SmartRent Inc
For the period ended Dec 31, 2023. Filed Mar 5, 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 Mar 5, 2024
SMRT$1.61-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| For the years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net loss | $(34,587) | $(96,322) | $(71,961) |
| Adjustments to reconcile net loss to net cash used by operating activities | |||
| Depreciation and amortization | 5,533 | 4,262 | 463 |
| Amortization of debt discount | - | - | 14 |
| Asset Impairment | - | 4,441 | - |
| Non-employee warrant expense | (193) | 289 | 931 |
| Provision for warranty expense | 2,135 | (784) | 7,634 |
| Loss on extinguishment of debt | - | - | 27 |
| Non-cash lease expense | 1,104 | 1,405 | 621 |
| Stock-based compensation related to acquisition | 109 | 811 | 812 |
| Stock-based compensation | 13,162 | 12,905 | 7,319 |
| Compensation expense related to acquisition | 2,057 | 5,042 | - |
| Change in fair value of earnout related to acquisition | 412 | 310 | - |
| Deferred tax benefit | - | (5,720) | - |
| Non-cash interest expense | 139 | 107 | 11 |
| Provision for excess and obsolete inventory | 2,494 | 117 | (39) |
| Provision for doubtful accounts | 819 | 242 | 226 |
| Change in operating assets and liabilities | |||
| Accounts receivable | (177) | (15,943) | (23,969) |
| Inventory | 31,689 | (42,811) | (15,778) |
| Deferred cost of revenue | 13,003 | (9,880) | (9,315) |
| Prepaid expenses and other assets | 838 | 5,570 | (11,284) |
| Accounts payable | (3,484) | 12,446 | 3,811 |
| Accrued expenses and other liabilities | (11,046) | 3,243 | 1,605 |
| Deferred revenue | (16,800) | 43,691 | 38,945 |
| Lease liabilities | (1,226) | (1,254) | (449) |
| Net cash provided by (used in) operating activities | 5,981 | (77,833) | (70,376) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Payments for SightPlan acquisition, net of cash acquired | - | (129,676) | - |
| Payments for iQuue acquisition, net of cash acquired | - | - | (5,902) |
| Payments for investment in non-affiliate | (2,250) | - | - |
| Purchase of property and equipment | (147) | (1,113) | (1,471) |
| Payment for loan receivable | - | - | (2,000) |
| Capitalized software costs | (3,626) | (3,204) | - |
| Net cash used in investing activities | (6,023) | (133,993) | (9,373) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Payment on term loan | - | - | (4,861) |
| Payments of senior revolving facility transaction costs | - | - | (658) |
| Proceeds from warrant exercise | - | 3 | 5 |
| Proceeds from options exercise | 913 | 186 | - |
| Proceeds from ESPP purchases | 809 | 1,125 | - |
| Taxes paid related to net share settlements of stock-based compensation awards | (1,925) | (4,045) | - |
| Convertible preferred stock issued | - | - | 35,000 |
| Payments of convertible stock transaction costs | - | - | (207) |
| Proceeds from business combination and private offering | - | - | 500,628 |
| Payments for business combination and private offering transaction costs | - | (70) | (55,981) |
| Payment of earnout related to acquisition | (1,702) | - | - |
| Net cash (used in) provided by financing activities | (1,905) | (2,801) | 473,926 |
| Effect of exchange rate changes on cash and cash equivalents | (57) | (264) | (191) |
| Net decrease (increase) in cash, cash equivalents, and restricted cash | (2,004) | (214,891) | 393,986 |
| Cash, cash equivalents, and restricted cash - beginning of period | 217,713 | 432,604 | 38,618 |
| Cash, cash equivalents, and restricted cash - end of period | $215,709 | $217,713 | $432,604 |
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
| Cash and cash equivalents | $215,214 | $210,409 | $430,841 |
| Restricted cash, current portion | 495 | 7,057 | 1,268 |
| Restricted cash, included in other long-term assets | - | 247 | 495 |
| Total cash, cash equivalents, and restricted cash | $215,709 | $217,713 | $432,604 |
| See accompanying Notes to Consolidated Financial Statements. | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
| For the years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow information | |||
| Interest paid | $97 | $146 | $254 |
| Cash paid for income taxes | 78 | 197 | 14 |
| Schedule of non-cash investing and financing activities | |||
| Accrued property and equipment at period end | 9 | 110 | 25 |
| Contingent consideration | - | - | 5,230 |
| Acquisition consideration held in escrow | - | - | 1,021 |
| Conversion of convertible preferred stock to common stock | - | - | 146,225 |
| See accompanying Notes to Consolidated Financial Statements. | |||
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