3D Systems Reports Second Quarter and Six Months 2016 Financial Results
|
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 | | | | | | | | |
|
