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     264  0 Kommentare Lattice Semiconductor Reports Second Quarter 2019 Results

    Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended June 29, 2019.

    Jim Anderson, President and Chief Executive Officer, said, "We achieved the highest profitability level in over a decade, with a record high in operating income percentage and significant improvements across key metrics, such as EPS. We continue to drive operational improvements and we are also benefiting from strength in our communications, computing, and industrial markets. We are pleased with our progress and remain focused on execution and driving further improvement, as we unlock additional value for the company and its shareholders."

    Sherri Luther, Chief Financial Officer, said, "In addition to driving a 42.6% improvement in non-GAAP diluted EPS in Q2 2019 compared to Q1 2019, we achieved a major improvement in cash generation, with $44.7 million in cash provided by operations in Q2 2019. We made $40 million in discretionary debt payments reducing our non-GAAP debt leverage ratio below 2, as defined in the credit agreement, and refinanced our corporate debt on more favorable terms. We continue to focus on profitability and cash generation, as we execute on our gross margin expansion strategy."

    Selected Second Quarter 2019 Financial Results and Comparisons (in thousands, except per share data)

     

     

    GAAP Quarterly Financial Results

     

     

    Q2 2019

     

    Q1 2019

     

    Q2 2018

     

    Q/Q

     

    Y/Y

    Revenue

     

    $

     

    102,296

     

     

    $

     

    98,091

     

     

    $

     

    102,715

     

     

    + 4.3

    %

     

    (0.4

    %)

    Gross Margin %

     

     

    58.7

    %

     

     

    58.8

    %

     

     

    48.9

    %

     

    (10) bps

     

    + 980 bps

    R&D Expense %

     

     

    18.9

    %

     

     

    20.0

    %

     

     

    20.5

    %

     

    (110) bps

     

    (160) bps

    SG&A Expense %

     

     

    19.3

    %

     

     

    21.2

    %

     

     

    20.5

    %

     

    (190) bps

     

    (120) bps

    Operating Expense

     

    $

     

    45,652

     

     

    $

     

    45,176

     

     

    $

     

    63,812

     

     

    + 1.1

    %

     

    (28.5

    %)

    Operating Income

     

    $

     

    14,386

     

     

    $

     

    12,476

     

     

    $

     

    (13,564

    )

     

    + 15.3

    %

     

    + 206.1

    %

    Net Income (Loss)

     

    $

     

    8,559

     

     

    $

     

    7,408

     

     

    $

     

    (20,223

    )

     

    + 15.5

    %

     

    + 142.3

    %

    Net Income (Loss) per share - Basic

     

    $

     

    0.06

     

     

    $

     

    0.06

     

     

    $

     

    (0.16

    )

     

     

     

    + $0.22

    Net Income (Loss) per share - Diluted

     

    $

     

    0.06

     

     

    $

     

    0.05

     

     

    $

     

    (0.16

    )

     

    + $0.01

     

    + $0.22

     

     

    Non-GAAP* Quarterly Financial Results

     

     

    Q2 2019

     

    Q1 2019

     

    Q2 2018

     

    Q/Q

     

    Y/Y

    Revenue

     

    $

     

    102,296

     

     

    $

     

    98,091

     

     

    $

     

    102,715

     

     

    + 4.3

    %

     

    (0.4

    %)

    Gross Margin %

     

     

    59.0

    %

     

     

    58.6

    %

     

     

    57.2

    %

     

    + 40 bps

     

    + 180 bps

    R&D Expense %

     

     

    17.7

    %

     

     

    18.9

    %

     

     

    19.7

    %

     

    (120) bps

     

    (200) bps

    SG&A Expense %

     

     

    17.0

    %

     

     

    18.8

    %

     

     

    19.2

    %

     

    (180) bps

     

    (220) bps

    Operating Expense

     

    $

     

    35,494

     

     

    $

     

    37,985

     

     

    $

     

    39,945

     

     

    (6.6

    %)

     

    (11.1

    %)

    Operating Income

     

    $

     

    24,871

     

     

    $

     

    19,531

     

     

    $

     

    18,776

     

     

    + 27.3

    %

     

    + 32.5

    %

    Net Income

     

    $

     

    21,087

     

     

    $

     

    14,561

     

     

    $

     

    12,375

     

     

    + 44.8

    %

     

    + 70.4

    %

    Net Income per share - Basic

     

    $

     

    0.16

     

     

    $

     

    0.11

     

     

    $

     

    0.10

     

