The ExOne Company Reports 2017 Fourth Quarter and Full Year

The ExOne Company Reports 2017 Fourth Quarter and Full Year Results

NM: Not Meaningful


The ExOne Company Consolidated Balance Sheet (in thousands, except per-share and share amounts)

	December 31, 2017	December 31, 2016

Assets
Current assets:
Cash and cash equivalents	$ 21,848	$ 27,825
Restricted cash	330	330
Accounts receivable – net	8,647	6,447
Inventories – net	15,430	15,838
Prepaid expenses and other current assets	1,710	1,159
Total current assets	47,965	51,599
Property and equipment – net	46,797	51,134
Intangible assets – net	62	668
Other noncurrent assets	736	777
Total assets	$ 95,560	$ 104,178

Liabilities
Current liabilities:
Current portion of long-term debt	$ 137	$ 132
Current portion of capital leases	15	72
Accounts payable	4,291	2,036
Accrued expenses and other current liabilities	6,081	5,124
Deferred revenue and customer prepayments	8,282	7,371
Total current liabilities	18,806	14,735
Long-term debt – net of current portion	1,508	1,644
Capital leases – net of current portion	36	10
Other noncurrent liabilities	1	9
Total liabilities	20,351	16,398
Contingencies and commitments
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,124,617 (2017)
and 16,017,115 (2016) shares issued and outstanding	161	160
Additional paid-in capital	173,718	171,116
Accumulated deficit	(89,186)	(68,761)
Accumulated other comprehensive loss	(9,484)	(14,735)
Total stockholders' equity	75,209	87,780
Total liabilities and stockholders' equity	$ 95,560	$ 104,178


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

	Year Ended
	December 31,
	2017			2016

Operating activities
Net loss	$	(20,017	)	$	(14,598	)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation and amortization		6,278			5,659
Equity-based compensation		2,456			1,463
Amortization of debt issuance costs		6			210
Deferred income taxes		1			(29	)
Recoveries for bad debts - net		(64	)		(327	)
Provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable value
inventories - net		2,056			(5	)
(Gain) loss from disposal of property and equipment - net		(325	)		186
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:
(Increase) decrease in accounts receivable		(1,733	)		3,316
Decrease in inventories		357			2,502
(Increase) decrease in prepaid expenses and other assets		(856	)		1,024
Increase (decrease) in accounts payable		2,017			(1,281	)
Increase (decrease) in accrued expenses and other liabilities		445			(1,211	)
(Decrease) increase in deferred revenue and customer prepayments		(294	)		439
Net cash used for operating activities		(9,673	)		(2,652	)

Investing activities
Capital expenditures		(987	)		(1,347	)
Proceeds from sale of property and equipment		3,706			75
Net cash provided by (used for) investing activities		2,719			(1,272	)

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		(137	)		(138	)
Payments on capital and financing leases		(78	)		(82	)
Proceeds from exercise of employee stock options		147			-
Net cash (used for) provided by financing activities		(68	)		12,822

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		1,045			(415	)
Net change in cash, cash equivalents, and restricted cash		(5,977	)		8,483
Cash, cash equivalents, and restricted cash at beginning of period		28,155			19,672

Cash, cash equivalents, and restriced cash at end of period	$	22,178		$	28,155


Supplemental disclosure of noncash investing and financing activities
Transfer of internally developed 3D printing machines from inventories to
property and equipment for internal use or leasing activities	$	2,868		$	2,829

Transfer of internally developed 3D printing machines from property and equipment to
inventories for sale	$	3,042		$	1,737

Property and equipment included in accounts payable	$	64		$	117

Property and equipment included in accrued expenses and other current liabilities	$	108		$	-

Property and equipment accrued through financing arrangements	$	48		$	-


The ExOne Company Additional Information (Unaudited)

Machine Sales by Type

	Quarter Ended December 31,		Year Ended December 31,
	2017	2016	2017	2016

Exerial™	1	-	5	-
S-Max+™	-	-	1	1
S-Max ^®	8	7	15	12
S-15™	-	-	-	2
S-Print ^®	-	-	2	3
M-Print ^®	1	-	1	-
M-Flex ^®	1	2	7	5
Innovent®	5	3	10	9
X1-Lab ^®	-	-	-	1

	16	12	41	33


The ExOne Company Adjusted EBITDA Reconciliation (in millions) (Unaudited)

	Quarter Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016

Net loss	$	(1.9	)	$	(2.6	)	$	(20.0	)	$	(14.6	)

Interest expense		0.0			0.0			0.1			0.3
Provision for income taxes		0.0			0.1			0.0			0.1
Depreciation and amortization		1.3			1.3			6.3			5.6
Equity-based compensation		0.4			0.4			2.5			1.5
Other expense (income) - net		0.1			0.1			0.2			(0.2	)
Adjusted EBITDA	$	(0.1	)	$	(0.7	)	$	(10.9	)	$	(7.3	)

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