Exhibit 99.1

 

NEWS RELEASE

 

CONTACTS

 

MEDIA:

INVESTORS:

Bob Nelson

Rick Muscha

Lattice Semiconductor Corporation

Lattice Semiconductor Corporation

408-826-6339

408-826-6000

Bob.Nelson@latticesemi.com

Rick.Muscha@latticesemi.com

 

LATTICE SEMICONDUCTOR REPORTS Second QUARTER 2020 RESULTS

 

 

Revenue Grows 3% Sequentially in Q2 2020 Driven by Strong Demand in Communications and Computing

 

Gross Margin Expands to 60.2% / 61.3% for Q2 2020 on a GAAP / Non-GAAP Basis, from 58.7% / 59.0%, respectively, for Q2 2019

 

Net Income Improves to $0.08 / $0.17 Per Diluted Share for Q2 2020 on a GAAP / Non-GAAP Basis, from $0.06 / $0.15, respectively, for Q2 2019

 

* 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, OR - July 28, 2020 - Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended June 27, 2020.

 

Jim Anderson, President and Chief Executive Officer, said, "We achieved 3% sequential revenue growth in the second quarter of 2020, with non-GAAP net income up 17% over the same period. Despite the challenging environment due to COVID-19, growth was led by strength in communications and computing, where we saw both sequential and year over year growth in 5G, servers and client computing. We are particularly pleased with our team's product roadmap execution, as we delivered the Certus-NX™ launch as promised in Q2.  We remain on track to achieve two additional key milestones in the second half of 2020 with our third Lattice Nexus™ product and the next installment in our software solutions portfolio."

  

Sherri Luther, Chief Financial Officer, said, "We continued to see significant improvements in our key financial metrics for the second quarter of 2020 with a 33% increase in diluted EPS on a GAAP basis and a 13% increase on a non-GAAP basis compared to Q2 2019.  Gross margin expanded 150 basis points on a GAAP basis and 230 basis points on a non-GAAP basis in the second quarter 2020, as compared to the year ago quarter. Year to date, we generated approximately $37 million of cash flow from operations and made accelerated debt repayments during the quarter, reducing our leverage ratio to below 1.5, as defined in our credit agreement. We remain focused on profitability and cash generation as we drive additional progress toward our target model."

 

1

 

Selected Second Quarter 2020 Financial Results and Comparisons (in thousands, except per share data)

 

   

GAAP Quarterly Financial Results (unaudited)

   

Q2 2020

   

Q1 2020

   

Q2 2019

   

Q/Q

 

Y/Y

Revenue

  $ 100,589     $ 97,316     $ 102,296     3.4%  

(1.7)%

Gross Margin %     60.2 %     59.1 %     58.7 %   110 bps   150 bps
R&D Expense %     22.3 %     22.3 %     18.9 %     340 bps
SG&A Expense %     24.3 %     23.2 %     19.3 %   110 bps   500 bps

Operating Expense

  $ 48,095     $ 47,824     $ 45,652     0.6%   5.4%
Operating Income   $ 12,482     $ 9,738     $ 14,386     28.2%   (13.2)%
Net Income   $ 10,629     $ 8,167     $ 8,559     30.1%   24.2%

Net Income per Share - Basic

  $ 0.08     $ 0.06     $ 0.06     $0.02  

$ 0.02

Net Income per Share - Diluted

  $ 0.08     $ 0.06     $ 0.06     $0.02  

$ 0.02

 

 

   

Non-GAAP* Quarterly Financial Results (unaudited)

   

Q2 2020

   

Q1 2020

   

Q2 2019

   

Q/Q

 

Y/Y

Revenue

  $ 100,589     $ 97,316     $ 102,296     3.4%  

(1.7)%

Gross Margin %     61.3 %     59.8 %     59.0 %   150 bps   230 bps
R&D Expense %     20.0 %     19.6 %     17.7 %   40 bps   230 bps
SG&A Expense %     16.5 %     17.5 %     17.0 %   (100) bps   (50) bps

