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3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows Six Months Ended June 30, 2023, 2022 | |||||||
| Six Months Ended | |||||||
| (in thousands) | June 30, 2023 | June 30, 2022 | |||||
| Cash flows from operating activities: | |||||||
| Net (loss) income before redeemable non-controlling interest | $ | (58,408 | ) | $ | (59,797 | ) | |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||
| Depreciation, amortization and accretion of debt discount | 18,442 | 18,198 | |||||
| Stock-based compensation | 18,282 | 20,061 | |||||
| Loss on short-term investments | 6 | — | |||||
| Non-cash operating lease expense | 4,025 | — | |||||
| Provision for inventory obsolescence and revaluation | 4,550 | 97 | |||||
| Provision for bad debts | 100 | 1,042 | |||||
| Loss (gain) on the disposition of businesses, property, equipment and other assets | 57 | — | |||||
| Benefit for deferred income taxes and reserve adjustments | — | 628 | |||||
| Loss on equity method investment | 142 | — | |||||
| Asset impairment | 1,187 | 24 | |||||
| Changes in operating accounts: | |||||||
| Accounts receivable | (2,597 | ) | (6,173 | ) | |||
| Inventories | (24,469 | ) | (16,609 | ) | |||
| Prepaid expenses and other current assets | (4,556 | ) | (2,981 | ) | |||
| Accounts payable | 4,381 | 6,168 | |||||
| Deferred revenue and customer deposits | 1,870 | (704 | ) | ||||
| Accrued and other liabilities | (6,836 | ) | 1,618 | ||||
| All other operating activities | (2,445 | ) | 217 | ||||
| Net cash (used in) provided by operating activities | (46,269 | ) | (38,211 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (13,549 | ) | (10,368 | ) | |||
| Purchases of short-term investments | — | (384,450 | ) | ||||
| Sales and maturities of short-term investments | 179,790 | 41,044 | |||||
| Acquisitions and other investments, net of cash acquired | (15,654 | ) | (83,312 | ) | |||
| Net cash provided by (used in) investing activities | 150,587 | (437,086 | ) | ||||
| Cash flows from financing activities: | |||||||
| Debt issuance costs | — | (16 | ) | ||||
| Purchase of non-controlling interests | — | (2,300 | ) | ||||
| Taxes paid related to net-share settlement of equity awards | (4,564 | ) | (10,047 | ) | |||
| Other financing activities | (362 | ) | (324 | ) | |||
| Net cash (used in) provided by financing activities | (4,926 | ) | (12,687 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 645 | (2,047 | ) | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | 100,037 | (490,031 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of the year (a) | 391,975 | 789,970 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 492,012 | $ | 299,939 | |||
3D Systems Reports Second Quarter 2023 Financial Results
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