|
3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and 2023 | |||||||
| Three Months Ended | |||||||
| (in thousands) | March 31, 2024 | March 31, 2023 | |||||
| Cash flows from operating activities: | |||||||
| Net loss before redeemable non-controlling interest | $ | (16,101 | ) | $ | (29,529 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation, amortization and accretion of debt discount | 7,706 | 9,220 | |||||
| Stock-based compensation | 8,252 | 10,292 | |||||
| Loss on short-term investments | — | 29 | |||||
| Non-cash operating lease expense | 2,728 | 1,903 | |||||
| Provision for inventory obsolescence | 4,259 | 2,926 | |||||
| Provision for bad debts | (71 | ) | 13 | ||||
| Loss on the disposition of businesses, property, equipment and other assets | 155 | 423 | |||||
| Gain on debt extinguishment | (21,518 | ) | — | ||||
| Provision (benefit) for deferred income taxes and reserve adjustments | 714 | (259 | ) | ||||
| Loss on equity method investment, net of taxes | 247 | — | |||||
| Changes in operating accounts: | |||||||
| Accounts receivable | (2,391 | ) | (208 | ) | |||
| Inventories | 30 | (12,327 | ) | ||||
| Prepaid expenses and other current assets | (3,277 | ) | (4,146 | ) | |||
| Accounts payable | (8,708 | ) | (2,947 | ) | |||
| Deferred revenue and customer deposits | 7,854 | 3,120 | |||||
| Accrued and other liabilities | (1,017 | ) | (6,994 | ) | |||
| All other operating activities | (4,407 | ) | 762 | ||||
| Net cash used in operating activities | (25,545 | ) | (27,722 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (3,190 | ) | (9,027 | ) | |||
| Sales and maturities of short-term investments | — | 176,856 | |||||
| Proceeds from sale of assets and businesses, net of cash sold | 3 | — | |||||
| Net cash (used in) provided by investing activities | (3,187 | ) | 167,829 | ||||
| Cash flows from financing activities: | |||||||
| Repayment of borrowings/long-term debt | (87,150 | ) | — | ||||
| Taxes paid related to net-share settlement of equity awards | (1,710 | ) | (2,115 | ) | |||
| Other financing activities | (327 | ) | (179 | ) | |||
| Net cash used in financing activities | (89,187 | ) | (2,294 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,579 | ) | 114 | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (119,498 | ) | 137,927 | ||||
| Cash, cash equivalents and restricted cash at the beginning of the year (a) | 333,111 | 391,975 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 213,613 | $ | 529,902 | |||
