3D Systems Reports First Quarter 2022 Financial Results

To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items:

  • amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;
  • costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;
  • stock-based compensation expenses, a non-cash expense;
  • restructuring charges (cost optimization plans), impairment charges, including goodwill, divestiture gains or losses, and severance charges pertaining to senior level employees;
  • certain compensation expense related to the 2021 Volumetric acquisition; and
  • revenue from divestitures included in comparable periods necessary to calculate revenue growth excluding the impact of divestitures

Amortization of intangibles, acquisition and divestiture related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Restructuring charges (cost optimization plans), impairment charges, including goodwill, divestiture gains or losses, and severance charges pertaining to senior level employees, are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

The matters discussed above are tax effected, as applicable, in calculating non-GAAP net income and basic and diluted earnings per share.

Non-GAAP revenue as defined in this earnings release is as reported revenue less revenue from businesses divested in 2021.

Adjusted EBITDA, defined as net income, plus income tax (provision)/benefit, interest and other income/(expense), net, stock-based compensation expense, amortization of intangibles, depreciation expense and other non-recurring and/or non-cash items all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross margins and non-GAAP operating expenses to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including legal, acquisition expenses, stock-compensation expense, intangible amortization expense, restructuring expenses, and goodwill impairment, are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

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

Investor Contact: investor.relations@3dsystems.com
Media Contact: press@3dsystems.com

Tables Follow

3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
March 31, 2022 and December 31, 2021

(In thousands, except par value) March 31, 2022
(unaudited)
  December 31,
2021
ASSETS   
Current assets:   
Cash and cash equivalents$389,270  $789,657 
Short-term investments 356,340    
Accounts receivable, net of reserves — $3,464 and $2,445 100,341   106,540 
Inventories 101,647       92,887  
Prepaid expenses and other current assets   40,130       42,653  
Total current assets   987,728       1,031,737  
Property and equipment, net   54,827       57,257  
Intangible assets, net   46,205       45,835  
Goodwill   340,695       345,588  
Right of use assets   44,440       46,356  
Deferred income tax asset   4,548       5,054  
Other assets   28,120       17,272  
Total assets $ 1,506,563     $ 1,549,099  
LIABILITIES AND EQUITY      
Current liabilities:      
Current right of use liabilities   8,299       8,344  
Accounts payable   57,347       57,366  
Accrued and other liabilities   46,258       76,994  
Customer deposits   5,314       7,281  
Deferred revenue   33,020       28,027  
Total current liabilities   150,238       178,012  
Long-term debt, net of deferred financing costs   447,534       446,859  
Long-term right of use liabilities   45,283       47,420  
Deferred income tax liability   2,181       2,173  
Other liabilities   34,451       32,254  
Total liabilities   679,687       706,718  
       
Commitments and contingencies      
       
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; issued 130,365 and 128,375   130       128  
Additional paid-in capital   1,519,242       1,501,210  
Accumulated deficit   (648,050 )     (621,251 )
Accumulated other comprehensive loss   (44,446 )     (37,706 )
Total stockholders’ equity   826,876       842,381  
Total liabilities and stockholders’ equity $ 1,506,563     $ 1,549,099  

3D Systems Corporation

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