Butterfly Network Inc
For the period ended Dec 31, 2023. Filed Mar 4, 2024.
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FY2023 · Filed Mar 4, 2024
BFLY$6.51-2.4%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
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year ended December 31, | |||||||||
| · · 2023 · · 2022 · · 2021 | |||||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net loss | $(133,700) | $(168,723) | $(32,409) | ||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |||
| Depreciation, amortization, and impairments | | 10,574 | | 5,935 | | 2,090 | |||
| Write-down of vendor advance | | | — | | | — | | | 2,300 |
| Non-cash interest expense on convertible debt | | | — | | | — | | | 389 |
| Write-down of inventories | | | 21,083 | | | 783 | | | 889 |
| Stock-based compensation expense | | | 27,480 | | | 42,531 | | | 47,798 |
| Change in fair value of warrant liabilities | | | (4,544) | | | (20,859) | | | (161,095) |
| Gain on lease termination | | | (214) | | | — | | | — |
| Other | | | 633 | | | 615 | | | 1,900 |
| Changes in operating assets and liabilities: | | | | | | | | | |
| Accounts receivable | | | (162) | | | (3,063) | | | (6,127) |
| Inventories | | (34,135) | | (24,510) | | (11,285) | |||
| Prepaid expenses and other assets | | | 2,979 | | | 3,819 | | | (10,669) |
| Vendor advances | | | 17,091 | | | 5,100 | | | (2,621) |
| Accounts payable | | | (1,875) | | | 1,216 | | | (10,521) |
| Deferred revenue | | | 2,206 | | | 2,266 | | | 7,314 |
| Accrued purchase commitments | | | (2,015) | | | (17,383) | | | (23,063) |
| Change in operating lease assets and liabilities | | | (635) | | | 2,257 | | | 1,901 |
| Accrued expenses and other liabilities | | | (3,586) | | | 901 | | | 4,022 |
| Net cash used in operating activities | | | (98,820) | | | (169,115) | | | (189,187) |
| | | | | | | | | | |
| Cash flows from investing activities: | | | | ||||||
| Purchases of marketable securities | | | (297) | | | (75,534) | | | (1,019,003) |
| Sales of marketable securities | | | 76,484 | | | — | | | 1,017,010 |
| Purchases of property, equipment, and intangible assets, including capitalized software | | (5,783) | | (18,302) | | (7,877) | |||
| Sales of property and equipment | | | 10 | | | 57 | | | — |
| Net cash provided by (used in) investing activities | | | 70,414 | | | (93,779) | | | (9,870) |
| | | | | | | | |||
| Cash flows from financing activities: | | | | | | | |||
| Proceeds from exercise of stock options and warrants | | 228 | | 2,982 | | 21,707 | |||
| Net proceeds from equity infusion from the Business Combination | | | — | | | — | | | 548,403 |
| Payment of loan payable | | | — | | | — | | | (4,366) |
| Payments of debt issuance costs | | | — | | | — | | | (52) |
| Other financing activities | | | — | | | (101) | | | — |
| Net cash provided by financing activities | | | 228 | | | 2,881 | | | 565,692 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | | | (28,178) | | | (260,013) | | | 366,635 |
| Cash, cash equivalents, and restricted cash, beginning of period | | | 166,828 | | | 426,841 | | | 60,206 |
| Cash, cash equivalents, and restricted cash, end of period | | $138,650 | | $166,828 | | $426,841 | |||
| | | | | | | | | | |
| Supplementary disclosure of non-cash investing and financing activities | | | | | | | | | |
| Acquisition of property, equipment, and intangible assets, including capitalized software | | $9,247 | | $4,501 | | $1,841 | |||
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