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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (69,632) $ (45,263) $ (65,323)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 50,396 59,293 62,041
Stock-based compensation 23,587 29,253 27,260
Lower of cost or market adjustment 0 0 12,883
Provision for bad debts 1,308 1,824 1,051
Loss on the disposition of property, equipment and other assets 2,282 0 0
Provision for deferred income taxes (3,354) (2,990) (5,567)
Impairment of assets 1,728 1,998 2,427
Changes in operating accounts:      
Accounts receivable 15,071 599 3,987
Inventories 18,447 (34,035) (17,716)
Prepaid expenses and other current assets 9,150 40,922 (49,834)
Accounts payable (16,846) 11,559 12,448
Deferred revenue and customer deposits 677 (2,383) (121)
Accrued and other current liabilities 960 (47,851) 50,330
All other operating activities (2,193) (8,130) (7,739)
Net cash provided by operating activities 31,581 4,796 26,127
Cash flows from investing activities:      
Purchases of property and equipment (23,985) (40,694) (30,881)
Cash paid for acquisition 0 0 (34,291)
Proceeds from sale of assets 1,620 333 273
Purchase of noncontrolling interest (2,500) 0 (2,250)
Other investing activities (2,007) (1,466) (3,510)
Net cash used in investing activities (26,872) (41,827) (70,659)
Cash flows from financing activities:      
Proceeds from borrowings 100,000 25,000 0
Repayment of borrowings/long term debt (76,768) 0 0
Payments related to net-share settlement of stock based compensation (3,194) (7,367) (5,545)
Payments on earnout consideration 0 (2,675) (3,206)
Other financing activities (1,338) (694) (437)
Net cash provided by (used in) financing activities 18,700 14,264 (9,188)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 289 (3,145) 5,303
Net increase (decrease) in cash, cash equivalents and restricted cash 23,698 (25,912) (48,417)
Cash, cash equivalents and restricted cash at the beginning of the period [1] 110,919 136,831 185,248
Cash, cash equivalents and restricted cash at the end of the period [1] 134,617 110,919 136,831
Supplemental cash flow information      
Cash interest payments 3,715 542 503
Cash income tax payments, net 10,722 8,964 6,339
Transfer of equipment from inventory to property and equipment, net [2] 3,187 5,612 9,881
Transfer of equipment to inventory from property and equipment, net [3] 32 2,563 378
Issuance of stock for acquisitions 0 0 3,208
Purchase of noncontrolling interest [4] $ (11,000) $ 0 $ 0
[1] The amounts for cash and cash equivalents shown above include restricted cash of $952, $921 and $487 as of December 31, 2019, 2018 and 2017, respectively, which were included in Other assets, net, in the consolidated balance sheets.
[2] Inventory is transferred from inventory to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations.
[3] In general, an asset is transferred from Property and equipment, net, into inventory at its net book value when we have identified a potential sale for a used machine.
[4] Purchase of noncontrolling interest to be paid in installments over a four-year period recorded to Accrued and other current liabilities and Other liabilities on the consolidated balance sheets.