Presentation of Information in this Press Release
To facilitate a better understanding of the impact that strategic acquisitions, non-recurring charges and certain non-cash expenses had on its financial results, the company reported non-GAAP measures excluding the impact of amortization of intangibles, acquisition and severance expenses, stock-based compensation expense, litigation settlements and charges related to strategic decisions and portfolio realignment. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.
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 markets such as Medical and Dental, Aerospace & Defense, Automotive and Durable Goods. More information on the company is available at
www.3dsystems.com
Tables Follow
3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
June 30, 2020 and December 31, 2019
| (In thousands, except par value) | June 30, 2020 | December 31, 2019 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 63,922 | $ | 133,665 | |||
| Accounts receivable, net of reserves — $9,408 and $8,762 | 97,708 | 109,408 | |||||
| Inventories | 125,077 | 111,106 | |||||
| Prepaid expenses and other current assets | 38,737 | 18,991 | |||||
| Total current assets | 325,444 | 373,170 | |||||
| Property and equipment, net | 85,727 | 92,940 | |||||
| Intangible assets, net | 40,269 | 48,338 | |||||
| Goodwill | 221,446 | 223,176 | |||||
| Right of use assets | 48,043 | 36,890 | |||||
| Deferred income tax asset | 5,327 | 5,408 | |||||
| Other assets, net | 24,955 | 27,390 | |||||
| Total assets | $ | 751,211 | $ | 807,312 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 1,465 | $ | 2,506 | |||
| Current right of use liabilities | 9,760 | 9,569 | |||||
| Accounts payable | 52,172 | 49,851 | |||||
| Accrued and other liabilities | 63,003 | 63,095 | |||||
| Customer deposits | 4,749 | 5,712 | |||||
| Deferred revenue | 39,499 | 32,231 | |||||
| Total current liabilities | 170,648 | 162,964 | |||||
| Long-term debt, net of deferred financing costs | 20,063 | 45,215 | |||||
| Long-term right of use liabilities | 46,339 | 35,402 | |||||
| Deferred income tax liability | 3,275 | 4,027 | |||||
| Other liabilities | 47,458 | 45,808 | |||||
| Total liabilities | 287,783 | 293,416 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, $0.001 par value, authorized 220,000 shares; issued 124,252 and 121,266 | 124 | 120 | |||||
| Additional paid-in capital | 1,377,468 | 1,371,564 | |||||
| Treasury stock, at cost — 4,543 shares and 3,670 shares | (22,590 | ) | (18,769 | ) | |||
| Accumulated deficit | (850,584 | ) | (793,709 | ) | |||
| Accumulated other comprehensive loss | (40,990 | ) | (37,047 | ) | |||
| Total 3D Systems Corporation stockholders' equity | 463,428 | 522,159 | |||||
| Noncontrolling interests | — | (8,263 | ) | ||||
| Total stockholders’ equity | 463,428 | 513,896 | |||||
| Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ | 751,211 | $ | 807,312 | |||
3D Systems Corporation
