Penumbra Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
PEN$321.46-0.1%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
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $90,954 | $(2,002) | $2,623 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 27,257 | 24,321 | 16,408 |
| Stock-based compensation | 50,516 | 37,378 | 65,763 |
| Inventory write-offs and write-downs | 6,198 | 3,445 | 2,818 |
| Deferred taxes | (19,061) | 1,458 | (14,091) |
| Acquired in-process research and development | 18,215 | — | — |
| Other | 2,338 | 1,274 | 2,692 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (266) | (69,857) | (21,344) |
| Inventories | (67,710) | (74,631) | (51,554) |
| Prepaid expenses and other current and non-current assets | (18,909) | (1,237) | (13,032) |
| Accounts payable | 1,097 | 13,385 | (1,565) |
| Accrued expenses and other non-current liabilities | 6,221 | 10,542 | 17,076 |
| Proceeds from lease incentives | 483 | 263 | 3,708 |
| Net cash provided by (used in) operating activities | 97,333 | (55,661) | 9,502 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Asset acquisition, net of cash acquired | (988) | — | — |
| Cash acquired in a business combination | — | — | 2,919 |
| Purchases of marketable investments | (81,940) | — | (126,794) |
| Proceeds from sales of marketable investments | — | 1,180 | 2,000 |
| Proceeds from maturities of marketable investments | 82,565 | 72,908 | 121,720 |
| Purchases of property and equipment | (15,213) | (19,298) | (21,180) |
| Other | (500) | — | (400) |
| Net cash (used in) provided by investing activities | (16,076) | 54,790 | (21,735) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from exercises of stock options | 5,517 | 7,786 | 4,664 |
| Proceeds from issuance of stock under employee stock purchase plan | 14,896 | 13,766 | 13,705 |
| Payment of employee taxes related to vested common and restricted stock | (2,074) | (8,042) | (15,832) |
| Payments of finance lease obligations | (1,981) | (1,751) | (1,451) |
| Other | (155) | (137) | (250) |
| Net cash provided by financing activities | 16,203 | 11,622 | 836 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 168 | (272) | 1,106 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 97,628 | 10,479 | (10,291) |
| CASH AND CASH EQUIVALENTS—Beginning of period | 69,858 | 59,379 | 69,670 |
| CASH AND CASH EQUIVALENTS—End of period | $167,486 | $69,858 | $59,379 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes | $6,557 | $2,919 | $1,496 |
| NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Right-of-use assets obtained in exchange for operating lease obligations | $9,339 | $72,279 | $101,510 |
| Right-of-use assets obtained in exchange for finance lease obligations | 1,118 | 305 | 1,346 |
| Fair value of common stock issued as consideration in connection with an acquisition (Note 6 and Note 5, respectively) | 17,227 | — | 174,133 |
| Fair value of replacement options issued as consideration in connection with an acquisition (Note 5) | — | — | 80,693 |
| Purchase of property and equipment funded through accounts payable and accrued liabilities | 1,182 | 2,293 | 2,330 |
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