- Record quarterly revenue with growth of 22% compared to Q1 2022 and 5% compared to Q4 2022
- Gross Margin expands to 69.8% / 70.3% for Q1 2023 on a GAAP / Non-GAAP basis, compared to 66.9% / 67.7%, respectively, for Q1 2022
- Net Income improves to $0.40 / $0.51 per diluted share for Q1 2023 on a GAAP / Non-GAAP basis, compared to $0.26 / $0.37, respectively, for Q1 2022
* 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. Additional information relating to these measures is included below in “Non-GAAP Financial Measures.” For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."
HILLSBORO, Ore. — (BUSINESS WIRE) — May 1, 2023 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal first quarter ended April 1, 2023.
Jim Anderson, president and CEO, said, "Our strong growth and customer momentum continued into the first quarter of 2023 with a 22% year-over-year increase in revenue. We drove 55% year-over-year growth in net income on a GAAP basis and 36% on a non-GAAP basis. While we’re not immune to macro-economic challenges impacting the industry, we have Lattice-specific growth drivers, which position us well for long-term growth in our core markets."
Sherri Luther, CFO, said, "Q1 2023 represented our twelfth consecutive quarter of sequential growth, with revenue increasing 5% compared to Q4 2022. We achieved record operating profit of 32% on a GAAP basis and 41% on a non-GAAP basis, and expanded gross margin by 290 basis points on a GAAP basis and 260 basis points on a non-GAAP basis compared to Q1 2022. We also completed the tenth consecutive quarter of our share repurchase program."
Selected First Quarter 2023 Financial Results and Comparisons (in thousands, except per share data)
|
|
GAAP Financial Results (unaudited) |
||||||||||||||
|
|
Q1 2023 |
|
Q4 2022 |
|
Q1 2022 |
|
Q/Q |
|
Y/Y |
||||||
Revenue |
|
$ |
184,310 |
|
|
$ |
175,960 |
|
|
$ |
150,515 |
|
|
4.7% |
|
22.5% |
Gross Margin % |
|
|
69.8 |
% |
|
|
69.4 |
% |
|
|
66.9 |
% |
|
40 bps |
|
290 bps |
R&D Expense % |
|
|
19.5 |
% |
|
|
19.8 |
% |
|
|
21.6 |
% |
|
(30) bps |
|
(210) bps |
SG&A Expense % |
|
|
17.7 |
% |
|
|
18.4 |
% |
|
|
19.1 |
% |
|
(70) bps |
|
(140) bps |
| Operating Expenses |
|
$ |
69,467 |
|
|
$ |
68,050 |
|
|
$ |
63,004 |
|
|
2.1% |
|
10.3% |
| Income from Operations |
|
$ |
59,134 |
|
|
$ |
54,016 |
|
|
$ |
37,763 |
|
|
9.5% |
|
56.6% |
| Net Income |
|
$ |
55,923 |
|
|
$ |
51,913 |
|
|
$ |
36,078 |
|
|
7.7% |
|
55.0% |
| Net Income per Share - Basic |
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.26 |
|
|
$0.03 |
|
$ 0.15 |
| Net Income per Share - Diluted |
|
$ |
0.40 |
|
|
$ |
0.37 |
|
|
$ |
0.26 |
|
|
$0.03 |
|
$ 0.14 |
|
|
|
Non-GAAP* Financial Results (unaudited) |
||||||||||||||
|
|
|
Q1 2023 |
|
Q4 2022 |
|
Q1 2022 |
|
Q/Q |
|
Y/Y |
||||||
| Revenue |
|
$ |
184,310 |
|
|
$ |
175,960 |
|
|
$ |
150,515 |
|
|
4.7% |
|
22.5% |
| Gross Margin % |
|
|
70.3 |
% |
|
|
70.0 |
% |
|
|
67.7 |
% |
|
30 bps |
|
260 bps |
| R&D Expense % |
|
|
16.5 |
% |
|
|
16.8 |
% |
|
|
18.2 |
% |
|
(30) bps |
|
(170) bps |
| SG&A Expense % |
|
|
12.8 |
% |
|
|
13.1 |
% |
|
|
13.2 |
% |
|
(30) bps |
|
(40) bps |
| Operating Expenses |
|
$ |
53,983 |
|
|
$ |
52,469 |
|
|
$ |
47,243 |
|
|
2.9% |
|
14.3% |
| Income from Operations |
|
$ |
75,641 |
|
|
$ |
70,653 |
|
|
$ |
54,645 |
|
|
7.1% |
|
38.4% |
| Net Income |
|
$ |
71,772 |
|
|
$ |
68,367 |
|
|
$ |
52,696 |
|
|
5.0% |
|
36.2% |
| Net Income per Share - Basic |
|
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
0.38 |
|
|
$ 0.02 |
|
$ 0.14 |
| Net Income per Share - Diluted |
|
$ |
0.51 |
|
|
$ |
0.49 |
|
|
$ |
0.37 |
|
|
$ 0.02 |
|
$ 0.14 |
