ROCKVILLE, Md., May 11, 2022 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ:XMTR), a leading global AI-enabled digital manufacturing marketplace, today reported financial results for the first quarter ended March 31, 2022.
"In Q1 2022, Xometry delivered strong growth across the board, expanded our marketplace to new geographies and extended the reach of our AI driven quoting engine through the launch of Xometry Everywhere. We also improved our supplier services including new products from Thomas,” said Randy Altschuler, Xometry’s CEO. “Although we are still in the early innings of the secular digitization of the manufacturing industry, Xometry has become the digital marketplace connecting buyers with suppliers. With our supplier network expanding domestically and abroad, we are playing an instrumental role in helping create locally resilient supply chains irrespective of macro events.” First Quarter 2022 Financial Highlights
First Quarter 2022 Business Highlights
Financial Summary(In thousands, except per share amounts)
For the Three Months Ended March 31, | ||||||||||||
2022 | 2021 | % Change | ||||||||||
(unaudited) | ||||||||||||
Consolidated | ||||||||||||
Revenue | $ | 83,671 | $ | 43,922 | 90 | % | ||||||
Gross profit | 32,939 | 9,835 | 235 | % | ||||||||
Net loss attributable to common stockholders | (20,012 | ) | (10,501 | ) | (91 | )% | ||||||
EPS—basic and diluted | (0.43 | ) | (1.33 | ) | 68 | % | ||||||
Adjusted EBITDA(1) | (12,726 | ) | (8,810 | ) | (44 | )% | ||||||
Non-GAAP net loss(1) | (12,598 | ) | (9,262 | ) | (36 | )% | ||||||
Non-GAAP EPS-basic and diluted(1) | (0.27 | ) | (1.17 | ) | 77 | % | ||||||
Marketplace | ||||||||||||
Revenue | $ | 64,415 | ||||||||||
Cost of revenue | 46,741 | |||||||||||
Gross Profit | $ | 17,674 | ||||||||||
Supplier services | ||||||||||||
Revenue | $ | 19,256 | ||||||||||
Cost of revenue | 3,991 | |||||||||||
Gross Profit | $ | 15,265 |
(1) | These non-GAAP financial measures, and reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables. |
Key Operating Metrics(2):
As of March 31, | ||||||||||||
2022 | 2021 | % Change | ||||||||||
Active Buyers(3) | 30,683 | 21,345 | 44 | % | ||||||||
Percentage of Revenue from Existing Accounts(3) | 94 | % | 95 | % | (1 | )% | ||||||
Accounts with Last Twelve-Months Spend of at Least $50,000(3) | 790 | 412 | 92 | % | ||||||||
(2) | These key operating metrics are for Marketplace. |
(3) | Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of March 31, 2022 and 2021, and Percentage of Revenue from Existing Accounts is presented for the quarters ended March 31, 2022 and 2021. |
Financial Guidance and Outlook:
Q2 2022 | FY 2022 | |||||||||||||||
(in millions) | ||||||||||||||||
Low | High | Low | High | |||||||||||||
Revenue | $ | 91.5 | $ | 93.5 | $ | 392.0 | $ | 400.0 | ||||||||
Adjusted EBITDA | $ | (11.0 | ) | $ | (10.0 | ) | $ | (36.0 | ) | $ | (32.0 | ) |
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. ("Xometry", the "Company", "we" or "our") uses Adjusted EBITDA and Non-GAAP net loss and Non-GAAP Earnings Per Share, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.
The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.
Key Terms for our Key Metrics and Non-GAAP Financial Measures
Marketplace revenue: includes the sale of parts and assemblies.
Supplier service revenue: includes the sales of advertising on Thomasnet, marketing services, supplies, financial service products and other fintech products.
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) as net income (loss) excluding interest income (expense), income tax (expense) benefit, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, stock-based compensation, transaction costs, charitable contributions of common stock, revaluation of contingent consideration, income from unconsolidated joint venture and impairment charges.
Non-GAAP net loss: The Company has included non-GAAP net loss, which is our net loss adjusted for stock-based compensation expense, depreciation and amortization, amortization of discount and issuance costs on convertible notes, unrealized loss on marketable securities, revaluation of contingent consideration and transaction costs (collectively, “non-GAAP net loss”).
Non-GAAP Earnings Per Share (Non-GAAP EPS): The Company calculates Non-GAAP net income (loss) per share as Non-GAAP net income (loss) divided by weighted average number of Class A common stock outstanding.
Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA and Non-GAAP net loss and Non-GAAP EPS provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses, and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amounts of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.
Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.
Percentage of Revenue from Existing Accounts: The Company defines “accounts” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.
Accounts with Last Twelve-Month Spend of At Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of At Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.
Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity. Learn more at www.xometry.com or follow @xometry.
