3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended June 30, 2021 and 2020
| Six Months Ended June 30, | |||||||
| (in thousands) | 2021 | 2020 | |||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 35,596 | $ | (56,875 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 17,890 | 23,059 | |||||
| Stock-based compensation | 30,576 | 13,606 | |||||
| Provision for inventory obsolescence and revaluation | 1,100 | 10,894 | |||||
| Loss on hedge accounting de-designation and termination | 721 | 1,235 | |||||
| Provision for bad debts | 800 | 1,198 | |||||
| Gain on the disposition of businesses, property, equipment and other assets | (37,240 | ) | (134 | ) | |||
| Provision for deferred income taxes and reserve adjustments | (9,014 | ) | (671 | ) | |||
| Impairment of goodwill and assets | — | 1,100 | |||||
| Changes in operating accounts: | |||||||
| Accounts receivable | 12,476 | 12,639 | |||||
| Inventories | 9,132 | (24,544 | ) | ||||
| Prepaid expenses and other current assets | (1,065 | ) | (19,976 | ) | |||
| Accounts payable | 3,424 | 2,470 | |||||
| Deferred revenue and customer deposits | (531 | ) | 6,678 | ||||
| Accrued and other liabilities | (23,020 | ) | 3,637 | ||||
| All other operating activities | 3,231 | 4,666 | |||||
| Net cash provided by (used in) operating activities | 41,976 | (21,018 | ) | ||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (8,204 | ) | (7,162 | ) | |||
| Proceeds from sale of assets and businesses, net of cash | 54,747 | 552 | |||||
| Business acquisitions, net of cash acquired | (10,912 | ) | — | ||||
| Purchase of noncontrolling interest | (4,000 | ) | (12,500 | ) | |||
| Other investing activities | (306 | ) | (474 | ) | |||
| Net cash provided by (used in) investing activities | 31,325 | (19,584 | ) | ||||
| Cash flows from financing activities: | |||||||
| Repayment of borrowings/long-term debt | (21,392 | ) | (26,254 | ) | |||
| Proceeds from inventory financing agreements | — | 2,509 | |||||
| Payments related to net-share settlement of stock-based compensation | (6,629 | ) | (3,821 | ) | |||
| Other financing activities | (423 | ) | 296 | ||||
| Net cash used in financing activities | (28,444 | ) | (27,270 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,902 | (1,856 | ) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 47,759 | (69,728 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of the period (a) | 84,711 | 134,617 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 132,470 | $ | 64,889 | |||
