3D Systems Reports First Quarter 2018 Financial Results

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Operations
and Comprehensive Income (Loss)
Quarter Ended March 31, 2018 and 2017
  Quarter Ended March 31,
(in thousands, except per share amounts) 2018  2017
Revenue:   
Products$105,125  $97,039 
Services60,763  59,392 
Total revenue165,888  156,431 
Cost of sales:   
Products55,093  47,257 
Services32,913  28,988 
Total cost of sales88,006  76,245 
Gross profit77,882  80,186 
Operating expenses:   
Selling, general and administrative69,497  66,405 
Research and development25,883  22,852 
Total operating expenses95,380  89,257 
Loss from operations(17,498) (9,071)
Interest and other (expense) income, net(1,525) 201 
Loss before income taxes(19,023) (8,870)
Provision for income taxes1,954  1,041 
Net loss(20,977) (9,911)
Less: net income (loss) attributable to noncontrolling interests(16) 60 
Net loss attributable to 3D Systems Corporation$(20,961) $(9,971)
    
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted$(0.19) $(0.09)


3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, 2018 and 2017
  
  Three Months Ended March 31,
(in thousands) 2018  2017
Cash flows from operating activities:   
Net loss$(20,977) $(9,911)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:   
Depreciation and amortization15,186  14,973 
Stock-based compensation7,128  7,131 
Impairment of property and other assets38  53 
Impairment of cost method investments1,373   
Provision for bad debts1,017  155 
Provision for deferred income taxes(898) (1,069)
Changes in operating accounts, net of acquisitions:      
Accounts receivable (3,774 )   5,672  
Inventories (5,571 )   (4,116 )
Prepaid expenses and other current assets (3,667 )   41  
Accounts payable (647 )   (691 )
Accrued and other current liabilities 12,597     12,403  
All other operating activities (3,344 )   (5,253 )
Net cash (used in) provided by operating activities (1,539 )   19,388  
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash assumed     (34,291 )
Purchases of property and equipment (10,764 )   (5,620 )
Additions to license and patent costs (230 )   (280 )
Proceeds from disposition of property and equipment     24  
Net cash used in investing activities (10,994 )   (40,167 )
Cash flows from financing activities:      
Payments on earnout consideration (2,675 )   (3,206 )
Payments related to net-share settlement of stock-based compensation (837 )   (1,088 )
Repayment of capital lease obligations (128 )   (120 )
Net cash used in financing activities (3,640 )   (4,414 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,438     1,926  
Net decrease in cash, cash equivalents and restricted cash (14,735 )   (23,267 )
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) $ 122,096     $ 161,981  




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