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Share Name | Share Symbol | Market | Type |
---|---|---|---|
3D Systems Corporation | NYSE:DDD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.1016 | 2.86% | 3.6516 | 3.8299 | 3.61 | 3.65 | 1,200,559 | 00:59:12 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
95‑4431352
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
333 THREE D SYSTEMS CIRCLE
ROCK HILL, SOUTH CAROLINA
|
29730
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
(Do not check if smaller reporting company)
|
Smaller reporting company
|
¨
|
Emerging growth company
|
¨
|
|
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
(In thousands, except par value)
|
June 30,
2018 (unaudited) |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
119,313
|
|
|
$
|
136,344
|
|
Accounts receivable, net of reserves — $10,049 (2018) and $10,258 (2017)
|
130,870
|
|
|
129,879
|
|
||
Inventories
|
114,493
|
|
|
103,903
|
|
||
Insurance proceeds receivable
|
50,000
|
|
|
50,000
|
|
||
Prepaid expenses and other current assets
|
25,428
|
|
|
18,296
|
|
||
Total current assets
|
440,104
|
|
|
438,422
|
|
||
Property and equipment, net
|
104,679
|
|
|
97,521
|
|
||
Intangible assets, net
|
82,141
|
|
|
98,783
|
|
||
Goodwill
|
224,955
|
|
|
230,882
|
|
||
Deferred income tax asset
|
7,216
|
|
|
4,020
|
|
||
Other assets, net
|
26,217
|
|
|
27,136
|
|
||
Total assets
|
$
|
885,312
|
|
|
$
|
896,764
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of capitalized lease obligations
|
$
|
646
|
|
|
$
|
644
|
|
Accounts payable
|
58,019
|
|
|
55,607
|
|
||
Accrued and other liabilities
|
72,400
|
|
|
65,899
|
|
||
Accrued litigation settlement
|
50,000
|
|
|
50,000
|
|
||
Customer deposits
|
5,903
|
|
|
5,765
|
|
||
Deferred revenue
|
38,617
|
|
|
29,214
|
|
||
Total current liabilities
|
225,585
|
|
|
207,129
|
|
||
Long term portion of capitalized lease obligations
|
6,732
|
|
|
7,078
|
|
||
Deferred income tax liability
|
9,892
|
|
|
8,983
|
|
||
Other liabilities
|
46,398
|
|
|
48,754
|
|
||
Total liabilities
|
288,607
|
|
|
271,944
|
|
||
Redeemable noncontrolling interests
|
8,872
|
|
|
8,872
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.001 par value, authorized 220,000 shares; issued 117,249 (2018) and 117,025 (2017)
|
116
|
|
|
115
|
|
||
Additional paid-in capital
|
1,339,984
|
|
|
1,326,250
|
|
||
Treasury stock, at cost — 2,503 shares (2018) and 2,219 shares (2017)
|
(10,007
|
)
|
|
(8,203
|
)
|
||
Accumulated deficit
|
(707,015
|
)
|
|
(677,772
|
)
|
||
Accumulated other comprehensive loss
|
(32,878
|
)
|
|
(21,536
|
)
|
||
Total 3D Systems Corporation stockholders' equity
|
590,200
|
|
|
618,854
|
|
||
Noncontrolling interests
|
(2,367
|
)
|
|
(2,906
|
)
|
||
Total stockholders’ equity
|
587,833
|
|
|
615,948
|
|
||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity
|
$
|
885,312
|
|
|
$
|
896,764
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
110,785
|
|
|
$
|
97,579
|
|
|
$
|
216,231
|
|
|
$
|
195,518
|
|
Services
|
65,783
|
|
|
61,888
|
|
|
126,206
|
|
|
120,380
|
|
||||
Total revenue
|
176,568
|
|
|
159,467
|
|
|
342,437
|
|
|
315,898
|
|
||||
Cost of sales:
|
|
|
|
|
|
|
|
||||||||
Products
|
57,500
|
|
|
49,840
|
|
|
113,618
|
|
|
97,948
|
|
||||
Services
|
32,906
|
|
|
28,954
|
|
|
64,788
|
|
|
57,091
|
|
||||
Total cost of sales
|
90,406
|
|
|
78,794
|
|
|
178,406
|
|
|
155,039
|
|
||||
Gross profit
|
86,162
|
|
|
80,673
|
|
|
164,031
|
|
|
160,859
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
71,172
|
|
|
63,088
|
|
|
140,625
|
|
|
129,493
|
|
||||
Research and development
|
22,712
|
|
|
24,449
|
|
|
48,594
|
|
|
47,301
|
|
||||
Total operating expenses
|
93,884
|
|
|
87,537
|
|
|
189,219
|
|
|
176,794
|
|
||||
Loss from operations
|
(7,722
|
)
|
|
(6,864
|
)
|
|
(25,188
|
)
|
|
(15,935
|
)
|
||||
Interest and other (expense) income, net
|
1,661
|
|
|
933
|
|
|
108
|
|
|
1,134
|
|
||||
Loss before income taxes
|
(6,061
|
)
|
|
(5,931
|
)
|
|
(25,080
|
)
|
|
(14,801
|
)
|
||||
Provision for income taxes
|
2,539
|
|
|
2,067
|
|
|
4,493
|
|
|
3,108
|
|
||||
Net loss
|
(8,600
|
)
|
|
