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3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows | |||||||||||
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Year Ended
December 31, | |||||||||||
| (in thousands) | 2023 | 2022 | 2021 | ||||||||
| Cash flows from operating activities: | |||||||||||
| Net (loss) income before redeemable non-controlling interest | $ | (370,697 | ) | $ | (122,949 | ) | $ | 322,052 | |||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation, amortization and accretion of debt discount | 36,053 | 38,686 | 34,623 | ||||||||
| Stock-based compensation | 23,367 | 42,415 | 55,153 | ||||||||
| Loss on short-term investments | 6 | 3,146 | — | ||||||||
| Non-cash operating lease expense | 9,267 | 6,366 | 5,681 | ||||||||
| Provision for inventory obsolescence and revaluation | 6,350 | 2,586 | (2,909 | ) | |||||||
| Loss on hedge accounting de-designation and termination | — | — | 721 | ||||||||
| Provision for bad debts | 595 | 562 | 232 | ||||||||
| Loss (gain) on the disposition of businesses, property, equipment and other assets | 6 | 104 | (350,846 | ) | |||||||
| Gain on debt extinguishment | (32,181 | ) | — | — | |||||||
| Provision for deferred income taxes and reserve adjustments | (2,412 | ) | (2,518 | ) | (11,679 | ) | |||||
| Loss on equity method investment | 1,282 | — | — | ||||||||
| Impairments of assets | 313,204 | 4,095 | 1,676 | ||||||||
| Changes in operating accounts: | |||||||||||
| Accounts receivable | (6,793 | ) | 8,144 | (11,912 | ) | ||||||
| Inventories | (20,779 | ) | (51,082 | ) | 7,866 | ||||||
| Prepaid expenses and other current assets | (2,049 | ) | 8,229 | (8,106 | ) | ||||||
| Accounts payable | (5,526 | ) | (3,787 | ) | 27,159 | ||||||
| Deferred revenue and customer deposits | 1,852 | (6,947 | ) | (3,325 | ) | ||||||
| Accrued and other liabilities | (15,744 | ) | 10,702 | (12,389 | ) | ||||||
| All other operating activities | (16,472 | ) | (7,773 | ) | (5,850 | ) | |||||
| Net cash (used in) provided by operating activities | (80,671 | ) | (70,021 | ) | 48,147 | ||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (27,183 | ) | (20,907 | ) | (18,791 | ) | |||||
| Purchases of short-term investments | — | (384,388 | ) | — | |||||||
| Sales and maturities of short-term investments | 180,925 | 200,314 | — | ||||||||
| Proceeds from sale of assets and businesses, net of cash sold | 194 | 325 | 421,485 | ||||||||
| Acquisitions and other investments, net of cash acquired | (29,152 | ) | (103,699 | ) | (139,685 | ) | |||||
| Other investing activities | — | — | (2,454 | ) | |||||||
| Net cash provided by (used in) investing activities | 124,784 | (308,355 | ) | 260,555 | |||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from borrowings | — | — | 460,000 | ||||||||
| Debt issuance costs | — | — | (13,466 | ) | |||||||
| Repayment of borrowings/long-term debt | (100,614 | ) | — | (21,392 | ) | ||||||
| Purchase of non-controlling interests | — | (2,300 | ) | (6,300 | ) | ||||||
| Taxes paid related to net-share settlement of equity awards | (5,211 | ) | (10,864 | ) | (12,619 | ) | |||||
| Other financing activities | (644 | ) | (651 | ) | (423 | ) | |||||
| Net cash (used in) provided by financing activities | (106,469 | ) | (13,815 | ) | 405,800 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,492 | (5,804 | ) | (9,243 | ) | ||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (58,864 | ) | (397,995 | ) | 705,259 | ||||||
| Cash, cash equivalents and restricted cash at the beginning of the year a | 391,975 | 789,970 | 84,711 | ||||||||
| Cash, cash equivalents and restricted cash at the end of the year a | $ | 333,111 | $ | 391,975 | $ | 789,970 | |||||
3D Systems Reports Fourth Quarter and Full Year 2023 Financial Results (Unaudited)
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