|
Xometry, Inc. and Subsidiaries
(1)
Consolidated Statements of Cash Flows (In thousands) (Unaudited) | ||||||||||||
| Year Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (67,465 | ) | $ | (79,043 | ) | $ | (61,381 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation and amortization | 10,738 | 7,819 | 3,596 | |||||||||
| Impairment of assets | 397 | 824 | — | |||||||||
| Reduction in carrying amount of right-of-use asset | 14,355 | 7,236 | 1,056 | |||||||||
| Stock based compensation | 22,118 | 19,172 | 7,395 | |||||||||
| Non-cash interest expense | — | — | 111 | |||||||||
| Loss on debt extinguishment | — | — | 272 | |||||||||
| Revaluation of contingent consideration | 571 | 817 | — | |||||||||
| (Income) loss from unconsolidated joint venture | (46 | ) | 130 | (41 | ) | |||||||
| Donation of common stock | 1,029 | 2,272 | 2,226 | |||||||||
| Losses on marketable securities | — | 1,855 | 2,002 | |||||||||
| Loss on sale of property and equipment | 92 | 47 | 20 | |||||||||
| Inventory write-off | 223 | 133 | — | |||||||||
| Amortization of deferred costs on convertible notes | 1,860 | 1,718 | — | |||||||||
| Deferred taxes benefit | (154 | ) | (653 | ) | (179 | ) | ||||||
| Restructuring charge | — | 1,549 | — | |||||||||
| Changes in other assets and liabilities: | ||||||||||||
| Accounts receivable, net | (20,594 | ) | (17,012 | ) | (11,117 | ) | ||||||
| Inventory | (1,550 | ) | 351 | 293 | ||||||||
| Prepaid expenses | 1,669 | (1,616 | ) | (4,025 | ) | |||||||
| Other assets | (80 | ) | (4,116 | ) | 464 | |||||||
| Accounts payable | 6,743 | (215 | ) | 5,215 | ||||||||
| Accrued expenses | 7,453 | 406 | (12,008 | ) | ||||||||
| Contract liabilities | (1,404 | ) | 735 | (1,625 | ) | |||||||
| Lease liabilities | (5,520 | ) | (5,727 | ) | (845 | ) | ||||||
| Income taxes payable | (312 | ) | 743 | — | ||||||||
| Net cash used in operating activities | (29,877 | ) | (62,575 | ) | (68,571 | ) | ||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of marketable securities | (11,582 | ) | (284,096 | ) | (267,467 | ) | ||||||
| Proceeds from sale of marketable securities | 50,000 | 58,927 | 235,000 | |||||||||
| Purchases of property and equipment | (18,486 | ) | (13,650 | ) | (6,262 | ) | ||||||
| Proceeds from life insurance | — | — | 627 | |||||||||
| Proceeds from sale of property and equipment | 223 | 189 | — | |||||||||
| Cash paid for business combination, net of cash acquired | (3,349 | ) | — | (174,646 | ) | |||||||
| Net cash provided by (used in) investing activities | 16,806 | (238,630 | ) | (212,748 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| 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 | 1,909 | 3,715 | 2,291 | |||||||||
| 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 | (842 | ) | (932 | ) | — | |||||||
| Payments on finance lease obligations | — | (2 | ) | (12 | ) | |||||||
| Net cash provided by financing activities | 1,067 | 280,972 | 307,768 | |||||||||
| Effect of foreign currency translation on cash and cash equivalents | (234 | ) | (367 | ) | (61 | ) | ||||||
| Net (decrease) increase in cash and cash equivalents | (12,238 | ) | (20,600 | ) | 26,388 | |||||||
| Cash and cash equivalents at beginning of the year | 65,662 | 86,262 | 59,874 | |||||||||
| Cash and cash equivalents at end of the year | $ | 53,424 | $ | 65,662 | $ | 86,262 | ||||||
| Supplemental cash flow information: | ||||||||||||
| Cash paid for interest | $ | 2,875 | $ | 1,414 | $ | 907 | ||||||
| Non-cash investing and financing activities: | ||||||||||||
| Non-cash purchase of property and equipment | 5,353 | 279 | — | |||||||||
| Non-cash consideration in connection with business combination | 1,593 | (518 | ) | 2,339 | ||||||||
| Shares issued in business combinations | — | — | 102,888 | |||||||||
