| 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. | |||||||
Aehr Reports Continued Strong Revenue and Earnings for the First Quarter of Fiscal 2024 on Strength of Production Wafer Level Burn-in Products for Silicon Carbide Semiconductors
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