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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss before redeemable non-controlling interest $ (16,101) $ (29,529)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, amortization and accretion of debt discount 7,706 9,220
Stock-based compensation 8,252 10,292
Loss on short-term investments 0 29
Non-cash operating lease expense 2,728 1,903
Provision for inventory obsolescence 4,259 2,926
Provision for bad debts (71) 13
Loss on the disposition of businesses, property, equipment and other assets 155 423
Gain on debt extinguishment (21,518) 0
Provision (benefit) for deferred income taxes and reserve adjustments 714 (259)
Loss on equity method investment, net of taxes 247 0
Changes in operating accounts:    
Accounts receivable (2,391) (208)
Inventories 30 (12,327)
Prepaid expenses and other current assets (3,277) (4,146)
Accounts payable (8,708) (2,947)
Deferred revenue and customer deposits 7,854 3,120
Accrued and other liabilities (1,017) (6,994)
All other operating activities (4,407) 762
Net cash used in operating activities (25,545) (27,722)
Cash flows from investing activities:    
Purchases of property and equipment (3,190) (9,027)
Sales and maturities of short-term investments 0 176,856
Proceeds from sale of assets and businesses, net of cash sold 3 0
Net cash (used in) provided by investing activities (3,187) 167,829
Cash flows from financing activities:    
Repayment of borrowings/long-term debt (87,150) 0
Taxes paid related to net-share settlement of equity awards (1,710) (2,115)
Other financing activities (327) (179)
Net cash used in financing activities (89,187) (2,294)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,579) 114
Net (decrease) increase in cash, cash equivalents and restricted cash (119,498) 137,927
Cash, cash equivalents and restricted cash at the beginning of the year [1] 333,111 391,975
Cash, cash equivalents and restricted cash at the end of the year [1] 213,613 529,902
Supplemental cash flow information    
Lease assets obtained in exchange for new lease liabilities 688 16,318
Cash interest payments 258 48
Cash income tax payments, net 1,814 1,549
Transfer of equipment from inventory to property and equipment, net [2] $ 657 $ 735
[1] The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts reported in the condensed consolidated statements of cash flows.
March 31, 2024December 31, 2023March 31, 2023December 31, 2022
Cash and cash equivalents
$212,040 $331,525 $525,898 $388,134 
Restricted cash included in prepaid expenses and other current assets
120 119 115 114 
Restricted cash included in other assets
1,453 1,467 3,889 3,727 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows
$213,613 $333,111 $529,902 $391,975 

Amounts included in restricted cash as of March 31, 2024 and December 31, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Refer to Note 16 for further information. Amounts included in restricted cash as of March 31, 2023 and December 31, 2022 primarily relate to $3,435 deposited into an escrow account relating to the initial investment in the National Additive Manufacturing Innovation ("NAMI") joint venture. Refer to Note 6 for further information. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees.
[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.