Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | 3D SYSTEMS CORP | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 910,638 | |
Trading Symbol | ddd | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 112,359,693 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 179,358 | $ 155,643 |
Accounts receivable, net of reserves — $15,408 (2016) and $14,139 (2015) | 120,630 | 157,406 |
Inventories, net of reserves — $25,938 (2016) and $28,225 (2015) | 113,717 | 105,877 |
Prepaid expenses and other current assets | 15,196 | 13,541 |
Total current assets | 428,901 | 432,467 |
Property and equipment, net | 80,837 | 85,995 |
Intangible assets, net | 133,518 | 157,466 |
Goodwill | 189,018 | 187,875 |
Long term deferred income tax asset | 5,374 | 3,216 |
Other assets, net | 24,700 | 26,256 |
Total assets | 862,348 | 893,275 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 581 | 529 |
Accounts payable | 37,113 | 46,869 |
Accrued and other liabilities | 46,746 | 54,699 |
Customer deposits | 5,789 | 8,229 |
Deferred revenue | 37,385 | 35,145 |
Total current liabilities | 127,614 | 145,471 |
Long term portion of capitalized lease obligations | 7,781 | 8,187 |
Long term deferred income tax liability | 15,026 | 17,944 |
Other liabilities | 60,338 | 58,155 |
Total liabilities | 210,759 | 229,757 |
Redeemable noncontrolling interests | 8,872 | 8,872 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 114,301 (2016) and 113,115 (2015) | 114 | 113 |
Additional paid-in capital | 1,306,903 | 1,279,738 |
Treasury stock, at cost — 1,330 shares (2016) and 892 shares (2015) | (1,294) | (1,026) |
Accumulated deficit | (627,017) | (583,368) |
Accumulated other comprehensive loss | (33,995) | (39,548) |
Total 3D Systems Corporation stockholders' equity | 644,711 | 655,909 |
Noncontrolling interests | (1,994) | (1,263) |
Total stockholders' equity | 642,717 | 654,646 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 862,348 | $ 893,275 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, reserves | $ 15,408 | $ 14,139 |
Inventories, reserves | $ 25,938 | $ 28,225 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 114,301,000 | 113,115,000 |
Treasury stock, at cost, shares | 1,330,000 | 892,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Products | $ 94,543 | $ 87,747 | $ 280,406 | $ 292,146 |
Services | 61,819 | 63,827 | 186,622 | 190,654 |
Total revenue | 156,362 | 151,574 | 467,028 | 482,800 |
Cost of sales: | ||||
Products | 56,321 | 48,472 | 146,682 | 156,432 |
Services | 31,104 | 32,064 | 93,485 | 94,719 |
Total cost of sales | 87,425 | 80,536 | 240,167 | 251,151 |
Gross profit | 68,937 | 71,038 | 226,861 | 231,649 |
Operating expenses: | ||||
Selling, general and administrative | 64,814 | 83,212 | 202,009 | 237,242 |
Research and development | 26,140 | 22,463 | 67,345 | 70,410 |
Total operating expenses | 90,954 | 105,675 | 269,354 | 307,652 |
Loss from operations | (22,017) | (34,637) | (42,493) | (76,003) |
Interest and other expense, net | 1,624 | 1,373 | 1,290 | 4,029 |
Loss before income taxes | (23,641) | (36,010) | (43,783) | (80,032) |
Provision (benefit) for income taxes | (2,214) | (3,524) | 665 | (20,563) |
Net loss | (21,427) | (32,486) | (44,448) | (59,469) |
Less: net loss attributable to noncontrolling interests | (214) | (237) | (799) | (343) |
Net loss attributable to 3D Systems Corporation | $ (21,213) | $ (32,249) | $ (43,649) | $ (59,126) |
Net loss per share available to 3D Systems Corporation common stockholders — basic and diluted | $ (0.19) | $ (0.29) | $ (0.39) | $ (0.53) |
Other comprehensive income (loss): | ||||
Pension adjustments | $ 18 | $ 14 | $ 54 | $ 276 |
Foreign currency translation gain (loss) | 4,282 | (9,957) | 5,567 | (17,903) |
Total other comprehensive income (loss) | 4,300 | (9,943) | 5,621 | (17,627) |
Less foreign currency translation gain (loss) attributable to noncontrolling interests | 22 | (882) | 68 | (2,588) |
Other comprehensive income (loss) attributable to 3D Systems Corporation | 4,278 | (9,061) | 5,553 | (15,039) |
Comprehensive loss | (17,127) | (42,429) | (38,827) | (77,096) |
Less comprehensive loss attributable to noncontrolling interests | (192) | (1,119) | (731) | (2,931) |
Comprehensive loss attributable to 3D Systems Corporation | $ (16,935) | $ (41,310) | $ (38,096) | $ (74,165) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Cash flows from operating activities: | |||
Net loss | $ (44,448) | $ (59,469) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Benefit of deferred income taxes | (5,464) | (21,971) | |
Depreciation and amortization | 45,731 | 63,905 | |
Provision for arbitration award | 11,282 | ||
Impairment of assets | 8,590 | 1,111 | |
Provision for bad debts | 1,488 | 4,123 | |
Inventory reserve of discontinued products | 10,723 | 0 | |
Stock-based compensation | 28,405 | 28,850 | |
(Gain) loss on the disposition of property and equipment | 2,052 | 1,182 | |
Changes in operating accounts: | |||
Accounts receivable | 36,357 | 37,426 | |
Inventories | (16,977) | (40,987) | |
Prepaid expenses and other current assets | (1,619) | (10,136) | |
Accounts payable | (9,938) | (19,657) | |
Accrued and other current liabilities | (8,452) | (5,348) | |
Customer deposits | (2,389) | 566 | |
All other operating activities | (5,819) | (1,485) | |
Net cash provided by (used in) operating activities | 38,240 | (10,608) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (12,014) | (18,064) | |
Additions to license and patent costs | (790) | (719) | |
Cash paid for acquisitions, net of cash assumed | (91,799) | ||
Other investing activities | (1,000) | (3,750) | |
Net cash used in investing activities | (13,804) | (114,332) | |
Cash flows from financing activities: | |||
Tax benefits (provision) from share-based payment arrangements | 467 | ||
Proceeds, repurchase and retirement of stock, net | (1,507) | 748 | |
Repayment of capital lease obligations | (786) | (788) | |
Net cash provided by (used in) financing activities | (2,293) | 427 | |
Effect of exchange rate changes on cash and cash equivalents | 1,572 | (2,896) | |
Net increase (decrease) in cash and cash equivalents | 23,715 | (127,409) | |
Cash and cash equivalents at the beginning of the period | 155,643 | 284,862 | |
Cash and cash equivalents at the end of the period | 179,358 | 157,453 | |
Supplemental cash flow information: | |||
Cash interest payments | 633 | 494 | |
Cash income tax payments | 8,040 | 11,532 | |
Transfer of equipment from inventory to property and equipment, net | [1] | 9,395 | 8,812 |
Transfer of equipment to inventory from property and equipment, net | [2] | $ 349 | $ 300 |
[1] | Inventory is transferred from inventory to "property and equipment, net" 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 - 9 months ended Sep. 30, 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 and retirement of restricted stock, net, Value | $ 1 | (1,240) | $ (268) | (1,507) | (1,507) | |||
Issuance, repurchase and retirement of restricted stock, net, Shares | 1,186 | 438 | ||||||
Stock-based compensation expense, Value | 28,405 | 28,405 | 28,405 | |||||
Net loss | (43,649) | (43,649) | (799) | (44,448) | ||||
Pension adjustment | 54 | 54 | 54 | |||||
Foreign currency translation adjustment | 5,499 | 5,499 | 68 | 5,567 | ||||
Balance, Value at Sep. 30, 2016 | $ 114 | $ 1,306,903 | $ (1,294) | $ (627,017) | $ (33,995) | $ 644,711 | $ (1,994) | $ 642,717 |
