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3D Systems Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Quarter Ended March 31, 2018 and 2017 | |||||||
| Quarter Ended March 31, | |||||||
| (in thousands, except per share amounts) | 2018 | 2017 | |||||
| Revenue: | |||||||
| Products | $ | 105,125 | $ | 97,039 | |||
| Services | 60,763 | 59,392 | |||||
| Total revenue | 165,888 | 156,431 | |||||
| Cost of sales: | |||||||
| Products | 55,093 | 47,257 | |||||
| Services | 32,913 | 28,988 | |||||
| Total cost of sales | 88,006 | 76,245 | |||||
| Gross profit | 77,882 | 80,186 | |||||
| Operating expenses: | |||||||
| Selling, general and administrative | 69,497 | 66,405 | |||||
| Research and development | 25,883 | 22,852 | |||||
| Total operating expenses | 95,380 | 89,257 | |||||
| Loss from operations | (17,498 | ) | (9,071 | ) | |||
| Interest and other (expense) income, net | (1,525 | ) | 201 | ||||
| Loss before income taxes | (19,023 | ) | (8,870 | ) | |||
| Provision for income taxes | 1,954 | 1,041 | |||||
| Net loss | (20,977 | ) | (9,911 | ) | |||
| Less: net income (loss) attributable to noncontrolling interests | (16 | ) | 60 | ||||
| Net loss attributable to 3D Systems Corporation | $ | (20,961 | ) | $ | (9,971 | ) | |
| Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted | $ | (0.19 | ) | $ | (0.09 | ) | |
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3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2018 and 2017 | |||||||
| Three Months Ended March 31, | |||||||
| (in thousands) | 2018 | 2017 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (20,977 | ) | $ | (9,911 | ) | |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
| Depreciation and amortization | 15,186 | 14,973 | |||||
| Stock-based compensation | 7,128 | 7,131 | |||||
| Impairment of property and other assets | 38 | 53 | |||||
| Impairment of cost method investments | 1,373 | — | |||||
| Provision for bad debts | 1,017 | 155 | |||||
| Provision for deferred income taxes | (898 | ) | (1,069 | ) | |||
| Changes in operating accounts, net of acquisitions: | |||||||
| Accounts receivable | (3,774 | ) | 5,672 | ||||
| Inventories | (5,571 | ) | (4,116 | ) | |||
| Prepaid expenses and other current assets | (3,667 | ) | 41 | ||||
| Accounts payable | (647 | ) | (691 | ) | |||
| Accrued and other current liabilities | 12,597 | 12,403 | |||||
| All other operating activities | (3,344 | ) | (5,253 | ) | |||
| Net cash (used in) provided by operating activities | (1,539 | ) | 19,388 | ||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions, net of cash assumed | — | (34,291 | ) | ||||
| Purchases of property and equipment | (10,764 | ) | (5,620 | ) | |||
| Additions to license and patent costs | (230 | ) | (280 | ) | |||
| Proceeds from disposition of property and equipment | — | 24 | |||||
| Net cash used in investing activities | (10,994 | ) | (40,167 | ) | |||
| Cash flows from financing activities: | |||||||
| Payments on earnout consideration | (2,675 | ) | (3,206 | ) | |||
| Payments related to net-share settlement of stock-based compensation | (837 | ) | (1,088 | ) | |||
| Repayment of capital lease obligations | (128 | ) | (120 | ) | |||
| Net cash used in financing activities | (3,640 | ) | (4,414 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,438 | 1,926 | |||||
| Net decrease in cash, cash equivalents and restricted cash | (14,735 | ) | (23,267 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period (a) | 136,831 | 185,248 | |||||
| Cash, cash equivalents and restricted cash at the end of the period (a) | $ | 122,096 | $ | 161,981 | |||
