The ExOne Company Reports 2016 Second Quarter Results


The ExOne Company Statement of Consolidated Cash Flows (in thousands) (Unaudited)

	Six Months Ended
	June 30,
		2016			2015

Operating activities
Net loss	$	(8,419	)	$	(14,569	)
Adjustments to reconcile net loss to cash used for operations:
Depreciation and amortization		2,862			2,489
Deferred income taxes		(29	)		(206	)
Equity-based compensation		554			822
(Recoveries) provision for bad debts		(271	)		324
Loss from disposal of property and equipment		198			-
Amortization of debt issuance costs		204			-
Changes in fair value of contingent consideration		-			(193	)
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:
Decrease in accounts receivable		4,652			6,134
Increase in inventories		(948	)		(8,357	)
Decrease in prepaid expenses and other assets		823			89
Increase in accounts payable		208			1,914
Decrease in accrued expenses and other liabilities		(1,551	)		(527	)
Increase in deferred revenue and customer prepayments		1,550			3,974
Cash used for operating activities		(167	)		(8,106	)

Investing activities
Capital expenditures		(331	)		(2,831	)
Proceeds from sale of property and equipment		44			-
Cash used for investing activities		(287	)		(2,831	)

Financing activities
Net proceeds from issuance of common stock - registered direct offering to a related party		12,447			-
Net proceeds from issuance of common stock - at the market offerings		595			-
Payments on long-term debt		(68	)		(65	)
Payments on capital and financing leases		(41	)		(194	)
Cash provided by (used for) financing activities		12,933			(259	)

Effect of exchange rate changes on cash and cash equivalents		63			(226	)
Net change in cash and cash equivalents		12,542			(11,422	)
Cash and cash equivalents at beginning of period		19,342			36,202
Cash and cash equivalents at end of period	$	31,884		$	24,780


Supplemental disclosure of noncash investing and financing activities
Property and equipment included in accounts payable	$	20		$	234

Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities	$	1,997		$	2,506

Transfer of internally developed 3D printing machines from property and equipment to inventories for sale	$	682		$	149

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