OMÓWIENIE I ANALIZA SYTUACJI FINANSOWEJ ORAZ WYNIKÓW DZIAŁALNOŚCI ZARZĄDU NLIGHT, INC. (formularz 10-K)
SPECJALNA UWAGA DOTYCZĄCA OŚWIADCZEŃ WYGLĄDAJĄCYCH W PRZYSZŁOŚĆ
This Annual Report on Form 10-K contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. In some
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cases, you can identify forward-looking statements by the following words:
"ability," "anticipate," "attempt," "believe," "can be," "continue," "could,"
"depend," "enable," "estimate," "expect," "extend," "grow," "if," "intend,"
"likely," "may," "objective," "ongoing," "plan," "possible," "potential,"
"predict," "project," "propose," "rely," "should," "target," "will," "would" or
the negative of these terms or other comparable terminology, although not all
forward-looking statements contain these words.These statements involve risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance or achievements to be
materially different from the information expressed or implied by these
forward-looking statements. Although we believe that we have a reasonable basis
for each forward-looking statement, we caution you that these statements are
based on a combination of facts and factors currently known by us and our
projections of the future, about which we cannot be certain. Forward-looking
statements include, but are not limited to, statements about: our business model
and strategic plans; our expectations regarding manufacturing; the impact of the
COVID-19 pandemic and the related lockdown in Shanghai on our business; our
future financial performance; demand for our semiconductor and fiber laser
solutions; our ability to develop innovative products; our expectations
regarding product volumes and the introduction of new products; our technology
and new product research and development activities; the impact of the
implementation of our new ERP system; the impact of new import and export
controls; the impact of inflation; the impact of seasonality; the effect on our
business of litigation to which we are or may become a party; and the
sufficiency of our existing liquidity sources to meet our cash needs.You should refer to the "Risk Factors" section of this report for a discussion
of other important factors that may cause our actual results to differ
materially from those expressed or implied by our forward-looking statements. As
a result of these factors, we cannot assure you that the forward-looking
statements in this report will prove to be accurate. In addition, statements
that "we believe" and similar statements reflect our beliefs and opinions on the
relevant subject. These statements are based upon information available to us as
of the date of this report, which although we believe such information forms a
reasonable basis for such statements, such information may be limited or
incomplete, and our statements should not be read to indicate that we have
conducted a thorough inquiry into, or review of, all potentially available
relevant information. These statements are inherently uncertain and investors
are cautioned not to unduly rely upon these statements. Furthermore, if our
forward-looking statements prove to be inaccurate, the inaccuracy may be
material. In light of the significant uncertainties in these forward-looking
statements, you should not regard these statements as a representation or
warranty by us or any other person that we will achieve our objectives and plans
in any specified time frame, or at all. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Przegląd
nLIGHT, Inc., is a leading provider of highpower semiconductor and fiber lasers
for industrial, microfabrication, and aerospace and defense applications.
Headquartered in Camas, Washington, we design, develop, and manufacture the
critical elements of our lasers, and believe our vertically integrated business
model enables us to rapidly introduce innovative products, control our costs and
protect our intellectual property.We operate in two reportable segments consisting of the Laser Products segment
and the Advanced Development segment. Sales of our semiconductor lasers, fiber
lasers and directed energy products are included in the Laser Products segment,
while revenue earned from research and development contracts are included in the
Advanced Development segment.Revenues decreased to $242.1 million in the year ended December 31, 2022
compared to $270.1 million in the same period of 2021 due primarily to decreases
in product sales to customers in China and development revenue, partially offset
by an increase in product sales to customers outside of China. We generated a
net loss of $54.6 million for the year ended December 31, 2022 compared to a net
loss of $29.7 million for the same period of 2021.
