3D Systems Reports Second Quarter 2021 Financial Results


(a) The amounts for cash and cash equivalents shown above include restricted cash of $626 and $967 as of June 30, 2021 and 2020, respectively, and $540 and $952 as of December 31, 2020, and 2019, respectively, which were included in Other assets, net, and $9,161 as of December 31, 2020, which was included in Current assets held for sale in the condensed consolidated balance sheets.


3D Systems Corporation
Loss Per Share
Quarter Ended June 30, 2021 and 2020

  Quarter Ended June 30,
(in thousands, except per share amounts) 2021  2020
Numerator:   
Net income (loss)$(9,632) $(37,951)
Denominator:   
Weighted average shares - basic122,147  115,503 
Dilutive securities   
Weighted average shares - diluted122,147  115,503 
    
Net income (loss) per share - basic$(0.08) $(0.33)
Net income (loss) per share - diluted$(0.08) $(0.33)


Appendix
3D Systems Corporation
Unaudited Reconciliations of GAAP to Non-GAAP Measures
Quarter and Six Month Ended June 30, 2021 and 2020

  Quarter Ended June 30,  Six Months Ended June 30,
(in millions) 2021  2020  2021  2020
GAAP Revenue - as reported $ 162.6     $ 112.8        $ 308.7        $ 248.40     
Non-GAAP Revenue 162.6        112.8        308.7        248.4     
GAAP Cost of sales - as reported 93.6        77.6        175.4        156.1     
Amortization, stock-based compensation & other 0.2       0.1       0.3       0.2    
Legal, acquisition and divestiture related       0.1             0.2    
Cost optimization plan, including severance costs                   0.7    
Product end-of-life adjustment (0.3 )     10.9       (0.4 )     10.9    
Non-GAAP Cost of sales 93.6        66.5        175.5        144.2     
GAAP Gross Profit - as reported 69.0        35.2        133.3        92.3     
Amortization, stock-based compensation & other 0.2       0.1       0.3       0.2    
Legal, acquisition and divestiture related       0.1             0.2    
Cost optimization plan, including severance costs                   0.7    
Product end-of-life adjustment (0.3 )     10.9       (0.4 )     10.9    
Non-GAAP Gross Profit 69.0        46.3        133.2        104.2     
GAAP Gross Profit Margin 42.4    %   31.2    %   43.2    %   37.2    %
Non-GAAP Gross Profit Margin 42.4    %   41.0    %   43.1    %   41.9    %
GAAP Selling, general and administrative - as reported 61.5        52.0        111.1        108.1     
Amortization, stock-based compensation & other 21.8       11.3       35.1       21.9    
Legal, acquisition and divestiture related 1.7       0.1       2.2       0.3    
Cost optimization plan, including severance costs 0.4       0.5       1.6       2.0    
Non-GAAP Selling, general and administrative 37.6        40.1        72.2        84.0     
GAAP Research and development - as reported 17.6        17.0        34.2        36.2     
Cost optimization plan, including severance costs                   0.1    
Non-GAAP Research and development 17.6        17.0        34.2        36.1     
GAAP Operating Expenses - as reported 79.1        69.0        145.3        144.4     
Amortization, stock-based compensation & other 21.8       11.3       35.1       21.9    
Legal, acquisition and divestiture related 1.7       0.1       2.2       0.3    
Cost optimization plan, including severance costs 0.4       0.5       1.6       2.1    
Non-GAAP Operating expenses 55.2        57.1        106.4        120.1     
GAAP Operating Income (loss) - as reported (10.1 )     (33.9 )     (12.0 )     (52.1 )  
Amortization, stock-based compensation & other 22.0       11.4       35.4       22.1    
Legal, acquisition and divestiture related 1.7       0.2       2.2       0.5    
Cost optimization plan, including severance costs 0.4       0.5       1.6       2.8    
Product end-of-life adjustment (0.3 )     10.9       (0.3 )     10.9    
Non-GAAP Operating Income (loss) 13.8        (10.8 )     26.8        (15.9 )  
Depreciation 6.3       7.2       13.0       14.5    
Adjusted EBITDA 20.1        (3.6 )     39.8        (1.4 )  
GAAP Other Income and expense, net - as reported (0.3 )     (2.6 )     38.5        (5.2 )  
Legal, acquisition and divestiture related       (0.2 )     (39.4 )     (0.1 )  
Impairment of cost-method investments                   1.1    
Non-GAAP Other Income and expense, net (0.3 )     (2.8 )     (0.8 )     (4.2 )  
GAAP Net Income (loss) - as reported (9.6 )     (38.0 )     35.6        (56.9 )  
Amortization, stock-based compensation & other 22.0       11.4       35.4       22.1    
Legal, acquisition and divestiture related 1.7             (37.1 )     0.4    
Cost optimization plan, including severance costs 0.4       0.5       1.6       2.8    
Impairment of cost-method investments                   1.1    
Product end-of-life adjustment (0.3 )     10.9       (0.4 )     10.9    
Non-GAAP Net Income (loss) $ 14.2        $ (15.1 )     $ 35.1        $ (19.6 )  



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