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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 54.47 | 61.31 | 61.50 | 0 | 00:00:00 |
Tuesday 11 February 2025
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, 2024.
Revenue for the fourth quarter of 2024 was $117.4 million, with GAAP gross margin of 61.1%, and GAAP net income of $0.12 per diluted share. On a non-GAAP basis, gross margin was 62.1%, with net income per diluted share of $0.15. Fourth quarter of 2024 gross margin on a non-GAAP basis would have been 68.1%, in line with prior guidance, before the impact of an approximately $7.0 million one-time charge related to our assembly and test operations. The materials were purchased in anticipation of a supply constraint and are no longer expected to be used. GAAP net cash flows from operating activities for the fourth quarter of 2024 was $45.4 million, with GAAP operating cash flow margin of 38.7%, and free cash flow and free cash flow margin of $39.7 million and 33.8%, respectively.
Revenue for the full year 2024 was $509.4 million, with GAAP gross margin of 66.8% and GAAP net income of $0.44 per diluted share. On a non-GAAP basis, gross margin was 67.4%, with net income per diluted share of $0.90. Full year 2024 gross margin on a non-GAAP basis would have been 68.7% before the impact of the above noted one-time charge. GAAP net income and GAAP net income margin for the full year 2024 was $61.1 million and 12%, respectively, with adjusted EBITDA of $162.0 million and a 31.8% adjusted EBITDA margin for the full year 2024.
"We achieved record design wins, significantly reduced operating expenses, and delivered a strong 31.8% adjusted EBITDA margin in 2024,” said Ford Tamer, Chief Executive Officer. “Having just come back from sales conferences in North America, APAC and EMEA, I am more confident in our strategy and product roadmap. We are starting to see signs of improvement in the broader market environment as evidenced by our stronger backlog and improved book to bill, which bode well for our business moving forward. I'm excited by the opportunities to closely collaborate with our team, customers and partners from around the world."
Tonya Stevens, Chief Accounting Officer, former Interim Chief Financial Officer, said, "We delivered a strong free cash flow margin of 33.8% for the fourth quarter of 2024 and continued to make significant progress in the realignment of our resources to best support customer demand, and maintain the discipline of our long-term financial model. Our efforts are already beginning to yield results, including reduced operating costs. In the fourth quarter of 2024, we opened a new, state-of-the-art R&D site in Pune, India. We maintained a strong gross margin, continued to invest in our product roadmap, and delivered value to shareholders through our seventeenth consecutive quarter of share repurchases."
Fourth Quarter and Full Year 2024 Highlights:
Selected Fourth Quarter and Full Year 2024 Financial Results and Comparisons (in thousands, except per share data)
GAAP Financial Results (unaudited)
Q4 2024
Q3 2024
Q4 2023
Q/Q
Y/Y
FY 2024
FY 2023
FY/FY
Revenue
$ 117,419
$ 127,091
$ 170,596
(7.6)%
(31.2)%
$ 509,401
$ 737,154
(30.9)%
Gross Margin %
61.1%
69.0%
69.7%
(790) bps
(860) bps
66.8%
69.8%
(300) bps
R&D Expense %
32.9%
32.6%
23.3%
30 bps
960 bps
31.3%
21.7%
960 bps
SG&A Expense %
25.1%
24.4%
20.3%
70 bps
480 bps
23.0%
18.6%
440 bps
Operating Expenses
$ 83,962
$ 80,161
$ 75,798
4.7%
10.8%
$ 305,943
$ 302,400
1.2%
Income (loss) from Operations
$ (12,209)
$ 7,527
$ 43,149
(262.2)%
(128.3)%
$ 34,457
$ 212,270
(83.8)%
Net Income
$ 16,514
$ 7,190
$ 98,706
129.7%
(83.3)%
$ 61,131
$ 259,061
(76.4)%
Net Income per Share - Basic
$ 0.12
$ 0.05
$ 0.72
$ 0.07
$ (0.60)
$ 0.44
$ 1.88
$ (1.44)
Net Income per Share - Diluted
$ 0.12
$ 0.05
$ 0.71
$ 0.07
$ (0.59)
$ 0.44
$ 1.85
$ (1.41)
Net Income Margin
14.1%
5.7%
57.9%
840 bps
(4380) bps
12.0%
35.1%
(2310) bps
Operating Cash Flow Margin
38.7%
34.6%
42.2%
410 bps
(350) bps
27.7%
36.6%
(890) bps
Fourth quarter of 2023 GAAP net income includes an income tax benefit of $0.41 per diluted share associated with a valuation allowance release. Full year 2023 GAAP net income includes an income tax benefit of $0.41 per diluted share associated with a valuation allowance release.
