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 | |||||
