Backblaze Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
BLZE$7.990.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(34,154) | $(47,505) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Net accretion of discount on investment securities and net realized investment gains | (33) | 113 |
| Noncash lease expense on operating leases | 1,708 | 1,839 |
| Depreciation and amortization | 21,268 | 18,337 |
| Stock-based compensation | 19,495 | 18,670 |
| Gain on disposal of assets | (289) | (242) |
| Other | 314 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,962) | (1,135) |
| Prepaid expenses and other current assets | (140) | 867 |
| Other assets | (423) | (313) |
| Accounts payable | (383) | (592) |
| Accrued expenses and other current liabilities | 837 | (366) |
| Deferred revenue | 5,300 | 1,697 |
| Operating lease liabilities | (1,266) | (1,968) |
| Net cash provided by (used in) operating activities | 10,272 | (10,598) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of marketable securities | (32,501) | (19,492) |
| Maturities of marketable securities | 31,402 | 57,380 |
| Proceeds from disposal of property and equipment | 337 | 319 |
| Purchases of property and equipment | (885) | (5,066) |
| Capitalized internal-use software costs | (10,235) | (11,061) |
| Net cash (used in) provided by investing activities | (11,882) | 22,080 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Principal payments on finance leases and lease financing obligations | (14,755) | (14,878) |
| Proceeds from debt facility | 554 | 4,273 |
| Repayment of debt facility | — | (2,500) |
| Principal payments on insurance premium financing | (893) | (1,545) |
| Proceeds from lease financing obligations | — | 2,500 |
| Proceeds from exercises of stock options | 6,347 | 3,426 |
| Proceeds from ESPP | 1,359 | 1,171 |
| Net cash used in financing activities | (7,388) | (7,553) |
| Net (decrease) increase in cash and restricted cash, non-current | (8,998) | 3,929 |
| Cash and cash equivalents and restricted cash, at beginning of period | 16,630 | 11,165 |
| Cash and cash equivalents and restricted cash, at end of period | $7,632 | $15,094 |
| RECONCILIATION OF CASH AND RESTRICTED CASH | ||
| Cash and cash equivalents | $2,950 | $9,016 |
| Restricted cash, current | $— | $6,078 |
| Restricted cash, non-current | $4,682 | $— |
| Total cash and cash equivalents and restricted cash | $7,632 | $15,094 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid for interest | $2,692 | $2,752 |
| Cash paid for income taxes | $54 | $58 |
| Cash paid for operating lease liabilities | $2,041 | $2,174 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Stock-based compensation included in capitalized internal-use software | $3,162 | $3,703 |
| Accrued bonus settled in restricted stock units | $3,507 | $1,848 |
| Bonus Plan expense classified as stock-based compensation | $1,812 | $2,586 |
| Equipment acquired through finance lease and lease financing obligations | $11,355 | $11,995 |
| Accruals related to purchases of property and equipment | $94 | $131 |
| Assets obtained in exchange for operating lease obligations | $7,457 | $5,568 |
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