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) |
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Three Months Ended |
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Six Months Ended |
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July 1, |
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April 1, |
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July 2, |
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July 1, |
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July 2, |
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2023 |
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|
2023 |
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2022 |
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|
2023 |
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|
2022 |
|
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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 |
|
