3D Systems Reports Third Quarter 2024 Financial Results
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3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended
September 30,
2024
and
2023 | | | | |
Nine Months Ended | |
(in thousands) |
September 30, 2024 | |
September 30, 2023 | | Cash flows from operating activities: | | | | | Net loss before redeemable non-controlling interest | $ | (222,138 | ) | | $ | (70,169 | ) | | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | Depreciation, amortization and accretion of debt discount | | 28,837 | | | | 27,054 | | | Stock-based compensation | | 17,339 | | | | 15,140 | | | Loss on short-term investments | | — | | | | 6 | | | Non-cash operating lease expense | | 7,370 | | | | 6,552 | | | Provision for inventory obsolescence | | 10,332 | | | | 6,061 | | | Provision for bad debts | | 148 | | | | 197 | | | Loss on the disposition of businesses, property, equipment and other assets | | 1,649 | | | | 51 | | | Gain on debt extinguishment | | (21,518 | ) | | | — | | | Provision (benefit) for deferred income taxes and reserve adjustments | | 451 | | | | 141 | | | Loss on equity method investment, net of taxes | | 2,403 | | | | 747 | | | Asset impairment charges | | 143,733 | | | | 14,856 | | | Changes in operating accounts: | | | | | Accounts receivable | | 2,594 | | | | (11,706 | ) | | Inventories | | 5,972 | | | | (23,106 | ) | | Prepaid expenses and other current assets | | 6,831 | | | | (2,790 | ) | | Accounts payable | | (7,201 | ) | | | (7,717 | ) | | Deferred revenue and customer deposits | | 4,533 | | | | 1,351 | | | Accrued and other liabilities | | (9,843 | ) | | | (16,066 | ) | | All other operating activities | | (8,601 | ) | | | (12,495 | ) | | Net cash used in operating activities | | (37,109 | ) | | | (71,893 | ) | | Cash flows from investing activities: | | | | | Purchases of property and equipment | | (10,798 | ) | | | (20,995 | ) | | Sales and maturities of short-term investments | | — | | | | 180,925 | | | Proceeds from sale of assets and businesses, net of cash sold | | 96 | | | | — | | | Acquisitions and other investments, net of cash acquired | | (2,450 | ) | | | (29,241 | ) | | Net cash (used in) provided by investing activities | | (13,152 | ) | | | 130,689 | | | Cash flows from financing activities: | | | | | Repayment of borrowings/long-term debt | | (87,218 | ) | | | — | | | Taxes paid related to net-share settlement of equity awards | | (2,526 | ) | | | (4,752 | ) | | Other financing activities | | (1,003 | ) | | | (463 | ) | | Net cash used in financing activities | | (90,747 | ) | | | (5,215 | ) | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (530 | ) | | | 1,561 | | | Net (decrease) increase in cash, cash equivalents and restricted cash | | (141,538 | ) | | | 55,142 | | | 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) | $ | 191,573 | | | $ | 447,117 | |
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