Lattice Semiconductor Reports First Quarter 2021 Results

  • Revenue Increases 19% Compared to Q1 2020 and 8% compared to Q4 2020
  • Gross Margin Expands to 61.0% / 61.7% for Q1 2021 on a GAAP / Non-GAAP Basis, from 59.1% / 59.8%, respectively, for Q1 2020
  • Net Income Improves to $0.13 / $0.22 Per Diluted Share for Q1 2021 on a GAAP / Non-GAAP Basis, Compared to $0.06 / $0.15, respectively, for Q1 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, Ore. — (BUSINESS WIRE) — May 4, 2021 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced financial results today for the fiscal first quarter ended April 3, 2021.

Jim Anderson, president and CEO, said, "We grew revenue 19% in Q1 year-over-year, along with a 52% expansion in non-GAAP net income year-over-year. Revenue from our new Lattice Nexus™ platform increased sequentially in Q1 2021, and we began production of our second Nexus device, Certus™-NX. Our recent addition to the S&P MidCap 400 Index recognizes our strong financial results, innovation and momentum. We are excited to be entering a new growth phase for the Company and look forward to providing a full business update at our Investor Day on May 11."

Sherri Luther, CFO, said, "We drove record operating profit of 17.8% on a GAAP basis and 28.0% on a non-GAAP basis, along with gross margin expansion of 190 basis points on both a GAAP and non-GAAP basis compared to Q1 2020. We generated $29 million in cash flow from operations in the quarter and repurchased $15 million of the Company's shares."

Selected First Quarter 2021 Financial Results and Comparisons (in thousands, except per share data)

 

 

GAAP Financial Results (unaudited)

 

 

Q1 2021

 

 

Q4 2020

 

 

Q1 2020

 

 

Q/Q

 

Y/Y

Revenue

 

$

115,716

 

 

$

107,173

 

 

$

97,316

 

 

8.0%

 

18.9%

Gross Margin %

 

 

61.0

%

 

 

60.5

%

 

 

59.1

%

 

50 bps

 

190 bps

R&D Expense %

 

 

20.8

%

 

 

21.1

%

 

 

22.3

%

 

(30) bps

 

(150) bps

SG&A Expense %

 

 

21.7

%

 

 

22.9

%

 

 

23.2

%

 

(120) bps

 

(150) bps

Operating Expense

 

$

49,937

 

 

$

47,529

 

 

$

47,824

 

 

5.1%

 

4.4%

Operating Income

 

$

20,649

 

 

$

17,332

 

 

$

9,738

 

 

19.1%

 

112.0%

Net Income

 

$

18,813

 

 

$

15,989

 

 

$

8,167

 

 

17.7%

 

130.4%

Net Income per Share - Basic

 

$

0.14

 

 

$

0.12

 

 

$

0.06

 

 

$0.02

 

$ 0.08

Net Income per Share - Diluted

 

$

0.13

 

 

$

0.11

 

 

$

0.06

 

 

$0.02

 

$ 0.07

 

 

 

Non-GAAP* Financial Results (unaudited)

 

 

Q1 2021

 

 

Q4 2020

 

 

Q1 2020

 

 

Q/Q

 

Y/Y

Revenue

 

$

115,716

 

 

$

107,173

 

 

$

97,316

 

 

8.0%

 

18.9%

Gross Margin %

 

 

61.7

%

 

 

61.6

%

 

 

59.8

%

 

10 bps

 

190 bps

R&D Expense %

 

 

18.3

%

 

 

18.5

%

 

 

19.6

%

 

(20) bps

 

(130) bps

SG&A Expense %

 

 

15.4

%

 

 

16.5

%

 

 

17.5

%

 

(110) bps

 

(210) bps

Operating Expense

 

$

38,940

 

 

$

37,475

 

 

$

36,107

 

 

3.9%

 

7.8%

Operating Income

 

$

32,419

 

 

$

28,490

 

 

$

22,046

 

 

13.8%

 

47.1%

Net Income

 

$

30,693

 

 

$

27,540

 

 

$

20,195

 

 

11.4%

 

52.0%

Net Income per Share - Basic

 

$

0.23

 

 

$

0.20

 

 

$

0.15

 

 

$ 0.03

 

$ 0.08

Net Income per Share - Diluted

 

$

0.22

 

 

$

0.19

 

 

$

0.15

 

 

$ 0.03

 

$ 0.07


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