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
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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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