LATTICE SEMICONDUCTOR CORP
For the period ended Dec 30, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
LSCC$111.25-2.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 30, | December 31, | January 1, | |
| (In thousands) | 2023 | 2022 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $259,061 | $178,882 | $95,922 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 34,432 | 29,323 | 24,429 |
| Stock-based compensation expense | 70,197 | 55,530 | 46,475 |
| Change in deferred income tax provision | (58,614) | (1,420) | (324) |
| Amortization of right-of-use assets | 6,764 | 6,512 | 6,587 |
| Impairment of operating lease right-of-use asset | — | 1,149 | — |
| Other non-cash adjustments | 253 | 754 | 137 |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | (10,355) | (14,159) | (12,013) |
| Inventories, net | 11,549 | (42,781) | (2,995) |
| Prepaid expenses and other assets | (6,001) | (6,276) | 1,918 |
| Accounts payable | (7,549) | 7,439 | 7,046 |
| Accrued liabilities | (12,664) | 21,409 | (2,907) |
| Accrued payroll obligations | (10,005) | 8,903 | 9,692 |
| Operating lease liabilities, current and long-term portions | (7,480) | (6,459) | (6,245) |
| Net cash provided by (used in) operating activities | 269,588 | 238,806 | 167,722 |
| Cash flows from investing activities: | |||
| Capital expenditures | (20,098) | (23,338) | (9,835) |
| Cash paid for software and intellectual property licenses | (13,152) | (11,594) | (11,862) |
| Cash paid for business acquisition, net of cash acquired | — | — | (68,099) |
| Net cash provided by (used in) investing activities | (33,250) | (34,932) | (89,796) |
| Cash flows from financing activities: | |||
| Restricted stock unit tax withholdings | (52,078) | (54,946) | (54,191) |
| Proceeds from issuance of common stock | 8,365 | 7,159 | 8,827 |
| Repurchase of common stock | (80,004) | (110,132) | (70,124) |
| Proceeds from long-term debt, net of issuance costs | — | 148,597 | — |
| Repayment of long-term debt | (130,000) | (178,750) | (13,125) |
| Net cash provided by (used in) financing activities | (253,717) | (188,072) | (128,613) |
| Effect of exchange rate change on cash | (26) | (1,650) | (75) |
| Net increase (decrease) in cash and cash equivalents | (17,405) | 14,152 | (50,762) |
| Beginning cash and cash equivalents | 145,722 | 131,570 | 182,332 |
| Ending cash and cash equivalents | $128,317 | $145,722 | $131,570 |
| Supplemental disclosure of cash flow information and non-cash investing and financing activities: | |||
| Interest paid | $3,240 | $3,973 | $2,313 |
| Income taxes paid, net of refunds | $15,754 | $4,621 | $3,304 |
| Operating lease payments | $8,344 | $7,419 | $7,639 |
| Accrued purchases of plant and equipment | $392 | $1,357 | $1,360 |
| Operating lease right-of-use assets obtained in exchange for lease obligations | $3,718 | $2,134 | $8,134 |
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