No Offer or Solicitation:
This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It:
In connection with the proposed transaction, Desktop Metal intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which will include a preliminary proxy statement of ExOne and a prospectus with respect to shares of Desktop Metal’s common stock to be issued in the proposed transaction (the “proxy statement/prospectus”). INVESTORS AND SECURITY HOLDERS OF DESKTOP METAL AND EXONE ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. The final proxy statement/prospectus will be mailed to stockholders of ExOne in connection with meeting to be held to request approval of the proposed transaction. Investors and security holders will be able to obtain the documents free of charge at the SEC’s website, www.sec.gov, from Desktop Metal at its website, ir.desktopmetal.com, or from ExOne at its website, investor.exone.com.
Participants in the Solicitation:
Desktop Metal, ExOne and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information concerning Desktop Metal’s participants is set forth in the proxy statement, filed June 17, 2021, for Desktop Metal’s 2021 annual meeting of stockholders as filed with the SEC on Schedule 14A and on certain of its Current Reports on Form 8-K. Information concerning ExOne’s participants is set forth in the proxy statement, filed April 1, 2021, for ExOne’s 2021 annual meeting of stockholders as filed with the SEC on Schedule 14A and on certain of its Current Reports on Form 8-K. Additional information regarding the interests of such participants in the solicitation of proxies, including direct and indirect interests, in respect of the proposed transaction will be included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
DESKTOP METAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) |
||||||
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
||
|
|
2021 |
|
2020 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
188,199 |
|
$ |
483,525 |
Short‑term investments |
|
|
326,318 |
|
|
111,867 |
Accounts receivable |
|
|
13,441 |
|
|
6,516 |
Inventory |
|
|
25,407 |
|
|
9,708 |
Prepaid expenses and other current assets |
|
|
7,078 |
|
|
976 |
Total current assets |
|
|
560,443 |
|
|
612,592 |
Restricted cash |
|
|
676 |
|
|
612 |
Property and equipment, net |
|
|
13,228 |
|
|
12,160 |
Capitalized software, net |
|
|
226 |
|
|
312 |
Goodwill |
|
|
251,060 |
|
|
2,252 |
Intangible assets, net |
|
|
178,860 |
|
|
9,102 |
Other noncurrent assets |
|
|
12,210 |
|
|
4,879 |
Total Assets |
|
$ |
1,016,703 |
|
$ |
641,909 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,214 |
|
$ |
7,591 |
Customer deposits |
|
|
2,829 |
|
|
1,480 |
Current portion of lease liability |
|
|
1,983 |
|
|
868 |
Accrued expenses and other current liabilities |
|
|
20,968 |
|
|
7,565 |
Deferred revenue |
|
|
4,814 |
|
|
3,004 |
Current portion of contingent consideration |
|
|
1,429 |
|
|
— |
Current portion of long‑term debt, net of deferred financing costs |
|
|
311 |
|
|
9,991 |
Total current liabilities |
|
|
41,548 |
|
|
30,499 |
Warrant liability |
|
|
— |
|
|
93,328 |
Subscription agreement |
|
|
474 |
|
|
— |
Contingent consideration, net of current portion |
|
|
4,655 |
|
|
— |
Lease liability, net of current portion |
|
|
3,959 |
|
|
2,157 |
Deferred tax liability |
|
|
8,723 |
|
|
— |
Total liabilities |
|
|
59,359 |
|
|
125,984 |
Commitments and Contingences (Note 15) |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and
|
|
|
— |
|
|
— |
Common Stock, $0.0001 par value—500,000,000 shares authorized; 259,712,899 and
|
|
|
26 |
|
|
23 |
Additional paid‑in capital |
|
|
1,387,779 |
|
|
844,188 |
Accumulated deficit |
|
|
(430,565) |
|
|
(328,277) |
Accumulated other comprehensive income (loss) |
|
|
104 |
|
|
(9) |
Total Stockholders’ Equity |
|
|
957,344 |
|
|
515,925 |
Total Liabilities and Stockholders’ Equity |
|
$ |
1,016,703 |
|
$ |
641,909 |
