Lattice Semiconductor (LSCC) Q4 FY2023 earnings: revenue $171 million, down 3.0% on the year

Lattice Semiconductor Corp. (LSCC) reported revenue of $171 million for Q4 FY2023, the quarter ended 30 December 2023, down 3.0% on the same quarter a year earlier. Net income was $99 million, up 90.1% on the year, and diluted earnings per share $0.71. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$171 milliondown 3.0%

Net income$99 millionup 90.1%

Diluted EPS$0.71

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	171	192	n/a	n/a
Cost of revenue	51.6	57.6	n/a	n/a
Gross profit	119	135	n/a	n/a
Gross margin	69.7%	70.0%	n/a
Research and development	39.8	42.0	n/a	n/a
Selling, general and administrative	34.7	33.2	n/a	n/a
Operating income	43.1	56.9	n/a	n/a
Operating margin	25.3%	29.6%	n/a
Interest expense	0.1	0.1	n/a	n/a
Pre-tax income	45.4	57.9	n/a	n/a
Income tax	-53.3	4.1	n/a	n/a
Effective tax rate	-117.4%	7.1%	n/a
Net income	98.7	53.8	n/a	n/a
Net margin	57.9%	28.0%	n/a
Diluted EPS	$0.71	$0.38	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	72.0	82.2	n/a	n/a
Capital expenditure	3.7	4.4	n/a	n/a
Free cash flow	68.2	77.7	n/a	n/a
Free cash flow margin	40.0%	40.5%	n/a
Cash from investing	-8.0	-7.5	n/a	n/a
Cash from financing	-50.6	-63.7	n/a	n/a
Share-based compensation	17.8	16.7	n/a	n/a
Buybacks	50.0	10.0	n/a	n/a
Diluted shares, weighted	139m	140m	n/a	n/a
Shares outstanding at period end	137m	138m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	692	626	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	10.7	12.1	n/a	n/a
Other liabilities	138	141	n/a	n/a
Total liabilities and equity	841	780	n/a	n/a
Fixed assets	49.5	50.2	n/a	n/a
Goodwill	315	315	n/a	n/a
Intangible assets	21.0	22.0	n/a	n/a
Cash and equivalents	128	114	n/a	n/a
Receivables	104	106	n/a	n/a
Inventory	98.8	104	n/a	n/a
Other assets	124	67.8	n/a	n/a
Total assets	841	780	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	192	171	141	124	127	117	120	124	133	146	171	201
Cost of revenue	57.6	51.6	44.6	39.3	39.4	45.7	38.4	39.2	42.8	45.9	53.3	59.7
Gross profit	135	119	96.2	84.8	87.7	71.8	81.7	84.8	90.5	99.9	118	141
Gross margin	70%	70%	68%	68%	69%	61%	68%	68%	68%	69%	69%	70%
R&D	42.0	39.8	40.6	38.7	41.4	38.6	41.4	43.5	49.6	53.4	50.8	64.2
SG&A	33.2	34.7	36.5	20.0	31.0	29.5	33.1	34.8	41.4	44.3	40.1	50.3
Operating income	56.9	43.1	16.6	22.6	7.5	-12.2	7.0	4.7	-1.5	1.1	26.1	22.4
Operating margin	30%	25%	12%	18%	6%	-10%	6%	4%	-1%	1%	15%	11%
Interest expense	0.1	0.1	0.1	0.1	0.1	0.1	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	57.9	45.4	17.8	23.8	8.2	-13.6	8.0	5.1	-1.0	1.3	27.3	17.2
Tax rate	7%	-117%	17%	5%	12%	n/a	37%	43%	n/a	703%	20%	-12%
Net income	53.8	98.7	14.8	22.6	7.2	16.5	5.0	2.9	2.8	-7.6	21.8	19.4
Net margin	28%	58%	11%	18%	6%	14%	4%	2%	2%	-5%	13%	10%
Diluted EPS	$0.38	$0.71	$0.11	$0.16	$0.05	$0.12	$0.04	$0.02	$0.02	-$0.06	$0.16	$0.14
Operating cash flow	82.2	72.0	29.5	21.9	44.0	45.4	31.9	38.5	47.1	57.6	50.3	88.3
Capital expenditure	4.4	3.7	3.4	7.2	4.7	5.8	8.6	7.2	13.1	13.6	10.5	7.0
Free cash flow	77.7	68.2	26.1	14.8	39.4	39.7	23.3	31.3	34.0	44.0	39.7	81.3
Buybacks	10.0	50.0	20.0	10.0	17.0	20.0	25.0	45.9	15.0	14.1	15.0	0.0
Shares outstanding	138m	137m	138m	138m	138m	138m	138m	137m	137m	137m	137m	137m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 16 February 2024, accession 0001437749-24-004522: the filing on EDGAR. All of Lattice Semiconductor Corp.'s filings: EDGAR company page.

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