Exhibit 99.1

 

NEWS RELEASE

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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 Third QUARTER 2020 RESULTS

 

 

Operating Profit Increases to 12.4% / 26.5% for Q3 2020 on a GAAP / Non-GAAP Basis, Compared to 12.4% / 24.9%, respectively, for Q2 2020 

 

Gross Margin Expands to 60.5% / 61.5% for Q3 2020 on a GAAP / Non-GAAP Basis, from 60.2% / 61.3%, respectively, for Q2 2020

 

Net Income Improves to $0.09 / $0.19 Per Diluted Share for Q3 2020 on a GAAP / Non-GAAP Basis, from $0.08 / $0.17, respectively, for Q2 2020   

 

* 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 - October 27, 2020 - Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal third quarter ended September 26, 2020.

 

Jim Anderson, president and CEO, said, "We expanded operating profit in Q3 driven by year-over-year growth in our key markets of communications and computing, and industrial and automotive.  In spite of a challenging environment this year, I am pleased with the progress we have made and excited about the continued potential of the company as we accelerate our product roadmap leadership, expand customer engagements and drive toward our long-term financial goals."

 

Sherri Luther, CFO, said, "We continued to see significant improvements in our key financial metrics for the third quarter of 2020 with diluted EPS increasing 13% on a GAAP basis and 12% on a non-GAAP basis compared to the prior quarter.  Gross margin expanded on both a GAAP and non-GAAP basis sequentially and year-over-year, as we benefited from our ongoing pricing optimization strategy, product cost reductions, and some mix contribution. Year to date, we generated approximately $69 million of cash flow from operations, and ended the third quarter of 2020 with a positive net cash position further reinforcing our commitment to ongoing cash generation."

 

1

 

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

 

   

GAAP Quarterly Financial Results (unaudited)

   

Q3 2020

   

Q2 2020

   

Q3 2019

   

Q/Q

 

Y/Y

Revenue

  $ 103,042     $ 100,589     $ 103,469     2.4%  

(0.4)%

Gross Margin %     60.5 %     60.2 %     59.4 %   30 bps   110 bps
R&D Expense %     21.8 %     22.3 %     19.4 %   (50) bps   240 bps
SG&A Expense %     23.1 %     24.3 %     20.4 %   (120) bps   270 bps

Operating Expense

  $ 49,492     $ 48,095     $ 44,751     2.9%   10.6%
Operating Income   $ 12,814     $ 12,482     $ 16,688     2.7%   (23.2)%
Net Income   $ 12,607     $ 10,629     $ 13,539     18.6%   (6.9)%

Net Income per Share - Basic

  $ 0.09     $ 0.08     $ 0.10     $0.01  

$ (0.01)

Net Income per Share - Diluted

  $ 0.09     $ 0.08     $ 0.10     $0.01  

$ (0.01)

 

 

   

Non-GAAP* Quarterly Financial Results (unaudited)

   

Q3 2020

   

Q2 2020

   

Q3 2019

   

Q/Q

 

Y/Y

Revenue

  $ 103,042     $ 100,589     $ 103,469     2.4%  

(0.4)%

Gross Margin %     61.5 %     61.3 %     59.8 %   20 bps   170 bps
R&D Expense %     19.0 %     20.0 %     17.8 %   (100) bps   120 bps
SG&A Expense %     16.0 %     16.5 %     16.9 %   (50) bps   (90) bps

Operating Expense

  $ 36,008     $ 36,640     $ 35,883     (1.7)%   0.3%

Operating Income

  $ 27,320     $ 25,038     $ 26,009     9.1%  

5.0%

Net Income

  $ 26,635     $ 23,550     $ 22,943     13.1%  

16.1%

Net Income per Share - Basic

  $ 0.20     $ 0.17     $ 0.17     $ 0.03  

$ 0.03

Net Income per Share - Diluted

  $ 0.19     $ 0.17     $ 0.17     $ 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."

