| Lattice Semiconductor Corporation | ||||||||||||||||||||
| - Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
October 1,
2016 |
July 2,
2016 |
October 3,
2015 |
October 1,
2016 |
October 3,
2015 |
||||||||||||||||
| GAAP Revenue | $ | 113,225 | $ | 99,209 | $ | 109,715 | $ | 308,946 | $ | 304,772 | ||||||||||
| Fair value adjustment to deferred revenue from purchase accounting | — | — | 361 | — | 5,091 | |||||||||||||||
| Non-GAAP Revenue | $ | 113,225 | $ | 99,209 | $ | 110,076 | $ | 308,946 | $ | 309,863 | ||||||||||
| GAAP Gross margin | $ | 67,424 | $ | 58,426 | $ | 59,849 | $ | 182,954 | $ | 165,807 | ||||||||||
| Fair value adjustment to deferred revenue from purchase accounting | — | — | 314 | — | 3,595 | |||||||||||||||
| Inventory step-up expense | — | — | 716 | 523 | 5,362 | |||||||||||||||
| Stock-based compensation - gross margin | 231 | 166 | 406 | 656 | 1,044 | |||||||||||||||
| Non-GAAP Gross margin | $ | 67,655 | $ | 58,592 | $ | 61,285 | $ | 184,133 | $ | 175,808 | ||||||||||
| GAAP Gross margin % | 59.5 | % | 58.9 | % | 54.5 | % | 59.2 | % | 54.4 | % | ||||||||||
| Cumulative effect of non-GAAP Gross Margin adjustments | 0.3 | % | 0.2 | % | 1.2 | % | 0.4 | % | 2.3 | % | ||||||||||
| Non-GAAP Gross margin % | 59.8 | % | 59.1 | % | 55.7 | % | 59.6 | % | 56.7 | % | ||||||||||
| GAAP Operating expenses | $ | 73,434 | $ | 64,799 | $ | 77,807 | $ | 208,695 | $ | 236,591 | ||||||||||
| Amortization of acquired intangible assets | (8,260 | ) | (8,311 | ) | (8,941 | ) | (25,292 | ) | (20,824 | ) | ||||||||||
| Restructuring charges | (317 | ) | (2,568 | ) | (6,818 | ) | (8,316 | ) | (15,780 | ) | ||||||||||
| Acquisition related charges (1) | — | — | (610 | ) | (94 | ) | (22,078 | ) | ||||||||||||
| Impairment of intangible assets | (7,866 | ) | — | — | (7,866 | ) | — | |||||||||||||
| Stock-based compensation - operations | (4,078 | ) | (3,076 | ) | (3,793 | ) | (11,451 | ) | (11,518 | ) | ||||||||||
| Non-GAAP Operating expenses | $ | 52,913 | $ | 50,844 | $ | 57,645 | $ | 155,676 | $ | 166,391 | ||||||||||
|
(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 | Nine Months Ended | |||||||||||||||||||
|
October 1,
2016 |
July 2,
2016 |
October 3,
2015 |
October 1,
2016 |
October 3,
2015 |
||||||||||||||||
| GAAP Loss from operations | $ | (6,010 | ) | $ | (6,373 | ) | $ | (17,958 | ) | $ | (25,741 | ) | $ | (70,784 | ) | |||||
| Fair value adjustment to deferred revenue from purchase accounting | — | — | 314 | — | 3,595 | |||||||||||||||
| Inventory step-up expense | — | — | 716 | 523 | 5,362 | |||||||||||||||
| Stock-based compensation - gross margin | 231 | 166 | 406 | 656 | 1,044 | |||||||||||||||
| Amortization of acquired intangible assets | 8,260 | 8,311 | 8,941 | 25,292 | 20,824 | |||||||||||||||
| Restructuring charges | 317 | 2,568 | 6,818 | 8,316 | 15,780 | |||||||||||||||
| Acquisition related charges (1) | — | — | 610 | 94 | 22,078 | |||||||||||||||
| Impairment of intangible assets | 7,866 | — | — | 7,866 | — | |||||||||||||||
| Stock-based compensation - operations | 4,078 | 3,076 | 3,793 | 11,451 | 11,518 | |||||||||||||||
| Non-GAAP Income from operations | $ | 14,742 | $ | 7,748 | $ | 3,640 | $ | 28,457 | $ | 9,417 | ||||||||||
| GAAP Loss from operations % | (5.3 | )% | (6.4 | )% | (16.4 | )% | (8.3 | )% | (23.2 | )% | ||||||||||
