3D Systems Corporation (NYSE:DDD) announced today its
financial results for the third quarter ended September 30, 2021.
Third Quarter Financial and Operational
Results
- Revenue of $156.1 million reflects double-digit growth versus
third quarter 2020
- Revenue adjusted for divestitures(1) was 35.9%
higher and 21.2% higher than third quarter 2020 and pre-pandemic
third quarter 2019, respectively – reflecting the continued strong
growth momentum of the business
- Increasing revenue and sustained cost management drove strong
profitability, with adjusted EBITDA margin of 10.5%; diluted GAAP
earnings per share of $2.34, which includes gains from
divestitures, and diluted Non-GAAP earnings per share of
$0.08(1)
- Financial performance yielded positive operating cash flow of
$20.7 million, the fourth consecutive quarter of positive cash flow
from operations
- Closed on previously announced divestitures, increasing cash on
the balance sheet to $502.8 million with no debt
- Two recently announced acquisitions, Oqton, closed on November
1, and Volumetric Biotechnologies, anticipated to close in the
fourth quarter 2021, are expected to position the company for
continued high-margin growth
|
|
Quarter Ended September 30, |
(in millions, expect per share
data) |
|
2021 |
|
2020 |
Revenue |
|
$ |
156.1 |
|
|
|
$ |
136.2 |
|
|
Operating loss |
|
$ |
(17.2 |
) |
|
|
$ |
(67.6 |
) |
|
Net income (loss) |
|
$ |
292.7 |
|
|
|
$ |
(72.9 |
) |
|
Net income (loss) per share -
basic |
|
$ |
2.39 |
|
|
|
$ |
(0.61 |
) |
|
Net income (loss) per share -
diluted |
|
$ |
2.34 |
|
|
|
$ |
(0.61 |
) |
|
|
|
|
|
|
Non-GAAP measures
for year-over-year comparisons (1) |
|
|
Non-GAAP operating income
(loss) |
|
$ |
10.6 |
|
|
|
$ |
— |
|
|
Non-GAAP net income
(loss) |
|
$ |
10.0 |
|
|
|
$ |
(4.1 |
) |
|
Non-GAAP income (loss) per
share - basic |
|
$ |
0.08 |
|
|
|
$ |
(0.03 |
) |
|
Non-GAAP income (loss) per
share - diluted |
|
$ |
0.08 |
|
|
|
$ |
(0.03 |
) |
|
Adjusted EBITDA |
|
$ |
16.3 |
|
|
|
$ |
7.2 |
|
|
(1) See Appendix for reconciliation of non-GAAP
to GAAP measures
Summary Comments on Results
Commenting on the results, President and Chief Executive
Officer, Dr. Jeffrey Graves said, “In the third quarter last year
we experienced the beginnings of a recovery from the depths of the
COVID-19 pandemic. Businesses were opening up, and
customers were returning. A year later, global
economies are much stronger. We still see continued
challenges with COVID-19, and new challenges around supply chains,
but thanks to the great work by our team here at 3D Systems, we are
pleased to report another strong quarter of double-digit growth as
compared to the same period in both 2020 and pre-pandemic 2019,
adjusted for divestitures. While we were delivering
these results through our core portfolio of business, we also
completed our divestitures of non-core assets and began the
transition to a strategic growth phase. Our focus
during this phase is investing in significant opportunities that we
believe will drive high-margin recurring revenue, as evidenced by
our acquisition in the software space of Oqton, and the hiring of a
new Chief Scientist to further advance our technology
development. More recently we made two announcements in
the exciting area of regenerative medicine: the
acquisition of Volumetric Biotechnologies and the expansion of our
development agreement with United Therapeutics to include two
additional human organs. The acquisition brings unique
biological talent to our organization, including a new Chief
Scientist for Regenerative Medicine, that we believe will allow us
to expand and accelerate our growth in human and laboratory
applications for bioprinting. These investments in
software, products platforms, and regenerative medicine compliment
an existing business portfolio that generated $20.7 million in cash
from operations during the third quarter to bolster a balance sheet
that boasted $503 million of cash, ready to support additional
growth.”
Dr. Graves summarized, “I couldn’t be more pleased with our
performance this quarter, both organic and inorganic.
We will continue to focus investment in areas that we believe solve
customers’ complex needs, drive adoption of additive manufacturing,
and generate high margin, recurring revenue streams.”