Czynniki wpływające na nasze wyniki
Popyt na nasze rozwiązania w zakresie półprzewodników i laserów światłowodowych
In order to continue to grow our revenues, we must continue to achieve design
wins for our semiconductor and fiber lasers. We consider a design win to occur
when a customer notifies us that it has selected one of our products to be
incorporated into a product or system under development by such customer. For
the foreseeable future, our operations will continue to depend upon capital
expenditures by customers in the Industrial and Microfabrication markets, which,
in turn, depend upon the demand for these customers' products or services. In
addition, in the
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Aerospace and Defense market, our business depends in large part on continued
investment in laser technology by the U.S. government and its allies, and our
ability to continue to successfully develop leading technology in this area and
commercialize that technology in the future.Demand for our products also fluctuates based on market cycles, continuously
evolving industry supply chains, trade and tariff terms, as well as evolving
competitive dynamics in each of our end-markets. Erosion of average selling
prices, or ASPs, of established products is typical in our industry, and the
ASPs of our products generally decrease as our products mature. We may also
negotiate discounted selling prices from time to time with certain customers
that purchase higher volumes, or to penetrate new markets or applications.
Historically, we have been able to offset decreasing ASPs by introducing new and
higher value products, increasing the sales of our existing products, expanding
into new applications and reducing our product and manufacturing costs. Although
we anticipate further increases in product volumes and the continued
introduction of new and higher value products, ASP reduction may cause our
revenues to decline or grow at a slower rate.
Technologia i rozwój nowych produktów
We invest heavily in the development of our semiconductor, fiber laser and
directed energy technologies to provide solutions to our current and future
customers. We anticipate that we will continue to invest in research and
development to achieve our technology and product roadmap. Our product
development is targeted to specific sectors of the market where we believe the
performance of our products provide a significant benefit to our customers. We
believe our close coordination with our customers regarding their future product
requirements enhances the efficiency of our research and development
expenditures.
Koszty produkcji i marże brutto
Our product gross profit, in absolute dollars and as a percentage of revenues,
is impacted by our product sales mix, sales volumes, changes in ASPs, production
volumes, the corresponding absorption of manufacturing overhead expenses,
production costs and manufacturing yields. Our product sales mix can affect
gross profits due to variations in profitability related to product
configurations and cost profiles, customer volume pricing, availability of
competitive products in various markets, and new product introductions, among
other factors. We have invested heavily in U.S.-based manufacturing capabilities
in the last several years. Capacity utilization affects our gross margin because
we have a high fixed cost base due to our vertically integrated business model.
Increases in sales and production volumes drive favorable absorption of fixed
costs, improved manufacturing efficiencies and lower production costs. Gross
margins may fluctuate from period to period depending on product mix and the
level of capacity utilization.Our Development gross profit varies with the type and terms of contracts,
contract volume, project mix, and successful execution on projects during the
period. Most of our Development contracts are structured as cost plus fixed fee
due to the technical complexity of the research and development services.
Covid-19 pandemia
The COVID-19 pandemic and related global liquidity concerns and macro-economic
volatility adversely impacted our end-markets, including reduced economic
activity and demand for our products, and delays in new capital expenditure
decisions and implementations. While our manufacturing operations generally
remained open throughout the pandemic, including our manufacturing facilities in
the United States, the COVID-related lockdown of Shanghai by the Chinese
government forced us to halt operations in our Shanghai manufacturing facility
for approximately two months during the second quarter of 2022. Our Shanghai
facility manufactures products that are sold directly to end customers as well
as components that are shipped to our facilities in the United States to be
integrated into finished products. Although we are increasing our manufacturing
capabilities outside of China, our Shanghai manufacturing facility remains an
important part of our global operations. The closure of our Shanghai facility
during the second quarter of 2022 had a negative impact on our 2022 annual
financial results, and any additional closures, or partial closures, could have
an adverse impact on future periods.
Sezonowość
Our quarterly revenues can fluctuate with general economic trends, the timing of
capital expenditures by our customers, holidays, and general economic trends. In
addition, as is typical in our industry, we tend to recognize a
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larger percentage of our quarterly revenues in the last month of the quarter,
which may impact our working capital trends.
