3D Systems Reports First Quarter 2019 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Operations
Quarter Ended March 31, 2019 and 2018

	Quarter Ended March 31,
*(in thousands, except per share amounts)*	2019			2018
Revenue:
Products	$	92,347			$	105,447
Services	59,633				60,422
Total revenue	151,980				165,869
Cost of sales:
Products	55,760				56,118
Services	30,515				31,882
Total cost of sales	86,275				88,000
Gross profit	65,705				77,869
Operating expenses:
Selling, general and administrative	65,107				69,452
Research and development	21,903				25,882
Total operating expenses	87,010				95,334
Loss from operations	(21,305		)		(17,465		)
Interest and other expense, net	(1,201		)		(1,552		)
Loss before income taxes	(22,506		)		(19,017		)
Provision for income taxes	(1,844		)		(1,954		)
Net loss	(24,350		)		(20,971		)
Less: net income (loss) attributable to noncontrolling interests	44				(16		)
Net loss attributable to 3D Systems Corporation	$	(24,394	)		$	(20,955	)

Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted	$	(0.22	)		$	(0.19	)

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended March 31, 2019 and 2018

	Quarter Ended March 31,
*(in thousands)*	2019			2018
Cash flows from operating activities:
Net loss	$	(24,350	)	$	(20,971	)
Adjustments to reconcile net loss to net cash used in by operating activities:
Depreciation and amortization	13,144			15,186
Stock-based compensation	6,706			7,128
Lower of cost or market adjustment	—			—
Provision for bad debts	219			1,017
Provision for deferred income taxes	(498		)	(898		)
Impairment of assets	180			1,411
Changes in operating accounts:
Accounts receivable	(2,928		)	(3,774		)
Inventories	(5,192		)	(5,571		)
Prepaid expenses and other current assets	354			(3,667		)
Accounts payable	(11,987		)	(647		)
Deferred revenue and customer deposits	11,811			10,018
Accrued and other current liabilities	(5,531		)	2,579
All other operating activities	2,914			(3,350		)
Net cash used in operating activities	(15,158		)	(1,539		)
Cash flows from investing activities:
Purchases of property and equipment	(8,837		)	(10,764		)
Other investing activities	(37		)	(230		)
Net cash used in investing activities	(8,874		)	(10,994		)
Cash flows from financing activities:
Proceeds from borrowings	100,000			—
Repayment of borrowings/long term debt	(25,000		)	—
Purchase of noncontrolling interest	(2,500		)	—
Payments on earnout consideration	—			(2,675		)
Other financing activities	(1,263		)	(965		)
Net cash provided by (used in) financing activities	71,237			(3,640		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	57			1,438
Net increase (decrease) in cash, cash equivalents and restricted cash	47,262			(14,735		)
Cash, cash equivalents and restricted cash at the beginning of the period ^(a)	110,919			136,831
Cash, cash equivalents and restricted cash at the end of the period ^(a)	$	158,181		$	122,096

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