AXT, Inc. (AXTI) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	55	95	104	88	85	83	78	81	99	102	83	95	137	141	76
+ Sales & Services Revenue	55	95	104	88	85	83	78	81	99	102	83	95	137	141	76
- Cost of Revenue	41	59	59	64	74	66	61	55	64	65	58	65	90	89	62
+ Cost of Goods & Services	41	59	59	64	74	66	61	55	64	65	58	65	90	89	62
Gross Profit	14	36	45	25	12	17	17	26	34	37	25	30	47	52	13
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	15	16	17	19	19	19	22	20	22	25	24	23	33	38	32
+ Selling, General & Admin	13	14	15	15	16	15	16	14	17	19	19	19	24	26	23
+ Research & Development	2	2	2	3	3	4	6	6	5	6	6	7	10	14	12
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-4	-1	-2	-3
Operating Income (Loss)	-1	20	27	6	-8	-2	-5	7	13	12	- -	8	14	14	-19
- Non-Operating (Income) Loss	- -	-3	-1	-1	-1	-1	-3	1	2	- -	2	1	-4	-7	- -
+ Interest Expense, Net	- -	- -	- -	-1	- -	- -	- -	- -	- -	-1	- -	- -	- -	1	2
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	2
- Interest Income	- -	- -	- -	1	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	-2	-1	-1	-1	-1	-2	1	2	1	2	- -	-4	-8	-2
Pretax Income	-1	23	29	7	-7	- -	-2	6	11	12	-1	7	18	21	-19
- Income Tax Expense (Benefit)	- -	2	3	1	- -	- -	1	1	1	1	1	2	1	2	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-2	20	26	6	-7	-1	-3	5	10	11	-2	5	17	19	-19
- Net Extraordinary Losses (Gains)	1	3	11	6	2	1	-1	-1	- -	3	2	4	4	6	-3
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	1	3	11	6	2	1	-1	-1	- -	3	2	4	4	6	-3
Income (Loss) Incl. MI	-2	17	15	- -	-9	-2	-2	6	10	8	-4	1	13	13	-17
- Minority Interest	- -	-2	-6	-3	-1	-1	- -	1	- -	-1	-1	-2	-2	-3	1
Net Income, GAAP	-2	19	20	3	-8	-1	-2	6	10	10	-3	3	15	16	-18
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-2	18	20	3	-8	-2	-2	5	10	9	-3	3	14	16	-18
Basic Weighted Avg Shares	30	31	32	32	33	32	32	32	37	39	39	40	41	42	43
Basic EPS, GAAP	-0.06	0.6	0.63	0.09	-0.25	-0.05	-0.07	0.17	0.27	0.24	-0.07	0.08	0.35	0.37	-0.42
Basic EPS from Cont Ops	-0.05	0.66	0.81	0.19	-0.21	-0.02	-0.08	0.15	0.27	0.28	-0.04	0.13	0.4	0.45	-0.45
Diluted Weighted Avg Shares	30	33	33	33	33	32	32	33	39	40	39	41	43	43	43
Diluted EPS, GAAP	-0.06	0.57	0.61	0.09	-0.25	-0.05	-0.07	0.17	0.26	0.24	-0.07	0.07	0.34	0.37	-0.42
Diluted EPS from Cont Ops	-0.05	0.63	0.78	0.19	-0.21	-0.02	-0.08	0.15	0.26	0.27	-0.04	0.12	0.39	0.44	-0.45
EBITDA	2	23	31	10	-2	4	1	12	17	17	6	12	21	22	-10
EBITDA Margin (%)	3.56	24.19	29.66	11.19	-2.57	4.42	0.77	14.16	17.29	16.62	7.24	12.66	15.36	15.86	-13.58
EBITA	-1	20	27	6	-8	-2	-5	7	13	12	- -	8	14	14	-19
EBIT	-1	20	27	6	-8	-2	-5	7	13	12	- -	8	14	14	-19
Gross Margin (%)	25.05	38.22	43.01	28.12	13.86	20.56	21.71	32.43	34.94	36.18	29.82	31.75	34.51	36.93	17.57
Operating Margin (%)	-1.97	21.14	26.39	6.75	-8.98	-2.33	-6.32	8.18	12.81	11.86	0.59	8.12	10.21	10.11	-25.08
Profit Margin (%)	-3.43	19.53	19.52	3.52	-9.33	-1.66	-2.87	6.93	10.28	9.43	-3.12	3.4	10.61	11.2	-23.59
Sales per Employee	50,746	73,343	79,603	68,827	67,996	114,539	74,165	81,840	97,311	94,812	84,267	121,634	136,303	131,151	75,871
Dividend per Share	0.03	0.02	0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	3	3	3	4	5	6	5	5	4	5	6	4	7	8	9

