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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income (loss) before redeemable non-controlling interest $ 67,450 $ (43,402)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 10,907 14,772
Accretion of debt discount 652 749
Stock-based compensation 607 13,673
Non-cash operating lease expense 2,371 4,992
Provision for inventory obsolescence 2,130 6,165
Provision for bad debts 1,622 (25)
(Gain) loss on the disposition of businesses, property, equipment and other assets (125,825) 643
Gain on debt extinguishment (8,203) (21,518)
Provision (benefit) for deferred income taxes and reserve adjustments (3,124) 451
Loss on equity method investment, net of taxes 2,229 1,149
Changes in operating accounts:    
Accounts receivable 9,394 2,438
Inventories (11,137) 479
Prepaid expenses and other current assets (6,362) 149
Accounts payable (8,142) (7,387)
Deferred revenue and customer deposits 7,094 3,943
Accrued and other liabilities 5,009 (7,325)
All other operating activities (6,302) (6,254)
Net cash used in operating activities (59,630) (36,308)
INVESTING ACTIVITIES    
Purchases of property and equipment (5,743) (7,151)
Proceeds from sale of assets and businesses, net of cash sold 119,400 96
Acquisitions and other investments, net of cash acquired (900) (2,450)
Other investing activities 174 0
Net cash provided by (used in) investing activities 112,931 (9,505)
FINANCING ACTIVITIES    
Proceeds from borrowings 92,030 0
Debt issuance costs (3,425) 0
Repayment of borrowings and long-term debt (169,987) (87,218)
Stock repurchases (14,960) 0
Taxes paid related to net-share settlement of equity awards (605) (2,503)
Other financing activities (393) (659)
Net cash used in financing activities (97,340) (90,380)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 5,104 (2,632)
Net decrease in cash, cash equivalents and restricted cash (38,935) (138,825)
Cash, cash equivalents and restricted cash at the beginning of the year 172,883 333,111
Cash, cash equivalents and restricted cash at the end of the period 133,948 194,286
Balances per Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 116,358 192,732
Restricted cash included in prepaid expenses and other current assets 125 121
Restricted cash included in other assets [1] 17,465 1,433
Total cash, cash equivalents and restricted cash 133,948 194,286
Supplemental cash flow information    
Lease assets obtained in exchange for new lease liabilities 42 997
Cash interest payments 239 512
Cash income tax payments, net 3,671 3,688
Transfer of equipment from inventory to property and equipment, net [2] 1,662 1,637
Exchange of assets for investment $ 1,016 $ 0
[1] The balance in restricted cash as of June 30, 2025 includes (1) $16.8 million of restricted cash for the remaining balance of the 2026 Notes for debt holders who participated in the June 2025 repurchase transaction. Refer to Note 6 for further information. (2) The remaining balance primarily relates to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. The balance in restricted cash as of June 30, 2024 primarily relates to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Refer to Note 12 for further information.
[2] Inventory is transferred to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations.