3D Systems Corporation | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
Six Months Ended June 30, 2017 and 2016 | |||||
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Six Months Ended June 30, | ||||
(In thousands) |
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2017 |
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|
2016 |
Cash flows from operating activities: |
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Net loss |
$ |
(17,909) |
|
$ |
(23,021) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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30,575 |
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|
30,435 |
Stock-based compensation |
|
14,450 |
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|
18,893 |
Provision for bad debts |
|
166 |
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|
2,677 |
Benefit of deferred income taxes |
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(1,580) |
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(2,201) |
Changes in operating accounts, net of acquisitions: |
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Accounts receivable |
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5,549 |
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|
30,375 |
Inventories |
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(9,766) |
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(16,153) |
Prepaid expenses and other current assets |
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(2,532) |
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(2,463) |
Accounts payable |
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4,343 |
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(4,526) |
Accrued and other current liabilities |
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(6,727) |
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(4,328) |
Deferred revenue |
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8,032 |
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|
8,198 |
All other operating activities |
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(6,209) |
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(6,846) |
Net cash provided by operating activities |
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18,392 |
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|
31,040 |
Cash flows from investing activities: |
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Cash paid for acquisitions, net of cash assumed |
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(34,291) |
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- |
Purchases of property and equipment |
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(11,243) |
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(7,597) |
Additions to license and patent costs |
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(571) |
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(790) |
Other investing activities |
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(1,650) |
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|
(1,000) |
Proceeds from disposition of property and equipment |
|
271 |
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|
- |
Net cash used in investing activities |
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(47,484) |
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(9,387) |
Cash flows from financing activities: |
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Payments on earnout consideration |
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(3,206) |
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- |
Repurchase of stock, net, and employer paid tax on employee awards |
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(1,970) |
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(1,307) |
Repayment of capital lease obligations |
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(290) |
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(524) |
Net cash used in financing activities |
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(5,466) |
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(1,831) |
Effect of exchange rate changes on cash and cash equivalents |
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3,602 |
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|
783 |
Net (decrease) increase in cash and cash equivalents |
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(30,956) |
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|
20,605 |
Cash and cash equivalents at the beginning of the period |
|
184,947 |
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|
155,643 |
Cash and cash equivalents at the end of the period |
$ |
153,991 |
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$ |
176,248 |
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Cash interest payments |
$ |
400 |
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$ |
211 |
Cash income tax payments, net |
$ |
3,367 |
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$ |
5,933 |
Transfer of equipment from inventory to property and equipment, net (a) |
$ |
7,689 |
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$ |
7,529 |
Transfer of equipment to inventory from property and equipment, net (b) |
$ |
907 |
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$ |
2,075 |
Stock issued for acquisitions |
$ |
3,208 |
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$ |
— |
3D Systems Reports Second Quarter 2017 Financial Results
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