 

Third Quarter 2020 Highlights

 

Improved Financial Performance and Operating Profit Expansion: Operating profit of 12.4% on a GAAP basis and expansion to 26.5% on a non-GAAP basis in Q3 2020. Net income per diluted share was up 13% on a GAAP basis and up 12% on a non-GAAP basis in Q3 2020 compared to Q2 2020, with a 30 basis point improvement in gross margin on a GAAP basis and a 20 basis point improvement on a non-GAAP basis.   

 

Launched Lattice Sentry™ Solutions Stack and the Lattice SupplyGuardLattice Sentry solutions stack delivers a NIST-compliant, real-time, dynamic PFR software solution that reduces time-to-market. Lattice's SupplyGuard service preserves trust throughout unprotected supply chains by enhancing protection against counterfeiting and overbuilding.   

 

Lattice CrossLink™-NX FPGA Named Embedded Solution Product of the Year: Lattice CrossLink™-NX FPGA was named Embedded Solution Product of the Year at the Electronics Industry Awards (EIA).   

 

Lattice Added to PHLX Semiconductor Sector IndexSMLattice was added to the PHLX Semiconductor Sector Index, representing another milestone for the Company. 

 

2

Business Outlook - Fourth Quarter of 2020:

 

Revenue for the fourth quarter of 2020 is expected to be between $99 million and $107 million.

 

Gross margin percentage for the fourth quarter of 2020 is expected to be 61.0% plus or minus 1% on a non-GAAP basis.

 

Total operating expenses for the fourth 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 fourth 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 third quarter 2020, and business outlook on Tuesday, October 27 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 6721419. 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 in the continued potential of the company as it accelerates its product roadmap leadership, expands customer engagements and drives toward our long-term financial goals; and the statements under the heading “Business Outlook - Fourth 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, and the estimated tax effect of these items. The non-GAAP net income for the third 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

   

Nine Months Ended

 
   

September 26,

   

June 27,

   

September 28,

   

September 26,

   

September 28,

 
   

2020

   

2020

   

2019

   

2020

   

2019

 

Revenue

  $ 103,042     $ 100,589     $ 103,469     $ 300,947     $ 303,856  

Cost of sales

    40,736       40,012       42,030       120,502       124,727  

Gross margin

    62,306       60,577       61,439       180,445       179,129  

Operating expenses:

                                       

Research and development

    22,439       22,458       20,032       66,590       59,074  

Selling, general, and administrative

    23,758       24,488       21,078       70,797       61,618  

Amortization of acquired intangible assets

    603       603       3,389       3,846       10,168  

Restructuring

    2,692       546       252       4,178       4,719  

Total operating expenses

    49,492       48,095       44,751       145,411       135,579  

Income from operations

    12,814       12,482       16,688       35,034       43,550  

Interest expense

    (792 )     (1,045 )     (2,022 )     (2,914 )     (10,547 )

Other (expense) income, net

    (70 )     37       (61 )     (83 )     (2,017 )

Income before income taxes

    11,952       11,474       14,605       32,037       30,986  

Income tax (benefit) expense

    (655 )     845       1,066       634       1,480  

Net income

  $ 12,607     $ 10,629     $ 13,539     $ 31,403     $ 29,506  
                                         

Net income per share:

                                       

Basic

  $ 0.09     $ 0.08     $ 0.10     $ 0.23     $ 0.22  

Diluted

  $ 0.09     $ 0.08     $ 0.10     $ 0.22     $ 0.21  
                                         

Shares used in per share calculations:

                                       

Basic

    135,598       134,857       132,997       134,903       132,065  

Diluted

    141,524       139,202       138,894       140,763       137,679  

 

5

 

Lattice Semiconductor Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

   

September 26,

   

December 28,

 
   

2020

   

2019

 

