Applied Digital Corp
For the period ended May 31, 2024. Filed Aug 30, 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.
FY2024 · Filed Aug 30, 2024
APLD$16.68-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands)
| Fiscal Year Ended | ||
|---|---|---|
| May 31, 2024 | May 31, 2023 | |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net loss | $(149,671) | $(45,606) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 79,360 | 7,614 |
| Stock-based compensation | 17,362 | 32,072 |
| Lease expense | 13,944 | — |
| Deferred income taxes | — | (540) |
| Loss on extinguishment of debt | 2,507 | 94 |
| Loss on legal settlement | 2,380 | — |
| Non cash interest expense | 5,214 | 410 |
| Loss on classification as held for sale | 15,417 | — |
| Loss on change in fair value of debt | 7,401 | — |
| Loss on change in fair value of related party debt | 13,812 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (3,765) | 145 |
| Prepaid expenses and other current assets | 899 | (766) |
| Other assets | 327 | 364 |
| Accounts payable | 41,840 | (13,750) |
| Accrued liabilities | 21,601 | 7,485 |
| Due to customer | 13,002 | — |
| Lease assets and liabilities | (47,479) | (446) |
| Customer deposits | (8,770) | 24,584 |
| Related party customer deposits | (2,261) | 2,261 |
| Deferred revenue | (9,494) | 44,245 |
| Related party deferred revenue | 168 | 569 |
| CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 13,794 | 58,735 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchases of property and equipment and other assets | (141,809) | (131,278) |
| Proceeds from sale of investment securities | — | — |
| Proceeds from sale of assets | 19,852 | — |
| Finance lease prepayments | (50,089) | — |
| Purchases of investments | (390) | (810) |
| CASH FLOW USED IN INVESTING ACTIVITIES | (172,436) | (132,088) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Repayment of finance leases | (59,967) | (3,353) |
| Borrowings of long-term debt | 116,554 | 45,650 |
| Borrowings of related party debt | 28,000 | 36,500 |
| Repayment of long-term debt | (21,714) | (10,032) |
| Repayment of related party debt | (45,500) | — |
| Payment of deferred financing costs | (320) | (567) |
| Payment of related party deferred financing costs | — | (1,548) |
| Proceeds from issuance of common stock, net of costs | 130,849 | — |
| Common stock issuance costs | (284) | — |
| Tax payments for restricted stock upon vesting | (861) | (168) |
| Noncontrolling interest contributions | — | 4,146 |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 146,757 | 70,628 |
| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (11,885) | (2,725) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 43,574 | 46,299 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $31,689 | $43,574 |
Consolidated Statements of Cash Flows (in thousands)continued
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
|---|---|---|
| Fiscal Year Ended | ||
| May 31, 2024 | May 31, 2023 | |
| Interest paid | $17,782 | $1,118 |
| Income taxes paid | $5 | $— |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | ||
| Operating right-of-use assets obtained by lease obligation | $159,153 | $— |
| Finance right-of-use assets obtained by lease obligation | $227,047 | $8,693 |
| Property and equipment in accounts payable and accrued liabilities | $85,019 | $9,384 |
| Extinguishment of non-controlling interest | $9,765 | $— |
| Conversion of debt to common stock | $52,060 | $— |
| Issuance of warrants, at fair value | $5,696 | $— |
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