3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows
Three Months Ended
March 31,
2023
,
2022
| Three Months Ended March 31, | |||||||
| (in thousands) | 2023 | 2022 | |||||
| Cash flows from operating activities: | |||||||
| Net (loss) income before redeemable non-controlling interest | $ | (29,529 | ) | $ | (26,799 | ) | |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||
| Depreciation, amortization and accretion of debt discount | 9,220 | 9,147 | |||||
| Stock-based compensation | 10,292 | 12,658 | |||||
| Unrealized gain on exchange rate | — | (439 | ) | ||||
| Loss on short-term investments | 29 | — | |||||
| Non-cash operating lease expense | 1,903 | 1,709 | |||||
| Provision for inventory obsolescence and revaluation | 2,926 | (517 | ) | ||||
| Provision for bad debts | 13 | 1,076 | |||||
| Loss (gain) on the disposition of businesses, property, equipment and other assets | 423 | 137 | |||||
| Benefit for deferred income taxes and reserve adjustments | (259 | ) | 466 | ||||
| Asset impairment | — | 40 | |||||
| Changes in operating accounts: | |||||||
| Accounts receivable | (208 | ) | 3,173 | ||||
| Inventories | (12,327 | ) | (8,822 | ) | |||
| Prepaid expenses and other current assets | (4,146 | ) | 2,225 | ||||
| Accounts payable | (2,947 | ) | 277 | ||||
| Deferred revenue and customer deposits | 3,120 | 1,901 | |||||
| Accrued and other liabilities | (6,994 | ) | (8,679 | ) | |||
| All other operating activities | 762 | (2,678 | ) | ||||
| Net cash (used in) provided by operating activities | (27,722 | ) | (15,125 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (9,027 | ) | (4,079 | ) | |||
| Purchases of short-term investments | — | (366,005 | ) | ||||
| Sales and maturities of short-term investments | 176,856 | 6,170 | |||||
| Acquisitions and other investments, net of cash acquired | — | (9,335 | ) | ||||
| Other investing activities | — | 40 | |||||
| Net cash provided by (used in) investing activities | 167,829 | (373,209 | ) | ||||
| Cash flows from financing activities: | |||||||
| Purchase of non-controlling interests | — | (2,300 | ) | ||||
| Taxes paid related to net-share settlement of equity awards | (2,115 | ) | (10,052 | ) | |||
| Other financing activities | (179 | ) | (166 | ) | |||
| Net cash (used in) provided by financing activities | (2,294 | ) | (12,518 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 114 | 464 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | 137,927 | (400,388 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of the year (a) | 391,975 | 789,970 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 529,902 | $ | 389,582 | |||
