• Fourth Quarter Net Loss Per Share Reduced by $0.01 on a Year Over Year GAAP Basis; Net Income Per Share Increased $0.07 on a Year Over Year Non-GAAP Basis
• 2018 Net Loss Per Share Reduced by 64% on a GAAP Basis, From $0.58 in 2017 to $0.21 in 2018; Net Income Per Share Tripled to $0.33 in 2018 from $0.11 in 2017 on a Non-GAAP Basis
• Expanded Operating Cash Flow to $30.9 million in the Fourth Quarter from $11 million in the Third Quarter, and $51.5 Million for 2018 Compared to $38.5 Million in 2017

* GAAP represents U.S. Generally Accepted Accounting Principles. Non-GAAP represents GAAP excluding the impact of certain activities which the Company's management excludes in analyzing the Company's operating results and in understanding trends in the Company's earnings. For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

PORTLAND, Ore. — (BUSINESS WIRE) — February 12, 2019 — Lattice Semiconductor Corporation (NASDAQ: LSCC), a leading provider of programmable logic devices, announced financial results today for the fiscal fourth quarter and full year ended December 29, 2018.

Jim Anderson, President and Chief Executive Officer, said, "We are pleased to report that for the full year 2018, we substantially improved Lattice's profitability, earnings per share and operating cash flow. We simplified the Company’s operating structure and have attracted an experienced executive team to lead all critical business areas. Despite uncertainty in the current macroeconomic climate, we are positioned to benefit over the long term from multiple catalysts in our business, including growth in computing, industrial and automotive, and the global 5G buildout. We are excited about 2019 as we unlock additional value for the company and its shareholders."

Sherri Luther, Chief Financial Officer, said, “The fourth quarter of 2018 demonstrated continued improvement in operations, with net loss per share at $0.05 on a GAAP basis, and net income of $0.08 per share on a non-GAAP basis. For the full year of 2018, we reduced our net loss per share on a GAAP basis to $0.21 from a loss of $0.58, and tripled our net income per share on a non-GAAP basis to $0.33 from $0.11. Importantly, we improved operating cash flow to $51.5 million in 2018 from $38.5 million in 2017 and made a total of $40 million in discretionary debt payments in 2018. We remain committed to delivering improved operating leverage.”

Selected Fourth Quarter and Full Year 2018 Financial Results and Comparisons (in thousands, except per share data)

		GAAP — Three Months Ended												Non-GAAP — Three Months Ended
		December 29, 2018				September 29, 2018				December 30, 2017 �nbsp;				December 29, 2018				September 29, 2018				December 30, 2017 �nbsp;
Revenue		$	95,977			$	101,484			$	95,266			$	95,977			$	101,484			$	95,266
Gross Margin %		56.6		%		57.5		%		53.8		%		56.7		%		57.4		%		54.0		%
Operating Expense		$	56,026			$	45,405			$	51,937			$	37,814			$	38,417			$	44,054
Net (Loss) Income		$	(7,121	)		$	6,974			$	(7,213	)		$	11,131			$	13,785			$	1,038
Net (Loss) Income per share - Basic		$	(0.05	)		$	0.05			$	(0.06	)		$	0.09			$	0.11			$	0.01
Net (Loss) Income per share - Diluted		$	(0.05	)		$	0.05			$	(0.06	)		$	0.08			$	0.11			$	0.01

		GAAP — Year Ended								Non-GAAP — Year Ended
		December 29, 2018				December 30, 2017 �nbsp;				December 29, 2018				December 30, 2017 �nbsp;
Revenue		$	398,799			$	385,961			$	398,799			$	385,961
Gross Margin %		55.0		%		56.1		%		57.2		%		56.3		%
Operating Expense		$	222,559			$	264,199			$	161,597			$	182,320
Net (Loss) Income		$	(26,322	)		$	(70,562	)		$	43,409			$	13,601
Net (Loss) Income per share - Basic		$	(0.21	)		$	(0.58	)		$	0.34			$	0.11
Net (Loss) Income per share - Diluted		$	(0.21	)		$	(0.58	)		$	0.33			$	0.11

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