3D Systems Reports First Quarter 2016 Financial Results
3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended March 31, 2016 and 2015 |
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| |
|
|
|
Quarter Ended March 31,
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|
(in thousands) |
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|
2016 |
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|
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|
2015 |
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| Cash flows from operating activities: |
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|
|
|
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| Net loss |
$ |
|
(17,812 |
) |
|
$ |
|
(13,148 |
) |
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
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|
|
|
|
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| Benefit of deferred income taxes |
|
|
(1,092 |
) |
|
|
|
(10,254 |
) |
|
| Depreciation and amortization |
|
|
15,089 |
|
|
|
|
19,470 |
|
|
| Impairment of investments |
|
|
899 |
|
|
|
|
- |
|
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| Provision for bad debts |
|
|
2,388 |
|
|
|
|
2,881 |
|
|
| Provision for inventory obsolescence and revaluation |
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|
543 |
|
|
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|
756 |
|
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| Stock-based compensation |
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|
11,667 |
|
|
|
|
10,329 |
|
|
| Loss on the disposition of property and equipment |
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|
162 |
|
|
|
|
253 |
|
|
| Changes in operating accounts, net of acquisition activity: |
|
|
|
|
|
|
| Accounts receivable |
|
|
21,544 |
|
|
|
|
17,986 |
|
|
| Inventories |
|
|
(8,527 |
) |
|
|
|
(20,767 |
) |
|
| Prepaid expenses and other current assets |
|
|
(434 |
) |
|
|
|
(2,784 |
) |
|
| Accounts payable |
|
|
(5,956 |
) |
|
|
|
(5,815 |
) |
|
| All other operating activities |
|
|
(353 |
) |
|
|
|
156 |
|
|
| Net cash provided by (used in) operating activities |
|
|
18,118 |
|
|
|
|
(937 |
) |
|
| Cash flows from investing activities: |
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|
|
|
|
|
| Purchases of property and equipment |
|
|
(4,246 |
) |
|
|
|
(3,693 |
) |
|
| Additions to license and patent costs |
|
|
(231 |
) |
|
|
|
(203 |
) |
|
| Cash paid for acquisitions, net of cash assumed |
|
|
- |
|
|
|
|
(77,984 |
) |
|
| Other investing activities |
|
|
- |
|
|
|
|
(600 |
) |
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| Net cash used in investing activities |
|
|
(4,477 |
) |
|
|
|
(82,480 |
) |
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| Cash flows from financing activities: |
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|
|
|
|
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| Tax benefits from share-based payment arrangements |
|
|
- |
|
|
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|
447 |
|
|
| Proceeds (repurchase) - restricted stock |
|
|
(810 |
) |
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|
360 |
|
|
| Repayment of capital lease obligations |
|
|
(262 |
) |
|
|
|
(176 |
) |
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| Net cash provided by (used in) financing activities |
|
|
(1,072 |
) |
|
|
|
631 |
|
|
| Effect of exchange rate changes on cash |
|
|
1,562 |
|
|
|
|
(2,180 |
) |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
14,131 |
|
|
|
|
(84,966 |
) |
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| Cash and cash equivalents at the beginning of the period |
|
|
155,643 |
|
|
|
|
284,862 |
|
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| Cash and cash equivalents at the end of the period |
$ |
|
169,774 |
|
|
$ |
|
199,896 |
|
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| |
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