(7,998
|
)
|
|
(29,573
|
)
|
|
(17,909
|
)
|
||||
Less: net income attributable to noncontrolling interests
|
262
|
|
|
418
|
|
|
246
|
|
|
478
|
|
||||
Net loss attributable to 3D Systems Corporation
|
$
|
(8,862
|
)
|
|
$
|
(8,416
|
)
|
|
$
|
(29,819
|
)
|
|
$
|
(18,387
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.17
|
)
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
$
|
(8,600
|
)
|
|
$
|
(7,998
|
)
|
|
$
|
(29,573
|
)
|
|
$
|
(17,909
|
)
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
||||||||
Pension adjustments
|
164
|
|
|
(101
|
)
|
|
147
|
|
|
(81
|
)
|
||||
Foreign currency translation
|
(18,612
|
)
|
|
12,489
|
|
|
(11,196
|
)
|
|
20,881
|
|
||||
Total other comprehensive income (loss), net of taxes:
|
(18,448
|
)
|
|
12,388
|
|
|
(11,049
|
)
|
|
20,800
|
|
||||
Total comprehensive income (loss), net of taxes
|
(27,048
|
)
|
|
4,390
|
|
|
(40,622
|
)
|
|
2,891
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
554
|
|
|
492
|
|
|
539
|
|
|
613
|
|
||||
Comprehensive income (loss) attributable to 3D Systems Corporation
|
$
|
(27,602
|
)
|
|
$
|
3,898
|
|
|
$
|
(41,161
|
)
|
|
$
|
2,278
|
|
|
Six Months Ended June 30,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(29,573
|
)
|
|
$
|
(17,909
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
29,948
|
|
|
30,575
|
|
||
Stock-based compensation
|
13,734
|
|
|
14,450
|
|
||
Impairment of assets
|
1,411
|
|
|
—
|
|
||
Provision for bad debts
|
1,356
|
|
|
166
|
|
||
Provision for deferred income taxes
|
(2,287
|
)
|
|
(1,580
|
)
|
||
Changes in operating accounts, net of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(3,384
|
)
|
|
5,549
|
|
||
Inventories
|
(14,937
|
)
|
|
(9,766
|
)
|
||
Prepaid expenses and other current assets
|
(6,739
|
)
|
|
(2,345
|
)
|
||
Accounts payable
|
2,762
|
|
|
4,343
|
|
||
Accrued and other current liabilities
|
19,208
|
|
|
(6,727
|
)
|
||
All other operating activities
|
(2,328
|
)
|
|
1,823
|
|
||
Net cash provided by operating activities
|
9,171
|
|
|
18,579
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(18,095
|
)
|
|
(11,243
|
)
|
||
Additions to license and patent costs
|
(523
|
)
|
|
(571
|
)
|
||
Cash paid for acquisitions, net of cash assumed
|
—
|
|
|
(34,291
|
)
|
||
Other investing activities
|
—
|
|
|
(1,650
|
)
|
||
Proceeds from disposition of property and equipment
|
9
|
|
|
271
|
|
||
Net cash used in investing activities
|
(18,609
|
)
|
|
(47,484
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payments on earnout consideration
|
(2,675
|
)
|
|
(3,206
|
)
|
||
Payments related to net-share settlement of stock-based compensation
|
(1,804
|
)
|
|
(1,970
|
)
|
||
Repayment of capital lease obligations
|
(344
|
)
|
|
(290
|
)
|
||
Net cash used in financing activities
|
(4,823
|
)
|
|
(5,466
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(2,502
|
)
|
|
3,602
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(16,763
|
)
|
|
(30,769
|
)
|
||
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)
|
$
|
120,068
|
|
|
$
|
154,479
|
|
Cash interest payments
|
$
|
236
|
|
|
$
|
400
|
|
Cash income tax payments, net
|
$
|
3,925
|
|
|
$
|
3,367
|
|
Transfer of equipment from inventory to property and equipment, net
(b)
|
$
|
3,618
|
|
|
$
|
7,689
|
|
Transfer of equipment to inventory from property and equipment, net
(c)
|
$
|
369
|
|
|
$
|
907
|
|
Stock issued for acquisitions
|
$
|
—
|
|
|
$
|
3,208
|
|
(a)
|
The amounts for cash and cash equivalents shown above include restricted cash of
$755
and
$488
as of
June 30,
2018
and
2017
, respectively, and
$487
and
$301
as of December 31, 2017, and 2016, respectively, which were included in other assets, net in the condensed consolidated balance sheets.
|
(b)
|
Inventory is transferred from inventory to property and equipment at cost when the Company requires additional machines for training or demonstration or for placement into on demand manufacturing services locations.
|
(c)
|
In general, an asset is transferred from property and equipment, net, into inventory at its net book value when the Company has identified a potential sale for a used machine.
