Arteris Announces Financial Results for the Fourth Quarter and Full Year 2023 and Estimated First Quarter and Full Year 2024 Guidance

Arteris, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
 
  Twelve Months Ended December 31,
   2023    2022 
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net loss$(36,869) $(27,387)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 3,069   2,099 
Stock-based compensation 14,535   11,692 
Pension plan expenses 134   136 
Non-cash operating lease expense 118   (21)
Amortization of deferred income (1,179)  (391)
Gain on deconsolidation of subsidiary    (149)
Loss from equity method investment 3,397   284 
Net accretion of discounts on available-for-sale securities   (893 )     (177 )
Deferred income taxes         (484 )
Other, net   10       14  
Changes in operating assets and liabilities:      
Accounts receivable, net   (4,858 )     7,102  
Prepaid expenses and other assets   (1,301 )     202  
Accounts payable   (389 )     (1,034 )
Accrued expenses and other liabilities   2,467       517  
Deferred revenue   6,030       830  
    Net cash used in operating activities   (15,729 )     (6,767 )
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (1,503 )     (1,051 )
Purchases of available-for-sale securities and other   (47,788 )     (35,031 )
Proceeds from maturities of available-for-sale securities   44,650        
Payments relating to investment in equity method investment         (519 )
Proceeds from principal portion of related party loan         241  
Payments for business combination, net of cash acquired         (1,121 )
Other   (50 )      
    Net cash used in investing activities   (4,691 )     (37,481 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of contingent consideration for business combination   (1,592 )     (1,573 )
Payments to tax authorities for shares withheld from employees   (607 )     (2,065 )
Principal payments under vendor financing arrangements   (1,289 )     (1,136 )
Proceeds from exercise of stock options   490       876  
Payments of deferred offering costs         (256 )
Other   79        
    Net cash used in financing activities   (2,919 )     (4,154 )
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (23,339 )     (48,402 )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   37,423       85,825  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 14,084     $ 37,423  
        

Non-GAAP Financial Measures

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