3D Systems Reports First Quarter 2016 Financial Results

 

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended March 31, 2016 and 2015
 
   
  Quarter Ended March 31,    
(in thousands)     2016         2015    
Cash flows from operating activities:            
Net loss $   (17,812 )   $   (13,148 )  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:            
Benefit of deferred income taxes      (1,092 )       (10,254 )  
Depreciation and amortization      15,089         19,470    
Impairment of investments     899         -    
Provision for bad debts      2,388         2,881    
Provision for inventory obsolescence and revaluation     543         756    
Stock-based compensation      11,667         10,329    
Loss on the disposition of property and equipment     162         253    
Changes in operating accounts, net of acquisition activity:            
Accounts receivable      21,544         17,986    
Inventories      (8,527 )       (20,767 )  
Prepaid expenses and other current assets      (434 )       (2,784 )  
Accounts payable      (5,956 )       (5,815 )  
All other operating activities     (353 )       156    
Net cash provided by (used in) operating activities      18,118         (937 )  
Cash flows from investing activities:            
Purchases of property and equipment      (4,246 )       (3,693 )  
Additions to license and patent costs      (231 )       (203 )  
Cash paid for acquisitions, net of cash assumed      -         (77,984 )  
Other investing activities     -         (600 )  
Net cash used in investing activities      (4,477 )       (82,480 )  
Cash flows from financing activities:            
Tax benefits from share-based payment arrangements     -         447    
Proceeds (repurchase) - restricted stock     (810 )       360    
Repayment of capital lease obligations      (262 )       (176 )  
Net cash provided by (used in) financing activities      (1,072 )       631    
Effect of exchange rate changes on cash      1,562         (2,180 )  
Net increase (decrease) in cash and cash equivalents      14,131         (84,966 )  
Cash and cash equivalents at the beginning of the period      155,643         284,862    
Cash and cash equivalents at the end of the period  $   169,774     $   199,896    
             

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