Outbrain Inc
For the period ended Dec 31, 2023. Filed Mar 8, 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 8, 2024
TEAD$0.19-0.6%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 income (loss) | $10,242 | $(24,581) | $10,995 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| (Gain) loss on convertible debt | (22,594) | — | 42,049 |
| Stock-based compensation | 12,141 | 11,660 | 26,307 |
| Depreciation and amortization of property and equipment | 6,915 | 11,125 | 7,499 |
| Amortization of capitalized software development costs | 9,633 | 9,540 | 8,441 |
| Amortization of intangible assets | 4,154 | 6,254 | 3,530 |
| Provision for credit losses | 8,008 | 3,291 | 2,647 |
| Non-cash operating lease expense | 4,453 | 4,309 | — |
| Deferred income taxes | (4,312) | (3,853) | (31,810) |
| Amortization of discount on marketable securities | (3,604) | (1,975) | — |
| Other | (717) | (644) | 3,433 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (12,946) | 5,283 | (31,496) |
| Prepaid expenses and other current assets | 843 | (18,419) | (9,975) |
| Accounts payable and other current liabilities | (1,228) | 7,965 | 36,106 |
| Operating lease liabilities | (4,297) | (4,246) | — |
| Deferred revenue | 1,621 | 2,184 | (667) |
| Other non-current assets and liabilities | 5,434 | (4,080) | (10,297) |
| Net cash provided by operating activities | 13,746 | 3,813 | 56,762 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Acquisition of business, net of cash acquired | (389) | (45,151) | — |
| Purchases of property and equipment | (10,127) | (13,375) | (9,743) |
| Capitalized software development costs | (10,107) | (12,569) | (10,311) |
| Purchases of marketable securities | (131,543) | (262,171) | — |
| Proceeds from maturities of marketable securities | 221,878 | 15,500 | — |
| Other | (72) | (132) | (47) |
| Net cash provided by (used in) investing activities | 69,640 | (317,898) | (20,101) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Repayment of long-term debt obligations | (96,170) | — | — |
| Treasury stock repurchases and share withholdings on vested awards | (18,521) | (32,664) | (14,154) |
| Principal payments on finance lease obligations | (1,830) | (3,190) | (4,340) |
| Proceeds from exercise of common stock options and warrants | — | 4,155 | 5,939 |
| Proceeds from IPO issuance of common stock, net of underwriting costs | — | — | 148,800 |
| Payment of initial public offering transaction costs | — | — | (3,695) |
| Proceeds from issuance of debt | — | — | 200,000 |
| Payment of deferred financing costs | — | — | (6,656) |
| Payment of contingent consideration liability up to acquisition-date fair value | (547) | — | — |
| Net cash (used in) provided by financing activities | (117,068) | (31,699) | 325,894 |
| Effect of exchange rate changes | (1,004) | (4,043) | (1,030) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (34,686) | (349,827) | 361,525 |
| Cash, cash equivalents and restricted cash — Beginning | 105,765 | 455,592 | 94,067 |
| Cash, cash equivalents and restricted cash — Ending | $71,079 | $105,765 | $455,592 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS | |||
| Cash and cash equivalents | $70,889 | $105,580 | $455,397 |
| Restricted cash, included in other assets | $190 | $185 | $195 |
| Total cash, cash equivalents, and restricted cash | $71,079 | $105,765 | $455,592 |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes, net of refunds | $8,599 | $6,887 | $6,742 |
| Cash paid for interest | $6,027 | $7,463 | $587 |
| SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Acquisition consideration payable | $181 | $1,476 | $— |
| Operating lease right-of-use assets obtained in exchange for lease obligations | $5,061 | $1,247 | $— |
| Purchases of property and equipment included in accounts payable | $1,094 | $2,723 | $15 |
| Stock-based compensation capitalized for software development costs | $555 | $883 | $195 |
| Stock consideration issued for acquisition of a business | $— | $4,190 | $— |
| Conversion of preferred stock to common stock | $— | $— | $162,444 |
| Property and equipment financed under capital obligation arrangements | $— | $— | $1,837 |
| Unpaid deferred financing costs in accounts payable and accrued expenses | $— | $— | $28 |
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