3D Systems Reports Second Quarter 2020 Financial Results

Presentation of Information in this Press Release
To facilitate a better understanding of the impact that strategic acquisitions, non-recurring charges and certain non-cash expenses had on its financial results, the company reported non-GAAP measures excluding the impact of amortization of intangibles, acquisition and severance expenses, stock-based compensation expense, litigation settlements and charges related to strategic decisions and portfolio realignment. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.

About 3D Systems
More than 30 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading Additive Manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in Healthcare and Industrial markets such as Medical and Dental, Aerospace & Defense, Automotive and Durable Goods. More information on the company is available at www.3dsystems.com

Tables Follow


3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
June 30, 2020 and December 31, 2019

(In thousands, except par value) June 30, 2020  December 31, 2019
ASSETS   
Current assets:   
Cash and cash equivalents$63,922   $133,665  
Accounts receivable, net of reserves — $9,408 and $8,76297,708   109,408  
Inventories125,077   111,106  
Prepaid expenses and other current assets38,737   18,991  
Total current assets325,444   373,170  
Property and equipment, net85,727   92,940  
Intangible assets, net40,269   48,338  
Goodwill221,446   223,176  
Right of use assets48,043   36,890  
Deferred income tax asset5,327   5,408  
Other assets, net24,955   27,390  
Total assets$751,211      $ 807,312   
LIABILITIES AND EQUITY      
Current liabilities:      
Current portion of long-term debt $ 1,465      $ 2,506   
Current right of use liabilities 9,760      9,569   
Accounts payable 52,172      49,851   
Accrued and other liabilities 63,003      63,095   
Customer deposits 4,749      5,712   
Deferred revenue 39,499      32,231   
Total current liabilities 170,648      162,964   
Long-term debt, net of deferred financing costs 20,063      45,215   
Long-term right of use liabilities 46,339      35,402   
Deferred income tax liability 3,275      4,027   
Other liabilities 47,458      45,808   
Total liabilities 287,783      293,416   
Commitments and contingencies      
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; issued 124,252 and 121,266 124      120   
Additional paid-in capital 1,377,468      1,371,564   
Treasury stock, at cost — 4,543 shares and 3,670 shares (22,590 )   (18,769 )
Accumulated deficit (850,584 )   (793,709 )
Accumulated other comprehensive loss (40,990 )   (37,047 )
Total 3D Systems Corporation stockholders' equity 463,428      522,159   
Noncontrolling interests —      (8,263 )
Total stockholders’ equity 463,428      513,896   
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 751,211      $ 807,312   
               

3D Systems Corporation

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