| Cumulative effect of non-GAAP Gross Margin and Operating adjustments | 18.3 | % | 14.2 | % | 19.7 | % | 17.5 | % | 26.2 | % | ||||||||||
| Non-GAAP Income from operations % | 13.0 | % | 7.8 | % | 3.3 | % | 9.2 | % | 3.0 | % | ||||||||||
| GAAP Income tax expense | $ | 971 | $ | 4,539 | $ | 309 | $ | 7,410 | $ | 29,030 | ||||||||||
| Estimated tax effect of non-GAAP adjustments (2) | 2,389 | (2,499 | ) | 2,182 | 438 | (19,941 | ) | |||||||||||||
| Non-GAAP Income tax expense | $ | 3,360 | $ | 2,040 | $ | 2,491 | $ | 7,848 | $ | 9,089 | ||||||||||
|
(1) |
Includes stock-based compensation and severance costs related to change in control. |
||
|
(2) |
During the second quarter of fiscal 2016, we refined our calculation of 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.” Prior periods have been similarly recalculated to conform to the current presentation. |
||
|
|
|||
| Lattice Semiconductor Corporation | ||||||||||||||||||||
| - Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
|
October 1,
2016 |
July 2,
2016 |
October 3,
2015 |
October 1,
2016 |
October 3,
2015 |
||||||||||||||||
| GAAP Net Loss | $ | (12,414 | ) | $ | (13,810 | ) | $ | (24,862 | ) | $ | (45,935 | ) | $ | (113,779 | ) | |||||
| Fair value adjustment to deferred revenue from purchase accounting | — | — | 314 | — | 3,595 | |||||||||||||||
| Inventory step-up expense | — | — | 716 | 523 | 5,362 | |||||||||||||||
| Stock-based compensation - gross margin | 231 | 166 | 406 | 656 | 1,044 | |||||||||||||||
| Amortization of acquired intangible assets | 8,260 | 8,311 | 8,941 | 25,292 | 20,824 | |||||||||||||||
| Restructuring charges | 317 | 2,568 | 6,818 | 8,316 | 15,780 | |||||||||||||||
| Acquisition related charges (1) | — | — | 610 | 94 | 22,078 | |||||||||||||||
| Impairment of intangible assets | 7,866 | — | — | 7,866 | ||||||||||||||||
| Stock-based compensation - operations | 4,078 | 3,076 | 3,793 | 11,451 | 11,518 | |||||||||||||||
| Gain on sale of Qterics | — | (2,646 | ) | — | (2,646 | ) | — | |||||||||||||
| Estimated tax effect of non-GAAP adjustments (2) | (2,389 | ) | 2,499 | (2,182 | ) | (438 | ) | 19,941 | ||||||||||||
| Non-GAAP Net income (loss) | $ | 5,949 | $ | 164 | $ | (5,446 | ) | $ | 5,179 | $ | (13,637 | ) | ||||||||
| GAAP Net loss per share - basic and diluted | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.21 | ) | $ | (0.38 | ) | $ | (0.97 | ) | |||||
| Cumulative effect of Non-GAAP adjustments | 0.15 | 0.12 | 0.16 | 0.42 | 0.85 | |||||||||||||||
| Non-GAAP Net income (loss) per share - basic and diluted | $ | 0.05 | $ | — | $ | (0.05 | ) | $ | 0.04 | $ | (0.12 | ) | ||||||||
| Shares used in per share calculations: | ||||||||||||||||||||
| Basic | 120,584 | 119,445 | 117,669 | 119,596 | 117,151 | |||||||||||||||
| Diluted - GAAP (3) | 120,584 | 119,445 | 117,669 | 119,596 | 117,151 | |||||||||||||||
| Diluted - Non-GAAP (3) | 122,236 | 120,871 | 117,669 | 121,232 | 117,151 | |||||||||||||||
|
(1) |
Includes stock-based compensation and severance costs related to change in control. |
|
|
(2) |
During the second quarter of fiscal 2016, we refined our calculation of 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.” Prior periods have been similarly recalculated to conform to the current presentation. |
|
|
(3) |
Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares. |
|
