3D Systems Reports Third Quarter 2018 Financial Results
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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 | |
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