3D Systems Reports Second Quarter 2023 Financial Results
3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30, 2023, 2022
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Six Months Ended | |
(in thousands) |
June 30, 2023 | |
June 30, 2022 | | Cash flows from operating activities: | | | | | Net (loss) income before redeemable non-controlling interest | $ | (58,408 | ) | | $ | (59,797 | ) | | Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | | | | | Depreciation, amortization and accretion of debt discount | | 18,442 | | | | 18,198 | | | Stock-based compensation | | 18,282 | | | | 20,061 | | | Loss on short-term investments | | 6 | | | | — | | | Non-cash operating lease expense | | 4,025 | | | | — | | | Provision for inventory obsolescence and revaluation | | 4,550 | | | | 97 | | | Provision for bad debts | | 100 | | | | 1,042 | | | Loss (gain) on the disposition of businesses, property, equipment and other assets | | 57 | | | | — | | | Benefit for deferred income taxes and reserve adjustments | | — | | | | 628 | | | Loss on equity method investment | | 142 | | | | — | | | Asset impairment | | 1,187 | | | | 24 | | | Changes in operating accounts: | | | | | Accounts receivable | | (2,597 | ) | | | (6,173 | ) | | Inventories | | (24,469 | ) | | | (16,609 | ) | | Prepaid expenses and other current assets | | (4,556 | ) | | | (2,981 | ) | | Accounts payable | | 4,381 | | | | 6,168 | | | Deferred revenue and customer deposits | | 1,870 | | | | (704 | ) | | Accrued and other liabilities | | (6,836 | ) | | | 1,618 | | | All other operating activities | | (2,445 | ) | | | 217 | | | Net cash (used in) provided by operating activities | | (46,269 | ) | | | (38,211 | ) | | Cash flows from investing activities: | | | | | Purchases of property and equipment | | (13,549 | ) | | | (10,368 | ) | | Purchases of short-term investments | | — | | | | (384,450 | ) | | Sales and maturities of short-term investments | | 179,790 | | | | 41,044 | | | Acquisitions and other investments, net of cash acquired | | (15,654 | ) | | | (83,312 | ) | | Net cash provided by (used in) investing activities | | 150,587 | | | | (437,086 | ) | | Cash flows from financing activities: | | | | | Debt issuance costs | | — | | | | (16 | ) | | Purchase of non-controlling interests | | — | | | | (2,300 | ) | | Taxes paid related to net-share settlement of equity awards | | (4,564 | ) | | | (10,047 | ) | | Other financing activities | | (362 | ) | | | (324 | ) | | Net cash (used in) provided by financing activities | | (4,926 | ) | | | (12,687 | ) | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | | 645 | | | | (2,047 | ) | | Net (decrease) increase in cash, cash equivalents and restricted cash | | 100,037 | | | | (490,031 | ) | | 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) | $ | 492,012 | | | $ | 299,939 | |
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