Lattice Semiconductor Reports Third Quarter 2022 Results

Record quarterly revenue with growth of 31% compared to Q3 2021 and 7% compared to Q2 2022

Gross Margin expands to 68.8% / 69.5% for Q3 2022 on a GAAP / Non-GAAP basis, compared to 62.8% / 63.6%, respectively, for Q3 2021

Net Income improves to $0.33 / $0.48 per diluted share for Q3 2022 on a GAAP / Non-GAAP basis, compared to $0.19 / $0.28, respectively, for Q3 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) — October 31, 2022 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal third quarter ended October 1, 2022.

Jim Anderson, president and CEO, said, "We delivered solid results with 31% year-over-year revenue growth in Q3 2022, and a 73% year-over-year increase in net income on a GAAP basis and 68% on a non-GAAP basis. Topline growth was driven by our strategic segments of industrial and automotive, as well as communications and computing. We are pleased with the continued growth in our existing products and very excited about the expansion of our product portfolio into new greenfield opportunities with the December launch of Lattice Avant™."

Sherri Luther, CFO, said, "In Q3 2022, we achieved operating profit of 28.3% on a GAAP basis and a record 39.7% on a non-GAAP basis with continued gross margin expansion of 600 basis points on a GAAP basis and 590 basis points on a non-GAAP basis compared to Q3 2021. We drove strong cash flow generation and executed our eighth consecutive quarter of share buybacks."

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

 

 

GAAP Financial Results (unaudited)

 

 

Q3 2022

 

 

Q2 2022

 

 

Q3 2021

 

 

Q/Q

 

Y/Y

Revenue

 

$

172,509

 

 

$

161,372

 

 

$

131,911

 

 

6.9%

 

30.8%

Gross Margin %

 

 

68.8

%

 

 

68.5

%

 

 

62.8

%

 

30 bps

 

600 bps

R&D Expense %

 

 

20.2

%

 

 

20.8

%

 

 

21.8

%

 

(60) bps

 

(160) bps

SG&A Expense %

 

 

18.5

%

 

 

18.0

%

 

 

19.9

%

 

50 bps

 

(140) bps

Operating Expenses

 

$

69,930

 

 

$

63,699

 

 

$

55,810

 

 

9.8%

 

25.3%

Income from Operations

 

$

48,802

 

 

$

46,786

 

 

$

27,015

 

 

4.3%

 

80.6%

Net Income

 

$

46,359

 

 

$

44,532

 

 

$

26,739

 

 

4.1%

 

73.4%

Net Income per Share - Basic

 

$

0.34

 

 

$

0.32

 

 

$

0.20

 

 

$0.02

 

$ 0.14

Net Income per Share - Diluted

 

$

0.33

 

 

$

0.32

 

 

$

0.19

 

 

$0.01

 

$ 0.14

 

 

Non-GAAP* Financial Results (unaudited)

 

 

Q3 2022

 

 

Q2 2022

 

 

Q3 2021

 

 

Q/Q

 

Y/Y

Revenue

 

$

172,509

 

 

$

161,372

 

 

$

131,911

 

 

6.9%

 

30.8%

Gross Margin %

 

 

69.5

%

 

 

69.1

%

 

 

63.6

%

 

40 bps

 

590 bps

R&D Expense %

 

 

17.1

%

 

 

17.8

%

 

 

18.8

%

 

(70) bps

 

(170) bps

SG&A Expense %

 

 

12.6

%

 

 

13.1

%

 

 

14.8

%

 

(50) bps

 

(220) bps

Operating Expenses

 

$

51,342

 

 

$

49,943

 

 

$

43,802

 

 

2.8%

 

17.2%

Income from Operations

 

$

68,512

 

 

$

61,553

 

 

$

40,079

 

 

11.3%

 

70.9%

Net Income

 

$

66,492

 

 

$

59,124

 

 

$

39,620

 

 

12.5%

 

67.8%

Net Income per Share - Basic

 

$

0.48

 

 

$

0.43

 

 

$

0.29

 

 

$ 0.05

 

$ 0.19

Net Income per Share - Diluted

 

$

0.48

 

 

$

0.42

 

 

$

0.28

 

 

$ 0.06

 

$ 0.20


1 | 2 | 3 | 4  Next Page »
Featured Video
Jobs
GPU Design Verification Engineer for AMD at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
CAD Engineer for Nvidia at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise