SEMTECH CORP
For the period ended Jan 28, 2024. Filed Mar 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 28, 2024
SMTC$113.49-2.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Fiscal Year Ended | |||
|---|---|---|---|
| January 28, 2024 | January 29, 2023 | January 30, 2022 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(1,092,029) | $61,372 | $125,645 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 77,968 | 32,151 | 30,892 |
| Amortization of right-of-use assets | 6,484 | 4,742 | 4,410 |
| Right-of-use asset impairment | 3,884 | — | — |
| Investment impairments and credit loss reserves, net | 3,929 | 1,156 | 1,337 |
| Goodwill impairment | 755,621 | — | — |
| Intangible impairment | 131,385 | — | — |
| Accretion of deferred financing costs and debt discount | 7,320 | 1,421 | 481 |
| Write-off of deferred financing costs and debt discount | 4,446 | — | — |
| Deferred income taxes | 40,636 | (15,256) | (3,782) |
| Share-based compensation | 40,170 | 39,248 | 51,189 |
| Loss (gain) on disposition of business operations and assets | 8 | (18,260) | (54) |
| Changes in the fair value of contingent earn-out obligations | — | — | (13) |
| Equity method income | (45) | (249) | (2,115) |
| Corporate-owned life insurance, net | 4,746 | 810 | 4,766 |
| Amortization of inventory step-up | 3,314 | — | — |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | 27,443 | 2,445 | (1,074) |
| Inventories | 57,308 | (3,752) | (26,509) |
| Other assets | 1,817 | 6,302 | 11,176 |
| Accounts payable | (44,346) | (3,697) | (2,145) |
| Accrued liabilities | (118,517) | 18,921 | 17,829 |
| Other liabilities | (5,462) | (643) | (8,910) |
| Net cash (used in) provided by operating activities | (93,920) | 126,711 | 203,123 |
| Cash flows from investing activities: | |||
| Proceeds from sales of property, plant and equipment | 410 | 38 | 110 |
| Purchase of property, plant and equipment | (29,185) | (28,323) | (26,181) |
| Proceeds from sale of investments | — | 2,275 | — |
| Purchase of investments | (930) | (6,748) | (8,245) |
| Purchase of intangibles | (1,915) | — | — |
| Proceeds from sale of business, net of cash disposed | — | 26,193 | — |
| Acquisition, net of cash acquired | — | (1,240,757) | — |
| Proceeds from corporate-owned life insurance | 8,923 | 5,065 | — |
| Premiums paid for corporate-owned life insurance | — | (5,065) | (6,000) |
| Net cash used in investing activities | (22,697) | (1,247,322) | (40,316) |
| Cash flows from financing activities: | |||
| Proceeds from revolving line of credit | 70,000 | 10,000 | 20,000 |
| Payments of revolving line of credit | (5,000) | (33,000) | (28,000) |
| Proceeds from term loans | — | 895,000 | — |
| Payments of term loans | (272,375) | — | — |
| Proceeds from convertible senior notes | 250,000 | 319,500 | — |
| Proceeds from sale of warrants | — | 42,909 | — |
| Purchase of convertible note hedge | — | (72,559) | — |
| Deferred financing costs | (25,361) | (21,760) | — |
| Payments of earn-out | — | — | (215) |
| Payments for employee share-based compensation payroll taxes | (6,714) | (14,190) | (19,413) |
| Proceeds from exercise of stock options | — | 620 | 5,277 |
| Repurchase of common stock | — | (50,000) | (129,746) |
| Net cash provided by (used in) financing activities | $10,550 | $1,076,520 | $(152,097) |
| Fiscal Year Ended | |||
|---|---|---|---|
| January 28, 2024 | January 29, 2023 | January 30, 2022 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | $(858) | $— | $— |
| Net (decrease) increase in cash and cash equivalents | (106,925) | (44,091) | 10,710 |
| Cash and cash equivalents at beginning of period | 235,510 | 279,601 | 268,891 |
| Cash and cash equivalents at end of period | $128,585 | $235,510 | $279,601 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | $83,583 | $11,745 | $4,295 |
| Income taxes paid | $19,758 | $10,364 | $3,333 |
| Non-cash investing and financing activities: | |||
| Accounts payable related to capital expenditures | $860 | $9,390 | $5,513 |
| Accrued deferred financing costs | $828 | $2,767 | $— |
| Conversion of notes into equity | $1,271 | $— | $626 |
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