WEBTOON Entertainment Inc
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
WBTN$9.92-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Year EndedDecember 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net loss | $(152,912) | $(144,759) | $(132,523) |
| Adjustments to reconcile net loss to cash used in operating activities: | |||
| Allowance for credit losses | 6,034 | 3,481 | 2,876 |
| Depreciation and amortization | 40,074 | 38,359 | 34,735 |
| Impairment losses on goodwill | 69,743 | 63,412 | — |
| Operating lease expense | 10,446 | 11,965 | 10,988 |
| Loss (Gain) on foreign currency, net | (2,519) | 5,533 | 16,441 |
| Deferred tax benefit | (24,535) | (15,573) | (7,145) |
| Loss (Gain) on debt and equity securities, net | (2,263) | 22,585 | (624) |
| Loss on equity method investment | 1,123 | 12,339 | 4,694 |
| Contingent consideration liability | (3,712) | (789) | 448 |
| Stock-based compensation | 87,379 | 3,220 | — |
| Gain on disposal of right-of-use assets, net | (1,899) | (62) | — |
| Change in severance benefit, net | 3,725 | (737) | (292) |
| Loss (Gain) on investments in subsidiaries, net | 2,713 | 884 | — |
| Other non-cash items | (707) | (3,411) | 443 |
| Changes in operating assets and liabilities | |||
| Changes in receivables | (24,063) | 30,919 | 41,759 |
| Changes in other assets | (35,928) | (6,523) | (32,664) |
| Changes in accounts payable | 26,177 | (7,583) | (48,199) |
| Changes in accrued expenses | 5,156 | 6,296 | (16,979) |
| Changes in contract liabilities | 21,584 | 1,088 | 3,176 |
| Changes in other liabilities | (186) | 7,250 | (3,276) |
| Changes in operating lease liabilities | (9,035) | (10,193) | (10,018) |
| Changes in deposits | 2,444 | (260) | (2,517) |
| Transfer of severance benefits | (956) | (2,637) | (1,931) |
| Net cash provided by (used in) operating activities | $17,883 | $14,804 | $(140,608) |
| Investing activities: | |||
| Proceeds from maturities of short-term investments | $68,018 | $15,321 | $15,877 |
| Proceeds from sale of debt and equity securities | 2,970 | 2,428 | 871 |
| Proceeds from sale of property and equipment | 6,495 | 659 | 608 |
| Proceeds from sale of equity method investments | 5,938 | 5,439 | — |
| Proceeds from loan receivable | — | 311 | 113 |
| Payment from maturities of short-term investments | (77,371) | (35,100) | — |
| Payment made for loan receivable | (264) | (11,491) | (3,254) |
| Purchases of debt and equity securities | (1,000) | (8,700) | (29,200) |
| Purchases of property and equipment | (2,404) | (10,199) | (2,696) |
| Purchases of intangible assets | (10,745) | (12,143) | (18,492) |
| Purchases of equity method investments | (9,068) | (682) | (14,151) |
| Disposal of businesses, net of cash disposed | (315) | 1,988 | (520) |
| Other investing activities | 470 | 187 | 140 |
| Net cash used in investing activities | $(17,276) | $(51,982) | $(50,704) |
| Financing activities: | |||
| Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 292,950 | — | — |
| Proceeds from issuance of common stock related to private placement | $50,000 | — | $408,372 |
| Capital contribution to a non-wholly owned subsidiary from a limited partner | — | 3,257 | — |
| Payments of initial public offering costs | (11,154) | — | — |
| Proceeds from exercise of over-allotment, net of underwriting discounts and commissions | 26,786 | — | — |
| Proceeds from stock option exercise | 746 | — | — |
| Proceeds from short-term borrowings | — | 383 | 76,586 |
| Repayments of short-term borrowings | (3,597) | (6,279) | (104,929) |
| Repayments of long-term borrowings | (15) | (64) | — |
| Payment of contingent consideration related to business acquisition | (1,849) | (3,796) | (2,020) |
| Acquisition of additional equity interests in non-wholly owned subsidiaries | — | — | (14,335) |
| Payments for the redemption of non-controlling interests | — | — | (11,075) |
| Repayment of convertible debt | — | — | (2,257) |
| Net cash provided by (used in) financing activities | $353,867 | $(6,499) | $350,342 |
| Effect of exchange rate changes on cash and cash equivalents | $(13,817) | $(4,287) | $(20,414) |
| Net increase (decrease) in cash and cash equivalents | 340,657 | (47,964) | 138,616 |
| Cash and cash equivalents at beginning of the year | 231,745 | 279,709 | 141,093 |
| Cash and cash equivalents at end of the year | $572,402 | $231,745 | $279,709 |
| Supplemental disclosure: | |||
| Income taxes paid | $25,675 | $26,644 | $29,362 |
| Interest paid | 85 | 92 | 700 |
| Non-cash transactions: | |||
| Reclassification of debt and equity securities to equity method investments | 18,701 | — | — |
| Reclassification of deferred offering costs to additional paid-in capital upon IPO | 11,215 | — | — |
| Share exchange with NAVER upon issuance of new WEBTOON Entertainment Inc. shares1 | $— | $579,876 | $— |
| Purchase of property and equipment included in accounts payable | 2 | 11 | 9,175 |
| Non-cash consideration transferred in business combinations | — | — | 181,930 |
1 Refer to Organization and Description of Business in Note 1. Description of Business and Summary of Significant Accounting Policies.
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