Conference Call
The Company will discuss its first quarter 2022 financial results during a teleconference on 5/11/2022, at 8:30 AM ET/5:30 AM PT. The conference call can be accessed in the U.S. at 877-313-2061 or outside the U.S. at 470-495-9537 with the conference ID# 1993784. A live audio webcast of the call will also be available simultaneously at investors.xometry.com. Following completion of the call, a recorded replay of the teleconference will be available in the investor relations section of Xometry's website. The earnings webcast presentation will be archived within the Investor Relations section of Xometry's website.
Cautionary Information Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the second quarter and full year 2022, certain expected synergies from recent acquisitions and demand for our marketplaces in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, including the impact of the COVID-19 pandemic on our business and operations and our ability to forecast our performance due to our limited operating history and the COVID-19 pandemic, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, and our brand and reputation. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the period ended December 31, 2021. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Investor Contact: | Media Contact: |
Shawn Milne VP Investor Relations 240-335-8132 shawn.milne@xometry.com | Matthew Hutchison Corporate Communications for Xometry 415-583-2119 matthew.hutchison@xometry.com |
Xometry, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share and per share data)
March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | (audited) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 58,969 | $ | 86,262 | ||||
Marketable securities | 309,694 | 30,465 | ||||||
Accounts receivable, less allowance for doubtful accounts of $1.0 million as of March 31, 2022 and $0.8 million as of December 31, 2021 | 38,471 | 32,427 | ||||||
Inventory | 2,200 | 2,033 | ||||||
Prepaid expenses | 6,086 | 6,664 | ||||||
Deferred sales commissions | 6,708 | 5,283 | ||||||
Other current assets | 917 | 297 | ||||||
Total current assets | 423,045 | 163,431 | ||||||
Property and equipment, net | 11,634 | 10,287 | ||||||
Operating lease right-of-use assets | 25,804 | 27,489 | ||||||
Investment in unconsolidated joint venture | 4,231 | 4,198 | ||||||
Intangible assets, net | 40,871 | 41,736 | ||||||
Goodwill | 255,231 | 254,672 | ||||||
Other assets | 511 | 773 | ||||||
Total assets | $ | 761,327 | $ | 502,586 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,930 | $ | 12,718 | ||||
Accrued expenses | 28,195 | 30,905 | ||||||
Contract liabilities | 10,008 | 7,863 | ||||||
Operating lease liabilities, current portion | 5,662 | 5,549 | ||||||
Finance lease liabilities, current portion | — | 2 | ||||||
Total current liabilities | 53,795 | 57,037 | ||||||
Operating lease liabilities, net of current portion | 15,518 | 16,920 | ||||||
Convertible notes | 278,511 | — | ||||||
Income taxes payable | 1,532 | 1,468 | ||||||
Other liabilities | 1,792 | 1,678 | ||||||
Total liabilities | 351,148 | 77,103 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders’ equity | ||||||||
Additional paid-in capital | 602,360 | 597,641 | ||||||
Accumulated other comprehensive income | 104 | 149 | ||||||
Accumulated deficit | (193,353 | ) | (173,341 | ) | ||||
Total stockholders’ equity | 409,111 | 424,449 | ||||||
Noncontrolling interest | 1,068 | 1,034 | ||||||
Total equity | 410,179 | 425,483 | ||||||
Total liabilities and stockholders’ equity | $ | 761,327 | $ | 502,586 |
Xometry, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss(In thousands, except share and per share amounts)
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
Revenue | $ | 83,671 | $ | 43,922 | ||||
Cost of revenue | 50,732 | 34,087 | ||||||
Gross profit | 32,939 | 9,835 | ||||||
Sales and marketing | 19,285 | 7,563 | ||||||
Operations and support | 12,358 | 4,330 | ||||||
Product development | 7,290 | 3,664 | ||||||
General and administrative | 12,959 | 4,327 | ||||||
Total operating expenses | 51,892 | 19,884 | ||||||
Loss from operations | (18,953 | ) | (10,049 | ) | ||||
Other (expenses) income | ||||||||
Interest expense | (769 | ) | (330 | ) | ||||
Interest and dividend income | 96 | — | ||||||
Other expenses | (962 | ) | (122 | ) | ||||
Income from unconsolidated joint venture | 34 | — | ||||||
Total other expenses | (1,601 | ) | (452 | ) | ||||
Loss before income taxes | (20,554 | ) | (10,501 | ) | ||||
Benefit for income taxes | 559 | — | ||||||
Net loss | (19,995 | ) | (10,501 | ) | ||||
Net income attributable to noncontrolling interest | 17 | — | ||||||
Net loss attributable to common stockholders | $ | (20,012 | ) | $ | (10,501 | ) | ||
Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (1.33 | ) | ||
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted | 46,789,585 | 7,924,848 | ||||||
Comprehensive loss: | ||||||||
Foreign currency translation | $ | (28 | ) | $ | 30 | |||
Total other comprehensive (loss) income | (28 | ) | 30 | |||||
Net loss | (19,995 | ) | (10,501 | ) | ||||
Comprehensive loss | (20,023 | ) | (10,471 | ) | ||||
Comprehensive income attributable to noncontrolling interest | 34 | — | ||||||
