| 3D Systems Corporation | ||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||
| Year Ended December 31, 2015 and 2014 | ||||||||||
| Year Ended December 31, | ||||||||||
| (in thousands) | 2015 | 2014 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net income (loss) | $ | (663,925 | ) | $ | 11,946 | |||||
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||||||||||
| Benefit of deferred income taxes | (2,875 | ) | (24,555 | ) | ||||||
| Depreciation and amortization | 83,069 | 55,188 | ||||||||
| Provision for litigation award | 11,282 | — | ||||||||
| Impairment of goodwill, other intangible assets and investments | 544,611 | — | ||||||||
| Non-cash interest on convertible notes | — | 224 | ||||||||
| Provision for bad debts | 3,766 | 8,699 | ||||||||
| Provision for inventory obsolescence and revaluation | 21,550 | 2,334 | ||||||||
| Stock-based compensation | 34,733 | 32,793 | ||||||||
| (Gain) loss on the disposition of property and equipment | (43 | ) | (227 | ) | ||||||
| Loss on conversion of convertible debt | — | 1,806 | ||||||||
| Changes in operating accounts: | ||||||||||
| Accounts receivable | 20,890 | (55,977 | ) | |||||||
| Inventories | (31,241 | ) | (33,088 | ) | ||||||
| Prepaid expenses and other current assets | 2,197 | (9,235 | ) | |||||||
| Accounts payable | (18,904 | ) | 23,482 | |||||||
| Accrued and other liabilities | 624 | 15,406 | ||||||||
| Customer deposits | 1,466 | 1,921 | ||||||||
| Deferred revenue | (576 | ) | 8,686 | |||||||
| Other operating assets and liabilities | (9,752 | ) | 11,708 | |||||||
| Net cash provided by (used in) operating activities | (3,128 | ) | 51,111 | |||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property and equipment | (22,399 | ) | (22,727 | ) | ||||||
| Additions to license and patent costs | (907 | ) | (753 | ) | ||||||
| Cash paid for acquisitions, net of cash assumed | (91,799 | ) | (345,361 | ) | ||||||
| Other investing activities | (5,750 | ) | (6,600 | ) | ||||||
| Net cash used in investing activities | (120,855 | ) | (375,441 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Tax benefits (provision) from share-based payment arrangements | (1,243 | ) | 7,653 | |||||||
| Proceeds from issuance of common stock | — | 299,729 | ||||||||
| Proceeds from exercise of restricted stock, net | 135 | 1,896 | ||||||||
| Repayment of capital lease obligations | (1,049 | ) | (696 | ) | ||||||
| Net cash provided by (used in) financing activities | (2,157 | ) | 308,582 | |||||||
| Effect of exchange rate changes on cash | (3,079 | ) | (5,706 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | (129,219 | ) | (21,454 | ) | ||||||
| Cash and cash equivalents at the beginning of the period | 284,862 | 306,316 | ||||||||
| Cash and cash equivalents at the end of the period | $ | 155,643 | $ | 284,862 | ||||||
3D Systems Reports Fourth Quarter and Full Year 2015 Financial Results
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