     

    + $0.05

     

    + $0.06

    Net Income per share - Diluted

     

    $

     

    0.15

     

     

    $

     

    0.11

     

     

    $

     

    0.10

     

     

    + $0.04

     

    + $0.05

    * GAAP represents U.S. Generally Accepted Accounting Principles. Non-GAAP represents GAAP excluding the impact of certain activities which the Company's management excludes in analyzing the Company's operating results and in understanding trends in the Company's earnings. For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

    Second Quarter 2019 Highlights

    • Improved Profitability: Achieved a 142% increase in net income on a GAAP basis in Q2 2019 compared to Q2 2018, and a 70% increase in net income on a non-GAAP basis in Q2 2019 compared to Q2 2018.
    • Debt Refinance and De-lever: Made $40 million in discretionary debt payments, reduced leverage ratio below 2, and successfully refinanced corporate debt, which lowered the interest rate by 275 basis points, extended the maturity by 3 years to 2024.
    • Launched New Platform Security Product: The MachXO3D FPGA simplifies the implementation of robust, comprehensive and flexible hardware-based security. MachXO3D can protect, detect and recover itself and other components from unauthorized firmware access at every stage of a system’s lifecycle, from the point of manufacturing all the way to the system’s end of life.
    • Higher Performance AI: Announced major performance and design flow enhancements for Lattice's award-winning sensAI solutions stack. The Lattice sensAI stack provides a comprehensive hardware and software solution for implementing low power, always-on artificial intelligence (AI) functionality in smart devices operating at the Edge. sensAI was awarded the EDN Hot 100 Product Award, Tools & Development Category, the AI Breakthrough Award, Best AI-Based Solution for Engineering, and the Electronics Industry Award, Internet of Things Product of the Year, among others.
    • New Reference Design for Video Applications: Announced availability of the latest in a series of new reference designs featuring the popular Lattice CrossLink FPGA for video bridging applications. The MIPI DSI/CSI-2 to OpenLDI LVDS Interface Bridge reference design provides industrial device customers with a flexible and easy to implement solution to connect today’s more advanced application processors to the displays used in many of today’s industrial environments.

    Business Outlook - Third Quarter of 2019:

    • Revenue for the third quarter of 2019 is expected to be between $101 million and $105 million.
    • Gross margin percentage for the third quarter of 2019 is expected to be 59% plus or minus 1% on a non-GAAP basis.
    • Total operating expenses for the third quarter of 2019 are expected to be between $35.5 million and $36.5 million on a non-GAAP basis.

    Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP measures. With respect to the outlook for the third quarter of 2019, certain items that affect GAAP measurement of financial metrics are out of the Company’s control and/or cannot be reasonably predicted. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for guidance or a corresponding reconciliation to GAAP for the quarter. Additional information regarding the reasons the Company uses non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below, following the GAAP financial information.

    Investor Conference Call / Webcast Details:

    Lattice Semiconductor will review the Company's financial results for the fiscal second quarter and business outlook on Tuesday, July 30 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-888-684-5603 or 1-918-398-4852 with conference identification number 8176926. A live webcast of the conference call will also be available on the investor relations section of www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.

    Forward-Looking Statements Notice:

    The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our belief that we will unlock additional value for the Company and its shareholders; and the statements under the heading “Business Outlook - Third Quarter of 2019.” Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.

    Estimates of future revenue are inherently uncertain due to such factors such as global economic conditions which may affect customer demand, pricing pressures, competitive actions, and international trade disputes and sanctions. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, variations in manufacturing yields, the failure to sustain operational improvements, and the actual amount of compensation charges due to stock price changes. Actual results are subject to risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its Annual Report on Form 10-K for the fiscal year ended December 29, 2018, and Lattice’s quarterly reports filed on Form 10-Q. Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Non-GAAP Financial Measures:

    Included within this press release and the accompanying tables and notes are certain non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with U.S. GAAP. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation, restructuring plans and related charges, acquisition-related charges, amortization and impairment of acquired intangible assets, inventory adjustments related to restructured operations, and the estimated tax effect of these items. These charges and adjustments are a result of periodic or non-core operating activities of the Company. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release.

    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 a leader in low power, small form factor programmable logic devices. Our FPGAs deliver intelligence, connectivity, and control solutions to the industrial, compute, communications, consumer, and automotive markets. Our unwavering commitment to our global customers enables them to accelerate their innovation, creating an even better and more connected world.

