SKYWATER TECHNOLOGY, INC. |
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Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
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|
Twelve Months Ended |
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|
January 2, 2022 |
|
January 3, 2021 |
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|
(in thousands) |
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Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(47,403 |
) |
|
$ |
(19,714 |
) |
|
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
27,368 |
|
|
|
18,866 |
|
|
Inventory write-down (1) |
|
13,442 |
|
|
|
— |
|
|
Gain on Paycheck Protection Program loan forgiveness |
|
(6,453 |
) |
|
|
— |
|
|
Foundry services obligation |
|
— |
|
|
|
(3,732 |
) |
|
Gain on sale of property and equipment |
|
(2,012 |
) |
|
|
(1,124 |
) |
|
Amortization of debt issuance costs included in interest expense |
|
621 |
|
|
|
1,661 |
|
|
Long-term incentive and stock-based compensation |
|
12,533 |
|
|
|
2,640 |
|
|
Change in fair value of warrant liability |
|
— |
|
|
|
(780 |
) |
|
| Change in fair value of contingent consideration |
|
(2,710 |
) |
|
|
2,094 |
|
|
| Cash paid for contingent consideration in excess of initial valuation |
|
(7,374 |
) |
|
|
(7,296 |
) |
|
| Deferred income taxes |
|
(7,063 |
) |
|
|
2,387 |
|
|
| Non-cash revenue related to customer equipment |
|
(2,481 |
) |
|
|
— |
|
|
| Loss on debt extinguishment |
|
— |
|
|
|
1,434 |
|
|
| Changes in operating assets and liabilities: |
|
|
|
|||||
| Accounts receivable |
|
(9,387 |
) |
|
|
31,452 |
|
|
| Inventories |
|
(3,773 |
) |
|
|
(11,175 |
) |
|
| Prepaid expenses and other assets |
|
5,098 |
|
|
|
(9,411 |
) |
|
| Accounts payable |
|
(1,198 |
) |
|
|
483 |
|
|
| Accrued expenses |
|
(569 |
) |
|
|
11,601 |
|
|
| Deferred revenue |
|
(17,150 |
) |
|
|
74,578 |
|
|
| Income tax payable and receivable |
|
(2,455 |
) |
|
|
2,231 |
|
|
| Net cash (used in) provided by operating activities |
|
(50,966 |
) |
|
|
96,195 |
|
|
| Cash flows from investing activities: |
|
|
|
|||||
| Purchase of software and licenses |
|
(1,220 |
) |
|
|
(4,085 |
) |
|
| Proceeds from sale of property and equipment |
|
2,159 |
|
|
|
1,676 |
|
|
| Purchases of property and equipment |
|
(35,476 |
) |
|
|
(85,768 |
) |
|
| Net cash used in investing activities |
|
(34,537 |
) |
|
|
(88,177 |
) |
|
| Cash flows from financing activities: |
|
|
|
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| Proceeds from issuance of common stock pursuant to the initial public offering, net of underwriting discounts and commissions |
|
104,212 |
|
|
|
— |
|
|
| Cash paid for offering costs |
|
(1,867 |
) |
|
|
(2,183 |
) |
|
| Proceeds from Paycheck Protection Program loan |
|
— |
|
|
|
6,453 |
|
|
| Repayment of term loan |
|
— |
|
|
|
(38,270 |
) |
|
| Cash paid for term loan extinguishment |
|
— |
|
|
|
(405 |
) |
|
| Net repayment on line of credit |
|
— |
|
|
|
(12,380 |
) |
|
| Net repayment on Revolver |
|
(6,081 |
) |
|
|
32,303 |
|
|
| Proceeds from Financing |
|
— |
|
|
|
39,000 |
|
|
| Repayment of Financing |
|
(990 |
) |
|
|
— |
|
|
| Cash paid for capital leases |
|
(1,115 |
) |
|
|
— |
|
|
| Cash paid for debt issuance costs |
|
(250 |
) |
|
|
(5,182 |
) |
|
| Repurchase of warrants |
|
— |
|
|
|
(14,000 |
) |
|
| Repurchase of common units |
|
— |
|
|
|
(4,085 |
) |
|
| Cash paid for contingent consideration |
|
— |
|
|
|
(3,998 |
) |
|
| Proceeds from exercise of common unit options |
|
— |
|
|
|
31 |
|
|
| Distributions to VIE member |
|
(2,925 |
) |
|
|
(2,471 |
) |
|
| Net cash provided by (used in) financing activities |
|
90,984 |
|
|
|
(5,187 |
) |
|
| Net change in cash and cash equivalents |
|
5,481 |
|
|
|
2,831 |
|
|
| Cash and cash equivalents - beginning of period |
|
7,436 |
|
|
|
4,605 |
|
|
| Cash and cash equivalents - end of period |
$ |
12,917 |
|
|
$ |
7,436 |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
