Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | 3D SYSTEMS CORP | |
Entity Central Index Key | 910,638 | |
Trading Symbol | ddd | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 112,044,226 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 169,774 | $ 155,643 |
Accounts receivable, net of reserves — $15,126 (2016) and $14,139 (2015) | 134,793 | 157,406 |
Inventories, net of reserves — $28,768 (2016) and $28,225 (2015) | 113,953 | 105,877 |
Prepaid expenses and other current assets | 13,995 | 13,541 |
Total current assets | 432,515 | 432,467 |
Property and equipment, net | 92,300 | 85,995 |
Intangible assets, net | 151,366 | 157,466 |
Goodwill | 191,641 | 187,875 |
Long term deferred income tax asset | 3,299 | 3,216 |
Other assets, net | 25,593 | 26,256 |
Total assets | 896,714 | 893,275 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 555 | 529 |
Accounts payable | 41,229 | 46,869 |
Accrued and other liabilities | 52,179 | 54,699 |
Customer deposits | 7,313 | 8,229 |
Deferred revenue | 46,709 | 35,145 |
Total current liabilities | 147,985 | 145,471 |
Long term portion of capitalized lease obligations | 8,090 | 8,187 |
Long term deferred income tax liability | 16,851 | 17,944 |
Other liabilities | 59,317 | 58,155 |
Total liabilities | 232,243 | 229,757 |
Redeemable noncontrolling interests | 8,872 | 8,872 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 113,140 (2016) and 113,115 (2015) | 113 | 113 |
Additional paid-in capital | 1,291,405 | 1,279,738 |
Treasury stock, at cost — 1,159 shares (2016) and 892 shares (2015) | (1,836) | (1,026) |
Accumulated deficit | (601,156) | (583,368) |
Accumulated other comprehensive loss | (31,729) | (39,548) |
Total 3D Systems Corporation stockholders' equity | 656,797 | 655,909 |
Noncontrolling interests | (1,198) | (1,263) |
Total stockholders' equity | 655,599 | 654,646 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 896,714 | $ 893,275 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, net of reserves | $ 15,126 | $ 14,139 |
Inventories, net of reserves | $ 28,768 | $ 28,225 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 113,140,000 | 113,115,000 |
Treasury stock, at cost, shares | 1,159,000 | 892,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Products | $ 90,964 | $ 99,822 |
Services | 61,591 | 60,900 |
Total revenue | 152,555 | 160,722 |
Cost of sales: | ||
Products | 44,161 | 50,476 |
Services | 30,881 | 31,262 |
Total cost of sales | 75,042 | 81,738 |
Gross profit | 77,513 | 78,984 |
Operating expenses: | ||
Selling, general and administrative | 73,967 | 74,292 |
Research and development | 20,305 | 22,216 |
Total operating expenses | 94,272 | 96,508 |
Loss from operations | (16,759) | (17,524) |
Interest and other (income) expense, net | (126) | 2,567 |
Loss before income taxes | (16,633) | (20,091) |
Provision (benefit) for income taxes | 1,179 | (6,943) |
Net loss | (17,812) | (13,148) |
Less: net income (loss) attributable to noncontrolling interests | (24) | 33 |
Net loss attributable to 3D Systems Corporation | $ (17,788) | $ (13,181) |
Net loss per share available to 3D Systems Corporation common stockholders — basic and diluted | $ (0.16) | $ (0.12) |
Other comprehensive income (loss): | ||
Pension adjustments, net of taxes | $ (31) | $ 265 |
Foreign currency gain (loss) | 7,939 | (20,957) |
Total other comprehensive income (loss) | 7,908 | (20,692) |
Less foreign currency translation gain (loss) attributable to noncontrolling interests | 89 | (125) |
Other comprehensive income (loss) attributable to 3D Systems Corporation | 7,819 | (20,567) |
Comprehensive loss | (9,904) | (33,840) |
Less comprehensive income (loss) attributable to noncontrolling interests | 65 | (92) |
Comprehensive loss attributable to 3D Systems Corporation | $ (9,969) | $ (33,748) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows from operating activities: | |||
Net loss | $ (17,812) | $ (13,148) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Benefit of deferred income taxes | (1,092) | (10,254) | |
Depreciation and amortization | 15,089 | 19,470 | |
Impairment of investments | 899 | ||
Provision for bad debts | 2,388 | 2,881 | |
Provision for inventory obsolescence and revaluation | 543 | 756 | |
Stock-based compensation | 11,667 | 10,329 | |
Loss on the disposition of property and equipment | 162 | 253 | |
Changes in operating accounts, net of acquisition activity: | |||
Accounts receivable | 21,544 | 17,986 | |
Inventories | (8,527) | (20,767) | |
Prepaid expenses and other current assets | (434) | (2,784) | |
Accounts payable | (5,956) | (5,815) | |
All other operating activities | (353) | 156 | |
Net cash provided by (used in) operating activities | 18,118 | (937) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (4,246) | (3,693) | |
Additions to license and patent costs | (231) | (203) | |
Cash paid for acquisitions, net of cash assumed | (77,984) | ||
Other investing activities | (600) | ||
Net cash used in investing activities | (4,477) | (82,480) | |
Cash flows from financing activities: | |||
Tax benefits (provision) from share-based payment arrangements | 447 | ||
Proceeds (repurchase) — restricted stock | (810) | 360 | |
Repayment of capital lease obligations | (262) | (176) | |
Net cash provided by (used in) financing activities | (1,072) | 631 | |
Effect of exchange rate changes on cash | 1,562 | (2,180) | |
Net increase (decrease) in cash and cash equivalents | 14,131 | (84,966) | |
Cash and cash equivalents at the beginning of the period | 155,643 | 284,862 | |
Cash and cash equivalents at the end of the period | 169,774 | 199,896 | |
Supplemental Cash Flow Information: | |||
Cash interest payments | 214 | 143 | |
Cash income tax payments | 1,707 | 1,707 | |
Transfer of equipment from inventory to property and equipment, net | [1] | 5,760 | 2,539 |
Transfer of equipment to inventory from property and equipment, net | [2] | $ 1,779 | $ 1,822 |
[1] | 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 parts manufacturing services locations. | ||
[2] | 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. |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total 3D Systems Corporation Stockholders' Equity [Member] | Equity Attributable To Noncontrolling Interests [Member] | Total |
Balance, Value at Dec. 31, 2015 | $ 113 | $ 1,279,738 | $ (1,026) | $ (583,368) | $ (39,548) | $ 655,909 | $ (1,263) | $ 654,646 |
Balance, Shares at Dec. 31, 2015 | 113,115 | 892 | ||||||
Issuance (repurchase) of restricted stock, net, Value | $ (810) | (810) | (810) | |||||
Issuance (repurchase) of restricted stock, net, Shares | 25 | 267 | ||||||
Stock-based compensation expense, Value | $ 11,667 | 11,667 | 11,667 | |||||
Net loss | $ (17,788) | (17,788) | $ (24) | (17,812) | ||||
Pension adjustment | $ (31) | (31) | (31) | |||||
Foreign currency translation adjustment | 7,850 | 7,850 | 89 | 7,939 | ||||
Balance, Value at Mar. 31, 2016 | $ 113 | $ 1,291,405 | $ (1,836) | $ (601,156) | $ (31,729) | $ 656,797 | $ (1,198) | $ 655,599 |
Balance, Shares at Mar. 31, 2016 | 113,140 | 1,159 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of 3D Systems Corporation and its subsidiaries (collectively, the “Company”). All significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim reports. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“Form 10-K”) . In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The results of operations for the quarter ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from those estimates and assumptions. Certain prior period amounts presented in the condensed consolidated financial statements and accompanying footnotes have been reclassified to conform to current year presentation. All amounts presented in the accompanying footnotes are presented in thousands, except for per share information. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. It is effective for annual reporting periods beginning after December 15, 2018 , including interim periods within those fiscal years . The Company is currently in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements . In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Stock Compensation (Topic 718) ” (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods . Early adoption is permitted for any interim or annual period . The Company is currently in the process of evaluating the impact of adoption of ASU 2016-09 on its consolidated financial statements . No other new accounting pronouncements, issued or effective during the first quarter of 2016, have had or are expected to have a significant impact on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | (2) Acquisitions No acquisitions were made in the first quarter of 2016. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Inventories | (3) Inventories Components of inventories, net as of March 31, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Raw materials $ 46,013 $ 43,960 Work in process 8,250 4,067 Finished goods and parts 59,690 57,850 Inventories, net $ 113,953 $ 105,877 |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | (4) Property and Equipment Property and equipment, net, as of March 31, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,009 11,007 25 - 30 Machinery and equipment 111,716 105,383 2 - 7 Capitalized software 8,754 7,391 3 - 5 Office furniture and equipment 5,094 4,714 1 - 5 Leasehold improvements 22,737 17,867 Life of lease (a) Rental equipment 156 149 5 Construction in progress 9,258 9,578 N/A Total property and equipment 169,627 156,992 Less: Accumulated depreciation and amortization (77,327) (70,997) Total property and equipment, net $ 92,300 $ 85,995 (a) Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. For the quarters ended March 31, 2016 and 2015, depreciation expense on property and equipment was $ 6,000 and $4,709 , respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | (5) Intangible Assets Intangible assets, net, other than goodwill as of March 31, 2016 and December 31, 2015 were as follows: 2016 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Useful Life (in years) Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Patent costs $ 16,547 $ (5,248) $ 11,299 $ 16,251 $ (4,895) $ 11,356 1 - 19 8 Acquired technology 53,735 (19,497) 34,238 52,809 (16,405) 36,404 2 - 15 4 Internally developed software 4,730 (3,069) 1,661 4,730 (2,919) 1,811 3 3 Customer relationships 103,825 (39,768) 64,057 101,933 (36,158) 65,775 2 - 15 7 Non-compete agreements 12,043 (8,722) 3,321 12,163 (8,558) 3,605 2 - 5 3 Trade names 28,347 (13,456) 14,891 28,108 (12,498) 15,610 1 - 9 6 Other 46,455 (24,556) 21,899 46,435 (23,530) 22,905 1 - 7 5 Total intangible assets $ 265,682 $ (114,316) $ 151,366 $ 262,429 $ (104,963) $ 157,466 1 - 19 5 Amortization expense related to costs incurred to internally develop and extend patents in the United States and various other countries was $ 84 and $75 for the quarters ended March 31, 2016 and 2015, respectively. Amortization expense related to all other intangible assets was $8,735 and $14, 441 for the quarters ended March 31, 2016 and 2015, respectively. Annual amortization expense for intangible assets is expected to be $35,180 , $32,233 , $27,022 , $21,737 and $17,200 for the years ending 2016, 2017, 2018, 2019, and 2020, respectively. |
Accrued And Other Liabilities
Accrued And Other Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued And Other Liabilities [Abstract] | |
Accrued And Other Liabilities | (6) Accrued and Other Liabilities Accrued liabilities as of March 31, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Compensation and benefits $ 20,024 $ 24,152 Vendor accruals 10,913 12,354 Accrued professional fees 1,883 491 Accrued taxes 10,289 11,317 Royalties payable 1,692 1,431 Accrued interest 113 42 Accrued earnouts related to acquisitions 3,655 159 Accrued other 3,610 4,753 Total $ 52,179 $ 54,699 Other liabilities as of March 31, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Arbitration award $ 11,282 $ 11,282 Long term employee indemnity 10,059 9,794 Defined benefit pension obligation 6,478 6,211 Long term tax liability 8,377 8,312 Long term earnouts related to acquisitions 6,455 9,673 Long term deferred revenue 8,587 7,956 Other long term liabilities 8,079 4,927 Total $ 59,317 $ 58,155 |
Hedging Activities And Financia
Hedging Activities And Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Hedging Activities And Financial Instruments [Abstract] | |
Hedging Activities And Financial Instruments | (7) Hedging Activities and Financial Instruments The Company conducts business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, the Company is subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its balance sheet and those of its subsidiaries in order to reduce these risks. When appropriate, the Company enters into foreign currency contracts to hedge exposures arising from those transactions. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging ,” and therefore, all gains and losses (realized or unrealized) are recognized in “ Interest and other expense, net” in the condensed consolidated statements of operations and comprehensive income (loss). Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued liabilities on the condensed consolidated balance sheet. There were no foreign currency contracts outstanding as of March 31, 2016 or December 31, 2015. For the quarters ended March 31, 2016 and 2015, the condensed consolidated statements of operations include a foreign currency transaction gain of $ 1,518 and a loss of $2,194 , respectively. For the quarters ended March 31, 2016 and 2015, the total impact of foreign currency translation on accumulated other compre hensive loss reflects a gain of $7,850 and a loss of $20,832 , respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Borrowings [Abstract] | |
Borrowings | (8) Borrowings Credit Facility On October 10, 2014 , the Company and certain of its subsidiaries entered into a $150,000 five -year revolving, unsecured credit facility (the “Credit Agreement”) with PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner, HSBC Bank USA, N.A., as Syndication Agent, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement comprises a revolving loan facility that provides for advances in the initial aggregate principal amount of up to $150,000 (the “Credit Facility”). Subject to certain terms and conditions contained in the Credit Agreement, the Company may, at its option, request an increase in the aggregate principal amount available under the Credit Facility by an additional $75,000 . The Credit Agreement includes provisions for the issuance of letters of credit and swingline loans. The Credit Agreement is guaranteed by certain of the Company’s material domestic subsidiaries (the “Guarantors”). From time to time, the Company may be required to cause additional material domestic subsidiaries to become Guarantors under the Credit Agreement. Generally, amounts outstanding under the Credit Facility bear interest, at the Company’s option, at either the Base Rate or the London interbank offered rate (“LIBOR”) , in each case, plus an applicable margin. Base Rate advances bear interest at a rate per annum equal to the sum of (i) the highest of (A) the Administrative Agent’s prime rate, (B) the Federal Funds Open Rate plus 0.5% or (C) the Daily LIBOR Rate for a one month interest period plus 1% , and (ii) an applicable margin that ranges from 0.25% to 0.50% based upon the Company’s consolidated total leverage ratio. LIBOR Rate advances bear interest at a rate based upon the LIBOR R ate for the applicable interest period, plus an applicable margin that ranges from 1.25% to 1.50% based upon the Company’s consolidated total leverage ratio. Under the terms of the Credit Agreement, (i) accrued interest on each loan bearing interest at the Base Rate is payable quarterly in arrears and (ii) accrued interest on each loan bearing interest at the LIBOR Rate is payable in arrears on the earlier of (A) quarterly and (B) the last day of each applicable interest payment date for each loan. The Credit Facility is scheduled to mature on October 10, 2019 , at which time all amounts outstanding thereunder will be due and payable. The Company is required to pay certain fees in connection with the Credit Facility, including a quarterly commitment fee equal to the product of the amount of the average daily available revolving commitments under the Credit Agreement multiplied by a percentage that ranges from 0.20% to 0.25% depending upon the Company’s consolidated total leverage ratio, as well as customary administrative fees. The Credit Agreement contains customary