Wyniki operacji
Poniższa tabela przedstawia nasze wyniki operacyjne jako procent przychodów
za wskazane okresy (które mogą się nie sumować ze względu na zaokrąglenia):
Year Ended December 31,
2022 2021 2020
Revenue:
Products 79.6 % 76.3 % 83.0 %
Development 20.4 23.7 17.0
Total revenue 100.0 100.0 100.0
Cost of revenue:
Products 60.0 49.2 57.6
Development 19.0 22.2 15.8
Total cost of revenue 79.0 71.4 73.4
Gross profit 21.0 28.6 26.6
Operating expenses:
Research and development 22.2 20.3 18.5
Sales, general and administrative 19.9 19.5 17.6
Restructuring 1.6 - -
Total operating expenses 43.8 39.8 36.1
Loss from operations (22.8) (11.2) (9.4)
Other income (expense):
Interest income (expense), net 0.2 (0.1) -
Other income, net 0.1 0.1 0.2
Loss before income taxes (22.4) (11.2) (9.2)
Income tax expense (benefit) 0.1 (0.1) 0.2
Net loss (22.5) % (11.1) % (9.4) %Revenues by End Market
Nasze przychody w podziale na rynki końcowe przedstawiały się następująco (w tysiącach dolarów):
Year Ended December 31, Change
2022 % of Revenue 2021 % of Revenue Amount %
Industrial $ 91,098 37.6 % $ 94,795 35.1 % $ (3,697) (3.9) %
Microfabrication 62,769 25.9 70,412 26.1 (7,643) (10.9)
Aerospace and Defense 88,191 36.4 104,939 38.8 (16,748) (16.0)
$ 242,058 100.0 % $ 270,146 100.0 % $ (28,088) (10.4) %Year Ended December 31, Change
2021 % of Revenue 2020 % of Revenue Amount %
Industrial $ 94,795 35.1 % $ 84,478 37.9 % $ 10,317 12.2 %
Microfabrication 70,412 26.1 51,649 23.2 18,763 36.3
Aerospace and Defense 104,939 38.8 86,662 38.9 18,277 21.1
$ 270,146 100.0 % $ 222,789 100.0 % $ 47,357 21.3 %24
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The decrease in Industrial and Microfabrication market revenue for 2022 compared
to 2021 was driven by a decrease in unit sales in China, partially offset by an
increase in unit sales outside of China. The closure of our Shanghai facility
for approximately two months during the second quarter of 2022 due to the
COVID-19 pandemic had a negative impact on unit sales in China. The decrease in
revenue from the Aerospace and Defense market for 2022 compared to 2021 was due
to decreased activity on research and development contracts, and a decrease in
product sales in the second half of 2022 due primarily to supply chain
disruptions.The increase in Industrial market revenue for 2021 compared to 2020 was driven
by increases in unit sales outside of China, partially offset by a decrease in
unit sales in China and lower average selling prices due to changes in product
mix. The increase in unit sales outside of China was driven by increased
customer demand for fiber lasers used in cutting applications and new products
for additive manufacturing, while the decrease in unit sales in China was the
result of increased competitive pressure and declining sales prices for fiber
lasers used in cutting applications. The increase in Microfabrication market
revenue for 2021 compared to 2020 was attributable to increases in customer
demand and unit sales of semiconductor lasers. The increase in Aerospace and
Defense market revenue for 2021 compared to 2020 was primarily due to increased
activity on existing research and development contracts, offset partially by a
decrease in product sales.Revenues by Segment
Nasze przychody w podziale na segmenty przedstawiały się następująco (w tysiącach dolarów):
Year Ended December 31, Change
2022 % of Revenue 2021 % of Revenue Amount %
Laser Products $ 192,658 79.6 % $ 206,195 76.3 % $ (13,537) (6.6) %
Advanced Development 49,400 20.4 63,951 23.7 (14,551) (22.8)
$ 242,058 100.0 % $ 270,146 100.0 % $ (28,088) (10.4) %Year Ended December 31, Change
2021 % of Revenue 2020 % of Revenue Amount %
Laser Products $ 206,195 76.3 % $ 184,841 83.0 % $ 21,354 11.6 %
Advanced Development 63,951 23.7 37,948 17.0 26,003 68.5
$ 270,146 100.0 % $ 222,789 100.0 % $ 47,357 21.3 %The decrease in Laser Products revenue for 2022 compared to 2021 was driven by
decreased units sales across each end market as discussed above. The decrease in
Advanced Development revenue for 2022 compared to 2021 was primarily due to
decreased activity on research and development contracts. Most of our Advanced
Development revenue is generated from cost plus fixed fee research and
development contracts, and all Advanced Development revenue is included in the
Aerospace and Defense market.The increase in Laser Products revenue for 2021 compared to 2020 was primarily
due to higher revenue and demand from the Industrial and Microfabrication
markets outside of China, offset partially by a decrease in product sales to the
Aerospace and Defense market. The increase in Advanced Development revenue for
2021 compared to 2020 was driven by increased activity on existing research and
development contracts with the U.S. Government.