Non-GAAP* Financial Results (unaudited)
Q4 2024
Q3 2024
Q4 2023
Q/Q
Y/Y
FY 2024
FY 2023
FY/FY
Revenue
$ 117,419
$ 127,091
$ 170,596
(7.6)%
(31.2)%
$ 509,401
$ 737,154
(30.9)%
Gross Margin %
62.1%
69.0%
70.4%
(690) bps
(830) bps
67.4%
70.4%
(300) bps
R&D Expense %
26.8%
26.2%
18.7%
60 bps
810 bps
25.6%
17.8%
780 bps
SG&A Expense %
19.3%
17.4%
13.8%
190 bps
550 bps
17.6%
12.8%
480 bps
Operating Expenses
$ 52,799
$ 53,875
$ 55,495
(2.0)%
(4.9)%
$ 215,562
$ 225,702
(4.5)%
Income from Operations
$ 20,097
$ 33,756
$ 64,563
(40.5)%
(68.9)%
$ 127,617
$ 293,580
(56.5)%
Net Income
$ 20,181
$ 32,544
$ 62,801
(38.0)%
(67.9)%
$ 124,415
$ 280,660
(55.7)%
Net Income per Share - Basic
$ 0.15
$ 0.24
$ 0.46
$ (0.09)
$ (0.31)
$ 0.90
$ 2.04
$ (1.14)
Net Income per Share - Diluted
$ 0.15
$ 0.24
$ 0.45
$ (0.09)
$ (0.30)
$ 0.90
$ 2.01
$ (1.11)
Adjusted EBITDA Margin
24.8%
33.5%
43.1%
(870) bps
(1830) bps
31.8%
44.0%
(1220) bps
Free Cash Flow Margin
33.8%
31.0%
40.0%
280 bps
(620) bps
23.5%
33.8%
(1030) bps
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."
Business Outlook - First Quarter of 2025:
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 2025, certain items that affect calculation of GAAP financial measures for gross margin percentage and total operating expenses are not available on a forward-looking basis because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP financial measures, including certain large and/or unpredictable charges such as stock-based compensation expense; litigation expense outside the ordinary course of business; restructuring; and impairment. Consequently, the Company is unable to calculate the most directly comparable GAAP measure to non-GAAP gross margin percentage or non-GAAP total operating expenses for the Company’s first quarter 2025 quarterly guidance.
Investor Conference Call / Webcast Details:
Lattice Semiconductor will review the Company's financial results for the fiscal fourth quarter and full year 2024, and business outlook on Monday, February 10 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-877-407-3982 or 1-201-493-6780 with conference identification number 13751120. 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:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are neither historical facts nor assurances of future performance and may be forward-looking. Such forward-looking statements include, but are not limited to, statements relating to our strategy, product roadmap, long-term financial model; market improvement; and the statements under the heading “Business Outlook - First Quarter of 2025.” 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 and other financial and operational outcomes are inherently uncertain due to factors such as global economic conditions which may affect customer demand, the cyclical nature of the semiconductor industry, pricing and inflationary pressures, competitive actions, international trade disputes and sanctions, the potential impact of global pandemics, and other significant risks and uncertainties that are beyond our ability to predict or control. 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 income tax rate and actual net income on a per share basis may differ from our expectations. 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 described in our filings with the Securities and Exchange Commission, including Lattice’s most recent Annual Report on Form 10-K, especially those under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations”, all of which are expressly incorporated herein by reference.
Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. New risk factors emerge from time to time and it is not possible for the Company to predict all risk factors. You should not 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 and undertakes no obligation 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, including non-GAAP gross margin, gross margin percentage, R&D expense, SG&A expense, operating expenses, income from operations, other (expense) income, net, income tax expense, net income, net income per share – basic, and net income per share – diluted, adjusted EBITDA, adjusted EBITDA margin, free cash flow, and free cash flow margin. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation and related payroll tax effects, litigation expense outside the ordinary course of business, amortization of acquired intangible assets, restructuring plans, transformation activities, and other charges, impairments, and the estimated tax effect of these items, non-cash changes in net deferred income taxes, change in tax law and other tax adjustments, and depreciation and other amortization. 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. The non-GAAP financial information used by the Company may differ from that used by other companies. 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, X, Facebook, YouTube, WeChat, or Weibo.
Lattice Semiconductor Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Revenue
$
117,419
$
127,091
$
170,596
$
509,401
$
737,154
Cost of sales
45,666
39,403
51,649
169,001
222,484
Gross margin
71,753
87,688
118,947
340,400
514,670
Operating expenses:
Research and development
38,580
41,398
39,787
159,302
159,770
Selling, general, and administrative
29,474
30,994
34,661
116,942
137,244
Amortization of acquired intangible assets
870
870
869
3,479
3,478
Restructuring
1,109
6,899
481
12,291
1,908
Impairment of acquired intangible assets
13,929
—
—
13,929
—
Total operating expenses
83,962
80,161
75,798
305,943
302,400
Income (loss) from operations
(12,209
)
7,527
43,149
34,457
212,270
Interest income (expense), net
772
936
1,453
3,948
2,041
Other income (expense), net
(2,135
)
(249
)
802
(2,176
)
545
Income (loss) before income taxes
(13,572
)
8,214
45,404
36,229
214,856
Income tax (benefit) expense
(30,086
)
1,024
(53,302
)
(24,902
)
(44,205
)
Net income
$
16,514
$
7,190
$
98,706
$
61,131
$
259,061
Net income per share:
Basic
$
0.12
$
0.05
$
0.72
$
0.44
$
1.88
Diluted
$
0.12
$
0.05
$
0.71
$
0.44
$
1.85
Shares used in per share calculations:
Basic
137,861
137,709
137,686
137,623
137,694
Diluted
138,322
137,894
139,114
138,322
139,790
Lattice Semiconductor Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 28,
December 30,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
136,291
$
128,317
Accounts receivable, net
81,060
104,373
Inventories, net
103,410
98,826
Other current assets
44,073
36,430
Total current assets
364,834
367,946
Property and equipment, net
52,988
49,546
Operating lease right-of-use assets
13,870
14,487
Intangible assets, net
4,587
20,974
Goodwill
315,358
315,358
Deferred income taxes
66,980
57,762
Other long-term assets
25,286
14,821
$
843,903
$
840,894
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
36,828
$
34,487
Accrued liabilities
45,638
36,048
Accrued payroll obligations
17,156
26,865
Total current liabilities
99,622
97,400
Long-term operating lease liabilities, net of current portion
9,433
10,739
Other long-term liabilities
23,916
40,735
Total liabilities
132,971
148,874
Stockholders' equity
710,932
692,020
$
843,903
$
840,894
Lattice Semiconductor Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended
December 28,
December 30,
2024
2023
Cash flows from operating activities:
Net income
$
61,131
$
259,061
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense
52,985
70,197
Depreciation and amortization
38,737
34,432
Change in deferred income tax provision
(12,060
)
(58,614
)
Change in noncurrent taxes payable
(19,370
)
299
Impairment of acquired intangible assets
13,929
—
Charge for expiring production materials
7,019
—
Other non-cash adjustments
10,220
7,017
Net changes in assets and liabilities
(11,715
)
(42,804
)
Net cash provided by (used in) operating activities
140,876
269,588
Cash flows from investing activities:
Capital expenditures
(20,985
)
(20,098
)
Other investing activities
(16,708
)
(13,152
)
Net cash provided by (used in) investing activities
(37,693
)
(33,250
)
Cash flows from financing activities:
Repayment of long-term debt
—
(130,000
)
Repurchase of common stock
(66,998
)
(80,004
)
Net cash flows related to stock compensation exercises
(27,462
)
(43,713
)
Net cash provided by (used in) financing activities
(94,460
)
(253,717
)
Effect of exchange rate change on cash
(749
)
(26
)
Net increase (decrease) in cash and cash equivalents
7,974
(17,405
)
Beginning cash and cash equivalents
128,317
145,722
Ending cash and cash equivalents
$
136,291
$
128,317
Supplemental disclosure of cash flow information and non-cash investing and financing activities:
Interest paid
$
—
$
3,240
Income taxes paid, net of refunds
$
8,587
$
15,754
Operating lease payments
$
9,567
$
8,344
Lattice Semiconductor Corporation
Supplemental Historical Financial Information
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Balance Sheet Information
A/R Days Revenue Outstanding (DSO)
63
66
56
Inventory Days (DIO)
207
242
175
Revenue % (by Geography)
Asia
66
%
63
%
60
%
65
%
60
%
Americas
23
%
15
%
22
%
20
%
20
%
Europe (incl. Africa)
11
%
22
%
18
%
15
%
20
%
Revenue % (by End Market)
Communications and Computing
49
%
48
%
34
%
45
%
35
%
Industrial and Automotive
42
%
43
%
59
%
46
%
59
%
Consumer
9
%
9
%
7
%
9
%
6
%
Revenue $M (by End Market)
Communications and Computing
$
58.0
$
61.0
$
58.7
$
228.1
$
257.6
Industrial and Automotive
$
49.2
$
54.2
$
99.8
$
237.0
$
433.5
Consumer
$
10.2
$
11.9
$
12.1
$
44.3
$
46.1
Revenue % (by Channel)
Distribution
84
%
95
%
82
%
89
%
87
%
Direct
16
%
5
%
18
%
11
%
13
%
Lattice Semiconductor Corporation
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Gross Margin Reconciliation
GAAP Gross margin
$
71,753
$
87,688
$
118,947
$
340,400
$
514,670
Stock-based compensation - gross margin (1)
1,143
(57
)
1,111
2,779
4,612
Non-GAAP Gross margin
$
72,896
$
87,631
$
120,058
$
343,179
$
519,282
Gross Margin % Reconciliation
GAAP Gross margin %
61.1
%
69.0
%
69.7
%
66.8
%
69.8
%
Stock-based compensation - gross margin (1)
1.0
%
0.0
%
0.7
%
0.6
%
0.6
%
Non-GAAP Gross margin %
62.1
%
69.0
%
70.4
%
67.4
%
70.4
%
Research and Development Expense % (R&D Expense %) Reconciliation
GAAP R&D Expense %
32.9
%
32.6
%
23.3
%
31.3
%
21.7
%
Stock-based compensation - R&D (1)
(6.1
)%
(6.4
)%
(4.6
)%
(5.7
)%
(3.9
)%
Non-GAAP R&D Expense %
26.8
%
26.2
%
18.7
%
25.6
%
17.8
%
Selling, General, and Administrative Expense % (SG&A Expense %) Reconciliation
GAAP SG&A Expense %
25.1
%
24.4
%
20.3
%
23.0
%
18.6
%
Stock-based compensation - SG&A (1)
(5.6
)%
(6.9
)%
(5.3
)%
(4.4
)%
(5.3
)%
Litigation expense (2)
(0.2
)%
(0.1
)%
(1.2
)%
(1.0
)%
(0.5
)%
Non-GAAP SG&A Expense %
19.3
%
17.4
%
13.8
%
17.6
%
12.8
%
Operating Expenses Reconciliation
GAAP Operating expenses
$
83,962
$
80,161
$
75,798
$
305,943
$
302,400
Stock-based compensation - operations (1)
(13,712
)
(16,767
)
(16,811
)
(50,939
)
(67,340
)
Litigation expense (2)
(181
)
(170
)
(2,098
)
(5,248
)
(3,928
)
Amortization of acquired intangible assets
(870
)
(870
)
(869
)
(3,479
)
(3,478
)
Restructuring, transformation, and other (3)
(2,471
)
(8,479
)
(525
)
(16,786
)
(1,952
)
Impairment of acquired intangible assets
(13,929
)
—
—
(13,929
)
—
Non-GAAP Operating expenses
$
52,799
$
53,875
$
55,495
$
215,562
$
225,702
(1)
The non-GAAP adjustments for Stock-based compensation include related tax expenses.
(2)
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.
(3)
Restructuring, transformation, and other includes transformation charges of approximately $1.0 million, $0.9 million, and $2.8 million for Q4, Q3 and YTD 2024, respectively.
