SkyWater Technology Reports Fourth Quarter and Full Year 2021 Results

SKYWATER TECHNOLOGY, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Twelve Months Ended

 

January 2, 2022

 

January 3, 2021

 

(in thousands)

Cash flows from operating activities:

 

 

 

Net loss

$

(47,403

)

 

$

(19,714

)

Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:

 

 

 

Depreciation and amortization

 

27,368

 

 

 

18,866

 

Inventory write-down (1)

 

13,442

 

 

 

 

Gain on Paycheck Protection Program loan forgiveness

 

(6,453

)

 

 

 

Foundry services obligation

 

 

 

 

(3,732

)

Gain on sale of property and equipment

 

(2,012

)

 

 

(1,124

)

Amortization of debt issuance costs included in interest expense

 

621

 

 

 

1,661

 

Long-term incentive and stock-based compensation

 

12,533

 

 

 

2,640

 

Change in fair value of warrant liability

 

 

 

 

(780

)

Change in fair value of contingent consideration

 

(2,710

)

 

 

2,094

 

Cash paid for contingent consideration in excess of initial valuation

 

(7,374

)

 

 

(7,296

)

Deferred income taxes

 

(7,063

)

 

 

2,387

 

Non-cash revenue related to customer equipment

 

(2,481

)

 

 

 

Loss on debt extinguishment

 

 

 

 

1,434

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(9,387

)

 

 

31,452

 

Inventories

 

(3,773

)

 

 

(11,175

)

Prepaid expenses and other assets

 

5,098

 

 

 

(9,411

)

Accounts payable

 

(1,198

)

 

 

483

 

Accrued expenses

 

(569

)

 

 

11,601

 

Deferred revenue

 

(17,150

)

 

 

74,578

 

Income tax payable and receivable

 

(2,455

)

 

 

2,231

 

Net cash (used in) provided by operating activities

 

(50,966

)

 

 

96,195

 

Cash flows from investing activities:

 

 

 

Purchase of software and licenses

 

(1,220

)

 

 

(4,085

)

Proceeds from sale of property and equipment

 

2,159

 

 

 

1,676

 

Purchases of property and equipment

 

(35,476

)

 

 

(85,768

)

Net cash used in investing activities

 

(34,537

)

 

 

(88,177

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of common stock pursuant to the initial public offering, net of underwriting discounts and commissions

 

104,212

 

 

 

 

Cash paid for offering costs

 

(1,867

)

 

 

(2,183

)

Proceeds from Paycheck Protection Program loan

 

 

 

 

6,453

 

Repayment of term loan

 

 

 

 

(38,270

)

Cash paid for term loan extinguishment

 

 

 

 

(405

)

Net repayment on line of credit

 

 

 

 

(12,380

)

Net repayment on Revolver

 

(6,081

)

 

 

32,303

 

Proceeds from Financing

 

 

 

 

39,000

 

Repayment of Financing

 

(990

)

 

 

 

Cash paid for capital leases

 

(1,115

)

 

 

 

Cash paid for debt issuance costs

 

(250

)

 

 

(5,182

)

Repurchase of warrants

 

 

 

 

(14,000

)

Repurchase of common units

 

 

 

 

(4,085

)

Cash paid for contingent consideration

 

 

 

 

(3,998

)

Proceeds from exercise of common unit options

 

 

 

 

31

 

Distributions to VIE member

 

(2,925

)

 

 

(2,471

)

Net cash provided by (used in) financing activities

 

90,984

 

 

 

(5,187

)

Net change in cash and cash equivalents

 

5,481

 

 

 

2,831

 

Cash and cash equivalents - beginning of period

 

7,436

 

 

 

4,605

 

Cash and cash equivalents - end of period

$

12,917

 

 

$

7,436

 

The accompanying notes are an integral part of these consolidated financial statements.

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