STEM INC
For the period ended Dec 31, 2023. Filed Feb 29, 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 Feb 29, 2024
STEM$2.36-14.5%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
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES | |||
| Net loss | $(140,413) | $(124,054) | $(101,211) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization expense | 46,275 | 45,434 | 24,473 |
| Non-cash interest expense, including interest expenses associated with debt issuance costs | 2,602 | 1,901 | 9,648 |
| Stock-based compensation | 45,109 | 28,661 | 13,546 |
| Change in fair value of derivative liability | 7,731 | — | — |
| Change in fair value of warrant liability and embedded derivative | — | — | (3,424) |
| Non-cash lease expense | 2,928 | 2,328 | 896 |
| Accretion of asset retirement obligations | 234 | 243 | 229 |
| Impairment loss of energy storage systems | 4,683 | 2,571 | 4,320 |
| Loss on disposal of property, plant and equipment | — | 276 | — |
| Impairment loss of project assets | 176 | 502 | — |
| Issuance of warrants for services | — | — | 9,183 |
| Net (accretion of discount) amortization of premium on investments | (1,755) | (123) | 664 |
| Income tax benefit from release of valuation allowance | (335) | (15,100) | — |
| Provision for accounts receivable allowance | 1,447 | 3,590 | — |
| Net loss on investments | 1,561 | — | — |
| Gain on extinguishment of debt, net | (59,121) | — | — |
| Other | (949) | 3 | (50) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (80,887) | (155,817) | (48,125) |
| Inventory | (18,291) | 18,606 | (1,877) |
| Deferred costs with suppliers | 30,322 | (37,134) | (7,540) |
| Other assets | (18,036) | (29,420) | (17,243) |
| Contract origination costs, net | (5,924) | (9,612) | (2,622) |
| Project assets | (5,392) | (3,711) | — |
| Accounts payable | (5,241) | 53,260 | 16,329 |
| Accrued expense and other liabilities | (15,762) | 62,210 | 17,007 |
| Deferred revenue | 4,573 | 51,005 | (14,967) |
| Operating lease liabilities, net | (2,912) | (1,649) | (502) |
| Net cash used in operating activities | (207,377) | (106,030) | (101,266) |
| INVESTING ACTIVITIES | |||
| Acquisitions, net of cash acquired | (1,847) | (533,009) | — |
| Purchase of available-for-sale investments | (60,002) | (220,640) | (189,858) |
| Proceeds from maturities of available-for-sale investments | 141,810 | 219,264 | — |
| Proceeds from sales of available-for-sale investments | 73,917 | 10,930 | 16,011 |
| Purchase of energy storage systems | (2,634) | (2,606) | (3,604) |
| Capital expenditures on internally-developed software | (14,097) | (16,767) | (5,970) |
| Distribution from (purchase of) equity method investment | 85 | (50) | (1,212) |
| Purchase of property and equipment | (1,505) | (1,495) | (600) |
| Net cash provided by (used in) investing activities | 135,727 | (544,373) | (185,233) |
| FINANCING ACTIVITIES | |||
| Proceeds from exercise of stock options | 276 | 1,276 | 148,532 |
| Payments for taxes related to net share settlement of stock options | — | (2,302) | (12,622) |
| Net contributions from Merger and PIPE financing, net of transaction costs of $58,061 | — | — | 550,322 |
| Proceeds from financing obligations | — | 1,519 | 7,839 |
| Repayment of financing obligations | (12,686) | (10,306) | (9,587) |
| Proceeds from issuance of convertible notes, net of issuance costs of $7,601, $0 and $14,299 for the years ended December 31, 2023, 2022 and 2021, respectively | 232,399 | — | 446,827 |
|---|---|---|---|
| Repayment of convertible notes | (99,754) | — | — |
| Purchase of capped call options | (27,840) | — | (66,700) |
| Proceeds from issuance of notes payable, net of issuance costs of $0, $0 and $0 for the years December 31, 2023, 2022 and 2021, respectively | — | — | 3,930 |
| (Redemption of) investment from non-controlling interests | (56) | 541 | — |
| Repayment of notes payable | (2,101) | — | (41,446) |
| Net cash provided by (used in) financing activities | 90,238 | (9,272) | 1,027,095 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (16) | (202) | 242 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,572 | (659,877) | 740,838 |
| Cash, cash equivalents and restricted cash, beginning of year | 87,903 | 747,780 | 6,942 |
| Cash, cash equivalents and restricted cash, end of period | $106,475 | $87,903 | $747,780 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
|---|---|---|---|
| Cash paid for interest | $14,588 | $6,407 | $10,188 |
| Cash paid for income taxes | $235 | $285 | $— |
| NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Change in asset retirement costs and asset retirement obligation | $443 | $116 | $231 |
| Exchange of warrants for common stock | $— | $— | $168,647 |
| Conversion of warrants upon Merger | $— | $— | $60,568 |
| Conversion of convertible notes upon Merger | $— | $— | $77,748 |
| Conversion of accrued interest into outstanding note payable | $— | $— | $337 |
| Right-of-use asset obtained in exchange for lease liability | $2,782 | $428 | $13,337 |
| Settlement of warrant liability into common stock due to exercise | $— | $— | $167,050 |
| Settlement of warrant liability into common stock due to redemption | $— | $— | $2,121 |
| Stock-based compensation capitalized to internal-use software | $4,331 | $2,983 | $1,160 |
| Purchase of energy storage systems in accounts payable | $— | $172 | $— |
| RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | |||
| Cash and cash equivalents | $105,375 | $87,903 | $747,780 |
| Restricted cash included in other noncurrent assets | 1,100 | — | — |
| Total cash, cash equivalents, and restricted cash | $106,475 | $87,903 | $747,780 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.