- Gross Margin Expands to 59.2% for 4Q 2019 on a GAAP Basis and
59.6% on a Non-GAAP Basis from 56.6% and 56.7%, respectively, for
4Q 2018
- Operating Margin Increases to 15.5% of revenue for 4Q 2019 on a
GAAP Basis and 24.3% on a Non-GAAP Basis from (1.8)% and 17.3%,
respectively, for 4Q 2018
- Net Income Improves to $0.10 / $0.17 Per Diluted Share for 4Q
2019 on a GAAP / Non-GAAP Basis, from ($0.05) / $0.08,
respectively, for 4Q 2018
* 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."
Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power
programmable leader, announced financial results today for the
fiscal fourth quarter and full year ended December 28, 2019.
Jim Anderson, President and Chief Executive Officer, said, "We
made solid progress in 2019, as we drove a 210 basis point
improvement in gross margin on a non-GAAP basis, and an 88%
increase in non-GAAP net income for the full year. We are seeing
the benefits of our business and product strategy, which is aligned
with our customers and 100% focused on power efficient FPGAs. We
remain focused on driving further improvements as we increase our
cadence of new hardware products, solutions, and software stacks,
including the launch of Nexus, our next-generation FPGA platform.
The launch was ahead of schedule and serves as a testament to the
execution of our product roadmap."
Sherri Luther, Chief Financial Officer, said, "We achieved
significant improvements across our key financial metrics in 2019.
For the full year 2019, GAAP diluted EPS increased 252% compared to
the full year 2018 and improved 300% in Q4 2019 as compared to Q4
2018. We increased cash flow from operations by 141% for the full
year 2019, continuing our focus on cash generation. Our improved
financial performance allowed us to significantly reduce our
leverage ratio to 1.3, as defined in our credit agreement, compared
to a leverage ratio of 3.0 in the year ago fourth quarter. We
remain focused on profitability and cash generation as we drive
additional progress towards our target model."
Selected Fourth Quarter and Full Year
2019 Financial Results and Comparisons (in thousands, except per
share data)
GAAP Financial Results
(unaudited)
Q4 2019
Q3 2019
Q4 2018
Q/Q
Y/Y
FY 2019
FY 2018
FY/FY
Revenue
$
100,237
$
103,469
$
95,977
(3.1
%)
+ 4.4
%
$
404,093
$
398,799
+ 1.3
%
Gross Margin %
59.2
%
59.4
%
56.6
%
(20) bps
+ 260 bps
59.0
%
55.0
%
+ 400 bps
R&D Expense %
19.5
%
19.4
%
20.1
%
+ 10 bps
(60) bps
19.5
%
20.7
%
(120) bps
SG&A Expense %
20.9
%
20.4
%
22.1
%
+ 50 bps
(120) bps
20.4
%
22.8
%
(240) bps
Operating Expense
$
43,802
$
44,751
$
56,026
(2.1
%)
(21.8
%)
$
179,381
$
222,559
(19.4
%)
Operating Income (Loss)
$
15,491
$
16,688
$
(1,720
)
(7.2
%)
n/m
$
59,041
$
(3,120
)
n/m
Net Income (Loss)
$
13,987
$
13,539
$
(7,121
)
+ 3.3
%
n/m
$
43,493
$
(26,322
)
n/m
Net Income (Loss) per Share -
Basic
$
0.10
$
0.10
$
(0.05
)
—
+ $0.15
$
0.33
$
(0.21
)
+ $0.54
Net Income (Loss) per Share -
Diluted
$
0.10
$
0.10
$
(0.05
)
—
+ $0.15
$
0.32
$
(0.21
)
+ $0.53
Non-GAAP* Financial Results
(unaudited)
Q4 2019
Q3 2019
Q4 2018
Q/Q
Y/Y
FY 2019
FY 2018
FY/FY
Revenue
$
100,237
$
103,469
$
95,977
(3.1
%)
+ 4.4
%
$
404,093
$
398,799
+ 1.3
%
Gross Margin %
59.6
%
59.8
%
56.7
%
(20) bps
+ 290 bps
59.3
%
57.2
%
+ 210 bps
R&D Expense %
17.9
%
17.8
%
18.7
%
+ 10 bps
(80) bps
18.1
%
19.6
%
(150) bps
SG&A Expense %
17.4
%
16.9
%
19.9
%
+ 50 bps
(250) bps
17.5
%
20.7
%
(320) bps
Operating Expense
$
35,343
$
35,883
$
37,814
(1.5
%)
(6.5
%)
$
144,705
$
161,597
(10.5
%)
Operating Income
$
24,390
$
26,009
$
16,620
(6.2
%)
+ 46.8
%
$
94,801
$
66,611
+ 42.3
%
Net Income
$
22,897
$
22,943
$
11,131
(0.2
%)
+ 105.7
%
$
81,488
$
43,409
+ 87.7
%
Net Income per Share - Basic
$
0.17
$
0.17
$
0.09
—
+ $0.08
$
0.62
$
0.34
+ $0.28
Net Income per Share - Diluted
$
0.17
$
0.17
$
0.08
—
+ $0.09
$
0.59
$
0.33
+ $0.26
* 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."
