Aehr Reports Record Quarterly Bookings Driven by Demand for Wafer Level Test and Burn-in of Semiconductors for Electric Vehicles


AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
          
          
 Three Months Ended Nine Months Ended
 Feb 28, Nov 30, Feb 28, Feb 28, Feb 28,
  2023  2022  2022  2023  2022 
          
          
GAAP net income$4,132 $3,725 $2,243 $8,446 $3,656 
Stock-based compensation expense 592  793  880  2,095  2,186 
Gain from forgiveness of PPP loan   -     -     -     -     (1,698 )
Non-GAAP net income $ 4,724   $ 4,518   $ 3,123   $ 10,541   $ 4,144  
                   
GAAP net income per diluted share $ 0.14   $ 0.13   $ 0.08   $ 0.29   $ 0.13  
Non-GAAP net income per diluted share $ 0.16   $ 0.16   $ 0.11   $ 0.36   $ 0.15  
Shares used in GAAP diluted shares calculation   29,373     29,080     28,854     29,080     27,510  
Shares used in non-GAAP diluted shares calculation   29,373     29,080     28,854     29,080     27,510  
   
                   
Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income. This limitation is best addressed by using this measure in combination with net income (the most directly comparable GAAP financial measure). These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. 
 
We believe these measures enhance investors’ ability to review the company’s business from the same perspective as the Company’s management and facilitate comparisons of this period’s results with prior periods.



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