Lattice Semiconductor Reports Fourth Quarter and Full Year 2015 Results

(1) During the second quarter of fiscal 2014, the Company condensed its End Market categories. All periods presented have been revised accordingly.

         

Lattice Semiconductor Corporation

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

(in thousands, except per share data)

(unaudited)

               
Three Months Ended Year Ended
January 2, 2016 October 3, 2015 January 3, 2015 January 2, 2016 January 3, 2015
GAAP Revenue $ 101,194 $ 109,715 $ 83,600 $ 405,966 $ 366,127

Fair value adjustment to deferred revenue from
purchase accounting

96   361     5,187      
Non-GAAP Revenue $ 101,290 $ 110,076 $ 83,600 $ 411,153 $ 366,127
 
GAAP Cost of products sold $ 47,092 $ 49,866 $ 37,337 $ 186,057 $ 159,940

Fair value adjustment to deferred revenue from
purchase accounting

47 1,496
Inventory step-up expense (716 ) (716 ) (6,078 )
Stock-based compensation - gross margin (372 ) (406 ) (228 ) (1,416 )   (815 )
Non-GAAP Cost of products sold $ 46,004 $ 48,791 $ 37,109 $ 180,059 $ 159,125
 
GAAP Gross margin $ 54,102 $ 59,849 $ 46,263 $ 219,909 $ 206,187

Fair value adjustment to deferred revenue from
purchase accounting

96 314 3,691
Inventory step-up expense 716 716 6,078
Stock-based compensation - gross margin 372   406   228   1,416     815  
Non-GAAP Gross margin $ 55,286 $ 61,285 $ 46,491 $ 231,094 $ 207,002
Non-GAAP Gross margin % 54.6 % 55.7 % 55.6 % 56.2 % 56.5 %
 
GAAP Operating expenses $ 90,550 $ 77,807 $ 41,524 $ 327,141 $ 164,571
Restructuring (3,459 ) (6,818 ) (1 ) (19,239 ) (17 )
Acquisition related charges (1) (372 ) (610 ) (22,450 )
Amortization of acquired intangible assets (8,756 ) (8,941 ) (737 ) (29,580 ) (2,948 )
Impairment of goodwill and intangible assets (21,655 ) (21,655 )
Stock-based compensation - operations (4,416 ) (3,793 ) (3,030 ) (15,934 )   (11,987 )
Non-GAAP Operating expenses $ 51,892 $ 57,645 $ 37,756 $ 218,283 $ 149,619
 
GAAP (Loss) income from operations $ (36,448 ) $ (17,958 ) $ 4,739 $ (107,232 ) $ 41,616

Fair value adjustment to deferred revenue from
purchase accounting

96 314 3,691
Inventory step-up expense 716 716 6,078
Stock-based compensation - gross margin 372 406 228 1,416 815
Restructuring 3,459 6,818 1 19,239 17
Acquisition related charges (1) 372 610 22,450
Amortization of acquired intangible assets 8,756 8,941 737 29,580 2,948
Impairment of goodwill and intangible assets 21,655 21,655
Stock-based compensation - operations 4,416   3,793   3,030   15,934     11,987  
Non-GAAP Income from operations $ 3,394 $ 3,640 $ 8,735 $ 12,811 $ 57,383
 
 
(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 Year Ended
January 2, 2016 October 3, 2015 January 3, 2015 January 2, 2016 January 3, 2015

GAAP (Loss) income before income taxes and
equity in net loss of an unconsolidated affiliate

$ (41,501 ) $ (24,655 ) $ 4,796 $ (126,453 ) $ 42,941

Fair value adjustment to deferred revenue from
purchase accounting

96 314 3,691
Inventory step-up expense 716 716 6,078
Stock-based compensation - gross margin 372 406 228 1,416 815
Restructuring 3,459 6,818 1 19,239 17
Acquisition related charges (1) 372 610 22,450
Amortization of acquired intangible assets 8,756 8,941 737 29,580 2,948
Impairment of goodwill and intangible assets 21,655 21,655
Stock-based compensation - operations 4,416   3,793   3,030   15,934     11,987  

Non-GAAP (Loss) income before income taxes and
equity in net loss of an unconsolidated affiliate

$ (1,659 ) $ (3,057 ) $ 8,792 $ (6,410 ) $ 58,708
GAAP Income tax expense (benefit) $ 3,510 $ 309 $ (10,623 ) $ 32,540 $ (5,639 )
Non-cash income tax expense (benefit) (574 ) 1,982   11,132   (24,201 )   7,238  
Non-GAAP Income tax expense (benefit) $ 2,936 $ 2,291 $ 509 $ 8,339 $ 1,599
 

GAAP Net (loss) income attributable to common
stockholders

$ (45,454 ) $ (24,862 ) $ 15,419 $ (159,233 ) $ 48,580

Fair value adjustment to deferred revenue from
purchase accounting

96 314 3,691
Inventory step-up expense 716 716 6,078
Stock-based compensation - gross margin 372 406 228 1,416 815
Restructuring 3,459 6,818 1 19,239 17
Acquisition related charges (1) 372 610 22,450
Amortization of acquired intangible assets 8,756 8,941 737 29,580 2,948
Impairment of goodwill and intangible assets 21,655 21,655
Stock-based compensation - operations 4,416 3,793 3,030 15,934 11,987
Non-cash income tax expense (benefit) 574   (1,982 ) (11,132 ) 24,201     (7,238 )

Non-GAAP Net (loss) income attributable to
common stockholders

$ (5,038 ) $ (5,246 ) $ 8,283 $ (14,989 ) $ 57,109
 
 

(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 Year Ended
January 2, 2016 October 3, 2015 January 3, 2015 January 2, 2016 January 3, 2015
GAAP Net (loss) income per share - basic $ (0.38 ) $ (0.21 ) $ 0.13 $ (1.36 ) $ 0.41
Cumulative effect of Non-GAAP adjustments 0.34   0.17   (0.06 ) 1.23   0.08  
Non-GAAP Net (loss) income per share - basic $ (0.04 ) $ (0.04 ) $ 0.07 $ (0.13 ) $ 0.49
 
GAAP Net (loss) income per share - diluted $ (0.38 ) $ (0.21 ) $ 0.13 $ (1.36 ) $ 0.40
Cumulative effect of Non-GAAP adjustments 0.34   0.17   (0.06 ) 1.23   0.07  
Non-GAAP Net (loss) income per share - diluted $ (0.04 ) $ (0.04 ) $ 0.07 $ (0.13 ) $ 0.47
 
Shares used in per share calculations:
Basic 118,095 117,669 117,931 117,387 117,708
Diluted 118,095 117,669 119,486 117,387 120,245

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