2019 Highlights
- Improved Financial Performance and Increased
Profitability: Increased net income per diluted share on a GAAP
basis to $0.32 in the full year 2019 from a loss of $0.21 in the
full year 2018, or $0.59 and $0.33, respectively, on a non-GAAP
basis, with a 400 basis point improvement in gross margin on a GAAP
basis and a 210 basis point improvement on a non-GAAP basis.
- Debt Refinance and De-lever: Total full year 2019 debt
payments of $117 million, which reduced the leverage ratio to 1.3
compared to 3.0 at the end of 2018, as defined in the credit
agreement. The Company reduced the interest rate by a total of 300
basis points in 2019.
- Nexus™ Next Generation FDSOI Platform and
CrossLink-NX™ FPGA Launched: Nexus, Lattice's next generation
28nm FDSOI platform, launched on December 10, 2019, ahead of
schedule. Based on FDSOI technology, the Nexus platform delivers up
to a 75% reduction in power versus competitors' products. Lattice's
CrossLink-NX™, the first FPGA developed on Lattice's Nexus
platform, provides the small form factor, reliability, and
performance that developers need to create innovative embedded
vision and AI solutions for communications, compute, industrial,
automotive, and consumer systems.
- Enhanced Radiant™ Software Design Tool: Lattice launched
the latest version of its popular software design tool for FPGAs,
Lattice Radiant™ 2.0. The updated design tool offers new features
that make it faster and easier than ever to develop Lattice
FPGA-based designs.
- Launched New MachXO3D™ Platform Security Product: The
new platform security product was developed specifically for
customers seeking to simplify the implementation of robust,
comprehensive and flexible hardware-based security. MachXO3D can
protect, detect and recover firmware 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. The
National Institute of Standards and Technology ("NIST")
independently certified that Lattice's MachXO3D is compliant with
the U.S. government's standard for cryptographic software.
- Higher Performance, Award-Winning sensAI™ Solutions
Stack: Lattice launched major performance and design flow
enhancements to its award-winning AI solutions stack. The Lattice
sensAI stack provides a comprehensive hardware and software
solution for implementing low power, always-on 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, the
Electronics Industry Award, and the Internet of Things Product of
the Year.
Business Outlook - First Quarter of 2020:
- Revenue for the first quarter of 2020 is expected to be between
$96 million and $104 million.
- Gross margin percentage for the first quarter of 2020 is
expected to be 59.5% plus or minus 1% on a non-GAAP basis.
- Total operating expenses for the first quarter of 2020 are
expected to be between $36 million and $37 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 financial measures. With respect to the outlook for the
first quarter of 2020, certain items that affect GAAP measurement
of financial measures 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 fourth quarter and full year 2019, and
business outlook on Tuesday, February 11 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 6890144. 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, but are not limited to, statements relating to: our belief
that we will increase our cadence of new hardware products,
solutions, and software stacks, including the launch of Nexus, our
next-generation FPGA platform; our belief that we achieve our
financial model targets; and the statements under the heading
“Business Outlook - First Quarter of 2020.” 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
may differ materially from our expectations and 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, loss on refinancing of long-term debt, 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 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 lets 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,
Weibo or Youku.
