3D Systems Reports Third Quarter 2024 Financial Results

 
3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2024 and 2023
 
  Nine Months Ended
(in thousands) September 30, 2024  September 30, 2023
Cash flows from operating activities:   
Net loss before redeemable non-controlling interest$(222,138) $(70,169)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation, amortization and accretion of debt discount 28,837   27,054 
Stock-based compensation 17,339   15,140 
Loss on short-term investments    6 
Non-cash operating lease expense 7,370   6,552 
Provision for inventory obsolescence 10,332   6,061 
Provision for bad debts 148   197 
Loss on the disposition of businesses, property, equipment and other assets 1,649    51  
Gain on debt extinguishment   (21,518 )      
Provision (benefit) for deferred income taxes and reserve adjustments   451       141  
Loss on equity method investment, net of taxes   2,403       747  
Asset impairment charges   143,733       14,856  
Changes in operating accounts:      
Accounts receivable   2,594       (11,706 )
Inventories   5,972       (23,106 )
Prepaid expenses and other current assets   6,831       (2,790 )
Accounts payable   (7,201 )     (7,717 )
Deferred revenue and customer deposits   4,533       1,351  
Accrued and other liabilities   (9,843 )     (16,066 )
All other operating activities   (8,601 )     (12,495 )
Net cash used in operating activities   (37,109 )     (71,893 )
Cash flows from investing activities:      
Purchases of property and equipment   (10,798 )     (20,995 )
Sales and maturities of short-term investments         180,925  
Proceeds from sale of assets and businesses, net of cash sold   96        
Acquisitions and other investments, net of cash acquired   (2,450 )     (29,241 )
Net cash (used in) provided by investing activities   (13,152 )     130,689  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt   (87,218 )      
Taxes paid related to net-share settlement of equity awards   (2,526 )     (4,752 )
Other financing activities   (1,003 )     (463 )
Net cash used in financing activities   (90,747 )     (5,215 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (530 )     1,561  
Net (decrease) increase in cash, cash equivalents and restricted cash   (141,538 )     55,142  
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) $ 191,573     $ 447,117  

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