3D Systems Reports Fourth Quarter and Full Year 2020 Financial Results (Unaudited), Reschedules Form 10-K Filing

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 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 SG&A Expenses 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 Margins 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

Tables Follow

3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
December 31, 2020 and December 31, 2019

(In thousands, except par value) December 31, 2020  December 31, 2019
ASSETS   
Current assets:   
Cash and cash equivalents$75,010  $133,665 
Accounts receivable, net of reserves — $4,392 (2020) and $8,762 (2019)114,254  109,408 
Inventories116,667  111,106 
Prepaid expenses and other current assets33,145  18,991 
Current assets held for sale18,439   
Total current assets357,515  373,170 
Property and equipment, net75,356  92,940 
Intangible assets, net28,083  48,338 
Goodwill161,765  223,176 
Right of use assets 48,620     36,890  
Deferred income tax asset 6,247     5,408  
Assets held for sale 31,684      
Other assets, net 23,785     27,390  
Total assets $ 733,055     $ 807,312  
LIABILITIES AND EQUITY      
Current liabilities:      
Current portion of long-term debt $ 2,051     $ 2,506  
Current right of use liabilities 9,534     9,569  
Accounts payable 45,174     49,851  
Accrued and other liabilities 69,812     63,095  
Customer deposits 7,750     5,712  
Deferred revenue 30,302     32,231  
Current liabilities held for sale 11,107      
Total current liabilities 175,730     162,964  
Long-term debt, net of deferred financing costs 19,218     45,215  
Long-term right of use liabilities 48,469     35,402  
Deferred income tax liability 4,716     4,027  
Liabilities held for sale 2,952      
Other liabilities 51,247     45,808  
Total liabilities 302,332     293,416  
Commitments and contingencies      
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; issued 127,626 (2020) and 121,266 (2019) 128     120  
Additional paid-in capital 1,404,964     1,371,564  
Treasury stock, at cost — 3,494 shares (2020) and 3,670 shares (2019) (22,590 )   (18,769 )
Accumulated deficit (943,303 )   (793,709 )
Accumulated other comprehensive loss (8,476 )   (37,047 )
Total 3D Systems Corporation stockholders' equity 430,723     522,159  
Noncontrolling interests     (8,263 )
Total stockholders’ equity 430,723     513,896  
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 733,055     $ 807,312  
               

3D Systems Corporation

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