Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (18,410) $ (11,472) $ (812)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation, amortization and impairment 6,143 661 730
Stock-based compensation 13,781 3,273 584
Loss on sale of property and equipment 0 0 127
Change in fair value of warrants (14,671) 762 86
Founders notes forgiven 0 459 0
Transaction costs allocated to warrants 0 2,750 0
Non-cash interest expense 0 0 22
Changes in operating assets and liabilities      
Increase in trade receivables, net (4,045) (618) (8,372)
(Increase)/ decrease in prepaid expenses and other assets 755 (1,823) 78
Decrease in operating lease right of use assets 1,831 0 0
Increase/ (decrease) in trade payables (622) 1,500 (545)
Increase in employees and payroll accruals 1,710 1,236 1,914
Decrease in operating lease liabilities (2,335) 0 0
Increase in accrued expenses and other liabilities 4,302 851 2,029
Net cash used in operating activities (11,561) (2,421) (4,159)
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired (99,097) 0 0
Internal use software capitalization (9,961) (2,594) 0
Purchase of property and equipment (488) (549) (1,030)
Founders’ note receivable 0 (459) 0
Proceeds from sale of property and equipment 0 0 6
Change in short-term bank deposits (10,000) 0 0
Other deposits 120 (85) 76
Net cash used in investing activities (119,426) (3,687) (948)
Cash flows from financing activities:      
Proceeds from reverse recapitalization, net [1] 0 149,252 0
Capital contributions 0 0 504
Proceeds from loans 14,000 0 15,516
Loan repayment 0 (3,033) (6,504)
Repayment of acquisition liability 0 (126) (592)
Payment of SPAC merger transaction costs (3,185) 0 0
Proceeds from exercise of options 985 1,081 78
Net cash provided by financing activities 11,800 147,174 9,002
(Decrease) increase in cash, cash equivalents and restricted cash (119,187) 141,066 3,895
Cash, cash equivalents and restricted cash at the beginning of the year 157,158 16,092 12,197
Cash, cash equivalents and restricted cash at the end of the year 37,971 157,158 16,092
Supplemental disclosure of cash flows activities:      
Income taxes paid, net of tax refunds 785 535 421
Interest 675 259 272
Non-cash transactions      
Conversion of redeemable convertible preferred stock into common stock 0 164,060 0
Conversion of Legacy Innovid Warrants 0 5,080 0
Accrued acquisition liability 0 0 126
Accretion of preferred stocks to redemption value 0 77,063 7,297
Accrued transaction cost, not yet paid 0 3,185 0
Business combination consideration paid in stock 47,152 0 0
Reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position      
Cash and cash equivalents 37,541 156,696 15,645
Long-term restricted deposits 430 462 447
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 37,971 $ 157,158 $ 16,092
[1] * Refer to Note 3, Transaction for details