- Revenue Growth of 6.9% in 4Q 2020 Compared to 4Q 2019
- Gross Margin Expands to 60.5% / 61.6% in 4Q 2020 on a GAAP / Non-GAAP Basis, Compared to 59.2% / 59.6%, respectively, in 4Q 2019
- Net Income Increases to $0.11 / $0.19 Per Diluted Share on a GAAP / Non-GAAP Basis for 4Q 2020, Compared to $0.10 / $0.17, respectively, for 4Q 2019
* 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."
HILLSBORO, Ore. — (BUSINESS WIRE) — February 16, 2021 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal fourth quarter and full year ended January 2, 2021.
Jim Anderson, president and CEO, said, "Profitability increased significantly for the full year 2020, as we continued to execute on our strategy. We saw double-digit year-over-year revenue growth in our two largest markets, communications and computing, and industrial and automotive, which are long-term growth drivers. We executed well on our hardware and software roadmaps, with the successful launch of two new Nexus™ products and three new software products. We are pleased with the momentum we are building with our customers and look to accelerate the Company's growth moving forward."
Sherri Luther, CFO, said, "We expanded diluted earnings per share by 6.3% on a GAAP basis for the full year 2020 compared to the full year 2019, and 16.9% on a non-GAAP basis, as we continued to drive profit expansion. With approximately $92 million in cash generated from operations for the full year 2020, we further strengthened our balance sheet ending the year with a positive net cash position."
Selected Fourth Quarter and Full Year 2020 Financial Results and Comparisons (in thousands, except per share data) |
||||||||||||||||||||||||||
|
|
GAAP Financial Results (unaudited) |
||||||||||||||||||||||||
|
|
Q4 2020 |
|
Q3 2020 |
|
Q4 2019 |
|
Q/Q |
|
Y/Y |
|
FY 2020 |
|
FY 2019 |
|
|
FY/FY |
|||||||||
Revenue |
|
$ |
107,173 |
|
|
$ |
103,042 |
|
|
$ |
100,237 |
|
|
4.0% |
|
6.9% |
|
$ |
408,120 |
|
|
$ |
404,093 |
|
|
1.0% |
Gross Margin % |
|
|
60.5 |
% |
|
|
60.5 |
% |
|
|
59.2 |
% |
|
— |
|
130 bps |
|
|
60.1 |
% |
|
|
59.0 |
% |
|
110 bps |
| R&D Expense % |
|
|
21.1 |
% |
|
|
21.8 |
% |
|
|
19.5 |
% |
|
(70) bps |
|
160 bps |
|
|
21.9 |
% |
|
|
19.5 |
% |
|
240 bps |
| SG&A Expense % |
|
|
22.9 |
% |
|
|
23.1 |
% |
|
|
20.9 |
% |
|
(20) bps |
|
200 bps |
|
|
23.4 |
% |
|
|
20.4 |
% |
|
300 bps |
| Operating Expense |
|
$ |
47,529 |
|
|
$ |
49,492 |
|
|
$ |
43,802 |
|
|
(4.0)% |
|
8.5% |
|
$ |
192,940 |
|
|
$ |
179,381 |
|
|
7.6% |
| Operating Income |
|
$ |
17,332 |
|
|
$ |
12,814 |
|
|
$ |
15,491 |
|
|
35.3% |
|
11.9% |
|
$ |
52,366 |
|
|
$ |
59,041 |
|
|
(11.3)% |
| Net Income |
|
$ |
15,989 |
|
|
$ |
12,607 |
|
|
$ |
13,987 |
|
|
26.8% |
|
14.3% |
|
$ |
47,392 |
|
|
$ |
43,493 |
|
|
9.0% |
| Net Income per Share - Basic |
|
$ |
0.12 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
|
$0.03 |
|
$0.02 |
|
$ |
0.35 |
|
|
$ |
0.33 |
|
|
$0.02 |
| Net Income per Share - Diluted |
|
$ |
0.11 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
|
$0.02 |
|
$0.01 |
|
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$0.02 |
|
|
|
Non-GAAP Financial Results (unaudited) |
||||||||||||||||||||||||
|
|
|
Q4 2020 |
|
Q3 2020 |
|
Q4 2019 |
|
Q/Q |
|
Y/Y |
|
FY 2020 |
|
FY 2019 |
|
FY/FY |
||||||||||
| Revenue |
|
$ |
107,173 |
|
|
$ |
103,042 |
|
|
$ |
100,237 |
|
|
4.0% |
|
6.9% |
|
$ |
408,120 |
|
|
$ |
404,093 |
|
|
1.0% |
| Gross Margin % |
|
|
61.6 |
% |
|
|
61.5 |
% |
|
|
59.6 |
% |
|
10 bps |
|
200 bps |
|
|
61.0 |
% |
|
|
59.3 |
% |
|
170 bps |
| R&D Expense % |
|
|
18.5 |
% |
|
|
19.0 |
% |
|
|
17.9 |
% |
|
(50) bps |
|
60 bps |
|
|
19.2 |
% |
|
|
18.1 |
% |
|
110 bps |
| SG&A Expense % |
|
|
16.5 |
% |
|
|
16.0 |
% |
|
|
17.4 |
% |
|
50 bps |
|
(90) bps |
|
|
16.6 |
% |
|
|
17.5 |
% |
|
(90) bps |
| Operating Expense |
|
$ |
37,475 |
|
|
$ |
36,008 |
|
|
$ |
35,343 |
|
|
4.1% |
|
6.0% |
|
$ |
146,230 |
|
|
$ |
144,705 |
|
|
1.1% |
| Operating Income |
|
$ |
28,490 |
|
|
$ |
27,320 |
|
|
$ |
24,390 |
|
|
4.3% |
|
16.8% |
|
$ |
102,894 |
|
|
$ |
94,801 |
|
|
8.5% |
| Net Income |
|
$ |
27,540 |
|
|
$ |
26,635 |
|
|
$ |
22,897 |
|
|
3.4% |
|
20.3% |
|
$ |
97,920 |
|
|
$ |
81,488 |
|
|
20.2% |
| Net Income per Share - Basic |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.17 |
|
|
$— |
|
$0.03 |
|
$ |
0.72 |
|
|
$ |
0.62 |
|
|
$0.10 |
| Net Income per Share - Diluted |
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.17 |
|
|
$— |
|
$0.02 |
|
$ |
0.69 |
|
|
$ |
0.59 |
|
|
$0.10 |
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