Lattice Semiconductor Reports Second Quarter 2023 Results

* During the first quarter of fiscal 2023, we realigned our end market categories. Prior periods have been reclassified to match current period presentation.

 

Lattice Semiconductor Corporation

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

Three Months Ended

 

 

 

July 1,

 

 

April 1,

 

 

July 2,

 

 

 

2023

 

 

2023

 

 

2022

 

Gross Margin Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Gross margin

 

$

132,561

 

 

$

128,601

 

 

$

110,485

 

Stock-based compensation - gross margin (1)

 

 

1,425

 

 

 

1,023

 

 

 

1,011

 

Non-GAAP Gross margin

 

$

133,986

 

 

$

129,624

 

 

$

111,496

 

Gross Margin % Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Gross margin %

 

 

69.7

%

 

 

69.8

%

 

 

68.5

%

Cumulative effect of non-GAAP Gross Margin adjustments

 

 

0.8

%

 

 

0.5

%

 

 

0.6

%

Non-GAAP Gross margin %

 

 

70.5

%

 

 

70.3

%

 

 

69.1

%

Research and Development Expense % (R&D Expense %) Reconciliation

GAAP R&D Expense %

 

 

22.1

%

 

 

19.5

%

 

 

20.8

%

Stock-based compensation - R&D (1)

 

 

(4.1

)%

 

 

(3.0

)%

 

 

(3.0

)%

Non-GAAP R&D Expense %

 

 

18.0

%

 

 

16.5

%

 

 

17.8

%

Selling, General, and Administrative Expense % (SG&A Expense %) Reconciliation

 

 

 

 

 

GAAP SG&A Expense %

 

 

19.4

%

 

 

17.7

%

 

 

18.0

%

Stock-based compensation - SG&A (1)

 

 

(6.7

)%

 

 

(4.7

)%

 

 

(4.9

)%

Litigation expense (2)

 

 

(0.2

)%

 

 

(0.2

)%

 

 

%

Non-GAAP SG&A Expense %

 

 

12.5

%

 

 

12.8

%

 

 

13.1

%

Operating Expenses Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating expenses

 

$

79,491

 

 

$

69,467

 

 

$

63,699

 

Stock-based compensation - operations (1)

 

 

(20,277

)

 

 

(14,296

)

 

 

(12,694

)

Litigation expense (2)

 

 

(439

)

 

 

(288

)

 

 

 

Amortization of acquired intangible assets

 

 

(869

)

 

 

(870

)

 

 

(870

)

Restructuring and other

 

 

112

 

 

 

(30

)

 

 

(192

)

Non-GAAP Operating expenses

 

$

58,018

 

 

$

53,983

 

 

$

49,943

 

Income from Operations Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Income from operations

 

$

53,070

 

 

$

59,134

 

 

$

46,786

 

Stock-based compensation - gross margin (1)

 

 

1,425

 

 

 

1,023

 

 

 

1,011

 

Stock-based compensation - operations (1)

 

 

20,277

 

 

 

14,296

 

 

 

12,694

 

Litigation expense (2)

 

 

439

 

 

 

288

 

 

 

 

Amortization of acquired intangible assets

 

 

869

 

 

 

870

 

 

 

870

 

Restructuring and other

 

 

(112

)

 

 

30

 

 

 

192

 

Non-GAAP Income from operations

 

$

75,968

 

 

$

75,641

 

 

$

61,553

 

Income from Operations % Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Income from operations %

 

 

27.9

%

 

 

32.1

%

 

 

29.0

%

Cumulative effect of non-GAAP Gross Margin and Operating adjustments

 

 

12.1

%

 

 

8.9

%

 

 

9.1

%

Non-GAAP Income from operations %

 

 

40.0

%

 

 

41.0

%

 

 

38.1

%

(1)

 

The non-GAAP adjustments for Stock-based compensation include related payroll tax expenses.

(2)

 

Legal expenses associated with the defense of claims that are outside the ordinary course of business that were brought against the Company by Steven A.W. De Jaray, Perienne De Jaray and Darrell R. Oswalde.

 

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