3D Systems Reports Third Quarter 2022 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2022 and 2021
(Unaudited)
  
  Nine Months Ended September 30,
(in thousands) 2022  2021
Cash flows from operating activities:   
Net (loss) income$(97,342) $328,252 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   
Depreciation, amortization and accretion of debt discount 28,264   26,292 
Stock-based compensation 31,508   43,991 
Loss on short-term investments 2,609    
Provision for inventory obsolescence and revaluation 646   1,100 
Loss on hedge accounting de-designation and termination    721 
Provision for bad debts 329   620 
(Gain) on the disposition of businesses, property, equipment and other assets (365)  (351,981 )
Provision (benefit) for deferred income taxes and reserve adjustments   1,666       (9,380 )
Asset impairment   2,359        
Changes in operating accounts:      
Accounts receivable   (1,513 )     (2,151 )
Inventories   (30,342 )     7,095  
Prepaid expenses and other current assets   2,562       5,338  
Accounts payable   (1,666 )     15,517  
Deferred revenue and customer deposits   (3,468 )     5,401  
Accrued and other liabilities   12,387       (9,859 )
All other operating activities   (83 )     1,696  
Net cash (used in) provided by operating activities   (52,449 )     62,652  
Cash flows from investing activities:      
Purchases of property and equipment   (17,055 )     (14,814 )
Purchases of short-term investments   (384,406 )      
Sales and maturities of short-term investments   112,050        
Proceeds from sale of assets and businesses, net of cash sold         427,664  
Acquisitions and other investments, net of cash acquired   (84,705 )     (10,936 )
Other investing activities         (2,273 )
Net cash (used in) provided by investing activities   (374,116 )     399,641  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt         (21,392 )
Debt issuance cost          
Purchase of noncontrolling interest   (2,300 )     (4,000 )
Taxes paid related to net-shares settlement of equity awards   (10,195 )     (10,386 )
Other financing activities   (486 )     (424 )
Net cash used in financing activities   (12,981 )     (36,202 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (7,911 )     (7,737 )
Net (decrease) increase in cash, cash equivalents and restricted cash   (447,457 )     418,354  
Cash, cash equivalents and restricted cash at the beginning of the period(a)   789,970       84,711  
Cash, cash equivalents and restricted cash at the end of the period(a) $ 342,513     $ 503,065  
  1. The amounts for cash and cash equivalents shown above include restricted cash of $1,216 and $313 as of September 30, 2022, and 2021, respectively, and $313, $540, as of December 31, 2021 and 2020, respectively, which were included in prepaid expenses and other assets net on the condensed consolidated balance sheet.



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