| 3D Systems Corporation | |||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | |||||||
| Nine Months Ended September 30, 2018 and 2017 | |||||||
| Nine Months Ended September 30, | |||||||
| (in thousands) | 2018 | 2017 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (41,123 | ) | $ | (55,224 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 44,986 | 46,146 | |||||
| Stock-based compensation | 21,082 | 21,084 | |||||
| Lower of cost or market adjustment | — | 12,883 | |||||
| Provision for bad debts | 2,522 | 1,297 | |||||
| Provision for deferred income taxes | (3,132 | ) | 1,674 | ||||
| Impairment of assets | 1,411 | 324 | |||||
| Changes in operating accounts, net of acquisitions: | |||||||
| Accounts receivable | (1,509 | ) | 10,777 | ||||
| Inventories | (29,502 | ) | (13,959 | ) | |||
| Prepaid expenses and other current assets | 41,589 | (2,939 | ) | ||||
| Accounts payable | 6,261 | 3,463 | |||||
| Accrued and other current liabilities | (45,346 | ) | (1,865 | ) | |||
| All other operating activities | (170 | ) | (5,985 | ) | |||
| Net cash (used in) provided by operating activities | (2,931 | ) | 17,676 | ||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions, net of cash assumed | — | (36,541 | ) | ||||
| Purchases of property and equipment | (28,323 | ) | (21,072 | ) | |||
| Additions to license and patent costs | (740 | ) | (875 | ) | |||
| Other investing activities | (496 | ) | (2,350 | ) | |||
| Proceeds from disposition of property and equipment | 9 | 271 | |||||
| Net cash used in investing activities | (29,550 | ) | (60,567 | ) | |||
| Cash flows from financing activities: | |||||||
| Payments on earnout consideration | (2,675 | ) | (3,206 | ) | |||
| Payments related to net-share settlement of stock-based compensation | (5,723 | ) | (4,494 | ) | |||
| Repayment of capital lease obligations | (508 | ) | (297 | ) | |||
| Net cash used in financing activities | (8,906 | ) | (7,997 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,417 | ) | 4,273 | ||||
| Net decrease in cash, cash equivalents and restricted cash | (43,804 | ) | (46,615 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period (a) | 136,831 | 184,947 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 93,027 | $ | 138,332 | |||
3D Systems Reports Third Quarter 2018 Financial Results
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