representations, warranties, covenants and default provisions for a Credit Facility of this type, including, but not limited to, financial covenants, limitations on liens and the incurrence of debt, covenants to preserve corporate existence and comply with laws and covenants regarding the use of proceeds of the Credit Facility. The financial covenants include a maximum consolidated total leverage ratio, which is the ratio of consolidated total funded indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation and amortization expense), as defined in the Credit Agreement, of 3.00 to 1.00, and a minimum interest coverage ratio, which is the ratio of c onsolidated EBITDA to cash interest expense, of 3.50 to 1.00. The Company is only required to be in compliance with the financial covenants as of the end of any fiscal quarter in which there are any loans outstanding at any time during such fiscal quarter. Based on the Company’s current results of operations and financial covenants set forth in the Credit Agreement, availability at March 31, 2016 would be approximately $150,000 . Future results may impact availability. The payment of dividends on the Company’s common stock is restricted under provisions of the Credit Facility, which limits the amount of cash dividends that the Company may pay in any one fiscal year to $30,000 . The Company currently does not pay, and has not paid, any dividends on its common stock, and currently intends to retain any future earnings for use in its business. There was no outstanding balance on the Credit Facility as of March 31, 2016 or December 31, 2015. Capitalized Lease Obligations The Company’s capitalized lease obligations primarily include a lease agreement that was entered into during 2006 with respect to the Company’s corporate headquarters located in Rock Hill, SC. Capitalized lease obligations decreased to $8,645 at March 31, 2016 from $8,716 at December 31, 2015, due to the normal scheduled timing of payments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | (9) Stock-based Compensation Plans Effective May 19, 2004, the Company adopted its 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”) and its 2004 Restricted Stock Plan for Non-Employee Directors (the “Director Plan”). On May 19, 2015, the Company’s stockholders approved the 2015 Incentive Plan of 3D Systems Corporation (the “2015 Plan” and, together with the 2004 Stock Plan, the “Incentive Plans”). The 2015 Plan authorizes shares of restricted stock, restricted stock units, stock appreciation rights, cash incentive awards and the grant of options to purchase shares of the Company’s common stock. The 2015 Plan also designates measures that may be used for performance awards. Generally, awards granted prior to November 13, 2015 become fully-vested on the three -year anniversary of the grant date and awards granted after November 13, 2015 will vest one third each year over three years. The Company records stock-based compensation expense in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense for the quarters ended March 31, 2016 and 2015 was as follows: Quarter Ended March 31, (in thousands) 2016 2015 Incentive Plans $ 11,632 $ 10,329 Director Plan 35 — Total stock-based compensation expense $ 11,667 $ 10,329 The number of shares and units of restricted common stock awarded and the weighted average fair value per share and unit for the quarters ended March 31, 2016 and 2015 were as follows: Quarter Ended March 31, 2016 2015 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees — $ — 213 $ 28.62 Granted under the Incentive Plans, executive officers — — 60 28.62 Granted under the 2004 Director Plan, non-employee directors 25 7.71 — — Total restricted stock awards 25 $ 7.71 273 $ 28.62 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Loss Per Share [Abstract] | |
Loss Per Share | (10) Loss Per Share The Company prese nts basic and diluted loss per share (“EPS”) amounts. Basic EPS is ca lculated by dividing net loss attributable to 3D Systems Corporation by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is cal culated by dividing net loss by the weighted average number of common and common equivalent shares outstanding during the applicable period. The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding for the quarters ended March 31, 2016 and 2015: Quarter Ended March 31, (in thousands, except per share amounts) 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (17,788) $ (13,181) Denominator for basic and diluted net loss per share: Weighted average shares 112,197 111,731 Net loss per share, basic and diluted $ (0.16) $ (0.12) Restricted stock units excluded from diluted loss per share calculation (a) 88 33 (a) The calculation for averag e outstanding diluted loss per share excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (11) Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures ,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs that may be used to measure fair value: · Level 1 - Quoted prices in active markets for identical assets or liabilities; · Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or · Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, the above standard applies to cash equivalents and earnout consideration. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as of March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 35,400 $ — $ — $ 35,400 Earnout consideration (b) $ — $ — $ 9,942 $ 9,942 Fair Value Measurements as of December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 26,648 $ — $ — $ 26,648 Earnout consideration (b) $ — $ — $ 9,673 $ 9,673 (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 fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, th e valuations are classified in L evel 3 of the fair value hierarchy. The change in earnout consideration reflects $269 of accretion. The Company did not have any transfers of assets and liabilities between Level 1, Level 2 and Level 3 of the fair value measurement hierarchy during the quarter ended March 31, 2016. In addition to the assets and liabilities included in the above table, certain of our assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes goodwill and other intangible assets measured at fair value for impairment assessment, in addition to redeemable noncontrolling interests. For additional discussion, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Significant Estimates” in our Form 10-K. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (12) Income Taxes For the quarters ended March 31, 2016 and 2015, the Company recorded a provision of $1,179 and a benefit of $6,943, respectively, resulting in effective tax rate s of 7.1 % of expense and 34.6 % of benefit , respectively. The difference in the effective tax rates is primarily attributable to valuation allowances that were recorded in the fourth quarter of 2015 in the United States and certain foreign jurisdictions. The Company has not provided for any taxes on the unremitted earnings of its foreign subsidiaries, as the Company intends to permanently reinvest all such earnings outside of the U.S. We believe a calculation of the deferred tax liability associated with these undistributed earnings is impracticable. Tax years 1997 through 2015 remain subject to examination by the U.S. Internal Revenue Service, with most of the years open to examination due to the gene ration and utilization of net operating losses . The Company files income tax returns (which are open to examination beginning in the year shown in parentheses) in Australia ( 2011 ), Belgium ( 2013 ), Brazil ( 2011 ), China ( 2012 ), France ( 2013 ), Germany ( 2011 ), India ( 2012 ), Israel ( 2013 ), Italy ( 2012 ), Japan ( 2011 ), Korea ( 2011 ), Mexico ( 2011 ), Netherlands ( 2011 ), Switzerland ( 2011 ), the United Kingdom ( 2014 ) and Uruguay ( 2010 ). |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Segment Information | (13) Segment Information The Company operates in one reportable business segment. The Company conducts its business through various offices and facilities located throughout the Asia Pacific region (Australia, China, India, Japan and Korea), Europe (Belgium, France, Germany, Italy, the Netherlands, Switzerland and the United Kingdom), Israel, Latin America (Brazil, Mexico and Uruguay), Russia and the United States. The Company has historically