Lattice Semiconductor
Corporation Consolidated Statements of Operations (in thousands,
except per share data) (unaudited)
Three Months Ended
Twelve Months Ended
December 28, 2019
September 28, 2019
December 29, 2018
December 28, 2019
December 29, 2018
Revenue
$
100,237
$
103,469
$
95,977
$
404,093
$
398,799
Cost of sales
40,944
42,030
41,671
165,671
179,360
Gross margin
59,293
61,439
54,306
238,422
219,439
Operating expenses:
Research and development
19,543
20,032
19,296
78,617
82,449
Selling, general, and
administrative
20,924
21,078
21,168
82,542
91,054
Amortization of acquired
intangible assets
3,390
3,389
3,708
13,558
17,690
Restructuring
(55
)
252
11,854
4,664
17,349
Impairment of acquired
intangible assets
—
—
—
—
12,486
Acquisition related charges
—
—
—
—
1,531
Total operating expenses
43,802
44,751
56,026
179,381
222,559
Income (loss) from operations
15,491
16,688
(1,720
)
59,041
(3,120
)
Interest expense
(1,184
)
(2,022
)
(5,018
)
(11,731
)
(20,600
)
Other expense, net
(228
)
(61
)
(3
)
(2,245
)
(249
)
Income (loss) before income taxes
14,079
14,605
(6,741
)
45,065
(23,969
)
Income tax expense
92
1,066
380
1,572
2,353
Net income (loss)
$
13,987
$
13,539
$
(7,121
)
$
43,493
$
(26,322
)
Net income (loss) per share:
Basic
$
0.10
$
0.10
$
(0.05
)
$
0.33
$
(0.21
)
Diluted
$
0.10
$
0.10
$
(0.05
)
$
0.32
$
(0.21
)
Shares used in per share calculations:
Basic
133,691
132,997
129,521
132,471
126,564
Diluted
138,196
138,894
129,521
137,274
126,564
Lattice Semiconductor
Corporation Condensed Consolidated Balance Sheets (in thousands)
(unaudited)
December 28, 2019
December 29, 2018
Assets
Current assets:
Cash and cash equivalents
$
118,081
$
119,051
Short-term marketable
securities
—
9,624
Accounts receivable, net
64,917
60,890
Inventories
54,980
67,096
Other current assets
24,452
27,762
Total current assets
262,430
284,423
Property and equipment, net
39,230
34,883
Operating lease right-of-use assets
23,591
—
Intangible assets, net
6,977
21,325
Goodwill
267,514
267,514
Deferred income taxes
478
215
Other long-term assets
11,796
15,327
$
612,016
$
623,687
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and other
accrued liabilities
$
73,650
$
61,128
Current portion of long-term
debt
21,474
8,290
Current portion of operating
lease liabilities
4,686
—
Total current liabilities
99,810
69,418
Long-term debt, net of current portion
125,072
251,357
Long-term operating lease liabilities, net
of current portion
21,438
—
Other long-term liabilities
38,028
44,455
Total liabilities
284,348
365,230
Stockholders' equity
327,668
258,457
$
612,016
$
623,687
Lattice Semiconductor
Corporation Condensed Consolidated Statements of Cash Flows (in
thousands) (unaudited)
Twelve Months Ended
December 28, 2019
December 29, 2018
Cash flows from operating activities:
Net income (loss)
$
43,493
$
(26,322
)
Adjustments to reconcile net
income (loss) to net cash provided by operating activities:
Depreciation and
amortization
33,056
39,261
Impairment of acquired
intangible assets
—
12,486
Stock-based compensation
expense
18,899
13,646
Other non-cash adjustments
10,294
2,151
Net changes in assets and
liabilities
18,395
10,236
Net cash provided by operating
activities
124,137
51,458
Cash flows from investing activities:
Capital expenditures
(15,590
)
(8,384
)
Other investing activities
54
(12,726
)
Net cash used in investing
activities
(15,536
)
(21,110
)
Cash flows from financing activities:
Proceeds from issuance of
long-term debt
206,500
—
Original issue discount and
debt issuance costs
(2,086
)
—
Repayment of long-term debt
(321,408
)
(43,759
)
Net cash flows related to stock
compensation exercises
7,082
26,918
Net cash used in financing
activities
(109,912
)
(16,841
)
Effect of exchange rate change on cash
341
(1,271
)
Net (decrease) increase in cash and cash
equivalents
(970
)
12,236
Beginning cash and cash equivalents
119,051
106,815
Ending cash and cash equivalents
$
118,081
$
119,051
Supplemental disclosure of cash flow
information and non-cash investing and financing
activities:
Interest paid
$
10,995
$
18,607
Income taxes paid, net of
refunds
$
3,393
$
3,054
Lattice Semiconductor
Corporation Supplemental Historical Financial Information
(unaudited)
Three Months Ended
Twelve Months Ended
December 28,
2019
September 28,
2019
December 29,
2018
December 28,
2019
December 29,
2018
Balance Sheet Information
A/R Days Revenue Outstanding
(DSO)
59
42
58
Inventory Days (DIO)
123
130
147
Revenue% (by Geography)
Asia
73%
77%
74%
74%
75%
Europe (incl. Africa)
11%
11%
10%
12%
11%
Americas
16%
12%
16%
14%
14%
Revenue% (by End Market)
Communications and
Computing
38%
40%
34%
39%
31%
Industrial and Automotive
39%
36%
37%
37%
39%
Consumer
18%
18%
22%
19%
25%
Licensing and Services
5%
6%
7%
5%
5%
Revenue% (by Channel)
Distribution
84%
81%
76%
82%
83%
Direct
16%
19%
24%
18%
17%
Lattice Semiconductor
Corporation
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in thousands, except per
share data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 28,
2019
September 28,
2019
December 29,
2018
December 28,
2019
December 29,
2018
Gross Margin Reconciliation
GAAP Gross margin
$
59,293
$
61,439
$
54,306
$
238,422
$
219,439
Stock-based compensation - gross
margin
440
453
288
1,422
940
Inventory adjustment related to
restructured operations
—
—
(160
)
(338
)
7,829
Non-GAAP Gross margin
$
59,733
$
61,892
$
54,434
$
239,506
$
228,208
Gross Margin % Reconciliation
GAAP Gross margin %
59.2
%
59.4
%
56.6
%
59.0
%
55.0
%
Cumulative effect of non-GAAP Gross Margin
adjustments
0.4
%
0.4
%
0.1
%
0.3
%
2.2
%
Non-GAAP Gross margin %
59.6
%
59.8
%
56.7
%
59.3
%
57.2
%
Research and Development Expense %
(R&D Expense %) Reconciliation
GAAP R&D Expense %
19.5
%
19.4
%
20.1
%
19.5
%
20.7
%
Stock-based compensation - R&D
(1.6
)%
(1.6
)%
(1.4
)%
(1.4
)%
(1.1
)%
Non-GAAP R&D Expense %
17.9
%
17.8
%
18.7
%
18.1
%
19.6
%
Selling, General, and Administrative
Expense % (SG&A Expense %) Reconciliation
GAAP SG&A Expense %
20.9
%
20.4
%
22.1
%
20.4
%
22.8
%
Stock-based compensation - SG&A
(3.5
)%
(3.5
)%
(2.2
)%
(2.9
)%
(2.1
)%
Non-GAAP SG&A Expense %
17.4
%
16.9
%
19.9
%
17.5
%
20.7
%
Operating Expenses
Reconciliation
GAAP Operating expenses
$
43,802
$
44,751
$
56,026
$
179,381
$
222,559
Stock-based compensation - operations
(5,124
)
(5,227
)
(3,450
)
(17,477
)
(12,706
)
Amortization of acquired intangible
assets
(3,390
)
(3,389
)
(3,708
)
(13,558
)
(17,690
)
Restructuring charges
55
(252
)
(11,854
)
(4,664
)
(17,349
)
Impairment of acquired intangible
assets
—
—
800
1,023
(11,686
)
Acquisition related charges
—
—
—
—
(1,531
)
Non-GAAP Operating expenses
$
35,343
$
35,883
$
37,814
$
144,705
$
161,597
Income from Operations
Reconciliation
GAAP Income (loss) from operations
$
15,491
$
16,688
$
(1,720
)
$
59,041
$
(3,120
)
Stock-based compensation - gross