Balance, Shares at Sep. 30, 2016 | 114,301 | 1,330 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30 , 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. Recent Accounting Pronouncements In August 20 16 , the FASB issued Acco unting Standards Update No. 2016-15 , “ Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments ” (“ASU 2016-15”). With the objective of reducing the existing diversity in practice, ASU 2016-15 addresses eight specific cash flow classification issues : (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principal . ASU 2016-15 is effective for annual reporting periods b eginning after December 15, 2017 . The amendments should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently in the process of evaluating th e impact of adoption of ASU 2016-15 on its financial statements. No other new accounting pronouncements, issued or effective during the third quarter of 2016, have had or are expected to have a significant impact on the Company’s consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories | (2 ) Inventories Components of inventories, net , as of September 30, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Raw materials $ 40,576 $ 43,960 Work in process 4,999 4,067 Finished goods and parts 68,142 57,850 Inventories, net $ 113,717 $ 105,877 During the third quarter of 2016, the Company recorded an inventory reserve of $10,723 in conne ction with the discontinuation of certain products as a result of the Company’s recently updated strategy . No reserves in connection with the discontinuation of certain products were recorded for the nine months ended September 30, 2015. |
Property And Equipment
Property And Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | (3 ) Property and Equipment Property and equipment, net, as of September 30, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,032 11,007 25 - 30 Machinery and equipment 112,158 105,383 2 - 7 Capitalized software 8,856 7,391 3 - 5 Office furniture and equipment 4,950 4,714 1 - 5 Leasehold improvements 24,287 17,867 Life of lease (a) Rental equipment 154 149 5 Construction in progress 5,020 9,578 N/A Total property and equipment 167,360 156,992 Less: Accumulated depreciation and amortization (86,523) (70,997) Total property and equipment, net $ 80,837 $ 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. D epreciation and amortization expense on property and equipment was $6,176 and $ 18,386 f or the quarter an d nine months ended September 30, 2016, respectively, compared to $5,908 and $15,308 for the quarter an d nine months ended September 30, 2015, respectively . For the nine months ended September 30, 2016, the Company recognized impairment charges of $7,069 on property and equipment, net. No impairment charges were recognized for the nine months ended September 30, 2015. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | (4) Intangible Assets Intangible assets, net, other than goodwill, as of September 30 , 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 $ 16,821 $ (5,812) $ 11,009 $ 16,251 $ (4,895) $ 11,356 1 - 19 8 Acquired technology 53,773 (25,160) 28,613 52,809 (16,405) 36,404 2 - 15 4 Internally developed software 4,730 (3,371) 1,359 4,730 (2,919) 1,811 3 3 Customer relationships 102,265 (44,619) 57,646 101,933 (36,158) 65,775 2 - 15 7 Non-compete agreements 11,945 (9,377) 2,568 12,163 (8,558) 3,605 2 - 5 3 Trade names 28,435 (15,297) 13,138 28,108 (12,498) 15,610 1 - 9 6 Other 46,019 (26,834) 19,185 46,435 (23,530) 22,905 1 - 7 5 Total intangible assets $ 263,988 $ (130,470) $ 133,518 $ 262,429 $ (104,963) $ 157,466 1 - 19 5 Amortization expense related to intangible assets was $8,857 and $ 26,536 for the quarter and nine months ended September 30 , 2016, respectively, compared to $1 5,843 and $ 47,840 for the quarter and nine months ended September 30 , 2015, respectively. Annual amortization expense for intangible assets is expected to be $35,193 , $32,143 , $26,971 , $21,635 and $16,941 for the years ending 2016, 2017, 2018, 2019, and 2020, respectively. |
Accrued And Other Liabilities
Accrued And Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Accrued And Other Liabilities [Abstract] | |
Accrued And Other Liabilities | (5 ) Accrued and Other Liabilities Accrued liabilities as of September 30, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Compensation and benefits $ 22,249 $ 24,152 Vendor accruals 9,380 12,883 Accrued professional fees 542 491 Accrued taxes 6,684 11,317 Royalties payable 1,717 1,431 Accrued interest 40 42 Accrued earnouts related to acquisitions 2,586 159 Accrued other 3,548 4,224 Total $ 46,746 $ 54,699 Other liabilities as of September 30, 2016 and December 31, 2015 were as follows: (in thousands) 2016 2015 Arbitration award $ 11,282 $ 11,282 Long term employee indemnity 10,964 9,794 Defined benefit pension obligation 6,416 6,211 Long term tax liability 11,093 8,312 Long term earnouts related to acquisitions 6,977 9,673 Long term deferred revenue 7,773 7,956 Other long term liabilities 5,833 4,927 Total $ 60,338 $ 58,155 |
Hedging Activities And Financia
Hedging Activities And Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Hedging Activities And Financial Instruments [Abstract] | |
Hedging Activities And Financial Instruments | (6) 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 September 30 , 2016 or December 31, 2015. For the quarter and nine months ended September 30 , 2016, the condensed consolidated statements of operations includes a foreign currency transaction loss of $1,123 and a gain of $ 340 , respectively, compared to a gain of $126 and a loss of $1,641 for the quarter and nine months ended September 30 , 2015, respectively. For the quarter and nine months ended September 30 , 2016, the total impact of foreign currency translation on accumulated other comprehensive loss reflects gains of $4,260 and $ 5,499 , r espectively, compared to losses of $9,075 and $15,315 for the quarter and nine months ended September 30 , 2015, respectively. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Borrowings [Abstract] | |
Borrowings | (7) 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 Rate 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 consolidated 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 September 30 , 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 September 30 , 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 $8,362 at September 30 , 2016 from $8,716 at December 31, 2015, due to the normal scheduled timing of payments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | (8) 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 , as further amended and restated on April 1, 2013 (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 2004 Stock Plan authorizes shares of restricted stock, restricted stock units, stock appreciation rights and the grant of options to purchase shares of the Company’s common stock. The 2004 Stock Plan also designates measures that may be used for performance awards. The Director Plan authorizes shares of restricted stock for non-employee directors of the Company. 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 on or 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 fo r the quarters and nine months ended September 30 , 2016 and 2015 was as follows: Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Stock-based compensation expense $ 9,512 $ 8,800 $ 28,405 $ 28,850 Restricted Stock Stock award activity for the nine months ended September 30, 2016 and 2015 was as follows : Nine Months Ended September 30, 2016 2015 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 2,942 2,806 Granted 1,482 $ 13.69 729 $ 23.29 Cancelled (446) $ 54.61 (162) $ 48.44 Vested (562) $ 35.37 (300) $ 18.64 Outstanding at end of period — unvested 3,416 3,073 During the nine months ended September 30, 2016, the Company awarded certain employe es restricted stock under the 2015 Pla n, included in the activity above, that vests under specified market conditions. Each employee was generally awarded two equal tranches of market condition restricted stock that immediately vest s when the Company’s common stock trades at either $30 or $40 per share for ninety consecutive calendar days . At September 30, 2016, there was $5,624 of unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards with market conditions, which the Company expects to recognize over the remaining weighted-average vesting period of four years. At September 30, 2016, there was $34,859 of unrecognized pre-tax stock-based compensation expense related to all other non-vested restricted stock award shares and units, which the Company expects to recognize over the remaining weighted-average vesting period of 1.5 years. Stock Options The Company estimates the fair value of stock options with market conditions using a binomial lattice Monte Carlo simulation model. The weighted-average fair value and the assumptions used to measure fair value were as follows: Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock option assumptions: Weighted-average fair value $ 7.94 $ — $ 7.81 $ — Expected volatility 60.0% — 60.0% — Risk-free interest rate 1.46% — 0.76% - 1.46 — Expected dividend yield 0% — 0% — Derived term in years 3-4 — 3-4 — Stock option activity for the nine months ended September 30 , 2016 was as follows: Nine Months Ended September 30, 2016 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Term (in years) Stock option activity: Outstanding at beginning of period — $ — Granted 2,160 13.95 Exercised — — Forfeited and expired — — Outstanding at end of period 2,160 $ 13.95 9.8 Exercisable at end of period — $ — — During the nine months ended September 30, 2016, the Company awarded certain employe es market condition stock options under the 2015 Pla n, included in the activity above, that vest under specified market conditions. Each employee was generally awarded two equal tranches of market condition stock options that immediately vest when the Company’s common stock trades at either $30 or $40 per share for ninety consecutive calendar days . At September 30, 2016, there was $15,213 of unrecognized pre-tax stock-based compensation expense related to non-vested stock options with market conditions, which the Company expects to recognize over the remaining weighted-average vesting period of four years. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Loss Per Share [Abstract] | |
Loss Per Share | (9) Loss Per Share The Company presents basic and dilu ted loss per share amounts. Basic loss per share is calculated by dividing net loss attributable to 3D Systems Corporation by the weighted average number of common shares outstanding during th e applicable period. Diluted loss per share is calculated 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 aver age outstanding for the quarter and nine months ended September 30 , 2016 and 2015: Quarter Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2016 2015 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (21,213) $ (32,249) $ (43,649) $ (59,126) Denominator for basic and diluted net loss per share: Weighted average shares 111,008 112,010 111,194 111,920 Net loss per share, basic and diluted $ (0.19) $ (0.29) $ (0.39) $ (0.53) The calculation for weighted average outstanding diluted loss per share excludes stock options with an exercise price that exceeds the average market pr ice of shares during the period . In addition to unexercised stock options, there was an immaterial number of additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations because they were anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (10) 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 September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 37,532 $ — $ — $ 37,532 Earnout consideration (b) $ — $ — $ 9,563 $ 9,563 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, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration from December 31, 2015 to September 30, 2016 reflects a $917 adjustment to the expected payment , partially offset by $807 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 and nine months ended September 30 , 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 | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (11) Income Taxes For the quarter and nine months ended September 30 , 2016, the Company recorded a benefit of $2,214 and a provision of $665 , respectively, resulting in effective tax rates of 9.4% of benefit and 1.5% of expense, respectively, compared to tax rates of 9.8% and 25.7% of b enefit for the quarter and nine months ended September 30 , 2015, respectively. The difference in the effective tax rates is primarily attributable t o valuation allowances that the Company recorded in the fourth quarter of 2015 in the United States and certain foreign jurisdictions , as well as an adjustment that was recorded during th e third quarter of 2016 in connection with completion of the Company’s tax returns, which resulted in a tax benefit . 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. The Company believe a calculation of the deferred tax liability associated with these undistributed earnings is impracticable. Tax years 2003 through 2015 remain subject to examination by the U.S. Internal Revenue Service, with most of the years open to examination due to the generation 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 ( 2012 ), Belgium ( 2013 ), Brazil ( 2011 ), China ( 2013 ), France ( 2013 ), Germany ( 2012 ), India ( 2013 ), Israel ( 2012 ), Italy ( 2011 ), Japan ( 2011 ), Korea ( 2011 ), Mexico ( 2011 ), Netherlands ( 2011 ), Switzerland ( 2011 ), the United Kingdom ( 2015 ) and Uruguay ( 2011 ) . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | (12) 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 September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue from unaffiliated customers: Americas $ 86,890 $ 80,724 $ 253,981 $ 257,382 Germany 16,796 18,972 56,225 61,567 Other EMEA 26,948 26,063 83,704 84,475 Asia Pacific 25,728 25,815 73,118 79,376 Total revenue $ 156,362 $ 151,574 $ 467,028 $ 482,800 Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue by class of product and service: Products $ 56,484 $ 52,899 $ 163,301 $ 183,790 Materials 38,059 34,848 117,105 108,356 Services 61,819 63,827 186,622 190,654 Total revenue $ 156,362 $ 151,574 $ 467,028 $ 482,800 Quarter Ended September 30, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 733 $ 6,163 $ 2,244 $ 6,322 $ 15,462 Germany 240 — 976 105 1,321 Other EMEA 14,972 562 1,236 1,053 17,823 Asia Pacific 606 — 113 1,053 1,772 Total $ 16,551 $ 6,725 $ 4,569 $ 8,533 $ 36,378 Quarter Ended September 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 1,160 $ 8,771 $ 3,406 $ 4,583 $ 17,920 Germany 171 — 1,919 — 2,090 Other EMEA 13,320 1,790 1,132 664 16,906 Asia Pacific 710 — 50 1,153 1,913 Total $ 15,361 $ 10,561 $ 6,507 $ 6,400 $ 38,829 Nine Months Ended September 30, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,011 $ 21,377 $ 8,313 $ 15,882 $ 47,583 Germany 3,604 — 2,254 169 6,027 Other EMEA 44,946 1,740 3,601 3,301 53,588 Asia Pacific 2,270 — 132 2,859 5,261 Total $ 52,831 $ 23,117 $ 14,300 $ 22,211 $ 112,459 Nine Months Ended September 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,480 $ 28,581 $ 14,609 $ 13,025 $ 58,695 Germany 377 — 3,812 — 4,189 Other EMEA 44,634 3,325 2,715 5,055 55,729 Asia Pacific 2,140 — 68 2,495 4,703 Total $ 49,631 $ 31,906 $ 21,204 $ 20,575 $ 123,316 Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Income (loss) from operations: Americas $ (21,525) $ (36,116) $ (40,458) $ (88,408) Germany 2,761 3,760 7,732 5,052 Other EMEA (11,043) (9,057) (27,225) (11,330) Asia Pacific 8,434 7,162 19,537 20,088 Subtotal (21,373) (34,251) (40,414) (74,598) Intercompany elimination (644) (386) (2,079) (1,405) Total $ (22,017) $ (34,637) $ (42,493) $ (76,003) September 30, December 31, (in thousands) 2016 2015 Assets: Americas $ 359,075 $ 384,054 Germany 39,157 36,782 Other EMEA 343,194 369,302 Asia Pacific 120,922 103,137 Total $ 862,348 $ 893,275 September 30, December 31, (in thousands) 2016 2015 Cash and cash equivalents: Americas $ 105,314 $ 98,913 Germany 8,305 3,901 Other EMEA 33,370 30,487 Asia Pacific 32,369 22,342 Total $ 179,358 $ 155,643 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (13) Commitments and Contingencies The Company leases office space and certain furniture and fixtures under various non-cancelable operating leases. For the quarter and nine months ended September 30 , 2016, rent expense under operating leases was $3,542 and $ 9,717 , respectively, compared to $3,362 and $9,974 for the quarter and nine months ended September 30 , 2015, respectively. As of September 30 , 2016 and December 31, 2015, the Company had supply commitments on printer assemblies that totaled $38,307 and $50,663 , respectively. Certain of the Company’s acquisitions cont ain earnout provisions under which the sellers of the acquired businesses can earn additional amounts. The total liability recorded for these earnouts at September 30 , 2016 was $9,563 . At December 31, 2015, in addition to earnout provisions, certain of the Company’s acquisitions also contained deferred purchase payment arrangements. The total liability recorded for these earnouts and deferred purchase payment arrangements totaled $9,832 at December 31, 2015. Put Options The minority interest shareholders of 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 September 30, 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 put rights that require the Company to acquire such ownership interests in the relevant subsidiary. This amount has been recorded as redeemable noncontrolling i nterests on the balance sheet as of September 30 , 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 the District of South Carolina. The consolidated action is styled KBC Asset Management NV v. 3D Systems Corporation, et al. , 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 was denied by Memorandum Opinion and Order date d July 25, 2016 (the “Order”). Defendants filed a motion for reconsideration of the Order on August 4, 2016, which is currently pending. Nine 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 nine 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; (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; (7) Lu v. Hull, et al. , Case No. BC629730, filed on August 5, 2016 in the Superior Court for the State of California, County of Los Angeles; (8) Howes v. Reichental, et al. , Case No. 0:16-cv-2810-MGL, filed on August 11, 2016 in the United States District Court for the District of South Carolina; and (9) Ameduri v. Reichental, et al. , Case No. 0:16-cv-02995-MGL, filed on September 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 mismanagement, waste of corporate assets and unjust enrichment and seek, among other things, monetary damages and certain corporate governance actions. The first six of the derivative complaints listed above 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. 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 Hawaii 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, North Carolina. Because the Hawaii court was without authority to compel arbitration outside of Hawaii, 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 American Arbitration Association 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. A hearing was held on the motions on June 29, 2016 in federal court in the Western District of North Carolina. The court requested supplemental briefing by the parties, which briefs were filed on July 11, 2016. On August 31, 2016, the court issued an Order granting in part and denying in part Plaintiff’s motion to confirm the arbitration award and for judgment, entering judgment in the principal amount of the arbitration award and denying Plaintiff’s motion for fees and costs. The court denied the Company’s motion to vacate. On September 7, 2016, Plaintiff filed a motion to amend the judgment to include prejudgment interest. The Company opposed that motion and the parties submitted briefing, which is currently pending before the court. On September 28, 2016 the Company filed a motion to alter or amend the judgment. Plaintiff opposed the motion and the parties submitted briefing, which is currently 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 this 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 regard to Barranco II, the Hawaii district court, on March 17, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina. However, the Hawaii court dismissed Count II in plaintiff’s complaint alleging breach of the employment agreement. The Company filed an answer to the complaint in the Hawaii 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 d enying 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 tried to a jury in May 2016, and on May 27, 2016 the jury found that the Company was not liable for either breach of contract or breach of the implied covenant of good faith and fair dealing. Additionally, the jury found in favor of the Company on its counterclaim against Mr. Barranco and determined that Mr. Barranco violated his non-competition covenant with the Company. The Court is expected to order an accounting with respect to the counterclaim. 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 property 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 | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (14) Accumulated Other Comprehensive Loss The changes in the balances of accumulated other comprehensive loss by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) Other comprehensive income (loss) 5,499 54 5,553 Balance at September 30, 2016 $ (32,176) $ (1,819) $ (33,995) The amounts presented above are included in other comprehensive income (loss). For additional information about foreign currency translation, see Note 6. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | (15 ) Noncontrolling Interests As of September 30, 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 September 30, 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 September 30, 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 . |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 20 16 , the FASB issued Acco unting Standards Update No. 2016-15 , “ Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments ” (“ASU 2016-15”). With the objective of reducing the existing diversity in practice, ASU 2016-15 addresses eight specific cash flow classification issues : (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principal . ASU 2016-15 is effective for annual reporting periods b eginning after December 15, 2017 . The amendments should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently in the process of evaluating th e impact of adoption of ASU 2016-15 on its financial statements. No other new accounting pronouncements, issued or effective during the third quarter of 2016, have had or are expected to have a significant impact on the Company’s consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Components Of Inventories, Net | (in thousands) 2016 2015 Raw materials $ 40,576 $ 43,960 Work in process 4,999 4,067 Finished goods and parts 68,142 57,850 Inventories, net $ 113,717 $ 105,877 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment, Net | (in thousands) 2016 2015 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,032 11,007 25 - 30 Machinery and equipment 112,158 105,383 2 - 7 Capitalized software 8,856 7,391 3 - 5 Office furniture and equipment 4,950 4,714 1 - 5 Leasehold improvements 24,287 17,867 Life of lease (a) Rental equipment 154 149 5 Construction in progress 5,020 9,578 N/A Total property and equipment 167,360 156,992 Less: Accumulated depreciation and amortization (86,523) (70,997) Total property and equipment, net $ 80,837 $ 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) | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets, Net, 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 $ 16,821 $ (5,812) $ 11,009 $ 16,251 $ (4,895) $ 11,356 1 - 19 8 Acquired technology 53,773 (25,160) 28,613 52,809 (16,405) 36,404 2 - 15 4 Internally developed software 4,730 (3,371) 1,359 4,730 (2,919) 1,811 3 3 Customer relationships 102,265 (44,619) 57,646 101,933 (36,158) 65,775 2 - 15 7 Non-compete agreements 11,945 (9,377) 2,568 12,163 (8,558) 3,605 2 - 5 3 Trade names 28,435 (15,297) 13,138 28,108 (12,498) 15,610 1 - 9 6 Other 46,019 (26,834) 19,185 46,435 (23,530) 22,905 1 - 7 5 Total intangible assets $ 263,988 $ (130,470) $ 133,518 $ 262,429 $ (104,963) $ 157,466 1 - 19 5 |
Accrued And Other Liabilities (
Accrued And Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accrued And Other Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | (in thousands) 2016 2015 Compensation and benefits $ 22,249 $ 24,152 Vendor accruals 9,380 12,883 Accrued professional fees 542 491 Accrued taxes 6,684 11,317 Royalties payable 1,717 1,431 Accrued interest 40 42 Accrued earnouts related to acquisitions 2,586 159 Accrued other 3,548 4,224 Total $ 46,746 $ 54,699 |
Schedule Of Other Liabilities | (in thousands) 2016 2015 Arbitration award $ 11,282 $ 11,282 Long term employee indemnity 10,964 9,794 Defined benefit pension obligation 6,416 6,211 Long term tax liability 11,093 8,312 Long term earnouts related to acquisitions 6,977 9,673 Long term deferred revenue 7,773 7,956 Other long term liabilities 5,833 4,927 Total $ 60,338 $ 58,155 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Stock-based compensation expense $ 9,512 $ 8,800 $ 28,405 $ 28,850 |
Schedule Of Shares And Units Of Restricted Common Stock | Nine Months Ended September 30, 2016 2015 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 2,942 2,806 Granted 1,482 $ 13.69 729 $ 23.29 Cancelled (446) $ 54.61 (162) $ 48.44 Vested (562) $ 35.37 (300) $ 18.64 Outstanding at end of period — unvested 3,416 3,073 |
Schedule Of Weighted-Average Fair Value Assumptions | Quarter Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock option assumptions: Weighted-average fair value $ 7.94 $ — $ 7.81 $ — Expected volatility 60.0% — 60.0% — Risk-free interest rate 1.46% — 0.76% - 1.46 — Expected dividend yield 0% — 0% — Derived term in years 3-4 — 3-4 — |
Schedule Of Stock Option Activity | Nine Months Ended September 30, 2016 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Term (in years) Stock option activity: Outstanding at beginning of period — $ — Granted 2,160 13.95 Exercised — — Forfeited and expired — — Outstanding at end of period 2,160 $ 13.95 9.8 Exercisable at end of period — $ — — |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loss Per Share [Abstract] | |
Schedule Of Net Loss Per Share Reconciliation | Quarter Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2016 2015 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (21,213) $ (32,249) $ (43,649) $ (59,126) Denominator for basic and diluted net loss per share: Weighted average shares 111,008 112,010 111,194 111,920 Net loss per share, basic and diluted $ (0.19) $ (0.29) $ (0.39) $ (0.53) The calculation for weighted average outstanding diluted loss per share excludes stock options with an exercise price that exceeds the average market pr ice of shares during the period . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements as of September 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 37,532 $ — $ — $ 37,532 Earnout consideration (b) $ — $ — $ 9,563 $ 9,563 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, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration from December 31, 2015 to September 30, 2016 reflects a $917 adjustment to the expected payment , partially offset by $807 of accretion. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule Of Revenue By Geographic Area | Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue from unaffiliated customers: Americas $ 86,890 $ 80,724 $ 253,981 $ 257,382 Germany 16,796 18,972 56,225 61,567 Other EMEA 26,948 26,063 83,704 84,475 Asia Pacific 25,728 25,815 73,118 79,376 Total revenue $ 156,362 $ 151,574 $ 467,028 $ 482,800 Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Revenue by class of product and service: Products $ 56,484 $ 52,899 $ 163,301 $ 183,790 Materials 38,059 34,848 117,105 108,356 Services 61,819 63,827 186,622 190,654 Total revenue $ 156,362 $ 151,574 $ 467,028 $ 482,800 |
Schedule Of Income (Loss) From Operations By Geographic Area | Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Income (loss) from operations: Americas $ (21,525) $ (36,116) $ (40,458) $ (88,408) Germany 2,761 3,760 7,732 5,052 Other EMEA (11,043) (9,057) (27,225) (11,330) Asia Pacific 8,434 7,162 19,537 20,088 Subtotal (21,373) (34,251) (40,414) (74,598) Intercompany elimination (644) (386) (2,079) (1,405) Total $ (22,017) $ (34,637) $ (42,493) $ (76,003) |
Schedule Of Assets By Geographic Area | September 30, December 31, (in thousands) 2016 2015 Assets: Americas $ 359,075 $ 384,054 Germany 39,157 36,782 Other EMEA 343,194 369,302 Asia Pacific 120,922 103,137 Total $ 862,348 $ 893,275 |
Schedule Of Cash And Cash Equivalents By Geographic Area | September 30, December 31, (in thousands) 2016 2015 Cash and cash equivalents: Americas $ 105,314 $ 98,913 Germany 8,305 3,901 Other EMEA 33,370 30,487 Asia Pacific 32,369 22,342 Total $ 179,358 $ 155,643 |
Intercompany Sales [Member] | |
Schedule Of Revenue By Geographic Area | Quarter Ended September 30, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 733 $ 6,163 $ 2,244 $ 6,322 $ 15,462 Germany 240 — 976 105 1,321 Other EMEA 14,972 562 1,236 1,053 17,823 Asia Pacific 606 — 113 1,053 1,772 Total $ 16,551 $ 6,725 $ 4,569 $ 8,533 $ 36,378 Quarter Ended September 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 1,160 $ 8,771 $ 3,406 $ 4,583 $ 17,920 Germany 171 — 1,919 — 2,090 Other EMEA 13,320 1,790 1,132 664 16,906 Asia Pacific 710 — 50 1,153 1,913 Total $ 15,361 $ 10,561 $ 6,507 $ 6,400 $ 38,829 Nine Months Ended September 30, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,011 $ 21,377 $ 8,313 $ 15,882 $ 47,583 Germany 3,604 — 2,254 169 6,027 Other EMEA 44,946 1,740 3,601 3,301 53,588 Asia Pacific 2,270 — 132 2,859 5,261 Total $ 52,831 $ 23,117 $ 14,300 $ 22,211 $ 112,459 Nine Months Ended September 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,480 $ 28,581 $ 14,609 $ 13,025 $ 58,695 Germany 377 — 3,812 — 4,189 Other EMEA 44,634 3,325 2,715 5,055 55,729 Asia Pacific 2,140 — 68 2,495 4,703 Total $ 49,631 $ 31,906 $ 21,204 $ 20,575 $ 123,316 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss By Component | (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) Other comprehensive income (loss) 5,499 54 5,553 Balance at September 30, 2016 $ (32,176) $ (1,819) $ (33,995) |
