Lattice Semiconductor Reports First Quarter 2024 Results

HILLSBORO, Ore. — (BUSINESS WIRE) — April 29, 2024 — Lattice Semiconductor Corporation (Nasdaq: LSCC), the low power programmable leader, announced financial results today for the fiscal first quarter ended March 30, 2024.

Revenue for the first quarter of 2024 was $140.8 million, with GAAP gross margin of 68.3% and GAAP net income of $0.11 per diluted share. On a non-GAAP basis, gross margin was 69% with net income per diluted share of $0.29.

Jim Anderson, president and CEO, said, "First quarter 2024 results came in as expected and reflect the near-term impact of cyclic industry headwinds. Despite near-term headwinds, the Company is well-positioned for the long-term as we execute on the largest product portfolio expansion in our history."

Sherri Luther, CFO, said, "We remain disciplined in our spending, while continuing to invest for long-term growth. In addition, we continued to return capital to shareholders by executing on our fourteenth consecutive quarter of share repurchases."

Selected First Quarter 2024 Financial Results and Comparisons (in thousands, except per share data)

 

 

GAAP Financial Results (unaudited)

 

 

Q1 2024

 

 

Q4 2023

 

 

Q1 2023

 

 

Q/Q

 

Y/Y

Revenue

 

$

140,815

 

 

$

170,596

 

 

$

184,310

 

 

(17.5)%

 

(23.6)%

Gross Margin %

 

 

68.3

%

 

 

69.7

%

 

 

69.8

%

 

(140) bps

 

(150) bps

R&D Expense %

 

 

28.8

%

 

 

23.3

%

 

 

19.5

%

 

550 bps

 

930 bps

SG&A Expense %

 

 

25.9

%

 

 

20.3

%

 

 

17.7

%

 

560 bps

 

820 bps

Operating Expenses

 

$

79,634

 

 

$

75,798

 

 

$

69,467

 

 

5.1%

 

14.6%

Income from Operations

 

$

16,574

 

 

$

43,149

 

 

$

59,134

 

 

(61.6)%

 

(72.0)%

Net Income

 

$

14,796

 

 

$

98,706

 

 

$

55,923

 

 

(85.0)%

 

(73.5)%

Net Income per Share - Basic

 

$

0.11

 

 

$

0.72

 

 

$

0.41

 

 

$(0.61)

 

$ (0.30)

Net Income per Share - Diluted

 

$

0.11

 

 

$

0.71

 

 

$

0.40

 

 

$(0.60)

 

$ (0.29)

Fourth quarter of 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)

 

 

Q1 2024

 

 

Q4 2023

 

 

Q1 2023

 

 

Q/Q

 

Y/Y

Revenue

 

$

140,815

 

 

$

170,596

 

 

$

184,310

 

 

(17.5)%

 

(23.6)%

Gross Margin %

 

 

69.0

%

 

 

70.4

%

 

 

70.3

%

 

(140) bps

 

(130) bps

R&D Expense %

 

 

23.1

%

 

 

18.7

%

 

 

16.5

%

 

440 bps

 

660 bps

SG&A Expense %

 

 

16.1

%

 

 

13.8

%

 

 

12.8

%

 

230 bps

 

330 bps

Operating Expenses

 

$

54,858

 

 

$

55,495

 

 

$

53,983

 

 

(1.1)%

 

1.6%

Income from Operations

 

$

42,238

 

 

$

64,563

 

 

$

75,641

 

 

(34.6)%

 

(44.2)%

Net Income

 

$

40,258

 

 

$

62,801

 

 

$

71,772

 

 

(35.9)%

 

(43.9)%

Net Income per Share - Basic

 

$

0.29

 

 

$

0.46

 

 

$

0.52

 

 

$ (0.17)

 

$ (0.23)

Net Income per Share - Diluted

 

$

0.29

 

 

$

0.45

 

 

$

0.51

 

 

$ (0.16)

 

$ (0.22)

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."


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