Lattice Semiconductor Corporation
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Income from Operations Reconciliation
GAAP Income (loss) from operations
$
(12,209
)
$
7,527
$
43,149
$
34,457
$
212,270
Stock-based compensation - gross margin (1)
1,143
(57
)
1,111
2,779
4,612
Stock-based compensation - operations (1)
13,712
16,767
16,811
50,939
67,340
Litigation expense (2)
181
170
2,098
5,248
3,928
Amortization of acquired intangible assets
870
870
869
3,479
3,478
Restructuring, transformation, and other (3)
2,471
8,479
525
16,786
1,952
Impairment of acquired intangible assets
13,929
—
—
13,929
—
Non-GAAP Income from operations
$
20,097
$
33,756
$
64,563
$
127,617
$
293,580
Income from Operations % Reconciliation
GAAP Income (loss) from operations %
(10.4
)%
5.9
%
25.3
%
6.8
%
28.8
%
Cumulative effect of non-GAAP Gross Margin and Operating adjustments
27.5
%
20.7
%
12.5
%
18.3
%
11.0
%
Non-GAAP Income from operations %
17.1
%
26.6
%
37.8
%
25.1
%
39.8
%
Other Income (Expense) Reconciliation
GAAP Other income (expense), net
$
(2,135
)
$
(249
)
$
802
$
(2,176
)
$
545
Write-off of nonrecoverable cost-basis investment
2,023
—
—
2,023
—
Non-GAAP Other income (expense), net
$
(112
)
$
(249
)
$
802
$
(153
)
$
545
Income Tax (Benefit) Expense Reconciliation
GAAP Income tax (benefit) expense
$
(30,086
)
$
1,024
$
(53,302
)
$
(24,902
)
$
(44,205
)
Estimated tax effect of non-GAAP adjustments
4,735
1,695
1,170
16,416
5,679
Non-cash changes in net deferred income taxes (4)
25,757
402
56,913
22,315
56,913
Change in tax law (5)
170
(1,222
)
(764
)
(6,832
)
(2,881
)
Non-GAAP Income tax expense
$
576
$
1,899
$
4,017
$
6,997
$
15,506
(1)
The non-GAAP adjustments for Stock-based compensation include related tax expenses.
(2)
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.
(3)
Restructuring, transformation, and other includes transformation charges of approximately $1.0 million, $0.9 million, and $2.8 million for Q4, Q3 and YTD 2024, respectively.
(4)
Non-cash changes in net deferred income taxes associated with the release of the valuation allowance against $56.9 million of our U.S. deferred tax assets in the fourth quarter of fiscal 2023 and $27.7 million of certain tax matters related to prior fiscal periods in the fourth quarter of fiscal 2024.
(5)
Adjustments for Change in tax law reflect an increase in our provision for U.S. tax on foreign operations resulting from The 2017 Tax Cuts and Jobs Act and is related to the capitalization and subsequent amortization of R&D costs for tax purposes.
Lattice Semiconductor Corporation
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Net Income Reconciliation
GAAP Net income
$
16,514
$
7,190
$
98,706
$
61,131
$
259,061
Stock-based compensation - gross margin (1)
1,143
(57
)
1,111
2,779
4,612
Stock-based compensation - operations (1)
13,712
16,767
16,811
50,939
67,340
Litigation expense (2)
181
170
2,098
5,248
3,928
Amortization of acquired intangible assets
870
870
869
3,479
3,478
Restructuring, transformation, and other (3)
2,471
8,479
525
16,786
1,952
Impairment of acquired intangible assets
13,929
—
—
13,929
—
Write-off of nonrecoverable cost-basis investment
2,023
—
—
2,023
—
Estimated tax effect of non-GAAP adjustments
(4,735
)
(1,695
)
(1,170
)
(16,416
)
(5,679
)
Non-cash changes in net deferred income taxes (4)
(25,757
)
(402
)
(56,913
)
(22,315
)
(56,913
)
Change in tax law (5)
(170
)
1,222
764
6,832
2,881
Non-GAAP Net income
$
20,181
$
32,544
$
62,801
$
124,415
$
280,660
Net Income Per Share Reconciliation
GAAP Net income per share - basic
$
0.12
$
0.05
$
0.72
$
0.44
$
1.88
Cumulative effect of Non-GAAP adjustments
0.03
0.19
(0.26
)
0.46
0.16
Non-GAAP Net income per share - basic
$
0.15
$
0.24
$
0.46
$
0.90
$
2.04
GAAP Net income per share - diluted
$
0.12
$
0.05
$
0.71
$
0.44
$
1.85
Cumulative effect of Non-GAAP adjustments
0.03
0.19
(0.26
)
0.46
0.16
Non-GAAP Net income per share - diluted
$
0.15
$
0.24
$
0.45
$
0.90
$
2.01
Shares used in per share calculations:
Basic
137,861
137,709
137,686
137,623
137,694
Diluted
138,322
137,894
139,114
138,322
139,790
(1)
The non-GAAP adjustments for Stock-based compensation include related tax expenses.