Operating Expense

  $ 36,640     $ 36,107     $ 35,494     1.5%   3.2%

Operating Income

  $ 25,038     $ 22,046     $ 24,871     13.6%  

0.7%

Net Income

  $ 23,550     $ 20,195     $ 21,087     16.6%  

11.7%

Net Income per Share - Basic

  $ 0.17     $ 0.15     $ 0.16     $ 0.02  

$ 0.01

Net Income per Share - Diluted

  $ 0.17     $ 0.15     $ 0.15     $ 0.02  

$ 0.02

 

* 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."

 

Second Quarter 2020 Highlights

 

Improved Financial Performance and Increased Profitability: Net income per diluted share was up 33% on a GAAP basis and up 13% on a non-GAAP basis in Q2 2020 compared to Q2 2019, with a 150 basis point improvement in gross margin on a GAAP basis and a 230 basis point improvement on a non-GAAP basis. 

 

Certus™-NX General Purpose FPGA Launched: The second product family developed on Lattice's Nexus FPGA platform in just six months, Certus™-NX offers 70% faster I/O, up to a 3x smaller footprint and 4x lower power in comparison to similar competing FPGAs.  

 

Propel Software Solution Launched: Lattice Propel is a new embedded system design environment with a complete set of graphical and command-line tools to create, analyze, compile, and debug an FPGA-based processor. 

 

sensAI 3.0 Software Stack Launched: Lattice launched the latest version of its solutions stack for on-device AI processing at the Edge, Lattice sensAI™ 3.0. Lattice sensAI brings new levels of power and performance to smart vision applications in the surveillance/security, robotics, automotive, and computing markets.

 

2

Business Outlook - Third Quarter of 2020:

 

Revenue for the third quarter of 2020 is expected to be between $96 million and $106 million.

 

Gross margin percentage for the third quarter of 2020 is expected to be 60.5% plus or minus 1% on a non-GAAP basis.

 

Total operating expenses for the third quarter of 2020 are expected to be between $36.5 million and $37.5 million on a non-GAAP basis.

 

Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP financial measures. With respect to the outlook for the third quarter of 2020, certain items that affect GAAP measurement of financial measures are out of the Company’s control and/or cannot be reasonably predicted. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for guidance or a corresponding reconciliation to GAAP for the quarter. Additional information regarding the reasons the Company uses non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below, following the GAAP financial information.

 

Investor Conference Call / Webcast Details:

Lattice Semiconductor will review the Company's financial results for the fiscal second quarter 2020, and business outlook on Tuesday, July 28 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-888-684-5603 or 1-918-398-4852 with conference identification number 1694084. A live webcast of the conference call will also be available on the investor relations section of www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.

 

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include, but are not limited to, statements relating to: our belief that we remain on track to achieve two additional key milestones in the second half of 2020 with our third Lattice Nexus™ product and the next installment in our software solutions portfolio; that we will drive additional progress toward our target model; and the statements under the heading “Business Outlook - Third Quarter of 2020.” Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.

 

Estimates of future revenue are inherently uncertain due to such factors such as global economic conditions which may affect customer demand, pricing pressures, competitive actions, and international trade disputes and sanctions. In addition, the COVID-19 pandemic has negatively impacted the overall economy and, as a result of the foregoing, may negatively impact our operating results for future periods. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, variations in manufacturing yields, the failure to sustain operational improvements, and the actual amount of compensation charges due to stock price changes. Actual results may differ materially from our expectations and are subject to risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its Annual Report on Form 10-K for the fiscal year ended December 28, 2019, and Lattice’s quarterly reports filed on Form 10-Q. COVID-19 may increase or change the severity of our other risks reported in our Annual Report on Form 10-K for the fiscal year ended December 28, 2019. Lattice believes these and other risks and uncertainties could cause actual results to differ materially from the forward-looking statements. You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

3

 

