Lattice Semiconductor Reports Second Quarter 2017 Results

Lattice Semiconductor Corporation Consolidated Balance Sheets (in thousands) (unaudited)

	July 1, 2017		December 31, 2016
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities	$	84,886	$	116,860
Accounts receivable, net	86,791		99,637
Inventories	78,479		79,168
Other current assets	18,421		19,035
Total current assets	268,577		314,700

Property and equipment, net	49,356		49,481
Intangible assets, net of amortization	97,817		118,863
Goodwill	269,758		269,758
Deferred income taxes	379		372
Other long-term assets	11,394		13,709
	$	697,281	$	766,883

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities	$	75,916	$	90,798
Current portion of long-term debt	15,318		33,767
Deferred income and allowances on sales to sell-through distributors and deferred license revenue	25,313		32,985
Total current liabilities	116,547		157,550

Long-term debt	286,979		300,855
Other long-term liabilities	34,990		38,048
Total liabilities	438,516		496,453

Stockholders' equity	258,765		270,430
	$	697,281	$	766,883

Lattice Semiconductor Corporation Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Six Months Ended
	July 1, 2017			July 2, 2016
Cash flows from operating activities:
Net loss	$	(20,297	)	$	(33,521	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,497			32,352
Amortization of debt issuance costs and discount	1,354			659
Loss on sale or maturity of marketable securities	200			72
Gain on forward contracts	(26		)	(4		)
Stock-based compensation expense	6,772			7,798
(Gain) loss on disposal of fixed assets	(61		)	314
Gain on sale of business unit	(300		)	(2,646		)
Equity in net loss of an unconsolidated affiliate, net of tax	493			678
Changes in assets and liabilities:
Accounts receivable, net	12,846			3,524
Inventories	689			(10,847		)
Prepaid expenses and other assets	2,822			18
Accounts payable and accrued expenses (includes restructuring)	(13,554		)	23,901
Accrued payroll obligations	(1,894		)	574
Income taxes payable	(355		)	(253		)
Deferred income and allowances on sales to sell-through distributors	(7,342		)	10,155
Deferred licensing and services revenue	(330		)	(117		)
Net cash provided by operating activities	11,514			32,657
Cash flows from investing activities:
Proceeds from sales of and maturities of short-term marketable securities	7,200			11,960
Purchases of marketable securities	(7,420		)	(2,944		)
Capital expenditures	(7,035		)	(10,102		)
Proceeds from sale of business unit, net of cash sold	300			1,972
Cash paid for a non-marketable equity method investment	(1,000		)	—
Cash paid for software licenses	(4,149		)	(5,672		)
Net cash used in investing activities	(12,104		)	(4,786		)
Cash flows from financing activities:
Restricted stock unit withholdings	(1,748		)	(1,427		)
Proceeds from issuance of common stock	2,931			3,326
Repayment of debt	(33,679		)	(3,404		)
Net cash used in financing activities	(32,496		)	(1,505		)
Effect of exchange rate change on cash	950			(441		)
Net (decrease) increase in cash and cash equivalents	(32,136		)	25,925
Beginning cash and cash equivalents	106,552			84,606
Ending cash and cash equivalents	$	74,416		$	110,531

Supplemental cash flow information:
Change in unrealized loss related to marketable securities, net of tax, included in Accumulated other comprehensive loss	$	71		$	27
Income taxes paid, net of refunds	$	976		$	4,864
Interest paid	$	12,094		$	9,264
Accrued purchases of plant and equipment	$	2,216		$	1,585

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