Company: BL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001666134-25-000003
Chunk: 103

Company: BLACKLINE, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 103
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54

•$21.6 million in capitalized software development costs;

•$11.4 million paid for the DI Acquisition, net of cash acquired; and

•$6.0 million in purchases of property and equipment.

Net Cash Provided By (Used In) Financing Activities

For the year ended December 31, 2024, cash used in financing activities was $500.1 million, primarily as a result of the following: 

•$848.5 million for the partial repurchase of the 2026 Notes;

•$250.0 million for the repayment of the 2024 Notes with cash on hand;

•$59.7 million for the purchase of the associated Capped Calls for the 2029 Notes; and

•$17.5 million for acquisitions of common stock for tax withholding obligations; partially offset by

•$662.0 million of proceeds, net of debt issuance costs, from the issuance of the 2029 Notes;

•$7.6 million of proceeds from exercises of stock options; and 

•$7.0 million of proceeds from the employee stock purchase plan. 

For the year ended December 31, 2023, cash provided by financing activities was $6.1 million, primarily as a result of the following: 

•$19.8 million of proceeds from exercises of stock options; and 

•$8.0 million of proceeds from the employee stock purchase plan.

These changes in our financing activities were partially offset by the following:

•$15.0 million of acquisitions of common stock for tax withholding obligations;

•$5.6 million paid for the 2013 Acquisition contingent consideration (refer to “Note 16 - Contingent Consideration” for additional information); and

•$1.0 million for finance lease payments.

Backlog

We enter into both single and multi-year subscription contracts for our solutions. The timing of our invoices to the customer is a negotiated term and thus varies among our subscription contracts. For multi-year agreements, it is common to invoice an initial amount at contract signing followed by subsequent annual invoices. Backlog represents remaining revenue to be recognized under a non-cancelable contract with customers. At December 31, 2024 and 2023, we had backlog of approximately $879.4 million and $842.7 million, respectively. We expect backlog will change from period to period for several reasons, including the timing and duration of customer agreements, varying billing cycles of subscription agreements, and the timing and duration