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	81	97	103	106	100	103	97	107	141	129	113	165	160	184	171
+ Cash, Cash Equivalents & STI	35	34	32	41	37	41	36	48	64	39	36	73	42	44	40
+ Cash & Cash Equivalents	17	24	26	31	25	29	25	36	44	17	27	73	37	35	38
+ ST Investments	18	10	6	10	12	12	11	11	20	22	9	- -	5	9	2
+ Accounts & Notes Receiv	15	23	18	20	15	18	18	14	23	20	19	25	35	29	19
+ Accounts Receivable, Net	15	23	18	18	15	18	18	14	23	20	19	25	35	29	19
+ Notes Receivable, Net	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	28	36	46	40	39	39	38	40	46	59	49	52	66	90	87
+ Raw Materials	12	16	25	20	21	19	20	17	24	27	21	25	30	46	33
+ Work In Process	12	16	16	16	14	16	16	20	20	28	25	24	33	40	50
+ Finished Goods	4	4	5	5	4	3	2	2	2	3	4	3	4	3	4
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	2	4	7	5	8	5	4	5	8	12	9	16	17	20	25
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	27	43	59	61	64	58	55	47	71	95	110	134	172	187	188
+ Property, Plant & Equip, Net	21	24	34	37	38	34	31	28	47	82	100	119	145	163	169
+ Property, Plant & Equip	46	53	66	73	79	79	80	78	103	140	154	176	209	227	241
- Accumulated Depreciation	25	29	32	36	41	45	49	51	57	58	54	58	64	64	71
+ LT Investments & Receivables	- -	7	9	9	10	8	8	6	22	9	6	12	20	17	12
+ LT Investments	- -	7	9	9	10	8	8	6	22	9	6	12	20	17	12
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	6	12	16	15	17	17	16	13	2	4	4	4	8	7	6
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	2	2	2	2
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	2	2	2	2
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	6	12	16	15	17	17	16	13	1	3	3	2	6	5	5
Total Assets	108	140	162	168	164	162	152	154	211	224	223	299	332	370	359
+ Payables & Accruals	10	15	9	11	14	12	11	13	18	24	18	23	27	22	24
+ Accounts Payable	6	7	3	6	8	7	6	7	11	13	10	13	17	10	10
+ Accrued Taxes	- -	- -	- -	1	- -	- -	- -	- -	1	- -	- -	1	1	2	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	4	8	5	4	5	5	4	6	6	10	7	10	9	11	14
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	11	15	48	53
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	10	14	47	53
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	2	2	2	3	2	3	4	5	4	5	6	5	4
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	1	1	- -	- -	1	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	2	2	2	3	2	3	3	4	3	5	5	5	4
Total Current Liabilities	10	15	11	13	15	15	13	16	23	29	28	39	48	75	82
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	2	2	1	2
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	2	2	1	2
+ Other LT Liabilities	- -	6	5	4	3	2	1	1	- -	- -	- -	2	2	4	6
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	6	5	4	3	2	1	1	- -	- -	- -	2	2	4	6
Total Noncurrent Liabilities	- -	6	5	4	3	2	1	1	- -	- -	3	4	4	5	8
Total Liabilities	11	20	15	17	18	17	14	17	23	29	31	43	52	80	90
+ Preferred Equity and Hybrid Capital	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
+ Share Capital & APIC	188	190	192	193	194	195	195	194	232	234	237	230	232	235	238
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	188	190	192	193	194	195	195	194	232	234	237	230	232	235	238
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-101	-82	-62	-59	-67	-68	-71	-65	-55	-45	-48	-45	-30	-14	-32
+ Other Equity	4	5	6	6	9	8	4	- -	3	-2	-5	3	6	-3	-6
Equity Before Minority Interest	95	116	139	144	140	138	132	133	184	191	188	193	212	222	204
+ Minority/Non Controlling Interest	3	4	8	7	6	6	6	4	4	4	5	63	69	68	65
Total Equity	97	120	147	151	146	145	138	137	188	195	193	256	280	290	269
Total Liabilities & Equity	108	140	162	168	164	162	152	154	211	224	223	299	332	370	359
Shares Outstanding	31	32	32	32	33	33	33	33	39	40	41	42	43	44	44
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	2	2	3
Net Debt	-16	-24	-26	-31	-25	-29	-25	-36	-44	-17	-21	-62	-23	12	15
Net Debt to Equity	-16.9	-19.8	-17.79	-20.3	-17.15	-19.91	-18.08	-26.31	-23.55	-8.5	-10.97	-24.34	-8.08	4.19	5.64
Tangible Common Equity Ratio	86.82	82.9	88.32	87.94	86.69	87.39	88.24	86.78	87.42	85.38	84.65	84.23	83.13	77.22	73.92
Current Ratio	7.92	6.53	9.47	8.13	6.45	6.99	7.55	6.73	6.22	4.48	4.11	4.21	3.35	2.44	2.09
Cash Conversion Cycle	299.36	236.16	296.82	293.26	232.16	243.1	274.64	291.34	265.96	309.16	333.84	304.09	265.81	358.56	570.71
Number of Employees	1,091	1,302	1,308	1,284	1,255	729	1,045	994	1,014	1,080	988	784	1,008	1,076	999

