Desktop Metal Announces Third Quarter 2023 Financial Results

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(148,742

)

 

$

(427,990

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

40,322

 

 

 

38,294

 

Stock‑based compensation

 

 

26,699

 

 

 

37,826

 

Goodwill impairment

 

 

2,450

 

 

 

229,500

 

Amortization (accretion) of discount on investments

 

 

(490

)

 

 

(305

)

Amortization of deferred costs on convertible notes

 

 

548

 

 

 

276

 

Provision for bad debt

 

 

640

 

 

 

1,038

 

Loss on disposal of property and equipment

 

 

501

 

 

 

209

 

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

 

 

238

 

 

 

771

 

Net unrealized (gain) loss on equity investment

 

 

286

 

 

 

6,172

 

Net unrealized (gain) loss on other investments

 

 

 

 

 

745

 

Deferred tax benefit

 

 

(675

)

 

 

(1,602

)

Change in fair value of contingent consideration

 

 

 

 

 

(254

)

Foreign currency transaction loss

 

 

392

 

 

 

1,202

 

Impairment charges

 

 

6,062

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(2,446

)

 

 

3,166

 

Inventory

 

 

(16,052

)

 

 

(31,195

)

Prepaid expenses and other current assets

 

 

(8,716

)

 

 

(969

)

Other assets

 

 

2,425

 

 

 

1,196

 

Accounts payable

 

 

7,397

 

 

 

(2,959

)

Accrued expenses and other current liabilities

 

 

1,009

 

 

 

(3,855

)

Customer deposits

 

 

(4,542

)

 

 

2,360

 

Deferred revenue

 

 

3,590

 

 

 

(1,589

)

Change in right of use assets and lease liabilities, net

 

 

(4,456

)

 

 

(2,850

)

Other liabilities

 

 

1,706

 

 

 

24

 

Net cash used in operating activities

 

 

(91,854

)

 

 

(150,789

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,709

)

 

 

(8,157

)

Proceeds from other investment

 

 

 

 

 

3,155

 

Proceeds from sale of property and equipment

 

 

9,942

 

 

 

6

 

Purchase of marketable securities

 

 

(4,973

)

 

 

(158,404

)

Proceeds from sales and maturities of marketable securities

 

 

112,719

 

 

 

205,650

 

Proceeds from disposal of subsidiaries

 

 

4,089

 

 

 

 

Proceeds from capital grant

 

 

 

 

 

200

 

Cash paid for acquisitions, net of cash acquired

 

 

(500

)

 

 

(23

)

Net cash provided by investing activities

 

 

118,568

 

 

 

42,427

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

1,203

 

 

 

3,036

 

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

 

 

(147

)

 

 

(230

)

Repayment of loans

 

 

(337

)

 

 

(421

)

Proceeds from issuance of convertible notes

 

 

 

 

 

115,000

 

Costs incurred in connection with the issuance of convertible notes

 

 

 

 

 

(3,619

)

Net cash provided by financing activities

 

 

719

 

 

 

113,766

 

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

 

 

(461

)

 

 

(1,491

)

Net increase in cash, cash equivalents, and restricted cash

 

 

26,972

 

 

 

3,913

 

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

 

 

81,913

 

 

 

68,258

 

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

 

$

108,885

 

 

$

72,171

 

 

 

 

 

 

 

 

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

 

$

107,432

 

 

$

66,987

 

Restricted cash included in other current assets

 

 

841

 

 

 

4,072

 

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

 

$

108,885

 

 

$

72,171

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

 

 

$

 

Taxes paid

 

$

 

 

$

 

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net unrealized (gain) loss on investments

 

$

(339

)

 

$

418

 

Common Stock issued for settlement of contingent consideration

 

$

797

 

 

$

500

 

Deferred contract costs

 

$

 

 

$

1,341

 

Additions to right of use assets and lease liabilities

 

$

11,443

 

 

$

10,742

 

Purchase of property and equipment included in accounts payable

 

$

326

 

 

$

1,507

 

Purchase of property and equipment included in accrued expense

 

$

90

 

 

$

 

Transfers from property and equipment to inventory

 

$

1,647

 

 

$

2,470

 

Transfers from inventory to property and equipment

 

$

1,370

 

 

$

3,475

 

See notes to condensed consolidated financial statements.

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