Total comprehensive loss attributable to common stockholders | $ | (20,057 | ) | $ | (10,471 | ) |
Xometry, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows(In thousands)
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | (unaudited) | |||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,799 | 734 | ||||||
Reduction in carrying amount of right-of-use asset | 1,765 | 266 | ||||||
Stock based compensation | 3,456 | 505 | ||||||
Non-cash interest expense | — | 56 | ||||||
Revaluation of contingent consideration | 434 | — | ||||||
Income from unconsolidated joint venture | (34 | ) | — | |||||
Unrealized loss on marketable securities | 858 | — | ||||||
Non-cash income tax benefit | (559 | ) | — | |||||
Loss on sale of property and equipment | 71 | — | ||||||
Amortization of deferred costs on convertible notes | 312 | — | ||||||
Deferred taxes benefit | (2 | ) | — | |||||
Changes in other assets and liabilities: | ||||||||
Accounts receivable, net | (6,145 | ) | (5,525 | ) | ||||
Inventory | (180 | ) | 792 | |||||
Prepaid expenses | 567 | (875 | ) | |||||
Deferred commissions | (1,425 | ) | — | |||||
Other assets | (362 | ) | (224 | ) | ||||
Accounts payable | (2,752 | ) | 1,856 | |||||
Accrued expenses | (2,843 | ) | 1,645 | |||||
Contract liabilities | 2,145 | 1,595 | ||||||
Lease liabilities | (1,369 | ) | (266 | ) | ||||
Net cash used in operating activities | (24,259 | ) | (9,942 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of marketable securities | (280,091 | ) | — | |||||
Proceeds from sale of marketable securities | 4 | — | ||||||
Purchases of property and equipment | (2,543 | ) | (1,244 | ) | ||||
Proceeds from sale of property and equipment | 165 | — | ||||||
Net cash used in investing activities | (282,465 | ) | (1,244 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from stock options exercised | 1,263 | 846 | ||||||
Proceeds from issuance of convertible notes | 287,500 | — | ||||||
Costs incurred in connection with issuance of convertible notes | (9,301 | ) | — | |||||
Payments on finance lease obligations | (2 | ) | (3 | ) | ||||
Net cash provided by financing activities | 279,460 | 843 | ||||||
Effect of foreign currency translation on cash and cash equivalents | (29 | ) | (19 | ) | ||||
Net decrease in cash and cash equivalents | (27,293 | ) | (10,362 | ) | ||||
Cash and cash equivalents at beginning of the period | 86,262 | 59,874 | ||||||
Cash and cash equivalents at end of the period | $ | 58,969 | $ | 49,512 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | — | $ | 326 |
Xometry, Inc. and Subsidiaries Unaudited Reconciliations of Non-GAAP Financial Measures (In thousands)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Adjusted EBITDA: | ||||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | ||
Add (deduct): | ||||||||
Interest expense, interest and dividend income and other expenses | 1,635 | 452 | ||||||
Depreciation and amortization(1) | 1,799 | 734 | ||||||
Income tax benefit | (559 | ) | — | |||||
Amortization of in-place lease asset | 333 | — | ||||||
Stock-based compensation(2) | 3,456 | 505 | ||||||
Revaluation of contingent consideration | 434 | — | ||||||
Transaction costs | 205 | — | ||||||
Income from unconsolidated joint venture | (34 | ) | — | |||||
Adjusted EBITDA | $ | (12,726 | ) | $ | (8,810 | ) |
For the Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Non-GAAP Net Loss: | |||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | |
Add (deduct): | |||||||
Depreciation and amortization expense | 1,799 | 734 | |||||
Stock-based compensation | 3,456 | 505 | |||||
Amortization of in-place lease asset | 333 | — | |||||
Amortization of deferred costs on convertible notes | 312 | — | |||||
Unrealized loss on marketable securities | 858 | — | |||||
Revaluation of contingent consideration | 434 | — | |||||
Transaction costs | 205 | — | |||||
Non-GAAP Net Loss | $ | (12,598 | ) | $ | (9,262 | ) | |
Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted | 46,789,585 | 7,924,848 | |||||
Non-GAAP EPS, basic and diluted | $ | (0.27 | ) | $ | (1.17 | ) |
(1) | Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations. |
(2) | Represents the expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations. |
Xometry, Inc. and Subsidiaries Unaudited Segment Results(In thousands)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Segment Revenue: | (unaudited) | |||||||
U.S. | $ | 77,209 | $ | 41,299 | ||||
International | 6,462 | 2,623 | ||||||
Total revenue | $ | 83,671 | $ | 43,922 | ||||
Segment Net Loss: | ||||||||
U.S. | $ | (16,296 | ) | $ | (8,162 | ) | ||
International | (3,699 | ) | (2,339 | ) | ||||
Total net loss | $ | (19,995 | ) | $ | (10,501 | ) |
Xometry, Inc. and Subsidiaries Unaudited Supplemental Information(In thousands)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Summary of Stock-based Compensation Expense | (unaudited) | |||||||
Sales and marketing | $ | 636 | $ | 53 | ||||
Operations and support | 1,423 | 104 | ||||||
Product development | 894 | 75 | ||||||
General and administrative | 503 | 273 | ||||||
Total stock-based compensation expense | $ | 3,456 | $ | 505 | ||||
Summary of Depreciation and Amortization Expense | ||||||||
Cost of revenue | $ | 34 | $ | 37 | ||||
Sales and marketing | 774 | 30 | ||||||
Operations and support | 11 | 31 | ||||||
