Lattice Semiconductor Reports Fourth Quarter and Full Year 2022 Results

  • Revenue Increases 28.1% for the Full Year 2022 Compared to the Full Year 2021; Q4 2022 Revenue Increases 24.1% Compared to Q4 2021
  • Gross Margin Expands to 69.4% / 70.0% for Q4 2022 on a GAAP / Non-GAAP Basis, from 64.2% / 65.1%, respectively, for Q4 2021
  • Net Income Improves to $0.37 / $0.49 Per Diluted Share for Q4 2022 on a GAAP / Non-GAAP Basis, Compared to $0.20 / $0.32, respectively, for Q4 2021
  • Full Year 2022 Net Income increases to $1.27 / $1.75 Per Diluted Share on a GAAP / Non-GAAP Basis, Compared to $0.67 / $1.06, respectively, for the Full Year 2021

* 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 13, 2023 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal fourth quarter and full year ended December 31, 2022.

Jim Anderson, president and CEO, said, "We grew revenue 28% for the full year 2022, with continued strong growth in our strategic segments of industrial and automotive, and communications and computing. We delivered 86% annual growth in net income on a GAAP basis and 64% on a non-GAAP basis. In December, we launched the Lattice Avant™ platform, which doubles our addressable market and creates new greenfield growth opportunities. As we begin 2023, while we’re certainly not immune to any macro-economic challenges impacting the industry, the Company is well positioned in secular growth markets, with an expanding product portfolio, accelerating customer momentum and strong financial execution."

Sherri Luther, CFO, said, "In Q4 2022, revenue increased 24%, marking the eleventh consecutive quarter of sequential growth. We achieved record operating profit of 30.7% on a GAAP basis and 40.2% on a non-GAAP basis, while driving gross margin expansion of 520 basis points on a GAAP basis and 490 basis points on a non-GAAP basis compared to Q4 2021. We generated a record level of cash flow from operations, with a 42% increase compared to the prior year. In addition, since beginning our share repurchase program nine quarters ago, we have repurchased approximately 3.6 million shares, with 290,000 shares repurchased in Q4 2022."

Selected Fourth Quarter and Full Year 2022 Financial Results and Comparisons (in thousands, except per share data)

 

 

GAAP Financial Results (unaudited)

 

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

Q/Q

 

Y/Y

 

FY 2022

 

FY 2021

 

FY/FY

Revenue

 

$ 175,960

 

$ 172,509

 

$ 141,795

 

2.0%

 

24.1%

 

$ 660,356

 

$ 515,327

 

28.1%

Gross Margin %

 

69.4%

 

68.8%

 

64.2%

 

60 bps

 

520 bps

 

68.5%

 

62.4%

 

610 bps

R&D Expense %

 

19.8%

 

20.2%

 

21.3%

 

(40) bps

 

(150) bps

 

20.6%

 

21.4%

 

(80) bps

SG&A Expense %

 

18.4%

 

18.5%

 

20.2%

 

(10) bps

 

(180) bps

 

18.5%

 

20.5%

 

(200) bps

Operating Expenses

 

$ 68,050

 

$ 69,930

 

$ 61,244

 

(2.7)%

 

11.1%

 

$ 264,683

 

$ 220,859

 

19.8%

Income from Operations

 

$ 54,016

 

$ 48,802

 

$ 29,836

 

10.7%

 

81.0%

 

$ 187,367

 

$ 100,816

 

85.9%

Net Income

 

$ 51,913

 

$ 46,359

 

$ 28,532

 

12.0%

 

81.9%

 

$ 178,882

 

$ 95,922

 

86.5%

Net Income per Share - Basic

 

$ 0.38

 

$ 0.34

 

$ 0.21

 

$ 0.04

 

$ 0.17

 

$ 1.30

 

$ 0.70

 

$ 0.60

Net Income per Share - Diluted

 

$ 0.37

 

$ 0.33

 

$ 0.20

 

$ 0.04

 

$ 0.17

 

$ 1.27

 

$ 0.67

 

$ 0.60

 

 

Non-GAAP* Financial Results (unaudited)

 

 

Q4 2022

 

Q3 2022

 

Q4 2021

 

Q/Q

 

Y/Y

 

FY 2022

 

FY 2021

 

FY/FY

Revenue

 

$ 175,960

 

$ 172,509

 

$ 141,795

 

2.0%

 

24.1%

 

$ 660,356

 

$ 515,327

 

28.1%

Gross Margin %

 

70.0%

 

69.5%

 

65.1%

 

50 bps

 

490 bps

 

69.1%

 

63.2%

 

590 bps

R&D Expense %

 

16.8%

 

17.1%

 

18.0%

 

(30) bps

 

(120) bps

 

17.4%

 

18.4%

 

(100) bps

SG&A Expense %

 

13.1%

 

12.6%

 

13.9%

 

50 bps

 

(80) bps

 

13.0%

 

14.6%

 

(160) bps

Operating Expenses

 

$ 52,469

 

$ 51,342

 

$ 45,752

 

2.2%

 

14.7%

 

$ 200,997

 

$ 170,022

 

18.2%

Income from Operations

 

$ 70,653

 

$ 68,512

 

$ 46,609

 

3.1%

 

51.6%

 

$ 255,363

 

$ 155,758

 

63.9%

Net Income

 

$ 68,367

 

$ 66,492

 

$ 45,345

 

2.8%

 

50.8%

 

$ 246,679

 

$ 150,864

 

63.5%

Net Income per Share - Basic

 

$ 0.50

 

$ 0.48

 

$ 0.33

 

$ 0.02

 

$ 0.17

 

$ 1.80

 

$ 1.10

 

$ 0.70

Net Income per Share - Diluted

 

$ 0.49

 

$ 0.48

 

$ 0.32

 

$ 0.01

 

$ 0.17

 

$ 1.75

 

$ 1.06

 

$ 0.69


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