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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 |
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 and Zip Code)
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
(Do not check if smaller reporting company)
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
|
DDD
|
|
New York Stock Exchange
|
|
|
|
|
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
(In thousands, except par value)
|
June 30,
2019 (unaudited) |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
150,397
|
|
|
$
|
109,998
|
|
Accounts receivable, net of reserves — $8,509 (2019) and $8,423 (2018)
|
114,093
|
|
|
126,618
|
|
||
Inventories
|
133,936
|
|
|
133,161
|
|
||
Prepaid expenses and other current assets
|
29,471
|
|
|
27,697
|
|
||
Total current assets
|
427,897
|
|
|
397,474
|
|
||
Property and equipment, net
(1)
|
97,664
|
|
|
103,252
|
|
||
Intangible assets, net
|
57,267
|
|
|
68,275
|
|
||
Goodwill
|
222,293
|
|
|
221,334
|
|
||
Right of use assets
(1)
|
37,626
|
|
|
4,466
|
|
||
Deferred income tax asset
|
5,420
|
|
|
4,217
|
|
||
Other assets, net
|
29,384
|
|
|
26,814
|
|
||
Total assets
|
$
|
877,551
|
|
|
$
|
825,832
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long term debt
|
$
|
4,050
|
|
|
$
|
—
|
|
Current right of use liabilities
(1)
|
11,451
|
|
|
654
|
|
||
Accounts payable
|
59,197
|
|
|
66,722
|
|
||
Accrued and other liabilities
|
59,730
|
|
|
59,265
|
|
||
Customer deposits
|
4,882
|
|
|
4,987
|
|
||
Deferred revenue
|
41,690
|
|
|
32,432
|
|
||
Total current liabilities
|
181,000
|
|
|
164,060
|
|
||
Long-term debt
|
75,378
|
|
|
25,000
|
|
||
Long-term right of use liabilities
(1)
|
35,273
|
|
|
6,392
|
|
||
Deferred income tax liability
|
6,541
|
|
|
6,190
|
|
||
Other liabilities
|
42,041
|
|
|
39,331
|
|
||
Total liabilities
|
340,233
|
|
|
240,973
|
|
||
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 120,506 (2019) and 118,650 (2018)
|
120
|
|
|
117
|
|
||
Additional paid-in capital
|
1,361,569
|
|
|
1,355,503
|
|
||
Treasury stock, at cost — 3,182 shares (2019) and 2,946 shares (2018)
|
(16,519
|
)
|
|
(15,572
|
)
|
||
Accumulated deficit
|
(771,025
|
)
|
|
(722,701
|
)
|
||
Accumulated other comprehensive loss
|
(37,313
|
)
|
|
(38,978
|
)
|
||
Total 3D Systems Corporation stockholders' equity
|
536,832
|
|
|
578,369
|
|
||
Noncontrolling interests
|
(8,386
|
)
|
|
(2,382
|
)
|
||
Total stockholders’ equity
|
528,446
|
|
|
575,987
|
|
||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity
|
$
|
877,551
|
|
|
$
|
825,832
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
93,758
|
|
|
$
|
110,785
|
|
|
$
|
186,105
|
|
|
$
|
216,231
|
|
Services
|
63,514
|
|
|
65,783
|
|
|
123,147
|
|
|
126,206
|
|
||||
Total revenue
|
157,272
|
|
|
176,568
|
|
|
309,252
|
|
|
342,437
|
|
||||
Cost of sales:
|
|
|
|
|
|
|
|
||||||||
Products
|
53,005
|
|
|
57,500
|
|
|
108,765
|
|
|
113,618
|
|
||||
Services
|
30,968
|
|
|
32,906
|
|
|
61,483
|
|
|
64,788
|
|
||||
Total cost of sales
|
83,973
|
|
|
90,406
|
|
|
170,248
|
|
|
178,406
|
|
||||
Gross profit
|
73,299
|
|
|
86,162
|
|
|
139,004
|
|
|
164,031
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
71,654
|
|
|
71,172
|
|
|
136,761
|
|
|
140,625
|
|
||||
Research and development
|
20,811
|
|
|
22,712
|
|
|
42,714
|
|
|
48,594
|
|
||||
Total operating expenses
|
92,465
|
|
|
93,884
|
|
|
179,475
|
|
|
189,219
|
|
||||
Loss from operations
|
(19,166
|
)
|
|
(7,722
|
)
|
|
(40,471
|
)
|
|
(25,188
|
)
|
||||
Interest and other (expense) income, net
|
(2,755
|
)
|
|
1,661
|
|
|
(3,957
|
)
|
|
108
|
|
||||
Loss before income taxes
|
(21,921
|
)
|
|
(6,061
|
)
|
|
(44,428
|
)
|
|
(25,080
|
)
|
||||
Provision for income taxes
|
(1,938
|
)
|
|
(2,539
|
)
|
|
(3,782
|
)
|
|
(4,493
|
)
|
||||
Net loss
|
(23,859
|
)
|
|
(8,600
|
)
|
|
(48,210
|
)
|
|
(29,573
|
)
|
||||
Less: net income attributable to noncontrolling interests
|