Summary of Third Quarter Results
Revenue for the third quarter of 2021 increased 14.6% to $156.1
million compared to the same period last year and increased 35.9%
when excluding businesses divested in 2020 and 2021. The results
reflect ongoing strength in Industrial, which had revenue growth of
4.0% to $79.7 million compared to the same period last year.
Adjusted for divestitures, Industrial revenue increased 28.1%
year-over-year.
Revenue from Healthcare increased 28.3% to $76.4 million,
compared to the same period last year. Adjusted for divestitures,
Healthcare revenue increased 44.5% year-over-year, as we saw high
demand for dental applications, both printers and materials.
Gross profit margin in the third quarter of 2021 was 41.2%
compared to 43.1% in the same period last year. Non-GAAP gross
profit margin was 41.5% compared to 43.2% in the same period last
year. Gross profit margin decreased primarily as a result of
businesses divested in 2020 and 2021. Excluding the impact of
divestitures, gross profit margin increased 80 basis points in the
third quarter of 2021 compared to the same period last year.
Operating expenses decreased 35.4% to $81.5 million in the third
quarter of 2021, compared to the same period a year ago, primarily
as a result of an impairment to goodwill recorded in the third
quarter 2020. On a non-GAAP basis, operating expenses were $54.1
million, an 8.0% decrease from the third quarter of the prior year.
The lower non-GAAP operating expenses reflect savings achieved from
cost restructuring activities and divestitures, partly offset by
spending in targeted areas to support future growth.
2021 Gross Profit Margin Outlook
Updating prior guidance, on a non-GAAP basis the company expects
2021 gross profit margins to be between 41% and 43%.
Financial Liquidity
At September 30, 2021, the company had cash on hand of $502.8
million and no debt. Cash has increased $418.4 million since
December 31, 2020, driven primarily by net proceeds from
divestitures of $427.3 million and cash generated from operations
of $62.7 million, partially offset by capital expenditures and
repayment of debt.
Q3 2021 Conference Call and Webcast
3D Systems expects to file its Quarterly Report on Form 10-Q for
the quarter ended September 30, 2021 with the Securities and
Exchange Commission today, November 8, 2021. The company will host
a conference call and simultaneous webcast to discuss these results
tomorrow morning, which may be accessed as follows:
Date: Tuesday, November 9, 2021 Time: 8:30 a.m. Eastern
TimeListen via webcast: www.3dsystems.com/investorParticipate via
telephone: 201-689-8345
A replay of the webcast will be available approximately two
hours after the live presentation at
www.3dsystems.com/investor.
Forward-Looking Statements
Certain statements made in this release that are not statements
of historical or current facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the company to be
materially different from historical results or from any future
results or projections expressed or implied by such forward-looking
statements. In many cases, forward looking statements can be
identified by terms such as “believes,” “belief,” “expects,” “may,”
“will,” “estimates,” “intends,” “anticipates” or “plans” or the
negative of these terms or other comparable terminology.
Forward-looking statements are based upon management’s beliefs,
assumptions and current expectations and may include comments as to
the company’s beliefs and expectations as to future events and
trends affecting its business and are necessarily subject to
uncertainties, many of which are outside the control of the
company. The factors described under the headings “Forward-Looking
Statements” and “Risk Factors” in the company’s periodic filings
with the Securities and Exchange Commission, as well as other
factors, could cause actual results to differ materially from those
reflected or predicted in forward-looking statements. Although
management believes that the expectations reflected in the
forward-looking statements are reasonable, forward-looking
statements are not, and should not be relied upon as a guarantee of
future performance or results, nor will they necessarily prove to
be accurate indications of the times at which such performance or
results will be achieved. The forward-looking statements included
are made only as the date of the statement. 3D Systems undertakes
no obligation to update or revise any forward-looking statements
made by management or on its behalf, whether as a result of future
developments, subsequent events or circumstances or otherwise,
except as required by law.
Presentation of Information in this Press
Release
3D Systems reports is financial results in accordance with GAAP.