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
17,560 |
|
$ |
1,531 |
|
$ |
27,871 |
|
$ |
4,225 |
Services |
|
|
1,417 |
|
|
658 |
|
|
2,419 |
|
|
1,349 |
Total revenues |
|
|
18,977 |
|
|
2,189 |
|
|
30,290 |
|
|
5,574 |
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
15,490 |
|
|
9,372 |
|
|
25,977 |
|
|
14,413 |
Services |
|
|
1,115 |
|
|
1,106 |
|
|
2,528 |
|
|
2,269 |
Total cost of sales |
|
|
16,605 |
|
|
10,478 |
|
|
28,505 |
|
|
16,682 |
Gross profit/(loss) |
|
|
2,372 |
|
|
(8,289) |
|
|
1,785 |
|
|
(11,108) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
15,651 |
|
|
9,827 |
|
|
26,509 |
|
|
22,167 |
Sales and marketing |
|
|
10,894 |
|
|
2,958 |
|
|
16,343 |
|
|
7,452 |
General and administrative |
|
|
13,142 |
|
|
2,964 |
|
|
26,988 |
|
|
5,589 |
In-process research and development assets acquired |
|
|
10,400 |
|
|
— |
|
|
10,400 |
|
|
— |
Total operating expenses |
|
|
50,087 |
|
|
15,749 |
|
|
80,240 |
|
|
35,208 |
Loss from operations |
|
|
(47,715) |
|
|
(24,038) |
|
|
(78,455) |
|
|
(46,316) |
Change in fair value of warrant liability |
|
|
— |
|
|
— |
|
|
(56,576) |
|
|
— |
Interest expense |
|
|
(51) |
|
|
(51) |
|
|
(125) |
|
|
(155) |
Interest and other income, net |
|
|
268 |
|
|
323 |
|
|
630 |
|
|
901 |
Loss before income taxes |
|
|
(47,498) |
|
|
(23,766) |
|
|
(134,526) |
|
|
(45,570) |
Income tax benefit |
|
|
4,318 |
|
|
— |
|
|
32,238 |
|
|
— |
Net loss |
|
$ |
(43,180) |
|
$ |
(23,766) |
|
$ |
(102,288) |
|
$ |
(45,570) |
Net loss per share—basic and diluted |
|
$ |
(0.17) |
|
$ |
(0.15) |
|
$ |
(0.41) |
|
$ |
(0.29) |
Weighted average shares outstanding, basic and diluted |
|
|
255,097,905 |
|
|
158,124,160 |
|
|
246,717,400 |
|
|
157,186,939 |
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
June 30, |
|
June 30, |
|
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
||||
Net loss |
|
|
(43,180) |
|
|
(23,766) |
|
$ |
(102,288) |
|
$ |
(45,570) |
|
Other comprehensive (loss) income, net of taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale marketable securities, net |
|
|
(5) |
|
|
132 |
|
|
(4) |
|
|
(27) |
|
Foreign currency translation adjustment |
|
|
130 |
|
|
— |
|
|
117 |
|
|
— |
|
Total comprehensive loss, net of taxes of $0 |
|
|
(43,055) |
|
|
(23,634) |
|
$ |
(102,175) |
|
$ |
(45,597) |
|
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) (in thousands, except share amounts) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Common Stock |
|
Additional |
|
|
|
|
Comprehensive |
|
Total |
||||||
|
|
Voting |
|
Paid‑in |
|
Accumulated |
|
(Loss) |
|
Stockholders’ |
|||||||
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Income |
|
Equity |
|||||
BALANCE—April 1, 2021 |
|
252,436,919 |
|
$ |
25 |
|
$ |
1,326,945 |
|
$ |
(387,385) |
|
$ |
(21) |
|
$ |
939,564 |
Exercise of Common Stock options |
|
2,683,506 |
|
|
— |
|
|
3,485 |
|
|
— |
|
|
— |
|
|
3,485 |
Vesting of restricted Common Stock |
|
56,015 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Vesting of restricted stock units |
|
28,656 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Repurchase of shares for employee tax withholdings |
|
(6,931) |
|
|
— |
|
|
(91) |
|
|
— |
|
|
— |
|
|
(91) |
Issuance of Common Stock for acquisitions |
|
4,347,566 |
|
|
1 |
|
|
53,441 |
|
|
— |
|
|
— |
|
|
53,442 |
Stock‑based compensation expense |
|
— |
|
|
— |
|
|
3,999 |
|
|
— |
|
|
— |
|
|
3,999 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
(43,180) |
|
|
— |
|
|
(43,180) |
Other comprehensive income (loss) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
125 |
|
|
125 |
BALANCE—June 30, 2021 |
|
259,545,731 |
|
$ |
26 |
|
$ |
1,387,779 |
|
$ |
(430,565) |
|
$ |
104 |
|
$ |
957,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Common Stock |
|
Additional |
|
|
|
|
Comprehensive |
|
Total |
||||||
|
|
Voting |
|
Paid‑in |
|
Accumulated |
|
(Loss) |
|
Stockholders’ |
|||||||
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Income |
|
Equity |
