Backblaze Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
View on SEC.govAbout this filing
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 Apr 1, 2024
BLZE$7.990.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
BACKBLAZE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| For the YearsEnded December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(59,713) | $(51,398) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Net accretion of discount on investment securities and net realized investment gains | 417 | (863) |
| Noncash lease expense on operating leases | 2,350 | 2,457 |
| Depreciation and amortization | 24,912 | 20,151 |
| Stock-based compensation | 25,177 | 17,049 |
| Impairment of capitalized internal-use software | 232 | — |
| (Gain) loss on disposal of assets | (292) | 37 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 56 | (547) |
| Prepaid expenses and other current assets | (445) | (379) |
| Other assets | (389) | 1,001 |
| Accounts payable | (295) | 1,627 |
| Accrued expenses and other current liabilities | (1,422) | (970) |
| Deferred revenue | 4,526 | 670 |
| Operating lease liabilities | (2,464) | (2,547) |
| Other long-term liabilities | — | (69) |
| Net cash used in operating activities | (7,350) | (13,781) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of marketable securities | (26,358) | (145,871) |
| Maturities of marketable securities | 67,874 | 88,000 |
| Proceeds from disposal of property and equipment | 369 | — |
| Purchases of property and equipment | (5,512) | (7,349) |
| Capitalized internal-use software costs | (14,716) | (8,634) |
| Net cash provided by (used in) investing activities | 21,657 | (73,854) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Principal payments on finance lease and lease financing obligations | (19,510) | (16,492) |
| Payments of deferred offering costs | — | (658) |
| Proceeds from debt facility | 4,273 | 4,305 |
| Repayment of debt facility | (4,450) | — |
| Proceeds from insurance premium financing | 893 | — |
| Principal payments on insurance premium financing | (1,545) | — |
| Proceeds from lease financing obligations | 4,450 | — |
| Employee payroll taxes paid related to net settlement of equity awards | — | (130) |
| Proceeds from exercises of stock options | 4,708 | 4,252 |
| Proceeds from ESPP | 2,339 | 2,511 |
| Net cash used in financing activities | (8,842) | (6,212) |
| Net increase (decrease) in cash, restricted cash and restricted cash, non-current | 5,465 | (93,847) |
| Cash, restricted cash, current and restricted cash, non-current at beginning of period | 11,165 | 105,012 |
| Cash, restricted cash, current and restricted cash, non-current at end of period | $16,630 | $11,165 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid for interest | $3,733 | $3,776 |
| Cash paid for income taxes | $59 | $31 |
| Cash paid for operating lease liabilities | $2,801 | $2,838 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Stock-based compensation included in capitalized internal-use software | $4,960 | $2,674 |
| Accrued bonus settled in restricted stock units | $1,848 | $— |
| Accrued bonus classified as stock-based compensation | $3,034 | $1,852 |
| Financed insurance premiums included in accrued expenses and other current liabilities | $— | $1,545 |
| Equipment acquired through finance lease and lease financing obligations | $13,094 | $17,037 |
| Accruals related to purchases of property and equipment | $60 | $158 |
| Lease liabilities arising from right-of-use assets upon adoption of ASC 842 | $— | $5,220 |
|---|---|---|
| Assets obtained in exchange for operating lease obligations | $5,448 | $4,118 |
| Receivable recorded due to stock option exercises pending settlement | $18 | $156 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
| Cash and cash equivalents | $12,502 | $6,690 |
| Restricted cash – included in prepaid expenses and other current assets | $— | $169 |
| Restricted cash, non-current | $4,128 | $4,306 |
| Total cash, cash equivalents, restricted cash, current and restricted cash, non-current | $16,630 | $11,165 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.