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(in thousands, except par value)
|
Par Value $0.001
|
|
Additional Paid In Capital
|
|
Treasury Stock
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total 3D Systems Corporation Stockholders' Equity
|
|
Equity Attributable to Noncontrolling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||
Balance at December 31, 2017
|
$
|
115
|
|
|
$
|
1,326,250
|
|
|
$
|
(8,203
|
)
|
|
$
|
(677,772
|
)
|
|
$
|
(21,536
|
)
|
|
$
|
618,854
|
|
|
$
|
(2,906
|
)
|
|
$
|
615,948
|
|
Issuance (repurchase) of stock
|
1
|
|
|
—
|
|
|
(1,804
|
)
|
|
—
|
|
|
—
|
|
|
(1,803
|
)
|
|
—
|
|
|
(1,803
|
)
|
||||||||
Cumulative impact of change in accounting policy
|
—
|
|
|
—
|
|
|
—
|
|
|
576
|
|
|
—
|
|
|
576
|
|
|
—
|
|
|
576
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
13,734
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,734
|
|
|
—
|
|
|
13,734
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,819
|
)
|
|
—
|
|
|
(29,819
|
)
|
|
246
|
|
|
(29,573
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
147
|
|
|
—
|
|
|
147
|
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,489
|
)
|
|
(11,489
|
)
|
|
293
|
|
|
(11,196
|
)
|
||||||||
Balance at June 30, 2018
|
$
|
116
|
|
|
$
|
1,339,984
|
|
|
$
|
(10,007
|
)
|
|
$
|
(707,015
|
)
|
|
$
|
(32,878
|
)
|
|
$
|
590,200
|
|
|
$
|
(2,367
|
)
|
|
$
|
587,833
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(in thousands, except par value)
|
Par Value $0.001
|
|
Additional Paid In Capital
|
|
Treasury Stock
|
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total 3D Systems Corporation Stockholders' Equity
|
|
Equity Attributable to Noncontrolling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||
Balance at December 31, 2016
|
$
|
115
|
|
|
$
|
1,307,428
|
|
|
$
|
(2,658
|
)
|
|
$
|
(621,787
|
)
|
|
$
|
(53,225
|
)
|
|
$
|
629,873
|
|
|
$
|
(3,173
|
)
|
|
$
|
626,700
|
|
Issuance (repurchase) of stock
|
—
|
|
|
—
|
|
|
(1,970
|
)
|
|
—
|
|
|
—
|
|
|
(1,970
|
)
|
|
—
|
|
|
(1,970
|
)
|
||||||||
Issuance of stock for acquisitions
|
—
|
|
|
3,208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,208
|
|
|
—
|
|
|
3,208
|
|
||||||||
Cumulative impact of change in accounting policy
|
—
|
|
|
(10,206
|
)
|
|
—
|
|
|
10,206
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
14,450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,450
|
|
|
—
|
|
|
14,450
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,387
|
)
|
|
—
|
|
|
(18,387
|
)
|
|
478
|
|
|
(17,909
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,746
|
|
|
20,746
|
|
|
135
|
|
|
20,881
|
|
||||||||
Balance at June 30, 2017
|
$
|
115
|
|
|
$
|
1,314,880
|
|
|
$
|
(4,628
|
)
|
|
$
|
(629,968
|
)
|
|
$
|
(32,560
|
)
|
|
$
|
647,839
|
|
|
$
|
(2,560
|
)
|
|
$
|
645,279
|
|
(in thousands)
|
2018
|
|
2017
|
||||
Raw materials
|
$
|
42,673
|
|
|
$
|
37,660
|
|
Work in process
|
4,247
|
|
|
3,906
|
|
||
Finished goods and parts
|
67,573
|
|
|
62,337
|
|
||
Inventories
|
$
|
114,493
|
|
|
$
|
103,903
|
|
|
2018
|
|
2017
|
|
|
||||||||||||||||||||
(in thousands)
|
Gross
(a)
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
(a)
|
|
Accumulated Amortization
|
|
Net
|
|
Weighted Average Useful Life Remaining (in years)
|
||||||||||||
Intangible assets with finite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
104,015
|
|
|
$
|
(62,349
|
)
|
|
$
|
41,666
|
|
|
$
|
105,505
|
|
|
$
|
(57,796
|
)
|
|
$
|
47,709
|
|
|
6
|
Acquired technology
|
48,973
|
|
|
(39,803
|
)
|
|
9,170
|
|
|
54,716
|
|
|
(39,644
|
)
|
|
15,072
|
|
|
2
|
||||||
Trade names
|
25,284
|
|
|
(16,503
|
)
|
|
8,781
|
|
|
25,813
|
|
|
(15,552
|
)
|
|
10,261
|
|
|
6
|
||||||
Patent costs
|
17,972
|
|
|
(7,825
|
)
|
|
10,147
|
|
|
17,909
|
|
|
(7,338
|
)
|
|
10,571
|
|
|
15
|
||||||
Trade secrets
|
19,331
|
|
|
(12,522
|
)
|
|
6,809
|
|
|
19,431
|
|
|
(11,530
|
)
|
|
7,901
|
|
|
4
|
||||||
Acquired patents
|
16,217
|
|
|
(12,355
|
)
|
|
3,862
|
|
|
16,661
|
|
|
(11,969
|
)
|
|
4,692
|
|
|
8
|
||||||
Other
|
19,628
|
|
|
(17,922
|
)
|
|
1,706
|
|
|
20,012
|
|
|
(17,435
|
)
|
|
2,577
|
|
|
2
|
||||||
Total intangible assets
|
$
|
251,420
|
|
|
$
|
(169,279
|
)
|
|
$
|
82,141
|
|
|
$
|
260,047
|
|
|
$
|
(161,264
|
)
|
|
$
|
98,783
|
|
|
6
|
(in thousands)
|
2018
|
|
2017
|
||||
Compensation and benefits
|
$
|
23,720
|
|
|
$
|
20,432
|
|
Accrued taxes
|
17,694
|
|
|
13,861
|
|
||
Arbitration awards
|
11,282
|
|
|
11,282
|
|
||
Vendor accruals
|
7,177
|
|
|
7,044
|
|
||
Product warranty liability
|
5,736
|
|
|
5,564
|
|
||
Accrued earnouts related to acquisitions
|
2,135
|
|
|
2,772
|
|
||
Accrued other
|
1,746
|
|
|
2,485
|
|
||
Royalties payable
|
1,716
|
|
|
1,679
|
|
||
Accrued professional fees
|
1,082
|
|
|
742
|
|
||
Accrued interest
|
112
|
|
|
38
|
|
||
Total
|
$
|
72,400
|
|
|
$
|
65,899
|
|
(in thousands)
|
2018
|
|
2017
|
||||
Long term employee indemnity
|
$
|
13,694
|
|
|
$
|
13,887
|
|
Long term tax liability
|
9,349
|
|
|
9,340
|
|
||
Defined benefit pension obligation
|
8,055
|
|
|
8,290
|
|
||
Long term deferred revenue
|
7,833
|
|
|
7,298
|
|
||
Other long term liabilities
|
7,467
|
|
|
7,596
|
|
||
Long term earnouts related to acquisitions
|
—
|
|
|
2,343
|
|
||
Total
|
$
|
46,398
|
|
|
$
|
48,754
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
50
|
|
|
$
|
70
|
|
|
$
|
102
|
|
|
$
|
137
|
|
Interest cost
|
70
|
|
|
68
|
|
|
143
|
|
|
133
|
|
||||
Amortization of actuarial loss
|
46
|
|
|
60
|
|
|
92
|
|
|
118
|
|
||||
Total periodic cost
|
$
|
166
|
|
|
$
|
198
|
|
|
$
|
337
|
|
|
$
|
388
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator for basic and diluted net loss per share:
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to 3D Systems Corporation
|
$
|
(8,862
|
)
|
|
$
|
(8,416
|
)
|
|
$
|
(29,819
|
)
|
|
$
|
(18,387
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic and diluted net loss per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares
|
111,920
|
|
|
111,398
|
|
|
111,870
|
|
|
111,350
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic and diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.17
|
)
|
|
Fair Value Measurements as of June 30, 2018
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(a)
|
$
|
7,183
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,183
|
|
Earnout consideration
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,135
|
|
|
$
|
2,135
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurements as of December 31, 2017
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(a)
|
$
|
20,244
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,244
|
|
Earnout consideration
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,115
|
|
|
$
|
5,115
|
|
(a)
|
Cash equivalents include funds held in money market instruments and are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet.