disclosed summarized financial information for the geographic areas of operations as if they were segments in accordance with ASC 280, “ Segment Reporting .” Financial information concerning the Company’s geographical locations is based on the location of the selling entity. Such summarized financial information concerning the Company’s geographical operations is shown in the following tables: Quarter Ended March 31, (in thousands) 2016 2015 Revenue from unaffiliated customers: Americas $ 83,490 $ 86,262 Germany 18,882 21,250 Other EMEA 28,549 27,454 Asia Pacific 21,634 25,756 Total revenue $ 152,555 $ 160,722 Quarter Ended March 31, (in thousands) 2016 2015 Revenue by class of product and service: Products $ 52,495 $ 62,715 Materials 38,469 37,107 Services 61,591 60,900 Total revenue $ 152,555 $ 160,722 Quarter Ended March 31, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 289 $ 6,201 $ 3,265 $ 2,956 $ 12,711 Germany 634 — 451 — 1,085 Other EMEA 13,169 833 881 1,161 16,044 Asia Pacific 1,030 — 3 891 1,924 Total $ 15,122 $ 7,034 $ 4,600 $ 5,008 $ 31,764 Quarter Ended March 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 480 $ 10,134 $ 5,837 $ 4,973 $ 21,424 Germany — — 804 — 804 Other EMEA 14,915 654 864 646 17,079 Asia Pacific 626 — 13 758 1,397 Total $ 16,021 $ 10,788 $ 7,518 $ 6,377 $ 40,704 Quarter Ended March 31, (in thousands) 2016 2015 Income (loss) from operations: Americas $ (14,186) $ (23,106) Germany 1,011 1,840 Other EMEA (8,118) (1,335) Asia Pacific 5,182 5,584 Subtotal (16,111) (17,017) Intercompany elimination (648) (507) Total $ (16,759) $ (17,524) March 31, December 31, (in thousands) 2016 2015 Assets: Americas $ 375,598 $ 384,054 Germany 31,942 36,782 Other EMEA 384,679 369,302 Asia Pacific 104,495 103,137 Total $ 896,714 $ 893,275 March 31, December 31, (in thousands) 2016 2015 Cash and cash equivalents: Americas $ 101,186 $ 98,913 Germany 9,964 3,901 Other EMEA 32,445 30,487 Asia Pacific 26,179 22,342 Total $ 169,774 $ 155,643 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (14) Commitments and Contingencies The Company leases office space and certain furniture and fixtures under various non-cancelable operating leases. For the quarters ended March 31, 2016 and 2015, rent expense under operating leases was $ 3,256 and $ 3,204 , respectively. As of March 31, 2016 and December 31, 2015, the Company had supply commitments on printer assemblies that totaled $51,674 and $50,663 , respectively. Certain of the Company’s acquisitions contain earnout and deferred payment provisions under which the sellers of the acquired businesses can earn additional amounts. The total liability recorded for these earnouts and deferred payments at March 31, 2016 and December 31, 2015 was $ 10,110 and $ 9,832 , respectively. Put Options Owners of interests in a certain subsidiary have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise any such “put option” right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to a specified exercise date. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts in 2019. Management estimates, assuming that the subsidiary owned by the Company at March 31, 2016 , performs over the relevant future periods at its forecasted earnings levels, that these rights, if exercised, could require the Company, in future periods, to pay approximately $ 8,872 to the owners of such rights to acquire such ownership interests in the relevant subsidiary. This amount has been recorded as redeemable noncontrolling interests on the balance sheet at March 31, 2016 and December 31, 2015. The ultimate amount payable relating to this transaction will vary because it is dependent on the future results of operations of the subject business. Litigation Securities and Derivative Litigation The Company and certain of its former executive officers have been named as defendants in a consolidated putative stockholder class action lawsuit pending in the United States District Court for t he District of South Carolina. The consolidated action is styled KBC Asset Management NV v. 3D Systems Corporation, et a l., Case No. 0:15-cv-02393-MGL. The Amended Consolidated Complaint (the “Complaint”), which was filed on December 9, 2015, alleges that defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions and that the former officers are control persons under Section 20(a) of the Exchange Act. The Complaint was filed on behalf of stockholders who purchased shares of the Company’s common stock between October 29, 2013, and May 5, 2015 and seeks monetary damages on behalf of the purported class. Defendants filed a motion to dismiss the Complaint in its entirety on January 14, 2016, which motion is currently pending. Six related derivative complaints have been filed by purported Company stockholders against certain of the Company’s former executive officers and members of its Board of Directors. The Company is named as a nominal defendant in all six actions. The derivatives complaints are styled as follows: (1) Steyn v. Reichental, et al., Case No. 2015-CP-46-2225, filed on July 27, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina; (2) Piguing v. Reichental, et al., Case No. 2015-CP-46-2396, filed on August 7, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina; (3) Booth v. Reichental, et al., Case No. 15-692-RGA, filed on August 6, 2015 in the United States District Court for the District of Delaware (“Booth”); (4) Nally v. Reichental, et al., Case No. 15-cv-03756-MGL, filed on September 18, 2015 in the United States District Court for the District of South Carolina; (5) Gee v. Hull, et al. Case No. BC-610319, filed on February 17, 2016 in the Superior Court for the State of California, County of Los Angeles; and (6) Foster v. Reichental, et al., Case No. 0:16-cv-01016-MGL, filed on April 1, 2016 in the United States District Court for the District of South Carolina. The derivative complaints allege claims for breach of fiduciary duty, abuse of control, gross mismanage ment, waste of corporate assets and unjust enrichment and seek, among other things, monetary damages and certain corporate governance actions. Four of the derivative complaints have been stayed until the earlier of the close of discovery or the deadline for appealing a dismissal in the KBC Asset Management NV securities class action. Gee v. Hull and Foster v. Reichental have not yet been stayed. The Company believes the claims alleged in the putative securities class action and the derivative lawsuits are without merit and intends to defend the Company and its officers and directors vigorously. Ronald Barranco and Print3D Corporation v. 3D Systems Corporation , et. al. On August 23, 2013, Ronald Barranco, a former Company employee, filed two lawsuits against the Company and certain officers in the United States District Court for the District of Hawaii. The first lawsuit (“Barranco I”) is captioned Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, 3D Systems, Inc., and Damon Gregoire, Case No. CV 13-411 LEK RLP, and alleges seven causes of action relating to the Company’s acquisition of Print3D Corporation (of which Mr. Barranco was a 50% shareholder) and the subsequent employment of Mr. Barranco by the Company . The second lawsuit (“Barranco II”) is captioned Ronald Barranco v. 3D Systems Corporation, 3D Systems, Inc., Abraham Reichental, and Damon Gregoire, Case No. CV 13-412 LEK RLP, and alleges the same seven causes of action relating to the Company’s acquisition of certain website domains from Mr. Barranco and the subsequent employment of Mr. Barranco by the Company . Both Barranco I and Barranco II allege the Company breached certain purchase agreements in order to avoid paying Mr. Barranco additional monies pursuant to royalty and earn out provisions in the agreements. The Company and its officers timely filed responsive pleadings on October 22, 2013 seeking, inter alia, to dismiss Barranco I due to a mandatory arbitration agreement and for lack of personal jurisdiction and to dismiss Barranco II for lack of personal jurisdiction. With regard to Barranco I, the Hawai i district court, on February 28, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina for the convenience of the parties. However, the Hawaii court recognized that the plaintiff’s claims are all subject to mandatory and binding arbitration in