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.
