Lattice Semiconductor (LSCC) FY2023 results: revenue $737 million, up 11.6% on the year

Lattice Semiconductor Corp. (LSCC) reported revenue of $737 million for fiscal 2023, the year ended 30 December 2023, up 11.6% on the year before. Net income was $259 million, up 44.8%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$737 million

+11.6% on the year

FY2016FY2023

Operating margin

28.8%

28.4% a year earlier

FY2016FY2023

Net income

$259 million

+44.8% on the year

FY2016FY2023

Diluted EPS

$1.85

+45.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	737	660	515	+11.6%
Cost of revenue	222	208	194	+6.8%
Gross profit	515	452	322	+13.9%
Gross margin	69.8%	68.5%	62.4%
Research and development	160	136	111	+17.7%
Selling, general and administrative	137	122	106	+12.4%
Operating income	212	187	101	+13.3%
Operating margin	28.8%	28.4%	19.6%
Interest expense	3.0	4.1	2.7	-28.4%
Pre-tax income	215	182	97.6	+18.0%
Income tax	-44.2	3.2	1.7
Effective tax rate	-20.6%	1.8%	1.7%
Net income	259	179	95.9	+44.8%
Net margin	35.1%	27.1%	18.6%
Diluted EPS	$1.85	$1.27	$0.67	+45.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	270	239	168	+12.9%
Capital expenditure	20.1	23.3	9.8	-13.9%
Free cash flow	249	215	158	+15.8%
Free cash flow margin	33.8%	32.6%	30.6%
Cash from investing	-33.2	-34.9	-89.8
Cash from financing	-254	-188	-129
Depreciation and amortisation	21.9	18.6	15.5	+17.3%
Share-based compensation	70.2	55.5	46.5	+26.4%
Buybacks	80.0	110	70.1	-27.4%
Diluted shares, weighted	140m	141m	142m	-0.6%
Shares outstanding at period end	137m	137m	137m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	692	487	412	+42.1%
Debt	0.0	129	159
Operating lease liabilities	10.7	13.6	19.2	-21.1%
Other liabilities	138	169	137	-18.4%
Total liabilities and equity	841	799	726	+5.3%
Fixed assets	49.5	47.6	38.1	+4.1%
Goodwill	315	315	315	0.0%
Intangible assets	21.0	25.1	29.8	-16.3%
Cash and equivalents	128	146	132	-11.9%
Receivables	104	94.0	79.9	+11.0%
Inventory	98.8	110	67.6	-10.5%
Other assets	124	60.6	64.2	+103.9%
Total assets	841	799	726	+5.3%

10-K for the year ended 30 December 2023, filed 16 February 2024: the filing.