To facilitate a better understanding of the impact that strategic
acquisitions, non-recurring charges and certain non-cash expenses
had on its financial results, management reviews certain non-GAAP
measures, including non-GAAP revenue, non-GAAP revenue adjusted for
divestitures, non-GAAP Cost of Sales, non-GAAP Operating Income,
non-GAAP Net Income (Loss), non-GAAP Basic and Diluted Income
(Loss) per Share, non-GAAP Gross Profit, non-GAAP Gross Profit
Margin, non-GAAP Gross Profit Margin adjusted for divestitures,
non-GAAP SG&A Expenses, non-GAAP R&D, non-GAAP Other Income
and Expense and non-GAAP Operating Expenses, each of which exclude
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, and Adjusted EBITDA, defined as non-GAAP
Operating Income plus depreciation, and Adjusted EBITDA Margin,
defined as Adjusted EBITDA divided by revenue, to better evaluate
period-over-period performance. A reconciliation of GAAP to
non-GAAP results is provided in the accompanying schedule.
3D Systems does not provide forward-looking guidance on a GAAP
basis. The company is unable to provide a quantitative
reconciliation of these forward-looking non-GAAP measures to the
most directly comparable forward-looking GAAP measures without
unreasonable effort because 3D Systems cannot reliably forecast
legal, acquisition and divestiture expenses, restructuring
expenses, product end of life adjustments and goodwill impairment,
which 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
CorporationUnaudited Condensed Consolidated
Balance SheetsSeptember 30, 2021 and December 31,
2020
(In thousands, except
par value) |
September 30, 2021 (unaudited) |
|
December 31, 2020 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
502,752 |
|
|
|
$ |
75,010 |
|
|
Accounts receivable, net of
reserves — $3,470 and $4,392 |
89,926 |
|
|
|
114,254 |
|
|
Inventories |
89,325 |
|
|
|
116,667 |
|
|
Prepaid expenses and other current assets |
25,963 |
|
|
|
33,145 |
|
|
Current assets held for sale |
— |
|
|
|
18,439 |
|
|
Total current assets |
707,966 |
|
|
|
357,515 |
|
|
Property and equipment,
net |
57,720 |
|
|
|
75,356 |
|
|
Intangible assets, net |
30,251 |
|
|
|
28,083 |
|
|
Goodwill |
139,906 |
|
|
|
161,765 |
|
|
Right of use assets |
44,514 |
|
|
|
48,620 |
|
|
Deferred income tax asset |
3,475 |
|
|
|
6,247 |
|
|
Assets held for sale |
— |
|
|
|
31,684 |
|
|
Other assets |
21,271 |
|
|
|
23,785 |
|
|
Total assets |
$ |
1,005,103 |
|
|
|
$ |
733,055 |
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
|
$ |
2,051 |
|
|
Current right of use liabilities |
8,176 |
|
|
|
9,534 |
|
|
Accounts payable |
44,946 |
|
|
|
45,174 |
|
|
Accrued and other liabilities |
78,152 |
|
|
|
69,812 |
|
|
Customer deposits |
9,405 |
|
|
|
7,750 |
|
|
Deferred revenue |
27,509 |
|
|
|
30,302 |
|
|
Current liabilities held for sale |
— |
|
|
|
11,107 |
|
|
Total current liabilities |
168,188 |
|
|
|
175,730 |
|
|
Long-term debt, net of
deferred financing costs |
— |
|
|
|
19,218 |
|
|
Long-term right of use
liabilities |
45,533 |
|
|
|
48,469 |
|
|
Deferred income tax
liability |
3,142 |
|
|
|
4,716 |
|
|
Liabilities held for sale |
— |
|
|
|
2,952 |
|
|
Other liabilities |
39,090 |
|
|
|
51,247 |
|
|
Total liabilities |
255,953 |
|
|
|
302,332 |
|
|
|
|
|
|
Commitments and contingencies
(Note 14) |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.001 par value, authorized 220,000 shares; issued
126,758 and 127,626 |
127 |
|
|
|
128 |
|
|
Additional paid-in capital |
1,410,576 |
|
|
|
1,404,964 |
|
|
Treasury stock, at cost — 1,623 shares and 3,494 shares |