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

    Lattice Semiconductor Corporation

    Consolidated Statements of Operations

    (in thousands, except per share data)

    (unaudited)

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 29,
    2019

     

    March 30,
    2019

     

    June 30,
    2018

     

    June 29,
    2019

     

    June 30,
    2018

    Revenue

     

    $

     

    102,296

     

     

    $

     

    98,091

     

     

    $

     

    102,715

     

     

    $

     

    200,387

     

     

    $

     

    201,338

     

    Cost of sales

     

     

    42,258

     

     

     

    40,439

     

     

     

    52,467

     

     

     

    82,697

     

     

     

    94,569

     

    Gross margin

     

     

    60,038

     

     

     

    57,652

     

     

     

    50,248

     

     

     

    117,690

     

     

     

    106,769

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

    Research and development

     

     

    19,377

     

     

     

    19,665

     

     

     

    21,081

     

     

     

    39,042

     

     

     

    44,022

     

    Selling, general, and administrative

     

     

    19,759

     

     

     

    20,781

     

     

     

    21,068

     

     

     

    40,540

     

     

     

    48,111

     

    Amortization of acquired intangible assets

     

     

    3,390

     

     

     

    3,389

     

     

     

    4,523

     

     

     

    6,779

     

     

     

    10,159

     

    Restructuring

     

     

    3,126

     

     

     

    1,341

     

     

     

    4,376

     

     

     

    4,467

     

     

     

    5,405

     

    Acquisition related charges

     

     

     

     

     

     

    864

     

     

     

     

     

    1,531

     

    Impairment of acquired intangible assets

     

     

     

     

     

     

    11,900

     

     

     

     

     

    11,900

     

    Total operating expenses

     

     

    45,652

     

     

     

    45,176

     

     

     

    63,812

     

     

     

    90,828

     

     

     

    121,128

     

    Income (loss) from operations

     

     

    14,386

     

     

     

    12,476

     

     

     

    (13,564

    )

     

     

    26,862

     

     

     

    (14,359

    )

    Interest expense

     

     

    (3,538

    )

     

     

    (4,987

    )

     

     

    (4,968

    )

     

     

    (8,525

    )

     

     

    (10,082

    )

    Other (expense) income, net

     

     

    (2,109

    )

     

     

    153

     

     

     

    (348

    )

     

     

    (1,956

    )

     

     

    206

     

    Income (loss) before income taxes

     

     

    8,739

     

     

     

    7,642

     

     

     

    (18,880

    )

     

     

    16,381

     

     

     

    (24,235

    )

    Income tax expense

     

     

    180

     

     

     

    234

     

     

     

    1,343

     

     

     

    414

     

     

     

    1,940

     

    Net income (loss)

     

    $

     

    8,559

     

     

    $

     

    7,408

     

     

    $

     

    (20,223

    )

     

    $

     

    15,967

     

     

    $

     

    (26,175

    )

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss) per share:

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

     

    0.06

     

     

    $

     

    0.06

     

     

    $

     

    (0.16

    )

     

    $

     

    0.12

     

     

    $

     

    (0.21

    )

    Diluted

     

    $

     

    0.06

     

     

    $

     

    0.05

     

     

    $

     

    (0.16

    )

     

    $

     

    0.12

     

     

    $

     

    (0.21

    )

     

     

     

     

     

     

     

     

     

     

     

    Shares used in per share calculations:

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    132,206

     

     

     

    130,992

     

     

     

    124,843

     

     

     

    131,599

     

     

     

    124,460

     

    Diluted

     

     

    137,221

     

     

     

    134,810

     

     

     

    124,843

     

     

     

    136,133

     

     

     

    124,460

     

    Lattice Semiconductor Corporation

    Condensed Consolidated Balance Sheets

    (in thousands)

    (unaudited)

     

     

    June 29,
    2019

     

    December 29,
    2018

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

     

    122,636

     

     

    $

     

    119,051

     

    Short-term marketable securities

     

     

     

     

    9,624

     

    Accounts receivable, net

     

     

    37,893

     

     

     

    60,890

     

    Inventories

     

     

    64,964

     

     

     

    67,096

     

    Other current assets

     

     

    30,752

     

     

     

    27,762

     

    Total current assets

     

     

    256,245

     

     

     

    284,423

     

     

     

     

     

     

    Property and equipment, net

     

     

    39,593

     

     

     

    34,883

     

    Operating lease right-of-use assets

     

     

    26,092

     

     

     

    Intangible assets, net

     