|||||
BALANCE—January 1, 2021 |
|
224,626,597 |
|
$ |
23 |
|
$ |
844,188 |
|
$ |
(328,277) |
|
$ |
(9) |
|
$ |
515,925 |
Exercise of Common Stock options |
|
2,846,734 |
|
|
— |
|
|
3,665 |
|
|
— |
|
|
— |
|
|
3,665 |
Vesting of restricted Common Stock |
|
112,030 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Vesting of restricted stock units |
|
43,921 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Repurchase of shares for employee tax withholdings |
|
(9,172) |
|
|
— |
|
|
(145) |
|
|
— |
|
|
— |
|
|
(145) |
Issuance of Common Stock for acquisitions |
|
9,383,708 |
|
|
1 |
|
|
213,288 |
|
|
— |
|
|
— |
|
|
213,289 |
Stock‑based compensation expense |
|
— |
|
|
— |
|
|
6,216 |
|
|
— |
|
|
— |
|
|
6,216 |
Vesting of Trine Founder shares |
|
1,850,938 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Exercise of warrants |
|
20,690,975 |
|
|
2 |
|
|
320,567 |
|
|
— |
|
|
— |
|
|
320,569 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
(102,288) |
|
|
— |
|
|
(102,288) |
Other comprehensive income (loss) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
113 |
|
|
113 |
BALANCE—June 30, 2021 |
|
259,545,731 |
|
$ |
26 |
|
$ |
1,387,779 |
|
$ |
(430,565) |
|
$ |
104 |
|
$ |
957,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Legacy Convertible |
|
|
Common Stock |
|
Additional |
|
|
|
|
Comprehensive |
|
Total |
|||||||||
|
|
Preferred Stock |
|
|
Voting |
|
Paid‑in |
|
Accumulated |
|
(Loss) |
|
Stockholders’ |
||||||||||
|
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Income |
|
Equity |
||||||
BALANCE—April 1, 2020 |
|
100,038,109 |
|
$ |
436,533 |
|
|
26,813,113 |
|
$ |
3 |
|
$ |
16,722 |
|
$ |
(316,066) |
|
$ |
(84) |
|
$ |
(299,425) |
Retroactive
|
|
(100,038,109) |
|
|
(436,533) |
|
|
130,138,012 |
|
|
13 |
|
|
438,037 |
|
|
— |
|
|
— |
|
|
438,050 |
Adjusted balance,
|
|
— |
|
|
— |
|
|
156,951,125 |
|
|
16 |
|
|
454,759 |
|
|
(316,066) |
|
|
(84) |
|
|
138,625 |
Exercise of Common
|
|
— |
|
|
— |
|
|
28,173 |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
Vesting of restricted
|
|
— |
|
|
— |
|
|
1,750,360 |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
2 |
Stock‑based
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,074 |
|
|
— |
|
|
— |
|
|
1,074 |
Common Stock
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
87 |
|
|
— |
|
|
— |
|
|
87 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(23,766) |
|
|
— |
|
|
(23,766) |
Other comprehensive
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
132 |
|
|
132 |
BALANCE—
|
|
— |
|
$ |
— |
|
|
158,729,658 |
|
$ |
16 |
|
$ |
455,926 |
|
$ |
(339,832) |
|
$ |
48 |
|
$ |
116,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Legacy Convertible |
|
|
Common Stock |
|
Additional |
|
|
|
|
Comprehensive |
|
Total |
|||||||||
|
|
Preferred Stock |
|
|
Voting |
|
Paid‑in |
|
Accumulated |
|
(Loss) |
|
Stockholders’ |
||||||||||
|
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Income |
|
Equity |
||||||
BALANCE—January 1, 2020 |
|
100,038,109 |
|
$ |
436,533 |
|
|
26,813,113 |
|
$ |
3 |
|
$ |
16,722 |
|
$ |
(294,262) |
|
$ |
75 |
|
$ |
(277,462) |
Retroactive
|
|
(100,038,109) |
|
|
(436,533) |
|
|
128,100,821 |
|
|
13 |
|
|
436,520 |
|
|
— |
|
|
— |
|
|
436,533 |
Adjusted balance,
|
|
— |
|
|
— |
|
|
154,913,934 |
|
|
16 |
|
|
453,242 |
|
|
(294,262) |
|
|
75 |
|
|
159,071 |
Exercise of Common
|
|
— |
|
|
— |
|
|
314,809 |
|
|
— |
|
|
136 |
|
|
— |
|
|
— |
|
|
136 |
Vesting of restricted
|
|
— |
|
|
— |
|
|
3,500,915 |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
Stock‑based
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,333 |
|
|
— |
|
|
— |
|
|
2,333 |
Common Stock
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
211 |
|
|
— |
|
|
— |
|
|
211 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(45,570) |
|
|
— |
|
|
(45,570) |
Other comprehensive income (loss) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(27) |
|
|
(27) |
BALANCE—June 30, 2020 |