margin
440
453
288
1,422
940
Inventory adjustment related to
restructured operations
—
—
(160
)
(338
)
7,829
Stock-based compensation - operations
5,124
5,227
3,450
17,477
12,706
Amortization of acquired intangible
assets
3,390
3,389
3,708
13,558
17,690
Restructuring charges
(55
)
252
11,854
4,664
17,349
Impairment of acquired intangible
assets
—
—
(800
)
(1,023
)
11,686
Acquisition related charges
—
—
—
—
1,531
Non-GAAP Income from operations
$
24,390
$
26,009
$
16,620
$
94,801
$
66,611
Income from Operations %
Reconciliation
GAAP Income (loss) from operations %
15.5
%
16.1
%
(1.8
)%
14.6
%
(0.8
)%
Cumulative effect of non-GAAP Gross Margin
and Operating adjustments
8.8
%
9.0
%
19.1
%
8.9
%
17.5
%
Non-GAAP Income from operations %
24.3
%
25.1
%
17.3
%
23.5
%
16.7
%
Lattice Semiconductor
Corporation
Reconciliation of U.S. GAAP to
Non-GAAP Financial Measures
(in thousands, except per
share data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 28,
2019
September 28,
2019
December 29,
2018
December 28,
2019
December 29,
2018
Other Expense, Net
Reconciliation
GAAP Other expense, net
$
(228
)
$
(61
)
$
(3
)
$
(2,245
)
$
(249
)
Loss on refinancing of long-term debt
—
—
—
2,235
—
Non-GAAP Other expense, net
$
(228
)
$
(61
)
$
(3
)
$
(10
)
$
(249
)
Income Tax Expense
Reconciliation
GAAP Income tax expense
$
92
$
1,066
$
380
$
1,572
$
2,353
Estimated tax effect of non-GAAP
adjustments (1)
(11
)
(83
)
88
—
—
Non-GAAP Income tax expense
$
81
$
983
$
468
$
1,572
$
2,353
Net Income Reconciliation
GAAP Net income (loss)
$
13,987
$
13,539
$
(7,121
)
$
43,493
$
(26,322
)
Stock-based compensation - gross
margin
440
453
288
1,422
940
Inventory adjustment related to
restructured operations
—
—
(160
)
(338
)
7,829
Stock-based compensation - operations
5,124
5,227
3,450
17,477
12,706
Amortization of acquired intangible
assets
3,390
3,389
3,708
13,558
17,690
Restructuring charges
(55
)
252
11,854
4,664
17,349
Impairment of acquired intangible
assets
—
—
(800
)
(1,023
)
11,686
Acquisition related charges
—
—
—
—
1,531
Loss on refinancing of long-term debt
—
—
—
2,235
—
Estimated tax effect of non-GAAP
adjustments (1)
11
83
(88
)
—
—
Non-GAAP Net income
$
22,897
$
22,943
$
11,131
$
81,488
$
43,409
Net Income Per Share
Reconciliation
GAAP Net income (loss) per share -
basic
$
0.10
$
0.10
$
(0.05
)
$
0.33
$
(0.21
)
Cumulative effect of Non-GAAP
adjustments
0.07
0.07
0.14
0.29
0.55
Non-GAAP Net income per share - basic
$
0.17
$
0.17
$
0.09
$
0.62
$
0.34
GAAP Net income (loss) per share -
diluted
$
0.10
$
0.10
$
(0.05
)
$
0.32
$
(0.21
)
Cumulative effect of Non-GAAP
adjustments
0.07
0.07
0.13
0.27
0.54
Non-GAAP Net income per share -
diluted
$
0.17
$
0.17
$
0.08
$
0.59
$
0.33
Shares used in per share calculations:
Basic
133,691
132,997
129,521
132,471
126,564
Diluted - GAAP (2)
138,196
138,894
129,521
137,274
126,564
Diluted - Non-GAAP (2)
138,196
138,894
132,471
137,274
129,766
(1)
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.”
(2)
Diluted shares are calculated using the
GAAP treasury stock method. In a loss position, diluted shares
equal basic shares.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200211006000/en/
MEDIA: Bob Nelson Lattice Semiconductor Corporation
408-826-6339 Bob.Nelson@latticesemi.com
INVESTORS: Rick Muscha Lattice Semiconductor Corporation
408-826-6000 Rick.Muscha@latticesemi.com
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