70
|
|
|
262
|
|
|
114
|
|
|
246
|
|
||||
Net loss attributable to 3D Systems Corporation
|
$
|
(23,929
|
)
|
|
$
|
(8,862
|
)
|
|
$
|
(48,324
|
)
|
|
$
|
(29,819
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted
|
$
|
(0.21
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
(0.27
|
)
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net loss
|
$
|
(23,859
|
)
|
|
$
|
(8,600
|
)
|
|
$
|
(48,210
|
)
|
|
$
|
(29,573
|
)
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
||||||||
Pension adjustments
|
24
|
|
|
164
|
|
|
116
|
|
|
147
|
|
||||
Foreign currency translation
|
1,999
|
|
|
(18,612
|
)
|
|
1,247
|
|
|
(11,196
|
)
|
||||
Total other comprehensive income (loss), net of taxes:
|
2,023
|
|
|
(18,448
|
)
|
|
1,363
|
|
|
(11,049
|
)
|
||||
Total comprehensive loss, net of taxes
|
(21,836
|
)
|
|
(27,048
|
)
|
|
(46,847
|
)
|
|
(40,622
|
)
|
||||
Comprehensive income attributable to noncontrolling interests
|
44
|
|
|
554
|
|
|
68
|
|
|
539
|
|
||||
Comprehensive loss attributable to 3D Systems Corporation
|
$
|
(21,880
|
)
|
|
$
|
(27,602
|
)
|
|
$
|
(46,915
|
)
|
|
$
|
(41,161
|
)
|
|
Six Months Ended June 30,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(48,210
|
)
|
|
$
|
(29,573
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
26,574
|
|
|
29,948
|
|
||
Stock-based compensation
|
13,592
|
|
|
13,734
|
|
||
Provision for bad debts
|
1,169
|
|
|
1,356
|
|
||
Loss on the disposition of property, equipment and other assets
|
1,103
|
|
|
—
|
|
||
Provision for deferred income taxes
|
(852
|
)
|
|
(2,287
|
)
|
||
Impairment of assets
|
1,728
|
|
|
1,411
|
|
||
Changes in operating accounts:
|
|
|
|
||||
Accounts receivable
|
11,213
|
|
|
(3,384
|
)
|
||
Inventories
|
(3,124
|
)
|
|
(14,937
|
)
|
||
Prepaid expenses and other current assets
|
(1,494
|
)
|
|
(6,739
|
)
|
||
Accounts payable
|
(7,560
|
)
|
|
2,762
|
|
||
Deferred revenue and customer deposits
|
9,300
|
|
|
4,268
|
|
||
Accrued and other current liabilities
|
(2,333
|
)
|
|
14,940
|
|
||
All other operating activities
|
2,445
|
|
|
(2,328
|
)
|
||
Net cash provided by operating activities
|
3,551
|
|
|
9,171
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(14,353
|
)
|
|
(18,095
|
)
|
||
Other investing activities
|
105
|
|
|
(514
|
)
|
||
Net cash used in investing activities
|
(14,248
|
)
|
|
(18,609
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
100,000
|
|
|
—
|
|
||
Repayment of borrowings/long term debt
|
(45,000
|
)
|
|
—
|
|
||
Purchase of noncontrolling interest
|
(2,500
|
)
|
|
—
|
|
||
Payments on earnout consideration
|
—
|
|
|
(2,675
|
)
|
||
Other financing activities
|
(1,898
|
)
|
|
(2,148
|
)
|
||
Net cash provided by (used in) financing activities
|
50,602
|
|
|
(4,823
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
517
|
|
|
(2,502
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
40,422
|
|
|
(16,763
|
)
|
||
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)
|
$
|
151,341
|
|
|
$
|
120,068
|
|
Supplemental cash flow information
|
|
|
|
||||
Cash interest payments
|
$
|
1,975
|
|
|
$
|
236
|
|
Cash income tax payments, net
|
$
|
6,739
|
|
|
$
|
3,925
|
|
Transfer of equipment from inventory to property and equipment, net
(b)
|
$
|
2,034
|
|
|
$
|
3,618
|
|
Transfer of equipment to inventory from property and equipment, net
(c)
|
$
|
29
|
|
|
$
|
369
|
|
Noncash financing activity
|
|
|
|
||||
Purchase of noncontrolling interest
(d)
|
$
|
(11,000
|
)
|
|
$
|
—
|
|
(a)
|
The amounts for cash and cash equivalents shown above include restricted cash of
$944
and
$755
as of
June 30,
2019
and
2018
, respectively, and
$921
and
$487
as of
December 31, 2018
, and
2017
, 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.
|
(d)
|
Purchase of noncontrolling interest to be paid in installments over a four-year period recorded to Accrued and other liabilities and Other liabilities on the condensed consolidated balance sheets.