Non-GAAP Financial Measures:

Included within this press release and the accompanying tables and notes are certain non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with U.S. GAAP. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation and related tax effects, restructuring plans and related charges, amortization of acquired intangible assets, loss on refinancing of long-term debt, and the estimated tax effect of these items. The non-GAAP net income for the second quarter of fiscal 2020 includes a change in the non-GAAP tax rate calculation to exclude profits from jurisdictions where there is a full valuation allowance on deferred tax assets to improve alignment of non-GAAP income tax expense to non-GAAP income before tax. These charges and adjustments are a result of periodic or non-core operating activities of the Company. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release.

 

The Company's management believes that these non-GAAP financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data.

 

These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

 

About Lattice Semiconductor Corporation:

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive and consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure and connected world.

 

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedInTwitterFacebookYouTube, WeChat, Weibo or Youku.

 

# # #

 

4

 

Lattice Semiconductor Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 27,

   

March 28,

   

June 29,

   

June 27,

   

June 29,

 
   

2020

   

2020

   

2019

   

2020

   

2019

 

Revenue

  $ 100,589     $ 97,316     $ 102,296     $ 197,905     $ 200,387  

Cost of sales

    40,012       39,754       42,258       79,766       82,697  

Gross margin

    60,577       57,562       60,038       118,139       117,690  

Operating expenses:

                                       

Research and development

    22,458       21,693       19,377       44,151       39,042  

Selling, general, and administrative

    24,488       22,551       19,759       47,039       40,540  

Amortization of acquired intangible assets

    603       2,640       3,390       3,243       6,779  

Restructuring

    546       940       3,126       1,486       4,467  

Total operating expenses

    48,095       47,824       45,652       95,919       90,828  

Income from operations

    12,482       9,738       14,386       22,220       26,862  

Interest expense

    (1,045 )     (1,077 )     (3,538 )     (2,122 )     (8,525 )

Other (expense) income, net

    37       (50 )     (2,109 )     (13 )     (1,956 )

Income before income taxes

    11,474       8,611       8,739       20,085       16,381  

Income tax expense

    845       444       180       1,289       414  

Net income

  $ 10,629     $ 8,167     $ 8,559     $ 18,796     $ 15,967  
                                         

Net income per share:

                                       

Basic

  $ 0.08     $ 0.06     $ 0.06     $ 0.14     $ 0.12  

Diluted

  $ 0.08     $ 0.06     $ 0.06     $ 0.14     $ 0.12  
                                         

Shares used in per share calculations:

                                       

Basic

    134,857       134,253       132,206       134,555       131,599  

Diluted

    139,202       138,044       137,221       138,751       136,133  

 

5

 

Lattice Semiconductor Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

   

June 27,

   

December 28,

 
   

2020

   

2019

 

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 165,175     $ 118,081  

Accounts receivable, net

    87,408       64,917  

Inventories

    54,061       54,980  

Other current assets

    24,354       24,452  

Total current assets

    330,998       262,430  
                 

Property and equipment, net

    40,268       39,230  

Operating lease right-of-use assets

    22,304       23,591  

Intangible assets, net

    3,707       6,977  

Goodwill

    267,514       267,514  

Deferred income taxes

    480       478  

Other long-term assets

    10,759       11,796  
    $ 676,030     $ 612,016  
                 

Liabilities and Stockholders' Equity

               

Current liabilities:

               

Accounts payable and other accrued liabilities

  $ 81,539     $ 73,650  

Current portion of long-term debt

    4,004       21,474  

Current portion of operating lease liabilities

    4,979       4,686  

Total current liabilities

    90,522       99,810  
                 

Long-term debt, net of current portion

    166,501       125,072  

Long-term operating lease liabilities, net of current portion

    19,823       21,438  

Other long-term liabilities

    35,054       38,028  

Total liabilities

    311,900       284,348  
                 

Stockholders' equity

    364,130       327,668  
    $ 676,030     $ 612,016  

 

