3D Systems Reports First Quarter 2024 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2024 and 2023
 
  Three Months Ended
(in thousands) March 31, 2024  March 31, 2023
Cash flows from operating activities:   
Net loss before redeemable non-controlling interest$(16,101) $(29,529)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation, amortization and accretion of debt discount 7,706   9,220 
Stock-based compensation 8,252   10,292 
Loss on short-term investments    29 
Non-cash operating lease expense 2,728   1,903 
Provision for inventory obsolescence 4,259   2,926 
Provision for bad debts (71)  13 
Loss on the disposition of businesses, property, equipment and other assets 155   423 
Gain on debt extinguishment   (21,518 )      
Provision (benefit) for deferred income taxes and reserve adjustments   714       (259 )
Loss on equity method investment, net of taxes   247        
Changes in operating accounts:      
Accounts receivable   (2,391 )     (208 )
Inventories   30       (12,327 )
Prepaid expenses and other current assets   (3,277 )     (4,146 )
Accounts payable   (8,708 )     (2,947 )
Deferred revenue and customer deposits   7,854       3,120  
Accrued and other liabilities   (1,017 )     (6,994 )
All other operating activities   (4,407 )     762  
Net cash used in operating activities   (25,545 )     (27,722 )
Cash flows from investing activities:      
Purchases of property and equipment   (3,190 )     (9,027 )
Sales and maturities of short-term investments         176,856  
Proceeds from sale of assets and businesses, net of cash sold   3        
Net cash (used in) provided by investing activities   (3,187 )     167,829  
Cash flows from financing activities:      
Repayment of borrowings/long-term debt   (87,150 )      
Taxes paid related to net-share settlement of equity awards   (1,710 )     (2,115 )
Other financing activities   (327 )     (179 )
Net cash used in financing activities   (89,187 )     (2,294 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (1,579 )     114  
Net (decrease) increase in cash, cash equivalents and restricted cash   (119,498 )     137,927  
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) $ 213,613     $ 529,902  

 

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