Outbrain Inc

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 7, 2024

TEAD$0.19-0.6%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$(544)	$6,185
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Gain on convertible debt	(8,782)	(22,594)
Depreciation and amortization of property and equipment	4,654	5,195
Amortization of capitalized software development costs	7,281	7,261
Amortization of intangible assets	2,559	3,301
Amortization of discount on marketable securities	(1,839)	(2,875)
Stock-based compensation	11,487	9,153
Non-cash operating lease expense	3,825	3,361
Provision for credit losses	2,951	6,077
Deferred income taxes	(4,431)	(2,834)
Other	(618)	(234)
Changes in operating assets and liabilities:
Accounts receivable	31,434	3,993
Prepaid expenses and other current assets	9,121	(1,566)
Accounts payable and other current liabilities	(30,563)	(28,355)
Operating lease liabilities	(3,869)	(3,279)
Deferred revenue	(2,051)	97
Other non-current assets and liabilities	5,283	5,383
Net cash provided by (used in) operating activities	25,898	(11,731)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired	(181)	(312)
Purchases of property and equipment	(4,668)	(7,870)
Capitalized software development costs	(7,592)	(7,864)
Purchases of marketable securities	(56,166)	(86,885)
Proceeds from sales and maturities of marketable securities	144,257	186,650
Other	(81)	(9)
Net cash provided by investing activities	75,569	83,710
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt obligations	(109,740)	(96,170)
Payment of deferred financing costs	(501)	—
Treasury stock repurchases and share withholdings on vested awards	(6,390)	(13,251)
Principal payments on finance lease obligations	(263)	(1,477)
Payment of contingent consideration liability up to acquisition-date fair value	—	(547)
Net cash used in financing activities	(116,894)	(111,445)
Effect of exchange rate changes	2,034	(1,568)
Net decrease in cash, cash equivalents and restricted cash	(13,393)	(41,034)
Cash, cash equivalents and restricted cash — Beginning	71,079	105,765
Cash, cash equivalents and restricted cash — Ending	$57,686	$64,731
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	$57,061	$64,549
Restricted cash, included in other assets	$625	$182
Total cash, cash equivalents, and restricted cash	$57,686	$64,731

Condensed Consolidated Statements of Cash Flows (Continued)

	Nine Months Ended September 30,
	2024	2023
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds	$11,112	$7,548
Cash paid for interest	$4,263	$6,240
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$2,219	$2,439
Operating lease right-of-use assets obtained in exchange for lease obligations	$6,445	$4,505
Acquisition consideration payable	$—	$258
Stock-based compensation capitalized for software development costs	$423	$418
Unpaid deferred financing costs in accounts payable and accrued expenses	$2,855	$—

ContentsView on SEC.gov

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