6

 

Lattice Semiconductor Corporation

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

   

Six Months Ended

 
   

June 27,

   

June 29,

 
   

2020

   

2019

 

Cash flows from operating activities:

               

Net income

  $ 18,796     $ 15,967  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization

    13,456       16,450  

Stock-based compensation expense

    19,740       7,655  

Other non-cash adjustments

    3,124       7,295  

Net changes in assets and liabilities

    (18,252 )     19,129  

Net cash provided by operating activities

    36,864       66,496  

Cash flows from investing activities:

               

Capital expenditures

    (6,829 )     (8,459 )

Other investing activities

    (4,626 )     6,058  

Net cash (used in) provided by investing activities

    (11,455 )     (2,401 )

Cash flows from financing activities:

               

Proceeds from issuance of long-term debt

    50,000       206,500  
Cash paid for debt issuance costs     0       (2,086 )

Repayment of long-term debt

    (26,250 )     (278,033 )

Net cash flows related to stock compensation exercises

    (2,105 )     13,023  

Net cash provided by (used in) financing activities

    21,645       (60,596 )

Effect of exchange rate change on cash

    40       86  

Net increase in cash and cash equivalents

    47,094       3,585  

Beginning cash and cash equivalents

    118,081       119,051  

Ending cash and cash equivalents

  $ 165,175     $ 122,636  
                 

Supplemental disclosure of cash flow information and non-cash investing and financing activities:

               

Interest paid

  $ 2,193     $ 8,103  

Income taxes paid, net of refunds

  $ 1,579     $ 1,500  

 

7

 

Lattice Semiconductor Corporation

Supplemental Historical Financial Information

(unaudited)

 

   

Three Months Ended

 
   

June 27,

   

March 28,

   

June 29,

 
   

2020

   

2020

   

2019

 

Balance Sheet Information

                       

A/R Days Revenue Outstanding (DSO)

    79       64       34  

Inventory Days (DIO)

    123       112       140  
                         

Revenue% (by Geography)

                       

Asia

    74 %     71 %     75 %

Americas

    14 %     17 %     13 %

Europe (incl. Africa)

    12 %     12 %     12 %
                         

Revenue% (by End Market)

                       

Communications and Computing

    46 %     39 %     39 %

Industrial and Automotive

    39 %     43 %     38 %

Consumer

    11 %     14 %     19 %

Licensing and Services

    4 %     4 %     4 %
                         

Revenue% (by Channel)

                       

Distribution

    85 %     78 %     85 %

Direct

    15 %     22 %     15 %

 

8

 

Lattice Semiconductor Corporation

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

(in thousands, except per share data)

(unaudited)

 

   

Three Months Ended

 
   

June 27,

   

March 28,

   

June 29,

 
   

2020

   

2020

   

2019

 
                         

Gross Margin Reconciliation

                       

GAAP Gross margin

  $ 60,577     $ 57,562     $ 60,038  

Stock-based compensation - gross margin (1)

    1,101       591       327  

Non-GAAP Gross margin

  $ 61,678     $ 58,153     $ 60,365  

 

Gross Margin % Reconciliation

                       

GAAP Gross margin %

    60.2 %     59.1 %     58.7 %

Cumulative effect of non-GAAP Gross Margin adjustments

    1.1 %     0.7 %     0.3 %

Non-GAAP Gross margin %

    61.3 %     59.8 %     59.0 %

 

Research and Development Expense % (R&D Expense %) Reconciliation

                       

GAAP R&D Expense %

    22.3 %     22.3 %     18.9 %

Stock-based compensation - R&D (1)

    (2.3 )%     (2.7 )%     (1.2 )%

Non-GAAP R&D Expense %

    20.0 %     19.6 %     17.7 %

 

Selling, General, and Administrative Expense % (SG&A Expense %) Reconciliation

                       

GAAP SG&A Expense %

    24.3 %     23.2 %     19.3 %

Stock-based compensation - SG&A (1)