Product development | 793 | 610 | ||||||
General and administrative | 187 | 26 | ||||||
Total depreciation and amortization expense | $ | 1,799 | $ | 734 |
РОКВИЛЛ, Мэриленд, 11 мая 2022 года (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ: XMTR), ведущий мировой рынок цифрового производства с поддержкой искусственного интеллекта, сегодня отчитался о финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
"В 1 квартале 2022 года Xometry обеспечил значительный рост по всем направлениям, расширил наш рынок до новых географических регионов и расширил охват нашего механизма цитирования, основанного на искусственном интеллекте, благодаря запуску Xometry Everywhere. Мы также улучшили наши услуги поставщиков, включая новые продукты от Thomas”, - сказал Рэнди Альтшулер, генеральный директор Xometry. “Хотя мы все еще находимся на ранних стадиях вековой оцифровки обрабатывающей промышленности, Xometry стал цифровым рынком, соединяющим покупателей с поставщиками. Благодаря расширению нашей сети поставщиков внутри страны и за рубежом мы играем важную роль в создании устойчивых цепочек поставок на местном уровне независимо от макроэкономических событий”. Основные финансовые показатели Первого квартала 2022 года
Основные бизнес-события Первого квартала 2022 года
Финансовая сводка (В тысячах, за исключением сумм на акцию)
For the Three Months Ended March 31, | ||||||||||||
2022 | 2021 | % Change | ||||||||||
(unaudited) | ||||||||||||
Consolidated | ||||||||||||
Revenue | $ | 83,671 | $ | 43,922 | 90 | % | ||||||
Gross profit | 32,939 | 9,835 | 235 | % | ||||||||
Net loss attributable to common stockholders | (20,012 | ) | (10,501 | ) | (91 | )% | ||||||
EPS—basic and diluted | (0.43 | ) | (1.33 | ) | 68 | % | ||||||
Adjusted EBITDA(1) | (12,726 | ) | (8,810 | ) | (44 | )% | ||||||
Non-GAAP net loss(1) | (12,598 | ) | (9,262 | ) | (36 | )% | ||||||
Non-GAAP EPS-basic and diluted(1) | (0.27 | ) | (1.17 | ) | 77 | % | ||||||
Marketplace | ||||||||||||
Revenue | $ | 64,415 | ||||||||||
Cost of revenue | 46,741 | |||||||||||
Gross Profit | $ | 17,674 | ||||||||||
Supplier services | ||||||||||||
Revenue | $ | 19,256 | ||||||||||
Cost of revenue | 3,991 | |||||||||||
Gross Profit | $ | 15,265 |
(1) | These non-GAAP financial measures, and reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables. |
Ключевые операционные показатели(2):
As of March 31, | ||||||||||||
2022 | 2021 | % Change | ||||||||||
Active Buyers(3) | 30,683 | 21,345 | 44 | % | ||||||||
Percentage of Revenue from Existing Accounts(3) | 94 | % | 95 | % | (1 | )% | ||||||
Accounts with Last Twelve-Months Spend of at Least $50,000(3) | 790 | 412 | 92 | % | ||||||||
(2) | These key operating metrics are for Marketplace. |
(3) | Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of March 31, 2022 and 2021, and Percentage of Revenue from Existing Accounts is presented for the quarters ended March 31, 2022 and 2021. |
Финансовые рекомендации и перспективы:
Q2 2022 | FY 2022 | |||||||||||||||
(in millions) | ||||||||||||||||
Low | High | Low | High | |||||||||||||
Revenue | $ | 91.5 | $ | 93.5 | $ | 392.0 | $ | 400.0 | ||||||||
Adjusted EBITDA | $ | (11.0 | ) | $ | (10.0 | ) | $ | (36.0 | ) | $ | (32.0 | ) |
Использование финансовых показателей, не относящихся к ОПБУ
В дополнение к своей консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах Америки (“GAAP”), Xometry, Inc. ("Xometry", "Компания", "мы" или "наш") использует Скорректированную EBITDA и Не-GAAP чистый убыток и прибыль на акцию, не относящиеся к ОПБУ, которые считаются финансовыми показателями, не относящимися к ОПБУ, как описано ниже. Эти финансовые показатели, не относящиеся к GAAP, представлены для улучшения общего понимания пользователем финансовых показателей Xometry и не должны рассматриваться как замена или превосходство финансовой информации, подготовленной и представленной в соответствии с GAAP. Финансовые показатели, не относящиеся к GAAP, представленные в этом выпуске, вместе с финансовыми результатами GAAP, являются основными показателями, используемыми руководством и советом директоров Компании для понимания и оценки финансовых показателей и операционных тенденций Компании, включая сравнение между периодами, поскольку они исключают определенные расходы и прибыли которые, по мнению руководства, не отражают основных операционных результатов Компании. Руководство также использует эти меры для подготовки и обновления краткосрочных и долгосрочных финансовых и операционных планов Компании, для оценки инвестиционных решений, а также в ходе обсуждений с инвесторами, коммерческими банкирами, аналитиками по исследованию акционерного капитала и другими пользователями финансовой отчетности Компании. Соответственно, Компания считает, что эти финансовые показатели, не относящиеся к GAAP, предоставляют инвесторам и другим лицам полезную информацию для понимания и оценки операционных результатов Компании таким же образом, как и руководство Компании, а также для сравнения операционных результатов за разные периоды и с аналогичными компаниями Xometry. Кроме того, время от времени мы можем представлять скорректированную информацию (например, рост выручки), чтобы исключить влияние определенных прибылей, убытков или других изменений, которые влияют на сопоставимость наших операционных показателей от периода к периоду.
