Lattice Semiconductor Corporation - Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - (in thousands, except per share data) (unaudited) |
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Three Months Ended | Year Ended | |||||||||||||||||||
January 2, 2016 | October 3, 2015 | January 3, 2015 | January 2, 2016 | January 3, 2015 | ||||||||||||||||
GAAP Revenue | $ | 101,194 | $ | 109,715 | $ | 83,600 | $ | 405,966 | $ | 366,127 | ||||||||||
Fair value adjustment to deferred revenue from
|
96 | 361 | — | 5,187 | — | |||||||||||||||
Non-GAAP Revenue | $ | 101,290 | $ | 110,076 | $ | 83,600 | $ | 411,153 | $ | 366,127 | ||||||||||
GAAP Cost of products sold | $ | 47,092 | $ | 49,866 | $ | 37,337 | $ | 186,057 | $ | 159,940 | ||||||||||
Fair value adjustment to deferred revenue from
|
— | 47 | — | 1,496 | — | |||||||||||||||
Inventory step-up expense | (716 | ) | (716 | ) | — | (6,078 | ) | — | ||||||||||||
Stock-based compensation - gross margin | (372 | ) | (406 | ) | (228 | ) | (1,416 | ) | (815 | ) | ||||||||||
Non-GAAP Cost of products sold | $ | 46,004 | $ | 48,791 | $ | 37,109 | $ | 180,059 | $ | 159,125 | ||||||||||
GAAP Gross margin | $ | 54,102 | $ | 59,849 | $ | 46,263 | $ | 219,909 | $ | 206,187 | ||||||||||
Fair value adjustment to deferred revenue from
|
96 | 314 | — | 3,691 | — | |||||||||||||||
Inventory step-up expense | 716 | 716 | — | 6,078 | — | |||||||||||||||
Stock-based compensation - gross margin | 372 | 406 | 228 | 1,416 | 815 | |||||||||||||||
Non-GAAP Gross margin | $ | 55,286 | $ | 61,285 | $ | 46,491 | $ | 231,094 | $ | 207,002 | ||||||||||
Non-GAAP Gross margin % | 54.6 | % | 55.7 | % | 55.6 | % | 56.2 | % | 56.5 | % | ||||||||||
GAAP Operating expenses | $ | 90,550 | $ | 77,807 | $ | 41,524 | $ | 327,141 | $ | 164,571 | ||||||||||
Restructuring | (3,459 | ) | (6,818 | ) | (1 | ) | (19,239 | ) | (17 | ) | ||||||||||
Acquisition related charges (1) | (372 | ) | (610 | ) | — | (22,450 | ) | — | ||||||||||||
Amortization of acquired intangible assets | (8,756 | ) | (8,941 | ) | (737 | ) | (29,580 | ) | (2,948 | ) | ||||||||||
Impairment of goodwill and intangible assets | (21,655 | ) | — | — | (21,655 | ) | — | |||||||||||||
Stock-based compensation - operations | (4,416 | ) | (3,793 | ) | (3,030 | ) | (15,934 | ) | (11,987 | ) | ||||||||||
Non-GAAP Operating expenses | $ | 51,892 | $ | 57,645 | $ | 37,756 | $ | 218,283 | $ | 149,619 | ||||||||||
GAAP (Loss) income from operations | $ | (36,448 | ) | $ | (17,958 | ) | $ | 4,739 | $ | (107,232 | ) | $ | 41,616 | |||||||
Fair value adjustment to deferred revenue from
|
96 | 314 | — | 3,691 | — | |||||||||||||||
Inventory step-up expense | 716 | 716 | — | 6,078 | — | |||||||||||||||
Stock-based compensation - gross margin | 372 | 406 | 228 | 1,416 | 815 | |||||||||||||||
Restructuring | 3,459 | 6,818 | 1 | 19,239 | 17 | |||||||||||||||
Acquisition related charges (1) | 372 | 610 | — | 22,450 | — | |||||||||||||||
Amortization of acquired intangible assets | 8,756 | 8,941 | 737 | 29,580 | 2,948 | |||||||||||||||
Impairment of goodwill and intangible assets | 21,655 | — | — | 21,655 | — | |||||||||||||||
Stock-based compensation - operations | 4,416 | 3,793 | 3,030 | 15,934 | 11,987 | |||||||||||||||
Non-GAAP Income from operations | $ | 3,394 | $ | 3,640 | $ | 8,735 | $ | 12,811 | $ | 57,383 | ||||||||||
(1) Includes stock-based compensation and severance costs related to change in control. | ||||||||||||||||||||
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 | |||||||||||||||||||
January 2, 2016 | October 3, 2015 | January 3, 2015 | January 2, 2016 | January 3, 2015 | ||||||||||||||||
GAAP (Loss) income before income taxes and
|
$ | (41,501 | ) | $ | (24,655 | ) | $ | 4,796 | $ | (126,453 | ) | $ | 42,941 | |||||||
Fair value adjustment to deferred revenue from
|
96 | 314 | — | 3,691 | — | |||||||||||||||
Inventory step-up expense | 716 | 716 | — | 6,078 | — | |||||||||||||||
Stock-based compensation - gross margin | 372 | 406 | 228 | 1,416 | 815 | |||||||||||||||
Restructuring | 3,459 | 6,818 | 1 | 19,239 | 17 | |||||||||||||||
Acquisition related charges (1) | 372 | 610 | — | 22,450 | — | |||||||||||||||
Amortization of acquired intangible assets | 8,756 | 8,941 | 737 | 29,580 | 2,948 | |||||||||||||||
Impairment of goodwill and intangible assets | 21,655 | — | — | 21,655 | — | |||||||||||||||
Stock-based compensation - operations | 4,416 | 3,793 | 3,030 | 15,934 | 11,987 | |||||||||||||||
Non-GAAP (Loss) income before income taxes and
|
$ | (1,659 | ) | $ | (3,057 | ) | $ | 8,792 | $ | (6,410 | ) | $ | 58,708 | |||||||
— | ||||||||||||||||||||
GAAP Income tax expense (benefit) | $ | 3,510 | $ | 309 | $ | (10,623 | ) | $ | 32,540 | $ | (5,639 | ) | ||||||||
Non-cash income tax expense (benefit) | (574 | ) | 1,982 | 11,132 | (24,201 | ) | 7,238 | |||||||||||||
Non-GAAP Income tax expense (benefit) | $ | 2,936 | $ | 2,291 | $ | 509 | $ | 8,339 | $ | 1,599 | ||||||||||
GAAP Net (loss) income attributable to common
|
$ | (45,454 | ) | $ | (24,862 | ) | $ | 15,419 | $ | (159,233 | ) | $ | 48,580 | |||||||
Fair value adjustment to deferred revenue from
|
96 | 314 | — | 3,691 | — | |||||||||||||||
Inventory step-up expense | 716 | 716 | — | 6,078 | — | |||||||||||||||
Stock-based compensation - gross margin | 372 | 406 | 228 | 1,416 | 815 | |||||||||||||||
Restructuring | 3,459 | 6,818 | 1 | 19,239 | 17 | |||||||||||||||
Acquisition related charges (1) | 372 | 610 | — | 22,450 | — | |||||||||||||||
Amortization of acquired intangible assets | 8,756 | 8,941 | 737 | 29,580 | 2,948 | |||||||||||||||
Impairment of goodwill and intangible assets | 21,655 | — | — | 21,655 | — | |||||||||||||||
Stock-based compensation - operations | 4,416 | 3,793 | 3,030 | 15,934 | 11,987 | |||||||||||||||
Non-cash income tax expense (benefit) | 574 | (1,982 | ) | (11,132 | ) | 24,201 | (7,238 | ) | ||||||||||||
Non-GAAP Net (loss) income attributable to
|
$ | (5,038 | ) | $ | (5,246 | ) | $ | 8,283 | $ | (14,989 | ) | $ | 57,109 | |||||||
(1) Includes stock-based compensation and severance costs related to change in control. |
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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 | |||||||||||||||||||
January 2, 2016 | October 3, 2015 | January 3, 2015 | January 2, 2016 | January 3, 2015 | ||||||||||||||||
GAAP Net (loss) income per share - basic | $ | (0.38 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (1.36 | ) | $ | 0.41 | |||||||
Cumulative effect of Non-GAAP adjustments | 0.34 | 0.17 | (0.06 | ) | 1.23 | 0.08 | ||||||||||||||
Non-GAAP Net (loss) income per share - basic | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.07 | $ | (0.13 | ) | $ | 0.49 | |||||||
GAAP Net (loss) income per share - diluted | $ | (0.38 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (1.36 | ) | $ | 0.40 | |||||||
Cumulative effect of Non-GAAP adjustments | 0.34 | 0.17 | (0.06 | ) | 1.23 | 0.07 | ||||||||||||||
Non-GAAP Net (loss) income per share - diluted | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.07 | $ | (0.13 | ) | $ | 0.47 | |||||||
Shares used in per share calculations: | ||||||||||||||||||||
Basic | 118,095 | 117,669 | 117,931 | 117,387 | 117,708 | |||||||||||||||
Diluted | 118,095 | 117,669 | 119,486 | 117,387 | 120,245 |
Lattice Semiconductor Reports Fourth Quarter and Full Year 2015 Results
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(1) During the second quarter of fiscal 2014, the Company
condensed its End Market categories. All periods presented have been
revised accordingly.
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