|
|
Quarters Ended
|
||||||||||||||||||||||||||||||
|
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
|
||||||||||||||||
March 31, 2019
|
$
|
118
|
|
|
$
|
1,354,683
|
|
|
$
|
(16,056
|
)
|
|
$
|
(747,096
|
)
|
|
$
|
(39,362
|
)
|
|
$
|
552,287
|
|
|
$
|
(8,430
|
)
|
|
$
|
543,857
|
|
Issuance (repurchase) of stock
|
2
|
|
|
—
|
|
|
(463
|
)
|
|
—
|
|
|
—
|
|
|
(461
|
)
|
|
—
|
|
|
(461
|
)
|
||||||||
Acquisition of non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
6,886
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,886
|
|
|
—
|
|
|
6,886
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,929
|
)
|
|
—
|
|
|
(23,929
|
)
|
|
70
|
|
|
(23,859
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
24
|
|
|
—
|
|
|
24
|
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,025
|
|
|
2,025
|
|
|
(26
|
)
|
|
1,999
|
|
||||||||
June 30, 2019
|
$
|
120
|
|
|
$
|
1,361,569
|
|
|
$
|
(16,519
|
)
|
|
$
|
(771,025
|
)
|
|
$
|
(37,313
|
)
|
|
$
|
536,832
|
|
|
$
|
(8,386
|
)
|
|
$
|
528,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
March 31, 2018
|
$
|
116
|
|
|
$
|
1,333,378
|
|
|
$
|
(9,041
|
)
|
|
$
|
(698,153
|
)
|
|
$
|
(14,137
|
)
|
|
$
|
612,163
|
|
|
$
|
(2,921
|
)
|
|
$
|
609,242
|
|
Issuance (repurchase) of stock
|
—
|
|
|
—
|
|
|
(966
|
)
|
|
—
|
|
|
—
|
|
|
(966
|
)
|
|
—
|
|
|
(966
|
)
|
||||||||
Acquisition of non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
6,606
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,606
|
|
|
—
|
|
|
6,606
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,862
|
)
|
|
—
|
|
|
(8,862
|
)
|
|
262
|
|
|
(8,600
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
164
|
|
|
—
|
|
|
164
|
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,905
|
)
|
|
(18,905
|
)
|
|
292
|
|
|
(18,613
|
)
|
||||||||
June 30, 2018
|
$
|
116
|
|
|
$
|
1,339,984
|
|
|
$
|
(10,007
|
)
|
|
$
|
(707,015
|
)
|
|
$
|
(32,878
|
)
|
|
$
|
590,200
|
|
|
$
|
(2,367
|
)
|
|
$
|
587,833
|
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
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
|
||||||||||||||||
December 31, 2018
|
$
|
117
|
|
|
$
|
1,355,503
|
|
|
$
|
(15,572
|
)
|
|
$
|
(722,701
|
)
|
|
$
|
(38,978
|
)
|
|
$
|
578,369
|
|
|
$
|
(2,382
|
)
|
|
$
|
575,987
|
|
Issuance (repurchase) of stock
|
3
|
|
|
—
|
|
|
(947
|
)
|
|
—
|
|
|
—
|
|
|
(944
|
)
|
|
—
|
|
|
(944
|
)
|
||||||||
Acquisition of non-controlling interest
|
—
|
|
|
(7,526
|
)
|
|
—
|
|
|
—
|
|
|
256
|
|
|
(7,270
|
)
|
|
(6,072
|
)
|
|
(13,342
|
)
|
||||||||
Stock-based compensation expense
|
—
|
|
|
13,592
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,592
|
|
|
—
|
|
|
13,592
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,324
|
)
|
|
—
|
|
|
(48,324
|
)
|
|
114
|
|
|
(48,210
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
116
|
|
|
—
|
|
|
116
|
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,293
|
|
|
1,293
|
|
|
(46
|
)
|
|
1,247
|
|
||||||||
June 30, 2019
|
$
|
120
|
|
|
$
|
1,361,569
|
|
|
$
|
(16,519
|
)
|
|
$
|
(771,025
|
)
|
|
$
|
(37,313
|
)
|
|
$
|
536,832
|
|
|
$
|
(8,386
|
)
|
|
$
|
528,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
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 income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,819
|
)
|
|
—
|
|
|
(29,819
|
)
|
|
246
|
|
|
(29,573
|
)
|
||||||||
Pension adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
147
|
|
|
—
|
|
|
147
|
|
||||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,489
|
)
|
|
(11,489
|
)
|
|
293
|
|
|
(11,196
|
)
|
||||||||
June 30, 2018
|
$
|
116
|
|
|
$
|
1,339,984
|
|
|
$
|
(10,007
|
)
|
|
$
|
(707,015
|
)
|
|
$
|
(32,878
|
)
|
|
$
|
590,200
|
|
|
$
|
(2,367
|
)
|
|
$
|
587,833
|
|
(in thousands)
|
|
Quarter ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Operating lease cost
|
|
$
|
3,675
|
|
|
$
|
7,464
|
|
Finance lease cost - amortization expense
|
|
212
|
|
|
418
|
|
||
Finance lease cost - interest expense
|
|
115
|
|
|
230
|
|
||
Short-term lease cost
|
|
26
|
|
|
50
|
|
||
Variable lease cost
|
|
94
|
|
|
35
|
|
||
Total
|
|
$
|
4,122
|
|
|
$
|
8,197
|
|
|
|
June 30, 2019
|
||||||||||
(in thousands)
|
|
Right of use assets
|
|
Current right of use liabilities
|
|
Long-term right of use liabilities
|
||||||
Operating Leases
|
|
$
|
33,305
|
|
|
$
|
10,732
|
|
|
$
|
29,012
|
|
Finance Leases
|
|
4,321
|
|
|
719
|
|
|
6,261
|
|
|||
Total
|
|
$
|
37,626
|
|
|
$
|
11,451
|
|
|
$
|
35,273
|
|
|
|
