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 | |||
- 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.