|
— |
|
$ |
— |
|
|
158,729,658 |
|
$ |
16 |
|
$ |
455,926 |
|
$ |
(339,832) |
|
$ |
48 |
|
$ |
116,158 |
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
||||||
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||
|
|
2021 |
|
2020 |
||
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(102,288) |
|
$ |
(45,570) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,524 |
|
|
4,475 |
Stock‑based compensation |
|
|
6,216 |
|
|
2,333 |
Change in fair value of warrant liability |
|
|
56,576 |
|
|
— |
Change in fair value of subscription agreement |
|
|
474 |
|
|
— |
Expense related to Common Stock warrants issued |
|
|
— |
|
|
43 |
Amortization (accretion) of discount on investments |
|
|
1,304 |
|
|
— |
Amortization of debt financing cost |
|
|
9 |
|
|
10 |
Provision for bad debt |
|
|
164 |
|
|
285 |
Acquired in-process research and development |
|
|
10,400 |
|
|
— |
(Gain) loss on disposal of property and equipment |
|
|
(7) |
|
|
10 |
Gain on investment, related to Make Composites, Inc. |
|
|
— |
|
|
120 |
Net increase in accrued interest related to marketable securities |
|
|
(1,062) |
|
|
— |
Net unrealized (gain) on marketable securities |
|
|
32 |
|
|
— |
Deferred tax benefit |
|
|
(32,354) |
|
|
— |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(3,584) |
|
|
1,562 |
Inventory |
|
|
(6,635) |
|
|
(1,378) |
Prepaid expenses and other current assets |
|
|
(3,692) |
|
|
1,033 |
Other assets |
|
|
(719) |
|
|
— |
Accounts payable |
|
|
(278) |
|
|
(1,178) |
Accrued expenses and other current liabilities |
|
|
(5,362) |
|
|
(1,074) |
Customer deposits |
|
|
(1,372) |
|
|
(57) |
Deferred revenue |
|
|
693 |
|
|
(756) |
Change in right of use assets and lease liabilities, net |
|
|
(92) |
|
|
(162) |
Net cash used in operating activities |
|
|
(72,053) |
|
|
(40,304) |
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,266) |
|
|
(1,819) |
Purchase of other investments |
|
|
(3,710) |
|
|
— |
Purchase of marketable securities |
|
|
(281,438) |
|
|
(24,142) |
Proceeds from sales and maturities of marketable securities |
|
|
66,741 |
|
|
74,616 |
Cash paid to acquire in-process research and development |
|
|
(6,050) |
|
|
— |
Cash paid for acquisitions, net of cash acquired |
|
|
(161,837) |
|
|
— |
Net cash (used in) provided by investing activities |
|
|
(387,560) |
|
|
48,655 |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
3,665 |
|
|
135 |
Proceeds from the exercise of stock warrants |
|
|
170,665 |
|
|
— |
Proceeds from PPP loan |
|
|
— |
|
|
5,379 |
Repayment of PPP loan |
|
|
— |
|
|
(5,379) |
Repayment of term loan |
|
|
(10,000) |
|
|
— |
Net cash provided by financing activities |
|
|
164,330 |
|
|
135 |
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(295,283) |
|
|
8,486 |
Effect of exchange rate changes |
|
|
21 |
|
|
— |
Cash and cash equivalents at beginning of period |
|
|
483,525 |
|
|
66,161 |
Restricted cash at beginning of period |
|
|
612 |
|
|
612 |
Cash and cash equivalents at end of period |
|
$ |
188,199 |
|
$ |
74,647 |
Restricted cash at end of period |
|
$ |
676 |
|
$ |
612 |
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
Interest paid |
|
$ |
125 |
|
|
182 |
Taxes paid |
|
$ |
150 |
|
|
— |
|
|
|
|
|
|
|
Non‑cash investing and financing activities: |
|
|
|
|
|
|
Net unrealized loss on investments |
|
$ |
4 |
|
$ |
— |
Exercise of private placement warrants |
|
$ |
149,904 |
|
$ |
— |
Common Stock issued for acquisitions |
|
$ |
213,289 |
|
$ |
— |
Cash held back in acquisitions |
|
$ |
50 |
|
$ |
— |
Additions to right of use assets and lease liabilities |
|
$ |
852 |
|
$ |
— |
Purchase of property and equipment included in accounts payable |
|
$ |
— |
|
$ |
— |
Purchase of property and equipment included in accrued expense |
|
$ |
33 |
|
$ |
139 |
Tax liabilities related to withholdings on Common Stock |
|
$ |
145 |
|
$ |
— |
Contingent consideration in connection with acquisitions |
|
$ |
6 |
|
$ |
— |