Lattice Semiconductor Corporation (LSCC) Q3 2022 Earnings Call Transcript

For the period ending October 1, 2022

October 31, 2022 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to Lattice Semiconductor Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Rick Muscha, Senior Director of Investor Relations. Thank you. You may begin.

Rick Muscha

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Lattice's President and CEO; and Sherri Luther, Lattice's CFO. We will provide a financial and business review of the third quarter of 2022 and the business outlook for the fourth quarter of 2022. If you have not obtained a copy of our earnings press release that can be found at our company website in the Investor Relations section at latticesemi.com.

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that such statements are predictions based on information that is currently available and the actual results may differ materially. We refer you to the documents that the Company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks.

These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This call includes and constitutes the Company's official guidance for the fourth quarter of 2022. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call.

We will refer primarily to non-GAAP financial measures during this call. By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the Company's performance and underlying trends. For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at latticesemi.com.

Let me now turn the call over to Jim Anderson, our CEO.

Jim Anderson

Thank you, Rick, and thank you, everyone, for joining us on our call today. We delivered strong results in Q3 with record quarterly revenue, which grew 31% year-over-year and non-GAAP net income growth of 68% year-over-year. We're very pleased with the growth in our current product portfolio and we're excited about the launch of our newest FPGA platform, Lattice Avant on December 5. Avant will double our addressable market and create new greenfield revenue opportunities for Lattice.