|
(b)
|
The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration reflects a
$2,675
payment, partially offset by
$188
of accretion and adjustments of
$493
.
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue from unaffiliated customers:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
86,028
|
|
|
$
|
80,921
|
|
|
$
|
168,741
|
|
|
$
|
158,793
|
|
Other Americas
|
2,228
|
|
|
2,347
|
|
|
4,045
|
|
|
4,766
|
|
||||
EMEA
|
56,859
|
|
|
53,449
|
|
|
114,280
|
|
|
106,407
|
|
||||
Asia Pacific
|
31,453
|
|
|
22,750
|
|
|
55,371
|
|
|
45,932
|
|
||||
Total revenue
|
$
|
176,568
|
|
|
$
|
159,467
|
|
|
$
|
342,437
|
|
|
$
|
315,898
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue by class of product and service:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
65,741
|
|
|
$
|
53,705
|
|
|
$
|
128,368
|
|
|
$
|
108,821
|
|
Materials
|
45,044
|
|
|
43,874
|
|
|
87,863
|
|
|
86,697
|
|
||||
Services
|
65,783
|
|
|
61,888
|
|
|
126,206
|
|
|
120,380
|
|
||||
Total revenue
|
$
|
176,568
|
|
|
$
|
159,467
|
|
|
$
|
342,437
|
|
|
$
|
315,898
|
|
|
Quarter Ended June 30, 2018
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
738
|
|
|
$
|
14,243
|
|
|
$
|
6,992
|
|
|
$
|
21,973
|
|
EMEA
|
16,611
|
|
|
5,372
|
|
|
1,224
|
|
|
23,207
|
|
||||
Asia Pacific
|
1,223
|
|
|
—
|
|
|
878
|
|
|
2,101
|
|
||||
Total intercompany sales
|
$
|
18,572
|
|
|
$
|
19,615
|
|
|
$
|
9,094
|
|
|
$
|
47,281
|
|
|
Quarter Ended June 30, 2017
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
537
|
|
|
$
|
9,905
|
|
|
$
|
4,955
|
|
|
$
|
15,397
|
|
EMEA
|
18,157
|
|
|
3,554
|
|
|
902
|
|
|
22,613
|
|
||||
Asia Pacific
|
342
|
|
|
22
|
|
|
1,135
|
|
|
1,499
|
|
||||
Total intercompany sales
|
$
|
19,036
|
|
|
$
|
13,481
|
|
|
$
|
6,992
|
|
|
$
|
39,509
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
1,022
|
|
|
$
|
30,224
|
|
|
$
|
12,415
|
|
|
$
|
43,661
|
|
EMEA
|
33,212
|
|
|
11,752
|
|
|
3,136
|
|
|
48,100
|
|
||||
Asia Pacific
|
2,645
|
|
|
1
|
|
|
1,773
|
|
|
4,419
|
|
||||
Total intercompany sales
|
$
|
36,879
|
|
|
$
|
41,977
|
|
|
$
|
17,324
|
|
|
$
|
96,180
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
898
|
|
|
$
|
22,650
|
|
|
$
|
8,853
|
|
|
$
|
32,401
|
|
EMEA
|
34,704
|
|
|
8,728
|
|
|
1,915
|
|
|
45,347
|
|
||||
Asia Pacific
|
879
|
|
|
157
|
|
|
2,149
|
|
|
3,185
|
|
||||
Total intercompany sales
|
$
|
36,481
|
|
|
$
|
31,535
|
|
|
$
|
12,917
|
|
|
$
|
80,933
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
(Loss) income from operations:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
(13,539
|
)
|
|
$
|
(16,937
|
)
|
|
$
|
(33,523
|
)
|
|
$
|
(33,152
|
)
|
EMEA
|
(2,119
|
)
|
|
4,119
|
|
|
(3,334
|
)
|
|
7,748
|
|
||||
Asia Pacific
|
7,936
|
|
|
5,954
|
|
|
11,669
|
|
|
9,469
|
|
||||
Total
|
$
|
(7,722
|
)
|
|
$
|
(6,864
|
)
|
|
$
|
(25,188
|
)
|
|
$
|
(15,935
|
)
|
(in thousands)
|
Foreign currency translation adjustment
|
|
Defined benefit pension plan
|
|
Liquidation of non-US entity and purchase of non-controlling interests
|
|
Total
|
||||||||
Balance at December 31, 2017
|
$
|
(19,319
|
)
|
|
$
|
(2,555
|
)
|
|
$
|
338
|
|
|
$
|
(21,536
|
)
|
Other comprehensive income (loss)
|
(11,489
|
)
|
|
147
|
|
|
—
|
|
|
(11,342
|
)
|
||||
Balance at June 30, 2018
|
$
|
(30,808
|
)
|
|
$
|
(2,408
|
)
|
|
$
|
338
|
|
|
$
|
(32,878
|
)
|
(Dollars in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||||||||||||||
Revenue — second quarter 2017
|
$
|
83,268
|
|
|
52.2
|
%
|
|
$
|
53,449
|
|
|
33.5
|
%
|
|
$
|
22,750
|
|
|
14.3
|
%
|
|
$
|
159,467
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
15,575
|
|
|
18.7
|
%
|
|
3,818
|
|
|
7.1
|
%
|
|
3,520
|
|
|
15.5
|
%
|
|
22,913
|
|
|
14.4
|
%
|
||||
Price/Mix
|
(10,423
|
)
|
|
(12.5
|
)%
|
|