Использование финансовых показателей, не относящихся к GAAP, имеет определенные ограничения, поскольку они не отражают все статьи доходов и расходов или потоки денежных средств, которые влияют на финансовые показатели и операции Компании. Кроме того, финансовые показатели, не относящиеся к GAAP, не имеют стандартизированных значений, и поэтому другие компании, в том числе аналогичные компании, могут использовать те же или аналогичные показатели, но исключать или включать разные статьи или использовать разные вычисления. Руководство компенсирует эти ограничения путем сверки этих финансовых показателей, не относящихся к GAAP, с их наиболее сопоставимыми финансовыми показателями по GAAP в таблицах, озаглавленных “Выверка финансовых показателей, не относящихся к GAAP”, включенных в конце этого выпуска. Инвесторам и другим лицам рекомендуется просматривать финансовую информацию Компании во всей ее полноте и не полагаться на какой-либо один финансовый показатель.
Ключевые термины для наших Ключевых показателей и Финансовых показателей, не относящихся к GAAP
Доход от торговой площадки: включает продажу деталей и узлов.
Доход от услуг поставщиков: включает продажи рекламы в Thomasnet, маркетинговые услуги, расходные материалы, продукты финансовых услуг и другие продукты fintech.
Скорректированная прибыль до вычета процентов, налогов, износа и амортизации (Скорректированная EBITDA) как чистая прибыль (убыток) без учета процентных доходов (расходов), налога на прибыль (расходов) и некоторых других неденежных или единовременных статей, время от времени влияющих на чистый убыток, в основном состоящий из износа и амортизации, компенсация на основе акций, операционные издержки, благотворительные взносы в виде обыкновенных акций, переоценка условного вознаграждения, доход от неконсолидированного совместного предприятия и расходы на обесценение.
Чистый убыток, не соответствующий ОПБУ: Компания включила чистый убыток, не соответствующий ОПБУ, который представляет собой наш чистый убыток, скорректированный с учетом расходов на компенсацию на основе акций, износа и амортизации, амортизации дисконта и затрат на выпуск конвертируемых облигаций, нереализованного убытка по рыночным ценным бумагам, переоценки условного вознаграждения и затрат по сделке (в совокупности, “чистый убыток, не относящийся к ОПБУ”).
Прибыль на акцию без учета GAAP (EPS без учета GAAP): Компания рассчитывает чистую прибыль (убыток) на акцию без учета GAAP как чистую прибыль (убыток) без учета GAAP, деленную на средневзвешенное количество обыкновенных акций класса А в обращении.
Руководство считает, что исключение определенных расходов и прибылей при расчете скорректированной EBITDA, чистого убытка без учета GAAP и прибыли на акцию без учета GAAP обеспечивает полезную меру для сравнения между периодами базовой основной выручки и операционных расходов Компании, которая более сосредоточена на текущих затратах, необходимых для функционирования Компаниибизнеса и отражает его текущую деятельность таким образом, который позволяет проводить содержательный анализ тенденций. Руководство также считает, что исключение определенных неденежных расходов может быть полезным, поскольку суммы таких расходов являются результатом долгосрочных инвестиционных решений, принятых в предыдущие периоды, а не повседневных операционных решений.
Активные покупатели: Компания определяет “покупателей” как физических лиц, которые разместили заказ на покупку деталей или узлов по требованию на нашей торговой площадке. Компания определяет Активных покупателей как количество покупателей, совершивших хотя бы одну покупку на нашей торговой площадке за последние двенадцать месяцев.
