biote Corp
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
BTMD$1.08-2.7%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
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating Activities | ||
| Net income (loss) | $(2,805) | $1,324 |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 2,994 | 2,199 |
| Bad debt expense (recoveries) | 663 | (155) |
| Amortization of debt issuance costs | 794 | 589 |
| Write-off of capitalized software | 313 | — |
| (Benefit from) provision for obsolete inventory | (26) | 140 |
| Non-cash lease expense | 499 | 240 |
| Shares issued in settlement of litigation | 1,199 | — |
| Non-cash sponsor share transfers | — | 7,216 |
| Non-cash fees under SEPA | — | 119 |
| Share-based compensation expense | 9,057 | 82,180 |
| (Gain) loss from change in fair value of warrant liability | 13,411 | (5,127) |
| (Gain) loss from change in fair value of earnout liability | 8,990 | (61,770) |
| Loss from extinguishment of debt | — | 445 |
| Deferred income taxes | 721 | (743) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (505) | (1,562) |
| Inventory | (6,098) | (1,708) |
| Other current assets | (5,418) | (2,284) |
| Accounts payable | (165) | 416 |
| Deferred revenue | 1,433 | 384 |
| Accrued expenses | 2,223 | (30,841) |
| Operating lease liabilities | (397) | (219) |
| Net cash provided by (used in) operating activities | 26,883 | (9,157) |
| Investing Activities | ||
| Purchases of property and equipment | (359) | (333) |
| Purchases of capitalized software | (2,354) | (1,505) |
| Net cash used in investing activities | (2,713) | (1,838) |
| Financing Activities | ||
| Proceeds from the business combination | — | 12,282 |
| Principal repayments on term loan | (6,250) | (4,375) |
| Borrowings on term loan | — | 125,000 |
| Extinguishment of Bank of America term loan | — | (36,250) |
| Debt issuance costs | — | (4,036) |
| Settlement of phantom equity rights | — | (7,250) |
| Settlement of RSUs | — | (424) |
| Proceeds from exercise of stock options | 420 | — |
| Issuance of stock under purchase plan | 144 | — |
| Distributions | (8,694) | (12,886) |
| Capitalized transaction costs | — | (8,341) |
| Proceeds from issuance of shares under SEPA | — | 442 |
| SEPA transaction costs | — | (702) |
| Net cash provided by (used in) financing activities | (14,380) | 63,460 |
| Effect of exchange rate changes on cash and cash equivalents | (19) | — |
| Net increase in cash and cash equivalents | 9,771 | 52,465 |
| Cash and cash equivalents at beginning of period | 79,231 | 26,766 |
| Cash and cash equivalents at end of period | $89,002 | $79,231 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest | $9,476 | $4,426 |
| Cash paid for income taxes | $4,426 | $282 |
| Non-cash investing and financing activities | ||
| Capital expenditures and capitalized software included in accounts payable | $208 | $49 |
| Non-cash SEPA transaction costs | $— | $119 |
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