(3,568
|
)
|
|
(6.7
|
)%
|
|
4,007
|
|
|
17.6
|
%
|
|
(9,984
|
)
|
|
(6.3
|
)%
|
||||
Foreign currency translation
|
(164
|
)
|
|
(0.2
|
)%
|
|
3,160
|
|
|
5.9
|
%
|
|
1,176
|
|
|
5.2
|
%
|
|
4,172
|
|
|
2.6
|
%
|
||||
Net change
|
4,988
|
|
|
6.0
|
%
|
|
3,410
|
|
|
6.3
|
%
|
|
8,703
|
|
|
38.3
|
%
|
|
17,101
|
|
|
10.7
|
%
|
||||
Revenue — second quarter 2018
|
$
|
88,256
|
|
|
50.0
|
%
|
|
$
|
56,859
|
|
|
32.2
|
%
|
|
$
|
31,453
|
|
|
17.8
|
%
|
|
$
|
176,568
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||||||||||||||
Revenue — six months 2017
|
$
|
163,559
|
|
|
51.8
|
%
|
|
$
|
106,407
|
|
|
33.7
|
%
|
|
$
|
45,932
|
|
|
14.5
|
%
|
|
$
|
315,898
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
22,912
|
|
|
14.0
|
%
|
|
4,017
|
|
|
3.8
|
%
|
|
4,424
|
|
|
9.6
|
%
|
|
31,353
|
|
|
9.9
|
%
|
||||
Price/Mix
|
(13,533
|
)
|
|
(8.3
|
)%
|
|
(6,216
|
)
|
|
(5.8
|
)%
|
|
2,354
|
|
|
5.1
|
%
|
|
(17,395
|
)
|
|
(5.5
|
)%
|
||||
Foreign currency translation
|
(152
|
)
|
|
(0.1
|
)%
|
|
10,072
|
|
|
9.5
|
%
|
|
2,661
|
|
|
5.8
|
%
|
|
12,581
|
|
|
4.0
|
%
|
||||
Net change
|
9,227
|
|
|
5.6
|
%
|
|
7,873
|
|
|
7.5
|
%
|
|
9,439
|
|
|
20.5
|
%
|
|
26,539
|
|
|
8.4
|
%
|
||||
Revenue — six months 2018
|
$
|
172,786
|
|
|
50.5
|
%
|
|
$
|
114,280
|
|
|
33.4
|
%
|
|
$
|
55,371
|
|
|
16.2
|
%
|
|
$
|
342,437
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Products
|
|
Materials
|
|
Services
|
|
Total
|
||||||||||||||||||||
Revenue — second quarter 2017
|
$
|
53,705
|
|
|
33.6
|
%
|
|
$
|
43,874
|
|
|
27.5
|
%
|
|
$
|
61,888
|
|
|
38.9
|
%
|
|
$
|
159,467
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
14,365
|
|
|
26.7
|
%
|
|
6,251
|
|
|
14.2
|
%
|
|
2,297
|
|
|
3.7
|
%
|
|
22,913
|
|
|
14.4
|
%
|
||||
Price/Mix
|
(3,648
|
)
|
|
(6.8
|
)%
|
|
(6,336
|
)
|
|
(14.4
|
)%
|
|
—
|
|
|
—
|
%
|
|
(9,984
|
)
|
|
(6.3
|
)%
|
||||
Foreign currency translation
|
1,319
|
|
|
2.5
|
%
|
|
1,255
|
|
|
2.9
|
%
|
|
1,598
|
|
|
2.6
|
%
|
|
4,172
|
|
|
2.6
|
%
|
||||
Net change
|
12,036
|
|
|
22.4
|
%
|
|
1,170
|
|
|
2.7
|
%
|
|
3,895
|
|
|
6.3
|
%
|
|
17,101
|
|
|
10.7
|
%
|
||||
Revenue — second quarter 2018
|
$
|
65,741
|
|
|
37.2
|
%
|
|
$
|
45,044
|
|
|
25.5
|
%
|
|
$
|
65,783
|
|
|
37.3
|
%
|
|
$
|
176,568
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Products
|
|
Materials
|
|
Services
|
|
Total
|
||||||||||||||||||||
Revenue — six months 2017
|
$
|
108,822
|
|
|
34.4
|
%
|
|
$
|
86,697
|
|
|
27.4
|
%
|
|
$
|
120,379
|
|
|
38.2
|
%
|
|
$
|
315,898
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
21,978
|
|
|
20.2
|
%
|
|
8,002
|
|
|
9.2
|
%
|
|
1,373
|
|
|
1.1
|
%
|
|
31,353
|
|
|
9.9
|
%
|
||||
Price/Mix
|
(6,803
|
)
|
|
(6.3
|
)%
|
|
(10,592
|
)
|
|
(12.2
|
)%
|
|
—
|
|
|
—
|
%
|
|
(17,395
|
)
|
|
(5.5
|
)%
|
||||
Foreign currency translation
|
4,371
|
|
|
4.0
|
%
|
|
3,756
|
|
|
4.3
|
%
|
|
4,454
|
|
|
3.7
|
%
|
|
12,581
|
|
|
4.0
|
%
|
||||
Net change
|
19,546
|
|
|
17.9
|
%
|
|
1,166
|
|
|
1.3
|
%
|
|
5,827
|
|
|
4.8
|
%
|
|
26,539
|
|
|
8.4
|
%
|
||||
Revenue — six months 2018
|
$
|
128,368
|
|
|
37.5
|
%
|
|
$
|
87,863
|
|
|
25.7
|
%
|
|
$
|
126,206
|
|
|
36.9
|
%
|
|
$
|
342,437
|
|
|
100.0
|
%
|
|
Quarter Ended June 30,
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
2018
|
|
2017
|
|
Change in Gross Profit
|
|
Change in Gross Profit Margin
|
|||||||||||||||||||
(Dollars in thousands)
|
Gross Profit
|
|
Gross Profit Margin
|
|
Gross Profit
|
|
Gross Profit Margin
|
|
$
|
|
%
|
|
Percentage Points
|
|
%
|
|||||||||||
Products
|
21,041
|
|
|
32.0
|
%
|
|
16,194
|
|
|
30.2
|
%
|
|
4,847
|
|
|
29.9
|
%
|
|
1.9
|
|
|
6.1
|
%
|
|||
Materials
|
32,244
|
|
|
71.6
|
%
|
|
31,545
|
|
|
71.9
|
%
|
|
699
|
|
|
2.2
|
%
|
|
(0.3
|
)
|
|
(0.4
|
)%
|
|||
Services
