Lattice Semiconductor Reports Third Quarter 2017 Results

 

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



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