June 30, 2019
|
||||||
(in thousands)
|
|
Operating Leases
|
|
Finance Leases
|
||||
Years ending June 30:
|
|
|
|
|
||||
2020
|
|
$
|
7,070
|
|
|
$
|
583
|
|
2021
|
|
9,895
|
|
|
1,098
|
|
||
2022
|
|
7,498
|
|
|
811
|
|
||
2023
|
|
6,977
|
|
|
813
|
|
||
2024
|
|
5,833
|
|
|
804
|
|
||
Thereafter
|
|
10,602
|
|
|
6,009
|
|
||
Total lease payments
|
|
47,875
|
|
|
10,118
|
|
||
Less: imputed interest
|
|
(8,144
|
)
|
|
(3,125
|
)
|
||
Present value of lease liabilities
|
|
$
|
39,731
|
|
|
$
|
6,993
|
|
(in thousands)
|
|
June 30, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash outflow from operating leases
|
|
$
|
7,610
|
|
Operating cash outflow from finance leases
|
|
$
|
229
|
|
Financing cash outflow from finance leases
|
|
$
|
338
|
|
|
|
June 30, 2019
|
||||
|
|
Operating
|
|
Financing
|
||
Weighted-average remaining lease term
|
|
5.3 years
|
|
|
11.1 years
|
|
Weighted-average discount rate
|
|
6.51
|
%
|
|
6.74
|
%
|
(in thousands)
|
2019
|
|
2018
|
||||
Raw materials
|
$
|
49,393
|
|
|
$
|
49,624
|
|
Work in process
|
8,483
|
|
|
2,969
|
|
||
Finished goods and parts
|
76,060
|
|
|
80,568
|
|
||
Inventories
|
$
|
133,936
|
|
|
$
|
133,161
|
|
|
2019
|
|
2018
|
|
|
||||||||||||||||||||
(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
|
$
|
103,638
|
|
|
$
|
(72,745
|
)
|
|
$
|
30,893
|
|
|
$
|
103,332
|
|
|
$
|
(67,129
|
)
|
|
$
|
36,203
|
|
|
5
|
Acquired technology
|
53,745
|
|
|
(50,279
|
)
|
|
3,466
|
|
|
52,691
|
|
|
(47,546
|
)
|
|
5,145
|
|
|
2
|
||||||
Trade names
|
23,937
|
|
|
(18,001
|
)
|
|
5,936
|
|
|
25,096
|
|
|
(17,669
|
)
|
|
7,427
|
|
|
5
|
||||||
Patent costs
|
11,548
|
|
|
(8,914
|
)
|
|
2,634
|
|
|
11,032
|
|
|
(8,382
|
)
|
|
2,650
|
|
|
14
|
||||||
Trade secrets
|
19,432
|
|
|
(14,639
|
)
|
|
4,793
|
|
|
19,374
|
|
|
(13,574
|
)
|
|
5,800
|
|
|
3
|
||||||
Acquired patents
|
16,215
|
|
|
(13,958
|
)
|
|
2,257
|
|
|
16,212
|
|
|
(13,160
|
)
|
|
3,052
|
|
|
7
|
||||||
Other
|
26,457
|
|
|
(19,169
|
)
|
|
7,288
|
|
|
26,551
|
|
|
(18,553
|
)
|
|
7,998
|
|
|
1
|
||||||
Total intangible assets
|
$
|
254,972
|
|
|
$
|
(197,705
|
)
|
|
$
|
57,267
|
|
|
$
|
254,288
|
|
|
$
|
(186,013
|
)
|
|
$
|
68,275
|
|
|
5
|
(in thousands)
|
2019
|
|
2018
|
||||
Compensation and benefits
|
$
|
21,498
|
|
|
$
|
23,787
|
|
Accrued taxes
|
17,204
|
|
|
17,246
|
|
||
Vendor accruals
|
8,274
|
|
|
6,895
|
|
||
Product warranty liability
|
3,629
|
|
|
3,788
|
|
||
Arbitration awards
|
2,256
|
|
|
2,256
|
|
||
Accrued professional fees
|
2,117
|
|
|
1,657
|
|
||
Accrued other
|
3,460
|
|
|
2,219
|
|
||
Royalties payable
|
1,292
|
|
|
1,417
|
|
||
Total
|
$
|
59,730
|
|
|
$
|
59,265
|
|
(in thousands)
|
2019
|
|
2018
|
||||
Long term employee indemnity
|
$
|
14,369
|
|
|
$
|
13,609
|
|
Long term tax liability
|
3,851
|
|
|
4,168
|
|
||
Defined benefit pension obligation
|
8,472
|
|
|
8,518
|
|
||
Long term deferred revenue
|
6,910
|
|
|
8,121
|
|
||
Other long term liabilities
|
8,439
|
|
|
4,915
|
|
||
Total
|
$
|
42,041
|
|
|
$
|
39,331
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator for basic and diluted net loss per share:
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to 3D Systems Corporation
|
$
|
(23,929
|
)
|
|
$
|
(8,862
|
)
|
|
$
|
(48,324
|
)
|
|
$
|
(29,819
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic and diluted net loss per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares
|
113,433
|
|
|
111,920
|
|
|
113,350
|
|
|
111,870
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per share - basic and diluted
|
$
|
(0.21
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
(0.27
|
)
|
|
Fair Value Measurements as of June 30, 2019
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(a)
|
$
|
41,077
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,077
|
|
Israeli severance funds
(b)
|
$
|
—
|
|
|
$
|
7,115
|
|
|
$
|
—
|
|
|
$
|
7,115
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurements as of December 31, 2018
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
(a)
|
$
|
6,141
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,141
|
|
Israeli severance funds
(b)
|
$
|
—
|
|
|
$
|
6,822
|
|
|
$
|
—
|
|
|
$
|
6,822
|
|
(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 Company partially funds the liability for its Israeli severance requirement through monthly deposits into fund accounts, the value of these contributions are recorded to non-current assets on the consolidated balance sheet.