Процент от выручки с Существующих счетов: Компания определяет “учетные записи” как индивидуальное юридическое лицо, такое как индивидуальный предприниматель с одним покупателем или юридические лица с несколькими покупателями, купившие по крайней мере одну часть на нашей торговой площадке. Компания определяет существующую учетную запись как учетную запись, в которой по крайней мере один покупатель совершил покупку на нашей торговой площадке.
Учетные записи с Расходами за последние двенадцать месяцев не менее 50 000 долларов США: Компания определяет Учетные записи с Расходами за последние двенадцать месяцев не менее 50 000 долларов США как учетные записи, которые потратили не менее 50 000 долларов США на нашем рынке за последний двенадцатимесячный период.
Xometry (XMTR) поддерживает отрасли сегодняшнего и завтрашнего дня, соединяя людей с большими идеями с производителями, которые могут воплотить их в жизнь. Цифровая торговая площадка Xometry предоставляет производителям критически важные ресурсы, необходимые им для развития своего бизнеса, а также облегчает покупателям компаний из списка Fortune 1000 доступ к глобальным производственным мощностям. Узнайте больше на сайте www.Xometry.com или следуйте @Xometry.
Конференц-связь
Компания обсудит свои финансовые результаты за первый квартал 2022 года во время телеконференции 5/11/2022 года в 8:30 утра по восточному времени / 5:30 утра по североамериканскому времени. Конференц-звонок можно получить в США по телефону 877-313-2061 или за пределами США по телефону 470-495-9537 с идентификатором конференции # 1993784. Прямая аудио-трансляция звонка также будет доступна одновременно на сайте investors.Xometry.com . После завершения звонка записанный повтор телеконференции будет доступен в разделе по связям с инвесторами на веб-сайте Xometry. Презентация веб-трансляции доходов будет заархивирована в разделе по связям с инвесторами на веб-сайте Xometry.
Предостерегающая информация Относительно прогнозных заявленийэтот пресс-релиз содержит прогнозные заявления по смыслу раздела 27A Закона о ценных бумагах от 1933 года с поправками и Раздела 21E Закона о ценных бумагах и биржах от 1934 года с поправками, заявления которых связаны со значительными рисками и неопределенностями. Прогнозные заявления, как правило, относятся к будущим событиям или нашим будущим финансовым или операционным показателям. В некоторых случаях вы можете определить прогнозные заявления, потому что они содержат такие слова, как “может”, “будет”, “должен”, “ожидать”, “планировать”, “предвидеть”, “мог бы”, “хотел бы”, “намереваться”, “цель”, “проект,”“обдумывать”, “верить”, “оценивать”, “прогнозировать”, “потенциал” или “продолжать” или отрицательное значение этих слов или других подобных терминов или выражений, которые касаются наших ожиданий, стратегии, планов или намерений. Прогнозные заявления в этом пресс-релизе включают, но не ограничиваются ими, наши убеждения относительно нашего финансового положения и операционных показателей, включая наши прогнозы и рекомендации на второй квартал и весь 2022 год, определенные ожидаемые синергетические эффекты от недавних приобретений и спрос на наши рынки в целом. Наши ожидания и убеждения в отношении этих вопросов могут не оправдаться, и фактические результаты в будущих периодах подвержены рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых, включая риски и неопределенности, связанные с: конкуренцией, управлением нашим ростом, финансовыми показателями, включая влияние пандемии COVID-19 о нашем бизнесе и операциях, а также о нашей способности прогнозировать наши результаты из-за нашей ограниченной операционной истории и пандемии COVID-19, инвестициях в новые продукты или предложения, нашей способности привлекать покупателей и продавцов на наш рынок, судебных разбирательствах и нормативных вопросах и событиях, любых будущих изменениях в нашем бизнесе или наших финансовых или операционной модели, а также нашего бренда и репутации. Прогнозные заявления, содержащиеся в этом пресс-релизе, также подвержены другим рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут отличаться от прогнозируемых, в том числе более подробно описанных в наших заявках в SEC, включая наш Годовой отчет по форме 10-K за период, закончившийся 31 декабря 2021 года. Все прогнозные заявления в этом пресс-релизе основаны на информации, доступной Xometry, а также на предположениях и убеждениях на дату настоящего документа, и мы отказываемся от каких-либо обязательств по обновлению любых прогнозных заявлений, за исключением случаев, предусмотренных законом.
