Lattice was founded in 1983 and is headquartered in Portland, Oregon. In March 2015, the Company acquired Silicon Image, which is a leader in setting industry standards including the highly successful HDMI®, DVI™, MHL® and WirelessHD® standards.
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Lattice Semiconductor Corporation, Lattice (& design), L (& design), iCE40 and MachXO3L and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.
GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.
Lattice Semiconductor Corporation Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
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Three Months Ended | Year Ended | |||||||||||||||||||
January 2,
2016 |
October 3,
2015 |
January 3,
2015 |
January 2,
2016 |
January 3,
2015 |
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Revenue | $ | 101,194 | $ | 109,715 | $ | 83,600 | $ | 405,966 | $ | 366,127 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | 47,092 | 49,866 | 37,337 | 186,057 | 159,940 | |||||||||||||||
Research and development | 32,055 | 37,619 | 22,485 | 136,868 | 88,079 | |||||||||||||||
Selling, general, and
|
24,253 | 23,819 | 18,301 | 97,349 | 73,527 | |||||||||||||||
Acquisition related charges | 372 | 610 | — | 22,450 | — | |||||||||||||||
Restructuring | 3,459 | 6,818 | 1 | 19,239 | 17 | |||||||||||||||
Amortization of acquired
|
8,756 | 8,941 | 737 | 29,580 | 2,948 | |||||||||||||||
Impairment of goodwill and
|
21,655 | — | — | 21,655 | — | |||||||||||||||
137,642 | 127,673 | 78,861 | 513,198 | 324,511 | ||||||||||||||||
(Loss) income from operations | (36,448 | ) | (17,958 | ) | 4,739 | (107,232 | ) | 41,616 | ||||||||||||
Interest expense | (5,519 | ) | (5,754 | ) | (87 | ) | (18,389 | ) | (262 | ) | ||||||||||
Other income (expense), net | 466 | (943 | ) | 144 | (832 | ) | 1,587 | |||||||||||||
(Loss) income before income taxes
|
(41,501 | ) | (24,655 | ) | 4,796 | (126,453 | ) | 42,941 | ||||||||||||
Income tax expense (benefit) | 3,510 | 309 | (10,623 | ) | 32,540 | (5,639 | ) | |||||||||||||
Equity in net loss of an
|
(492 | ) | — | — | (492 | ) | — | |||||||||||||
Net (loss) income | (45,503 | ) | (24,964 | ) | 15,419 | (159,485 | ) | 48,580 | ||||||||||||
Net loss attributable to
|
49 | 102 | — | 252 | — | |||||||||||||||
Net (loss) income attributable to
|
$ | (45,454 | ) | $ | (24,862 | ) | $ | 15,419 | $ | (159,233 | ) | $ | 48,580 | |||||||
Net (loss) income per share: | ||||||||||||||||||||
Basic | $ | (0.38 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (1.36 | ) | $ | 0.41 | |||||||
Diluted | $ | (0.38 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (1.36 | ) | $ | 0.40 | |||||||
Shares used in per share
|
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Basic | 118,095 | 117,669 | 117,931 | 117,387 | 117,708 | |||||||||||||||
Diluted | 118,095 | 117,669 | 119,486 | 117,387 | 120,245 | |||||||||||||||
Lattice Semiconductor Corporation Consolidated Balance Sheets (in thousands) (unaudited) |
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January 2,
2016 |
January 3,
2015 |
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Assets | |||||||
Current assets: | |||||||
Cash, cash equivalents and short-term marketable securities | $ | 102,574 | $ | 254,844 | |||
Accounts receivable, net | 88,471 | 62,372 | |||||
Inventories | 75,896 | 64,925 | |||||
Other current assets | 18,922 | 16,281 | |||||
Total current assets | 285,863 | 398,422 | |||||
Property and equipment, net | 51,852 | 27,796 | |||||
Other long-term assets | 17,495 | 9,862 | |||||
Intangible assets, net of amortization | 162,583 | 9,537 | |||||
Goodwill | 267,549 | 44,808 | |||||
Deferred income taxes | 578 | 20,105 | |||||
$ | 785,920 | $ | 510,530 | ||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and other accrued liabilities | $ | 83,761 | $ | 45,800 | |||
Current portion of long-term debt | 7,557 | — | |||||
Deferred income and allowances on sales to sell-through
distributors and deferred
|
19,859 | 14,946 | |||||
Total current liabilities | 111,177 | 60,746 | |||||
Long-term debt | 330,870 | — | |||||
Other long-term liabilities | 38,353 | 8,809 | |||||
Total liabilities | 480,400 | 69,555 | |||||
Stockholders' equity | 305,520 | 440,975 | |||||
$ | 785,920 | $ | 510,530 | ||||
Lattice Semiconductor Corporation - Supplemental Historical Financial Information - (unaudited) |
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Three Months Ended | Year Ended | ||||||||||||||
January 2, 2016 | October 3, 2015 | January 3, 2015 | January 2, 2016 | January 3, 2015 | |||||||||||
Operations Information | |||||||||||||||
Percent of Revenue | |||||||||||||||
Gross Margin | 53.5 | % | 54.5 | % | 55.3 | % | 54.2 | % | 56.3 | % | |||||
R&D Expense | 31.7 | % | 34.3 | % | 26.9 | % | 33.7 | % | 24.1 | % | |||||
SG&A Expense | 24.0 | % | 21.7 | % | 21.9 | % | 24.0 | % | 20.1 | % | |||||
Depreciation and amortization (in thousands) | 17,892 | 17,553 | 5,375 | 60,808 | 22,248 | ||||||||||
Capital expenditures (in thousands) | 6,624 | 4,552 | 3,394 | 18,209 | 10,267 | ||||||||||
Stock-based compensation expense (in
|
4,788 | 4,199 | 3,257 | 17,350 | 12,801 | ||||||||||
Stock-based compensation included in
|
— | 402 | — | 4,293 | — | ||||||||||
Restructuring and severance related charges
|
3,459 | 6,818 | 59 | 19,239 | 628 | ||||||||||
Severance costs included in acquisition
|
— | — | — | 4,017 | — | ||||||||||
Taxes paid (cash, in thousands) | 2,936 | 2,291 | 509 | 8,339 | 1,599 | ||||||||||
Balance Sheet Information | |||||||||||||||
Current Ratio | 2.6 | 2.7 | 6.6 | ||||||||||||
A/R Days Revenue Outstanding | 80 | 71 | 67 | ||||||||||||
Inventory Months | 4.8 | 4.8 | 5.2 | ||||||||||||
Revenue% (by Geography) | |||||||||||||||
Asia | 75 | % | 79 | % | 68 | % | 76 | % | 73 | % | |||||
Europe (incl. Africa) | 12 | % | 12 | % | 16 | % | 14 | % | 16 | % | |||||
Americas | 13 | % | 9 | % | 16 | % | 10 | % | 11 | % | |||||
Revenue% (by End Market) (1) | |||||||||||||||
Communications | 28 | % | 26 | % | 41 | % | 28 | % | 42 | % | |||||
Consumer | 30 | % | 33 | % | 20 | % | 31 | % | 25 | % | |||||
Industrial | 30 | % | 31 | % | 39 | % | 32 | % | 33 | % | |||||
Licensing | 12 | % | 10 | % | — | % | 9 | % | — | % | |||||
Revenue% (by Channel) | |||||||||||||||
Sell-through distribution | 44 | % | 46 | % | 49 | % | 45 | % | 45 | % | |||||
Direct | 56 | % | 54 | % | 51 | % | 55 | % | 55 | % | |||||