3D Systems Reports Fourth Quarter and Full Year 2022 Financial Results

(1)Amounts in table may not foot due to rounding

3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows

  Year Ended
December 31,
(in thousands)  2022    2021    2020 
Cash flows from operating activities:     
Net (loss) income$(122,949) $322,052  $(149,594)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:     
Depreciation, amortization and accretion of debt discount 38,686   34,623   44,595 
Stock-based compensation 42,415   55,153   17,725 
Loss on short-term investments 3,146        
Non-cash operating lease expense   6,296              
Provision for inventory obsolescence and revaluation   (356 )     (2,909 )     12,373  
Loss on hedge accounting de-designation and termination         721       1,235  
Provision for bad debts   562       232       457  
Loss (gain) on the disposition of businesses, property, equipment and other assets   104       (350,846 )     5,274  
Benefit for deferred income taxes and reserve adjustments   (2,518 )     (11,679 )     (1,206 )
Asset impairment   4,095       1,676       55,484  
Changes in operating accounts:          
Accounts receivable   8,140       (11,912 )     (6,052 )
Inventories   (48,140 )     7,866       (9,901 )
Prepaid expenses and other current assets   8,223       (8,106 )     (16,218 )
Accounts payable   (2,695 )     27,159       (6,653 )
Deferred revenue and customer deposits   (6,947 )     (3,325 )     3,231  
Accrued and other liabilities   11,231       (12,389 )     28,286  
All other operating activities   (7,688 )     (169 )     843  
Net cash (used in) provided by operating activities   (68,395 )     48,147       (20,121 )
Cash flows from investing activities:          
Purchases of property and equipment   (22,499 )     (18,791 )     (13,643 )
Purchases of short-term investments   (384,388 )            
Sales and maturities of short-term investments   200,314              
Proceeds from sale of assets and businesses, net of cash sold   325       421,485       1,554  
Acquisitions and other investments, net of cash acquired   (103,647 )     (139,685 )      
Other investing activities         (2,454 )     356  
Net cash (used in) provided by investing activities   (309,895 )     260,555       (11,733 )
Cash flows from financing activities:          
Proceeds from revolving credit facilities               20,000  
Payments on revolving credit facilities               (20,000 )
Proceeds from borrowings         460,000        
Debt issuance costs         (13,466 )      
Repayment of borrowings/long-term debt         (21,392 )     (26,840 )
Proceeds from issuance of common stock               24,702  
Purchase of non-controlling interests   (2,300 )     (6,300 )     (12,500 )
Taxes paid related to net-share settlement of equity awards   (10,864 )     (12,619 )     (5,138 )
Other financing activities   (660 )     (423 )     296  
Net cash (used in) provided by financing activities   (13,824 )     405,800       (19,480 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (5,881 )     (9,243 )     1,428  
Net (decrease) increase in cash, cash equivalents and restricted cash   (397,995 )     705,259       (49,906 )
Cash, cash equivalents and restricted cash at the beginning of the year a   789,970       84,711       134,617  
Cash, cash equivalents and restricted cash at the end of the year a $ 391,975     $ 789,970     $ 84,711  
                       

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