3D Systems Reports Fourth Quarter and Full Year 2018 Financial Results
Consolidated Statements of Cash Flows
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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 | | |
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