Inventories (Components Of Inve
Inventories (Components Of Inventories, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Inventories [Abstract] | ||||
Raw materials | $ 40,576 | $ 40,576 | $ 43,960 | |
Work in process | 4,999 | 4,999 | 4,067 | |
Finished goods and parts | 68,142 | 68,142 | 57,850 | |
Inventories, net | 113,717 | 113,717 | $ 105,877 | |
Inventory reserve | $ 10,723 | $ 10,723 | $ 0 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 6,176 | $ 5,908 | $ 18,386 | $ 15,308 |
Impairment charges | 8,590 | 1,111 | ||
Property And Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges | $ 7,069 | $ 0 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment, Net) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 167,360 | $ 156,992 | |
Less: Accumulated depreciation and amortization | (86,523) | (70,997) | |
Total property and equipment, net | 80,837 | 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 | 11,032 | 11,007 | |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 112,158 | 105,383 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,856 | 7,391 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,950 | 4,714 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 24,287 | 17,867 | |
Useful Life (in years) | [1] | Life of lease (a) | |
Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 154 | 149 | |
Useful Life (in years) | 5 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5,020 | $ 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Intangible Assets [Abstract] | ||||
Amortization expense | $ 8,857 | $ 15,843 | $ 26,536 | $ 47,840 |
Annual amortization expense in 2016 | 35,193 | 35,193 | ||
Annual amortization expense in 2017 | 32,143 | 32,143 | ||
Annual amortization expense in 2018 | 26,971 | 26,971 | ||
Annual amortization expense in 2019 | 21,635 | 21,635 | ||
Annual amortization expense in 2020 | $ 16,941 | $ 16,941 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets, Net, Other Than Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 263,988 | $ 262,429 |
Intangible assets with finite lives: Accumulated Amortization | (130,470) | (104,963) |
Intangible assets with finite lives: Net | $ 133,518 | 157,466 |
Weighted Average Useful Life Remaining (in years) | 5 years | |
Patents Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,821 | 16,251 |
Intangible assets with finite lives: Accumulated Amortization | (5,812) | (4,895) |
Intangible assets with finite lives: Net | $ 11,009 | 11,356 |
Weighted Average Useful Life Remaining (in years) | 8 years | |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 53,773 | 52,809 |
Intangible assets with finite lives: Accumulated Amortization | (25,160) | (16,405) |
Intangible assets with finite lives: Net | $ 28,613 | 36,404 |
Weighted Average Useful Life Remaining (in years) | 4 years | |
Internally Developed Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 4,730 | 4,730 |
Intangible assets with finite lives: Accumulated Amortization | (3,371) | (2,919) |
Intangible assets with finite lives: Net | $ 1,359 | 1,811 |
Useful Life (in years) | 3 years | |
Weighted Average Useful Life Remaining (in years) | 3 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 102,265 | 101,933 |
Intangible assets with finite lives: Accumulated Amortization | (44,619) | (36,158) |
Intangible assets with finite lives: Net | $ 57,646 | 65,775 |
Weighted Average Useful Life Remaining (in years) | 7 years | |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 11,945 | 12,163 |
Intangible assets with finite lives: Accumulated Amortization | (9,377) | (8,558) |
Intangible assets with finite lives: Net | $ 2,568 | 3,605 |
Weighted Average Useful Life Remaining (in years) | 3 years | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 28,435 | 28,108 |
Intangible assets with finite lives: Accumulated Amortization | (15,297) | (12,498) |
Intangible assets with finite lives: Net | $ 13,138 | 15,610 |
Weighted Average Useful Life Remaining (in years) | 6 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 46,019 | 46,435 |
Intangible assets with finite lives: Accumulated Amortization | (26,834) | (23,530) |
Intangible assets with finite lives: Net | $ 19,185 | $ 22,905 |
Weighted Average Useful Life Remaining (in years) | 5 years | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | |
Minimum [Member] | Patents Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | |
Minimum [Member] | Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | |
Minimum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | |
Minimum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 19 years | |
Maximum [Member] | Patents Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 19 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 15 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 15 years | |
Maximum [Member] | Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 5 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 9 years | |
Maximum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 7 years |
Accrued And Other Liabilities37
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accrued And Other Liabilities [Abstract] | ||
Compensation and benefits | $ 22,249 | $ 24,152 |
Vendor accruals | 9,380 | 12,883 |
Accrued professional fees | 542 | 491 |
Accrued taxes | 6,684 | 11,317 |
Royalties payable | 1,717 | 1,431 |
Accrued interest | 40 | 42 |
Accrued earnouts related to acquisitions | 2,586 | 159 |
Accrued other | 3,548 | 4,224 |
Total | $ 46,746 | $ 54,699 |
Accrued And Other Liabilities38
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accrued And Other Liabilities [Abstract] | ||
Arbitration award | $ 11,282 | $ 11,282 |
Long term employee indemnity | 10,964 | 9,794 |
Defined benefit pension obligation | 6,416 | 6,211 |
Long term tax liability | 11,093 | 8,312 |
Long term earnouts related to acquisitions | 6,977 | 9,673 |
Long term deferred revenue | 7,773 | 7,956 |
Other long term liabilities | 5,833 | 4,927 |
Total | $ 60,338 | $ 58,155 |
Hedging Activities And Financ39
Hedging Activities And Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Foreign currency contracts | $ 0 | $ 0 | $ 0 | ||
Foreign currency translation on accumulated other comprehensive income (loss) | 4,260 | $ (9,075) | 5,499 | $ (15,315) | |
Interest Expense [Member] | |||||
Foreign currency transaction gain (loss) | $ (1,123) | $ 126 | $ 340 | $ (1,641) |
Borrowings (Details)
Borrowings (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||
Capitalized leases | $ 8,362 | $ 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 | |
Credit Agreement maturity date | Oct. 10, 2019 | |
Credit Agreement maximum consolidated total leverage ratio | 3 | |
Credit Agreement minimum interest coverage ratio | 3.50 | |
Credit Agreement availability | $ 150,000 | |
Credit Agreement maximum cash dividends in a fiscal year | 30,000 | |
Credit Agreement outstanding balance | $ 0 | $ 0 |
Revolving Credit Facility [Member] | Federal Funds Open Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Agreement applicable margin | 0.50% | |
