<SEC-DOCUMENT>0001193125-17-222928.txt : 20170817
<SEC-HEADER>0001193125-17-222928.hdr.sgml : 20170817
<ACCEPTANCE-DATETIME>20170706153955
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-222928
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			3D SYSTEMS CORP
		CENTRAL INDEX KEY:			0000910638
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				954431352
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 THREE D SYSTEMS CIRCLE
		CITY:			ROCK HILL
		STATE:			SC
		ZIP:			29730
		BUSINESS PHONE:		8033263900

	MAIL ADDRESS:	
		STREET 1:		333 THREE D SYSTEMS CIRCLE
		CITY:			ROCK HILL
		STATE:			SC
		ZIP:			29730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	3 D SYSTEMS CORP
		DATE OF NAME CHANGE:	19930816
</SEC-HEADER>
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<TYPE>CORRESP
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<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>A<SMALL>NDREW</SMALL> M. J<SMALL>OHNSON</SMALL></B><SMALL></SMALL> </P></TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D<SMALL>IRECT</SMALL> D<SMALL>IAL</SMALL>: +1 803.326.4003</B> </TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Legal Officer&nbsp;&amp;
Secretary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 Three D Systems Circle </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rock Hill, SC 29730
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;6, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA UPS </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 4561 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Mr.&nbsp;Stephen Krikorian </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><I>3D Systems Corporation</I> </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Form 10-K for the Fiscal Year ended December&nbsp;31,</I> <I>2016</I> </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&nbsp;&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Filed February&nbsp;28, 2017</I> </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Form 8-K</I> </TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Furnished May&nbsp;3, 2017</I> </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>File No.&nbsp;001-34220</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of 3D Systems Corporation (the &#147;Company&#148;), I hereby respond to the comment of the staff (the &#147;Staff&#148;) of the Securities and
Exchange Commission (the &#147;SEC&#148;) to the above-referenced filing set forth in its comment letter dated June&nbsp;22, 2017 (the &#147;Comment Letter&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with its response, the Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">It is responsible for the adequacy and accuracy of the disclosure in the filings; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with respect to the filings; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For convenience of reference, I have set forth below the text of the comment in the Comment Letter in bold, italicized text before the response to the
comment. In addition, I have conformed the section heading and paragraph numbers to those in the Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 10-K for the Fiscal Year
Ended December&nbsp;31, 2016 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Other Financial Information, page 36 </U></I></B></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you present a full non-GAAP income statement when reconciling non- GAAP measures to the most directly comparable GAAP measures here and in your earnings releases furnished on Form 8-K. In your next
earnings release, please reconcile without presenting a full non-GAAP income statement. We refer you to Question 102.10 of the updated Non-GAAP and Disclosure Interpretations on May&nbsp;17, 2016.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, in future filings and earnings releases the Company will provide a reconciliation in such manner that
does not present a full non-GAAP income statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Consolidated Financial Statements </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Consolidated Statements of Operations and Comprehensive Loss, page F-5 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>With a view toward future disclosures, please tell us the amount of depreciation and amortization that is directly attributable to the generation of revenue. Explain how your presentation complies with the
guidance in SAB Topic 11.B.</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company does include all depreciation and amortization from assets attributable to
the generation of revenue in the Cost of Sales line item in the statement of operations. Accordingly, the Company complies with the guidance provided in SAB Topic 11.B. The Company also includes depreciation and amortization related to assets that
are not attributable to the generation of revenue in the Research and Development and Selling and General Administrative line items in the statement of operations. This allocation is based upon the nature and use of the assets generating the
depreciation and amortization expense. The Company will revise its disclosures of Significant Accounting Policies in future filings to more clearly describe its allocation methodology related to depreciation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note 2 Significant Accounting Policies </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Inventories, page F-10 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note that you disclose the amount of inventory reserves on your consolidated balance sheets and elsewhere in the filing. Please tell us how your inventory valuation policy complies with the guidance in SAB
Topic 5 (BB) and ASC 330-10-35-14. That is, such reserves should establish a new cost basis and therefore, reserve balances as of the year end should not be reflected in a separate account.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As disclosed under the &#147;Inventories&#148; subheading in the Significant Accounting Policies footnote (Note 2), the Company values
inventories at the lower of cost or net realizable value. Inventory items are reviewed periodically to ensure that cost remains an appropriate measure by which they should be valued. For certain inventory items, the Company reduces the carrying
value based upon estimated net realizable value. In accordance with the guidance in SAB Topic 5 (BB) and ASC 330-10-35-14, once the carrying value of the inventory item has been marked down, there are no future adjustments to increase the value of
that inventory item. The Company will revise its disclosures in future filings so that its policy is more clearly stated. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note 21 Segment Information, page F-31 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>With a view toward future disclosures, please tell us the amount of revenues and long- lived assets for the United States, your country of domicile. We refer you to ASC 280-10-50-41.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, in future filings, the Company will separately disclose the amount of revenues and long-lived assets
for the United States, the Company&#146;s country of domicile. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note 22 Commitments and Contingencies </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Litigation, page F-34 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note from your disclosures that although you cannot predict the results of litigation with certainty, you believe that the disposition of these legal matters will not have a material adverse effect on your
consolidated results of operations or consolidated financial position. Please explain why you have omitted the statement of cash flows or revise future filings to include this financial statement. Please also clarify in your response and future
filings whether your belief that the legal matters will not have a material adverse effect pertains only to the &#147;other legal matters incidental to [your] business&#148; referenced in the preceding sentence or to all legal proceedings, including
the ones specifically described in Note 22.</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It was not the intent of the Company to either omit the statement of
cash flows or to imply that only &#147;other legal matters incidental to [its] business&#148; would not have a material adverse impact to the Company&#146;s financial statements. In response to the Staff&#146;s comment, the Company will revise its
disclosure in future filings to include a reference to the statement of cash flows and clearly describe the expected impact of all legal proceedings to the Company&#146;s financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 8-K furnished on May&nbsp;3, 2017 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>It appears you omit a quantitative reconciliation with respect to your forward looking non-GAAP guidance in reliance on the &#147;unreasonable efforts&#148; exception in Item&nbsp;10(e)(1)(i)(B) of Regulation S-K.
In your next earnings release, please follow the guidance in Question 102.10 of the updated Non-GAAP Compliance and Disclosure Interpretations issued on May&nbsp;17, 2016.</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Company respectfully refers the Staff to its disclosures in Schedule 3 of Exhibit 99.1 and slide 24 of Exhibit 99.2, each filed with the
Company&#146;s Form 8-K furnished on May&nbsp;3, 2017, where the Company provides the quantitative reconciliation of its forward </P>

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looking non-GAAP guidance to its forward looking GAAP guidance. The Company notes the Staff&#146;s comment and will continue to disclose this information in its future filings when applicable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We deeply appreciate the
Staff&#146;s availability by phone to further assist the Company and trust that the foregoing adequately responds to the comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate
to contact me at (803)&nbsp;326-4003 if you have any questions regarding our responses. We would welcome the opportunity to discuss this matter if not addressed to your satisfaction above with appropriate persons on the Staff with the objective of
resolving any remaining open concerns of the Staff. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Andrew M. Johnson</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Andrew M. Johnson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Legal Officer and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;Vyomesh I. Joshi </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
