Lattice Semiconductor (LSCC) FY2022 results: revenue $660 million, up 28.1% on the year

Lattice Semiconductor Corp. (LSCC) reported revenue of $660 million for fiscal 2022, the year ended 31 December 2022, up 28.1% on the year before. Net income was $179 million, up 86.5%, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$660 million

+28.1% on the year

FY2015FY2022

Operating margin

28.4%

19.6% a year earlier

FY2015FY2022

Net income

$179 million

+86.5% on the year

FY2015FY2022

Diluted EPS

$1.27

+89.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	660	515	408	+28.1%
Cost of revenue	208	194	163	+7.6%
Gross profit	452	322	245	+40.5%
Gross margin	68.5%	62.4%	60.1%
Research and development	136	111	89.2	+22.8%
Selling, general and administrative	122	106	95.3	+15.6%
Operating income	187	101	52.4	+85.9%
Operating margin	28.4%	19.6%	12.8%
Interest expense	4.1	2.7	3.7	+51.4%
Pre-tax income	182	97.6	48.5	+86.5%
Income tax	3.2	1.7	1.1	+89.6%
Effective tax rate	1.8%	1.7%	2.2%
Net income	179	95.9	47.4	+86.5%
Net margin	27.1%	18.6%	11.6%
Diluted EPS	$1.27	$0.67	$0.34	+89.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	239	168	91.7	+42.4%
Capital expenditure	23.3	9.8	12.1	+137.3%
Free cash flow	215	158	79.6	+36.5%
Free cash flow margin	32.6%	30.6%	19.5%
Cash from investing	-34.9	-89.8	-20.9
Cash from financing	-188	-129	-8.1
Depreciation and amortisation	18.6	15.5	16.4	+20.1%
Share-based compensation	55.5	46.5	40.4	+19.5%
Buybacks	110	70.1	15.0	+57.1%
Diluted shares, weighted	141m	142m	141m	-1.0%
Shares outstanding at period end	137m	137m	136m	-0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	487	412	384	+18.3%
Debt	129	159	172	-18.9%
Operating lease liabilities	13.6	19.2	18.9	-29.2%
Other liabilities	169	137	105	+23.6%
Total liabilities and equity	799	726	680	+9.9%
Fixed assets	47.6	38.1	39.7	+25.0%
Goodwill	315	315	268	0.0%
Intangible assets	25.1	29.8	6.3	-15.8%
Cash and equivalents	146	132	182	+10.8%
Receivables	94.0	79.9	64.6	+17.7%
Inventory	110	67.6	64.6	+63.3%
Other assets	60.6	64.2	55.1	-5.7%
Total assets	799	726	680	+9.9%

10-K for the year ended 31 December 2022, filed 16 February 2024: the filing.