Charlotte, No rth Carolina. Because the Hawai i court was without authority to comp el arbitration outside of Hawai i, the court ordered that the case be transferred to the district court encompassing Charlotte (the United States District Court for the Western District of North Carolina) so that court could compel arbitration in Charlotte. On April 17, 2014, Barranco I was transferred in to the Western District of North Carolina. Plaintiff filed a demand for arbitration on October 29, 2014. On December 9, 2014, the Company filed its answer to plaintiff’s demand for arbitration. On February 2, 2015, plaintiff filed an amended demand that removed Mr. Gregoire as a defendant from the matter and on February 4, 2015 the Company filed its amended answer. The parties selected an arbitrator and arbitration took place in June 2015 in Charlotte, North Carolina. On September 28, 2015, the arbitrator issued a final award in favor of Mr. Barranco with respect to two alleged breaches of contract and implied covenants arising out of the contract. The arbitrator found that the Company did not commit fraud or make any negligent misrepresentations to Mr. Barranco. Pursuant to the award, the Company is to pay approximately $11,282 , which includes alleged actual damages of $7,254 , fees and expenses of $2,318 and prejudgment interest of $1,710 . The Company disagrees with the single arbitrator’s findings and conclusions and believes the arbitrator’s decision exceeds his authority and disregards the applicable law. As an initial response, the Company filed a motion for modification on September 30, 2015, based on mathematical errors in the computation of damages and fees. On October 16, 2015, the arbitrator issued an order denying the Company’s motion and sua sponte issuing a modified final award in favor of Mr. Barranco in the same above-referenced amounts, but making certain substantive changes to the award, which changes the Company believes were improper and outside the scope of his authority and the AAA rules. On November 20, 2015, the Company filed a Motion to Vacate the Arbitration Award in the federal court in the Western District of North Carolina. Claimants also filed a Motion to Confirm the Arbitration Award. Both motions have been fully briefed and are current ly pending before the court. Notwithstanding the Company’s right to appeal, given the arbitrator’s decision, the Company recorded an $11,282 expense provision for t his matter in the quarter ended September 30, 2015. The provision is subject to adjustment based on the ultimate outcome of the Company’s appeal. If it is ultimately determined that money is owed following the full appellate process in federal court, the Company intends to fund any amounts to be paid from cash on hand. This amount has been classified as a long-term liability given the customary timeline of an appeals process. The Company will review this classification periodically. With r egard to Barranco II, the Hawai i district court, on March 17, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to Sou th Carolina. However, the Hawai i court dismiss ed Count II in plaintiff’s complaint alleging breach of the employment agreement. The Company filed an answer to the complaint in the Hawai i district court on March 31, 2014. On November 19, 2014, the Company filed a motion for summary judgment on all claims which was heard on January 20, 2015. On January 30, 2015, the court entered an Order Granting in Part and Denying in Part the Company’s motion for summary judgment. The Order narrowed the plaintiff’s claim for breach of contract and dismissed the plaintiff’s claims for fraud and negligent misrepresentation. As a result, Messrs. Reichental and Gregoire were dismissed from the lawsuit. The case was previously scheduled for trial on April 21, 2015, but has now been continued to May 17, 2016. The Company believes the claims alleged in the lawsuit are without merit and intend s to defend itself vigorously. The Company is involved in various other legal matters incidental to its business. Although the Company cannot predict the results of litigation with certainty, the Company believes that the disposition of these legal matters will not have a material adverse effect on its consolidated results of operations or consolidated financial position. Indemnification In the normal course of business, the Company periodically enters into agreements to indemnify customers or suppliers against claims of intellectual pro perty infringement made by third parties arising from the use of the Company’s products. Historically, costs related to these indemnification provisions have not been significant, and the Company is unable to estimate the maximum potential impact of these indemnification provisions on its future results of operations. To the extent permitted under Delaware law, the Company indemnifies its directors and officers for certain events or occurrences while the director or officer is, or was, serving at the Company’s request in such capacity, subject to limited exceptions. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is unlimited; however, the Company has directors and officers insurance coverage that may enable the Company to recover future amounts paid, subject to a deductible and the policy limits. There is no assurance that the policy limits will be sufficient to cover all damages, if any. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (15) Accumula ted Other Comprehensive Loss The changes in the balances of accumula ted other comprehensive loss by component are as follows: (in thousands) Foreign C urrency T ranslation A djustment Defined B enefit P ension P lan Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) Other comprehensive income (loss) 7,850 (31) 7,819 Balance at March 31, 2016 $ (29,825) $ (1,904) $ (31,729) The amounts presented above are included in other comprehensive income (loss) and are net of taxes. For additional information about foreign currency translation, see Note 7. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | (16) Noncontrolling Interests As of March 31, 2016, the Company owned approximately 95% of the capital and voting rights of Phenix Systems, a global provider of direct metal 3D printers. Phenix Systems was acquired on July 15, 2013 . As of March 31, 2016, the Company owned approximately 70% of the capital and voting rights of Robtec, a service bureau and distributor of 3D printing and scanning products. Robtec was acquired on November 25, 2014 . As of March 31, 2016, the Company owned approximately 65% of the capital and voting rights of Easyway, a service bureau and distributor of 3D printing and scanning products in China. Easyway was acquired on April 2, 2015 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17) Subsequent Events On April 1, 2016, the Board of Directors of the Company appointed Mr. Vyomesh Joshi as the Company’s President and Chief Executive Officer, effective immediately. On May 1, 2016, the consulting agreement between the Company and ECG Ventures, Inc., a consulting company owned by Thomas W. Erikson, a director of the Company, terminated in accordance with its terms. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
Basis Of Presentation [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. It is effective for annual reporting periods beginning after December 15, 2018 , including interim periods within those fiscal years . The Company is currently in the process of evaluating the impact of adoption of ASU 2016-02 on its consolidated financial statements . In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Stock Compensation (Topic 718) ” (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods . Early adoption is permitted for any interim or annual period . The Company is currently in the process of evaluating the impact of adoption of ASU 2016-09 on its consolidated financial statements . |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventories [Abstract] | |