     

    13,784

     

     

     

    21,325

     

    Goodwill

     

     

    267,514

     

     

     

    267,514

     

    Deferred income taxes

     

     

    227

     

     

     

    215

     

    Other long-term assets

     

     

    13,204

     

     

     

    15,327

     

     

     

    $

     

    616,659

     

     

    $

     

    623,687

     

     

     

     

     

     

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable and other accrued liabilities

     

    $

     

    61,123

     

     

    $

     

    61,128

     

    Current portion of long-term debt

     

     

    17,190

     

     

     

    8,290

     

    Current portion of operating lease liabilities

     

     

    4,804

     

     

     

    Total current liabilities

     

     

    83,117

     

     

     

    69,418

     

     

     

     

     

     

    Long-term debt, net of current portion

     

     

    172,287

     

     

     

    251,357

     

    Long-term operating lease liabilities, net of current portion

     

     

    23,792

     

     

     

    Other long-term liabilities

     

     

    42,286

     

     

     

    44,455

     

    Total liabilities

     

     

    321,482

     

     

     

    365,230

     

     

     

     

     

     

    Stockholders' equity

     

     

    295,177

     

     

     

    258,457

     

     

     

    $

     

    616,659

     

     

    $

     

    623,687

     

    Lattice Semiconductor Corporation

    Condensed Consolidated Statements of Cash Flows

    (in thousands)

    (unaudited)

     

    Six Months Ended

     

    June 29,
    2019

     

    June 30,
    2018

    Cash flows from operating activities:

     

     

     

    Net income (loss)

    $

     

    15,967

     

     

    $

     

    (26,175

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    16,450

     

     

     

    22,425

     

    Impairment of acquired intangible assets

     

     

     

    11,900

     

    Stock-based compensation expense

     

    7,655

     

     

     

    7,200

     

    Other non-cash adjustments

     

    7,295

     

     

     

    928

     

    Net changes in assets and liabilities

     

    19,129

     

     

     

    (6,696

    )

    Net cash provided by operating activities

     

    66,496

     

     

     

    9,582

     

    Cash flows from investing activities:

     

     

     

    Capital expenditures

     

    (8,459

    )

     

     

    (4,105

    )

    Other investing activities

     

    6,058

     

     

     

    (11,084

    )

    Net cash used in investing activities

     

    (2,401

    )

     

     

    (15,189

    )

    Cash flows from financing activities:

     

     

     

    Proceeds from issuance of long-term debt

     

    206,500

     

     

     

    Cash paid for debt issuance costs

     

    (2,086

    )

     

     

    Repayment of long-term debt

     

    (278,033

    )

     

     

    (12,009

    )

    Net cash flows related to stock compensation exercises

     

    13,023

     

     

     

    5,040

     

    Net cash used in financing activities

     

    (60,596

    )

     

     

    (6,969

    )

    Effect of exchange rate change on cash

     

    86

     

     

     

    (540

    )

    Net increase (decrease) in cash and cash equivalents

     

    3,585

     

     

     

    (13,116

    )

    Beginning cash and cash equivalents

     

    119,051

     

     

     

    106,815

     

    Ending cash and cash equivalents

    $

     

    122,636

     

     

    $

     

    93,699

     

     

     

     

     

    Supplemental disclosure of cash flow information and non-cash

    investing and financing activities:

    Interest paid

    $

     

    8,103

     

     

    $

     

    9,177

     

    Income taxes paid, net of refunds

    $

     

    1,500

     

     

    $

     

    2,057

     

    Lattice Semiconductor Corporation

    Supplemental Historical Financial Information

    (unaudited)

     

    Three Months Ended

     

    June 29,
    2019

     

    March 30,
    2019

     

    June 30,
    2018

    Balance Sheet Information

     

     

     

     

     

    A/R Days Revenue Outstanding (DSO)

    34

     

    52

     

    68

    Inventory Days (DIO)

    140

     

    151

     

    114

     

     

     

     

     

     

    Revenue% (by Geography)

     

     

     

     

     

    Asia

    75%

     

    70%

     

    76%

    Europe (incl. Africa)

    12%

     

    12%

     

    12%

    Americas

    13%

     

    18%

     

    12%

     

     

     

     

     

     

    Revenue% (by End Market)

     

     

     

     

     

    Communications and Computing

    39%

     

    36%

     

    29%

    Industrial and Automotive

    38%

     

    37%

     

    43%

    Consumer

    19%

     

    20%

     

