| Years ended December 31, | |||||||||
| (in thousands) | 2018 | 2017 | |||||||
| Cash flows from operating activities: | |||||||||
| Net loss | $ | (45,263 | ) | $ | (65,323 | ) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 59,293 | 62,041 | |||||||
| Stock-based compensation | 29,253 | 27,260 | |||||||
| Lower of cost or market adjustment | — | 12,883 | |||||||
| Impairment of assets | 1,998 | 2,427 | |||||||
| Provision for bad debts | 1,824 | 1,051 | |||||||
| Provision for deferred income taxes | (2,990 | ) | (5,567 | ) | |||||
| Changes in operating accounts, net of acquisitions: | |||||||||
| Accounts receivable | 599 | 3,987 | |||||||
| Inventories | (34,035 | ) | (17,716 | ) | |||||
| Prepaid expenses and other current assets | 40,922 | (49,834 | ) | ||||||
| Accounts payable | 11,559 | 12,448 | |||||||
| Accrued and other current liabilities | (50,234 | ) | 50,209 | ||||||
| All other operating activities | (8,130 | ) | (7,739 | ) | |||||
| Net cash provided by operating activities | 4,796 | 26,127 | |||||||
| Cash flows from investing activities: | |||||||||
| Cash paid for acquisitions, net of cash assumed | — | (34,291 | ) | ||||||
| Purchases of property and equipment | (40,694 | ) | (30,881 | ) | |||||
| Additions to license and patent costs | (970 | ) | (1,159 | ) | |||||
| Proceeds from disposition of property and equipment | 333 | 273 | |||||||
| Purchase of noncontrolling interest | — | (2,250 | ) | ||||||
| Other investing activities | (496 | ) | (2,351 | ) | |||||
| Net cash used in investing activities | (41,827 | ) | (70,659 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Proceeds from short-term debt | 25,000 | — | |||||||
| Payments related to net-share settlement of stock-based compensation | (7,367 | ) | (5,545 | ) | |||||
| Payments on earnout consideration | (2,675 | ) | (3,206 | ) | |||||
| Repayment of capital lease obligations | (694 | ) | (437 | ) | |||||
| Net cash provided by (used in) financing activities | 14,264 | (9,188 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (3,145 | ) | 5,303 | ||||||
| Net (decrease) in cash and cash equivalents | (25,912 | ) | (48,417 | ) | |||||
| Cash, cash equivalents and restricted cash at the beginning of the period (a) | 136,831 | 185,248 | |||||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 110,919 | $ | 136,831 | |||||
3D Systems Reports Fourth Quarter and Full Year 2018 Financial Results
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Consolidated Statements of Cash Flows
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