3D Systems Reports Fourth Quarter and Full Year 2016 Financial Results
|
3D Systems Corporation |
|
Unaudited Condensed Consolidated Statements of Cash Flows |
|
Full Year Ended December 31, 2016 and 2015 |
| |
|
(In thousands) |
|
2016 |
|
2015 |
| Cash flows from operating activities: |
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(39,265 |
) |
|
$ |
(663,925 |
) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
| Benefit of deferred income taxes |
|
|
(6,566 |
) |
|
|
(2,875 |
) |
| Depreciation and amortization |
|
|
60,535 |
|
|
|
83,069 |
|
| Provision for arbitration award |
|
|
— |
|
|
|
11,282 |
|
| Impairment of assets |
|
|
8,618 |
|
|
|
544,611 |
|
| Non-cash interest on convertible notes |
|
|
— |
|
|
|
— |
|
| Provision for bad debts |
|
|
1,552 |
|
|
|
3,766 |
|
| Provision for inventory reserves and revaluation, net |
|
|
11,053 |
|
|
|
21,550 |
|
| Stock-based compensation |
|
|
31,295 |
|
|
|
34,733 |
|
| (Gain) loss on the disposition of property and equipment |
|
|
2,529 |
|
|
|
(43 |
) |
| Loss on conversion of convertible debt |
|
|
— |
|
|
|
— |
|
| Changes in operating accounts, net of acquisitions: |
|
|
|
|
|
|
| Accounts receivable |
|
|
27,130 |
|
|
|
20,890 |
|
| Inventories |
|
|
(22,178 |
) |
|
|
(31,241 |
) |
| Prepaid expenses and other current assets |
|
|
(4,369 |
) |
|
|
2,197 |
|
| Accounts payable |
|
|
(5,878 |
) |
|
|
(18,904 |
) |
| Accrued and other current liabilities |
|
|
(6,652 |
) |
|
|
624 |
|
| All other operating activities |
|
|
(902 |
) |
|
|
(8,862 |
) |
| Net cash provided by (used in) operating activities |
|
|
56,902 |
|
|
|
(3,128 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(16,567 |
) |
|
|
(22,399 |
) |
| Additions to license and patent costs |
|
|
(1,132 |
) |
|
|
(907 |
) |
| Proceeds from disposition of property and equipment |
|
|
350 |
|
|
|
— |
|
| Purchase of noncontrolling interest |
|
|
(3,533 |
) |
|
|
— |
|
| Cash paid for acquisitions, net of cash assumed |
|
|
— |
|
|
|
(91,799 |
) |
| Other investing activities |
|
|
(1,000 |
) |
|
|
(5,750 |
) |
| Net cash used in investing activities |
|
|
(21,882 |
) |
|
|
(120,855 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
|
| Tax benefits (provision) from share-based payment arrangements |
|
|
— |
|
|
|
(1,243 |
) |
| Proceeds from issuance of common stock |
|
|
— |
|
|
|
— |
|
| Proceeds, repurchase and retirement of stock, net |
|
|
(2,871 |
) |
|
|
135 |
|
| Repayment of capital lease obligations |
|
|
(1,055 |
) |
|
|
(1,049 |
) |
| Net cash provided by (used in) financing activities |
|
|
(3,926 |
) |
|
|
(2,157 |
) |
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(1,790 |
) |
|
|
(3,079 |
) |
| Net increase (decrease) in cash and cash equivalents |
|
|
29,304 |
|
|
|
(129,219 |
) |
| Cash and cash equivalents at the beginning of the period |
|
|
155,643 |
|
|
|
284,862 |
|
| Cash and cash equivalents at the end of the period |
|
$ |
184,947 |
|
|
$ |
155,643 |
|
| |
|
|
|
|
|
|
|