Investor Contact: | Media Contact: |
Shawn Milne VP Investor Relations 240-335-8132 shawn.milne@Xometry.com | Matthew Hutchison Corporate Communications for Xometry 415-583-2119 matthew.hutchison@Xometry.com |
Xometry, Inc. и Дочерние компании Сокращенные Консолидированные балансы (В тысячах, за исключением данных по акциям и в расчете на акцию)
March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | (audited) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 58,969 | $ | 86,262 | ||||
Marketable securities | 309,694 | 30,465 | ||||||
Accounts receivable, less allowance for doubtful accounts of $1.0 million as of March 31, 2022 and $0.8 million as of December 31, 2021 | 38,471 | 32,427 | ||||||
Inventory | 2,200 | 2,033 | ||||||
Prepaid expenses | 6,086 | 6,664 | ||||||
Deferred sales commissions | 6,708 | 5,283 | ||||||
Other current assets | 917 | 297 | ||||||
Total current assets | 423,045 | 163,431 | ||||||
Property and equipment, net | 11,634 | 10,287 | ||||||
Operating lease right-of-use assets | 25,804 | 27,489 | ||||||
Investment in unconsolidated joint venture | 4,231 | 4,198 | ||||||
Intangible assets, net | 40,871 | 41,736 | ||||||
Goodwill | 255,231 | 254,672 | ||||||
Other assets | 511 | 773 | ||||||
Total assets | $ | 761,327 | $ | 502,586 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,930 | $ | 12,718 | ||||
Accrued expenses | 28,195 | 30,905 | ||||||
Contract liabilities | 10,008 | 7,863 | ||||||
Operating lease liabilities, current portion | 5,662 | 5,549 | ||||||
Finance lease liabilities, current portion | — | 2 | ||||||
Total current liabilities | 53,795 | 57,037 | ||||||
Operating lease liabilities, net of current portion | 15,518 | 16,920 | ||||||
Convertible notes | 278,511 | — | ||||||
Income taxes payable | 1,532 | 1,468 | ||||||
Other liabilities | 1,792 | 1,678 | ||||||
Total liabilities | 351,148 | 77,103 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders’ equity | ||||||||
Additional paid-in capital | 602,360 | 597,641 | ||||||
Accumulated other comprehensive income | 104 | 149 | ||||||
Accumulated deficit | (193,353 | ) | (173,341 | ) | ||||
Total stockholders’ equity | 409,111 | 424,449 | ||||||
Noncontrolling interest | 1,068 | 1,034 | ||||||
Total equity | 410,179 | 425,483 | ||||||
Total liabilities and stockholders’ equity | $ | 761,327 | $ | 502,586 |
Xometry, Inc. и Дочерние компании Неаудированные Сокращенные Консолидированные отчеты о деятельности и Совокупном убытке (В тысячах, за исключением сумм на акцию и на акцию)
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
Revenue | $ | 83,671 | $ | 43,922 | ||||
Cost of revenue | 50,732 | 34,087 | ||||||
Gross profit | 32,939 | 9,835 | ||||||
Sales and marketing | 19,285 | 7,563 | ||||||
Operations and support | 12,358 | 4,330 | ||||||
Product development | 7,290 | 3,664 | ||||||
General and administrative | 12,959 | 4,327 | ||||||
Total operating expenses | 51,892 | 19,884 | ||||||
Loss from operations | (18,953 | ) | (10,049 | ) | ||||
Other (expenses) income | ||||||||
Interest expense | (769 | ) | (330 | ) | ||||
Interest and dividend income | 96 | — | ||||||
Other expenses | (962 | ) | (122 | ) | ||||
Income from unconsolidated joint venture | 34 | — | ||||||
Total other expenses | (1,601 | ) | (452 | ) | ||||
Loss before income taxes | (20,554 | ) | (10,501 | ) | ||||
Benefit for income taxes | 559 | — | ||||||
Net loss | (19,995 | ) | (10,501 | ) | ||||
Net income attributable to noncontrolling interest | 17 | — | ||||||
Net loss attributable to common stockholders | $ | (20,012 | ) | $ | (10,501 | ) | ||
Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (1.33 | ) | ||
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted | 46,789,585 | 7,924,848 | ||||||
Comprehensive loss: | ||||||||
Foreign currency translation | $ | (28 | ) | $ | 30 | |||
Total other comprehensive (loss) income | (28 | ) | 30 | |||||
Net loss | (19,995 | ) | (10,501 | ) | ||||
Comprehensive loss | (20,023 | ) | (10,471 | ) | ||||
Comprehensive income attributable to noncontrolling interest | 34 | — | ||||||
Total comprehensive loss attributable to common stockholders | $ | (20,057 | ) | $ | (10,471 | ) |
Xometry, Inc. и Дочерние компании Неаудированные Сокращенные Консолидированные отчеты о движении денежных средств (В тысячах)
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | (unaudited) | |||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,799 | 734 | ||||||
Reduction in carrying amount of right-of-use asset | 1,765 | 266 | ||||||
Stock based compensation | 3,456 | 505 | ||||||
Non-cash interest expense | — | 56 | ||||||
Revaluation of contingent consideration | 434 | — | ||||||
Income from unconsolidated joint venture | (34 | ) | — | |||||
Unrealized loss on marketable securities | 858 | — | ||||||
Non-cash income tax benefit | (559 | ) | — | |||||
