Desktop Metal Announces First Quarter 2022 Financial Results

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

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(69,944)

 

$

(59,108)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

12,883

 

 

3,892

Stock‑based compensation

 

 

9,912

 

 

2,217

Change in fair value of warrant liability

 

 

 

 

56,576

Amortization (accretion) of discount on investments

 

 

413

 

 

406

Amortization of debt financing cost

 

 

 

 

4

Provision for bad debt

 

 

419

 

 

72

Loss on disposal of property and equipment

 

 

2

 

 

Foreign exchange (gains) losses on intercompany transactions, net

 

 

185

 

 

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

 

 

949

 

 

(240)

Net unrealized (gain) loss on marketable securities

 

 

 

 

(25)

Net unrealized (gain) loss on equity investment

 

 

1,700

 

 

Deferred tax benefit

 

 

(1,256)

 

 

(27,921)

Change in fair value of contingent consideration

 

 

(114)

 

 

Foreign currency transaction (gain) loss

 

 

10

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

9,489

 

 

(61)

Inventory

 

 

(15,506)

 

 

(2,381)

Prepaid expenses and other current assets

 

 

(4,087)

 

 

(4,276)

Other assets

 

 

(210)

 

 

(30)

Accounts payable

 

 

(1,333)

 

 

(3,856)

Accrued expenses and other current liabilities

 

 

(3,391)

 

 

(5,247)

Customer deposits

 

 

2,980

 

 

(1,234)

Current portion of deferred revenue

 

 

721

 

 

105

Change in right of use assets and lease liabilities, net

 

 

(108)

 

 

(22)

Other liabilities

 

 

12

 

 

Net cash used in operating activities

 

 

(56,274)

 

 

(41,129)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,074)

 

 

(262)

Proceeds from sale of property and equipment

 

 

6

 

 

Purchase of marketable securities

 

 

 

 

(92,386)

Proceeds from sales and maturities of marketable securities

 

 

98,625

 

 

48,241

Cash paid for acquisitions, net of cash acquired

 

 

(23)

 

 

(137,646)

Net cash provided by (used in) investing activities

 

 

94,534

 

 

(182,053)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from reverse recapitalization, net of issuance costs

 

 

 

 

(1,239)

Proceeds from the exercise of stock options

 

 

900

 

 

180

Proceeds from the exercise of stock warrants

 

 

 

 

158,308

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

 

 

(158)

 

 

(54)

Repayment of term loan

 

 

(43)

 

 

Net cash provided by financing activities

 

 

699

 

 

157,195

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

 

 

(349)

 

 

26

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

 

 

38,610

 

 

(65,961)

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

 

 

68,258

 

 

484,137

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

 

$

106,868

 

$

418,176

 

 

 

 

 

 

 

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

 

$

103,590

 

 

416,379

Restricted cash included in other current assets

 

 

2,166

 

 

1,021

Restricted cash included in other noncurrent assets

 

 

1,112

 

 

776

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

 

$

106,868

 

$

418,176

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

 

$

73

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net unrealized (gain) loss on investments

 

$

(12)

 

$

(1)

Exercise of private placement warrants

 

$

 

$

149,904

Common Stock issued for acquisitions

 

$

 

$

159,847

Additions to right of use assets and lease liabilities

 

$

7,784

 

$

364

Purchase of property and equipment included in accounts payable

 

$

313

 

$

50

Transfers from property and equipment to inventory

 

$

1,721

 

$

Transfers from inventory to property and equipment

 

$

605

 

$

Receivable for warrants exercised

 

$

 

$

12,357


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