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue from unaffiliated customers:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
80,415
|
|
|
$
|
86,028
|
|
|
$
|
151,815
|
|
|
$
|
168,741
|
|
Other Americas
|
2,397
|
|
|
2,228
|
|
|
4,701
|
|
|
4,045
|
|
||||
EMEA
|
55,776
|
|
|
56,859
|
|
|
115,420
|
|
|
114,280
|
|
||||
Asia Pacific
|
18,684
|
|
|
31,453
|
|
|
37,316
|
|
|
55,371
|
|
||||
Total revenue
|
$
|
157,272
|
|
|
$
|
176,568
|
|
|
$
|
309,252
|
|
|
$
|
342,437
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue by class of product and service:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
52,530
|
|
|
$
|
65,741
|
|
|
$
|
103,447
|
|
|
$
|
128,368
|
|
Materials
|
41,228
|
|
|
45,044
|
|
|
82,658
|
|
|
87,863
|
|
||||
Services
|
63,514
|
|
|
65,783
|
|
|
123,147
|
|
|
126,206
|
|
||||
Total revenue
|
$
|
157,272
|
|
|
$
|
176,568
|
|
|
$
|
309,252
|
|
|
$
|
342,437
|
|
|
Quarter ended June 30, 2019
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
544
|
|
|
$
|
8,757
|
|
|
$
|
4,620
|
|
|
$
|
13,921
|
|
EMEA
|
18,758
|
|
|
14,914
|
|
|
757
|
|
|
34,429
|
|
||||
Asia Pacific
|
697
|
|
|
18
|
|
|
687
|
|
|
1,402
|
|
||||
Total intercompany sales
|
$
|
19,999
|
|
|
$
|
23,689
|
|
|
$
|
6,064
|
|
|
$
|
49,752
|
|
|
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
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||
|
Intercompany Sales to
|
||||||||||||||
(in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||
Americas
|
$
|
990
|
|
|
$
|
25,465
|
|
|
$
|
8,456
|
|
|
$
|
34,911
|
|
EMEA
|
35,434
|
|
|
21,856
|
|
|
2,326
|
|
|
59,616
|
|
||||
Asia Pacific
|
1,444
|
|
|
39
|
|
|
1,489
|
|
|
2,972
|
|
||||
Total intercompany sales
|
$
|
37,868
|
|
|
$
|
47,360
|
|
|
$
|
12,271
|
|
|
$
|
97,499
|
|
|
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
|
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
(Loss) income from operations:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
(24,025
|
)
|
|
$
|
(13,539
|
)
|
|
$
|
(50,857
|
)
|
|
$
|
(33,523
|
)
|
EMEA
|
3,477
|
|
|
(2,119
|
)
|
|
6,395
|
|
|
(3,334
|
)
|
||||
Asia Pacific
|
1,382
|
|
|
7,936
|
|
|
3,991
|
|
|
11,669
|
|
||||
Total
|
$
|
(19,166
|
)
|
|
$
|
(7,722
|
)
|
|
$
|
(40,471
|
)
|
|
$
|
(25,188
|
)
|
(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, 2018
|
$
|
(36,669
|
)
|
|
$
|
(2,647
|
)
|
|
$
|
338
|
|
|
$
|
(38,978
|
)
|
Other comprehensive income (loss)
|
1,293
|
|
|
116
|
|
|
256
|
|
|
1,665
|
|
||||
Balance at June 30, 2019
|
$
|
(35,376
|
)
|
|
$
|
(2,531
|
)
|
|
$
|
594
|
|
|
$
|
(37,313
|
)
|
(Dollars in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||||||||||||||
Revenue — second quarter 2018
|
$
|
88,256
|
|
|
50.0
|
%
|
|
$
|
56,859
|
|
|
32.2
|
%
|
|
$
|
31,453
|
|
|
17.8
|
%
|
|
$
|
176,568
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
(11,379
|
)
|
|
(12.9
|
)%
|
|
4,028
|
|
|
7.1
|
%
|
|
(10,840
|
)
|
|
(34.5
|
)%
|
|
(18,191
|
)
|
|
(10.3
|
)%
|
||||
Price/Mix
|
6,090
|
|
|
6.9
|
%
|
|
(2,425
|
)
|
|
(4.3
|
)%
|
|
(1,080
|
)
|
|
(3.4
|
)%
|
|
2,585
|
|
|
1.5
|
%
|
||||
Foreign currency translation
|
(155
|
)
|
|
(0.2
|
)%
|
|
(2,686
|
)
|
|
(4.7
|
)%
|
|
(849
|
)
|
|
(2.7
|
)%
|
|
(3,690
|
)
|
|
(2.1
|
)%
|
||||
Net change
|
(5,444
|
)
|
|
(6.2
|
)%
|
|
(1,083
|
)
|
|
(1.9
|
)%
|
|
(12,769
|
)
|
|
(40.6
|
)%
|
|
(19,296
|
)
|
|
(10.9
|
)%
|
||||
Revenue — second quarter 2019
|
$
|
82,812
|
|
|
52.6
|
%
|
|
$
|
55,776
|
|
|
35.5
|
%
|
|
$
|
18,684
|
|
|
11.9
|
%
|
|
$
|
157,272
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Americas
|
|
EMEA
|
|
Asia Pacific
|
|
Total
|
||||||||||||||||||||
Revenue — six months 2018
|
$
|
172,786
|
|
|
50.5
|
%
|
|
$
|
114,280
|
|
|
33.4
|
%
|
|
$
|
55,371
|
|
|
16.2
|
%
|
|
$
|
342,437
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
(24,443
|
)
|
|
(14.1
|
)%
|
|
10,460
|
|
|
9.2
|
%
|
|
(14,470
|
)
|
|
(26.1
|
)%
|
|
(28,453
|
)
|
|
(31.0
|
)%
|
||||
Price/Mix
|
8,610
|
|
|
5.0
|
%
|
|
(2,006
|
)
|
|
(1.8
|
)%
|
|
(2,006
|
)
|
|
(3.6
|
)%
|
|
4,598
|
|
|
(0.4
|
)%
|
||||
Foreign currency translation
|
(437
|
)
|
|
(0.3
|
)%
|
|
(7,314
|
)
|
|
(6.4
|
)%
|
|
(1,579
|
)
|
|
(2.9
|
)%
|
|
(9,330
|
)
|
|
(9.6
|
)%
|
||||
Net change
|
(16,270
|
)
|
|
(9.4
|
)%
|
|
1,140
|
|
|
1.0
|
