Lattice Semiconductor Corporation · NASDAQ:LSCC
Lattice Semiconductor — Investor Day (May 2023)
66 slides from Lattice Semiconductor's investor day presentation, May 15, 2023
Slide 1: Analyst & Investor Day 2023
Analyst & Investor Day 2023 May 15, 2023 1 | NASDAQ: LSCC
Slide 2: Forward Looking Statements
Click Safe to edit Master title style Harbor Forward Looking Statements ▪ Click to edit Master text styles This presentation contains forward-looking statements that involve estimates, assumptions, risks and uncertainties, including statements and graphs relating to our expectations about the growth
Slide 3: Agenda
Click to edit Master title style Agenda ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Jim Anderson Esam Elashmawi Sherri Luther President & Chief Executive Officer Chief Strategy & Marketing Officer Chief Financial Officer OVERVIEW & PRODUCTS & FINANCIA
Slide 4: Overview & Strategy
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level 2023 ▪ Third level LATTICE ANALYST & ▪ Fourth level INVESTOR DAY ▪ Fifth level OVERVIEW & STRATEGY Jim Anderson President & CEO 4 | NASDAQ: LSCC
Slide 5: Click to edit Master title style
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level 5 | NASDAQ: LSCC
Slide 6: Key Goals From Our 2021 Investor Day
ClickGoals Key to edit Master From Ourtitle 2021 style Investor Day ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Extend Our Nexus Expand Our Enhance Our Accelerate Growth Leadership Addressable Market Software Solutions and Profitability 6 | NASDAQ: LS
Slide 7: Three New Device Families Since May 2021
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level THREE NEW DEVICE FAMILIES SINCE MAY 2021 ▪ Third level ▪ Fourth level FifthCertus-NX level TM TM TM TM TM CrossLink-NX▪ Mach-NX CertusPro-NX MachXO5-NX MachXO5T-NX TM TM Enhanced Reinvented 2nd Generation Advanced Enh
Slide 8: Lattice Avant Platform Launched in December 2022
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level 2X ▪ Third level SAM ▪ Fourth level ▪ Fifth level Lattice Avant Platform Launched in December 2022 Lattice Addressable Market 8 | NASDAQ: LSCC Note: Comparing Lattice Nexus and Lattice Avant platforms. Estimated SAM i
Slide 9: Two New Solution Stacks Since May 2021
Click to edit Master title style ▪ Click to edit Master text styles TWO NEW SOLUTION STACKS SINCE MAY 2021 ▪ Second level TM TM TM TM Third level TM ▪ ▪ Fourth level ▪ Fifth level Low Power Low Power Cyber Resilient Accelerating Factory Enabling ORAN Edge AI Embedded Vision Root of Trust Automation
Slide 10: Strong Growth in Our Core Markets
Click toGrowth Strong edit Master in Our title Core style Markets ▪ Click to edit MasterREVENUE text styles $ Millions ▪ Second level COMMUNICATIONS & COMPUTING ▪ Third level $660 +28% ▪ Four consecutive years of double-digit growth ▪ Fourth level ▪ Continued expansion in $ content per server $515 ▪
Slide 11: Exceptional Financial Execution
Click to edit Financial Exceptional Master title Execution style ▪ Click to edit Master text styles GROSS MARGIN OPERATING INCOME EARNINGS PER SHARE ▪ Second level 69.1% ▪ Third level 38.7% $1.75 ▪ Fourth level ▪ Fifth level 30.2% 63.2% 25.2% $1.06 61.0% $0.69 50% 2020 2021 2022 2020 2021 2022 2020
Slide 12: Growing Addressable Market, Expanding Product Portfolio
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Growing Expanding Market Leading Driving Addressable Market Product Portfolio Innovation Customer Momentum 12 | NASDAQ: LSCC