(10,492 |
) |
|
|
(22,590 |
) |
|
Accumulated deficit |
(615,051 |
) |
|
|
(943,303 |
) |
|
Accumulated other comprehensive loss |
(36,010 |
) |
|
|
(8,476 |
) |
|
Total stockholders’ equity |
749,150 |
|
|
|
430,723 |
|
|
Total liabilities and
stockholders’ equity |
$ |
1,005,103 |
|
|
|
$ |
733,055 |
|
|
3D Systems
CorporationUnaudited Condensed Consolidated
Statements of OperationsQuarter Ended September
30, 2021 and 2020
|
Quarter Ended September 30, |
(in thousands, except
per share amounts) |
2021 |
|
2020 |
Revenue: |
|
|
|
Products |
$ |
108,884 |
|
|
|
$ |
78,296 |
|
|
Services |
47,212 |
|
|
|
57,880 |
|
|
Total revenue |
156,096 |
|
|
|
136,176 |
|
|
Cost of sales: |
|
|
|
Products |
64,252 |
|
|
|
48,213 |
|
|
Services |
27,529 |
|
|
|
29,336 |
|
|
Total cost of sales |
91,781 |
|
|
|
77,549 |
|
|
Gross profit |
64,315 |
|
|
|
58,627 |
|
|
Operating expenses: |
|
|
|
Selling, general and administrative |
65,737 |
|
|
|
59,065 |
|
|
Research and development |
15,786 |
|
|
|
18,866 |
|
|
Impairment of goodwill |
— |
|
|
|
48,300 |
|
|
Total operating expenses |
81,523 |
|
|
|
126,231 |
|
|
Loss from operations |
(17,208 |
) |
|
|
(67,604 |
) |
|
Interest and other income
(expense), net |
315,859 |
|
|
|
(2,419 |
) |
|
Income (loss) before income
taxes |
298,651 |
|
|
|
(70,023 |
) |
|
Benefit (provision) for income
taxes |
(5,995 |
) |
|
|
(2,866 |
) |
|
Net income (loss) |
$ |
292,656 |
|
|
|
$ |
(72,889 |
) |
|
|
|
|
|
Net income (loss) per common
share: |
|
|
|
Basic |
$ |
2.39 |
|
|
|
$ |
(0.61 |
) |
|
Diluted |
$ |
2.34 |
|
|
|
$ |
(0.61 |
) |
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
Basic |
|
122,663 |
|
|
|
118,527 |
|
|
Diluted |
|
125,289 |
|
|
|
118,527 |
|
|
3D Systems
CorporationUnaudited Condensed Consolidated
Statements of Cash FlowsNine Months Ended
September 30, 2021 and 2020
|
Nine Months Ended September 30, |
(in
thousands) |
2021 |
|
2020 |
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ |
328,252 |
|
|
|
$ |
(129,764 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Depreciation and amortization |
26,292 |
|
|
|
34,830 |
|
|
Stock-based compensation |
43,991 |
|
|
|
16,621 |
|
|
Provision for inventory obsolescence and revaluation |
1,100 |
|
|
|
10,894 |
|
|
Loss on hedge accounting de-designation and termination |
721 |
|
|
|
1,235 |
|
|
Provision for bad debts |
620 |
|
|
|
1,039 |
|
|
Gain on the disposition of businesses, property, equipment and
other assets |
(351,981 |
) |
|
|
434 |
|
|
Provision for deferred income taxes and reserve adjustments |
(9,380 |
) |
|
|
— |
|
|
Impairment of goodwill and assets |
— |
|
|
|
54,072 |
|
|
Changes in operating accounts: |
|
|
|
Accounts receivable |
(2,151 |
) |
|
|
12,668 |
|
|
Inventories |
7,095 |
|
|
|
(23,987 |
) |
|
Prepaid expenses and other current assets |
5,338 |
|
|
|
(15,376 |
) |
|
Accounts payable |
15,517 |
|
|
|
(9,166 |
) |
|
Deferred revenue and customer deposits |
5,401 |
|
|
|
2,714 |
|
|
Accrued and other liabilities |
(9,859 |
) |
|
|
6,309 |
|
|
All other operating activities |
1,696 |
|
|
|
4,828 |
|
|
Net cash provided by (used in) operating activities |
62,652 |
|
|
|
(32,649 |
) |
|
Cash flows from investing
activities: |
|
|
|
Purchases of property and equipment |
(14,814 |
) |
|
|
(11,015 |
) |
|
Proceeds from sale of assets and businesses, net of cash |
427,664 |
|
|
|
552 |
|
|
Business acquisitions, net of cash acquired |
(10,936 |
) |
|
|
— |
|
|
Purchase of noncontrolling interest |
(4,000 |
) |
|
|
(12,500 |
) |
|
Other investing activities |
