RingCentral Inc
For the period ended Dec 31, 2023. Filed Feb 22, 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 Feb 22, 2024
RNG$73.32+0.7%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
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net loss | $(165,240) | $(879,166) | $(376,250) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 233,940 | 246,561 | 125,292 |
| Share-based compensation | 426,679 | 386,009 | 357,965 |
| Unrealized loss on investments | 1,506 | 203,483 | 14,611 |
| Asset write-down and other charges | — | 305,351 | — |
| Amortization of deferred and prepaid sales commission costs | 138,134 | 115,184 | 74,165 |
| Amortization of debt discount and issuance costs | 4,566 | 4,468 | 64,063 |
| Loss (gain) on early extinguishment of debt | (53,400) | — | 1,736 |
| Repayment of convertible notes attributable to debt discount | — | — | (10,131) |
| Reduction of operating lease right-of-use assets | 20,469 | 19,907 | 18,025 |
| Provision for bad debt | 6,852 | 9,367 | 8,132 |
| Other | 1,486 | 4,327 | 809 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (57,819) | (87,843) | (64,940) |
| Deferred and prepaid sales commission costs | (156,734) | (235,869) | (178,358) |
| Prepaid expenses and other assets | 14,492 | 3,812 | 9,111 |
| Accounts payable | (21,213) | (6,166) | 17,852 |
| Accrued and other liabilities | 9,101 | 89,473 | 74,517 |
| Deferred revenue | 17,681 | 33,275 | 34,227 |
| Operating lease liabilities | (20,838) | (20,868) | (18,675) |
| Net cash provided by operating activities | 399,662 | 191,305 | 152,151 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (23,513) | (32,713) | (28,959) |
| Capitalized internal-use software | (52,227) | (53,730) | (43,692) |
| Cash paid for business combination, net of cash acquired | (14,709) | — | — |
| Purchases of intangible assets and long-term investments | — | (3,990) | (324,178) |
| Proceeds from sale of marketable equity investments | — | 3,223 | — |
| Net cash used in investing activities | (90,449) | (87,210) | (396,829) |
| Cash flows from financing activities | |||
| Proceeds from issuance of stock in connection with stock plans | 16,687 | 15,855 | 36,721 |
| Payments for taxes related to net share settlement of equity awards | (9,062) | (7,598) | (21,549) |
| Payments for repurchase of common stock | (311,088) | (99,793) | — |
| Proceeds from issuance of long-term debt, net of issuance costs | 785,749 | — | — |
| Proceeds from series A convertible preferred stock, net of issuance costs | — | — | 199,449 |
| Payments for the repurchase of convertible notes | (820,960) | — | (333,632) |
| Repayments of principal on term loan | (10,000) | — | — |
| Repayment of financing obligations | (5,777) | (4,815) | (4,160) |
| Payment for contingent consideration | (3,567) | (1,867) | (3,880) |
| Net cash used in financing activities | (358,018) | (98,218) | (127,051) |
| Effect of exchange rate changes | 1,016 | (3,055) | (962) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (47,789) | 2,822 | (372,691) |
| Cash, cash equivalents, and restricted cash | |||
| Beginning of year | 269,984 | 267,162 | 639,853 |
| End of year | $222,195 | $269,984 | $267,162 |
| Supplemental disclosure of cash flow data: | |||
| Cash paid for interest, net of interest rate swap | $16,629 | $347 | $309 |
| Cash paid for income taxes, net of refunds | $10,940 | $3,726 | $1,388 |
| Non-cash investing and financing activities | |||
| Common stock issued in connection with strategic partnership arrangement | $55,014 | $— | $— |
| Common stock issued for acquisition of intangible assets | $— | $— | $302,600 |
| Contingent consideration | $7,461 | $— | $50,000 |
| Equipment and capitalized internal-use software purchased and unpaid at period end | $3,953 | $6,808 | $7,343 |
| Acquisition of intangibles | $3,629 | $— | $— |
| Equipment acquired under financing obligations | $2,997 | $— | $6,898 |
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