3D Systems Reports Fourth Quarter and Full Year 2021 Financial Results

3D SYSTEMS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

  Year Ended December 31,
(in thousands) 2021  2020  2019
Cash flows from operating activities:     
Net income (loss)$322,052  $(149,594) $(69,632)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:     
Depreciation and amortization 34,623   44,595   50,396 
Stock-based compensation 55,153   17,725   23,587 
Provision for inventory obsolescence and revaluation (2,909)  12,373    
Loss on hedge accounting de-designation and termination 721   1,235    
Provision for bad debts 232   457   1,308  
(Gain) Loss on the disposition of businesses, property, equipment and other assets   (350,846 )     5,274       2,282  
Provision for deferred income taxes and reserve adjustments   (11,679 )     (1,206 )     (3,354 )
Impairment of goodwill and assets   1,676       55,484       1,728  
Changes in operating accounts:          
Accounts receivable   (11,912 )     (6,052 )     15,071  
Inventories   7,866       (9,901 )     18,447  
Prepaid expenses and other current assets   (8,106 )     (16,218 )     9,150  
Accounts payable   27,159       (6,653 )     (16,846 )
Deferred revenue and customer deposits   (3,325 )     3,231       677  
Accrued and other liabilities   (12,389 )     28,286       (1,346 )
All other operating activities   (169 )     843       113  
Net cash provided by (used in) operating activities   48,147       (20,121 )     31,581  
Cash flows from investing activities:          
Purchases of property and equipment   (18,791 )     (13,643 )     (23,985 )
Proceeds from sale of assets and businesses, net of cash   421,485       1,554       1,620  
Business acquisitions, net of cash acquired   (139,685 )            
Other investing activities   (2,454 )     356       (2,007 )
Net cash provided by (used in) investing activities   260,555       (11,733 )     (24,372 )
Cash flows from financing activities:          
Proceeds from revolving credit facilities         20,000        
Payments on revolving credit facilities         (20,000 )      
Proceeds from borrowings, net   460,000             100,000  
Debt issuance costs   (13,466 )            
Repayment of borrowings/long-term debt   (21,392 )     (26,840 )     (76,768 )
Proceeds from issuance of common stock         24,702        
Purchase of noncontrolling interest   (6,300 )     (12,500 )     (2,500 )
Payments related to net-share settlement of stock-based compensation   (12,619 )     (5,138 )     (3,194 )
Other financing activities   (423 )     296       (1,338 )
Net cash provided by (used in) financing activities   405,800       (19,480 )     16,200  
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (9,243 )     1,428       289  
Net increase (decrease) in cash, cash equivalents and restricted cash   705,259       (49,906 )     23,698  
Cash, cash equivalents and restricted cash at the beginning of the period a   84,711       134,617       110,919  
Cash, cash equivalents and restricted cash at the end of the period a $ 789,970     $ 84,711     $ 134,617  



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