3D Systems Reports Fourth Quarter and Full Year 2015 Financial Results

 

3D Systems Corporation
Schedule 1
Earnings (Loss) Per Share
Year Ended December 31, 2015 and 2014
                         
  Quarter Ended December 31,     Year Ended December 31,    
(in thousands, except per share amounts) 2015   2014   2015   2014  
Numerator for basic and diluted net earnings per share:                        
Net income (loss) attributable to 3D Systems Corporation $     (596,366 )   $ 1,551   $   (655,492 )   $   11,637  
                         
Denominator for basic and diluted net earnings per share:                        
Weighted average shares       112,115       111,287       111,969         108,023  
                         
Earnings (loss) per share, basic and diluted $   (5.32 )   $ 0.01   $   (5.85 )   $ 0.11  
                         
Restricted stock units excluded from diluted earnings per share calculation(a)     88             270        
                         
(a) Average outstanding diluted earnings (loss) per share calculation excludes restricted stock units since the effect of their inclusion would have been anti-dilutive.  

 

3D Systems Corporation
Schedule 2
Unaudited Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
Quarter and Year Ended December 31, 2015 and 2014
                               
    Quarter Ended December 31,       Year Ended December 31,  
(in thousands, except per share amounts)   2015   2014     2015   2014
GAAP net income (loss) attributable to 3D Systems Corporation $   (596,366 )     $   1,551       $   (655,492 )     $   11,637  
Cost of sales adjustments:                              
Amortization of intangibles        71           72           303           281  
Charges related to shift away from consumer products and services — cash       8,771                 8,771        
Charges related to shift away from consumer products and services — non-cash       18,619                 18,619        
Operating expense adjustments:                              
Amortization of intangibles        13,155           10,892           60,763           39,193  
Acquisition and severance expenses        3,409           3,158           9,274           7,994  
Impairment of goodwill and other intangible assets     537,179                 537,179        
Non-cash stock-based compensation expense       5,883           9,055           34,733           32,793  
Arbitration award                     11,282        
Interest and other expense adjustments:                              
Non-cash interest expense                          225  
Loss on convertible notes                         1,806  
Tax effect (a)        30,160           (971 )         4,578           (18,810 )
Non-GAAP net income   $   20,881       $   23,757       $   30,010       $   75,119  
                               
Non-GAAP basic and diluted earnings per share   $   0.19       $   0.21       $   0.27       $   0.70  
(a) tax effect is calculated quarterly, based on the actual tax rate for each quarter.                        

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