(2,273 |
) |
|
|
504 |
|
|
Net cash provided by (used in) investing activities |
395,641 |
|
|
|
(22,459 |
) |
|
Cash flows from financing
activities: |
|
|
|
Proceeds from revolving credit facilities |
— |
|
|
|
20,000 |
|
|
Payments on revolving credit facilities |
— |
|
|
|
(20,000 |
) |
|
Repayment of borrowings/long-term debt |
(21,392 |
) |
|
|
(26,547 |
) |
|
Proceeds from issuance of common stock |
— |
|
|
|
25,003 |
|
|
Proceeds from inventory financing agreements |
— |
|
|
|
2,509 |
|
|
Payments related to net-share settlement of stock-based
compensation |
(10,386 |
) |
|
|
(5,034 |
) |
|
Other financing activities |
(424 |
) |
|
|
296 |
|
|
Net cash used in financing activities |
(32,202 |
) |
|
|
(3,773 |
) |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
(7,737 |
) |
|
|
526 |
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
418,354 |
|
|
|
(58,355 |
) |
|
Cash, cash equivalents and
restricted cash at the beginning of the period (a) |
84,711 |
|
|
|
134,617 |
|
|
Cash, cash equivalents and
restricted cash at the end of the period (a) |
$ |
503,065 |
|
|
|
$ |
76,262 |
|
|
(a) The amounts for cash and cash
equivalents shown above include restricted cash of $540 and $952 as
of September 30, 2021 and 2020, respectively, and $998 and $9,161
as of December 31, 2020, and 2019, respectively, which were
included in Other assets, net, and $9,161 as of December 31, 2020,
which was included in Current assets held for sale in the condensed
consolidated balance sheets.
3D Systems
CorporationIncome (Loss) Per
ShareQuarter Ended September 30, 2021 and
2020
|
Quarter Ended September 30, |
(in thousands, except
per share amounts) |
2021 |
|
2020 |
Numerator: |
|
|
|
Net income (loss) |
$ |
292,656 |
|
|
$ |
(72,889 |
) |
|
Denominator: |
|
|
|
Weighted average shares -
basic |
122,663 |
|
|
118,527 |
|
|
Dilutive securities |
2,626 |
|
|
— |
|
|
Weighted average shares -
diluted |
125,289 |
|
|
118,527 |
|
|
|
|
|
|
Net income (loss) per share -
basic |
$ |
2.39 |
|
|
$ |
(0.61 |
) |
|
Net income (loss) per share -
diluted |
$ |
2.34 |
|
|
$ |
(0.61 |
) |
|
Appendix3D Systems
CorporationUnaudited Reconciliations of GAAP to
Non-GAAP MeasuresQuarter and Nine Months Ended
September 30, 2021 and 2020
|
Quarter Ended September 30, |
|
Nine Months Ended September 30, |
(in
millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
GAAP Revenue - as reported |
$ |
156.1 |
|
|
|
$ |
136.2 |
|
|
|
$ |
464.8 |
|
|
|
$ |
384.6 |
|
|
Non-GAAP Revenue |
156.1 |
|
|
|
136.2 |
|
|
|
464.8 |
|
|
|
384.6 |
|
|
GAAP Cost of sales - as
reported |
91.8 |
|
|
|
77.5 |
|
|
|
267.2 |
|
|
|
233.7 |
|
|
Amortization, stock-based compensation & other |
— |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
Legal, acquisition and divestiture related |
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.3 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
Product end-of-life adjustment |
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
Non-GAAP Cost of sales |
91.4 |
|
|
|
77.3 |
|
|
|
266.9 |
|
|
|
221.5 |
|
|
GAAP Gross Profit - as
reported |
64.3 |
|
|
|
58.7 |
|
|
|
197.6 |
|
|
|
150.9 |
|
|
Amortization, stock-based compensation & other |
— |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
Legal, acquisition and divestiture related |
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.3 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
Product end-of-life adjustment |
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
Non-GAAP Gross Profit |
64.7 |
|
|
|
58.9 |
|
|
|
197.9 |
|
|
|
163.1 |