Przychody według regionu geograficznego
Nasze przychody w podziale na regiony geograficzne przedstawiały się następująco (w tysiącach dolarów):
Year Ended December 31, Change
2022 % of Revenue 2021 % of Revenue Amount %
North America $ 137,454 56.8 % $ 143,232 53.0 % $ (5,778) (4.0) %
China 21,287 8.8 55,446 20.5 (34,159) (61.6)
Rest of World 83,317 34.4 71,468 26.5 11,849 16.6
$ 242,058 100.0 % $ 270,146 100.0 % $ (28,088) (10.4) %25
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Table of ContentsYear Ended December 31, Change
2021 % of Revenue 2020 % of Revenue Amount %
North America $ 143,232 53.0 % $ 107,624 48.3 % $ 35,608 33.1 %
China 55,446 20.5 70,882 31.8 (15,436) (21.8)
Rest of World 71,468 26.5 44,283 19.9 27,185 61.4
$ 270,146 100.0 % $ 222,789 100.0 % $ 47,357 21.3 %
Informacje o przychodach geograficznych są oparte na lokalizacji, do której dostarczamy nasze
produkty i usługi.
The decrease in North America revenue for 2022 compared to 2021 was primarily
due to decreased revenue from the Aerospace and Defense market, partially offset
by increased revenue from the Industrial market. The decrease in China revenue
for 2022 compared to 2021 was the result of decreased sales in the Industrial
and Microfabrication markets, primarily as a result of deteriorating market
conditions. The closure of our Shanghai facility for approximately two months
during the second quarter of 2022 due to the COVID-19 pandemic also had a
negative impact on 2022 sales in China. The increase in Rest of World revenue
for 2022 compared to 2021 was due to increased revenue from the Microfabrication
and Industrial markets.The increase in North America revenue for 2021 compared to 2020 was primarily
driven by increased revenue from the Aerospace and Defense and Industrials
markets. The decrease in China revenue for 2021 compared to 2020 was due to
decreased sales in the Industrial market as a result of deteriorating market
conditions. The increase in Rest of World revenue for 2021 compared to 2020 was
primarily due to increased sales in the Microfabrication and Industrial markets.
Koszty uzyskania przychodów i marża brutto
Cost of Laser Products revenue consists primarily of manufacturing materials,
labor, shipping and handling costs, tariffs and manufacturing-related overhead.
We order materials and supplies based on backlog and forecasted customer orders.
We expense all warranty costs and inventory provisions as cost of revenues. Cost
of Advanced Development revenue consists of materials, labor, subcontracting
costs, an allocation of indirect costs including overhead and general and
administrative.