Slide 13: Positioned in Secular Growth Markets
Click to editinMaster Positioned Secular title Growth style Markets ▪ Click to edit COREMaster text styles STRATEGIC MARKETS STRATEGIC MARKET SHIFT ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level 72% 91% COMMUNICATIONS COMPUTING 2018 2022 Non-core markets Core markets Shift to Durable Secu
Slide 14: Expanded Market Opportunity
Click to edit Expanded Master Market title style Opportunity ▪ Click to edit $10B Master SAM text INstyles 2028 TRENDS DRIVING FPGA ADOPTION ▪ Second level ▪ Third level Artificial Intelligence INDUSTRIAL & AUTOMOTIVE ▪ Fourth level CONSUMER ▪ Fifth level Automation and Robotics 50% 10% 40% Automoti
Slide 15: Software Solutions and FPGA Roadmap
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level TM SOFTWARE TM TM TM TM TM ▪ Third level SOLUTIONS ▪ Fourth level OVER PAST 2 YEARS Q3 2023 IN DEVELOPMENT ▪ Fifth level MID-RANGE SOFTWARE Avant-E Avant-G Avant-X Avant #4 Avant #5 Avant #6 SOLUTIONS FPGAs LAUNCHED D
Slide 16: Lower Power, Faster Performance, Smaller Size
Click to edit Master title style TM ▪ Click to edit Master text styles ▪ Second level LOWER POWER FASTER PERFORMANCE SMALLER SIZE Third level ▪ Operating Power Consumption Serial Bandwidth Package Size ▪ Fourth level Up to Up to Up to ▪ 2.5X Fifth level 2X 6X Lower Faster Smaller Power COMPETITION L
Slide 17: Software Strategy Expands Customer Value Creation
Click to edit Software Strategy MasterExpands title style Customer Value Creation ▪ Click to edit Master text styles ▪ Second level INCREASING CUSTOMER ADOPTION ACCELERATING TIME-TO-MARKET ▪ Third level Design Production Start Release ▪ >50% Fourth level Attach Rate No Software Attach ▪ Fifth level
Slide 18: Deeper Customer Relationships, Expanding Ecosystem
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level DEEPER CUSTOMER RELATIONSHIPS RAPIDLY EXPANDING ECOSYSTEM AVANT ADOPTION OPPORTUNITY 2X Customer Support 5X Ecosystem Engineers Partners 90% 2018 Current 2018 Current 90% of
Slide 19: Raising Our Long-Term Revenue Growth Target
Click to edit Raising Our Long-Term Master title Revenue style Growth Target REVENUE BY END MARKET ▪ Click to edit Master text styles COMMUNICATIONS & COMPUTING ▪ Second level ▪ Continued expansion in server $ content Target growth: 15-20% CAGR ▪ Datacenter networking and 5G infrastructure ▪ Third l
Slide 20: Raising Our Long-Term Revenue Growth Target
Click to edit Raising Our Long-Term Master title Revenue style Growth Target REVENUE BY MARKET SEGMENT ▪ Click to edit Master text styles MID-RANGE FPGA SEGMENT ▪ Second level Target growth: 15-20% CAGR ▪ Revenue expected to begin end of 2023 ▪ Third level ▪ Additive to small FPGA revenue stream Mid
Slide 21: Raising the Bar Again on Our Financial Targets
Click to edit Raising the Bar Master Again title onstyle Our Financial Targets ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level GROSS MARGIN OPEX OPERATING ▪ Fifth level EXPANSION DISCIPLINE INCOME Raising Target Lowering Target Raising Target to Low 70’s to 30% to Low
Slide 22: Holding Ourselves to the Highest Standards
Click to edit Holding Ourselves Masterto title thestyle Highest Standards CULTURE OF INNOVATION ENVIRONMENTALLY CONSCIOUS ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level INCLUSION & SOCIAL WELLBEING TRANSPARENCY & INTEGRITY GSA MOST RESPECTED PUBLIC COMPA
Slide 23: Growing Addressable Market, Expanding Product Portfolio
