Lattice Semiconductor Reports Second Quarter 2022 Results

Record quarterly revenue with growth of 28% compared to Q2 2021 and 7% compared to Q1 2022

Gross Margin expands to 68.5% / 69.1% for Q2 2022 on a GAAP / Non-GAAP basis, compared to 61.3% / 62.1%, respectively, for Q2 2021

Net Income improves to $0.32 / $0.42 per diluted share for Q2 2022 on a GAAP / Non-GAAP basis, compared to $0.15 / $0.25, respectively, for Q2 2021

* 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) — August 1, 2022 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended July 2, 2022.

Jim Anderson, president and CEO, said, "We drove 28% year-over-year revenue growth in Q2 2022 with a year-over-year increase in net income of 104% on a GAAP basis and 68% on a non-GAAP basis. Growth was driven by our strategic segments of communications and computing, and industrial and automotive. We are well positioned in the right strategic markets with a rapidly expanding product portfolio and growing customer momentum."

Sherri Luther, CFO, said, "In Q2 2022, we achieved record operating profit of 29.0% on a GAAP basis and 38.1% on a non-GAAP basis with continued gross margin expansion of 720 basis points on a GAAP basis and 700 basis points on a non-GAAP basis compared to Q2 2021. We continued to drive strong cash flow generation, while executing our seventh consecutive quarter of share buybacks."

Selected Second Quarter 2022 Financial Results and Comparisons (in thousands, except per share data)

 

 

GAAP Financial Results (unaudited)

 

 

Q2 2022

 

 

Q1 2022

 

 

Q2 2021

 

 

Q/Q

 

Y/Y

Revenue

 

$

161,372

 

 

$

150,515

 

 

$

125,905

 

 

7.2%

 

28.2%

Gross Margin %

 

 

68.5

%

 

 

66.9

%

 

 

61.3

%

 

160 bps

 

720 bps

R&D Expense %

 

 

20.8

%

 

 

21.6

%

 

 

21.8

%

 

(80) bps

 

(100) bps

SG&A Expense %

 

 

18.0

%

 

 

19.1

%

 

 

20.3

%

 

(110) bps

 

(230) bps

Operating Expense

 

$

63,699

 

 

$

63,004

 

 

$

53,868

 

 

1.1%

 

18.3%

Operating Income

 

$

46,786

 

 

$

37,763

 

 

$

23,316

 

 

23.9%

 

100.7%

Net Income

 

$

44,532

 

 

$

36,078

 

 

$

21,838

 

 

23.4%

 

103.9%

Net Income per Share - Basic

 

$

0.32

 

 

$

0.26

 

 

$

0.16

 

 

$0.06

 

$ 0.16

Net Income per Share - Diluted

 

$

0.32

 

 

$

0.26

 

 

$

0.15

 

 

$0.06

 

$ 0.17

 

 

Non-GAAP* Financial Results (unaudited)

 

 

Q2 2022

 

 

Q1 2022

 

 

Q2 2021

 

 

Q/Q

 

Y/Y

Revenue

 

$

161,372

 

 

$

150,515

 

 

$

125,905

 

 

7.2%

 

28.2%

Gross Margin %

 

 

69.1

%

 

 

67.7

%

 

 

62.1

%

 

140 bps

 

700 bps

R&D Expense %

 

 

17.8

%

 

 

18.2

%

 

 

18.4

%

 

(40) bps

 

(60) bps

SG&A Expense %

 

 

13.1

%

 

 

13.2

%

 

 

14.6

%

 

(10) bps

 

(150) bps

Operating Expense

 

$

49,943

 

 

$

47,243

 

 

$

41,528

 

 

5.7%

 

20.3%

Operating Income

 

$

61,553

 

 

$

54,645

 

 

$

36,651

 

 

12.6%

 

67.9%

Net Income

 

$

59,124

 

 

$

52,696

 

 

$

35,206

 

 

12.2%

 

67.9%

Net Income per Share - Basic

 

$

0.43

 

 

$

0.38

 

 

$

0.26

 

 

$ 0.05

 

$ 0.17

Net Income per Share - Diluted

 

$

0.42

 

 

$

0.37

 

 

$

0.25

 

 

$ 0.05

 

$ 0.17


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