|
|
GAAP Gross Profit Margin |
41.2 |
|
% |
|
|
|
42.5 |
|
% |
|
|
Non-GAAP Gross Profit Margin |
41.5 |
|
% |
|
43.2 |
|
% |
|
42.6 |
|
% |
|
42.4 |
|
% |
GAAP Selling, general and
administrative - as reported |
65.7 |
|
|
|
59.1 |
|
|
|
176.8 |
|
|
|
167.2 |
|
|
Amortization, stock-based compensation & other |
16.1 |
|
|
|
7.1 |
|
|
|
51.2 |
|
|
|
29.0 |
|
|
Legal, acquisition and divestiture related |
11.4 |
|
|
|
0.1 |
|
|
|
13.6 |
|
|
|
0.4 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
11.9 |
|
|
|
1.6 |
|
|
|
13.8 |
|
|
Non-GAAP Selling, general and administrative |
38.3 |
|
|
|
40.0 |
|
|
|
110.5 |
|
|
|
123.9 |
|
|
GAAP Research and
development - as reported |
15.8 |
|
|
|
18.9 |
|
|
|
50.0 |
|
|
|
55.1 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
Non-GAAP Research and development |
15.8 |
|
|
|
18.9 |
|
|
|
50.0 |
|
|
|
55.0 |
|
|
Goodwill impairment |
— |
|
|
|
48.3 |
|
|
|
— |
|
|
|
48.3 |
|
|
GAAP Operating Expenses -
as reported |
81.5 |
|
|
|
126.2 |
|
|
|
226.8 |
|
|
|
270.6 |
|
|
Amortization, stock-based compensation & other |
16.1 |
|
|
|
7.1 |
|
|
|
51.2 |
|
|
|
29.0 |
|
|
Legal, acquisition and divestiture related |
11.4 |
|
|
|
0.1 |
|
|
|
13.6 |
|
|
|
0.4 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
11.9 |
|
|
|
1.6 |
|
|
|
14.0 |
|
|
Goodwill impairment |
— |
|
|
|
48.3 |
|
|
|
— |
|
|
|
48.3 |
|
|
Non-GAAP Operating expenses |
54.1 |
|
|
|
58.8 |
|
|
|
160.4 |
|
|
|
178.9 |
|
|
GAAP Operating Income
(loss) - as reported |
(17.2 |
) |
|
|
(67.6 |
) |
|
|
(29.2 |
) |
|
|
(119.7 |
) |
|
Amortization, stock-based compensation & other |
16.1 |
|
|
|
7.2 |
|
|
|
51.5 |
|
|
|
29.3 |
|
|
Legal, acquisition and divestiture related |
11.4 |
|
|
|
0.2 |
|
|
|
13.6 |
|
|
|
0.7 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
11.9 |
|
|
|
1.6 |
|
|
|
14.7 |
|
|
Product end-of-life adjustment |
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
Goodwill impairment |
— |
|
|
|
48.3 |
|
|
|
— |
|
|
|
48.3 |
|
|
Non-GAAP Operating Income (loss) |
10.6 |
|
|
|
— |
|
|
|
37.5 |
|
|
|
(15.8 |
) |
|
Depreciation |
5.6 |
|
|
|
7.2 |
|
|
|
18.7 |
|
|
|
21.7 |
|
|
Adjusted EBITDA |
16.3 |
|
|
|
7.2 |
|
|
|
56.2 |
|
|
|
5.9 |
|
|
GAAP Other Income and
expense, net - as reported |
315.9 |
|
|
|
(2.4 |
) |
|
|
354.4 |
|
|
|
(7.6 |
) |
|
Legal, acquisition and divestiture related |
(315.5 |
) |
|
|
0.2 |
|
|
|
(354.9 |
) |
|
|
— |
|
|
Impairment of cost-method investments |
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
2.2 |
|
|
Non-GAAP Other Income and expense, net |
0.3 |
|
|
|
(1.2 |
) |
|
|
(0.5 |
) |
|
|
(5.4 |
) |
|
GAAP Net Income (loss) -
as reported |
292.7 |
|
|
|
(72.9 |
) |
|
|
328.3 |
|
|
|
(129.8 |
) |
|
Amortization, stock-based compensation & other |
16.1 |
|
|
|
7.2 |
|
|
|
51.5 |
|
|
|
29.3 |
|
|
Legal, acquisition and divestiture related(1) |
(299.1 |
) |
|
|
0.4 |
|
|
|
(336.2 |
) |
|
|
0.8 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
11.9 |
|
|
|
1.6 |
|
|
|
14.7 |
|
|
Impairment of cost-method investments |
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
2.2 |
|
|
Product end-of-life adjustment |
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
Goodwill impairment |
— |
|
|
|
48.3 |
|
|
|
— |
|
|
|
48.3 |
|
|
Non-GAAP Net Income (loss) |
$ |
10.0 |
|
|
|
$ |
(4.1 |
) |
|
|
$ |
45.1 |
|
|
|
$ |
(23.7 |
) |
|
- Amounts in table may not foot due to rounding
(1) Legal Acquisition and divestiture includes 5.1 million of
income tax provision related to divestitures for the quarter and
nine months Ended September 30, 2021.
