Arteris Announces Financial Results for the Third Quarter 2023 and Fourth Quarter and Full Year 2023 Guidance

Arteris, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

  Nine Months Ended
September 30,
   2023    2022 
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net loss$(26,328) $(20,172)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 2,240   1,568 
Stock-based compensation 10,981   9,082 
Amortization of deferred income (882)  (94)
Loss from equity method investment 2,487    
Net accretion of discounts on available-for-sale securities (698)   
Gain on deconsolidation of subsidiary    (149)
Other, net (3)   6  
Changes in operating assets and liabilities:      
Accounts receivable, net   (3,225 )     4,234  
Prepaid expenses and other assets   (495 )     (1,799 )
Accounts payable   (237 )     408  
Accrued expenses and other liabilities   1,544       23  
Deferred revenue   1,866       517  
Net cash used in operating activities   (12,750 )     (6,376 )
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (1,075 )     (655 )
Purchases of available-for-sale securities and other   (35,373 )     (6,399 )
Proceeds from maturities of available-for-sale securities   33,150        
Payments relating to investment in equity method investment         (520 )
Proceeds from principal portion of related party loan         241  
Other   (25 )      
Net cash used in investing activities   (3,323 )     (7,333 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of contingent consideration for business combination   (1,269 )     (1,573 )
Principal payments under vendor financing arrangements   (1,041 )     (635 )
Proceeds from exercise of stock options   460       601  
Payments to tax authorities for shares withheld from employees   (564 )     (2,053 )
Payments of deferred offering costs         (256 )
Other   79        
Net cash used in financing activities   (2,335 )     (3,916 )
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (18,408 )     (17,625 )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   37,423       85,825  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 19,015     $ 68,200  

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