Lattice Semiconductor Reports Second Quarter 2017 Results

Lattice Semiconductor Corporation

- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -

(in thousands, except per share data)

(unaudited)

                   
Three Months Ended Six Months Ended
July 1,
2017
  April 1,
2017
  July 2,
2016
July 1,
2017
  July 2,
2016
 
Gross Margin Reconciliation
GAAP Gross margin $ 51,209 $ 60,832 $ 58,426 $ 112,041 $ 115,530
Inventory step-up expense 523
Stock-based compensation - gross margin 180   228   166   408     425  
Non-GAAP Gross margin $ 51,389 $ 61,060 $ 58,592 $ 112,449 $ 116,478
 
Gross Margin % Reconciliation
GAAP Gross margin % 54.4 % 58.2 % 58.9 % 56.4 % 59.0 %
Cumulative effect of non-GAAP Gross Margin adjustments 0.2 % 0.2 % 0.2 % 0.2 % 0.5 %
Non-GAAP Gross margin % 54.6 % 58.4 % 59.1 % 56.6 % 59.5 %
 
Operating Expenses Reconciliation
GAAP Operating expenses $ 59,938 $ 61,534 $ 64,799 $ 121,472 $ 135,261
Amortization of acquired intangible assets (8,737 ) (8,514 ) (8,311 ) (17,251 ) (17,032 )
Restructuring charges (1,576 ) (66 ) (2,568 ) (1,642 ) (7,999 )
Acquisition related charges (1) (867 ) (1,660 ) (2,527 ) (94 )
Stock-based compensation - operations (2,749 ) (3,615 ) (3,076 ) (6,364 )   (7,373 )
Non-GAAP Operating expenses $ 46,009 $ 47,679 $ 50,844 $ 93,688 $ 102,763
 
Income (Loss) from Operations Reconciliation
GAAP Loss from operations $ (8,729 ) $ (702 ) $ (6,373 ) $ (9,431 ) $ (19,731 )
Inventory step-up expense 523
Stock-based compensation - gross margin 180 228 166 408 425
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring charges 1,576 66 2,568 1,642 7,999
Acquisition related charges (1) 867 1,660 2,527 94
Stock-based compensation - operations 2,749   3,615   3,076   6,364     7,373  
Non-GAAP Income from operations $ 5,380 $ 13,381 $ 7,748 $ 18,761 $ 13,715
 
Income (Loss) from Operations % Reconciliation
GAAP Loss from operations % (9.3 )% (0.7 )% (6.4 )% (4.7 )% (10.1 )%
Cumulative effect of non-GAAP Gross Margin and Operating adjustments 15.0 % 13.5 % 14.2 % 14.1 % 17.1 %
Non-GAAP Income from operations % 5.7 % 12.8 % 7.8 % 9.4 % 7.0 %
 
(1) Legal fees and outside services in connection with our pending acquisition by Canyon Bridge Acquisition Company, Inc.
 
Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Six Months Ended
July 1,
2017
April 1,
2017
July 2,
2016
July 1,
2017
July 2,
2016
 
Income Tax Expense Reconciliation
GAAP Income tax expense $ 47 $ 518 $ 4,539 $ 565 $ 6,439
Estimated tax effect of non-GAAP adjustments (2) 663   (303 ) (2,499 ) 360     (1,951 )
Non-GAAP Income tax expense $ 710 $ 215 $ 2,040 $ 925 $ 4,488
 
Net Income (Loss) Reconciliation
GAAP Net loss $ (13,022 ) $ (7,275 ) $ (13,810 ) $ (20,297 ) $ (33,521 )
Inventory step-up expense 523
Stock-based compensation - gross margin 180 228 166 408 425
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring charges 1,576 66 2,568 1,642 7,999
Acquisition related charges (1) 867 1,660 2,527 94
Stock-based compensation - operations 2,749 3,615 3,076 6,364 7,373
Gain on sale of business unit (300 ) (2,646 ) (300 ) (2,646 )
Estimated tax effect of non-GAAP adjustments (2) (663 ) 303   2,499   (360 )   1,951  
Non-GAAP Net income (loss) $ 124 $ 7,111 $ 164 $ 7,235 $ (770 )
 
Net Income (Loss) Per Share Reconciliation
GAAP Net loss per share - basic and diluted $ (0.11 ) $ (0.06 ) $ (0.12 ) $ (0.17 ) $ (0.28 )
Cumulative effect of Non-GAAP adjustments 0.11   0.12   0.12   0.23   0.27  
Non-GAAP Net income (loss) per share - basic and diluted $ $ 0.06 $ $ 0.06 $ (0.01 )
 
Shares used in per share calculations:
Basic 122,390 121,800 119,445 122,095 119,125
Diluted - GAAP (3) 122,390 121,800 119,445 122,095 119,125
Diluted - Non-GAAP (3) 124,527 124,343 120,871 124,276 119,125
 
 
(1) Legal fees and outside services in connection with our pending acquisition by Canyon Bridge Acquisition Company, Inc.
(2) We calculate 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.”
(3) Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares.

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