BuzzFeed Inc
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
BZFD$0.46-15.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities: | |||
| Net (loss) income | $(89,322) | $(201,326) | $25,876 |
| Less: net loss (income) from discontinued operations, net of tax | 28,990 | 60,843 | (22,006) |
| Net (loss) income from continuing operations | (60,332) | (140,483) | 3,870 |
| Adjustments to reconcile net (loss) income from continuing operations to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 21,941 | 24,263 | 22,093 |
| Unrealized (gain) loss on foreign currency | (1,088) | 5,389 | 1,824 |
| Stock based compensation | 5,579 | 19,169 | 23,565 |
| Change in fair value of warrants | 11 | (4,543) | (4,740) |
| Change in fair value of derivative liability | (180) | (4,695) | (26,745) |
| Issuance costs allocated to derivative liability | — | — | 1,424 |
| Amortization of debt discount and deferred issuance costs | 4,945 | 4,268 | 259 |
| Deferred income tax | 3,236 | (1,594) | (28,087) |
| Loss on disposition of subsidiaries | — | — | 1,234 |
| (Gain) loss on disposition of assets | (175) | (500) | 220 |
| Loss (gain) on investment | 3,500 | (1,260) | — |
| Provision for doubtful accounts | (581) | 785 | (161) |
| Impairment expense | — | 66,464 | — |
| Noncash lease expense | 20,017 | 19,870 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 40,737 | 23,941 | (12,951) |
| Prepaid expenses and other current assets and prepaid expenses and other assets | 4,795 | 2,540 | 2,361 |
| Accounts payable | 19,258 | 11,582 | 3,546 |
| Deferred rent | — | — | (4,456) |
| Accrued compensation | (18,088) | (5,663) | 2,307 |
| Accrued expenses, other current liabilities and other liabilities | (12,619) | (2,841) | (1,847) |
| Lease liabilities | (23,421) | (23,249) | — |
| Deferred revenue | (6,946) | 7,154 | (5,759) |
| Cash provided by (used in) operating activities from continuing operations | 589 | 597 | (22,043) |
| Net cash (used in) provided by operating activities from discontinued operations | (6,692) | (8,454) | 22,840 |
| Net cash flow (used in) provided by operating activities | (6,103) | (7,857) | 797 |
| Investing activities: | |||
| Business acquisitions, net of cash acquired | — | — | (189,885) |
| Capital expenditures | (964) | (5,424) | (4,983) |
| Capitalization of internal-use software | (13,934) | (12,361) | (11,039) |
| Proceeds from sale of asset | 175 | 500 | — |
| Cash of disposed subsidiaries, less proceeds on disposition | — | — | (2,121) |
| Cash used in investing activities from continuing operations | (14,723) | (17,285) | (208,028) |
| Cash (used in) provided by investing activities from discontinued operations | — | — | — |
| Cash used in investing activities | (14,723) | (17,285) | (208,028) |
| Financing activities: | |||
| Proceeds from reverse recapitalization, net of costs | — | — | (11,652) |
| Proceeds from issuance of common stock | — | — | 35,000 |
| Payment for shares withheld for employee taxes | (451) | (1,698) | — |
| Deferred reverse recapitalization costs | — | (585) | — |
| Proceeds from issuance of convertible notes, net of issuance costs | — | — | 143,806 |
| Proceeds from exercise of stock options | 29 | 459 | 6,975 |
| Proceeds from the issuance of common stock in connection with the at-the-market offering, net of issuance costs | 902 | — | — |
| Borrowings on Revolving Credit Facility | 2,128 | 5,000 | 9,000 |
| Payments on Revolving Credit Facility | (1,796) | — | (1,306) |
| Cash provided by financing activities | 812 | 3,176 | 181,823 |
| Effect of currency translation on cash and cash equivalents | (123) | (1,993) | (985) |
|---|---|---|---|
| Net decrease in cash and cash equivalents | (20,137) | (23,959) | (26,393) |
| Cash, cash and cash equivalents and restricted cash at beginning of year | 55,774 | 79,733 | 106,126 |
| Cash, cash and cash equivalents and restricted cash at end of year | $35,637 | $55,774 | $79,733 |
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