| SILVACO GROUP, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited, in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (37,010 | ) | $ | 483 | ||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||
| Depreciation and amortization | 475 | 309 | |||||
| Stock-based compensation expense | 21,829 | — | |||||
| Provision for credit losses | 143 | 43 | |||||
| Estimated litigation claim | 14,696 | — | |||||
| Loss on debt extinguishment | 718 | — | |||||
| Accretion of discount on marketable securities, net | (194 | ) | — | ||||
| Change in fair value of contingent consideration | (18 | ) | 341 | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (3,102 | ) | 759 | ||||
| Contract assets | (4,081 | ) | 290 | ||||
| Prepaid and other current assets | (882 | ) | (13 | ) | |||
| Other assets | (84 | ) | — | ||||
| Accounts payable | (2 | ) | (1,068 | ) | |||
| Accrued expenses | (1,321 | ) | (652 | ) | |||
| Accrued income taxes | 687 | (107 | ) | ||||
| Deferred revenue | (673 | ) | 1,368 | ||||
| Other current liabilities | 34 | 830 | |||||
| Other long-term liabilities | (9 | ) | (417 | ) | |||
| Net cash (used in) provided by operating activities | (8,794 | ) | 2,166 | ||||
| Cash flows from investing activities: | |||||||
| Purchases of marketable securities | (67,809 | ) | — | ||||
| Purchases of property and equipment | (56 | ) | (202 | ) | |||
| Net cash used in investing activities | (67,865 | ) | (202 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from initial public offering, net of underwriting fees | 106,020 | — | |||||
| Proceeds from issuance of convertible note, net of debt issuance costs | 4,852 | — | |||||
| Proceeds from loan facility | 4,250 | — | |||||
| Repayment of loan facility | (4,250 | ) | — | ||||
| Repayment of 2022 line of credit | (2,000 | ) | — | ||||
| Deferred transaction costs | (2,126 | ) | — | ||||
| Contingent consideration | (22 | ) | (921 | ) | |||
| Payments of vendor financing obligation | (300 | ) | — | ||||
| Net cash provided by (used in) financing activities | 106,424 | (921 | ) | ||||
| Effect of exchange rate fluctuations on cash and cash equivalents | 88 | (173 | ) | ||||
| Net increase in cash and cash equivalents | 29,853 | 870 | |||||
| Cash and cash equivalents, beginning of period | 4,421 | 5,478 | |||||
| Cash and cash equivalents, end of period | $ | 34,274 | $ | 6,348 | |||
Silvaco Reports Second Quarter 2024 Financial Results
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