Backblaze Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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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.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | $29,968 | $23,394 |
| Cost of revenue | 14,157 | 12,425 |
| Gross profit | 15,811 | 10,969 |
| Operating expenses: | ||
| Research and development | 9,746 | 10,533 |
| Sales and marketing | 10,022 | 10,559 |
| General and administrative | 6,553 | 6,677 |
| Total operating expenses | 26,321 | 27,769 |
| Loss from operations | (10,510) | (16,800) |
| Investment income | 384 | 610 |
| Interest expense | (921) | (923) |
| Loss before provision for income taxes | (11,047) | (17,113) |
| Income tax provision | 6 | — |
| Net loss | $(11,053) | $(17,113) |
| Net loss per share, basic and diluted | $(0.27) | $(0.50) |
| Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted(1) | 40,225,239 | 33,922,683 |
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 15 for further details.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share data)
| Three Months Ended March 31, 2024 | |||||
|---|---|---|---|---|---|
| Class A Common Stock(1) · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of December 31, 2023 | 39,150,610 | $4 | $192,388 | $(147,454) | $44,938 |
| Net loss | — | — | — | (11,053) | (11,053) |
| Issuance of Class A common stock upon exercise of stock options | 1,429,482 | — | 4,283 | — | 4,283 |
| Issuance of Class A common stock under the 2021 Plan | 593,239 | — | — | — | — |
| Issuance of restricted stock units related to the 2023 Bonus Plan (See Note 14) | 296,448 | — | 3,507 | — | 3,507 |
| Stock-based compensation | — | — | 5,779 | — | 5,779 |
| Balance as of March 31, 2024 | 41,469,779 | $4 | $205,957 | $(158,507) | $47,454 |
| Three Months Ended March 31, 2023 | |||||
| Class A and Class B Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of December 31, 2022 | 33,393,737 | $4 | $156,485 | $(87,741) | $68,748 |
| Net loss | — | — | — | (17,113) | (17,113) |
| Issuance of Class A common stock upon exercise of stock options | 496,905 | — | 840 | — | 840 |
| Issuance of Class A common stock under 2021 Plan | 338,864 | — | — | — | — |
| Issuance of restricted stock units related to the 2022 Bonus Plan (See Note 14) | 287,908 | — | 1,848 | — | 1,848 |
| Stock-based compensation | — | — | 6,246 | — | 6,246 |
| Balance as of March 31, 2023 | 34,517,414 | $4 | $165,419 | $(104,854) | $60,569 |
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 15 for further details.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(11,053) | $(17,113) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Net accretion of discount on investment securities and net realized investment gains | (21) | (540) |
| Noncash lease expense on operating leases | 510 | 647 |
| Depreciation and amortization | 6,912 | 5,733 |
| Stock-based compensation | 5,529 | 5,828 |
| Loss on disposal of assets | 15 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (821) | 67 |
| Prepaid expenses and other current assets | (568) | 474 |
| Other assets | (19) | 22 |
| Accounts payable | (457) | (48) |
| Accrued expenses and other current liabilities | 481 | (565) |
| Deferred revenue | 3,175 | 957 |
| Operating lease liabilities | (267) | (653) |
| Net cash provided by (used in) operating activities | 3,416 | (5,191) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of marketable securities | (14,778) | (9,734) |
| Maturities of marketable securities | 9,758 | 23,500 |
| Proceeds from disposal of property and equipment | (15) | — |
| Purchases of property and equipment | (423) | (3,023) |
| Capitalized internal-use software costs | (3,323) | (3,434) |
| Net cash (used in) provided by investing activities | (8,781) | 7,309 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Principal payments on finance leases and lease financing obligations | (4,802) | (5,112) |
| Proceeds from debt facility | 554 | 2,996 |
| Principal payments on insurance premium financing | (293) | (509) |
| Proceeds from exercises of stock options | 4,277 | 859 |
| Net cash used in financing activities | (264) | (1,766) |
| Net (decrease) increase in cash and restricted cash, non-current | (5,629) | 352 |
| Cash, cash equivalents, restricted cash, current and restricted cash, non-current at beginning of period | 16,630 | 11,165 |
| Cash, restricted cash, current and restricted cash, non-current at end of period | $11,001 | $11,517 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid for interest | $944 | $918 |
| Cash paid for income taxes | $2 | $2 |
| Cash paid for operating lease liabilities | $621 | $724 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Stock-based compensation included in capitalized internal-use software | $1,049 | $1,008 |
| Accrued bonus settled in restricted stock units | $3,507 | $1,848 |
| 2023 Bonus Plan expense classified as stock-based compensation | $473 | $590 |
| 2024 Bonus Plan accrual classified as stock-based compensation | $327 | $— |
| Equipment acquired through finance lease and lease financing obligations | $2,216 | $3,023 |
| Accruals related to purchases of property and equipment | $29 | $886 |
| Assets obtained in exchange for operating lease obligations | $— | $183 |
| Receivable recorded due to stock option exercises pending settlement | $23 | $154 |
| RECONCILIATION OF CASH AND RESTRICTED CASH | ||
| Cash and cash equivalents | $6,319 | $4,047 |
| Restricted cash - included in prepaid expenses and other current assets | $— | $169 |
| Restricted cash, non-current | $4,682 | $7,301 |
| Total cash and restricted cash | $11,001 | $11,517 |
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