3D Systems Reports First Quarter 2022 Financial Results

Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021

  Quarter Ended March 31,
(in thousands)  2022    2021 
Cash flows from operating activities:   
Net (loss) income$(26,799) $45,228 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   
Depreciation and amortization 9,147   9,102 
Stock-based compensation 12,658   11,050 
Unrealized gain on exchange rate (439)   
Provision for inventory obsolescence and revaluation (517)   
Loss on hedge accounting de-designation and termination    721 
Provision for bad debts 1,076   (142)
Loss (Gain) on the disposition of businesses, property, equipment and other assets 137   (39,401 )
Provision (benefit) for deferred income taxes and reserve adjustments   466       (8,889 )
Asset impairment   40        
Changes in operating accounts:      
Accounts receivable   3,173       15,941  
Inventories   (8,822 )     2,699  
Prepaid expenses and other current assets   2,225       (2,303 )
Accounts payable   277       1,665  
Deferred revenue and customer deposits   1,901       1,552  
Accrued and other liabilities   (8,679 )     (17,491 )
All other operating activities   (969 )     8,721  
Net cash (used in) provided by operating activities   (15,125 )     28,453  
Cash flows from investing activities:      
Purchases of property and equipment   (4,079 )     (3,878 )
Purchases of short-term investments   (366,005 )      
Sales and maturities of short-term investments   6,170        
Proceeds from sale of assets and businesses, net of cash         54,747  
Acquisitions and other investments, net   (9,335 )      
Other investing activities   40       (306 )
Net cash (used in) provided by investing activities   (373,209 )     50,563  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt         (21,392 )
Purchase of noncontrolling interest   (2,300 )     (4,000 )
Payments related to net-share settlement of stock-based compensation   (10,052 )     (2,749 )
Other financing activities   (166 )     (196 )
Net cash used in financing activities   (12,518 )     (28,337 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   464       (2,434 )
Net increase (decrease) in cash, cash equivalents and restricted cash   (400,388 )     48,245  
Cash, cash equivalents and restricted cash at the beginning of the period   789,970       84,711  
Cash, cash equivalents and restricted cash at the end of the period $ 389,582     $ 132,956  

Appendix

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