    (7.8 )%     (5.7 )%     (2.3 )%

Non-GAAP SG&A Expense %

    16.5 %     17.5 %     17.0 %

 

Operating Expenses Reconciliation

                       

GAAP Operating expenses

  $ 48,095     $ 47,824     $ 45,652  

Stock-based compensation - operations (1)

    (10,306 )     (8,137 )     (3,642 )

Amortization of acquired intangible assets

    (603 )     (2,640 )     (3,390 )

Restructuring charges

    (546 )     (940 )     (3,126 )

Non-GAAP Operating expenses

  $ 36,640     $ 36,107     $ 35,494  

 

Income from Operations Reconciliation

                       

GAAP Income from operations

  $ 12,482     $ 9,738     $ 14,386  

Stock-based compensation - gross margin (1)

    1,101       591       327  

Stock-based compensation - operations (1)

    10,306       8,137       3,642  

Amortization of acquired intangible assets

    603       2,640       3,390  

Restructuring charges

    546       940       3,126  

Non-GAAP Income from operations

  $ 25,038     $ 22,046     $ 24,871  

 

Income from Operations % Reconciliation

                       

GAAP Income from operations %

    12.4 %     10.0 %     14.1 %

Cumulative effect of non-GAAP Gross Margin and Operating adjustments

    12.5 %     12.7 %     10.2 %

Non-GAAP Income from operations %

    24.9 %     22.7 %     24.3 %

 

(1)   The non-GAAP adjustments for Stock-based compensation include related tax expenses.
     
9

 

Lattice Semiconductor Corporation

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

(in thousands, except per share data)

(unaudited)

 

   

Three Months Ended

 
   

June 27,

   

March 28,

   

June 29,

 
   

2020

   

2020

   

2019

 
                         

Other Income (Expense), Net Reconciliation

                       

GAAP Other income (expense), net

  $ 37     $ (50 )   $ (2,109 )

Loss on refinancing of long-term debt

                2,235  

Non-GAAP Other income (expense), net

  $ 37     $ (50 )   $ 126  

 

Income Tax Expense Reconciliation

                       

GAAP Income tax expense

  $ 845     $ 444     $ 180  

Estimated tax effect of non-GAAP adjustments (2)

    (365 )     280       192  

Non-GAAP Income tax expense

  $ 480     $ 724     $ 372  

 

Net Income Reconciliation

                       

GAAP Net income

  $ 10,629     $ 8,167     $ 8,559  

Stock-based compensation - gross margin (1)

    1,101       591       327  

Stock-based compensation - operations (1)

    10,306       8,137       3,642  

Amortization of acquired intangible assets

    603       2,640       3,390  

Restructuring charges

    546       940       3,126  

Loss on refinancing of long-term debt

                2,235  

Estimated tax effect of non-GAAP adjustments (2)

    365       (280 )     (192 )

Non-GAAP Net income

  $ 23,550     $ 20,195     $ 21,087  

 

Net Income Per Share Reconciliation

                       

GAAP Net income per share - basic

  $ 0.08     $ 0.06     $ 0.06  

Cumulative effect of Non-GAAP adjustments

    0.09       0.09       0.10  

Non-GAAP Net income per share - basic

  $ 0.17     $ 0.15     $ 0.16  
                         

GAAP Net income per share - diluted

  $ 0.08     $ 0.06     $ 0.06  

Cumulative effect of Non-GAAP adjustments

    0.09       0.09       0.09  

Non-GAAP Net income per share - diluted

  $ 0.17     $ 0.15     $ 0.15  
                         

Shares used in per share calculations:

                       

Basic

    134,857       134,253       132,206  

Diluted - GAAP (3)

    139,202       138,044       137,221  

Diluted - Non-GAAP (3)

    139,202       138,044       137,221  

 

(1)  

The non-GAAP adjustments for Stock-based compensation include related tax expenses.

(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.

 

10


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