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 182,268     $ 118,081  

Accounts receivable, net

    72,989       64,917  

Inventories

    59,488       54,980  

Other current assets

    24,205       24,452  

Total current assets

    338,950       262,430  
                 

Property and equipment, net

    39,782       39,230  

Operating lease right-of-use assets

    21,614       23,591  

Intangible assets, net

    3,496       6,977  

Goodwill

    267,514       267,514  

Deferred income taxes

    483       478  

Other long-term assets

    10,592       11,796  
    $ 682,431     $ 612,016  
                 

Liabilities and Stockholders' Equity

               

Current liabilities:

               

Accounts payable and other accrued liabilities

  $ 74,890     $ 73,659  

Current portion of long-term debt

    8,382       21,474  

Current portion of operating lease liabilities

    4,562       4,686  

Total current liabilities

    87,834       99,819  
                 

Long-term debt, net of current portion

    162,215       125,072  

Long-term operating lease liabilities, net of current portion

    19,505       21,438  

Other long-term liabilities

    35,984       38,028  

Total liabilities

    305,538       284,357  
                 

Stockholders' equity

    376,893       327,659  
    $ 682,431     $ 612,016  

 

6

 

Lattice Semiconductor Corporation

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

   

Nine Months Ended

 
   

September 26,

   

September 28,

 
   

2020

   

2019

 

Cash flows from operating activities:

               

Net income

  $ 31,403     $ 29,506  

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

               

Depreciation and amortization

    19,263       24,682  

Stock-based compensation expense

    30,228       13,335  

Other non-cash adjustments

    4,663       9,060  

Net changes in assets and liabilities

    (16,599 )     8,234  

Net cash provided by operating activities

    68,958       84,817  

Cash flows from investing activities:

               

Capital expenditures

    (9,781 )     (11,729 )

Other investing activities

    (6,850 )     3,910  

Net cash used in investing activities

    (16,631 )     (7,819 )

Cash flows from financing activities:

               

Proceeds from issuance of long-term debt

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

Repayment of long-term debt

    (26,250 )     (311,408 )

Net cash flows related to stock compensation exercises

    (12,789 )     8,365  

Net cash provided by (used in) financing activities

    10,961       (98,629 )

Effect of exchange rate change on cash

    899       (7 )

Net increase in cash and cash equivalents

    64,187       (21,638 )

Beginning cash and cash equivalents

    118,081       119,051  

Ending cash and cash equivalents

  $ 182,268     $ 97,413  
                 

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

               

Interest paid

  $ 2,849     $ 9,932  

Income taxes paid, net of refunds

  $ 2,317     $ 1,922  

 

7

 

Lattice Semiconductor Corporation

Supplemental Historical Financial Information

(unaudited)

 

   

Three Months Ended

 
   

September 26,

   

June 27,

   

September 28,

 
   

2020

   

2020

   

2019

 

Balance Sheet Information

                       

A/R Days Revenue Outstanding (DSO)

    65       79       42  

Inventory Days (DIO)

    133       123       130  
                         

Revenue% (by Geography)

                       

Asia

    77 %     74 %     77 %

Americas

    15 %     14 %     12 %

Europe (incl. Africa)

    8 %     12 %     11 %
                         

Revenue% (by End Market)

                       

Communications and Computing

    43 %     46 %     40 %

Industrial and Automotive

    41 %     39 %     36 %

Consumer

    10 %     11 %     18 %

Licensing and Services

    6 %     4 %     6 %
                         

Revenue% (by Channel)

                       

Distribution

    82 %     85 %     81 %

Direct

    18 %     15 %     19 %

 

8

 

Lattice Semiconductor Corporation

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

(in thousands, except per share data)

(unaudited)

 

   

Three Months Ended

 
   

September 26,

   

June 27,

   

September 28,

 
   

2020

   

2020

   

2019

 
                         

Gross Margin Reconciliation

                       

GAAP Gross margin

  $ 62,306     $ 60,577     $ 61,439  

Stock-based compensation - gross margin (1)

    1,022       1,101       453  

Non-GAAP Gross margin

  $ 63,328     $ 61,678     $ 61,892  

 

Gross Margin % Reconciliation

                       

