3D Systems Reports Fourth Quarter and Full Year 2015 Financial Results
|
3D Systems Corporation |
|
Unaudited Condensed Consolidated Statements of Cash Flows |
|
Year Ended December 31, 2015 and 2014 |
| |
|
|
|
|
Year Ended December 31,
|
|
|
(in thousands) |
|
|
2015 |
|
|
|
|
2014 |
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
| Net income (loss) |
$ |
|
(663,925 |
) |
|
$ |
|
11,946 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |
|
|
|
|
|
|
| Benefit of deferred income taxes |
|
|
(2,875 |
) |
|
|
|
(24,555 |
) |
|
| Depreciation and amortization |
|
|
83,069 |
|
|
|
|
55,188 |
|
|
| Provision for litigation award |
|
|
11,282 |
|
|
|
— |
|
| Impairment of goodwill, other intangible assets and investments |
|
|
544,611 |
|
|
|
— |
|
| Non-cash interest on convertible notes |
|
— |
|
|
|
224 |
|
|
| Provision for bad debts |
|
|
3,766 |
|
|
|
|
8,699 |
|
|
| Provision for inventory obsolescence and revaluation |
|
|
21,550 |
|
|
|
|
2,334 |
|
|
| Stock-based compensation |
|
|
34,733 |
|
|
|
|
32,793 |
|
|
| (Gain) loss on the disposition of property and equipment |
|
|
(43 |
) |
|
|
|
(227 |
) |
|
| Loss on conversion of convertible debt |
|
— |
|
|
|
1,806 |
|
|
| Changes in operating accounts: |
|
|
|
|
|
|
| Accounts receivable |
|
|
20,890 |
|
|
|
|
(55,977 |
) |
|
| Inventories |
|
|
(31,241 |
) |
|
|
|
(33,088 |
) |
|
| Prepaid expenses and other current assets |
|
|
2,197 |
|
|
|
|
(9,235 |
) |
|
| Accounts payable |
|
|
(18,904 |
) |
|
|
|
23,482 |
|
|
| Accrued and other liabilities |
|
|
624 |
|
|
|
|
15,406 |
|
|
| Customer deposits |
|
|
1,466 |
|
|
|
|
1,921 |
|
|
| Deferred revenue |
|
|
(576 |
) |
|
|
|
8,686 |
|
|
| Other operating assets and liabilities |
|
|
(9,752 |
) |
|
|
|
11,708 |
|
|
| Net cash provided by (used in) operating activities |
|
|
(3,128 |
) |
|
|
|
51,111 |
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(22,399 |
) |
|
|
|
(22,727 |
) |
|
| Additions to license and patent costs |
|
|
(907 |
) |
|
|
|
(753 |
) |
|
| Cash paid for acquisitions, net of cash assumed |
|
|
(91,799 |
) |
|
|
|
(345,361 |
) |
|
| Other investing activities |
|
|
(5,750 |
) |
|
|
|
(6,600 |
) |
|
| Net cash used in investing activities |
|
|
(120,855 |
) |
|
|
|
(375,441 |
) |
|
| Cash flows from financing activities: |
|
|
|
|
|
|
| Tax benefits (provision) from share-based payment arrangements |
|
|
(1,243 |
) |
|
|
|
7,653 |
|
|
| Proceeds from issuance of common stock |
|
— |
|
|
|
299,729 |
|
|
| Proceeds from exercise of restricted stock, net |
|
|
135 |
|
|
|
|
1,896 |
|
|
| Repayment of capital lease obligations |
|
|
(1,049 |
) |
|
|
|
(696 |
) |
|
| Net cash provided by (used in) financing activities |
|
|
(2,157 |
) |
|
|
|
308,582 |
|
|
| Effect of exchange rate changes on cash |
|
|
(3,079 |
) |
|
|
|
(5,706 |
) |
|
| Net increase (decrease) in cash and cash equivalents |
|
|
(129,219 |
) |
|
|
|
(21,454 |
) |
|
| Cash and cash equivalents at the beginning of the period |
|
|
284,862 |
|
|
|
|
306,316 |
|
|
| Cash and cash equivalents at the end of the period |
$ |
|
155,643 |
|
|
$ |
|
284,862 |
|
|
| |
|
|
|
|
|
|
|