Nasz zysk brutto i marża brutto przedstawiały się następująco (w tysiącach dolarów):
Year Ended December 31, 2022
Laser Products Advanced Development Corporate
i inne razem
Gross profit $ 50,063 $ 3,435 $ (2,677) $ 50,821
Gross margin 26.0 % 7.0 % NM* 21.0 %Year Ended December 31, 2021
Laser Products Advanced Development Corporate
i inne razem
Gross profit $ 75,833 $ 3,979 $ (2,505) $ 77,307
Gross margin 36.8 % 6.2 % NM* 28.6 %Year Ended December 31, 2020
Laser Products Advanced Development Corporate
and Other Total
Gross profit $ 58,207 $ 2,778 $ (1,621) $ 59,364
Gross margin 31.5 % 7.3 % NM* 26.6 %*NM - Not meaningful.
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The decrease in Laser Products gross margin for 2022 compared to 2021 was driven
by sales mix, decreased factory utilization, increased labor and material costs,
and increased freight costs, partially offset by an increase in duty reclaim. In
addition, Laser Products gross margin in 2022 was negatively impacted by
inventory charges related to business restructuring and the discontinuation of
certain product lines in the fourth quarter of 2022. The increase in Advanced
Development gross margin for 2022 compared to 2021 was not significant and was
primarily the result of changes in the composition of research and development
contracts.The increase in Laser Products gross margin for 2021 compared to 2020 was
primarily due to sales mix and improved factory utilization from higher
production volume, offset partially by increases in manufacturing costs. The
decrease in Advanced Development gross margin was driven primarily by changes in
the composition of research and development contracts. Most of the Advanced
Development segment revenue in 2021 was generated from cost plus fixed fee
research and development contracts.
Koszty operacyjne
Nasze koszty operacyjne przedstawiały się następująco (w tysiącach dolarów):
Research and DevelopmentYear Ended December 31, Change
2022 2021 Amount %
Research and development $ 53,773 $ 54,814 $ (1,041) (1.9)Year Ended December 31, Change
2021 2020 Amount %
Research and development $ 54,814 $ 41,164 $ 13,650 33.2The decrease in research and development expense for 2022 compared to 2021 was
driven by a decrease in stock-based compensation of $1.8 million and a decrease
in purchased intangible amortization of $1.2 million, partially offset by
increases in salary costs and project-related expenses.The increase in research and development expense for 2021 compared to 2020 was
driven primarily by an increase in stock-based compensation costs of $3.7
million, and increased employee headcount and related costs, and project-related
expenses, to support our development efforts.
Sprzedaży, Ogólnej i Administracyjnej
Year Ended December 31,
Zmiana
2022 2021 Amount %
Sales, general, and administrative $ 48,258 $ 52,710 $ (4,452) (8.4)Year Ended December 31, Change
2021 2020 Amount %
Sales, general, and administrative $ 52,710 $ 39,248
13.462 $ 34.3
The decrease in sales, general and administrative expense for 2022 compared to
2021 was primarily due to a decrease in stock-based compensation of $9.4
million, partially offset by increases in salary costs, professional service
fees and facility expenses, and a decrease in administrative costs allocated to
development projects. The decrease in stock-based compensation was the result of
forfeitures and decreases in expected achievement related to performance-based
stock awards.The increase in sales, general and administrative expense for 2021 compared to
2020 was primarily driven by an increase in stock-based compensation costs of
$7.6 million, increased headcount and compensation costs, and increased
professional fees.27
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Restructuring
Restrukturyzacja w 2022 r. obejmowała (w tys.):
Year Ended December 31,
2022
Employee termination costs $ 1,271
Write-off of long-lived assets 2,566
Other 55
$ 3,892During the fourth quarter of 2022, we implemented a restructuring plan which
included headcount reductions in both the U.S. and China, and the write-down of
certain in-process capital equipment projects related to production capacity
that were never completed or placed into service. There were no restructuring
charges in 2021 or 2020.