GAAP Gross margin %

    60.5 %     60.2 %     59.4 %

Cumulative effect of non-GAAP Gross Margin adjustments

    1.0 %     1.1 %     0.4 %

Non-GAAP Gross margin %

    61.5 %     61.3 %     59.8 %

 

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

                       

GAAP R&D Expense %

    21.8 %     22.3 %     19.4 %

Stock-based compensation - R&D (1)

    (2.8 )%     (2.3 )%     (1.6 )%

Non-GAAP R&D Expense %

    19.0 %     20.0 %     17.8 %

 

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

                       

GAAP SG&A Expense %

    23.1 %     24.3 %     20.4 %

Stock-based compensation - SG&A (1)

    (7.1 )%     (7.8 )%     (3.5 )%

Non-GAAP SG&A Expense %

    16.0 %     16.5 %     16.9 %

 

Operating Expenses Reconciliation

                       

GAAP Operating expenses

  $ 49,492     $ 48,095     $ 44,751  

Stock-based compensation - operations (1)

    (10,189 )     (10,306 )     (5,227 )

Amortization of acquired intangible assets

    (603 )     (603 )     (3,389 )

Restructuring charges

    (2,692 )     (546 )     (252 )

Non-GAAP Operating expenses

  $ 36,008     $ 36,640     $ 35,883  

 

Income from Operations Reconciliation

                       

GAAP Income from operations

  $ 12,814     $ 12,482     $ 16,688  

Stock-based compensation - gross margin (1)

    1,022       1,101       453  

Stock-based compensation - operations (1)

    10,189       10,306       5,227  

Amortization of acquired intangible assets

    603       603       3,389  

Restructuring charges

    2,692       546       252  

Non-GAAP Income from operations

  $ 27,320     $ 25,038     $ 26,009  

 

Income from Operations % Reconciliation

                       

GAAP Income from operations %

    12.4 %     12.4 %     16.1 %

Cumulative effect of non-GAAP Gross Margin and Operating adjustments

    14.1 %     12.5 %     9.0 %

Non-GAAP Income from operations %

    26.5 %     24.9 %     25.1 %

 

(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  
    September 26,     June 27,     September 28,  
    2020     2020     2019  
                         

Income Tax (Benefit) Expense Reconciliation

                       

GAAP Income tax (benefit) expense

  $ (655 )   $ 845     $ 1,066  

Estimated tax effect of non-GAAP adjustments (2)

    478       (365 )     (83 )

Non-GAAP Income tax (benefit) expense

  $ (177 )   $ 480     $ 983  

 

Net Income Reconciliation

                       

GAAP Net income

  $ 12,607     $ 10,629     $ 13,539  

Stock-based compensation - gross margin (1)

    1,022       1,101       453  

Stock-based compensation - operations (1)

    10,189       10,306       5,227  

Amortization of acquired intangible assets

    603       603       3,389  

Restructuring charges

    2,692       546       252  

Estimated tax effect of non-GAAP adjustments (2)

    (478 )     365       83  

Non-GAAP Net income

  $ 26,635     $ 23,550     $ 22,943  

 

Net Income Per Share Reconciliation

                       
GAAP Net income per share - basic   $ 0.09     $ 0.08     $ 0.10  
Cumulative effect of Non-GAAP adjustments     0.11       0.09       0.07  
Non-GAAP Net income per share - basic   $ 0.20     $ 0.17     $ 0.17  
                         
GAAP Net income per share - diluted   $ 0.09     $ 0.08     $ 0.10  
Cumulative effect of Non-GAAP adjustments     0.10       0.09       0.07  
Non-GAAP Net income per share - diluted   $ 0.19     $ 0.17     $ 0.17  
                         

Shares used in per share calculations:

                       

Basic

    135,598       134,857       132,997  

Diluted - GAAP (3)

    141,524       139,202       138,894  

Diluted - Non-GAAP (3)

    141,524       139,202       138,894  

 

(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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