Loss on sale of property and equipment | 71 | — | ||||||
Amortization of deferred costs on convertible notes | 312 | — | ||||||
Deferred taxes benefit | (2 | ) | — | |||||
Changes in other assets and liabilities: | ||||||||
Accounts receivable, net | (6,145 | ) | (5,525 | ) | ||||
Inventory | (180 | ) | 792 | |||||
Prepaid expenses | 567 | (875 | ) | |||||
Deferred commissions | (1,425 | ) | — | |||||
Other assets | (362 | ) | (224 | ) | ||||
Accounts payable | (2,752 | ) | 1,856 | |||||
Accrued expenses | (2,843 | ) | 1,645 | |||||
Contract liabilities | 2,145 | 1,595 | ||||||
Lease liabilities | (1,369 | ) | (266 | ) | ||||
Net cash used in operating activities | (24,259 | ) | (9,942 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of marketable securities | (280,091 | ) | — | |||||
Proceeds from sale of marketable securities | 4 | — | ||||||
Purchases of property and equipment | (2,543 | ) | (1,244 | ) | ||||
Proceeds from sale of property and equipment | 165 | — | ||||||
Net cash used in investing activities | (282,465 | ) | (1,244 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from stock options exercised | 1,263 | 846 | ||||||
Proceeds from issuance of convertible notes | 287,500 | — | ||||||
Costs incurred in connection with issuance of convertible notes | (9,301 | ) | — | |||||
Payments on finance lease obligations | (2 | ) | (3 | ) | ||||
Net cash provided by financing activities | 279,460 | 843 | ||||||
Effect of foreign currency translation on cash and cash equivalents | (29 | ) | (19 | ) | ||||
Net decrease in cash and cash equivalents | (27,293 | ) | (10,362 | ) | ||||
Cash and cash equivalents at beginning of the period | 86,262 | 59,874 | ||||||
Cash and cash equivalents at end of the period | $ | 58,969 | $ | 49,512 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | — | $ | 326 |
Xometry, Inc. и Дочерние компании Неаудированные выверки финансовых показателей, не относящихся к GAAP (В тысячах)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Adjusted EBITDA: | ||||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | ||
Add (deduct): | ||||||||
Interest expense, interest and dividend income and other expenses | 1,635 | 452 | ||||||
Depreciation and amortization(1) | 1,799 | 734 | ||||||
Income tax benefit | (559 | ) | — | |||||
Amortization of in-place lease asset | 333 | — | ||||||
Stock-based compensation(2) | 3,456 | 505 | ||||||
Revaluation of contingent consideration | 434 | — | ||||||
Transaction costs | 205 | — | ||||||
Income from unconsolidated joint venture | (34 | ) | — | |||||
Adjusted EBITDA | $ | (12,726 | ) | $ | (8,810 | ) |
For the Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Non-GAAP Net Loss: | |||||||
Net loss | $ | (19,995 | ) | $ | (10,501 | ) | |
Add (deduct): | |||||||
Depreciation and amortization expense | 1,799 | 734 | |||||
Stock-based compensation | 3,456 | 505 | |||||
Amortization of in-place lease asset | 333 | — | |||||
Amortization of deferred costs on convertible notes | 312 | — | |||||
Unrealized loss on marketable securities | 858 | — | |||||
Revaluation of contingent consideration | 434 | — | |||||
Transaction costs | 205 | — | |||||
Non-GAAP Net Loss | $ | (12,598 | ) | $ | (9,262 | ) | |
Weighted-average number of shares outstanding used to compute Non-GAAP Net Loss per share, basic and diluted | 46,789,585 | 7,924,848 | |||||
Non-GAAP EPS, basic and diluted | $ | (0.27 | ) | $ | (1.17 | ) |
(1) | Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations. |
(2) | Represents the expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations. |
Xometry, Inc. и Дочерние Компании Неаудированные Результаты по Сегментам (В тысячах)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Segment Revenue: | (unaudited) | |||||||
U.S. | $ | 77,209 | $ | 41,299 | ||||
International | 6,462 | 2,623 | ||||||
Total revenue | $ | 83,671 | $ | 43,922 | ||||
Segment Net Loss: | ||||||||
U.S. | $ | (16,296 | ) | $ | (8,162 | ) | ||
International | (3,699 | ) | (2,339 | ) | ||||
Total net loss | $ | (19,995 | ) | $ | (10,501 | ) |
Xometry, Inc. и Дочерние Компании Неаудированная Дополнительная Информация (В тысячах)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Summary of Stock-based Compensation Expense | (unaudited) | |||||||
Sales and marketing | $ | 636 | $ | 53 | ||||
Operations and support | 1,423 | 104 | ||||||
Product development | 894 | 75 | ||||||
General and administrative | 503 | 273 | ||||||
Total stock-based compensation expense | $ | 3,456 | $ | 505 | ||||
Summary of Depreciation and Amortization Expense | ||||||||
Cost of revenue | $ | 34 | $ | 37 | ||||
Sales and marketing | 774 | 30 | ||||||
Operations and support | 11 | 31 | ||||||
Product development | 793 | 610 | ||||||
General and administrative | 187 | 26 | ||||||
Total depreciation and amortization expense | $ | 1,799 | $ | 734 |