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3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows Quarter Ended March 31, 2016 and 2015 |
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| Quarter Ended March 31, | ||||||||||
| (in thousands) | 2016 | 2015 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net loss | $ | (17,812 | ) | $ | (13,148 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||
| Benefit of deferred income taxes | (1,092 | ) | (10,254 | ) | ||||||
| Depreciation and amortization | 15,089 | 19,470 | ||||||||
| Impairment of investments | 899 | - | ||||||||
| Provision for bad debts | 2,388 | 2,881 | ||||||||
| Provision for inventory obsolescence and revaluation | 543 | 756 | ||||||||
| Stock-based compensation | 11,667 | 10,329 | ||||||||
| Loss on the disposition of property and equipment | 162 | 253 | ||||||||
| Changes in operating accounts, net of acquisition activity: | ||||||||||
| Accounts receivable | 21,544 | 17,986 | ||||||||
| Inventories | (8,527 | ) | (20,767 | ) | ||||||
| Prepaid expenses and other current assets | (434 | ) | (2,784 | ) | ||||||
| Accounts payable | (5,956 | ) | (5,815 | ) | ||||||
| All other operating activities | (353 | ) | 156 | |||||||
| Net cash provided by (used in) operating activities | 18,118 | (937 | ) | |||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property and equipment | (4,246 | ) | (3,693 | ) | ||||||
| Additions to license and patent costs | (231 | ) | (203 | ) | ||||||
| Cash paid for acquisitions, net of cash assumed | - | (77,984 | ) | |||||||
| Other investing activities | - | (600 | ) | |||||||
| Net cash used in investing activities | (4,477 | ) | (82,480 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Tax benefits from share-based payment arrangements | - | 447 | ||||||||
| Proceeds (repurchase) - restricted stock | (810 | ) | 360 | |||||||
| Repayment of capital lease obligations | (262 | ) | (176 | ) | ||||||
| Net cash provided by (used in) financing activities | (1,072 | ) | 631 | |||||||
| Effect of exchange rate changes on cash | 1,562 | (2,180 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | 14,131 | (84,966 | ) | |||||||
| Cash and cash equivalents at the beginning of the period | 155,643 | 284,862 | ||||||||
| Cash and cash equivalents at the end of the period | $ | 169,774 | $ | 199,896 | ||||||
3D Systems Reports First Quarter 2016 Financial Results
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