XCel Brands Inc

For the period ended Dec 31, 2023. Filed Apr 19, 2024.

About 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 19, 2024

XELB$0.43+6.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)


· · For the Year Ended December 31,
· 2023 · 2022
Cash flows from operating activities · ·
Net loss	$(22,237)	$(5,356)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	6,954	7,263
Asset impairment charges	100	274
Amortization of deferred finance costs included in interest expense	22	156
Stock-based compensation and cost of licensee warrants	242	620
Provision for credit losses	787	413
Undistributed proportional share of net loss of equity method investee	2,060	1,202
Loss on early extinguishment of debt	—	2,324
Deferred income tax provision (benefit)	1,107	(965)
Gain on sale of majority interest in Isaac Mizrahi brand	—	(20,586)
Gain on sale of limited partner ownership interest	(359)	—
Gain on settlement of lease liability	(445)	—
Gain on reduction of contingent obligation	—	(900)
Changes in operating assets and liabilities:
Accounts receivable	869	2,117
Inventory	2,391	530
Prepaid expenses and other current and non-current assets	1,034	566
Deferred revenue	4,356	54
Accounts payable, accrued expenses, accrued payroll, accrued income taxes payable, and other current liabilities	(2,936)	(1,426)
Lease-related assets and liabilities	(525)	(244)
Other liabilities	35	(224)
Net cash used in operating activities	(6,545)	(14,182)

Cash flows from investing activities
Net proceeds from sale of majority interest in Isaac Mizrahi brand	—	45,386
Capital contribution to equity method investees	(150)	(600)
Net proceeds from sale of assets	459	—
Purchase of property and equipment	(100)	(265)
Net cash provided by investing activities	209	44,521

Cash flows from financing activities
Proceeds from exercise of stock options	27	—
Shares repurchased including vested restricted stock in exchange for withholding taxes	—	(442)
Proceeds from long-term debt	5,000	—
Payment of deferred finance costs	(301)	—
Payment of long-term debt	—	(29,000)
Payment of prepayment, breakage and other fees associated with early extinguishment of long-term debt	—	(1,511)
Net cash provided by (used in) financing activities	4,726	(30,953)

Net decrease in cash and cash equivalents	(1,610)	(614)

Cash and cash equivalents at beginning of year	4,608	5,222

Cash and cash equivalents at end of year	$2,998	$4,608

Supplemental disclosure of non-cash activities:
Liability for equity-based bonuses and other equity-based payments	$—	$(283)

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$56	$1,032
Cash paid during the period for income taxes	$99	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.