3D Systems Reports Fourth Quarter and Full Year 2017 Financial Results
| | | |
3D Systems Corporation | | |
Unaudited Condensed Consolidated Statements of Cash Flows | | |
Full Year Ended December 31, 2017 and 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Full Year Ended December 31, | | |
(In thousands) |
2017 | |
2016 | | | Cash flows from operating activities: | | | | | | | | Net loss | $ | (65,323 | ) | | $ | (39,265 | ) | | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | Depreciation and amortization | | 62,041 | | | | 60,535 | | | | Stock-based compensation | | 27,260 | | | | 31,295 | | | | Lower of cost or market adjustment | | 12,883 | | | | 11,053 | | | | Impairment of assets | | 2,427 | | | | 8,618 | | | | Provision for bad debts | | 1,051 | | | | 1,552 | | | | Benefit of deferred income taxes | | (5,567 | ) | | | (6,566 | ) | | | (Gain) loss on the disposition of property and equipment | | — | | | | 1,465 | | | | Changes in operating accounts, net of acquisitions: | | | | | | | | Accounts receivable | | 3,987 | | | | 26,255 | | | | Inventories | | (17,716 | ) | | | (20,656 | ) | | | Prepaid expenses and other current assets | | (49,834 | ) | | | (3,895 | ) | | | Accounts payable | | 12,448 | | | | (4,975 | ) | | | Accrued and other current liabilities | | 50,209 | | | | (7,670 | ) | | | All other operating activities | | (7,925 | ) | | | (265 | ) | | | Net cash provided by operating activities | | 25,941 | | | | 57,481 | | | | Cash flows from investing activities: | | | | | | | | Cash paid for acquisitions, net of cash assumed | | (34,291 | ) | | | — | | | | Purchases of property and equipment | | (30,881 | ) | | | (16,567 | ) | | | Additions to license and patent costs | | (1,159 | ) | | | (1,132 | ) | | | Proceeds from disposition of property and equipment | | 273 | | | | 350 | | | | Purchase of noncontrolling interest | | (2,250 | ) | | | (3,533 | ) | | | Other investing activities | | (2,351 | ) | | | (1,000 | ) | | | Net cash used in investing activities | | (70,659 | ) | | | (21,882 | ) | | | Cash flows from financing activities: | | | | | | | | Payments related to net-share settlement of stock-based compensation | | (5,545 | ) | | | (2,871 | ) | | | Payments on earnout consideration | | (3,206 | ) | | | — | | | | Repayment of capital lease obligations | | (437 | ) | | | (1,055 | ) | | | Net cash used in financing activities | | (9,188 | ) | | | (3,926 | ) | | | Effect of exchange rate changes on cash and cash equivalents | | 5,303 | | | | (2,369 | ) | | | Net increase (decrease) in cash and cash equivalents | | (48,603 | ) | | | 29,304 | | | | Cash and cash equivalents at the beginning of the period | | 184,947 | | | | 155,643 | | | | Cash and cash equivalents at the end of the period | $ | 136,344 | | | $ | 184,947 | | | | | | | | | | |
|
