3D Systems Reports Fourth Quarter and Full Year 2016 Financial Results

 

 

3D Systems Corporation
Schedule 1
Earnings (Loss) Per Share
Quarter and Full Year Ended December 31, 2016 and 2015
 
    Quarter Ended December 31,   Full Year Ended December 31,
(in thousands, except per share amounts)   2016   2015   2016   2015
Numerator for basic and diluted net loss per share:                        
Net income (loss) attributable to 3D Systems Corporation     $ 5,230   $ (596,366 )   $ (38,419 )   $ (655,492 )
                         
Denominator for basic and diluted net loss per share:                        
Weighted average shares     111,174     112,115       111,189       111,969  
                         
Net income (loss) per share, basic and diluted   $ 0.05   $ (5.32 )   $ (0.35 )   $ (5.85 )
                         

 

 

3D Systems Corporation
Schedule 2
Unaudited Reconciliations of GAAP to Non-GAAP Measures
Quarter and Full Year Ended December 31, 2016 and 2015
 
                                                                                   
                            Quarter Ended December 31, 2016   Quarter Ended December 31, 2015
(in thousands, except per share amounts)
  GAAP     Amortization,
Stock-Based
Compensation
& Other
    Legal and Acquisition-Related     Portfolio Restructuring     Non-GAAP     GAAP     Amortization,
Stock-Based Compensation
& Other
    Legal and Acquisition-Related     Portfolio Restructuring     Non-GAAP
                                                                       
Revenue              $ 165,937     $     $     $     $ 165,937     $ 183,363     $     $     $     $ 183,363  
Cost of sales                83,047       (85 )                 82,962       123,203       (71 )           (27,390 )     95,742  
Gross profit                82,890       85                   82,975       60,160       71             27,390       87,621  
Gross profit margin                 50.0 %                       50.0 %     32.8 %                       47.7 %
Operating expenses:                                                                       
Selling, general and administrative      57,767       (11,394 )     (1,249 )           45,124       66,542       (19,038 )     (3,409 )           44,095  
Research and development        21,050                         21,050       22,360                         22,360  
Impairment of goodwill and other intangible assets                                537,179             (537,179 )            
Total operating expenses        78,817       (11,394 )     (1,249 )           66,174       626,081       (19,038 )     (540,588 )           66,455  
Income (loss) from operations        4,073       11,479       1,249             16,801       (565,921 )     19,109       540,588       27,390       21,166  
Interest and other expense, net      102                         102       9,000                         9,000  
Income (loss) before income taxes        3,971       11,479       1,249             16,699       (574,921 )     19,109       540,588       27,390       12,166  
Provision (benefit) for income taxes (a)   (1,212 )     1,245                   33       29,535       (982 )     (27,771 )     (1,408 )     (626 )
Net income (loss)                5,183       10,234       1,249             16,666       (604,456 )     20,091       568,359       28,798       12,792  
Less: net income (loss) attributable to noncontrolling interests (47 )                       (47 )     (8,090 )                       (8,090 )
Net income (loss) attributable to 3D Systems Corporation $ 5,230     $ 10,234     $ 1,249     $     $ 16,713     $ (596,366 )   $ 20,091     $ 568,359     $ 28,798     $ 20,882  
                                                                       
Net income (loss) per share available to 3D Systems Corporation common stockholders — basic and diluted  $ 0.05                       $ 0.15     $ (5.32 )                     $ 0.19  
                                                                       
                                                                       
                Full Year Ended December 31, 2016   Full Year Ended December 31, 2015
 (in thousands, except per share amounts)
  GAAP     Amortization,
Stock-Based Compensation
& Other
    Legal and Acquisition-Related     Portfolio Restructuring     Non-GAAP     GAAP     Amortization,
Stock-Based Compensation
& Other
    Legal and Acquisition-Related     Portfolio Restructuring     Non-GAAP
                                                                       
Revenue              $ 632,965     $     $     $     $ 632,965     $ 666,163     $     $     $     $ 666,163  
Cost of sales                323,214       (332 )           (10,723 )     312,159       374,354       (303 )           (27,390 )     346,661  
Gross profit                309,751       332             10,723       320,806       291,809       303             27,390       319,502  
Gross profit margin
    48.9 %                       50.7 %     43.8 %                       48.0 %
Operating expenses:                                                                       
Selling, general and administrative    259,776       (66,087 )     (5,741 )     (34 )     187,914       303,784       (95,496 )     (20,556 )           187,732  
Research and development        88,395                   (6,072 )     82,323       92,770                         92,770  
Impairment of goodwill and other intangible assets                                537,179             (537,179 )            
Total operating expenses      348,171       (66,087 )     (5,741 )     (6,106 )     270,237       933,733       (95,496 )     (557,735 )           280,502  
Income (loss) from operations    (38,420 )     66,419       5,741       16,829       50,569       (641,924 )     95,799       557,735       27,390       39,000  
Interest and other expense, net    1,392                         1,392       13,029                         13,029  
Income (loss) before income taxes    (39,812 )     66,419       5,741       16,829       49,177       (654,953 )     95,799       557,735       27,390       25,971  
Provision (benefit) for income taxes (a)   (547 )     (207 )     (67 )           (821 )     8,972       21,493       (24,663 )     (1,408 )     4,394  
Net income (loss)                (39,265 )     66,626       5,808       16,829       49,998       (663,925 )     74,306       582,398       28,798       21,577  
Less: net income (loss) attributable to noncontrolling interests (846 )                       (846 )     (8,433 )                       (8,433 )
Net income (loss) attributable to 3D Systems Corporation $ (38,419 )   $ 66,626     $ 5,808     $ 16,829     $ 50,844     $ (655,492 )   $ 74,306     $ 582,398     $ 28,798     $ 30,010  
                                                                       
Net income (loss) per share available to 3D Systems Corporation common stockholders — basic and diluted  $ (0.35 )                     $ 0.46     $ (5.85 )                     $ 0.27  

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