Przychody (wydatki) z tytułu odsetek netto
Przychody (koszty) odsetkowe netto kształtowały się następująco (w tys.):
Year Ended December 31,
Zmiana
2022 2021 Amount %
Interest income (expense), net $ 529 $ (163) $ 692 424.5Year Ended December 31, Change
2021 2020 Amount %
Interest income (expense), net $ (163) $ 78
$ (241) (309,0)
The increase in net interest income for 2022 compared to 2021 was driven by
increases in interest rates and the investment in marketable securities during
the second quarter of 2022, as well as the payoff of our long-term debt in the
third quarter of 2021.The higher net interest expense for 2021 compared to 2020 was primarily
attributable to an increase in bank charges and changes in the market rates on
money market funds, offset partially by the March 2021 cash proceeds from our
public offering of stock.Other Income, net
Year Ended December 31, Change
2022 2021 Amount %
Other income, net $ 338 $ 336 $ 2 0.6Year Ended December 31, Change
2021 2020 Amount %
Other income, net $ 336 $ 378 $ (42) 11.1
Zmiany pozostałych dochodów netto w 2022 r. w stosunku do 2021 r. i 2021 r. w stosunku do
2020 r., wynikają przede wszystkim ze zmian w zrealizowanych i niezrealizowanych kwotach netto
transakcje walutowe wynikające z wahań kursów walut.
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Income Tax Expense (Benefit)Year Ended December 31, Change
2022 2021 Amount %
Income tax expense (benefit) $ 344 $ (375) $ 719 191.7Year Ended December 31, Change
2021 2020 Amount %
Income tax expense (benefit) $ (375) $ 340
(715) (210,3) $ (715)
We record income tax expense for taxes in our foreign jurisdictions including
Finland, Italy, and South Korea. While our tax expense is largely dependent on
the geographic mix of earnings related to our foreign operations, we also record
tax expense for uncertain tax positions taken and associated penalties and
interest. We consider all available evidence, both positive and negative, in
assessing the extent to which a valuation allowance should be applied against
our deferred tax assets. Due to the uncertainty with respect to their ultimate
realizability in the United States, Austria, and China, we continue to maintain
a full valuation allowance in these jurisdictions as of December 31, 2022. Our
effective tax rate may vary from period to period based on changes in estimated
taxable income or loss by jurisdiction, changes to the valuation allowance,
changes to U.S. federal, state or foreign tax laws, future expansion into areas
with varying country, state, and local income tax rates and deductibility of
certain costs and expenses by jurisdiction.The increase in income tax expense for 2022 compared to 2021 was driven by a
discrete tax benefit related to return to provision true ups and expiring
statutes of limitations of unrecognized tax positions recorded in the second
quarter of 2021.The tax benefit for 2021 was primarily related to the release of tax expense,
interest and penalties associated with uncertain tax positions for which
statutes of limitations have expired and prior year true ups in foreign
jurisdictions. Our 2021 tax benefit was impacted by the geographic location of
our pre-tax book income and was primarily related to our operations in Finland
and foreign withholding taxes on undistributed earnings.
Płynność i zasoby kapitałowe
Na dzień mieliśmy środki pieniężne i ich ekwiwalenty w wysokości 57,8 mln USD i 146,5 mln USD
odpowiednio 31 grudnia 2022 i 2021 roku. Ponadto mieliśmy zbywalne
papiery wartościowe o wartości 50,4 mln USD na dzień 31 grudnia 2022 r. Razem gotówka, gotówka
ekwiwalenty i zbywalne papiery wartościowe wyniosły 108,2 mln USD na dzień 31 grudnia,
2022.
For the year ended December 31, 2022, our principal uses of liquidity were to
fund operating activities, acquire plant and equipment and tax payments related
to stock award issuances. The primary source of cash was collections from
customers.We believe our existing sources of liquidity will be sufficient to meet our
working capital and capital expenditure needs for at least the next 12 months.
