Lattice Semiconductor Reports First Quarter 2016 Results

 

Lattice Semiconductor Corporation

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

(in thousands, except per share data)

(unaudited)

 
           
Three Months Ended
April 2,
2016
  January 2,
2016
  April 4,
2015
 
GAAP Revenue $ 96,512 $ 101,194 $ 88,597
Fair value adjustment to deferred revenue from purchase accounting   96   1,809  
Non-GAAP Revenue $ 96,512 $ 101,290 $ 90,406
 
 
GAAP Cost of products sold $ 39,408 $ 47,092 $ 40,765
Fair value adjustment to deferred revenue from purchase accounting 644
Inventory step-up expense (523 ) (716 ) (3,041 )
Stock-based compensation - gross margin (259 ) (372 ) (240 )
Non-GAAP Cost of products sold $ 38,626 $ 46,004 $ 38,128
 
 
GAAP Gross margin $ 57,104 $ 54,102 $ 47,832
Fair value adjustment to deferred revenue from purchase accounting 96 1,165
Inventory step-up expense 523 716 3,041
Stock-based compensation - gross margin 259   372   240  
Non-GAAP Gross margin $ 57,886 $ 55,286 $ 52,278
Non-GAAP Gross margin % 60.0 % 54.6 % 57.8 %
 
 
GAAP Operating expenses $ 70,462 $ 90,550 $ 74,764
Amortization of acquired intangible assets (8,721 ) (8,756 ) (2,942 )
Restructuring charges (5,431 ) (3,459 ) (4,894 )
Acquisition related charges (1) (94 ) (372 ) (18,198 )
Impairment of goodwill and intangible assets (21,655 )
Stock-based compensation - operations (4,297 ) (4,416 ) (3,144 )
Non-GAAP Operating expenses $ 51,919 $ 51,892 $ 45,586
 
 
GAAP Loss from operations $ (13,358 ) $ (36,448 ) $ (26,932 )
Fair value adjustment to deferred revenue from purchase accounting 96 1,165
Inventory step-up expense 523 716 3,041
Stock-based compensation - gross margin 259 372 240
Amortization of acquired intangible assets 8,721 8,756 2,942
Restructuring charges 5,431 3,459 4,894
Acquisition related charges (1) 94 372 18,198
Impairment of goodwill and intangible assets 21,655
Stock-based compensation - operations 4,297   4,416   3,144  
Non-GAAP Income from operations $ 5,967 $ 3,394 $ 6,692
 

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