AVALARA, INC. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019	FY2018 12 months to Dec 31, 2018
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation
Depreciation and amortization
Amortization of debt issuance costs
Asset impairments
Goodwill impairment
Impairment of capitalized cloud computing costs
Deferred income tax expense (benefit)
Amortization of deferred rent
Non-cash operating lease costs
Fair value changes in earnout liabilities
Non-cash bad debt expense
Other
Changes in operating assets and liabilities:
Trade accounts receivable
Prepaid expenses and other current assets
Deferred commissions
Other noncurrent assets
Trade payables
Accrued expenses and other current liabilities
Accrued expenses
Deferred revenue
Operating lease liabilities
Deferred rent

Net cash provided by operating activities
Cash flows from investing activities:
Purchase of property and equipment
Capitalized software development costs
Cash paid for acquisitions of businesses, net of cash and restricted cash equivalents acquired
Cash paid for acquired intangible assets
Net (increase) decrease in customer fund assets
Cash paid for purchases of customer fund available-for-sale securities
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts
Proceeds from common stock offering, net of underwriting discounts
Payments of deferred financing costs
Payments on credit facility
Proceeds from credit facility
Repayment of note payable
Proceeds from convertible senior notes
Payments of debt issuance costs
Purchase of capped calls
Proceeds from exercise of stock options
Proceeds from purchases of stock under employee stock purchase plan
Taxes paid related to net share settlement of stock-based awards
Repurchase of shares
Acquisition-related post-closing payments
Payments related to business combination earnouts
Payments on capital leases
Payments related to asset acquisition earnouts
Payments on financed asset purchases
Net increase in customer fund obligations
Net cash provided by financing activities
Foreign currency effect on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents

Foreign currency effect
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents
Cash, cash equivalents, restricted cash, and restricted cash equivalents—Beginning of period
Cash, cash equivalents, restricted cash, and restricted cash equivalents—End of period
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents
Restricted cash
Restricted cash equivalents—funds held from customers
Supplemental cash flow disclosures:
Cash paid for interest expense
Cash paid for operating lease liabilities
Cash paid for income taxes
Non-cash investing and financing activities:
Stock issued related to business combinations
Accrued purchase price related to acquisitions
Accrued value of earnout related to acquisitions of businesses
Property and equipment purchased under tenant improvement allowance
Accrued purchase of intangible assets
Fair value of common stock issued to purchase intangible assets
Cashless exercises of options and warrants
Cashless redemptions of options and warrants
Customer fund obligations assumed in business combinations
Property and equipment additions in accounts payable and accrued expenses
Deferred financing costs in accounts payable and accrued expenses
Capitalized internally developed software costs included in accounts payable and accrued expenses
Stock-based compensation costs capitalized to internally developed software
Operating lease right-of-use assets in exchange for lease obligations

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