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Growing Expanding Market Leading Driving Addressable Market Product Portfolio Innovation Customer Momentum 23 | NASDAQ: LSCC
Slide 24: Products & Markets
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level 2023 ▪ Third level LATTICE ANALYST & ▪ Fourth level INVESTOR DAY ▪ Fifth level PRODUCTS & MARKETS Esam Elashmawi Chief Strategy & Marketing Officer 24 | NASDAQ: LSCC
Slide 25: SAM Expands to $10B in 2028
Click toSAM Lattice edit Master Outlooktitle style EXPANDS ▪ Click to edit Master TO $10B IN 2028 text styles 2028 SAM BREAKDOWN INDUSTRIAL & ▪ Second level KEY EXPANSION DRIVERS CONSUMER AUTOMOTIVE ▪ Third level $2B SAM Artificial Intelligence 50% 10% ▪ Fourth level New Datacenter Applications Clou
Slide 26: FPGA Landscape
Click to FPGA Landscape edit Master title style ASP Range Volume Typical Applications ▪ Click to edit Master text styles LARGE ▪ Second level Datacenter Acceleration & ▪ Third level $100’s - $1000’s Smallest Communications ▪ Fourth level 55 mm x 55 mm Fifth level ▪ MID-RANGE Communications, Computin
Slide 27: FPGA Landscape
Click to FPGA Landscape edit Master title style ASP Range Volume Typical Applications ▪ Click to edit Master text styles LARGE ▪ Second level Datacenter Acceleration & ▪ Third level $100’s - $1000’s Smallest Communications ▪ Fourth level 55 mm x 55 mm Fifth level ▪ MID-RANGE Communications, Computin
Slide 28: Software Solutions and FPGA Roadmap
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level TM SOFTWARE TM TM TM TM TM ▪ Third level SOLUTIONS ▪ Fourth level OVER PAST 2 YEARS Q3 2023 IN DEVELOPMENT ▪ Fifth level MID-RANGE SOFTWARE Avant-E Avant-G Avant-X Avant #4 Avant #5 Avant #6 SOLUTIONS FPGAs LAUNCHED D
Slide 29: Nexus FPGA Portfolio Expansion
Click toFPGA Nexus edit Master Portfolio title Expansion style ▪ Click to editLAUNCHED Master textAPRIL styles2023 LAUNCHING Q3 2023 ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Advanced System Control FPGA Best-in-class Embedded Vision FPGA 29 | NASDAQ: LSCC Note: Comparing similar cla
Slide 30: Avant FPGA Portfolio Expansion
Click to Avant FPGA edit Master Portfolio title Expansion style ▪ Click to edit Master LAUNCHED DEC.text 2022styles LAUNCHING AT DEVELOPER CONFERENCE IN 2H 2023 ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Edge-optimized Cutting-edge Advanced Connectivity Low Power FPGAs General Purpose
Slide 31: New Automotive Solution Stack
ClickAutomotive New to edit Master Solution title style Stack LAUNCHING Q3 2023 CUSTOMER BENEFITS ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ ADAS sensor bridging and processing ▪ Fourth level ▪ Infotainment display bridging and processing ▪ Fifth level ▪ Low power driver / cab
Slide 32: Positioned in Growing Markets
Click to editinMaster Positioned Growing titleMarkets style ▪ Click to edit Master text styles COMMUNICATIONS COMPUTING INDUSTRIAL AUTOMOTIVE ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level 5G Wireless Servers Industrial IoT ADAS Datacenter Network Client Factory Automation Infotainment Le
Slide 33: Increasing Content in Comms Infrastructure
Click to edit Content Increasing Master in title Comms style Infrastructure COMMUNICATIONS ▪ Click5G to WIRELESS INFRASTRUCTURE edit Master text styles DATACENTER NETWORKING ▪ Second level ▪ Third level Datapath Security ▪ Fourth level Top of Datapath Security ▪ Fifth level Control Rack (TOR) Switch
Slide 34: Enabling Datacenter Networking
