3D Systems Reports Second Quarter 2024 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30, 2024 and 2023

  Six Months Ended
(in thousands) June 30, 2024  June 30, 2023
Cash flows from operating activities:   
Net loss before redeemable non-controlling interest$(43,402) $(58,408)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation, amortization and accretion of debt discount 15,521   18,442 
Stock-based compensation 13,673   18,282 
Loss on short-term investments    6 
Non-cash operating lease expense 4,992   4,025 
Provision for inventory obsolescence 6,165   4,550 
Provision for bad debts (25)  100 
Loss on the disposition of businesses, property, equipment and other assets 643   57 
Gain on debt extinguishment (21,518)   
Provision (benefit) for deferred income taxes and reserve adjustments   451        
Loss on equity method investment, net of taxes   1,149       142  
Asset impairment         1,187  
Changes in operating accounts:      
Accounts receivable   2,438       (2,597 )
Inventories   479       (24,469 )
Prepaid expenses and other current assets   149       (4,556 )
Accounts payable   (7,387 )     4,381  
Deferred revenue and customer deposits   3,943       1,870  
Accrued and other liabilities   (7,325 )     (6,836 )
All other operating activities   (6,254 )     (2,445 )
Net cash used in operating activities   (36,308 )     (46,269 )
Cash flows from investing activities:      
Purchases of property and equipment   (7,151 )     (13,549 )
Sales and maturities of short-term investments         179,790  
Proceeds from sale of assets and businesses, net of cash sold   96        
Acquisitions and other investments, net of cash acquired   (2,450 )     (15,654 )
Net cash (used in) provided by investing activities   (9,505 )     150,587  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt   (87,218 )      
Taxes paid related to net-share settlement of equity awards   (2,503 )     (4,564 )
Other financing activities   (659 )     (362 )
Net cash used in financing activities   (90,380 )     (4,926 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (2,632 )     645  
Net (decrease) increase in cash, cash equivalents and restricted cash   (138,825 )     100,037  
Cash, cash equivalents and restricted cash at the beginning of the year (a)   333,111       391,975  
Cash, cash equivalents and restricted cash at the end of the period (a) $ 194,286     $ 492,012  

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