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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