Components Of Inventories | (in thousands) 2016 2015 Raw materials $ 46,013 $ 43,960 Work in process 8,250 4,067 Finished goods and parts 59,690 57,850 Inventories, net $ 113,953 $ 105,877 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | (in thousands) 2016 2015 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,009 11,007 25 - 30 Machinery and equipment 111,716 105,383 2 - 7 Capitalized software 8,754 7,391 3 - 5 Office furniture and equipment 5,094 4,714 1 - 5 Leasehold improvements 22,737 17,867 Life of lease (a) Rental equipment 156 149 5 Construction in progress 9,258 9,578 N/A Total property and equipment 169,627 156,992 Less: Accumulated depreciation and amortization (77,327) (70,997) Total property and equipment, net $ 92,300 $ 85,995 (a) Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets Other Than Goodwill | 2016 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Useful Life (in years) Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Patent costs $ 16,547 $ (5,248) $ 11,299 $ 16,251 $ (4,895) $ 11,356 1 - 19 8 Acquired technology 53,735 (19,497) 34,238 52,809 (16,405) 36,404 2 - 15 4 Internally developed software 4,730 (3,069) 1,661 4,730 (2,919) 1,811 3 3 Customer relationships 103,825 (39,768) 64,057 101,933 (36,158) 65,775 2 - 15 7 Non-compete agreements 12,043 (8,722) 3,321 12,163 (8,558) 3,605 2 - 5 3 Trade names 28,347 (13,456) 14,891 28,108 (12,498) 15,610 1 - 9 6 Other 46,455 (24,556) 21,899 46,435 (23,530) 22,905 1 - 7 5 Total intangible assets $ 265,682 $ (114,316) $ 151,366 $ 262,429 $ (104,963) $ 157,466 1 - 19 5 |
Accrued And Other Liabilities (
Accrued And Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accrued And Other Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | (in thousands) 2016 2015 Compensation and benefits $ 20,024 $ 24,152 Vendor accruals 10,913 12,354 Accrued professional fees 1,883 491 Accrued taxes 10,289 11,317 Royalties payable 1,692 1,431 Accrued interest 113 42 Accrued earnouts related to acquisitions 3,655 159 Accrued other 3,610 4,753 Total $ 52,179 $ 54,699 |
Schedule Of Other Liabilities | (in thousands) 2016 2015 Arbitration award $ 11,282 $ 11,282 Long term employee indemnity 10,059 9,794 Defined benefit pension obligation 6,478 6,211 Long term tax liability 8,377 8,312 Long term earnouts related to acquisitions 6,455 9,673 Long term deferred revenue 8,587 7,956 Other long term liabilities 8,079 4,927 Total $ 59,317 $ 58,155 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Quarter Ended March 31, (in thousands) 2016 2015 Incentive Plans $ 11,632 $ 10,329 Director Plan 35 — Total stock-based compensation expense $ 11,667 $ 10,329 |
Schedule Of Restricted Stock Units Award Activity | Quarter Ended March 31, 2016 2015 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees — $ — 213 $ 28.62 Granted under the Incentive Plans, executive officers — — 60 28.62 Granted under the 2004 Director Plan, non-employee directors 25 7.71 — — Total restricted stock awards 25 $ 7.71 273 $ 28.62 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loss Per Share [Abstract] | |
Schedule Of Net Income Per Share Reconciliation | Quarter Ended March 31, (in thousands, except per share amounts) 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (17,788) $ (13,181) Denominator for basic and diluted net loss per share: Weighted average shares 112,197 111,731 Net loss per share, basic and diluted $ (0.16) $ (0.12) Restricted stock units excluded from diluted loss per share calculation (a) 88 33 (a) The calculation for averag e outstanding diluted loss per share excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements as of March 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 35,400 $ — $ — $ 35,400 Earnout consideration (b) $ — $ — $ 9,942 $ 9,942 Fair Value Measurements as of December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 26,648 $ — $ — $ 26,648 Earnout consideration (b) $ — $ — $ 9,673 $ 9,673 (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 fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, th e valuations are classified in L evel 3 of the fair value hierarchy. The change in earnout consideration reflects $269 of accretion. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Schedule Of Revenue From Unaffiliated Customers By Geographic Area | Quarter Ended March 31, (in thousands) 2016 2015 Revenue from unaffiliated customers: Americas $ 83,490 $ 86,262 Germany 18,882 21,250 Other EMEA 28,549 27,454 Asia Pacific 21,634 25,756 Total revenue $ 152,555 $ 160,722 |
Schedule Of Revenue From Unaffiliated Customers By Product And Service | Quarter Ended March 31, (in thousands) 2016 2015 Revenue by class of product and service: Products $ 52,495 $ 62,715 Materials 38,469 37,107 Services 61,591 60,900 Total revenue $ 152,555 $ 160,722 |
Schedule Of Intercompany Sales By Geographic Area | Quarter Ended March 31, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 289 $ 6,201 $ 3,265 $ 2,956 $ 12,711 Germany 634 — 451 — 1,085 Other EMEA 13,169 833 881 1,161 16,044 Asia Pacific 1,030 — 3 891 1,924 Total $ 15,122 $ 7,034 $ 4,600 $ 5,008 $ 31,764 Quarter Ended March 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 480 $ 10,134 $ 5,837 $ 4,973 $ 21,424 Germany — — 804 — 804 Other EMEA 14,915 654 864 646 17,079 Asia Pacific 626 — 13 758 1,397 Total $ 16,021 $ 10,788 $ 7,518 $ 6,377 $ 40,704 |
Schedule Of Income (Loss) From Operations By Geographic Area | Quarter Ended March 31, (in thousands) 2016 2015 Income (loss) from operations: Americas $ (14,186) $ (23,106) Germany 1,011 1,840 Other EMEA (8,118) (1,335) Asia Pacific 5,182 5,584 Subtotal (16,111) (17,017) Intercompany elimination (648) (507) Total $ (16,759) $ (17,524) |
Schedule Of Assets By Geographic Area | March 31, December 31, (in thousands) 2016 2015 Assets: Americas $ 375,598 $ 384,054 Germany 31,942 36,782 Other EMEA 384,679 369,302 Asia Pacific 104,495 103,137 Total $ 896,714 $ 893,275 |
Schedule Of Cash And Cash Equivalents By Geographic Area | March 31, December 31, (in thousands) 2016 2015 Cash and cash equivalents: Americas $ 101,186 $ 98,913 Germany 9,964 3,901 Other EMEA 32,445 30,487 Asia Pacific 26,179 22,342 Total $ 169,774 $ 155,643 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income By Component | (in thousands) Foreign C urrency T ranslation A djustment Defined B enefit P ension P lan Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) Other comprehensive income (loss) 7,850 (31) 7,819 Balance at March 31, 2016 $ (29,825) $ (1,904) $ (31,729) |
Acquisitions (Details)
Acquisitions (Details) | 3 Months Ended |
Mar. 31, 2016item | |
Acquisitions [Abstract] | |
Number of businesses acquired | 0 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 46,013 | $ 43,960 |
Work in process | 8,250 | 4,067 |
Finished goods and parts | 59,690 | 57,850 |
Inventories, net | $ 113,953 | $ 105,877 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property And Equipment [Abstract] | ||
Depreciation expense | $ 6,000 | $ 4,709 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 169,627 | $ 156,992 | |
Less: Accumulated depreciation and amortization | (77,327) | (70,997) | |
Total property and equipment, net | 92,300 | 85,995 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 903 | 903 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 11,009 | 11,007 | |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 111,716 | 105,383 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,754 | 7,391 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 5,094 | 4,714 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 22,737 | 17,867 | |
Useful Life (in years) | [1] | Life of lease (a) | |
Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 156 | 149 | |
Useful Life (in years) | 5 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 9,258 | $ 9,578 | |
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 25 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 2 years | ||
Minimum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 1 year | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 30 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 7 years | ||
Maximum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
[1] | Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 8,735 | $ 14 |
Annual amortization expense in 2016 | 35,180 | |
Annual amortization expense in 2017 | 32,233 | |
Annual amortization expense in 2018 | 27,022 | |
Annual amortization expense in 2019 | 21,737 | |
Annual amortization expense in 2020 | 17,200 | |
Patents Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 84 | $ 75 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Accumulated Amortization | $ (114,316) | $ (104,963) |
