|
AEHR TEST SYSTEMS |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Unaudited) |
| |
| |
Three Months Ended August 31, |
|
(In thousands) | |
2023 | | | |
2022 | |
|
Cash flows from operating activities: | | | |
| Net income | $ | 4,674 | | | $ | 589 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Stock-based compensation expense | | 522 | | | | 710 | |
| Depreciation and amortization | | 138 | | | | 104 | |
| Accretion of investment discount | | (130 | ) | | | - | |
| Non-cash lease expenses | | 172 | | | | 177 | |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable | | 3,437 | | | | 7,648 | |
| Inventories | | (7,704 | ) | | | (2,323 | ) |
| Prepaid expenses and other current assets | | 90 | | | | (210 | ) |
| Accounts payable | | (939 | ) | | | (769 | ) |
| Accrued expenses | | 355 | | | | (1,130 | ) |
| Deferred revenue | | 3,294 | | | | 855 | |
| Operating lease liabilities | | (28 | ) | | | (192 | ) |
| Income taxes payable | | 20 | | | | 2 | |
| Net cash provided by operating activities | | 3,901 | | | | 5,461 | |
| | | | |
|
Cash flows from investing activities: | | | |
| Purchases of property and equipment | | (284 | ) | | | (84 | ) |
| Proceeds from maturities of investments | | 18,000 | | | | - | |
| Net cash provided by (used in) investing activities | | 17,716 | | | | (84 | ) |
| | | | |
|
Cash flows from financing activities: | | | |
| Proceeds from issuance of common stock under employee plans | | 318 | | | | 455 | |
| Shares repurchased for tax withholdings on vesting of restricted stock units | | (1,012 | ) | | | (1,179 | ) |
| Net cash used in financing activities | | (694 | ) | | | (724 | ) |
| | | | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (22 | ) | | | 10 | |
| | | | |
| Net increase in cash, cash equivalents and restricted cash | | 20,901 | | | | 4,663 | |
| | | | |
| Cash, cash equivalents and restricted cash, beginning of period (1) | | 30,204 | | | | 31,564 | |
| Cash, cash equivalents and restricted cash, end of period (1) | $ | 51,105 | | | $ | 36,227 | |
| | | | |
| (1) Includes restricted cash in other assets. | | | |
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