|
Lattice Semiconductor Corporation |
||||||||||||||||||||
|
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - |
||||||||||||||||||||
|
(in thousands, except per share data) |
||||||||||||||||||||
|
(unaudited) |
||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
September 30,
2017 |
July 1,
2017 |
October 1,
2016 |
September 30,
2017 |
October 1,
2016 |
||||||||||||||||
| Gross Margin Reconciliation | ||||||||||||||||||||
| GAAP Gross margin | $ | 53,322 | $ | 51,209 | $ | 67,424 | $ | 165,363 | $ | 182,954 | ||||||||||
| Inventory step-up expense | — | — | — | — | 523 | |||||||||||||||
| Stock-based compensation - gross margin | 154 | 180 | 231 | 562 | 656 | |||||||||||||||
| Non-GAAP Gross margin | $ | 53,476 | $ | 51,389 | $ | 67,655 | $ | 165,925 | $ | 184,133 | ||||||||||
| Gross Margin % Reconciliation | ||||||||||||||||||||
| GAAP Gross margin % | 58.0 | % | 54.4 | % | 59.5 | % | 56.9 | % | 59.2 | % | ||||||||||
| Cumulative effect of non-GAAP Gross Margin adjustments | 0.1 | % | 0.2 | % | 0.3 | % | 0.2 | % | 0.4 | % | ||||||||||
| Non-GAAP Gross margin % | 58.1 | % | 54.6 | % | 59.8 | % | 57.1 | % | 59.6 | % | ||||||||||
| Operating Expenses Reconciliation | ||||||||||||||||||||
| GAAP Operating expenses | $ | 90,790 | $ | 59,938 | $ | 73,434 | $ | 212,262 | $ | 208,695 | ||||||||||
| Amortization of acquired intangible assets | (8,526 | ) | (8,737 | ) | (8,260 | ) | (25,777 | ) | (25,292 | ) | ||||||||||
| Restructuring charges | (3,071 | ) | (1,576 | ) | (317 | ) | (4,713 | ) | (8,316 | ) | ||||||||||
| Acquisition related charges (1) | (681 | ) | (867 | ) | — | (3,208 | ) | (94 | ) | |||||||||||
| Impairment of acquired intangible assets | (36,198 | ) | — | (7,866 | ) | (36,198 | ) | (7,866 | ) | |||||||||||
| Stock-based compensation - operations | (2,360 | ) | (2,749 | ) | (4,078 | ) | (8,724 | ) | (11,451 | ) | ||||||||||
| Gain on sale of building | 4,624 | — | — | 4,624 | — | |||||||||||||||
| Non-GAAP Operating expenses | $ | 44,578 | $ | 46,009 | $ | 52,913 | $ | 138,266 | $ | 155,676 | ||||||||||
| (1) Legal fees and outside services that were related to our proposed acquisition by Canyon Bridge Acquisition Company, Inc. | ||||||||||||||||||||
|
Lattice Semiconductor Corporation |
||||||||||||||||||||
|
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - |
||||||||||||||||||||
|
(in thousands, except per share data) |
||||||||||||||||||||
|
(unaudited) |
||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
September 30,
2017 |
July 1,
2017 |
October 1,
2016 |
September 30,
2017 |
October 1,
2016 |
||||||||||||||||
| Income (Loss) from Operations Reconciliation | ||||||||||||||||||||
| GAAP Loss from operations | $ | (37,468 | ) | $ | (8,729 | ) | $ | (6,010 | ) | $ | (46,899 | ) | $ | (25,741 | ) | |||||
| Inventory step-up expense | — | — | — | — | 523 | |||||||||||||||
| Stock-based compensation - gross margin | 154 | 180 | 231 | 562 | 656 | |||||||||||||||
| Amortization of acquired intangible assets | 8,526 | 8,737 | 8,260 | 25,777 | 25,292 | |||||||||||||||
| Restructuring charges | 3,071 | 1,576 | 317 | 4,713 | 8,316 | |||||||||||||||
| Acquisition related charges (1) | 681 | 867 | — | 3,208 | 94 | |||||||||||||||
| Impairment of acquired intangible assets | 36,198 | — | 7,866 | 36,198 | 7,866 | |||||||||||||||
| Stock-based compensation - operations | 2,360 | 2,749 | 4,078 | 8,724 | 11,451 | |||||||||||||||
| Gain on sale of building | (4,624 | ) | — | — | (4,624 | ) | — | |||||||||||||
| Non-GAAP Income from operations | $ | 8,898 | $ | 5,380 | $ | 14,742 | $ | 27,659 | $ | 28,457 | ||||||||||
|
Income (Loss) from Operations % Reconciliation |
||||||||||||||||||||
| GAAP Loss from operations % | (40.7 | )% | (9.3 | )% | (5.3 | )% | (16.1 | )% | (8.3 | )% | ||||||||||
| Cumulative effect of non-GAAP Gross Margin and Operating adjustments | 50.4 | % | 15.0 | % | 18.3 | % | 25.6 | % | 17.5 | % | ||||||||||
| Non-GAAP Income from operations % | 9.7 | % | 5.7 | % | 13.0 | % | 9.5 | % | 9.2 | % | ||||||||||
| Other (Expense) Income, Net Reconciliation | ||||||||||||||||||||
| GAAP Other (expense) income, net | $ | (1,828 | ) | $ | 564 | $ | 209 | $ | (1,412 | ) | $ | 3,558 | ||||||||
| Loss (gain) on sale of business unit | 1,796 | (300 | ) | — | 1,496 | (2,646 | ) | |||||||||||||
| Non-GAAP Other (expense) income, net | $ | (32 | ) | $ | 264 | $ | 209 | $ | 84 | $ | 912 | |||||||||
| Income Tax (Benefit) Expense Reconciliation | ||||||||||||||||||||
| GAAP Income tax (benefit) expense | $ | (331 | ) | $ | 47 | $ | 971 | $ | 234 | $ | 7,410 | |||||||||
| Estimated tax effect of non-GAAP adjustments (2) | (218 | ) | 663 | 2,389 | 142 | 438 | ||||||||||||||
| Non-GAAP Income tax (benefit) expense | $ | (549 | ) | $ | 710 | $ | 3,360 | $ | 376 | $ | 7,848 | |||||||||
| (1) Legal fees and outside services that were related to our proposed acquisition by Canyon Bridge Acquisition Company, Inc. | ||||||||||||||||||||
|
(2) We calculate non-GAAP tax expense by applying our tax provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of non-GAAP adjustments.” |
||||||||||||||||||||
Global IR Partners
David Pasquale
914-337-8801
Email Contact
