Lattice Semiconductor Reports Third Quarter 2016 Results

(1) During the first quarter of fiscal 2016, the Company realigned its End Market categories; prior periods have been reclassified to match current period presentation.

         
Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Nine Months Ended
October 1,
2016
July 2,
2016
October 3,
2015
October 1,
2016
October 3,
2015
 
GAAP Revenue $ 113,225 $ 99,209 $ 109,715 $ 308,946 $ 304,772
Fair value adjustment to deferred revenue from purchase accounting     361       5,091  
Non-GAAP Revenue $ 113,225 $ 99,209 $ 110,076 $ 308,946 $ 309,863
 
 
GAAP Gross margin $ 67,424 $ 58,426 $ 59,849 $ 182,954 $ 165,807
Fair value adjustment to deferred revenue from purchase accounting 314 3,595
Inventory step-up expense 716 523 5,362
Stock-based compensation - gross margin 231   166   406   656     1,044  
Non-GAAP Gross margin $ 67,655 $ 58,592 $ 61,285 $ 184,133 $ 175,808
 
 
GAAP Gross margin % 59.5 % 58.9 % 54.5 % 59.2 % 54.4 %
Cumulative effect of non-GAAP Gross Margin adjustments 0.3 % 0.2 % 1.2 % 0.4 % 2.3 %
Non-GAAP Gross margin % 59.8 % 59.1 % 55.7 % 59.6 % 56.7 %
 
 
GAAP Operating expenses $ 73,434 $ 64,799 $ 77,807 $ 208,695 $ 236,591
Amortization of acquired intangible assets (8,260 ) (8,311 ) (8,941 ) (25,292 ) (20,824 )
Restructuring charges (317 ) (2,568 ) (6,818 ) (8,316 ) (15,780 )
Acquisition related charges (1) (610 ) (94 ) (22,078 )
Impairment of intangible assets (7,866 ) (7,866 )
Stock-based compensation - operations (4,078 ) (3,076 ) (3,793 ) (11,451 )   (11,518 )
Non-GAAP Operating expenses $ 52,913 $ 50,844 $ 57,645 $ 155,676 $ 166,391
 

(1) Includes stock-based compensation and severance costs related to change in control.

 
Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
                   
Three Months Ended Nine Months Ended
October 1,
2016
  July 2,
2016
  October 3,
2015
October 1,
2016
  October 3,
2015
 
GAAP Loss from operations $ (6,010 ) $ (6,373 ) $ (17,958 ) $ (25,741 ) $ (70,784 )
Fair value adjustment to deferred revenue from purchase accounting 314 3,595
Inventory step-up expense 716 523 5,362
Stock-based compensation - gross margin 231 166 406 656 1,044
Amortization of acquired intangible assets 8,260 8,311 8,941 25,292 20,824
Restructuring charges 317 2,568 6,818 8,316 15,780
Acquisition related charges (1) 610 94 22,078
Impairment of intangible assets 7,866 7,866
Stock-based compensation - operations 4,078   3,076   3,793   11,451     11,518  
Non-GAAP Income from operations $ 14,742 $ 7,748 $ 3,640 $ 28,457 $ 9,417
 
 
GAAP Loss from operations % (5.3 )% (6.4 )% (16.4 )% (8.3 )% (23.2 )%
Cumulative effect of non-GAAP Gross Margin and Operating adjustments 18.3 % 14.2 % 19.7 % 17.5 % 26.2 %
Non-GAAP Income from operations % 13.0 % 7.8 % 3.3 % 9.2 % 3.0 %
 
 
GAAP Income tax expense $ 971 $ 4,539 $ 309 $ 7,410 $ 29,030
Estimated tax effect of non-GAAP adjustments (2) 2,389   (2,499 ) 2,182   438     (19,941 )
Non-GAAP Income tax expense $ 3,360 $ 2,040 $ 2,491 $ 7,848 $ 9,089
   

(1)

Includes stock-based compensation and severance costs related to change in control.

(2)

During the second quarter of fiscal 2016, we refined our calculation of non-GAAP tax expense by applying our tax provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of non-GAAP adjustments.” Prior periods have been similarly recalculated to conform to the current presentation.

 

Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
                   
Three Months Ended Nine Months Ended
October 1,
2016
  July 2,
2016
  October 3,
2015
October 1,
2016
  October 3,
2015
 
GAAP Net Loss $ (12,414 ) $ (13,810 ) $ (24,862 ) $ (45,935 ) $ (113,779 )
Fair value adjustment to deferred revenue from purchase accounting 314 3,595
Inventory step-up expense 716 523 5,362
Stock-based compensation - gross margin 231 166 406 656 1,044
Amortization of acquired intangible assets 8,260 8,311 8,941 25,292 20,824
Restructuring charges 317 2,568 6,818 8,316 15,780
Acquisition related charges (1) 610 94 22,078
Impairment of intangible assets 7,866 7,866
Stock-based compensation - operations 4,078 3,076 3,793 11,451 11,518
Gain on sale of Qterics (2,646 ) (2,646 )
Estimated tax effect of non-GAAP adjustments (2) (2,389 ) 2,499   (2,182 ) (438 )   19,941  
Non-GAAP Net income (loss) $ 5,949 $ 164 $ (5,446 ) $ 5,179 $ (13,637 )
 
 
GAAP Net loss per share - basic and diluted $ (0.10 ) $ (0.12 ) $ (0.21 ) $ (0.38 ) $ (0.97 )
Cumulative effect of Non-GAAP adjustments 0.15   0.12   0.16   0.42   0.85  
Non-GAAP Net income (loss) per share - basic and diluted $ 0.05 $ $ (0.05 ) $ 0.04 $ (0.12 )
 
 
Shares used in per share calculations:
Basic 120,584 119,445 117,669 119,596 117,151
Diluted - GAAP (3) 120,584 119,445 117,669 119,596 117,151
Diluted - Non-GAAP (3) 122,236 120,871 117,669 121,232 117,151
 
 

(1)

Includes stock-based compensation and severance costs related to change in control.

(2)

During the second quarter of fiscal 2016, we refined our calculation of non-GAAP tax expense by applying our tax provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of non-GAAP adjustments.” Prior periods have been similarly recalculated to conform to the current presentation.

(3)

Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares.

 

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