    24%

    Licensing and Services

    4%

     

    7%

     

    4%

     

     

     

     

     

     

    Revenue% (by Channel)

     

     

     

     

     

    Distribution

    85%

     

    79%

     

    86%

    Direct

    15%

     

    21%

     

    14%

    Lattice Semiconductor Corporation

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

    (in thousands, except per share data)

    (unaudited)

     

     

     

    Three Months Ended

     

     

    June 29, 2019

     

    March 30, 2019

     

    June 30, 2018

     

     

     

     

     

     

     

    Gross Margin Reconciliation

    GAAP Gross margin

     

    $

     

     

    60,038

     

     

    $

     

     

    57,652

     

     

    $

     

     

    50,248

     

    Inventory adjustment related to restructured operations

     

     

     

     

    (338

    )

     

     

    8,277

     

    Stock-based compensation - gross margin

     

     

    327

     

     

     

    202

     

     

     

    196

     

    Non-GAAP Gross margin

     

    $

     

     

    60,365

     

     

    $

     

     

    57,516

     

     

    $

     

     

    58,721

     

     

    Gross Margin % Reconciliation

    GAAP Gross margin %

     

     

    58.7

    %

     

     

    58.8

    %

     

     

    48.9

    %

    Cumulative effect of non-GAAP Gross Margin adjustments

     

     

    0.3

    %

     

     

    (0.2

    )%

     

     

    8.3

    %

    Non-GAAP Gross margin %

     

     

    59.0

    %

     

     

    58.6

    %

     

     

    57.2

    %

     

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

    Reconciliation

    GAAP R&D Expense %

     

     

    18.9

    %

     

     

    20.0

    %

     

     

    20.5

    %

    Stock-based compensation - R&D

     

     

    (1.2

    )%

     

     

    (1.1

    )%

     

     

    (0.8

    )%

    Non-GAAP R&D Expense %

     

     

    17.7

    %

     

     

    18.9

    %

     

     

    19.7

    %

     

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

    Expense %) Reconciliation

    GAAP SG&A Expense %

     

     

    19.3

    %

     

     

    21.2

    %

     

     

    20.5

    %

    Stock-based compensation - SG&A

     

     

    (2.3

    )%

     

     

    (2.4

    )%

     

     

    (1.3

    )%

    Non-GAAP SG&A Expense %

     

     

    17.0

    %

     

     

    18.8

    %

     

     

    19.2

    %

     

    Operating Expenses Reconciliation

    GAAP Operating expenses

     

    $

     

     

    45,652

     

     

    $

     

     

    45,176

     

     

    $

     

     

    63,812

     

    Amortization of acquired intangible assets

     

     

    (3,390

    )

     

     

    (3,389

    )

     

     

    (4,523

    )

    Restructuring charges

     

     

    (3,126

    )

     

     

    (1,341

    )

     

     

    (4,376

    )

    Acquisition related charges (1)

     

     

     

     

     

     

    (864

    )

    Impairment of acquired intangible assets

     

     

     

     

    1,023

     

     

     

    (11,900

    )

    Stock-based compensation - operations

     

     

    (3,642

    )

     

     

    (3,484

    )

     

     

    (2,204

    )

    Non-GAAP Operating expenses

     

    $

     

     

    35,494

     

     

    $

     

     

    37,985

     

     

    $

     

     

    39,945

     

     

    Income (Loss) from Operations Reconciliation

    GAAP Income (loss) from operations

     

    $

     

     

    14,386

     

     

    $

     

     

    12,476

     

     

    $

     

     

    (13,564

    )

    Inventory adjustment related to restructured operations

     

     

     

     

    (338

    )

     

     

    8,277

     

    Stock-based compensation - gross margin

     

     

    327

     

     

     

    202

     

     

     

    196

     

    Amortization of acquired intangible assets

     

     

    3,390

     

     

     

    3,389

     

     

     

    4,523

     

    Restructuring charges

     

     

    3,126

     

     

     

    1,341

     

     

     

    4,376

     

    Acquisition related charges (1)

     

     

     

     

     

     

    864

     

    Impairment of acquired intangible assets

     

     

     

     

    (1,023

    )

     

     

    11,900

     

    Stock-based compensation - operations

     

     

    3,642

     

     

     

    3,484

     

     

     

    2,204

     

    Non-GAAP Income from operations

     

    $

     

     

    24,871

     

     

    $

     

     

    19,531

     

     

    $

     

     

    18,776

     

     

     

     

     

     

     

     

    Income (Loss) from Operations % Reconciliation

    GAAP Income (loss) from operations %

     

     

    14.1

    %

     

     

    12.7

    %

     

     

    (13.2

    )%

    Cumulative effect of non-GAAP Gross Margin and Operating

    adjustments

     

     

    10.2

    %

     

     

    7.2

    %

     

     

    31.5

    %

    Non-GAAP Income from operations %

     

     

    24.3

    %

     

     

    19.9

    %

     

     

    18.3

    %

     

     

     

     

     

     

     

    (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

     

     

    June 29, 2019

     

    March 30, 2019

     

    June 30, 2018

     

    Other (Expense) Income, Net Reconciliation

    GAAP Other (expense) income, net

     

    $

     

    (2,109

    )

     

    $

     

    153

     

     

    $

     

    (348

    )

    Loss on re-financing of long-term debt

     

     

    2,235

     

     

     

     

     

    Non-GAAP Other income (expense), net

     

    $

     

    126

     

     

    $

     

    153

     

     

    $

     

    (348

    )

     

    Income Tax Expense Reconciliation

    GAAP Income tax expense

     

    $

     

    180

     

     

    $

     

    234

     

     

    $

     

    1,343

     

    Estimated tax effect of non-GAAP adjustments (2)

     

     

    192

     

     

     

    (98

    )

     

     

    (258

    )

    Non-GAAP Income tax expense

     

    $

     

    372

     

     

    $

     

    136

     

     

    $

     

    1,085

     

     

    Net Income (Loss) Reconciliation

    GAAP Net income (loss)

     

    $

     

    8,559

     

     

    $

     

    7,408

     

     

    $

     

    (20,223

    )

    Inventory adjustment related to restructured operations

     

     

     

     

    (338

    )

     

     

    8,277

     

    Stock-based compensation - gross margin

     

     

    327

     

     

     

    202

     

     

     

    196

     

    Amortization of acquired intangible assets

     

     

    3,390

     

     

     

    3,389

     

     

     

    4,523

     

    Restructuring charges

     

     

    3,126

     

     

     

    1,341

     

     

     

    4,376

     

    Acquisition related charges (1)

     

     

     

     

     

     

    864

     

    Impairment of acquired intangible assets

     

     

     

     

    (1,023

    )

     

     

    11,900

     

    Stock-based compensation - operations

     

     

    3,642

     

     

     

    3,484

     

     

     

    2,204

     

    Loss on re-financing of long-term debt

     

     

    2,235

     

     

     

     

     

    Estimated tax effect of non-GAAP adjustments (2)

     

     

    (192

    )

     

     

    98

     

     

     

    258

     

    Non-GAAP Net income

     

    $

     

    21,087

     

     

    $

     

    14,561

     

     

    $

     

    12,375

     

     

    Net Income (Loss) Per Share Reconciliation

    GAAP Net income (loss) per share - basic

     

    $

     

    0.06

     

     

    $

     

    0.06

     

     

    $

     

    (0.16

    )

    Cumulative effect of Non-GAAP adjustments

     

     

    0.10

     

     

     

    0.05

     

     

     

    0.26

     

    Non-GAAP Net income per share - basic

     

    $

     

    0.16

     

     

    $

     

    0.11

     

     

    $

     

    0.10

     

     

     

     

     

     

     

     

    GAAP Net income (loss) per share - diluted

     

    $

     

    0.06

     

     

    $

     

    0.05

     

     

    $

     

    (0.16

    )

    Cumulative effect of Non-GAAP adjustments

     

     

    0.09

     

     

     

    0.06

     

     

     

    0.26

     

    Non-GAAP Net income per share - diluted

     

    $

     

    0.15

     

     

    $

     

    0.11

     

     

    $

     

    0.10

     

     

     

     

     

     

     

     

    Shares used in per share calculations:

     

     

     

     

     

     

    Basic

     

     

    132,206

     

     

     

    130,992

     

     

     

    124,843

     

    Diluted - GAAP (3)

     

     

    137,221

     

     

     

    134,810

     

     

     

    124,843

     

    Diluted - Non-GAAP (3)

     

     

    137,221

     

     

     

    134,810

     

     

     

    125,620

     

     

    (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.”

    (3) Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares.

     



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    Lattice Semiconductor Reports Second Quarter 2019 Results Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended June 29, 2019. Jim Anderson, President and Chief Executive Officer, said, "We achieved the …

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