2023
2023
2022
2023
2022
Balance Sheet Information
A/R Days Revenue Outstanding (DSO)
56
50
49
Inventory Days (DIO)
175
165
187
Revenue % (by Geography)
Asia
60
%
61
%
65
%
60
%
71
%
Americas
22
%
17
%
19
%
20
%
15
%
Europe (incl. Africa)
18
%
22
%
16
%
20
%
14
%
Revenue % (by End Market) *
Communications and Computing
34
%
36
%
42
%
35
%
43
%
Industrial and Automotive
59
%
57
%
51
%
59
%
48
%
Consumer
7
%
7
%
7
%
6
%
9
%
Revenue $M (by End Market) *
Communications and Computing
$
58.7
$
68.4
$
73.2
$
257.6
$
282.9
Industrial and Automotive
$
99.8
$
109.9
$
89.6
$
433.5
$
319.4
Consumer
$
12.1
$
13.9
$
13.2
$
46.1
$
58.1
Revenue % (by Channel)
Distribution
82
%
90
%
89
%
87
%
89
%
Direct
18
%
10
%
11
%
13
%
11
%
* During the first quarter of fiscal 2023,
we realigned our end market categories. Prior periods have been
reclassified to match current period presentation.
Lattice Semiconductor
Corporation
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in thousands, except per
share data)
(unaudited)
Three Months Ended
Year Ended
December 30,
September 30,
December 31,
December 30,
December 31,
2023
2023
2022
2023
2022
Gross Margin Reconciliation
GAAP Gross margin
$
118,947
$
134,561
$
122,066
$
514,670
$
452,050
Stock-based compensation - gross margin
(1)
1,111
1,053
1,056
4,612
4,310
Non-GAAP Gross margin
$
120,058
$
135,614
$
123,122
$
519,282
$
456,360
Gross Margin % Reconciliation
GAAP Gross margin %
69.7
%
70.0
%
69.4
%
69.8
%
68.5
%
Stock-based compensation - gross margin
(1)
0.7
%
0.6
%
0.6
%
0.6
%
0.6
%
Non-GAAP Gross margin %
70.4
%
70.6
%
70.0
%
70.4
%
69.1
%
Research and Development Expense %
(R&D Expense %) Reconciliation
GAAP R&D Expense %
23.3
%
21.9
%
19.8
%
21.7
%
20.6
%
Stock-based compensation - R&D (1)
(4.6
)%
(3.7
)%
(3.0
)%
(3.9
)%
(3.2
)%
Non-GAAP R&D Expense %
18.7
%
18.2
%
16.8
%
17.8
%
17.4
%
Selling, General, and Administrative
Expense % (SG&A Expense %) Reconciliation
GAAP SG&A Expense %
20.3
%
17.3
%
18.4
%
18.6
%
18.5
%
Stock-based compensation - SG&A
(1)
(5.3
)%
(4.6
)%
(4.7
)%
(5.3
)%
(5.1
)%
Litigation expense (2)
(1.2
)%
(0.6
)%
(0.6
)%
(0.5
)%
(0.4
)%
Non-GAAP SG&A Expense %
13.8
%
12.1
%
13.1
%
12.8
%
13.0
%
Operating Expenses
Reconciliation
GAAP Operating expenses
$
75,798
$
77,644
$
68,050
$
302,400
$
264,683
Stock-based compensation - operations
(1)
(16,811
)
(15,956
)
(13,584
)
(67,340
)
(54,119
)
Litigation expense (2)
(2,098
)
(1,103
)
(1,081
)
(3,928
)
(2,727
)
Amortization of acquired intangible
assets
(869
)
(870
)
(870
)
(3,478
)
(3,778
)
Restructuring and other
(525
)
(1,509
)
(46
)
(1,952
)
(3,062
)
Non-GAAP Operating expenses
$
55,495
$
58,206
$
52,469
$
225,702
$
200,997
Income from Operations
Reconciliation
GAAP Income from operations
$
43,149
$
56,917
$
54,016
$
212,270
$
187,367
Stock-based compensation - gross margin
(1)
1,111
1,053
1,056
4,612
4,310
Stock-based compensation - operations
(1)
16,811
15,956
13,584
67,340
54,119
Litigation expense (2)
2,098
1,103
1,081
3,928
2,727
Amortization of acquired intangible
assets
869
870
870
3,478
3,778
Restructuring and other
525
1,509
46
1,952
3,062
Non-GAAP Income from operations
$
64,563
$
77,408
$
70,653
$
293,580
$
255,363
(1)
The non-GAAP adjustments for Stock-based
compensation include related 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 U.S. GAAP to
