Lattice Semiconductor Corporation Reconciliation of U.S. GAAP to Non-GAAP Financial Measures (in thousands, except per share data) (unaudited) |
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Three Months Ended |
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July 1, |
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April 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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Gross Margin Reconciliation |
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GAAP Gross margin |
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$ |
132,561 |
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$ |
128,601 |
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$ |
110,485 |
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Stock-based compensation - gross margin (1) |
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1,425 |
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1,023 |
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1,011 |
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Non-GAAP Gross margin |
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$ |
133,986 |
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$ |
129,624 |
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$ |
111,496 |
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Gross Margin % Reconciliation |
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| GAAP Gross margin % |
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69.7 |
% |
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69.8 |
% |
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68.5 |
% |
| Cumulative effect of non-GAAP Gross Margin adjustments |
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0.8 |
% |
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0.5 |
% |
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0.6 |
% |
| Non-GAAP Gross margin % |
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70.5 |
% |
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70.3 |
% |
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69.1 |
% |
| Research and Development Expense % (R&D Expense %) Reconciliation |
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| GAAP R&D Expense % |
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22.1 |
% |
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19.5 |
% |
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20.8 |
% |
| Stock-based compensation - R&D (1) |
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(4.1 |
)% |
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(3.0 |
)% |
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(3.0 |
)% |
| Non-GAAP R&D Expense % |
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18.0 |
% |
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16.5 |
% |
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17.8 |
% |
| Selling, General, and Administrative Expense % (SG&A Expense %) Reconciliation |
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| GAAP SG&A Expense % |
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19.4 |
% |
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17.7 |
% |
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18.0 |
% |
| Stock-based compensation - SG&A (1) |
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(6.7 |
)% |
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(4.7 |
)% |
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(4.9 |
)% |
| Litigation expense (2) |
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(0.2 |
)% |
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(0.2 |
)% |
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— |
% |
| Non-GAAP SG&A Expense % |
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12.5 |
% |
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12.8 |
% |
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13.1 |
% |
| Operating Expenses Reconciliation |
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| GAAP Operating expenses |
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$ |
79,491 |
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$ |
69,467 |
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$ |
63,699 |
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| Stock-based compensation - operations (1) |
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(20,277 |
) |
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(14,296 |
) |
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(12,694 |
) |
| Litigation expense (2) |
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(439 |
) |
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(288 |
) |
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— |
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| Amortization of acquired intangible assets |
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(869 |
) |
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(870 |
) |
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(870 |
) |
| Restructuring and other |
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112 |
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(30 |
) |
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(192 |
) |
| Non-GAAP Operating expenses |
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$ |
58,018 |
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$ |
53,983 |
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$ |
49,943 |
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| Income from Operations Reconciliation |
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| GAAP Income from operations |
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$ |
53,070 |
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$ |
59,134 |
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$ |
46,786 |
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| Stock-based compensation - gross margin (1) |
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1,425 |
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|
1,023 |
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|
1,011 |
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| Stock-based compensation - operations (1) |
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|
20,277 |
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|
14,296 |
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|
12,694 |
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| Litigation expense (2) |
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439 |
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|
288 |
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— |
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| Amortization of acquired intangible assets |
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869 |
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|
870 |
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|
870 |
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| Restructuring and other |
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(112 |
) |
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30 |
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|
192 |
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| Non-GAAP Income from operations |
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$ |
75,968 |
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$ |
75,641 |
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$ |
61,553 |
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| Income from Operations % Reconciliation |
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| GAAP Income from operations % |
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27.9 |
% |
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32.1 |
% |
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29.0 |
% |
| Cumulative effect of non-GAAP Gross Margin and Operating adjustments |
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12.1 |
% |
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8.9 |
% |
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9.1 |
% |
| Non-GAAP Income from operations % |
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40.0 |
% |
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41.0 |
% |
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38.1 |
% |
| (1) |
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The non-GAAP adjustments for Stock-based compensation include related payroll tax expenses. |
| (2) |
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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. |
