3D Systems Reports Fourth Quarter and Full Year 2023 Financial Results (Unaudited)

3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows
 
  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  

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