Non-GAAP Financial Measures
(in thousands, except per
share data)
(unaudited)
Three Months Ended
Year Ended
December 30,
September 30,
December 31,
December 30,
December 31,
2023
2023
2022
2023
2022
Income from Operations %
Reconciliation
GAAP Income from operations %
25.3
%
29.6
%
30.7
%
28.8
%
28.4
%
Cumulative effect of non-GAAP Gross Margin
and Operating adjustments
12.5
%
10.7
%
9.5
%
11.0
%
10.3
%
Non-GAAP Income from operations %
37.8
%
40.3
%
40.2
%
39.8
%
38.7
%
Other Income (Expense)
Reconciliation
GAAP Other income (expense), net
$
802
$
14
$
(24
)
$
545
$
(1,109
)
Loss on re-financing of long-term debt
—
—
4
—
739
Non-GAAP Other income (expense), net
$
802
$
14
$
(20
)
$
545
$
(370
)
Income Tax (Benefit) Expense
Reconciliation
GAAP Income tax (benefit) expense
$
(53,302
)
$
4,097
$
799
$
(44,205
)
$
3,230
Estimated tax effect of non-GAAP
adjustments
1,170
1,467
187
5,679
938
Non-cash changes in net deferred income
taxes (3)
56,913
—
—
56,913
—
Change in tax law (4)
(764
)
(766
)
—
(2,881
)
—
Non-GAAP Income tax expense
$
4,017
$
4,798
$
986
$
15,506
$
4,168
Net Income Reconciliation
GAAP Net income
$
98,706
$
53,788
$
51,913
$
259,061
$
178,882
Stock-based compensation - gross margin
(1)
1,111
1,053
1,056
4,612
4,310
Stock-based compensation - operations
(1)
16,811
15,956
13,584
67,340
54,119
Litigation expense (2)
2,098
1,103
1,081
3,928
2,727
Amortization of acquired intangible
assets
869
870
870
3,478
3,778
Restructuring and other
525
1,509
46
1,952
3,062
Loss on re-financing of long-term debt
—
—
4
—
739
Estimated tax effect of non-GAAP
adjustments
(1,170
)
(1,467
)
(187
)
(5,679
)
(938
)
Non-cash changes in net deferred income
taxes (3)
(56,913
)
—
—
(56,913
)
—
Change in tax law (4)
764
766
—
2,881
—
Non-GAAP Net income
$
62,801
$
73,578
$
68,367
$
280,660
$
246,679
(1)
The non-GAAP adjustments for Stock-based
compensation include related 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 $56.9 million of our U.S. deferred tax assets in the fourth
quarter of fiscal 2023.
(4)
Adjustments for Change in tax law reflect
an increase in our provision for U.S. tax on foreign operations
resulting from The 2017 Tax Cuts and Jobs Act and is related to the
capitalization and subsequent amortization of R&D costs for tax
purposes.
Lattice Semiconductor
Corporation
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in thousands, except per
share data)
(unaudited)
Three Months Ended
Year Ended
December 30,
September 30,
December 31,
December 30,
December 31,
2023
2023
2022
2023
2022
Net Income Per Share
Reconciliation
GAAP Net income per share - basic
$
0.72
$
0.39
$
0.38
$
1.88
$
1.30
Cumulative effect of Non-GAAP
adjustments
(0.26
)
0.14
0.12
0.16
0.50
Non-GAAP Net income per share - basic
$
0.46
$
0.53
$
0.50
$
2.04
$
1.80
GAAP Net income per share - diluted
$
0.71
$
0.38
$
0.37
$
1.85
$
1.27
Cumulative effect of Non-GAAP
adjustments
(0.26
)
0.15
0.12
0.16
0.48
Non-GAAP Net income per share -
diluted
$
0.45
$
0.53
$
0.49
$
2.01
$
1.75
Shares used in per share calculations:
Basic
137,686
137,948
137,095
137,694
137,321
Diluted
139,114
139,828
139,631
139,790
140,667
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240212711016/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
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