Lattice Semiconductor Reports Second Quarter 2017 Results

Lattice Semiconductor Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
  July 1,
2017
  December 31,
2016
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities $ 84,886 $ 116,860
Accounts receivable, net 86,791 99,637
Inventories 78,479 79,168
Other current assets 18,421   19,035
Total current assets 268,577 314,700
 
Property and equipment, net 49,356 49,481
Intangible assets, net of amortization 97,817 118,863
Goodwill 269,758 269,758
Deferred income taxes 379 372
Other long-term assets 11,394   13,709
$ 697,281   $ 766,883
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 75,916 $ 90,798
Current portion of long-term debt 15,318 33,767
Deferred income and allowances on sales to sell-through distributors and deferred license revenue 25,313   32,985
Total current liabilities 116,547 157,550
 
Long-term debt 286,979 300,855
Other long-term liabilities 34,990   38,048
Total liabilities 438,516 496,453
 
Stockholders' equity 258,765   270,430
$ 697,281   $ 766,883

Lattice Semiconductor Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 
Six Months Ended
July 1, 2017   July 2, 2016
Cash flows from operating activities:
Net loss $ (20,297 ) $ (33,521 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 30,497 32,352
Amortization of debt issuance costs and discount 1,354 659
Loss on sale or maturity of marketable securities 200 72
Gain on forward contracts (26 ) (4 )
Stock-based compensation expense 6,772 7,798
(Gain) loss on disposal of fixed assets (61 ) 314
Gain on sale of business unit (300 ) (2,646 )
Equity in net loss of an unconsolidated affiliate, net of tax 493 678
Changes in assets and liabilities:
Accounts receivable, net 12,846 3,524
Inventories 689 (10,847 )
Prepaid expenses and other assets 2,822 18
Accounts payable and accrued expenses (includes restructuring) (13,554 ) 23,901
Accrued payroll obligations (1,894 ) 574
Income taxes payable (355 ) (253 )
Deferred income and allowances on sales to sell-through distributors (7,342 ) 10,155
Deferred licensing and services revenue (330 ) (117 )
Net cash provided by operating activities 11,514   32,657  
Cash flows from investing activities:
Proceeds from sales of and maturities of short-term marketable securities 7,200 11,960
Purchases of marketable securities (7,420 ) (2,944 )
Capital expenditures (7,035 ) (10,102 )
Proceeds from sale of business unit, net of cash sold 300 1,972
Cash paid for a non-marketable equity method investment (1,000 )
Cash paid for software licenses (4,149 ) (5,672 )
Net cash used in investing activities (12,104 ) (4,786 )
Cash flows from financing activities:
Restricted stock unit withholdings (1,748 ) (1,427 )
Proceeds from issuance of common stock 2,931 3,326
Repayment of debt (33,679 ) (3,404 )
Net cash used in financing activities (32,496 ) (1,505 )
Effect of exchange rate change on cash 950   (441 )
Net (decrease) increase in cash and cash equivalents (32,136 ) 25,925
Beginning cash and cash equivalents 106,552   84,606  
Ending cash and cash equivalents $ 74,416   $ 110,531  
 
Supplemental cash flow information:
Change in unrealized loss related to marketable securities, net of tax, included in Accumulated other comprehensive loss $ 71 $ 27
Income taxes paid, net of refunds $ 976 $ 4,864
Interest paid $ 12,094 $ 9,264
Accrued purchases of plant and equipment $ 2,216 $ 1,585



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