APPLIED OPTOELECTRONICS INC

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

AAOI$48.32-7.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
	2023	2022	2021
Operating activities:
Net loss	$(56,048)	$(66,397)	$(54,162)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance of bad debt	(24)	(3)	(32)
Lower of cost or net realizable value reserve adjustment to inventory	8,728	4,900	3,889
Depreciation and amortization	20,427	23,202	25,371
Amortization of debt issuance costs	2,308	902	865
Loss (gain) on disposal of assets	51	(47)	1
Share-based compensation	11,884	9,600	12,121
Interest for extinguishment of debt	—	—	(70)
Extinguishment of debt	—	—	(6,229)
Unrealized foreign exchange (gain) loss	(1,313)	1,916	645
Changes in operating assets and liabilities:
Accounts receivable, trade	13,128	(12,749)	(7,020)
Notes receivable	83	7,764	(7,585)
Prepaid income tax	(3)	1	1
Inventories	6,790	1,150	15,786
Other current assets	1,008	(2,406)	867
Operating right of use asset	530	888	848
Accounts payable	(14,953)	12,966	7,069
Accrued income taxes	(1)	—	1
Accrued liabilities	1,333	5,260	(3,092)
Unearned Revenue	(1,197)	—	—
Lease liability	(660)	(969)	(918)
Net cash used in operating activities	(7,929)	(14,022)	(11,644)
Investing activities:
Purchase of property, plant and equipment	(9,079)	(3,210)	(7,981)
Proceeds from disposal of equipment	135	403	114
Deposits and prepaid for equipment	(5,229)	(529)	(2,222)
Purchase of intangible assets	(588)	(498)	(457)
Net cash used in investing activities	(14,761)	(3,834)	(10,546)
Financing activities:
Principal payments of long-term debt and notes payable	(80,214)	(7,336)	(4,144)
Proceeds from line of credit borrowings, net of debt issuance costs	57,626	143,261	122,935
Repayments of line of credit borrowings, net of debt issuance costs	(91,791)	(131,030)	(111,287)
Proceeds from bank acceptance payable	57,057	45,666	24,622
Repayments of bank acceptance payable	(53,748)	(40,573)	(32,465)
Proceeds from issuance of convertible senior notes, net of debt issuance costs	83,661	—	—
Principal payments of financing lease	(63)	(19)	(18)
Exercise of stock options	22	—	8
Payments of tax withholding on behalf of employees related to share-based compensation	(956)	(454)	(961)
Proceeds from common stock offering, net	68,984	1,238	15,397
Net cash provided by financing activities	40,578	10,753	14,087
Effect of exchange rate changes on cash	1,622	1,553	(876)
Net decrease in cash, cash equivalents and restricted cash	19,510	(5,550)	(8,979)
Cash, cash equivalents and restricted cash at beginning of period	35,587	41,136	50,115
Cash, cash equivalents and restricted cash at end of period	$55,097	$35,587	$41,136
Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest	$8,098	$5,142	$4,899
Income taxes	9	—	1
Non-cash investing and financing activities:
Net change in accounts payable related to property and equipment additions	$1,053	$(164)	$(4,027)
Net change in deposits and prepaid for equipment related to property and equipment additions	(1,297)	67	84

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