Certara Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
CERT$12.13-0.8%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, | |||
|---|---|---|---|
| (IN THOUSANDS) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income (loss) | $(55,357) | $14,731 | $(13,266) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization of property and equipment | 1,552 | 1,731 | 2,135 |
| Amortization of intangible assets | 54,519 | 50,739 | 42,980 |
| Amortization of debt issuance costs | 1,527 | 1,540 | 1,531 |
| Provision for credit losses | 684 | 1,072 | 130 |
| Loss on retirement of assets | 65 | 169 | 351 |
| Equity-based compensation expense | 28,300 | 30,345 | 29,483 |
| Change in fair value of contingent considerations | 24,118 | — | — |
| Goodwill impairment | 46,984 | — | — |
| Lease abandonment expense | 1,602 | — | — |
| Unrealized loss on derivative | — | — | 1,144 |
| Deferred income taxes | (16,523) | (11,511) | (1,184) |
| Changes in assets and liabilities | |||
| Accounts receivable | 152 | (15,009) | (10,066) |
| Prepaid and other assets | 711 | 126 | 585 |
| Accounts payable, accrued expenses, and other liabilities | (5,607) | 9,080 | 1,130 |
| Deferred revenue | 28 | 9,530 | 5,435 |
| Net cash provided by operating activities | 82,755 | 92,543 | 60,388 |
| Cash flows from investing activities: | |||
| Capital expenditures | (1,777) | (1,430) | (1,143) |
| Capitalized software development costs | (13,491) | (11,099) | (7,759) |
| Investment in intangible assets | (54) | — | — |
| Business acquisitions, net of cash acquired | (64,228) | (15,308) | (261,020) |
| Net cash used in investing activities | (79,550) | (27,837) | (269,922) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock, net of underwriters' discounts and commissions | — | — | 133,351 |
| Proceeds from borrowings on long-term debt | — | — | 89 |
| Payments on long-term debt and finance lease obligations | (3,045) | (3,313) | (3,973) |
| Payments on financing component of interest rate swap | — | (1,088) | (1,095) |
| Payment of deferred offering costs | — | — | (1,767) |
| Payment of debt issuance costs | — | — | (2,942) |
| Payment of taxes on shares and units withheld for employee taxes | (6,402) | (2,962) | (272) |
| Net cash provided by (used in) financing activities | (9,447) | (7,363) | 123,391 |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 1,505 | (4,279) | (524) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (4,737) | 53,064 | (86,667) |
| Cash, cash equivalents, and restricted cash, at beginning of year | 239,688 | 186,624 | 273,291 |
| Cash, cash equivalents, and restricted cash, at end of year | $234,951 | $239,688 | $186,624 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for interest | $19,089 | $17,268 | $14,169 |
| Cash paid for taxes | $19,320 | $10,141 | $8,595 |
| Supplemental schedule of noncash investing and financing activities | |||
| Contingent liabilities established in connection with business acquisition | $11,308 | $19,813 | $— |
| Operating right-of-use assets recognized upon adoption of ASC 842 | $— | $— | $15,857 |
| Operating lease liability recognized upon adoption of ASC 842 | $— | $— | $16,809 |
| Common shares issued in connections with the Pinnacle acquisition | $— | $— | $72,760 |
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