A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.
3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross margins and non-GAAP operating expenses to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including legal, acquisition expenses, stock-compensation expense, intangible amortization expense, restructuring expenses, and goodwill impairment, 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 Solutions 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 Consolidated Balance Sheets
December 31, 2022
and
December 31, 2021
| (in thousands, except par value) | December 31, 2022 | December 31, 2021 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 388,134 | $ | 789,657 | |||
| Short-term investments | 180,603 | — | |||||
| Accounts receivable, net of reserves — $3,114 and $2,445 | 93,886 | 106,540 | |||||
| Inventories | 137,832 | 92,887 | |||||
| Prepaid expenses and other current assets | 33,790 | 42,653 | |||||
| Total current assets | 834,245 | 1,031,737 | |||||
| Property and equipment, net | 58,072 | 57,257 | |||||
| Intangible assets, net | 90,230 | 45,835 | |||||
| Goodwill | 385,312 | 345,588 | |||||
| Right-of-use assets | 43,655 | 46,356 | |||||
| Deferred income tax asset | 7,038 | 5,054 | |||||
| Other assets | 28,972 | 17,272 | |||||
| Total assets | $ | 1,447,524 | $ | 1,549,099 | |||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY | |||||||
| Current liabilities: | |||||||
| Current lease liabilities | $ | 10,075 | $ | 8,344 | |||
| Accounts payable | 53,826 | 57,366 | |||||
| Accrued and other liabilities | 55,571 | 76,994 | |||||
| Customer deposits | 6,911 | 7,281 | |||||
| Deferred revenue | 26,464 | 28,027 | |||||
| Total current liabilities | 152,847 | 178,012 | |||||
| Long-term debt, net of deferred financing costs | 449,510 | 446,859 | |||||
| Long-term lease liabilities | 41,650 | 47,420 | |||||
| Deferred income tax liability | 7,631 | 2,173 | |||||
| Other liabilities | 44,180 | 32,254 | |||||
| Total liabilities | 695,818 | 706,718 | |||||
| Redeemable non-controlling interest | 1,762 | — | |||||
| Stockholders’ equity: | |||||||
| Common stock, $0.001 par value, authorized 220,000 shares; shares issued 131,207 and 128,375 as of December 31, 2022 and 2021, respectively | 131 | 128 | |||||
| Additional paid-in capital | 1,547,597 | 1,501,210 | |||||
| Accumulated deficit | (743,962 | ) | (621,251 | ) | |||
| Accumulated other comprehensive loss | (53,822 | ) | (37,706 | ) | |||
| Total stockholders’ equity | 749,944 | 842,381 | |||||
| Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ | 1,447,524 | $ | 1,549,099 | |||
3D Systems Corporation