%
|
|
(18,055
|
)
|
|
(32.6
|
)%
|
|
(33,185
|
)
|
|
(9.7
|
)%
|
||||
Revenue — six months 2019
|
$
|
156,516
|
|
|
50.6
|
%
|
|
$
|
115,420
|
|
|
37.3
|
%
|
|
$
|
37,316
|
|
|
12.1
|
%
|
|
$
|
309,252
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Products
|
|
Materials
|
|
Services
|
|
Total
|
||||||||||||||||||||
Revenue — second quarter 2018
|
$
|
65,741
|
|
|
37.2
|
%
|
|
$
|
45,044
|
|
|
25.5
|
%
|
|
$
|
65,783
|
|
|
37.3
|
%
|
|
$
|
176,568
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Volume
|
(12,343
|
)
|
|
(18.8
|
)%
|
|
(5,121
|
)
|
|
(11.4
|
)%
|
|
(727
|
)
|
|
(1.1
|
)%
|
|
(18,191
|
)
|
|
(10.3
|
)%
|
||||
Price/Mix
|
314
|
|
|
0.5
|
%
|
|
2,271
|
|
|
5.0
|
%
|
|
—
|
|
|
—
|
%
|
|
2,585
|
|
|
1.5
|
%
|
||||
Foreign currency translation
|
(1,182
|
)
|
|
(1.8
|
)%
|
|
(966
|
)
|
|
(2.1
|
)%
|
|
(1,542
|
)
|
|
(2.3
|
)%
|
|
(3,690
|
)
|
|
(2.1
|
)%
|
||||
Net change
|
(13,211
|
)
|
|
(20.1
|
)%
|
|
(3,816
|
)
|
|
(8.5
|
)%
|
|
(2,269
|
)
|
|
(3.4
|
)%
|
|
(19,296
|
)
|
|
(10.9
|
)%
|
||||
Revenue — second quarter 2019
|
$
|
52,530
|
|
|
33.4
|
%
|
|
$
|
41,228
|
|
|
26.2
|
%
|
|
$
|
63,514
|
|
|
40.4
|
%
|
|
$
|
157,272
|
|
|
100.0
|
%
|
(Dollars in thousands)
|
Products
|
|
Materials
|
|
Services
|
|
Total
|
||||||||||||||||||||
Revenue — six months 2018
|
$
|
128,368
|
|
|
37.5
|
%
|
|
$
|
87,863
|
|
|
25.7
|
%
|
|
$
|
126,206
|
|
|
36.9
|
%
|
|
$
|
342,437
|
|
|
100.0
|
%
|
Change in revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Volume
|
(24,054
|
)
|
|
(18.7
|
)%
|
|
(4,951
|
)
|
|
(5.6
|
)%
|
|
552
|
|
|
0.4
|
%
|
|
(28,453
|
)
|
|
(23.9
|
)%
|
||||
Price/Mix
|
2,410
|
|
|
1.9
|
%
|
|
2,188
|
|
|
2.5
|
%
|
|
—
|
|
|
—
|
%
|
|
4,598
|
|
|
4.4
|
%
|
||||
Foreign currency translation
|
(3,277
|
)
|
|
(2.6
|
)%
|
|
(2,442
|
)
|
|
(2.8
|
)%
|
|
(3,611
|
)
|
|
(2.9
|
)%
|
|
(9,330
|
)
|
|
(8.3
|
)%
|
||||
Net change
|
(24,921
|
)
|
|
(19.4
|
)%
|
|
(5,205
|
)
|
|
(5.9
|
)%
|
|
(3,059
|
)
|
|
(2.4
|
)%
|
|
(33,185
|
)
|
|
(9.7
|
)%
|
||||
Revenue — six months 2019
|
$
|
103,447
|
|
|
33.5
|
%
|
|
$
|
82,658
|
|
|
26.7
|
%
|
|
$
|
123,147
|
|
|
39.8
|
%
|
|
$
|
309,252
|
|
|
100.0
|
%
|
|
Quarter Ended June 30,
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
2019
|
|
2018
|
|
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
|
12,345
|
|
|
23.5
|
%
|
|
21,041
|
|
|
32.0
|
%
|
|
(8,696
|
)
|
|
(41.3
|
)%
|
|
(8.5
|
)
|
|
(26.6
|
)%
|
|||
Materials
|
28,408
|
|
|
68.9
|
%
|
|
32,244
|
|
|
71.6
|
%
|
|
(3,836
|
)
|
|
(11.9
|
)%
|
|
(2.7
|
)
|
|
(3.8
|
)%
|
|||
Services
|
32,546
|
|
|
51.2
|
%
|
|
32,877
|
|
|
50.0
|
%
|
|
(331
|
)
|
|
(1.0
|
)%
|
|
1.2
|
|
|
2.4
|
%
|
|||
Total
|
$
|
73,299
|
|
|
46.6
|
%
|
|
$
|
86,162
|
|
|
48.8
|
%
|
|
$
|
(12,863
|
)
|
|
(14.9
|
)%
|
|
(2.2
|
)
|
|
(4.5
|
)%
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
2019
|
|
2018
|
|
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
|
20,095
|
|
|
19.4
|
%
|
|
39,717
|
|
|
30.9
|
%
|
|
(19,622
|
)
|
|
(49.4
|
)%
|
|
(11.5
|
)
|
|
(37.2
|
)%
|
|||
Materials
|
57,245
|
|
|
69.3
|
%
|
|
62,896
|
|
|
71.6
|
%
|
|
(5,651
|
)
|
|
(9.0
|
)%
|
|
(2.3
|
)
|
|
(3.2
|
)%
|
|||
Services
|
61,664
|
|
|
50.1
|
%
|
|
61,418
|
|
|
48.7
|
%
|
|
246
|
|
|
0.4
|
%
|
|
1.4
|
|
|
2.9
|
%
|
|||
Total
|
$
|
139,004
|
|
|
44.9
|
%
|
|
$
|
164,031
|
|
|
47.9
|
%
|
|
$
|
(25,027
|
)
|
|
(15.3
|
)%
|
|
(3.0
|
)
|
|
(6.3
|
)%
|
|
Quarter Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% Revenue
|
|
Amount
|
|
% Revenue
|
|
$
|
|
%
|
|||||||||
Selling, general and administrative expenses
|
71,654
|
|
|
45.6
|
%
|
|
71,172
|
|
|
40.3
|
%
|
|
482
|
|
|
0.7
|
%
|
|||
Research and development expenses
|
20,811
|
|
|
13.2
|
%
|
|
22,712
|
|
|
12.9
|
%
|
|
(1,901
|
)
|
|
(8.4
|
)%
|
|||
Total operating expenses
|
$
|
92,465
|
|
|
58.8
|
%
|
|
$
|
93,884
|
|
|
53.2
|
%
|
|
$
|
(1,419
|
)
|
|
(1.5
|
)%
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|||||||||||||||
(Dollars in thousands)
|
Amount
|
|
% Revenue
|
|
Amount
|
|
% Revenue
|
|
$
|
|
%
|
|||||||||
Selling, general and administrative expenses
|
136,761
|
|
|
44.2
|
%
|
|
140,625
|
|
|
41.1
|
%
|
|
(3,864
|
)
|
|
(2.7
|
)%
|
|||
Research and development expenses
|
42,714
|
|
|
13.8
|
%
|
|
48,594
|
|
|
14.2
|
%
|
|
