Arteris Announces Financial Results for the First Quarter 2024 and Second Quarter and Full Year 2024 Guidance

Arteris, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
  Three Months Ended
March 31,
   2024    2023 
CASH FLOWS FROM OPERATING ACTIVITIES:   
Net loss$(9,403) $(9,010)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 833   601 
Stock-based compensation 3,657   2,985 
Amortization of deferred income (294)  (291)
Loss from equity method investment 759   834 
Net accretion of discounts on available-for-sale securities (181)  (259)
Other, net 31   27 
Changes in operating assets and liabilities:   
Accounts receivable, net (262 )     (2,607 )
Prepaid expenses and other assets   479       364  
Accounts payable   546       555  
Accrued expenses and other liabilities   904       (974 )
Deferred revenue   3,408       (614 )
Net cash provided by (used in) operating activities   477       (8,389 )
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (196 )     (120 )
Purchases of available-for-sale securities and other   (3,421 )     (4,909 )
Proceeds from maturities of available-for-sale securities and other   15,519       5,450  
Net cash provided by investing activities   11,902       421  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of contingent consideration for business combination         (1,000 )
Principal payments under vendor financing arrangements   (197 )     (192 )
Proceeds from exercise of stock options   241       256  
Payments to tax authorities for shares withheld from employees         (14 )
Net cash provided by (used in) financing activities   44       (950 )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   12,423       (8,918 )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   14,084       37,423  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 26,507     $ 28,505  
               

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