|
32,877
|
|
|
50.0
|
%
|
|
32,934
|
|
|
53.2
|
%
|
|
(57
|
)
|
|
(0.2
|
)%
|
|
(3.2
|
)
|
|
(6.1
|
)%
|
|||
Total
|
$
|
86,162
|
|
|
48.8
|
%
|
|
$
|
80,673
|
|
|
50.6
|
%
|
|
$
|
5,489
|
|
|
6.8
|
%
|
|
(1.8
|
)
|
|
(3.5
|
)%
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
2018
|
|
2017
|
|
Change in Gross Profit
|
|
Change in Gross Profit Margin
|
|||||||||||||||||||
(Dollars in thousands)
|
Gross Profit
|
|
Gross Profit Margin
|
|
Gross Profit
|
|
Gross Profit Margin
|
|
$
|
|
%
|
|
Percentage Points
|
|
%
|
|||||||||||
Products
|
39,717
|
|
|
30.9
|
%
|
|
34,336
|
|
|
31.6
|
%
|
|
5,381
|
|
|
15.7
|
%
|
|
(0.6
|
)
|
|
(1.9
|
)%
|
|||
Materials
|
62,896
|
|
|
71.6
|
%
|
|
63,234
|
|
|
72.9
|
%
|
|
(338
|
)
|
|
(0.5
|
)%
|
|
(1.4
|
)
|
|
(1.9
|
)%
|
|||
Services
|
61,418
|
|
|
48.7
|
%
|
|
63,289
|
|
|
52.6
|
%
|
|
(1,871
|
)
|
|
(3.0
|
)%
|
|
(3.9
|
)
|
|
(7.4
|
)%
|
|||
Total
|
$
|
164,031
|
|
|
47.9
|
%
|
|
$
|
160,859
|
|
|
50.9
|
%
|
|
$
|
3,172
|
|
|
2.0
|
%
|
|
(3.0
|
)
|
|
(5.9
|
)%
|
|
Quarter Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% Revenue
|
|
Amount
|
|
% Revenue
|
|
$
|
|
%
|
|||||||||
Selling, general and administrative expenses
|
71,172
|
|
|
40.3
|
%
|
|
63,088
|
|
|
39.6
|
%
|
|
8,084
|
|
|
12.8
|
%
|
|||
Research and development expenses
|
22,712
|
|
|
12.9
|
%
|
|
24,449
|
|
|
15.3
|
%
|
|
(1,737
|
)
|
|
(7.1
|
)%
|
|||
Total operating expenses
|
$
|
93,884
|
|
|
53.2
|
%
|
|
$
|
87,537
|
|
|
54.9
|
%
|
|
$
|
6,347
|
|
|
7.3
|
%
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% Revenue
|
|
Amount
|
|
% Revenue
|
|
$
|
|
%
|
|||||||||
Selling, general and administrative expenses
|
140,625
|
|
|
41.1
|
%
|
|
129,493
|
|
|
41.0
|
%
|
|
11,132
|
|
|
8.6
|
%
|
|||
Research and development expenses
|
48,594
|
|
|
14.2
|
%
|
|
47,301
|
|
|
15.0
|
%
|
|
1,293
|
|
|
2.7
|
%
|
|||
Total operating expenses
|
$
|
189,219
|
|
|
55.3
|
%
|
|
$
|
176,794
|
|
|
56.0
|
%
|
|
$
|
12,425
|
|
|
7.0
|
%
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
(Loss) income from operations:
|
|
|
|
|
|
|
|
||||||||
Americas
|
(13,539
|
)
|
|
(16,937
|
)
|
|
(33,523
|
)
|
|
(33,152
|
)
|
||||
EMEA
|
(2,119
|
)
|
|
4,119
|
|
|
(3,334
|
)
|
|
7,748
|
|
||||
Asia Pacific
|
7,936
|
|
|
5,954
|
|
|
11,669
|
|
|
9,469
|
|
||||
Total
|
$
|
(7,722
|
)
|
|
$
|
(6,864
|
)
|
|
$
|
(25,188
|
)
|
|
$
|
(15,935
|
)
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and other (expense) income, net:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
231
|
|
|
161
|
|
|
453
|
|
|
328
|
|
||||
Foreign exchange gain
|
1,776
|
|
|
1,205
|
|
|
1,853
|
|
|
1,534
|
|
||||
Interest expense
|
(220
|
)
|
|
(232
|
)
|
|
(448
|
)
|
|
(462
|
)
|
||||
Other expense, net
|
(126
|
)
|
|
(201
|
)
|
|
(1,750
|
)
|
|
(266
|
)
|
||||
Total interest and other (expense) income, net
|
$
|
1,661
|
|
|
$
|
933
|
|
|
$
|
108
|
|
|
$
|
1,134
|
|
|
Quarter Ended June 30, 2018
|
|
|
||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
Change
|
||||||
Operating loss
|
$
|
(7,722
|
)
|
|
$
|
(6,864
|
)
|
|
$
|
(858
|
)
|
Other non-operating items:
|
|
|
|
|
|
||||||
Interest and other (expense) income, net
|
1,661
|
|
|
933
|
|
|
728
|
|
|||
Provision for income taxes
|
(2,539
|
)
|
|
(2,067
|
)
|
|
(472
|
)
|
|||
Net loss
|
(8,600
|
)
|
|
(7,998
|
)
|
|
(602
|
)
|
|||
Less: net income attributable to noncontrolling interests
|
262
|
|
|
418
|
|
|
(156
|
)
|
|||
Net loss attributable to 3D Systems
|
$
|
(8,862
|
)
|
|
$
|
(8,416
|
)
|
|
$
|
(446
|
)
|
|
|
|
|
|
|
||||||
Net (loss) per share - basic and diluted
|
$
|
(0.08
|
)
|
|
$
|
(0.08
|
)
|
|
|
|
Six Months Ended June 30,
|
|
|
||||||||
(Dollars in thousands)
|
2018
|
|
2017
|
|
Change
|
||||||
Operating loss
|
$
|
(25,188
|
)
|
|
$
|
(15,935