(5,880
|
)
|
|
(12.1
|
)%
|
|||
Total operating expenses
|
$
|
179,475
|
|
|
58.0
|
%
|
|
$
|
189,219
|
|
|
55.3
|
%
|
|
$
|
(9,744
|
)
|
|
(5.1
|
)%
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
(Loss) income from operations:
|
|
|
|
|
|
|
|
||||||||
Americas
|
(24,025
|
)
|
|
(13,539
|
)
|
|
(50,857
|
)
|
|
(33,523
|
)
|
||||
EMEA
|
3,477
|
|
|
(2,119
|
)
|
|
6,395
|
|
|
(3,334
|
)
|
||||
Asia Pacific
|
1,382
|
|
|
7,936
|
|
|
3,991
|
|
|
11,669
|
|
||||
Total
|
$
|
(19,166
|
)
|
|
$
|
(7,722
|
)
|
|
$
|
(40,471
|
)
|
|
$
|
(25,188
|
)
|
|
Quarter Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest and other (expense) income, net
|
|
|
|
|
|
|
|
||||||||
Foreign exchange (loss) gain
|
(70
|
)
|
|
1,776
|
|
|
(1,109
|
)
|
|
1,853
|
|
||||
Interest expense, net
|
(864
|
)
|
|
(220
|
)
|
|
(1,441
|
)
|
|
(448
|
)
|
||||
Other (expense) income, net
|
(1,821
|
)
|
|
105
|
|
|
(1,407
|
)
|
|
(1,297
|
)
|
||||
Total interest and other (expense) income, net
|
$
|
(2,755
|
)
|
|
$
|
1,661
|
|
|
$
|
(3,957
|
)
|
|
$
|
108
|
|
|
Quarter Ended June 30,
|
|
|
||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
Change
|
||||||
Loss from operations
|
$
|
(19,166
|
)
|
|
$
|
(7,722
|
)
|
|
$
|
(11,444
|
)
|
Other non-operating items:
|
|
|
|
|
|
|
|||||
Interest and other (expense) income, net
|
(2,755
|
)
|
|
1,661
|
|
|
(4,416
|
)
|
|||
Provision for income taxes
|
(1,938
|
)
|
|
(2,539
|
)
|
|
601
|
|
|||
Net loss
|
(23,859
|
)
|
|
(8,600
|
)
|
|
(15,259
|
)
|
|||
Less: net income attributable to noncontrolling interests
|
70
|
|
|
262
|
|
|
(192
|
)
|
|||
Net loss attributable to 3D Systems Corporation
|
$
|
(23,929
|
)
|
|
$
|
(8,862
|
)
|
|
$
|
(15,067
|
)
|
|
Six Months Ended June 30,
|
|
|
||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
Change
|
||||||
Loss from operations
|
$
|
(40,471
|
)
|
|
$
|
(25,188
|
)
|
|
$
|
(15,283
|
)
|
Other non-operating items:
|
|
|
|
|
—
|
|
|||||
Interest and other (expense) income, net
|
(3,957
|
)
|
|
108
|
|
|
(4,065
|
)
|
|||
Provision for income taxes
|
(3,782
|
)
|
|
(4,493
|
)
|
|
711
|
|
|||
Net loss
|
(48,210
|
)
|
|
(29,573
|
)
|
|
(18,637
|
)
|
|||
Less: net income attributable to noncontrolling interests
|
114
|
|
|
246
|
|
|
(132
|
)
|
|||
Net loss attributable to 3D Systems Corporation
|
$
|
(48,324
|
)
|
|
$
|
(29,819
|
)
|
|
$
|
(18,505
|
)
|
|
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
|
$
|
|
%
|
|||||||
Cash and cash equivalents
|
$
|
150,397
|
|
|
$
|
109,998
|
|
|
$
|
40,399
|
|
|
36.7
|
%
|
Accounts receivable, net
|
114,093
|
|
|
126,618
|
|
|
(12,525
|
)
|
|
(9.9
|
)%
|
|||
Inventories
|
133,936
|
|
|
133,161
|
|
|
775
|
|
|
0.6
|
%
|
|||
|
398,426
|
|
|
369,777
|
|
|
28,649
|
|
|
|
|
|||
Less:
|
|
|
|
|
|
|
|
|
||||||
Current portion of long term debt
|
4,050
|
|
|
—
|
|
|
4,050
|
|
|
—
|
%
|
|||
Current right of use liabilities
|
11,451
|
|
|
654
|
|
|
10,797
|
|
|
1650.9
|
%
|
|||
Accounts payable
|
59,197
|
|
|
66,722
|
|
|
(7,525
|
)
|
|
(11.3
|
)%
|
|||
Accrued and other liabilities
|
59,730
|
|
|
59,265
|
|
|
465
|
|
|
0.8
|
%
|
|||
|
134,428
|
|
|
126,641
|
|
|
7,787
|
|
|
|
|
|||
Operating working capital
|
$
|
263,998
|
|
|
$
|
243,136
|
|
|
$
|
20,862
|
|
|
8.6
|
%
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
$
|
3,551
|
|
|
$
|
9,171
|
|
Net cash used in investing activities
|
(14,248
|
)
|
|
(18,609
|
)
|
||
Net cash provided by (used in) financing activities
|
50,602
|
|
|
(4,823
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
517
|
|
|
(2,502
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
$
|
40,422
|
|
|
$
|
(16,763
|
)
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Net loss
|
$
|
(48,210
|
)
|
|
$
|
(29,573
|
)
|
Non-cash charges
|
43,314
|
|
|
44,162
|
|
||
Changes in working capital and all other operating assets
|
8,447
|
|
|
(5,418
|
)
|
||
Net cash provided by operating activities
|
$
|
3,551
|
|
|
$
|
9,171
|
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Purchases of property and equipment
|
$
|
(14,353
|
)
|
|
$
|
(18,095
|
)
|
Other investing activities
|
105
|
|
|
(514
|
)
|
||
Net cash used in investing activities
|
$
|
(14,248
|
)
|
|
$
|
(18,609
|
)
|
|
Six Months Ended June 30,
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Proceeds from borrowings
