3D Systems Reports Second Quarter 2021 Financial Results

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 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 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 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

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3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
June 30, 2021 and December 31, 2020

*(In thousands, except par value)*	June 30, 2021 (unaudited)			December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	131,844		$	75,010
Accounts receivable, net of reserves — $4,183 and $4,392	88,618			114,254
Inventories	102,961			116,667
Prepaid expenses and other current assets	33,251			33,145
Current assets held for sale	14,240			18,439
Total current assets	370,914			357,515
Property and equipment, net	59,183			75,356
Intangible assets, net	33,306			28,083
Goodwill	146,267			161,765
Right of use assets	47,490			48,620
Deferred income tax asset	5,146			6,247
Assets held for sale	28,916			31,684
Other assets	21,071			23,785
Total assets	$	712,293		$	733,055
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	—		$	2,051
Current right of use liabilities	8,256			9,534
Accounts payable	47,979			45,174
Accrued and other liabilities	62,568			69,812
Customer deposits	7,547			7,750
Deferred revenue	28,727			30,302
Current liabilities held for sale	3,813			11,107
Total current liabilities	158,890			175,730
Long-term debt, net of deferred financing costs	—			19,218
Long-term right of use liabilities	47,793			48,469
Deferred income tax liability	3,487			4,716
Liabilities held for sale	2,926			2,952
Other liabilities	32,658			51,247
Total liabilities	245,754			302,332

Commitments and contingencies (Note 14)

Stockholders’ equity:
Common stock, $0.001 par value, authorized 220,000 shares; issued 126,796 and 127,626	127			128
Additional paid-in capital	1,407,900			1,404,964
Treasury stock, at cost — 1,623 shares and 3,494 shares	(10,492		)	(22,590		)
Accumulated deficit	(907,707		)	(943,303		)
Accumulated other comprehensive loss	(23,289		)	(8,476		)
Total stockholders’ equity	466,539			430,723
Total liabilities and stockholders’ equity	$	712,293		$	733,055

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