Our future capital requirements may vary materially from period to period and
will depend on many factors, including the timing and extent of spending on
research and development efforts, the expansion of sales and marketing
activities, the continuing market acceptance of our products and ongoing
investments to support the growth of our business. We may in the future enter
into arrangements to acquire or invest in complementary businesses, services,
technologies and intellectual property rights. From time to time, we may explore
additional financing sources which could include equity, equitylinked and debt
financing arrangements.29
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The following table summarizes our cash flows for the periods presented (in
thousands):Year Ended December 31,
2022 2021 2020
Środki pieniężne netto (wykorzystane w) z działalności operacyjnej (14 542) USD (7 443) 13 041 USD
Środki pieniężne netto wykorzystane w działalności inwestycyjnej
(72,381) (21,853) (24,539)
Net cash (used in) provided by financing activities (1,306) 73,742 (3,767)
Effect of exchange rate changes on cash (477) (235) 545
Net increase (decrease) in cash, cash equivalents,
and restricted cash $ (88,706) $ 44,211 $ (14,720)
Środki pieniężne netto (wykorzystane w) pochodzące z działalności operacyjnej
During the year ended December 31, 2022, net cash used in operating activities
was $14.5 million, which was the result of a $54.6 million net loss and use of
cash for working capital of $8.2 million, offset partially by noncash expenses
totaling $48.3 million related primarily to depreciation, amortization, and
stock-based compensation. Changes in working capital were driven by a $5.9
million decrease in accounts payable and a $4.6 million decrease in inventory.During the year ended December 31, 2021, net cash used in operating activities
was $7.4 million, which was primarily driven by $29.7 million of net loss and
use of cash for working capital of $33.7 million, partially offset by non-cash
expenses totaling $56.0 million related to depreciation and amortization,
stock-based compensation, and other items. Changes in working capital were
driven by a $19.0 million increase in inventory, a $9.5 million increase in
accounts receivable and a $3.6 million increase in prepaid expenses and other
current assets.
Środki pieniężne netto wykorzystane w działalności inwestycyjnej
During the year ended December 31, 2022, net cash used in investing activities
was $72.4 million, including the net purchase of $50.0 million of marketable
securities and $21.4 million of capital expenditures related to investments in
directed energy, manufacturing equipment and facilities.
W roku zakończonym 31 grudnia 2021 r. środki pieniężne netto wykorzystane w działalności inwestycyjnej
wyniosła 21,9 mln USD, w tym 19,3 mln USD związanych z nakładami inwestycyjnymi
przede wszystkim na inwestycje w sprzęt produkcyjny i ulepszenia naszych
obiekt korporacyjny.
Środki pieniężne netto (wykorzystane w) pochodzące z działalności finansowej
During the year ended December 31, 2022, net cash used in financing activities
was $1.3 million, which was primarily driven by $4.9 million of withholding tax
payments related to the vesting of stock awards, partially offset by $3.6
million of proceeds from stock options exercises and employee stock plan
purchases.During the year ended December 31, 2021, net cash provided by financing
activities was $73.7 million, which was primarily driven by our follow-on public
offering of $82.4 million, net of offering costs, and $2.7 million of proceeds
from stock options exercised and employee stock plan purchases, partially offset
by $10.6 million of withholding tax payments related to vesting of restricted
stock awards.Credit Facilities
Mamy odnawialną linię kredytową (LOC) o wartości 40,0 mln USD z Pacific Western
Banku z dnia 24 września 2018 r., który jest zabezpieczony naszym majątkiem i wygasa
24 września 2024 r.
The LOC agreement contains restrictive and financial covenants and bears an
unused credit fee of 0.20% on an annualized basis. The interest rate on the LOC
is based on the Prime rate, minus a margin based on our liquidity levels. No
amounts were outstanding under the LOC at December 31, 2022 and 2021 and we were
in compliance with all covenants.30
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Contractual ObligationsThe following table sets forth a summary of our significant contractual
obligations to make future payments in cash as of December 31, 2022 (in
thousands):Payments Due by Year
2023 2024 2025 2026 2027 Thereafter Total
Purchase commitments $ 47,308 $ - $ - $ - $ - $ - $ 47,308
Lease obligations 3,235 2,848 2,037 1,654 1,655 6,806 18,235Total $ 50,543 $ 2,848 $ 2,037 $ 1,654 $ 1,655 $ 6,806 $ 65,543
Najważniejsze zasady rachunkowości i znaczące szacunki
Our discussion and analysis of our financial condition and results of operations
are based upon our consolidated financial statements, which have been prepared
in accordance with generally accepted accounting principles in the United States
of America (GAAP). The preparation of these financial statements requires us to
make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
net revenue and expenses in the reporting period. Our accounting policies are
fundamental to understanding our financial condition and results of operations
reported in our financial statements and related disclosures. We have identified
the following accounting policies as being critical because they require our
management to make particularly difficult, subjective and/or complex judgments
about the effect of matters that are inherently uncertain.
