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  
             

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