AXT INC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
AXTI$39.31-8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · · | ||||||||||
| · · Year Ended December 31, · | ||||||||||
| · · 2023 · 2022 · 2021 | ||||||||||
| Cash flows from operating activities: | | | | | | | | | | |
| Net income (loss) | | $(19,193) | | $18,742 | | $16,509 | | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 8,722 | | 8,119 | | 7,078 | | |||
| Amortization of marketable securities premium | | 18 | | 58 | | 68 | | |||
| Stock-based compensation | | 3,540 | | 4,006 | | 4,519 | | |||
| Provision for credit losses | | 272 | | (177) | | 87 | | |||
| Loss on sale of equity investment | | 166 | | — | | — | | |||
| (Gain) Loss on disposal of equipment | | 21 | | (85) | | (8) | | |||
| Return of equity method investments as dividends | | | 4,316 | | | 1,608 | | | 774 | |
| Equity in income of unconsolidated joint ventures | | (2,050) | | (5,957) | | (4,409) | | |||
| Deferred tax assets | | | 553 | | | 104 | | | 2,340 | |
| Changes in operating assets and liabilities: | | | | | | | | | | |
| Accounts receivable | | 9,306 | | 4,535 | | (9,748) | | |||
| Inventories | | 1,073 | | (31,412) | | (12,401) | | |||
| Prepaid expenses and other current assets | | (652) | | (3,486) | | (798) | | |||
| Other assets | | 419 | | (471) | | (6,283) | | |||
| Accounts payable | | (162) | | (5,519) | | 3,563 | | |||
| Accrued liabilities | | (1,897) | | (2,127) | | (3,445) | | |||
| Other long-term liabilities | | (1,049) | | 3,297 | | (1,151) | | |||
| Net cash provided by (used in) operating activities | | 3,403 | | (8,765) | | (3,305) | | |||
| Cash flows from investing activities: | | | | | | | | | | |
| Purchases of property, plant and equipment | | (10,475) | | (28,465) | | (29,645) | | |||
| Purchases of available-for-sale debt securities | | — | | (2,158) | | (9,645) | | |||
| Proceeds from sales and maturities of available-for-sale debt securities | | 9,582 | | 5,400 | | 480 | | |||
| Proceeds from sales of equity securities - 15% of Jia Mei | | 827 | | — | | | — | | ||
| Investments in non-marketable equity investments | | | (2,538) | | | — | | | — | |
| Net cash used in investing activities | | (2,604) | | (25,223) | | (38,810) | | |||
| Cash flows from financing activities: | | | | | | | | | | |
| Proceeds from common stock options exercised | | 10 | | 518 | | 1,670 | | |||
| Proceeds from sale of subsidiary shares to noncontrolling interests | | | — | | | — | | | 538 | |
| Proceeds from short-term bank loans | | 56,470 | | 53,078 | | 20,543 | | |||
| Proceeds from long-term loan from noncontrolling interest | | | — | | | — | | | 1,834 | |
| Payments on short-term bank loans | | | (49,210) | | | (17,798) | | | (19,066) | |
| Proceeds from capital increase in subsidiary shares from noncontrolling interests | | | 708 | | | 2,233 | | | — | |
| Proceeds from long-term loan | | | 635 | | | — | | | — | |
| Formation of new subsidiary with noncontrolling interests | | | — | | | — | | | 1,283 | |
| Proceeds from issuance of Tongmei's common stock to redeemable noncontrolling interests, net of costs | | — | | — | | | (1,077) | | ||
| Net cash provided by financing activities | | 8,613 | | 38,031 | | 5,725 | | |||
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | | (646) | | 542 | | 551 | | |||
| Net increase (decrease) in cash and cash equivalents, and restricted cash | | 8,766 | | 4,585 | | (35,839) | | |||
| Cash, restricted cash and cash equivalents at the beginning of the year | | 41,348 | | 36,763 | | 72,602 | | |||
| Cash, restricted cash and cash equivalents at the end of the period | | $50,114 | | $41,348 | | $36,763 | | |||
| Supplemental disclosures: | | | | | | | | | | |
| Income taxes paid, net of refunds | | $686 | | $1,692 | | $3,177 | | |||
| Interest expense paid | | $1,564 | | $— | | $— | | |||
| Supplemental disclosure of non-cash flow information: | | | | | | | | | | |
| Loan proceeds received by notes receivable | | $1,481 | | $— | | $— | | |||
| Notes receivables paid to purchase fixed assets | | $4,170 | | $6,835 | | $— | | |||
| Non-cash consideration received from sale of DongFang | | $585 | | $— | | $— | | |||
| Conversion of related party borrowings to Additional Paid-in Capital | | $— | | $1,887 | | $— | | |||
| Investment in subsidiary shares from noncontrolling interest | | $308 | | $937 | | $— | | |||
| Bank loan proceeds paid directly to a third-party vendor, included in accounts payable | | $— | | $474 | | $— | | |||
| Sales of land and building to unconsolidated joint venture | | $— | | $976 | | $— | | |||
| Consideration payable in connection with construction in progress, included in accrued liabilities | | $6,574 | | $4,135 | | $2,974 | | |||
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