Xometry, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||||||||||||
| 2021 | 2020 | 2019 | ||||||||||
| Cash flows from operating activities: | (unaudited) | |||||||||||
| Net loss | $ | (61,381 | ) | $ | (31,085 | ) | $ | (30,994 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation and amortization | 3,596 | 3,120 | 1,847 | |||||||||
| Impairment of goodwill and intangible assets | — | 1,592 | 1,719 | |||||||||
| Reduction in carrying amount of right-of-use asset | 1,056 | 1,045 | 647 | |||||||||
| Stock based compensation | 7,395 | 1,006 | 544 | |||||||||
| Non-cash interest expense | 111 | 320 | 259 | |||||||||
| Loss on debt extinguishment | 272 | — | — | |||||||||
| Income from unconsolidated joint venture | (41 | ) | — | — | ||||||||
| Donation of common stock | 2,226 | — | — | |||||||||
| Unrealized loss on marketable securities | 2,002 | — | — | |||||||||
| Inventory write off | — | (15 | ) | (141 | ) | |||||||
| Loss (gain) on sale of property and equipment | 20 | — | (128 | ) | ||||||||
| Accretion of discount on short-term investments | — | — | (37 | ) | ||||||||
| Deferred taxes benefit | (179 | ) | — | — | ||||||||
| Changes in other assets and liabilities: | ||||||||||||
| Accounts receivable, net | (11,117 | ) | (2,130 | ) | (5,505 | ) | ||||||
| Inventory | 293 | (956 | ) | (555 | ) | |||||||
| Prepaid expenses | (4,025 | ) | (210 | ) | (2 | ) | ||||||
| Deferred commissions | 147 | — | — | |||||||||
| Other assets | 317 | (469 | ) | (137 | ) | |||||||
| Accounts payable | 5,215 | (2,350 | ) | 2,813 | ||||||||
| Accrued expenses | (12,008 | ) | 8,569 | 2,562 | ||||||||
| Contract liabilities | (1,625 | ) | 518 | 636 | ||||||||
| Lease liabilities | (845 | ) | (1,004 | ) | (653 | ) | ||||||
| Net cash used in operating activities | (68,571 | ) | (22,049 | ) | (27,125 | ) | ||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of marketable securities | (267,467 | ) | — | — | ||||||||
| Proceeds from sale of marketable securities | 235,000 | — | — | |||||||||
| Purchase of short-term investments | — | (17,711 | ) | (28,850 | ) | |||||||
| Proceeds from short-term investments | — | 28,571 | 30,470 | |||||||||
| Purchases of property and equipment | (6,262 | ) | (4,190 | ) | (2,693 | ) | ||||||
| Proceeds from life insurance | 627 | — | — | |||||||||
| Proceeds from sale of property and equipment | — | — | 155 | |||||||||
| Cash paid for business combinations, net of cash acquired | (174,646 | ) | — | (1,432 | ) | |||||||
| Net cash (used in) provided by investing activities | (212,748 | ) | 6,670 | (2,350 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from issuance of Series A-2, Series B, Series C, Series D and Series E convertible preferred stock, net of issuance costs | — | 52,409 | 54,929 | |||||||||
| Repurchase of Series A-2, Series B, Series C and Series D convertible preferred stock | — | (12,852 | ) | — | ||||||||
| Deemed dividend to preferred stockholders | — | (8,801 | ) | — | ||||||||
| Proceeds from initial public offering, net of underwriters' discount | 325,263 | — | — | |||||||||
| Payments in connection with initial public offering | (3,678 | ) | — | — | ||||||||
| Proceeds from stock options exercised | 2,291 | 518 | 450 | |||||||||
| Proceeds from the exercise of warrants | 40 | — | — | |||||||||
| Proceeds from term loan | — | 4,000 | — | |||||||||
| Payment on line of credit, net | — | — | (500 | ) | ||||||||
| Repayment of term loan | (16,136 | ) | — | — | ||||||||
| Proceeds from other borrowings | — | 4,783 | — | |||||||||
| Repayment of other borrowings | — | (4,783 | ) | — | ||||||||
| Payments on finance lease obligations | (12 | ) | (13 | ) | (164 | ) | ||||||
| Net cash provided by financing activities | 307,768 | 35,261 | 54,715 | |||||||||
| Effect of foreign currency translation on cash and cash equivalents | (61 | ) | (130 | ) | — | |||||||
| Net increase in cash and cash equivalents | 26,388 | 19,752 | 25,240 | |||||||||
| Cash and cash equivalents at beginning of the year | 59,874 | 40,122 | 14,882 | |||||||||
| Cash and cash equivalents at end of the year | $ | 86,262 | $ | 59,874 | $ | 40,122 | ||||||
| Supplemental cash flow information: | ||||||||||||
| Cash paid for interest | $ | 907 | $ | 1,269 | $ | 1,111 | ||||||
| Non-cash investing activity: | ||||||||||||
| Non-cash consideration in connection with business combination | $ | 105,227 | $ | — | $ | 2,743 | ||||||
