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    
             

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