|
)
|
|
$
|
(9,253
|
)
|
Other non-operating items:
|
|
|
|
|
|
||||||
Interest and other income, net
|
108
|
|
|
1,134
|
|
|
(1,026
|
)
|
|||
Provision for income taxes
|
(4,493
|
)
|
|
(3,108
|
)
|
|
(1,385
|
)
|
|||
Net loss
|
(29,573
|
)
|
|
(17,909
|
)
|
|
(11,664
|
)
|
|||
Less: net income attributable to noncontrolling interests
|
246
|
|
|
478
|
|
|
(232
|
)
|
|||
Net loss attributable to 3D Systems
|
$
|
(29,819
|
)
|
|
$
|
(18,387
|
)
|
|
$
|
(11,432
|
)
|
|
|
|
|
|
|
||||||
Net (loss) per share - basic and diluted
|
$
|
(0.27
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
June 30, 2018
|
|
December 31, 2017
|
|
$
|
|
%
|
|||||||
Cash and cash equivalents
|
$
|
119,313
|
|
|
$
|
136,344
|
|
|
$
|
(17,031
|
)
|
|
(12.5
|
)%
|
Accounts receivable, net
|
130,870
|
|
|
129,879
|
|
|
991
|
|
|
0.8
|
%
|
|||
Inventories
|
114,493
|
|
|
103,903
|
|
|
10,590
|
|
|
10.2
|
%
|
|||
|
364,676
|
|
|
370,126
|
|
|
(5,450
|
)
|
|
|
||||
Less:
|
|
|
|
|
|
|
|
|||||||
Current portion of capitalized lease obligations
|
646
|
|
|
644
|
|
|
2
|
|
|
0.3
|
%
|
|||
Accounts payable
|
58,019
|
|
|
55,607
|
|
|
2,412
|
|
|
4.3
|
%
|
|||
Accrued and other liabilities
|
72,400
|
|
|
65,899
|
|
|
6,501
|
|
|
9.9
|
%
|
|||
|
131,065
|
|
|
122,150
|
|
|
8,915
|
|
|
|
||||
Operating working capital
|
$
|
233,611
|
|
|
$
|
247,976
|
|
|
$
|
(14,365
|
)
|
|
(5.8
|
)%
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2018
|
|
2017
|
||||
Net cash provided by operating activities
|
$
|
9,171
|
|
|
$
|
18,579
|
|
Net cash used in investing activities
|
(18,609
|
)
|
|
(47,484
|
)
|
||
Net cash used in financing activities
|
(4,823
|
)
|
|
(5,466
|
)
|
||
Effect of exchange rate changes on cash
|
(2,502
|
)
|
|
3,602
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
$
|
(16,763
|
)
|
|
$
|
(30,769
|
)
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2018
|
|
2017
|
||||
Net loss
|
$
|
(29,573
|
)
|
|
$
|
(17,909
|
)
|
Non-cash charges
|
44,162
|
|
|
43,611
|
|
||
Changes in working capital and all other operating assets
|
(5,418
|
)
|
|
(7,123
|
)
|
||
Net cash provided by operating activities
|
$
|
9,171
|
|
|
$
|
18,579
|
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2018
|
|
2017
|
||||
Purchases of property and equipment
|
$
|
(18,095
|
)
|
|
$
|
(11,243
|
)
|
Additions to license and patent costs
|
(523
|
)
|
|
(571
|
)
|
||
Cash paid for acquisitions, net of cash assumed
|
—
|
|
|
(34,291
|
)
|
||
Other investing activities
|
—
|
|
|
(1,650
|
)
|
||
Proceeds from disposition of property and equipment
|
9
|
|
|
271
|
|
||
Net cash used in investing activities
|
$
|
(18,609
|
)
|
|
$
|
(47,484
|
)
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2018
|
|
2017
|
||||
Payments on earnout consideration
|
$
|
(2,675
|
)
|
|
$
|
(3,206
|
)
|
Payments related to net-share settlement of stock-based compensation
|
(1,804
|
)
|
|
(1,970
|
)
|
||
Repayment of capital lease obligations
|
(344
|
)
|
|
(290
|
)
|
||
Net cash used in financing activities
|
$
|
(4,823
|
)
|
|
$
|
(5,466
|
)
|
•
|
competitive industry pressures;
|
•
|
our ability to deliver products that meet changing technology and customer needs;
|
•
|
our ability to identify strategic acquisitions, to integrate such acquisitions into our business without disruption and to realize the anticipated benefits of such acquisitions;
|
•
|
impact of future write-off or write-downs of intangible assets;
|
•
|
our ability to acquire and enforce intellectual property rights and defend such rights against third party claims;
|
•
|
our ability to protect our intellectual property rights and confidential information, including our digital content, from third-party infringers or unauthorized copying, use or disclosure;
|
•
|