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-2	20	26	6	-7	-1	-3	5	10	11	-2	5	17	19	-19
+ Depreciation & Amortization	3	3	3	4	5	6	5	5	4	5	6	4	7	8	9
+ Non-Cash Items	1	1	1	2	- -	-1	- -	3	3	3	5	3	3	- -	7
+ Stock-Based Compensation	1	1	1	1	1	1	1	1	1	2	2	3	5	4	4
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	1
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	- -	- -	1	-1	-2	-1	2	2	1	1	- -	-3	-5	3
+ Chg in Non-Cash Work Cap	2	-13	-12	9	4	- -	-2	- -	-9	-16	4	-6	-30	-35	7
+ (Inc) Dec in Accts Receiv	-4	-8	5	- -	2	-3	-1	3	-8	3	- -	-5	-10	5	9
+ (Inc) Dec in Inventories	7	-8	-10	6	1	- -	- -	-3	-5	-15	9	-1	-12	-31	1
+ (Inc) Dec in Prepaid Assets	1	-2	-3	2	-1	2	1	-1	-2	-5	3	-7	-1	-3	-1
+ Inc (Dec) in Accts Payable	-1	5	-4	3	1	- -	-2	1	6	3	-7	5	- -	-8	-2
+ Inc (Dec) in Other	-1	- -	- -	-1	- -	- -	- -	- -	- -	-2	-1	2	-7	3	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	5	11	18	21	3	3	2	13	9	3	13	6	-3	-9	3
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-2	-6	-13	-7	-5	-2	-4	-3	-21	-41	-22	-20	-30	-28	-10
+ Acq of Fixed Prod Assets	-2	-6	-13	-7	-5	-2	-4	-3	-21	-41	-22	-20	-30	-28	-10
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	1	1	2	-5	-2	2	1	2	-15	10	13	3	-9	3	8
+ Dec in LT Investment	4	20	16	7	12	14	14	14	15	20	22	9	- -	5	10
+ Inc in LT Investment	-3	-19	-14	-12	-15	-12	-13	-12	-30	-10	-9	-6	-10	-2	-3
+ Net Cash From Acq & Div	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	3	- -	-2	-1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	2	-5	-15	-13	-7	- -	-2	-1	-36	-31	-8	-16	-39	-25	-3
+ Dividends Paid	-1	-1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-3	-1	- -	- -	- -	- -	- -	- -	- -	- -	12	-2	-16	17	8
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	10	22	53	57
+ Repayments of Debt	-3	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	-12	-38	-36	-49
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	-1	- -	-2	1	2	- -	- -	48	-1	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	1	2	- -	- -	48	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	-1	- -	-2	- -	- -	- -	- -	- -	-1	- -	- -
+ Other Financing Activities	- -	2	1	-4	-2	- -	- -	- -	34	- -	-6	7	23	21	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-4	- -	-1	-4	-3	- -	-2	1	36	- -	6	53	6	38	9
Effect of Foreign Exchange Rates	- -	1	1	- -	1	- -	-1	-1	- -	- -	- -	4	1	1	-1
Net Changes in Cash	3	6	2	4	-6	4	-3	13	8	-27	11	42	-36	4	9
Capital Expenditures	-2	-6	-13	-7	-5	-2	-4	-3	-21	-41	-22	-20	-30	-28	-10
EBITDA	2	23	31	10	-2	4	1	12	17	17	6	12	21	22	-10
EBITDA Margin (%)	3.56	24.19	29.66	11.19	-2.57	4.42	0.77	14.16	17.29	16.62	7.24	12.66	15.36	15.86	-13.58
Net Cash Paid for Acquisitions	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	3	5	5	14	-2	2	-2	10	-13	-37	-9	-14	-33	-37	-7
Free Cash Flow to Firm	- -	5	5	14	- -	- -	- -	10	-13	-37	- -	-14	-33	-36	- -
Free Cash Flow to Equity	- -	3	5	14	-3	1	-2	10	-13	-37	2	-16	-49	-20	1
Free Cash Flow per Basic Share	0.09	0.15	0.16	0.44	-0.07	0.05	-0.07	0.3	-0.34	-0.96	-0.23	-0.35	-0.8	-0.88	-0.17
Price/Free Cash Flow	14.82	19.49	4.45	3.24	10.1	16.62	13.13	10.8	11.44	3.99	4.75	15.66	13.98	9.5	7.13
Cash Flow to Net Income	-2.46	0.59	0.89	6.85	-0.38	-2.52	-0.84	2.22	0.85	0.33	-4.87	1.81	-0.23	-0.55	-0.19

AXT, Inc.

AXTI US

3.70