Click to edit Enabling Datacenter Master title Networking style COMMUNICATIONS ▪ Click to edit Master text styles Datapath: Flexible fronthaul synchronization and low power acceleration ▪ Second level Security: Authentication and real-time encryption/decryption of control data ▪ Third level ▪ Fourth
Slide 35: Expanding Position in Server Platforms
Click to editPosition Expanding Master title in Server style Platforms COMPUTING ▪ Click DATACENTER SERVER to edit Master text stylesOPPORTUNITY LATTICE GROWTH POTENTIAL ▪ Second level DATACENTER SERVER TRENDS ▪ Third level ▪ Pervasive heterogeneous computing ▪ Fourth level ▪ Growth in AI accelerati
Slide 36: Enabling Next Generation Datacenters
Click to edit Enabling NextMaster Generation title style Datacenters COMPUTING ▪ Click to edit Master text styles CPU Agnostic: Enabling all architectures ▪ Second level Connectivity: Industry standard for power management & I/O control ▪ Third level ▪ Fourth level Flexibility: Adaptive security eng
Slide 37: Lattice Solves Client Computing Challenges
Click toSolves Lattice edit Master Clienttitle Computing style Challenges COMPUTING ▪ Click to edit Master text styles ACCELERATING PC INNOVATION LATTICE GROWTH POTENTIAL ▪ Second level Computer Vision AI ▪ Large system unit TAM opportunity ▪ Third level Image Quality ▪ Fourth level Improvement ▪ La
Slide 38: Enabling Next Generation Client Devices
Click to edit Enabling NextMaster Generation title style Client Devices COMPUTING ▪ Click to edit Master text styles Attention Sensing: Intelligent collaboration - battery-life savings - wellness ▪ Second level Enhanced Security: User ID & privacy - platform firmware resilience ▪ Third level ▪ Fourt
Slide 39: Lattice Solves Industrial Challenges
Click toSolves Lattice edit Master Industrial title style Challenges INDUSTRIAL ▪ Click ACCELERATING INDUSTRIAL to edit Master text styles INNOVATION LATTICE GROWTH POTENTIAL ▪ Second level INDUSTRIAL TRENDS ▪ Third level ▪ Increased factory and warehouse autonomy ▪ Fourth level ▪ More intelligent r
Slide 40: Enabling Next Generation Robotics
Click to edit Enabling NextMaster Generation title style Robotics INDUSTRIAL ▪ Click to edit Master text styles Motor Control: Control multi axis motors with high precision & low power ▪ Second level Inference & Intelligence: Aggregate sensors & co-process information ▪ Third level ▪ Fourth level Cl
Slide 41: Lattice Solves Automotive Challenges
Click toSolves Lattice edit Master Automotive title style Challenges AUTOMOTIVE ▪ Click ACCELERATING AUTOMOTIVE to edit Master text styles INNOVATION LATTICE GROWTH POTENTIAL ▪ Second level AUTOMOTIVE TRENDS ▪ Third level ▪ Vehicle electronic content increasing ▪ Fourth level ▪ Scalability and adapt
Slide 42: Enabling Next Generation Automotive Applications
Click to edit Enabling NextMaster Generation title style Automotive Applications AUTOMOTIVE ▪ Click to edit Master text styles Display Connectivity: Multi resolution and display size compatibility ▪ Second level E-MIRROR E-MIRROR Sensor Aggregation: Ability to interface with multiple sensors simulta
Slide 43: Multiple Growth Drivers Across Core Markets
Click to edit Multiple Growth Master Drivers title style Across Core Markets ▪ Click to edit Master text styles COMPUTING COMMUNICATIONS INDUSTRIAL AUTOMOTIVE ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Expanding Into Increasing $ Content Automation Driving Electronics Driving New Data
Slide 44: Financials
