Xometry Reports Third Quarter 2023 Results

Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
   Nine Months Ended September 30, 
   2023   2022 
Cash flows from operating activities:  (unaudited) 
Net loss $(56,912) $(51,585)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization  7,939   5,716 
Impairment of assets  397   444 
Reduction in carrying amount of right-of-use asset  13,257   5,351 
Stock based compensation  16,222   14,048 
Revaluation of contingent consideration  305   434 
Income from unconsolidated joint venture  (137)  (100)
Donation of common stock  696   2,272 
Unrealized loss on marketable securities     1,659 
Non-cash income tax benefit     (559)
Loss on sale of property and equipment  92   71 
Inventory write-off  223    
Amortization of deferred costs on convertible notes     1,396       1,250  
Deferred taxes benefit     (66 )     (2 )
Changes in other assets and liabilities:            
Accounts receivable, net     (14,873 )     (19,032 )
Inventory     (17 )     (3,680 )
Prepaid expenses     2,335       (1,784 )
Other assets     1,395       (3,922 )
Accounts payable     640       (240 )
Accrued expenses     1,032       5,591  
Contract liabilities     1,178       2,777  
Lease liabilities     (3,845 )     (4,219 )
Income taxes payable     160        
Net cash used in operating activities     (28,583 )     (45,510 )
Cash flows from investing activities:            
Purchases of marketable securities     (8,630 )     (281,897 )
Proceeds from sale of marketable securities     30,000       4  
Purchases of property and equipment     (12,063 )     (9,608 )
Proceeds from sale of property and equipment     223       165  
Cash paid for business combination, net of cash acquired     (3,349 )      
Net cash provided by (used in) investing activities     6,181       (291,336 )
Cash flows from financing activities:            
Proceeds from stock options exercised     1,428       3,317  
Proceeds from issuance of convertible notes           287,500  
Costs incurred in connection with issuance of convertible notes           (9,309 )
Payments on finance lease obligations           (2 )
Net cash provided by financing activities     1,428       281,506  
Effect of foreign currency translation on cash and cash equivalents     (315 )     (425 )
Net decrease in cash and cash equivalents     (21,289 )      (55,765 )
Cash and cash equivalents at beginning of the year     65,662       86,262  
Cash and cash equivalents at end of the period   $ 44,373     $ 30,497  
Supplemental cash flow information:            
Cash paid for interest   $ 2,875     $ 1,414  
Non-cash investing and financing activities:            
Non-cash consideration in connection with business combination     1,593        



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