3D Systems Reports Third Quarter 2020 Financial Results

Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2020 and 2019

  Nine Months Ended September 30,
(in thousands) 2020  2019
Cash flows from operating activities:   
Net loss$(129,764) $(64,972)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:   
Depreciation and amortization34,830  39,305 
Stock-based compensation16,621  19,221 
Provision for inventory obsolescence and revaluation10,894   
Loss on hedge accounting de-designation1,235   
Provision for bad debts1,039  1,152 
Loss on the disposition of property, equipment and other assets434  1,620 
Provision for deferred income taxes  (1,346)
Impairment of goodwill and assets54,072  1,728 
Changes in operating accounts:   
Accounts receivable12,668  12,290 
Inventories(23,987) 6,481 
Prepaid expenses and other current assets(15,376) (3,122)
Accounts payable(9,166) (12,885)
Deferred revenue and customer deposits2,714  4,491 
Accrued and other current liabilities 6,309     1,199  
All other operating activities 4,828     4,922  
Net cash (used in) provided by operating activities (32,649 )   10,084  
Cash flows from investing activities:      
Purchases of property and equipment (11,015 )   (18,265 )
Proceeds from sale of assets 552     1,620  
Purchase of noncontrolling interest (12,500 )   (2,500 )
Other investing activities 504     (1,744 )
Net cash used in investing activities (22,459 )   (20,889 )
Cash flows from financing activities:      
Proceeds from revolving credit facilities 20,000      
Payments on revolving credit facilities (20,000 )    
Proceeds from borrowings/long-term debt     100,000  
Repayment of borrowings/long-term debt (26,547 )   (66,013 )
Proceeds from issuance of common stock 25,003      
Proceeds from inventory financing agreements 2,509      
Payments related to net-share settlement of stock-based compensation (5,034 )   (3,029 )
Other financing activities 296     (1,125 )
Net cash (used in) provided by financing activities (3,773 )   29,833  
Effect of exchange rate changes on cash, cash equivalents and restricted cash 526     (1,400 )
Net (decrease) increase in cash, cash equivalents and restricted cash (58,355 )   17,628  
Cash, cash equivalents and restricted cash at the beginning of the period (a) 134,617     110,919  
Cash, cash equivalents and restricted cash at the end of the period (a) $ 76,262     $ 128,547  

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