Xometry, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||||||||||
| 2022 | 2021 | 2020 | |||||||||
| Cash flows from operating activities: | (unaudited) | ||||||||||
| Net loss | $ | (76,009 | ) | $ | (61,381 | ) | $ | (31,085 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 7,819 | 3,596 | 3,120 | ||||||||
| Impairment of assets | 824 | — | 1,592 | ||||||||
| Reduction in carrying amount of right-of-use asset | 7,236 | 1,056 | 1,045 | ||||||||
| Stock based compensation | 19,172 | 7,395 | 1,006 | ||||||||
| Non-cash interest expense | — | 111 | 320 | ||||||||
| Loss on debt extinguishment | — | 272 | — | ||||||||
| Revaluation of contingent consideration | 817 | — | — | ||||||||
| Loss (income) from unconsolidated joint venture | 130 | (41 | ) | — | |||||||
| Donation of common stock | 2,272 | 2,226 | — | ||||||||
| Unrealized loss on marketable securities | 1,855 | 2,002 | — | ||||||||
| Loss on sale of property and equipment | 47 | 20 | — | ||||||||
| Inventory write-off | 133 | — | (15 | ) | |||||||
| Amortization of deferred costs on convertible notes | 1,718 | — | — | ||||||||
| Deferred taxes benefit | (653 | ) | (179 | ) | — | ||||||
| Restructuring charge | 1,549 | — | — | ||||||||
| Changes in other assets and liabilities: | |||||||||||
| Accounts receivable, net | (16,923 | ) | (11,117 | ) | (2,130 | ) | |||||
| Inventory | 351 | 293 | (956 | ) | |||||||
| Prepaid expenses | (1,616 | ) | (4,025 | ) | (210 | ) | |||||
| Other assets | (7,016 | ) | 464 | (469 | ) | ||||||
| Accounts payable | (215 | ) | 5,215 | (2,350 | ) | ||||||
| Accrued expenses | 403 | (12,008 | ) | 8,569 | |||||||
| Contract liabilities | 515 | (1,625 | ) | 518 | |||||||
| Lease liabilities | (5,727 | ) | (845 | ) | (1,004 | ) | |||||
| Income taxes payable | 743 | — | — | ||||||||
| Net cash used in operating activities | (62,575 | ) | (68,571 | ) | (22,049 | ) | |||||
| Cash flows from investing activities: | |||||||||||
| Purchase of marketable securities | (326 | ) | (267,467 | ) | — | ||||||
| Proceeds from sale of marketable securities | 28,927 | 235,000 | — | ||||||||
| Purchase of short-term investments | — | — | (17,711 | ) | |||||||
| Proceeds from short-term investments | — | — | 28,571 | ||||||||
| Purchases of property and equipment | (13,650 | ) | (6,262 | ) | (4,190 | ) | |||||
| Proceeds from life insurance | — | 627 | — | ||||||||
| Proceeds from sale of property and equipment | 189 | — | — | ||||||||
| Cash paid for business combinations, net of cash acquired | — | (174,646 | ) | — | |||||||
| Net cash provided by (used in) investing activities | 15,140 | (212,748 | ) | 6,670 | |||||||
| 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 | ||||||||
| 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 | 3,715 | 2,291 | 518 | ||||||||
| Proceeds from term loan | — | — | 4,000 | ||||||||
| Repayment of term loan | — | (16,136 | ) | — | |||||||
| Proceeds from the exercise of warrants | — | 40 | — | ||||||||
| Proceeds from issuance of convertible notes | 287,500 | — | — | ||||||||
| Costs incurred in connection with issuance of convertible notes | (9,309 | ) | — | — | |||||||
| Payment of contingent consideration | (932 | ) | — | — | |||||||
| Proceeds from other borrowings | — | — | 4,783 | ||||||||
| Repayment of other borrowings | — | — | (4,783 | ) | |||||||
| Payments on finance lease obligations | (2 | ) | (12 | ) | (13 | ) | |||||
| Net cash provided by financing activities | 280,972 | 307,768 | 35,261 | ||||||||
| Effect of foreign currency translation on cash and cash equivalents | (367 | ) | (61 | ) | (130 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | 233,170 | 26,388 | 19,752 | ||||||||
| Cash and cash equivalents at beginning of the year | 86,262 | 59,874 | 40,122 | ||||||||
| Cash and cash equivalents at end of the year | $ | 319,432 | $ | 86,262 | $ | 59,874 | |||||
| Supplemental cash flow information: | |||||||||||
| Cash paid for interest | $ | 1,414 | $ | 907 | $ | 1,269 | |||||
| Non-cash investing and financing activities: | |||||||||||
| Non-cash purchase of property and equipment | 279 | — | — | ||||||||
| Non-cash consideration in connection with business combinations | (518 | ) | 2,339 | — | |||||||
| Shares issued in business combinations | — | 102,888 | — | ||||||||
