Lattice Semiconductor Reports Second Quarter 2023 Results

The Company's management believes that these non-GAAP financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

About Lattice Semiconductor Corporation:

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive and consumer markets. Our technology, long-standing relationships, and commitment to world-class support let our customers quickly and easily unleash their innovation to create a smart, secure, and connected world.

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, or Weibo.

 

Lattice Semiconductor Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 1,

 

 

April 1,

 

 

July 2,

 

 

July 1,

 

 

July 2,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

190,079

 

 

$

184,310

 

 

$

161,372

 

 

$

374,389

 

 

$

311,887

 

Cost of sales

 

 

57,518

 

 

 

55,709

 

 

 

50,887

 

 

 

113,227

 

 

 

100,635

 

Gross margin

 

 

132,561

 

 

 

128,601

 

 

 

110,485

 

 

 

261,162

 

 

 

211,252

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

41,946

 

 

 

35,989

 

 

 

33,613

 

 

 

77,935

 

 

 

66,168

 

Selling, general, and administrative

 

 

36,788

 

 

 

32,578

 

 

 

29,024

 

 

 

69,366

 

 

 

57,795

 

Amortization of acquired intangible assets

 

 

869

 

 

 

870

 

 

 

870

 

 

 

1,739

 

 

 

2,039

 

Restructuring

 

 

(112

)

 

 

30

 

 

 

136

 

 

 

(82

)

 

 

190

 

Acquisition related

 

 

 

 

 

 

 

 

56

 

 

 

 

 

 

511

 

Total operating expenses

 

 

79,491

 

 

 

69,467

 

 

 

63,699

 

 

 

148,958

 

 

 

126,703

 

Income from operations

 

 

53,070

 

 

 

59,134

 

 

 

46,786

 

 

 

112,204

 

 

 

84,549

 

Interest income (expense), net

 

 

189

 

 

 

(555

)

 

 

(891

)

 

 

(366

)

 

 

(1,599

)

Other (expense) income, net

 

 

(176

)

 

 

(95

)

 

 

(243

)

 

 

(271

)

 

 

(265

)

Income before income taxes

 

 

53,083

 

 

 

58,484

 

 

 

45,652

 

 

 

111,567

 

 

 

82,685

 

Income tax expense

 

 

2,439

 

 

 

2,561

 

 

 

1,120

 

 

 

5,000

 

 

 

2,075

 

Net income

 

$

50,644

 

 

$

55,923

 

 

$

44,532

 

 

$

106,567

 

 

$

80,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.41

 

 

$

0.32

 

 

$

0.77

 

 

$

0.59

 

Diluted

 

$

0.36

 

 

$

0.40

 

 

$

0.32

 

 

$

0.76

 

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

137,735

 

 

 

137,418

 

 

 

137,424

 

 

 

137,573

 

 

 

137,462

 

Diluted

 

 

139,768

 

 

 

140,101

 

 

 

140,170

 

 

 

139,966

 

 

 

140,657

 

 

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