3D Systems Reports Second Quarter 2022 Financial Results


3D Systems Corporation

Unaudited Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30, 2022 and 2021

 

  Six Months Ended June 30,
(in thousands)  2022   2021
Cash flows from operating activities:   
Net (loss) income$(59,797) $35,596 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   
Depreciation and amortization 18,198   17,890 
Stock-based compensation 20,061   30,576 
Unrealized gain on exchange rate    (2,100)
Provision for inventory obsolescence and revaluation 97   1,100 
Loss on hedge accounting de-designation and termination    721 
Provision for bad debts 1,042   800 
(Gain) on the disposition of businesses, property, equipment and other assets    (37,240)
Provision (benefit) for deferred income taxes and reserve adjustments 628      (9,014 )
Asset impairment   24        
Changes in operating accounts:      
Accounts receivable   (6,173 )     12,476  
Inventories   (16,609 )     9,132  
Prepaid expenses and other current assets   (2,981 )     (1,065 )
Accounts payable   6,168       3,424  
Deferred revenue and customer deposits   (704 )     (531 )
Accrued and other liabilities   1,618       (23,020 )
All other operating activities   217       3,231  
Net cash (used in) provided by operating activities   (38,211 )     41,976  
Cash flows from investing activities:      
Purchases of property and equipment   (10,368 )     (8,204 )
Purchases of short-term investments   (384,450 )      
Sales and maturities of short-term investments   41,044        
Proceeds from sale of assets and businesses, net of cash         54,747  
Acquisitions and other investments, net   (83,312 )     (10,912 )
Other investing activities         (306 )
Net cash (used in) provided by investing activities   (437,086 )     35,325  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt         (21,392 )
Debt issuance cost   (16 )      
Purchase of noncontrolling interest   (2,300 )      
Payments related to net-share settlement of stock-based compensation   (10,047 )     (6,629 )
Other financing activities   (324 )     (423 )
Net cash used in financing activities   (12,687 )     (32,444 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (2,047 )     2,902  
Net (decrease) increase in cash, cash equivalents and restricted cash   (490,031 )     47,759  
Cash, cash equivalents and restricted cash at the beginning of the period(a)   789,970       84,711  
Cash, cash equivalents and restricted cash at the end of the period(a) $ 299,939     $ 132,470  
  1. The amounts for cash and cash equivalents shown above include restricted cash of $1,105 and $626 as of June 30, 2022, and 2021, respectively, and $313, $540, as of December 31, 2021 and 2020, respectively, which were included in prepaid expenses and other assets net on the condensed consolidated balance sheet.



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