Silvaco Reports First Quarter 2024 Financial Results

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
   Three Months Ended March 31, 
   2024
  2023
Cash flows from operating activities:        
Net income  $ 1,378   $ 814 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
 Depreciation and amortization  120  166 
 Gain on disposal of fixed assets  (10)  
 Provision for credit losses  222  21 
 Change in fair value of contingent consideration  (8) 265 
 Changes in operating assets and liabilities:  
 Accounts receivable  (1,844) (3,718)
 Contract assets  (3,679) 889 
 Prepaid and other current assets    788     (232 )
  Other assets     (274 )    
  Accounts payable     877     513  
  Accrued expenses     (670 )   (1,248 )
  Accrued income taxes     574     242  
  Deferred revenue     (21 )   2,888  
  Other current liabilities     (49 )   146  
  Other long-term liabilities     24     (245 )
  Net cash (used in) provided by operating activities:     (2,572 )   501  
Cash flows from investing activities:    
Purchases of property and equipment     (10 )   (177 )
  Net cash used in investing activities     (10 )   (177 )
Cash flows from financing activities:
Proceeds from loan facility     4,250        
Contingent consideration     (13 )     (582 )
Deferred transaction costs     (364 )      
  Net cash provided by (used in) financing activities     3,873       (582 )
Effect of exchange rate fluctuations on cash     27       75  
Net increase (decrease) in cash     1,318       (183 )
Cash, beginning of period     4,421       5,478  
Cash, end of period   5,739     5,295
 
                   



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