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level 2023 ▪ Third level LATTICE ANALYST & ▪ Fourth level INVESTOR DAY ▪ Fifth level FINANCIALS Sherri Luther Chief Financial Officer 44 | NASDAQ: LSCC
Slide 45: Strong Revenue Growth, Margin Expansion, Cash Generation
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Strong Continued Substantial Disciplined Revenue Growth Margin Expansion Cash Generation Capital Allocation 45 | NASDAQ: LSCC
Slide 46: Outstanding Financial Performance
Click to edit Master Outstanding Financial titlePerformance style REVENUE GROSS MARGIN* OPEX* $ Millions ▪ Click to edit Master text Consumer Industrial & Auto Comms & Computing styles $660M 35.8% 33.0% ▪ Second level 30.4% $515M $408M ▪ Third level 69.1% $201 ▪ Fourth level 61.0% 63.2% $146 $170 ▪
Slide 47: Raising Our Long-Term Revenue Growth Target
Click to edit Raising Our Long-Term Master title Revenue style Growth Target REVENUE BY END MARKET ▪ Click to edit Master text styles COMMUNICATIONS & COMPUTING ▪ Second level ▪ Continued expansion in server $ content Target growth: 15-20% CAGR ▪ Datacenter networking and 5G infrastructure ▪ Third l
Slide 48: Gross Margin Expansion
Click toMargin Gross edit Master Expansion title style GROSS ▪ Click to edit Master MARGIN text styles EXPANSION STRATEGIES ▪ Second level PRICING OPTIMIZATION New Target: Low 70’s ▪ Leadership product portfolio ▪ Third level ▪ Maximize value with added functionality ▪ Fourth level Prior Target: >65
Slide 49: Investments for Long Term Growth
Click to edit Master Investments for Long title Term style Growth ▪ Click to edit OPERATING EXPENSES Master text styles INVESTMENT STRATEGY SG&A R&D OpEx % ▪ Second level R&D INVESTMENTS 35.8% ▪ Third level ▪ Continuing to invest in portfolio expansion Prior Target: 35% ▪ Fourth level 33.0% ▪ Expand
Slide 50: Record Profitability
Click to Profitability Record edit Master title style ▪ Click toOPERATING INCOME edit Master text stylesGROWTH STRONG EPS EXPANSION ▪ Second level + 2.5X New Target: Low 40’s ▪ Third level ▪ Fourth level Prior Target: 30% ▪ Fifth level 38.7% 30.2% $1.75 25.2% $1.06 $0.69 2020 2021 2022 2020 2021 202
Slide 51: Substantial Cash Generation
Click to editCash Substantial Master Generation title style FREE CASH ▪ Click to edit Master FLOW text styles FREE CASH FLOW PER SHARE % of Revenue / $ Millions ▪ Second level + 2.7X New ▪ Third level>30% Target: 33% ▪ Fourth level ▪ Fifth level 31% $1.53 $215 20% $1.11 $158 $80 $0.56 2020 2021 2022
Slide 52: Strong Balance Sheet
Click toBalance Strong edit Master Sheet title style LEVERAGE ▪ Click to edit Master RATIO text styles HIGHLIGHTS ▪ Second level Debt Balance TTM EBITDA Leverage Ratio ▪ Third 1.4X level ▪ Record cash generation from operations ▪ Fourth level ▪ Fifth level 0.9X ▪ Net Cash positive end of 2022 0.5X ▪
Slide 53: Capital Allocation
Click toAllocation Capital edit Master title style ▪ Click to editCAPITAL ALLOCATED Master text styles STRATEGY (2020 – 2022) ▪ Second level ORGANIC INVESTMENT Portfolio expansion & demand creation ▪ Organic Third $493 level Investment ▪ Fourth level INORGANIC INVESTMENT Inorganic $68 ▪ Fifth level
Slide 54: New Financial Target Model
ClickFinancial New to edit Master Targettitle Model style Old Model ▪ Click to edit Master text styles New Target Model (2021) (Next 3 to 4 Years) ▪ Second level Revenue ▪ Third level Low 15-20% Sustainable above-market growth Growth (YoY) Double-digit ▪ Fourth level Gross Margin▪ Fifth level 65% Lo
Slide 55: Strong Revenue Growth, Margin Expansion, Cash Generation
