Sezzle Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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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.
FY2025 · Filed Feb 26, 2026
SEZL$149.28-1.0%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
Consolidated Statements of Cash Flows
| For the years ended December 31, | ||
|---|---|---|
| (As restated) | ||
| (in thousands) | 2025 | 2024 |
| Operating Activities: | ||
| Net income | $133,130 | $78,522 |
| Adjustments to reconcile net income to net cash provided from operating activities: | ||
| Depreciation and amortization | 1,356 | 965 |
| Provision for credit losses | 89,298 | 55,015 |
| Provision for other credit losses | 33,475 | 10,605 |
| Discount on notes receivable | (735) | 460 |
| Equity based compensation and restricted stock vested | 6,520 | 5,193 |
| Amortization of debt issuance costs | 532 | 526 |
| Fair value adjustment on warrants | — | 1,261 |
| Impairment losses on long-lived assets | 68 | 48 |
| Gain on sale of fixed assets | (21) | (55) |
| Loss on extinguishment of line of credit | — | 260 |
| Deferred income taxes | 3,290 | (16,905) |
| Changes in operating assets and liabilities: | ||
| Other receivables | (36,021) | (12,670) |
| Prepaid expenses and other assets | (6,794) | (4,997) |
| Merchant accounts payable | (13,036) | (4,345) |
| Other payables | (572) | 1,951 |
| Accrued and other liabilities | (1,816) | 13,145 |
| Deferred revenue | 1,193 | 1,595 |
| Operating leases | 40 | 74 |
| Net Cash Provided from Operating Activities | 209,907 | 130,648 |
| Investing Activities: | ||
| Purchases and originations of notes receivable, net of proceeds from repayments | (178,874) | (89,749) |
| Purchase of property and equipment | (655) | (70) |
| Internally developed intangible asset additions | (2,040) | (1,394) |
| Net Cash Used for Investing Activities | (181,569) | (91,213) |
| Financing Activities: | ||
| Proceeds from line of credit | 180,860 | 107,427 |
| Payments to line of credit | (144,600) | (97,427) |
| Payments of debt issuance costs | (792) | (1,106) |
| Proceeds from stock option exercises | 3,731 | 3,918 |
| Stock subscriptions collected related to stock option exercises | 44 | 39 |
| Proceeds from warrant exercises | — | 401 |
| Repurchase of common stock | (64,655) | (23,620) |
| Net Cash Used for Financing Activities | (25,412) | (10,368) |
| Effect of exchange rate changes on cash | 1,365 | (1,456) |
| Net increase in cash, cash equivalents, and restricted cash | 2,926 | 29,067 |
| Cash, cash equivalents, and restricted cash, beginning of period | 98,310 | 70,699 |
| Cash, cash equivalents, and restricted cash, end of period | $102,601 | $98,310 |
Consolidated Statements of Cash Flows (continued)
| For the years ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Noncash investing and financing activities: | ||
| Conversion of accrued profit-sharing incentive plan liabilities to stockholders' equity | $2,301 | $— |
| Conversion of warrant liabilities to stockholders' equity | — | 2,229 |
| Supplementary disclosures: | ||
| Interest paid | $15,322 | $14,047 |
| Income taxes paid: | ||
| Federal income taxes paid | 21,040 | |
| State income taxes paid | 6,640 | |
| Foreign income taxes paid | 385 | |
| Total income taxes paid | $28,065 | $4,766 |
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