(2)
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.
(3)
Restructuring, transformation, and other includes transformation charges of approximately $1.0 million, $0.9 million, and $2.8 million for Q4, Q3 and YTD 2024, respectively.
(4)
Non-cash changes in net deferred income taxes associated with the release of the valuation allowance against $56.9 million of our U.S. deferred tax assets in the fourth quarter of fiscal 2023 and $27.7 million of certain tax matters related to prior fiscal periods in the fourth quarter of fiscal 2024.
(5)
Adjustments for Change in tax law reflect an increase in our provision for U.S. tax on foreign operations resulting from The 2017 Tax Cuts and Jobs Act and is related to the capitalization and subsequent amortization of R&D costs for tax purposes.
Lattice Semiconductor Corporation
Reconciliation of U.S. GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
Year Ended
December 28,
September 28,
December 30,
December 28,
December 30,
2024
2024
2023
2024
2023
Reconciliation of Net income to Adjusted EBITDA
GAAP Net income
$
16,514
$
7,190
$
98,706
$
61,131
$
259,061
Interest (income) expense, net
(772
)
(936
)
(1,453
)
(3,948
)
(2,041
)
Income tax (benefit) expense
(30,086
)
1,024
(53,302
)
(24,902
)
(44,205
)
Amortization of acquired intangible assets
870
870
869
3,479
3,478
Depreciation and other amortization
9,131
9,036
8,103
34,502
30,562
Stock-Based Compensation (1)
14,855
16,710
17,922
53,718
71,952
Litigation expense (2)
181
170
2,098
5,248
3,928
Restructuring, transformation, and other (3)
2,471
8,479
525
16,786
1,952
Impairment of acquired intangible assets
13,929
—
—
13,929
—
Write-off of nonrecoverable cost-basis investment
2,023
—
—
2,023
—
Adjusted EBITDA
$
29,116
$
42,543
$
73,468
$
161,966
$
324,687
Reconciliation of Net income margin to Adjusted EBITDA margin
GAAP Net income margin
14.1
%
5.7
%
57.9
%
12.0
%
35.1
%
Cumulative effect of EBITDA adjustments
10.7
%
27.8
%
(14.8
)%
19.8
%
8.9
%
Adjusted EBITDA margin
24.8
%
33.5
%
43.1
%
31.8
%
44.0
%
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
GAAP Net cash provided by operating activities
$
45,421
$
44,013
$
71,970
$
140,876
$
269,588
Operating cash flow margin
38.7
%
34.6
%
42.2
%
27.7
%
36.6
%
Capital expenditures
(5,754
)
(4,650
)
(3,728
)
(20,985
)
(20,098
)
Free cash flow
$
39,667
$
39,363
$
68,242
$
119,891
$
249,490
Free cash flow margin
33.8
%
31.0
%
40.0
%
23.5
%
33.8
%
(1)
The non-GAAP adjustments for Stock-based compensation include related tax expenses.
(2)
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.
(3)
Restructuring, transformation, and other includes transformation charges of approximately $1.0 million, $0.9 million, and $2.8 million for Q4, Q3 and YTD 2024, respectively.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250210727577/en/
MEDIA: Sophia Hong Lattice Semiconductor Corporation 503-268-8786 Sophia.Hong@latticesemi.com
INVESTORS: Rick Muscha Lattice Semiconductor Corporation 408-826-6000 Rick.Muscha@latticesemi.com
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