Presentation of Information in this Press Release
3D Systems reports is financial results in accordance with GAAP. To facilitate a better understanding of the impact that strategic acquisitions, non-recurring charges and certain non-cash expenses had on its financial results, management reviews certain non-GAAP measures, including non-GAAP revenue, non-GAAP Cost of Sales, non-GAAP Operating Income, non-GAAP Net Income (Loss), non-GAAP Basic and Diluted Income (Loss) per Share, non-GAAP Gross Profit, non-GAAP Gross Profit Margin, non-GAAP SG&A Expenses, non-GAAP R&D, non-GAAP Other Income and Expense and non-GAAP Operating Expenses, each of which exclude 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, and Adjusted EBITDA, defined as non-GAAP Operating Income plus depreciation, and Adjusted EBITDA Margins to better evaluate period-over-period performance. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.
3D Systems does not provide forward-looking guidance on a GAAP basis. The company is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures without unreasonable effort because 3D Systems cannot reliably forecast legal, acquisition and divestiture expenses, restructuring expenses, product end of life adjustments and goodwill impairment, which are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.
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
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3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
June 30, 2021 and December 31, 2020
| (In thousands, except par value) | June 30, 2021 (unaudited) | December 31, 2020 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 131,844 | $ | 75,010 | |||
| Accounts receivable, net of reserves — $4,183 and $4,392 | 88,618 | 114,254 | |||||
| Inventories | 102,961 | 116,667 | |||||
| Prepaid expenses and other current assets | 33,251 | 33,145 | |||||
| Current assets held for sale | 14,240 | 18,439 | |||||
| Total current assets | 370,914 | 357,515 | |||||
| Property and equipment, net | 59,183 | 75,356 | |||||
| Intangible assets, net | 33,306 | 28,083 | |||||
| Goodwill | 146,267 | 161,765 | |||||
| Right of use assets | 47,490 | 48,620 | |||||
| Deferred income tax asset | 5,146 | 6,247 | |||||
| Assets held for sale | 28,916 | 31,684 | |||||
| Other assets | 21,071 | 23,785 | |||||
| Total assets | $ | 712,293 | $ | 733,055 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | — | $ | 2,051 | |||
| Current right of use liabilities | 8,256 | 9,534 | |||||
| Accounts payable | 47,979 | 45,174 | |||||
| Accrued and other liabilities | 62,568 | 69,812 | |||||
| Customer deposits | 7,547 | 7,750 | |||||
| Deferred revenue | 28,727 | 30,302 | |||||
| Current liabilities held for sale | 3,813 | 11,107 | |||||
| Total current liabilities | 158,890 | 175,730 | |||||
| Long-term debt, net of deferred financing costs | — | 19,218 | |||||
| Long-term right of use liabilities | 47,793 | 48,469 | |||||
| Deferred income tax liability | 3,487 | 4,716 | |||||
| Liabilities held for sale | 2,926 | 2,952 | |||||
| Other liabilities | 32,658 | 51,247 | |||||
| Total liabilities | 245,754 | 302,332 | |||||
| Commitments and contingencies (Note 14) | |||||||
| Stockholders’ equity: | |||||||
| Common stock, $0.001 par value, authorized 220,000 shares; issued 126,796 and 127,626 | 127 | 128 | |||||
| Additional paid-in capital | 1,407,900 | 1,404,964 | |||||
| Treasury stock, at cost — 1,623 shares and 3,494 shares | (10,492 | ) | (22,590 | ) | |||
| Accumulated deficit | (907,707 | ) | (943,303 | ) | |||
| Accumulated other comprehensive loss | (23,289 | ) | (8,476 | ) | |||
| Total stockholders’ equity | 466,539 | 430,723 | |||||
| Total liabilities and stockholders’ equity | $ | 712,293 | $ | 733,055 | |||