failure of our information technology infrastructure or inability to protect against cyber-attack;
|
•
|
our ability to generate net cash flow from operations;
|
•
|
our ability to obtain additional financing on acceptable terms;
|
•
|
impact of global economic, political and social conditions and financial markets on our business;
|
•
|
fluctuations in our gross profit margins, operating income or loss and/or net income or loss;
|
•
|
our ability to efficiently conduct business outside the U.S.;
|
•
|
our dependence on our supply chain for components and sub-assemblies used in our 3D printers and other products and for raw materials used in our print materials;
|
•
|
our ability to manage the costs and effects of litigation, investigations or similar matters involving us or our subsidiaries;
|
•
|
product quality problems that result in decreased sales and operating margin, product returns, product liability, warranty or other claims;
|
•
|
our ability to retain our key employees and to attract and retain new qualified employees, while controlling our labor costs;
|
•
|
our exposure to product liability claims and other claims and legal proceedings;
|
•
|
disruption in our management information systems for inventory management, distribution, and other key functions;
|
•
|
compliance with U.S. and other anti-corruption laws, data privacy laws, trade controls, economic sanctions, and similar laws and regulations;
|
•
|
changes in, or interpretation of, tax rules and regulations; and
|
•
|
compliance with, and related expenses and challenges concerning, conflict-free minerals regulations; and
|
•
|
the other factors discussed in the reports we file with or furnishes to the Securities and Exchange Commission (“SEC”) from time to time, including the risks and important factors set forth in additional detail in “Risk Factors” in Part I, Item 1A of our Form 10-K filed with the SEC.
|
|
Total number of shares (or units) purchased
|
|
Average price paid per share (or unit)
|
|
Total number of shares (or units) purchased as part of publicly announced plans or programs
|
|
Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
|
||||
January 1, 2018 - January 31, 2018
|
12,433
|
|
|
9.69
|
|
|
—
|
|
|
—
|
|
February 1, 2018 - February 28, 2018
|
98,456
|
|
|
9.11
|
|
|
—
|
|
|
—
|
|
March 1, 2018 - March 31, 2018
|
3,966
|
|
|
11.51
|
|
|
—
|
|
|
—
|
|
April 1, 2018 - April 30, 2018
|
29,165
|
|
|
11.14
|
|
|
—
|
|
|
—
|
|
May 1, 2018 - May 31, 2018
|
48,711
|
|
|
12.66
|
|
|
—
|
|
|
—
|
|
June 1, 2018 - June 30, 2018
|
1,990
|
|
|
13.60
|
|
|
—
|
|
|
—
|
|
|
194,721
|
|
(a)
|
10.43
|
|
(b)
|
—
|
|
|
—
|
|
(a)
|
Reflects shares of common stock surrendered to the Company for payment of tax withholding obligations in connection with the vesting of restricted stock.
|
(b)
|
The average price paid reflects the average market value of shares withheld for tax purposes.
|
3.1
|
Certificate of Incorporation of Registrant. (Incorporated by reference to Exhibit 3.1 to Form 8-B filed on August 16, 1993, and the amendment thereto, filed on Form 8-B/A on February 4, 1994.)
|
|
|
3.2
|
Amendment to Certificate of Incorporation filed on May 23, 1995. (Incorporated by reference to Exhibit 3.2 to Registrant’s Registration Statement on Form S-2/A, filed on May 25, 1995.)
|
|
|
3.3
|
|
|
|
3.4
|
|
|
|
3.5
|
|
|
|
3.6
|
|
|
|
3.7
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
3D Systems Corporation
|
|
|
|
|
|
By
|
/s/ John N. McMullen
|
|
|
John N. McMullen
|
|
|
Executive
Vice President and Chief Financial Officer
|
|
|
(principal financial
and accounting officer)
|
|
|
(duly authorized officer)
|
1 Year 3D Systems Chart |
1 Month 3D Systems Chart |
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