Desktop Metal Announces First Quarter 2023 Financial Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(52,642)

 

$

(69,944)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

13,433

 

 

12,883

Stock‑based compensation

 

 

9,313

 

 

9,912

Amortization (accretion) of discount on investments

 

 

(382)

 

 

413

Amortization of deferred costs on convertible notes

 

 

183

 

 

Provision for bad debt

 

 

179

 

 

419

Loss on disposal of property and equipment

 

 

519

 

 

2

Net increase (decrease) in accrued interest related to marketable securities

 

 

(8)

 

 

949

Net unrealized (gain) loss on equity investment

 

 

402

 

 

1,700

Deferred tax benefit

 

 

(557)

 

 

(1,256)

Change in fair value of contingent consideration

 

 

 

 

(114)

Foreign currency transaction (gain) loss

 

 

(25)

 

 

195

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

2,792

 

 

9,489

Inventory

 

 

(6,892)

 

 

(15,506)

Prepaid expenses and other current assets

 

 

(4,664)

 

 

(4,087)

Other assets

 

 

991

 

 

(210)

Accounts payable

 

 

(3,011)

 

 

(1,333)

Accrued expenses and other current liabilities

 

 

878

 

 

(3,391)

Customer deposits

 

 

705

 

 

2,980

Current portion of deferred revenue

 

 

1,127

 

 

721

Change in right of use assets and lease liabilities, net

 

 

(1,493)

 

 

(108)

Other liabilities

 

 

1,806

 

 

12

Net cash used in operating activities

 

 

(37,346)

 

 

(56,274)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,011)

 

 

(4,074)

Proceeds from sale of property and equipment

 

 

3,071

 

 

6

Purchase of marketable securities

 

 

(4,973)

 

 

Proceeds from sales and maturities of marketable securities

 

 

64,840

 

 

98,625

Cash paid for acquisitions, net of cash acquired

 

 

(500)

 

 

(23)

Net cash provided by investing activities

 

 

61,427

 

 

94,534

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

597

 

 

900

Payment of taxes related to net share settlement upon vesting of restricted stock units

 

 

(99)

 

 

(158)

Repayment of loans

 

 

(250)

 

 

(43)

Net cash provided by financing activities

 

 

248

 

 

699

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

217

 

 

(349)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

24,546

 

 

38,610

Cash, cash equivalents, and restricted cash at beginning of period

 

 

81,913

 

 

68,258

Cash, cash equivalents, and restricted cash at end of period

 

$

106,459

 

$

106,868

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:

 

 

 

 

 

 

Cash and cash equivalents

 

$

101,252

 

$

103,590

Restricted cash included in other current assets

 

 

4,595

 

 

2,166

Restricted cash included in other noncurrent assets

 

 

612

 

 

1,112

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

 

$

106,459

 

$

106,868

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

 

$

Taxes paid

 

$

 

$

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net unrealized (gain) loss on investments

 

$

(189)

 

$

(12)

Additions to right of use assets and lease liabilities

 

$

1,531

 

$

7,784

Purchase of property and equipment included in accounts payable

 

$

183

 

$

313

Purchase of property and equipment included in accrued expense

 

$

32

 

$

Transfers from property and equipment to inventory

 

$

275

 

$

1,721

Transfers from PP&E to Asset Held-For-Sale

 

$

6,040

 

$

Transfers from inventory to property and equipment

 

$

1,067

 

$

605


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