The following is a summary of the Lattice Semiconductor Corporation (LSCC) Q4 2023 Earnings Call Transcript:
Financial Performance:
Lattice reported Q4 revenue of $170.6 million, down 11% sequentially and 3% YoY.
Annual Revenue for 2023 was up by 12%, marking the third consecutive year of double-digit revenue growth.
Non-GAAP gross margin declined slightly in Q4 2023 to 70.4%, but showed an annual increase of 130 basis points.Operating expenses were higher in both Q4 and the full year of 2023.
Record non-GAAP operating margin of 39.8% achieved in 2023, up 120 basis points year-over-year.
Despite decline in Q4, the company demonstrated strong EPS growth in 2023, with non-GAAP earnings per diluted share up by 15% YoY.
The company generated a record $270 million cash from operations, a 13% YoY increase, and achieved a record 34% free cash flow margin in 2023.
Business Progress:
Continuing double-digit growth witnessed in the industrial and automotive end market for the fourth consecutive year.
Heavy investment in product development and customer support.
The company repurchased 900,000 shares ($50 million) in Q4 2023, marking a thirteenth consecutive quarter of share buybacks.
Despite cyclic correction affecting the semiconductor industry, Lattice saw robust annual growth, and expects revenue growth to ramp up in 2024 thanks to improving market conditions and product ramps.
Successful launch and growing activity in AI infrastructure, with a doubling of AI-related revenue expected in the coming years. Specific applications to watch include data center servers, AI-enabled PCs and ADAS in automotive applications.
Major whitespace opportunity identified in auto electronics, seen as a promising long-term growth area.
Record level of design wins reported over the previous year across all products including Nexus, pre-Nexus, and Avant, indicating a growing pipeline of opportunities ahead.
More details: Lattice Semiconductor IR
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