Rozpoznawanie przychodów
We recognize revenue upon transferring control of products and services and the
amounts recognized reflect the consideration we expect to be entitled to receive
in exchange for these products and services. We consider customer purchase
orders, which in some cases are governed by master sales agreements, to be the
contracts with a customer. As part of our consideration of the contract, we
evaluate certain factors, including the customer's ability to pay (or credit
risk). For each contract, we consider the promise to transfer products, each of
which is distinct, as the identified performance obligations.We allocate the transaction price to each distinct product based on its relative
standalone selling price. Master sales agreements or purchase orders from
customers could include a single product or multiple products. Regardless, the
contracted price with the customer is agreed to at the individual product level
outlined in the customer contract or purchase order. We do not bundle prices;
however, we do negotiate with customers on pricing for the same products based
on a variety of factors (e.g., level of contractual volume). We have concluded
that the prices negotiated with each individual customer are representative of
the stand-alone selling price of the product.We often receive orders with multiple delivery dates that may extend across
several reporting periods. We allocate the transaction price of the contract to
each delivery based on the product standalone selling price and invoice for each
scheduled delivery upon shipment or delivery and recognize revenues for such
delivery at the point when transfer of control has occurred. As scheduled
delivery dates are generally within one year, under the optional exemption
provided by ASC 606-10-50-14a revenues allocated to future shipments of
partially completed contracts are not disclosed as performance obligations for
point in time revenue. Further, the Company recognizes over time revenue as per
ASC 606-10-55-18 (invoice practical expedient) for its cost plus contracts and,
accordingly, elects not to disclose information related to those performance
obligations under ASC 606-10-50-14b.Rights of return generally are not included in customer contracts. Accordingly,
product revenue is recognized upon transfer of control at shipment or delivery,
as applicable. Rights of return are evaluated as they occur.Revenues recognized at a point in time consist of sales of semiconductor lasers,
fiber lasers and other related products. Revenues recognized over time generally
consist of development arrangements that are structured based on our costs
incurred. Because control transfers over time, revenue is recognized based on
the extent of progress towards completion of the performance obligation. We
generally use the cost-to-cost measure of progress for our contracts because it
best depicts the transfer of control to the customer. Billing under these
arrangements generally occurs within one month after the work is completed.
Wycena zapasów
Inventory is stated at the lower of average cost (principally standard cost,
which approximates actual cost on a first-in, first-out basis) and net
realizable value. Inventory includes raw materials and components that may be
specialized in nature and subject to obsolescence. On a quarterly basis, we
review inventory quantities on hand in comparison to our past consumption,
recent purchases, and other factors to determine what inventory quantities, if
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any, may not be sellable. Based on this analysis, we write down the affected
inventory value for estimated excess and obsolescence charges. At the point of
loss recognition, a new, lower-cost basis for that inventory is established, and
subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.
Inflacja
While we do not believe that inflation had a material effect on our business,
financial condition or results of operations during the year ended December 31,
2022, we experienced higher than expected increases in wages and other
compensation costs, materials, and shipping costs during 2022. We expect these
increases will continue to impact our cost structure. If our costs become
subject to significant inflationary pressures, we may not be able to fully
offset such higher costs through price increases. Our inability or failure to do
so could materially adversely affect our business, financial condition and
results of operations.
Najnowsze komunikaty księgowe
Patrz Nota 1 Not do Skonsolidowanego Sprawozdania Finansowego.
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