MARAVAI LIFESCIENCES HOLDINGS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
MRVI$7.86-2.0%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
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities: | |||
| Net (loss) income | $(138,375) | $490,663 | $469,250 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation | 12,898 | 7,566 | 6,413 |
| Amortization of intangible assets | 27,356 | 24,269 | 18,339 |
| Amortization of operating lease right-of-use assets | 8,527 | 6,268 | 8,792 |
| Amortization of deferred financing costs | 2,929 | 2,788 | 2,676 |
| Equity-based compensation expense | 34,588 | 18,670 | 10,458 |
| Loss on extinguishment of debt | — | 208 | — |
| Deferred income taxes | 754,942 | 42,318 | 46,904 |
| Change in estimated fair value of contingent consideration | (3,286) | (7,800) | — |
| Gain on sale of business | — | — | (11,249) |
| Revaluation of liabilities under the Tax Receivable Agreement | (668,886) | 4,102 | (6,101) |
| Other | (2,313) | (7,993) | (281) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 84,395 | (22,272) | (70,391) |
| Inventory | 649 | 9,459 | (21,574) |
| Prepaid expenses and other assets | 8,136 | (52,873) | (9,513) |
| Government funding receivable | — | 16,973 | — |
| Accounts payable | 5,284 | (1,578) | 676 |
| Accrued expenses and other current liabilities | 15,108 | 8,503 | (3,457) |
| Deferred revenue | 250 | (7,123) | (67,851) |
| Other long-term liabilities | (15,978) | 3,829 | (4,521) |
| Net cash provided by operating activities | 126,224 | 535,977 | 368,570 |
| Investing activities: | |||
| Cash paid for acquisition, net of cash acquired | (69,622) | (238,969) | — |
| Purchases of property and equipment | (65,553) | (17,090) | (14,850) |
| Proceeds from government assistance allocated to property and equipment | 12,865 | 1,105 | — |
| Prepaid lease payments on finance lease yet to commence | — | (13,278) | — |
| Proceeds from sale of building | — | — | 548 |
| Proceeds from sale of business, net of cash divested | — | 620 | 119,957 |
| Net cash (used in) provided by investing activities | (122,310) | (267,612) | 105,655 |
| Financing activities: | |||
| Distributions to non-controlling interests holders | (9,607) | (150,206) | (153,451) |
| Proceeds from borrowings of long-term debt, net of discount | — | 8,455 | — |
| Principal repayments of long-term debt | (5,440) | (13,895) | (6,000) |
| Payments of finance lease liabilities | (332) | — | — |
| Proceeds from derivative instruments | 6,168 | — | — |
| Payment of acquisition consideration holdback | (9,706) | — | — |
| Payments to MLSH 1 pursuant to the Tax Receivable Agreement | (35,661) | (29,108) | (1,115) |
| Payments to MLSH 2 pursuant to the Tax Receivable Agreement | (6,492) | (5,103) | (192) |
| Shares withheld for employee taxes, net of proceeds from issuance of Class A common stock under employee equity plans | (20) | 2,358 | 1,709 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net cash used in financing activities | (61,090) | (187,499) | (159,049) |
| Effects of exchange rate changes on cash | — | — | (88) |
| Net (decrease) increase in cash and cash equivalents | (57,176) | 80,866 | 315,088 |
| Cash and cash equivalents, beginning of period | 632,138 | 551,272 | 236,184 |
| Cash and cash equivalents, end of period | $574,962 | $632,138 | $551,272 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $44,256 | $20,198 | $27,234 |
| Cash (refunded) paid for income taxes, net | $(2,987) | $23,032 | $22,473 |
| Supplemental disclosures of non-cash activities: | |||
| Property and equipment included in accounts payable and accrued expenses | $2,011 | $1,701 | $2,149 |
| Accrued receivable for capital expenditures to be reimbursed under a government contract | $1,118 | $— | $— |
| Right-of-use assets obtained in exchange for new finance lease liabilities | $32,862 | $— | $— |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $3,931 | $17,513 | $— |
| Fair value of contingent consideration liability recorded in connection with acquisition of a business | $5,289 | $7,800 | $— |
| Accrued consideration payable for MyChem acquisition | $— | $10,000 | $— |
| Recognition of deferred tax assets as a result of exchanges of LLC Units and cash contribution | $— | $— | $423,361 |
| Recognition of liabilities under the Tax Receivable Agreement | $— | $— | $366,179 |
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