Lattice Semiconductor (LSCC) FY2021 results: revenue $515 million, up 26.3% on the year

Lattice Semiconductor Corp. (LSCC) reported revenue of $515 million for fiscal 2021, the year ended 1 January 2022, up 26.3% on the year before. Net income was $96 million, up 102.4%, and diluted earnings per share $0.67. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$515 million

+26.3% on the year

FY2014FY2021

Operating margin

19.6%

12.8% a year earlier

FY2014FY2021

Net income

$96 million

+102.4% on the year

FY2014FY2021

Diluted EPS

$0.67

+97.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	515	408	404	+26.3%
Cost of revenue	194	163	166	+18.9%
Gross profit	322	245	238	+31.1%
Gross margin	62.4%	60.1%	59.0%
Research and development	111	89.2	78.6	+23.9%
Selling, general and administrative	106	95.3	82.5	+10.8%
Operating income	101	52.4	59.0	+92.5%
Operating margin	19.6%	12.8%	14.6%
Interest expense	2.7	3.7	11.7	-26.0%
Pre-tax income	97.6	48.5	45.1	+101.5%
Income tax	1.7	1.1	1.6	+60.2%
Effective tax rate	1.7%	2.2%	3.5%
Net income	95.9	47.4	43.5	+102.4%
Net margin	18.6%	11.6%	10.8%
Diluted EPS	$0.67	$0.34	$0.32	+97.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	168	91.7	124	+82.9%
Capital expenditure	9.8	12.1	15.6	-18.9%
Free cash flow	158	79.6	109	+98.4%
Free cash flow margin	30.6%	19.5%	26.9%
Cash from investing	-89.8	-20.9	-15.5
Cash from financing	-129	-8.1	-110
Depreciation and amortisation	15.5	16.4	33.1	-5.2%
Share-based compensation	46.5	40.4	18.9	+15.1%
Buybacks	70.1	15.0	0.0	+367.8%
Diluted shares, weighted	142m	141m	137m	+0.6%
Shares outstanding at period end	137m	136m	134m	+0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	412	384	328	+7.1%
Debt	159	172	125	-7.6%
Operating lease liabilities	19.2	18.9	21.4	+1.8%
Other liabilities	137	105	138	+30.5%
Total liabilities and equity	726	680	612	+6.8%
Fixed assets	38.1	39.7	39.2	-4.0%
Goodwill	315	268	268	+17.9%
Intangible assets	29.8	6.3	7.0	+371.2%
Investments	n/a	n/a	0.0
Cash and equivalents	132	182	118	-27.8%
Receivables	79.9	64.6	64.9	+23.7%
Inventory	67.6	64.6	55.0	+4.6%
Other assets	64.2	55.1	60.3	+16.7%
Total assets	726	680	612	+6.8%

10-K for the year ended 1 January 2022, filed 23 February 2022: the filing.