Intangible assets, Gross | 265,682 | 262,429 |
Intangible assets, Net | $ 151,366 | 157,466 |
Weighted average useful life remaining (in years) | 5 years | |
Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,547 | 16,251 |
Intangible assets with finite lives: Accumulated Amortization | (5,248) | (4,895) |
Intangible assets with finite lives: Net | $ 11,299 | 11,356 |
Weighted average useful life remaining (in years) | 8 years | |
Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 53,735 | 52,809 |
Intangible assets with finite lives: Accumulated Amortization | (19,497) | (16,405) |
Intangible assets with finite lives: Net | $ 34,238 | 36,404 |
Weighted average useful life remaining (in years) | 4 years | |
Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 4,730 | 4,730 |
Intangible assets with finite lives: Accumulated Amortization | (3,069) | (2,919) |
Intangible assets with finite lives: Net | $ 1,661 | 1,811 |
Intangible assets estimated useful lives | 3 years | |
Weighted average useful life remaining (in years) | 3 years | |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 103,825 | 101,933 |
Intangible assets with finite lives: Accumulated Amortization | (39,768) | (36,158) |
Intangible assets with finite lives: Net | $ 64,057 | 65,775 |
Weighted average useful life remaining (in years) | 7 years | |
Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 12,043 | 12,163 |
Intangible assets with finite lives: Accumulated Amortization | (8,722) | (8,558) |
Intangible assets with finite lives: Net | $ 3,321 | 3,605 |
Weighted average useful life remaining (in years) | 3 years | |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 28,347 | 28,108 |
Intangible assets with finite lives: Accumulated Amortization | (13,456) | (12,498) |
Intangible assets with finite lives: Net | $ 14,891 | 15,610 |
Weighted average useful life remaining (in years) | 6 years | |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 46,455 | 46,435 |
Intangible assets with finite lives: Accumulated Amortization | (24,556) | (23,530) |
Intangible assets with finite lives: Net | $ 21,899 | $ 22,905 |
Weighted average useful life remaining (in years) | 5 years | |
Minimum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Maximum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 19 years | |
Maximum [Member] | Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 19 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 15 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 15 years | |
Maximum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 5 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 9 years | |
Maximum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 7 years |
Accrued And Other Liabilities40
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued And Other Liabilities [Abstract] | ||
Compensation and benefits | $ 20,024 | $ 24,152 |
Vendor accruals | 10,913 | 12,354 |
Accrued professional fees | 1,883 | 491 |
Accrued taxes | 10,289 | 11,317 |
Royalties payable | 1,692 | 1,431 |
Accrued interest | 113 | 42 |
Accrued earnouts related to acquisitions | 3,655 | 159 |
Accrued other | 3,610 | 4,753 |
Total | $ 52,179 | $ 54,699 |
Accrued And Other Liabilities41
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued And Other Liabilities [Abstract] | ||
Arbitration award | $ 11,282 | $ 11,282 |
Long term employee indemnity | 10,059 | 9,794 |
Defined benefit pension obligation | 6,478 | 6,211 |
Long term tax liability | 8,377 | 8,312 |
Long term earnouts related to acquisitions | 6,455 | 9,673 |
Long term deferred revenue | 8,587 | 7,956 |
Other long term liabilities | 8,079 | 4,927 |
Total | $ 59,317 | $ 58,155 |
Hedging Activities And Financ42
Hedging Activities And Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contracts | $ 0 | $ 0 | |
Foreign currency translation on accumulated other comprehensive income (loss) | 7,850 | $ (20,832) | |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency transaction gain (loss) | $ 1,518 | $ (2,194) |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Oct. 10, 2014USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||
Capitalized leases | $ 8,645 | $ 8,716 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement initiation date | Oct. 10, 2014 | ||
Credit Agreement aggregate principal amount | $ 150,000 | ||
Credit Agreement term | 5 years | ||
Credit Agreement optional increase in aggregate principal amount | $ 75,000 | ||
Debt maturity date | Oct. 10, 2019 | ||
Credit Agreement maximum consolidated total leverage ratio | 3 | ||
Credit Agreement minimum interest coverage ratio | 3.5 | ||
Credit Agreement availability | $ 150,000 | ||
Credit Agreement outstanding balance | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.00% | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement quarterly commitment fee percentage | 0.20% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement quarterly commitment fee percentage | 0.25% | ||
Credit Agreement maximum cash dividends in a fiscal year | $ 30,000 | ||
Maximum [Member] | Revolving Credit Facility [Member] | Federal Funds Open Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.50% |
Stock-Based Compensation Plan44
Stock-Based Compensation Plans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Granted after November 13, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Granted after November 13, 2015 [Member] | First Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 33.00% |
Granted after November 13, 2015 [Member] | Second Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 33.00% |
Granted after November 13, 2015 [Member] | Third Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 33.00% |
Granted Before November 13, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Stock-Based Compensation Plan45
Stock-Based Compensation Plans (Schedule Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 11,667 | $ 10,329 |
Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 11,632 | $ 10,329 |
Director Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 35 |
Stock-Based Compensation Plan46
Stock-Based Compensation Plans (Schedule Of Restricted Stock Units Award Activity) (Details) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 25 | 273 |
Restricted stock awards granted, weighted average exercise price | $ 7.71 | $ 28.62 |
Incentive Plans [Member] | Non-Executive Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 213 | |
Restricted stock awards granted, weighted average exercise price | $ 28.62 | |
Incentive Plans [Member] | Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 60 | |
Restricted stock awards granted, weighted average exercise price | $ 28.62 | |
Director Plan [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 25 | |
Restricted stock awards granted, weighted average exercise price | $ 7.71 |
Loss Per Share (Schedule Of Net
Loss Per Share (Schedule Of Net Income Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Loss Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net loss attributable to 3D Systems Corporation | $ (17,788) | $ (13,181) | |
Weighted average shares | 112,197 | 111,731 | |
Net loss per share, basic and diluted | $ (0.16) | $ (0.12) | |
Restricted Stock Units [Member] | |||
Loss Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Restricted stock units excluded from diluted loss per share calculation | [1] | 88 | 33 |
[1] | The calculation for average outstanding diluted loss per share excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Fair Value Measurements [Abstract] | |
Fair value of assets transferred from level 1 to level 2 | $ 0 |
Fair value of liabilities transferred from level 1 to level 2 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 35,400 | $ 26,648 |
Earnout consideration | [2] | 9,942 | 9,673 |
Earnout accretion | 269 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 35,400 | 26,648 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout consideration | [2] | $ 9,942 | $ 9,673 |
[1] | 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. | ||
[2] | The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration reflects $269 of accretion. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Line Items] | ||
Provision (benefit) for income taxes | $ 1,179 | $ (6,943) |
Effective Income Tax Rate, Continuing Operations | 7.10% | 34.60% |
