Lattice Semiconductor Reports Fourth Quarter and Full Year 2021 Results

  • Revenue increases 26.3% for the full year 2021 compared to the full year 2020; Q4 2021 revenue increases 32.3% compared to Q4 2020 and 7.5% compared to Q3 2021
  • Gross Margin Expands to 64.2% / 65.1% for Q4 2021 on a GAAP / Non-GAAP Basis, from 60.5% / 61.6%, respectively, for Q4 2020
  • Net Income Improves to $0.20 / $0.32 Per Diluted Share for Q4 2021 on a GAAP / Non-GAAP Basis, Compared to $0.11 / $0.19, respectively, for Q4 2020

* 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."

HILLSBORO, Ore. — (BUSINESS WIRE) — February 15, 2022 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal fourth quarter and full year ended January 1, 2022.

Jim Anderson, president and CEO, said, "We grew annual revenue 26% in 2021 and we grew fourth quarter revenue 32% year-over-year. We’re excited to have entered a new growth phase for the Company in 2021 driven by our leadership product portfolio, and growth in our key end market segments. And we're excited about the year ahead as we continue to execute to our long-term strategy and build momentum across our customer base."

Sherri Luther, CFO, said, "In Q4 2021, we achieved record operating profit of 21.0% on a GAAP basis and 32.9% on a non-GAAP basis, while driving gross margin expansion of 370 basis points on a GAAP basis and 350 basis points on a non-GAAP basis compared to Q4 2020. For the full year, we generated 83% higher cash flow from operations than in the prior year and we repurchased $70 million of the Company's shares. We are pleased with our strong revenue growth and profit expansion, as we remain focused on executing to our financial model."

Selected Fourth Quarter and Full Year 2021 Financial Results and Comparisons (in thousands, except per share data)

 

 

GAAP Financial Results (unaudited)

 

 

Q4 2021

 

Q3 2021

 

Q4 2020

 

Q/Q

 

Y/Y

 

FY 2021

 

FY 2020

 

FY/FY

Revenue

 

$ 141,795

 

$ 131,911

 

$ 107,173

 

7.5%

 

32.3%

 

$ 515,327

 

$ 408,120

 

26.3%

Gross Margin %

 

64.2%

 

62.8%

 

60.5%

 

140 bps

 

370 bps

 

62.4%

 

60.1%

 

230 bps

R&D Expense %

 

21.3%

 

21.8%

 

21.1%

 

(50) bps

 

20 bps

 

21.4%

 

21.9%

 

(50) bps

SG&A Expense %

 

20.2%

 

19.9%

 

22.9%

 

30 bps

 

(270) bps

 

20.5%

 

23.4%

 

(290) bps

Operating Expense

 

$ 61,244

 

$ 55,810

 

$ 47,529

 

9.7%

 

28.9%

 

$ 220,859

 

$ 192,940

 

14.5%

Operating Income

 

$ 29,836

 

$ 27,015

 

$ 17,332

 

10.4%

 

72.1%

 

$ 100,816

 

$ 52,366

 

92.5%

Net Income

 

$ 28,532

 

$ 26,739

 

$ 15,989

 

6.7%

 

78.4%

 

$ 95,922

 

$ 47,392

 

102.4%

Net Income per Share - Basic

 

$ 0.21

 

$ 0.20

 

$ 0.12

 

$ 0.01

 

$ 0.09

 

$ 0.70

 

$ 0.35

 

$ 0.35

Net Income per Share - Diluted

 

$ 0.20

 

$ 0.19

 

$ 0.11

 

$ 0.01

 

$ 0.09

 

$ 0.67

 

$ 0.34

 

$ 0.33

 

 

Non-GAAP* Financial Results (unaudited)

 

 

Q4 2021

 

Q3 2021

 

Q4 2020

 

Q/Q

 

Y/Y

 

FY 2021

 

FY 2020

 

FY/FY

Revenue

 

$ 141,795

 

$ 131,911

 

$ 107,173

 

7.5%

 

32.3%

 

$ 515,327

 

$ 408,120

 

26.3%

Gross Margin %

 

65.1%

 

63.6%

 

61.6%

 

150 bps

 

350 bps

 

63.2%

 

61.0%

 

220 bps

R&D Expense %

 

18.0%

 

18.8%

 

18.5%

 

(80) bps

 

(50) bps

 

18.4%

 

19.2%

 

(80) bps

SG&A Expense %

 

13.9%

 

14.8%

 

16.5%

 

(90) bps

 

(260) bps

 

14.6%

 

16.6%

 

(200) bps

Operating Expense

 

$ 45,752

 

$ 43,802

 

$ 37,475

 

4.5%

 

22.1%

 

$ 170,022

 

$ 146,230

 

16.3%

Operating Income

 

$ 46,609

 

$ 40,079

 

$ 28,490

 

16.3%

 

63.6%

 

$ 155,758

 

$ 102,894

 

51.4%

Net Income

 

$ 45,345

 

$ 39,620

 

$ 27,540

 

14.4%

 

64.7%

 

$ 150,864

 

$ 97,920

 

54.1%

Net Income per Share - Basic

 

$ 0.33

 

$ 0.29

 

$ 0.20

 

$ 0.04

 

$ 0.13

 

$ 1.10

 

$ 0.72

 

$ 0.38

Net Income per Share - Diluted

 

$ 0.32

 

$ 0.28

 

$ 0.19

 

$ 0.04

 

$ 0.13

 

$ 1.06

 

$ 0.69

 

$ 0.37


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