| 3D Systems Corporation | |||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||
| Six Months Ended June 30, 2016 and 2015 | |||||||||
| Six Months Ended June 30, | |||||||||
| (in thousands) | 2016 | 2015 | |||||||
| Cash flows from operating activities: | |||||||||
| Net loss | $ | (23,021 | ) | $ | (26,983 | ) | |||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||
| Benefit of deferred income taxes | (2,201 | ) | (14,773 | ) | |||||
| Depreciation and amortization | 30,435 | 41,895 | |||||||
| Impairment of investments | 2,760 | — | |||||||
| Provision for bad debts | 2,677 | 5,135 | |||||||
| (Benefit) provision for inventory obsolescence and revaluation | |||||||||
| Stock-based compensation | 18,893 | 20,050 | |||||||
| (Gain) loss on the disposition of property and equipment | (51 | ) | 711 | ||||||
| Changes in operating accounts, net of acquisition activity: | |||||||||
| Accounts receivable | 30,375 | 25,899 | |||||||
| Inventories | (16,153 | ) | (34,117 | ) | |||||
| Prepaid expenses and other current assets | (2,463 | ) | (13,332 | ) | |||||
| Accounts payable | (4,526 | ) | (3,827 | ) | |||||
| Accrued and other current liabilities | (4,328 | ) | (11,393 | ) | |||||
| All other operating activities | (1,357 | ) | 4,382 | ||||||
| Net cash provided by (used in) operating activities | 31,040 | (6,353 | ) | ||||||
| Cash flows from investing activities: | |||||||||
| Purchases of property and equipment | (7,597 | ) | (12,196 | ) | |||||
| Additions to license and patent costs | (790 | ) | (560 | ) | |||||
| Proceeds from disposition of property and equipment | 0 | — | |||||||
| Cash paid for acquisitions, net of cash assumed | — | (91,799 | ) | ||||||
| Other investing activities | (1,000 | ) | (1,750 | ) | |||||
| Net cash used in investing activities | (9,387 | ) | (106,305 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Tax benefits from share-based payment arrangements | — | 547 | |||||||
| Proceeds (repurchase) — restricted stock | (1,307 | ) | 942 | ||||||
| Repayment of capital lease obligations | (524 | ) | (526 | ) | |||||
| Net cash provided by (used in) financing activities | (1,831 | ) | 963 | ||||||
| Effect of exchange rate changes on cash | 783 | (1,950 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | 20,605 | (113,645 | ) | ||||||
| Cash and cash equivalents at the beginning of the period | 155,643 | 284,862 | |||||||
| Cash and cash equivalents at the end of the period | $ | 176,248 | $ | 171,217 | |||||
3D Systems Reports Second Quarter and Six Months 2016 Financial Results
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