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% | |
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 Plan41
Stock-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesitem | |
Granted Before 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] | |
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 | 33.33% |
Granted After November 13, 2015 [Member] | Second Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 33.33% |
Granted After November 13, 2015 [Member] | Third Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 33.33% |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock compensation expense | $ 15,213 |
Stock Options And Restricted Stock Awards [Member] | 2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of market conditions for stock award vesting | item | 2 |
Trading price for stock award tranche one | $ / shares | $ 30 |
Trading price for stock award tranche two | $ / shares | $ 40 |
Stock award tranche granting period | 90 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock compensation expense | $ 5,624 |
Weighted Average [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Weighted Average [Member] | Restricted Stock Awards And Restricted Stock Unit Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year 6 months |
Stock compensation expense | $ 34,859 |
Weighted Average [Member] | Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Stock-Based Compensation Plan42
Stock-Based Compensation Plans (Schedule Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-Based Compensation Plans [Abstract] | ||||
Stock-based compensation expense | $ 9,512 | $ 8,800 | $ 28,405 | $ 28,850 |
Stock-Based Compensation Plan43
Stock-Based Compensation Plans (Schedule Of Shares And Units Of Restricted Common Stock) (Details) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period — unvested | 2,942 | 2,806 |
Granted, Number of Shares/Units | 1,482 | 729 |
Cancelled, Number of Shares/Units | (446) | (162) |
Vested, Number of Shares/Units | (562) | (300) |
Outstanding at end of period — unvested | 3,416 | 3,073 |
Granted, Weighted Average Grant Date Fair Value | $ 13.69 | $ 23.29 |
Cancelled, Weighted Average Grant Date Fair Value | 54.61 | 48.44 |
Vested, Weighted Average Grant Date Fair Value | $ 35.37 | $ 18.64 |
Stock-Based Compensation Plan44
Stock-Based Compensation Plans (Schedule Of Weighted-Average Fair Value Assumptions) (Details) - Stock Options [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value | $ 7.94 | $ 7.81 | ||
Expected volatility | 60.00% | 60.00% | ||
Risk-free interest rate | 1.46% | |||
Expected dividend yield | 0.00% | 0.00% | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.76% | |||
Derived term in years | 3 years | 3 years | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.46% | |||
Derived term in years | 4 years | 4 years |
Stock-Based Compensation Plan45
Stock-Based Compensation Plans (Schedule Of Stock Option Activity) (Details) - Stock Options [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period, Number of Shares | shares | |
Granted, Number of Shares | shares | 2,160 |
Exercised, Number of Shares | shares | |
Forfeited and expired, Number of Shares | shares | |
Outstanding at end of period, Number of Shares | shares | 2,160 |
Exercisable at end of period, Number of Shares | shares | |
Outstanding at beginning of period, Weighted Average Exercise | $ / shares | |
Granted, Weighted Average Exercise | $ / shares | 13.95 |
Exercised, Weighted Average Exercise | $ / shares | |
Forfeited and expired, Weighted Average Exercise | $ / shares | |
Outstanding at end of period, Weighted Average Exercise | $ / shares | 13.95 |
Exercisable at end of period, Weighted Average Exercise | $ / shares | |
Outstanding at end of period, Weighted Average Remaining Term (in years) | 9 years 9 months 18 days |
Loss Per Share (Schedule Of Net
Loss Per Share (Schedule Of Net Loss Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Loss Per Share [Abstract] | ||||
Net loss attributable to 3D Systems Corporation | $ (21,213) | $ (32,249) | $ (43,649) | $ (59,126) |
Weighted average shares | 111,008 | 112,010 | 111,194 | 111,920 |
Net loss per share, basic and diluted | $ (0.19) | $ (0.29) | $ (0.39) | $ (0.53) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Fair Value Measurements [Abstract] | ||
Fair value of assets transferred from level 1 to level 2 | $ 0 | $ 0 |
Fair value of assets transferred from level 2 to level 1 | 0 | 0 |
Fair value of assets transferred into level 3 | 0 | 0 |
Fair value of assets transferred from level 3 | 0 | 0 |
Fair value of liabilities transferred from level 1 to level 2 | 0 | 0 |
Fair value of liabilities transferred from level 2 to level 1 | 0 | 0 |
Fair value of liabilities transferred into level 3 | 0 | 0 |
Fair value of liabilities transferred from level 3 | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 37,532 | $ 26,648 |
Earnout consideration | [2] | 9,563 | 9,673 |
Decrease (increase) in earnout consideration | 917 | ||
Earnout accretion | 807 | ||
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 37,532 | 26,648 |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | ||
Earnout consideration | [2] | ||
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout consideration | [2] | $ 9,563 | $ 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 from December 31, 2015 to September 30, 2016 reflects a $917 adjustment to the expected payment, partially offset by $807 of accretion. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Examination [Line Items] | ||||
Provision (benefit) for income taxes | $ (2,214) | $ (3,524) | $ 665 | $ (20,563) |
Effective tax rates | 9.40% | 9.80% | 1.50% | 25.70% |
U.S Federal Income Tax [Member] | Earliest Tax Year [Member] | U.S. Internal Revenue Service [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,003 | |||
U.S Federal Income Tax [Member] | Latest Tax Year [Member] | U.S. Internal Revenue Service [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,015 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Australia Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,012 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Belgium Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,013 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Brazil Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | China Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,013 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | France Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,013 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | German Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,012 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | India Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,013 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Israel Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,012 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Italy Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Japan Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Korea Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Mexican Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Netherlands Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Switzerland Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | United Kingdom Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,015 | |||
Foreign Income Tax [Member] | Earliest Tax Year [Member] | Uruguay Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years subject to examination | 2,011 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | |
Number of reportable business segments | segment | 1 | |||
Revenue from unaffiliated customers | $ 156,362 | $ 151,574 | $ 467,028 | $ 482,800 |
Operating Segments [Member] | Americas [Member] | ||||
Revenue from unaffiliated customers | 86,890 | 80,724 | 253,981 | 257,382 |
Operating Segments [Member] | Germany [Member] | ||||
Revenue from unaffiliated customers | 16,796 | 18,972 | 56,225 | 61,567 |
Operating Segments [Member] | Other EMEA [Member] | ||||
Revenue from unaffiliated customers | 26,948 | 26,063 | 83,704 | 84,475 |
Operating Segments [Member] | Asia Pacific [Member] | ||||
Revenue from unaffiliated customers | $ 25,728 | $ 25,815 | $ 73,118 | $ 79,376 |
Segment Information (Schedule51
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | $ 156,362 | $ 151,574 | $ 467,028 | $ 482,800 |
Operating Segments [Member] | Products [Member] | ||||
Revenue | 56,484 | 52,899 | 163,301 | 183,790 |
Operating Segments [Member] | Materials [Member] | ||||
Revenue | 38,059 | 34,848 | 117,105 | 108,356 |
Operating Segments [Member] | Services [Member] | ||||
Revenue | $ 61,819 | $ 63,827 | $ 186,622 | $ 190,654 |
Segment Information (Schedule52
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Intercompany sales | $ 156,362 | $ 151,574 | $ 467,028 | $ 482,800 |
Intercompany Sales To Americas [Member] | ||||
Intercompany sales | 16,551 | 15,361 | 52,831 | 49,631 |
Intercompany Sales To Germany [Member] | ||||
Intercompany sales | 6,725 | 10,561 | 23,117 | 31,906 |
Intercompany Sales To Other EMEA [Member] | ||||
Intercompany sales | 4,569 | 6,507 | 14,300 | 21,204 |
Intercompany Sales To Asia Pacific [Member] | ||||
Intercompany sales | 8,533 | 6,400 | 22,211 | 20,575 |
Intercompany Sales [Member] | ||||
Intercompany sales | 36,378 | 38,829 | 112,459 | 123,316 |
Americas [Member] | Intercompany Sales To Americas [Member] | ||||
Intercompany sales | 733 | 1,160 | 2,011 | 2,480 |
Americas [Member] | Intercompany Sales To Germany [Member] | ||||
Intercompany sales | 6,163 | 8,771 | 21,377 | 28,581 |
Americas [Member] | Intercompany Sales To Other EMEA [Member] | ||||
Intercompany sales | 2,244 | 3,406 | 8,313 | 14,609 |
Americas [Member] | Intercompany Sales To Asia Pacific [Member] | ||||
Intercompany sales | 6,322 | 4,583 | 15,882 | 13,025 |
Americas [Member] | Intercompany Sales [Member] | ||||
Intercompany sales | 15,462 | 17,920 | 47,583 | 58,695 |
Germany [Member] | Intercompany Sales To Americas [Member] | ||||
Intercompany sales | 240 | 171 | 3,604 | 377 |
Germany [Member] | Intercompany Sales To Other EMEA [Member] | ||||
Intercompany sales | 976 | 1,919 | 2,254 | 3,812 |
Germany [Member] | Intercompany Sales To Asia Pacific [Member] | ||||
Intercompany sales | 105 | 169 | ||
Germany [Member] | Intercompany Sales [Member] | ||||
Intercompany sales | 1,321 | 2,090 | 6,027 | 4,189 |
Other EMEA [Member] | Intercompany Sales To Americas [Member] | ||||
Intercompany sales | 14,972 | 13,320 | 44,946 | 44,634 |
Other EMEA [Member] | Intercompany Sales To Germany [Member] | ||||
Intercompany sales | 562 | 1,790 | 1,740 | 3,325 |
Other EMEA [Member] | Intercompany Sales To Other EMEA [Member] | ||||
Intercompany sales | 1,236 | 1,132 | 3,601 | 2,715 |
Other EMEA [Member] | Intercompany Sales To Asia Pacific [Member] | ||||
Intercompany sales | 1,053 | 664 | 3,301 | 5,055 |
Other EMEA [Member] | Intercompany Sales [Member] | ||||
Intercompany sales | 17,823 | 16,906 | 53,588 | 55,729 |
Asia Pacific [Member] | Intercompany Sales To Americas [Member] | ||||
Intercompany sales | 606 | 710 | 2,270 | 2,140 |
Asia Pacific [Member] | Intercompany Sales To Other EMEA [Member] | ||||
Intercompany sales | 113 | 50 | 132 | 68 |
Asia Pacific [Member] | Intercompany Sales To Asia Pacific [Member] | ||||
Intercompany sales | 1,053 | 1,153 | 2,859 | 2,495 |
Asia Pacific [Member] | Intercompany Sales [Member] | ||||
Intercompany sales | $ 1,772 | $ 1,913 | $ 5,261 | $ 4,703 |
Segment Information (Schedule53
Segment Information (Schedule Of Income (Loss) From Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income (loss) from operations | $ (22,017) | $ (34,637) | $ (42,493) | $ (76,003) |
Reportable Geographical Components [Member] | ||||
Income (loss) from operations | (21,373) | (34,251) | (40,414) | (74,598) |
Intercompany Sales [Member] | ||||
Income (loss) from operations | (644) | (386) | (2,079) | (1,405) |
Americas [Member] | Operating Segments [Member] | ||||
Income (loss) from operations | (21,525) | (36,116) | (40,458) | (88,408) |
Germany [Member] | Operating Segments [Member] | ||||
Income (loss) from operations | 2,761 | 3,760 | 7,732 | 5,052 |
Other EMEA [Member] | Operating Segments [Member] | ||||
Income (loss) from operations | (11,043) | (9,057) | (27,225) | (11,330) |
Asia Pacific [Member] | Operating Segments [Member] | ||||
Income (loss) from operations | $ 8,434 | $ 7,162 | $ 19,537 | $ 20,088 |
Segment Information (Schedule54
Segment Information (Schedule Of Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | $ 862,348 | $ 893,275 |
Operating Segments [Member] | Americas [Member] | ||
Assets | 359,075 | 384,054 |
Operating Segments [Member] | Germany [Member] | ||
Assets | 39,157 | 36,782 |
Operating Segments [Member] | Other EMEA [Member] | ||
Assets | 343,194 | 369,302 |
Operating Segments [Member] | Asia Pacific [Member] | ||
Assets | $ 120,922 | $ 103,137 |
Segment Information (Schedule55
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 179,358 | $ 155,643 | $ 157,453 | $ 284,862 |
Operating Segments [Member] | Americas [Member] | ||||
Cash and cash equivalents | 105,314 | 98,913 | ||
Operating Segments [Member] | Germany [Member] | ||||
Cash and cash equivalents | 8,305 | 3,901 | ||
Operating Segments [Member] | Other EMEA [Member] | ||||
Cash and cash equivalents | 33,370 | 30,487 | ||
Operating Segments [Member] | Asia Pacific [Member] | ||||
Cash and cash equivalents | $ 32,369 | $ 22,342 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | Sep. 28, 2015USD ($)contract | Aug. 23, 2013lawsuititem | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)lawsuit | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |||||||
Rent expense under operating leases | $ 3,542 | $ 3,362 | $ 9,717 | $ 9,974 | |||
Supply commitments for printer assemblies | 38,307 | 38,307 | $ 50,663 | ||||
Total liabilities recorded for earnouts | 9,563 | $ 9,563 | 9,832 | ||||
Number of lawsuits filed | lawsuit | 2 | 9 | |||||
Number of alleged causes of action | item | 7 | ||||||
Number of alleged breaches of contract | contract | 2 | ||||||
Provision for litigation award | $ 11,282 | $ 11,282 | |||||
Redeemable noncontrolling interests | $ 8,872 | $ 8,872 | $ 8,872 | ||||
Alleged actual damages | 7,254 | ||||||
Fees and expenses | 2,318 | ||||||
Prejudgment interest | $ 1,710 |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Beginning Balance | $ (39,548) | |||
Other comprehensive income (loss) | $ 4,278 | $ (9,061) | 5,553 | $ (15,039) |
Ending Balance | (33,995) | (33,995) | ||
Foreign Currency Translation Adjustment [Member] | ||||
Beginning Balance | (37,675) | |||
Other comprehensive income (loss) | 5,499 | |||
Ending Balance | (32,176) | (32,176) | ||
Defined Benefit Pension Plan [Member] | ||||
Beginning Balance | (1,873) | |||
Other comprehensive income (loss) | 54 | |||
Ending Balance | $ (1,819) | $ (1,819) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 9 Months Ended |
Sep. 30, 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 |