|
$
|
100,000
|
|
|
$
|
—
|
|
Repayment of borrowings/long term debt
|
(45,000
|
)
|
|
—
|
|
||
Purchase of noncontrolling interest
|
(2,500
|
)
|
|
—
|
|
||
Payments on earnout consideration
|
—
|
|
|
(2,675
|
)
|
||
Other financing activities
|
(1,898
|
)
|
|
(2,148
|
)
|
||
Net cash provided by (used in) financing activities
|
$
|
50,602
|
|
|
$
|
(4,823
|
)
|
•
|
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;
|
•
|
our ability to comply with the covenants in our borrowing agreements;
|
•
|
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 SEC from time to time, including the risks and important factors set forth in additional detail in Item 1A. “Risk Factors” in the 2018 Form 10-K and in Part II, Item 1A. “Risk Factors” in the Qarterly Report on Form 10-Q for the quarter ended March 31, 2019 (the “2019 Q1 Form 10-Q”).
|
•
|
Our perceived value in the securities markets;
|
•
|
Overall trends in the stock market;
|
•
|
Announcements of changes in our forecasted operating results or the operating results of one or more of our competitors;
|
•
|
Continued suspension from federal contracting for an extended period of time;
|
•
|
The impact of changes in our results of operations, our financial condition or our prospects;
|
•
|
Future sales of our common stock or other securities (including any shares issued in connection with earn-out obligations for any past or future acquisition);
|
•
|
Market conditions for providers of products and services such as ours;
|
•
|
Executive level management uncertainty or change;
|
•
|
Changes in recommendations or revenue or earnings estimates by securities analysts; and
|
•
|
Announcements of acquisitions by us or one of our competitors.
|
|
Total number of shares (or units) purchased
|
|
Average price paid per share (or unit)
|
|
|||
Shares delivered or withheld pursuant to restricted stock awards
|
|
|
|
|
|||
April 1, 2019 - April 30, 2019
|
23,079
|
|
|
$
|
14.11
|
|
|
May 1, 2019 - May 31, 2019
|
15,972
|
|
|
$
|
9.47
|
|
|
June 1, 2019 - June 30, 2019
|
8,312
|
|
|
$
|
8.16
|
|
|
|
47,363
|
|
(a)
|
$
|
11.50
|
|
(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.)
|
|
|
Certificate of Amendment of Certificate of Incorporation filed with Secretary of State of Delaware on May 19, 2004. (Incorporated by reference to Exhibit 3.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, filed on August 5, 2004.)
|
|
|
|
Certificate of Amendment of Certificate of Incorporation filed with Secretary of State of Delaware on May 17, 2005. (Incorporated by reference to Exhibit 3.1 of the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005, filed on August 1, 2005.)
|
|
|
|
Certificate of Amendment of Certificate of Incorporation filed with the Secretary of State of Delaware on October 7, 2011. (Incorporated by reference to Exhibit 3.1 to Form 8-K filed on October 7, 2011.)
|
|
|
|
Certificate of Amendment of Certificate of Incorporation filed with the Secretary of State of Delaware on May 21, 2013. (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed on May 22, 2013.)
|
|
|
|
Amended and Restated By-Laws of 3D Systems Corporation. (Incorporated by reference to Exhibit 3.1 of Registrant’s Current Report on Form 8-K filed on March 15, 2018.)
|
|
|
|
Severance Agreement between 3D Systems Corporation and Kevin McAlea, dated May 10, 2019. (Incorporated by reference to Exhibit 10.1 to Registrant's current report on Form 8-K filed on May 15, 2019.)
|
|
|
|
Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated August 7, 2019.
|
|
|
|
Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated August 7, 2019.
|
|
|
|
Certification of Principal Executive Officer filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated August 7, 2019.
|
|
|
|
Certification of Principal Financial Officer filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated August 7, 2019.
|
|
|
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL 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.
|
|
|
104
|
Cover Page Interactive Data File - this data file does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL 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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