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 | ||||