Xometry Reports Fourth Quarter and Full Year 2022 Results


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        



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