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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lattice Semiconductor Corp | NASDAQ:LSCC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.67 | 0.95% | 71.46 | 71.30 | 73.75 | 72.26 | 70.56 | 71.13 | 1,706,998 | 01:00:00 |
* 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
Business Outlook - First Quarter of 2020:
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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