3D Systems
CorporationUnaudited Reconciliations of GAAP to
Non-GAAP MeasuresQuarter and Nine Months Ended
September 30, 2021 and 2020
|
Quarter EndedSeptember 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
GAAP Net income (loss) per share - basic |
$ |
2.39 |
|
|
|
$ |
(0.61 |
) |
|
|
$ |
2.69 |
|
|
|
$ |
(1.12 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
Amortization, stock-based compensation & other |
0.13 |
|
|
|
0.06 |
|
|
|
0.42 |
|
|
|
0.25 |
|
|
Legal, acquisition and divestiture related |
(2.44 |
) |
|
|
— |
|
|
|
(2.75 |
) |
|
|
0.01 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.13 |
|
|
Impairment of cost-method investments |
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
Product end-of-life adjustment |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.09 |
|
|
Goodwill impairment |
— |
|
|
|
0.41 |
|
|
|
— |
|
|
|
0.42 |
|
|
Non-GAAP Net income
(loss) per share - basic |
$ |
0.08 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.37 |
|
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
GAAP Net income (loss)
per share - diluted |
$ |
2.34 |
|
|
|
$ |
(0.61 |
) |
|
|
$ |
2.63 |
|
|
|
$ |
(1.12 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
Amortization, stock-based compensation & other |
0.13 |
|
|
|
0.06 |
|
|
|
0.41 |
|
|
|
0.25 |
|
|
Legal, acquisition and divestiture related |
(2.39 |
) |
|
|
— |
|
|
|
(2.69 |
) |
|
|
0.01 |
|
|
Cost optimization plan, including severance costs |
— |
|
|
|
0.10 |
|
|
|
0.01 |
|
|
|
0.13 |
|
|
Impairment of cost-method investments |
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
Product end-of-life adjustment |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.09 |
|
|
Goodwill impairment |
— |
|
|
|
0.41 |
|
|
|
— |
|
|
|
0.42 |
|
|
Non-GAAP Net income
(loss) per share - Diluted |
$ |
0.08 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.36 |
|
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
- Amounts in table may not foot due to rounding
3D Systems
CorporationUnaudited Reconciliation of Prior Years
Revenue Excluding Divestitures (non-GAAP)2019,
2020 and 2021 by Quarter
|
2019 |
|
Quarter Ended |
(in
millions) |
March 31 |
|
June 30 |
|
September 30 |
|
December 31 |
Revenue |
|
|
|
|
|
|
|
Healthcare |
$ |
56.7 |
|
|
$ |
63.2 |
|
|
$ |
61.4 |
|
|
$ |
63.3 |
|
Industrial |
96.6 |
|
|
95.4 |
|
|
94.9 |
|
|
104.9 |
|
Total Revenue |
$ |
153.3 |
|
|
$ |
158.6 |
|
|
$ |
156.2 |
|
|
$ |
168.2 |
|
|
|
|
|
|
|
|
|
Revenue From
Divestitures: |
|
|
|
|
|
|
|
Healthcare |
$ |
11.6 |
|
|
$ |
12.4 |
|
|
$ |
14.1 |
|
|
$ |
15.1 |
|
Industrial |
29.0 |
|
|
30.2 |
|
|
29.4 |
|
|
29.4 |
|
Total Revenue |
$ |
40.6 |
|
|
$ |
42.6 |
|
|
$ |
43.5 |
|
|
$ |
44.4 |
|
|
|
|
|
|
|
|
|
Total Revenue (Excl. Divest.): |
|
|
|
|
|
|
|
Healthcare |
$ |
45.1 |
|
|
$ |
50.8 |
|
|
$ |
47.3 |
|
|
$ |
48.2 |
|
Industrial |
67.5 |
|
|
65.2 |
|
|
65.5 |
|
|
75.6 |
|
Total Revenue (Excl. Divest.): |
$ |
112.6 |
|
|
$ |
116.0 |
|
|
$ |
112.7 |
|
|
$ |
123.8 |
|
- Amounts in table may not foot due to rounding
|
|
|
2020 |
|
|
|
Quarter Ended |
|
(in
millions) |
|
March 31 |
|
June 30 |
|
September 30 |
|
December 31 |
|
Revenue |
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
52.3 |
|
|
$ |
|
49.1 |
|
|
$ |
|
59.5 |
|
|
$ |
|
85.5 |
|
|
Industrial |
|
|
|
83.3 |
|
|
|
|
63.6 |
|
|
|
|
76.7 |
|
|
|
|
87.1 |
|
|
Total Revenue |
|
$ |
|
135.6 |
|
|
$ |
|
112.8 |
|
|
$ |
|
136.2 |
|
|
$ |
|
172.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue From
Divestitures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
12.2 |
|
|
$ |
|
11.7 |
|
|
$ |
|
11.9 |
|
|
$ |
|
14.6 |
|
|
Industrial |
|
|
|
24.8 |
|
|
|
|
21.1 |
|
|
|
|
23.6 |
|
|
|
|
24.6 |
|
|
Total Revenue |
|
$ |
|
37.0 |
|
|
$ |
|
32.8 |
|
|
$ |
|
35.6 |
|
|
$ |
|
39.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Excl.
