3D Systems Reports Second Quarter 2021 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended June 30, 2021 and 2020

  Six Months Ended June 30,
(in thousands) 2021  2020
Cash flows from operating activities:   
Net income (loss)$35,596  $(56,875)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:   
Depreciation and amortization17,890  23,059 
Stock-based compensation30,576  13,606 
Provision for inventory obsolescence and revaluation1,100  10,894 
Loss on hedge accounting de-designation and termination721  1,235 
Provision for bad debts800  1,198 
Gain on the disposition of businesses, property, equipment and other assets(37,240) (134)
Provision for deferred income taxes and reserve adjustments(9,014) (671)
Impairment of goodwill and assets  1,100 
Changes in operating accounts:   
Accounts receivable12,476  12,639 
Inventories9,132  (24,544)
Prepaid expenses and other current assets(1,065) (19,976)
Accounts payable 3,424     2,470  
Deferred revenue and customer deposits (531 )   6,678  
Accrued and other liabilities (23,020 )   3,637  
All other operating activities 3,231     4,666  
Net cash provided by (used in) operating activities 41,976     (21,018 )
Cash flows from investing activities:      
Purchases of property and equipment (8,204 )   (7,162 )
Proceeds from sale of assets and businesses, net of cash 54,747     552  
Business acquisitions, net of cash acquired (10,912 )    
Purchase of noncontrolling interest (4,000 )   (12,500 )
Other investing activities (306 )   (474 )
Net cash provided by (used in) investing activities 31,325     (19,584 )
Cash flows from financing activities:      
Repayment of borrowings/long-term debt (21,392 )   (26,254 )
Proceeds from inventory financing agreements     2,509  
Payments related to net-share settlement of stock-based compensation (6,629 )   (3,821 )
Other financing activities (423 )   296  
Net cash used in financing activities (28,444 )   (27,270 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,902     (1,856 )
Net increase (decrease) in cash, cash equivalents and restricted cash 47,759     (69,728 )
Cash, cash equivalents and restricted cash at the beginning of the period (a) 84,711     134,617  
Cash, cash equivalents and restricted cash at the end of the period (a) $ 132,470     $ 64,889  

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