GoodRx Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net loss | $(8,868) | $(32,828) | $(25,254) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 107,668 | 54,177 | 34,539 |
| Amortization of debt issuance costs | 3,382 | 3,413 | 3,445 |
| Non-cash operating lease expense | 4,104 | 3,349 | 3,102 |
| Stock-based compensation expense | 104,820 | 120,234 | 160,462 |
| Change in fair value of contingent consideration | — | 18,057 | — |
| Deferred income taxes | (65,562) | (497) | 12,851 |
| Gain on sale of business | — | (11,404) | — |
| Loss on operating lease assets | 1,353 | 12,569 | 1,430 |
| Loss on disposal of capitalized software | 7,975 | — | — |
| Loss on minority equity interest investment | 4,008 | — | — |
| Other | 1,348 | — | — |
| Changes in operating assets and liabilities, net of effects of business acquisitions | |||
| Accounts receivable | (26,467) | 1,375 | (43,949) |
| Prepaid expenses and other assets | (32,162) | (13,644) | 17,060 |
| Accounts payable | 17,456 | (874) | 4,207 |
| Accrued expenses and other current liabilities | 21,253 | (5,268) | 14,001 |
| Operating lease liabilities | (2,930) | (4,004) | (2,404) |
| Other liabilities | 914 | 2,125 | (711) |
| Net cash provided by operating activities | 138,292 | 146,780 | 178,779 |
| Cash flows from investing activities | |||
| Purchase of property and equipment | (1,043) | (3,967) | (4,571) |
| Acquisitions, net of cash acquired | — | (156,853) | (140,268) |
| Capitalized software | (54,723) | (51,247) | (29,886) |
| Investment in minority equity interest | — | (15,007) | (4,008) |
| Proceeds from sale of business | — | 16,576 | — |
| Net cash used in investing activities | (55,766) | (210,498) | (178,733) |
| Cash flows from financing activities | |||
| Payments on long-term debt | (5,271) | (7,029) | (7,029) |
| Payments for contingent consideration | — | — | (832) |
| Repurchases of Class A common stock (1) | (103,974) | (101,721) | — |
| Proceeds from exercise of stock options | 5,941 | 9,159 | 35,021 |
| Employee taxes paid related to net share settlement of equity awards | (65,481) | (20,635) | (57,688) |
| Proceeds from employee stock purchase plan | 1,390 | — | — |
| Net cash used in financing activities | (167,395) | (120,226) | (30,528) |
| Net change in cash and cash equivalents | (84,869) | (183,944) | (30,482) |
| Cash and cash equivalents | |||
| Beginning of period | 757,165 | 941,109 | 971,591 |
| End of period | $672,296 | $757,165 | $941,109 |
| Supplemental disclosure of cash flow information | |||
| Income tax paid (refunds received), net | $17,243 | $4,356 | $(18,105) |
| Interest paid | 48,799 | 30,702 | 20,198 |
| Non cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 52 | 22,491 | 2,910 |
| Stock-based compensation included in capitalized software | 13,144 | 8,969 | 7,709 |
| Capitalized software included in accounts payable and accrued expenses and other current liabilities | 7,826 | 4,176 | 1,086 |
| Capitalized software transferred from prepaid assets | 5,751 | — | — |
(1)Repurchases of Class A common stock for the year ended December 31, 2023 include 12.0 million shares repurchased from related parties (after giving effect to the automatic conversion of Class B common stock to Class A common stock upon such repurchase) for an aggregate consideration of $65.9 million. See "Note 14. Stockholders' Equity" for additional information.
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