Divest.): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
40.1 |
|
|
$ |
|
37.4 |
|
|
$ |
|
47.6 |
|
|
$ |
|
70.9 |
|
|
Industrial |
|
|
|
58.6 |
|
|
|
|
42.6 |
|
|
|
|
53.1 |
|
|
|
|
62.5 |
|
|
Total Revenue (Excl. Divest.): |
|
$ |
|
98.6 |
|
|
$ |
|
80.0 |
|
|
$ |
|
100.6 |
|
|
$ |
|
133.4 |
|
|
- Amounts in table may not foot due to rounding
|
|
|
2021 |
|
|
|
Quarter Ended |
|
(in
millions) |
|
March 31 |
|
June 30 |
|
September 30 |
|
Revenue |
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
72.5 |
|
|
$ |
|
82.8 |
|
|
$ |
|
76.4 |
|
|
Industrial |
|
|
|
73.6 |
|
|
|
|
79.7 |
|
|
|
|
79.7 |
|
|
Total Revenue |
|
$ |
|
146.1 |
|
|
$ |
|
162.6 |
|
|
$ |
|
156.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue From
Divestitures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
11.0 |
|
|
$ |
|
13.1 |
|
|
$ |
|
7.7 |
|
|
Industrial |
|
|
|
13.8 |
|
|
|
|
13.1 |
|
|
|
|
11.8 |
|
|
Total Revenue |
|
$ |
|
24.8 |
|
|
$ |
|
26.3 |
|
|
$ |
|
19.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Excl.
Divest.): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
$ |
|
61.5 |
|
|
$ |
|
69.7 |
|
|
$ |
|
68.7 |
|
|
Industrial |
|
|
|
59.8 |
|
|
|
|
66.6 |
|
|
|
|
67.9 |
|
|
Total Revenue (Excl. Divest.): |
|
$ |
|
121.3 |
|
|
$ |
|
136.3 |
|
|
$ |
|
136.7 |
|
|
3D Systems
CorporationUnaudited Gross Profit Margin Adjusted
for Divestitures (non-GAAP)Third Quarter 2020 and
2021
|
|
Quarter Ended September 30, 2021 |
(in
millions) |
|
Pre-Divestiture |
|
Divested Business |
|
Post-Divestiture |
Revenue |
|
|
156.1 |
|
|
|
19.4 |
|
|
|
136.7 |
|
COGS |
|
|
91.4 |
|
|
|
10.0 |
|
|
|
81.4 |
|
Gross Profit |
|
$ |
64.7 |
|
|
$ |
9.4 |
|
|
$ |
55.3 |
|
Gross Profit Margin |
|
|
41.4 |
% |
|
|
|
|
|
|
40.5 |
% |
- Amounts in table may not foot due to rounding
|
|
Quarter Ended September 30, 2020 |
(in
millions) |
|
Pre-Divestiture |
|
Divested Business |
|
Post-Divestiture |
Revenue |
|
|
136.2 |
|
|
|
35.6 |
|
|
|
100.6 |
|
COGS |
|
|
77.3 |
|
|
|
16.6 |
|
|
|
60.7 |
|
Gross Profit |
|
$ |
58.9 |
|
|
$ |
19.0 |
|
|
$ |
39.9 |
|
Gross Profit Margin |
|
|
43.2 |
% |
|
|
|
|
|
|
39.7 |
% |
3D Systems (NYSE:DDD)
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3D Systems (NYSE:DDD)
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