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Strong Continued Substantial Disciplined Revenue Growth Margin Expansion Cash Generation Capital Allocation 55 | NASDAQ: LSCC
Slide 56: Wrap Up
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level 2023 ▪ Third level LATTICE ANALYST & ▪ Fourth level INVESTOR DAY ▪ Fifth level WRAP UP Jim Anderson President & CEO 56 | NASDAQ: LSCC
Slide 57: Growing Addressable Market, Expanding Product Portfolio
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level Growing Expanding Market Leading Driving Addressable Market Product Portfolio Innovation Customer Momentum 57 | NASDAQ: LSCC
Slide 58: Click to edit Master title style
Click to edit Master title style ▪ Click to edit Master text styles ▪ Second level ▪ Third level ▪ Fourth level ▪ Fifth level 58 | NASDAQ: LSCC
Slide 59: GAAP Metrics
Click toMetrics GAAP edit Master title style GAAP GROSS MARGIN GAAP OPEX EBITDA ▪ Click to edit Master text styles SG&A R&D Other 2.0% 1.0% ▪ Second level 1.0% 21.9% 21.4% ▪ Third level 20.6% $215.6 68.5% ▪ Fourth level $124.8 62.4% 23.4% 60.1% 20.5% 18.5% $77.3 ▪ Fifth level 2020 2021 2022 2020 202
Slide 60: Gross Margin Reconciliation
Click toMargin Gross edit Master Reconciliation title style ▪(Thousands Click to edit Master text styles except percentages) 2022 2021 2020 ▪ Second level ▪ GAAP Gross Margin Third level $ 452,050 $ 321,675 $ 245,306 ▪ Fourth level ▪ Fifth GAAP Gross Margin % level 68.5% 62.4% 60.1% Stock-based comp
Slide 61: Operating Expenses Reconciliation
Click to edit Operating Expenses Master title Reconciliation style ▪(Thousands except Click to edit percentages) Master text styles 2022 2021 2020 ▪ Second GAAP level Operating expenses $ 264,683 $ 220,859 $192,940 ▪ Third level % of Revenue 40.1% 42.9% 47.3% ▪ Fourth level ▪ Amortization Fifth leve
Slide 62: % R&D and % SG&A Reconciliation
Click % R&D toand editSG&A Master%title Reconciliation style ▪ Click to edit Master text styles 2022 2021 2020 ▪ Second GAAP level % R&D Expense 20.6% 21.4% 21.9% ▪ Third level Stock-based compensation (3.2%) (3.0%) (2.7%) ▪ Fourth level Non-GAAP R&D Expense % 17.4% 18.4% 19.2% ▪ Fifth level 2022 20
Slide 63: Operating Income Reconciliation
Click to edit Operating Income MasterReconciliation title style (Thousands except percentages) 2022 2021 2020 ▪ GAAP ClickIncome to edit Master from text styles Operations $ 187,367 $ 100,816 $ 52,366 ▪ Second GAAP Income from Operations % level 28.4% 19.6% 12.8% Stock-based compensation – gross mar
Slide 64: Earnings Per Share Reconciliation
Click to edit Earnings PerMaster Share title Reconciliation style 2022 2021 2020 ▪GAAP Clicknet toincome edit Master text– styles per share diluted $ 1.27 $ 0.67 $ 0.34 ▪ Amortization Second level of acquired intangible assets 0.03 0.02 0.03 ▪ Third level Restructuring and other charges 0.02 0.02 0.
Slide 65: GAAP EBITDA
Click toEBITDA GAAP edit Master title style (Thousands except percentages) 2022 2021 2020 ▪ Click to edit Master text styles GAAP Net Income $ 178,882 $ 95,922 $ 47,392 ▪ Second level Interest ▪ ThirdExpense level 4,146 2,738 3,702 ▪ Fourth Income Taxes level 3,230 1,704 1,064 ▪ Fifth level Deprecia
Slide 66: GAAP FCF
Click toFCF GAAP edit Master title style (Thousands except percentages) 2022 2021 2020 ▪ Click to edit Master text styles GAAP net cash provided by operating activities $ 238,806 $ 167,722 $ 91,687 ▪ Second level Operating ▪ cashlevel Third flow margin 36.2% 32.5% 22.5% ▪ Fourth Capital level expend