3D Systems Reports Second Quarter 2020 Financial Results

Unaudited Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30, 2020 and 2019

  Six Months Ended June 30,
(in thousands) 2020  2019
Cash flows from operating activities:   
Net loss$(56,875) $(48,210)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:   
Depreciation and amortization23,059   26,574  
Stock-based compensation13,606   13,592  
Provision for inventory obsolescence and revaluation10,894   —  
Loss on hedge accounting de-designation1,235   —  
Provision for bad debts1,198   1,169  
Loss on the disposition of property, equipment and other assets(134) 1,103  
Provision for deferred income taxes(671) (852)
Impairment of assets1,100   1,728  
Changes in operating accounts:   
Accounts receivable12,639   11,213  
Inventories(24,544) (3,124)
Prepaid expenses and other current assets(19,976) (1,494)
Accounts payable2,470   (7,560)
Deferred revenue and customer deposits6,678   9,300  
Accrued and other current liabilities3,637     (2,333 )
All other operating activities 4,666      2,445   
Net cash (used in) provided by operating activities (21,018 )   3,551   
Cash flows from investing activities:      
Purchases of property and equipment (7,162 )   (14,353 )
Proceeds from sale of assets 552      —   
Purchase of noncontrolling interest (12,500 )   (2,500 )
Other investing activities (474 )   105   
Net cash used in investing activities (19,584 )   (16,748 )
Cash flows from financing activities:      
Proceeds from borrowings —      100,000   
Repayment of borrowings/long-term debt (26,254 )   (45,000 )
Proceeds from inventory financing agreements 2,509      —   
Payments related to net-share settlement of stock-based compensation (3,821 )   —   
Other financing activities 296      (1,898 )
Net cash (used in) provided by financing activities (27,270 )   53,102   
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,856 )   517   
Net (decrease) increase in cash, cash equivalents and restricted cash (69,728 )   40,422   
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) $ 64,889      $ 151,341   

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