| 3D Systems Corporation | ||||||||||||||||
| Schedule 2 | ||||||||||||||||
| Unaudited Reconciliations of GAAP to Non-GAAP Measures | ||||||||||||||||
| Quarter and Full Year Ended December 31, 2017 and 2016 | ||||||||||||||||
|
Quarter Ended
December 31, |
Full Year Ended
December 31, | |||||||||||||||
| ($ in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
| GAAP Net income (loss) attributable to 3D Systems Corporation | $ | (10.1 | ) | $ | 5.2 | $ | (66.2 | ) | $ | (38.4 | ) | |||||
| Adjustments: | ||||||||||||||||
| Amortization, stock-based compensation & other 1 | 15.1 | 12.7 | 62.9 | 78.3 | ||||||||||||
| Legal and acquisition-related 2 | (1.4 | ) | — | (0.1 | ) | 4.5 | ||||||||||
| Portfolio restructuring 3 | — | — | — | 6.1 | ||||||||||||
| Impairment of cost-method investments 4 | 1.7 | — | 1.7 | — | ||||||||||||
| Tax effect of adjustments 5 | — | (1.2 | ) | — | 0.3 | |||||||||||
| Non-GAAP net income (loss) attributable to 3D Systems Corporation | $ | 5.3 | $ | 16.7 | $ | (1.7 | ) | $ | 50.8 | |||||||
| Non-GAAP net income (loss) per share available to 3D Systems
common stock holders - basic and diluted 6 | $ | 0.05 | $ | 0.15 | $ | (0.02 | ) | $ | 0.46 | |||||||
| 1 For the quarter ended December 31, 2017, the adjustment included $0.1 in COGS and $15.0 in SG&A. For the quarter ended December 31, 2016, the adjustment included $0.1 in COGS and $12.6 in SG&A.
For the year ended December 31, 2017, the adjustment included $0.4 in COGS and $62.5 in SG&A. For the year ended December 31, 2016, the adjustment included $11.1 in COGS and $67.2 in SG&A. | ||||||||||||||||
| 2 For the quarter ended December 31, 2017, the adjustment included ($1.4) in SG&A.
For the year ended December 31, 2017, the adjustment included ($0.3) in SG&A and $0.2 in interest and other expense, net. For the year ended December 31, 2016 the adjustment included $4.5 in SG&A. | ||||||||||||||||
| 3 For the year ended December 31, 2016, the adjustment included $6.1 in R&D. | ||||||||||||||||
| 4 The Company has minority investments of less than 20% ownership in enterprises that benefit from, or are powered by its technology portfolio. The value of each of these investments is assessed periodically, and impairment recorded when required. For the quarter and year ended December 31, 2017, the adjustment included $1.7 in interest and other expense, net. The Company excluded this amount as it is not related to on-going operations, and intends to exclude these impairment amounts from non-GAAP net income going forward. For the quarter and year ended December 31, 2016, the Company recorded a $1.2 impairment, but did not record an adjustment to non-GAAP net income. | ||||||||||||||||
| 5 Tax effect for the quarter ended March 31, 2016 was calculated quarterly based on the Company's overall tax rate. Tax effect for each quarter ended after March 31, 2016 was calculated based on the Company's quarterly U.S. tax rate of 0%, which is due to valuation allowances in connection with GAAP net losses. The amount in the fourth quarter of 2016 also includes $1.2 related to an adjustment for a prior period. | ||||||||||||||||
| 6 Denominator based on weighted average shares used in the GAAP EPS calculation. | ||||||||||||||||
3D Systems Reports Fourth Quarter and Full Year 2017 Financial Results
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