Australia Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
Belgium Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,013 | |
Brazil Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
China Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,012 | |
France Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,013 | |
German Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
India Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,012 | |
Israel Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,013 | |
Italy Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,012 | |
Japan Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
Korea Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
Mexican Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
Netherlands Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
Switzerland Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,011 | |
United Kingdom Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,014 | |
Uruguay Tax Authority [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,010 | |
Minimum [Member] | U.S. Internal Revenue Service [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 1,997 | |
Maximum [Member] | U.S. Internal Revenue Service [Member] | ||
Income Taxes [Line Items] | ||
Tax years subject to examination | 2,015 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue from unaffiliated customers | $ 152,555 | $ 160,722 |
Operating Segments [Member] | Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from unaffiliated customers | 83,490 | 86,262 |
Operating Segments [Member] | Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from unaffiliated customers | 18,882 | 21,250 |
Operating Segments [Member] | Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from unaffiliated customers | 28,549 | 27,454 |
Operating Segments [Member] | Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from unaffiliated customers | $ 21,634 | $ 25,756 |
Segment Information (Schedule52
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 152,555 | $ 160,722 |
Operating Segments [Member] | Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 52,495 | 62,715 |
Operating Segments [Member] | Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 38,469 | 37,107 |
Operating Segments [Member] | Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 61,591 | $ 60,900 |
Segment Information (Schedule53
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Intercompany sales | $ 152,555 | $ 160,722 |
Intercompany Sales To Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 15,122 | 16,021 |
Intercompany Sales To Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 7,034 | 10,788 |
Intercompany Sales To Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 4,600 | 7,518 |
Intercompany Sales To Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 5,008 | 6,377 |
Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 31,764 | 40,704 |
Americas [Member] | Intercompany Sales To Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 289 | 480 |
Americas [Member] | Intercompany Sales To Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 6,201 | 10,134 |
Americas [Member] | Intercompany Sales To Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 3,265 | 5,837 |
Americas [Member] | Intercompany Sales To Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 2,956 | 4,973 |
Americas [Member] | Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 12,711 | 21,424 |
Germany [Member] | Intercompany Sales To Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 634 | |
Germany [Member] | Intercompany Sales To Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 451 | 804 |
Germany [Member] | Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 1,085 | 804 |
Other EMEA [Member] | Intercompany Sales To Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 13,169 | 14,915 |
Other EMEA [Member] | Intercompany Sales To Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 833 | 654 |
Other EMEA [Member] | Intercompany Sales To Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 881 | 864 |
Other EMEA [Member] | Intercompany Sales To Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 1,161 | 646 |
Other EMEA [Member] | Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 16,044 | 17,079 |
Asia Pacific [Member] | Intercompany Sales To Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 1,030 | 626 |
Asia Pacific [Member] | Intercompany Sales To Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 3 | 13 |
Asia Pacific [Member] | Intercompany Sales To Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | 891 | 758 |
Asia Pacific [Member] | Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Intercompany sales | $ 1,924 | $ 1,397 |
Segment Information (Schedule54
Segment Information (Schedule Of Income (Loss) From Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Loss from operations | $ (16,759) | $ (17,524) |
Reportable Geographical Components [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | (16,111) | (17,017) |
Intercompany Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | (648) | (507) |
Americas [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | (14,186) | (23,106) |
Germany [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | 1,011 | 1,840 |
Other EMEA [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | (8,118) | (1,335) |
Asia Pacific [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | $ 5,182 | $ 5,584 |
Segment Information (Schedule55
Segment Information (Schedule Of Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 896,714 | $ 893,275 |
Operating Segments [Member] | Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 375,598 | 384,054 |
Operating Segments [Member] | Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 31,942 | 36,782 |
Operating Segments [Member] | Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 384,679 | 369,302 |
Operating Segments [Member] | Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 104,495 | $ 103,137 |
Segment Information (Schedule56
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 169,774 | $ 155,643 | $ 199,896 | $ 284,862 |
Operating Segments [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 101,186 | 98,913 | ||
Operating Segments [Member] | Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 9,964 | 3,901 | ||
Operating Segments [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 32,445 | 30,487 | ||
Operating Segments [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 26,179 | $ 22,342 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | Sep. 28, 2015USD ($) | Aug. 23, 2013lawsuit | Mar. 31, 2016USD ($)lawsuit | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Rent expense under operating leases | $ 3,256 | $ 3,204 | |||
Supply commitments for printer assemblies | 51,674 | $ 50,663 | |||
Total liabilities recorded for earnouts | $ 10,110 | 9,832 | |||
Number of stockholder class action lawsuits | lawsuit | 2 | 6 | |||
Provision for litigation award | $ 11,282 | ||||
Redeemable noncontrolling interests | $ 8,872 | $ 8,872 | |||
Alleged actual damages | 7,254 | ||||
Fees and expenses | 2,318 | ||||
Prejudgment interest | $ 1,710 | ||||
Number of count dismissed | lawsuit | 4 | ||||
Potential Future Payment [Member] | Put Option [Member] | |||||
Aggregate amount to owner upon exercise | $ 8,872 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Income By Component) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ (39,548) |
Other comprehensive income (loss) | 7,819 |
Ending Balance | (31,729) |
Foreign Currency Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (37,675) |
Other comprehensive income (loss) | 7,850 |
Ending Balance | (29,825) |
Defined Benefit Pension Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (1,873) |
Other comprehensive income (loss) | (31) |
Ending Balance | $ (1,904) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Phenix Systems [Member] | |
Business Acquisition [Line Items] | |
Acquired ownership percentage | 95.00% |
Acquisition date | Jul. 15, 2013 |
Robtec [Member] | |
Business Acquisition [Line Items] | |
Acquired ownership percentage | 70.00% |
Acquisition date | Nov. 25, 2014 |
Easyway [Member] | |
Business Acquisition [Line Items] | |
Acquired ownership percentage | 65.00% |
Acquisition date | Apr. 2, 2015 |