|
The ExOne Company Consolidated Balance Sheet (in thousands, except per-share and share amounts) (Unaudited) |
||||||||||
| September 30, | December 31, | |||||||||
| 2018 | 2017 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 10,705 | $ | 21,848 | ||||||
| Restricted cash | 1,312 | 330 | ||||||||
| Accounts receivable - net of allowance of $686 (2018) and $1,193 (2017) | 5,384 | 8,647 | ||||||||
| Inventories - net | 20,719 | 15,430 | ||||||||
| Prepaid expenses and other current assets | 3,585 | 1,710 | ||||||||
| Total current assets | 41,705 | 47,965 | ||||||||
| Property and equipment - net | 42,917 | 46,797 | ||||||||
| Intangible assets - net | — | 62 | ||||||||
| Other noncurrent assets | 692 | 736 | ||||||||
| Total assets | $ | 85,314 | $ | 95,560 | ||||||
| Liabilities | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt | $ | 142 | $ | 137 | ||||||
| Current portion of capital leases | 14 | 15 | ||||||||
| Accounts payable | 3,534 | 4,291 | ||||||||
| Accrued expenses and other current liabilities | 5,681 | 6,081 | ||||||||
| Deferred revenue and customer prepayments | 14,129 | 8,282 | ||||||||
| Total current liabilities | 23,500 | 18,806 | ||||||||
| Long-term debt - net of current portion | 1,401 | 1,508 | ||||||||
| Capital leases - net of current portion | 38 | 36 | ||||||||
| Other noncurrent liabilities | 1 | 1 | ||||||||
| Total liabilities | 24,940 | 20,351 | ||||||||
| Contingencies and commitments | ||||||||||
| Stockholders' equity | ||||||||||
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
16,232,951 (2018) and 16,124,617 (2017) shares issued and outstanding |
162 | 161 | ||||||||
| Additional paid-in capital | 174,894 | 173,718 | ||||||||
| Accumulated deficit | (103,931 | ) | (89,186 | ) | ||||||
| Accumulated other comprehensive loss | (10,751 | ) | (9,484 | ) | ||||||
| Total stockholders' equity | 60,374 | 75,209 | ||||||||
| Total liabilities and stockholders' equity | $ | 85,314 | $ | 95,560 | ||||||
|
The ExOne Company Statement of Consolidated Cash Flows (in thousands) (Unaudited) |
||||||||||
| Nine Months Ended | ||||||||||
| September 30, | ||||||||||
| 2018 | 2017 | |||||||||
| Operating activities | ||||||||||
| Net loss | $ | (14,745 | ) | $ | (18,057 | ) | ||||
| Adjustments to reconcile net loss to net cash used for operations: | ||||||||||
| Depreciation and amortization | 4,039 | 4,966 | ||||||||
| Equity-based compensation | 656 | 2,043 | ||||||||
| Amortization of debt issuance costs | 52 | 4 | ||||||||
| Recoveries for bad debts - net | (40 | ) | (51 | ) | ||||||
| Provision for slow-moving, obsolete and lower of cost or net realizable value | ||||||||||
| inventories - net | 910 | 1,872 | ||||||||
| Gain from disposal of property and equipment - net | (33 | ) | (322 | ) | ||||||
| Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ||||||||||
| Decrease in accounts receivable | 3,166 | 288 | ||||||||
| Increase in inventories | (7,458 | ) | (2,772 | ) | ||||||
| Increase in prepaid expenses and other assets | (761 | ) | (1,438 | ) | ||||||
| (Decrease) increase in accounts payable | (637 | ) | 2,032 | |||||||
| Decrease in accrued expenses and other liabilities | (206 | ) | (522 | ) | ||||||
| Increase (decrease) in deferred revenue and customer prepayments | 6,168 | (938 | ) | |||||||
| Net cash used for operating activities | (8,889 | ) | (12,895 | ) | ||||||
| Investing activities | ||||||||||
| Capital expenditures | (1,192 | ) | (874 | ) | ||||||
| Proceeds from sale of property and equipment | 77 | 3,702 | ||||||||
| Net cash (used for) provided by investing activities | (1,115 | ) | 2,828 | |||||||
| Financing activities | ||||||||||
| Payments on long-term debt | (106 | ) | (102 | ) | ||||||
| Payments on capital leases | (13 | ) | (64 | ) | ||||||
| Debt issuance costs | (265 | ) | — | |||||||
| Proceeds from exercise of employee stock options | 521 | — | ||||||||
| Net cash provided by (used for) financing activities | 137 | (166 | ) | |||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (294 | ) | 882 | |||||||
| Net change in cash, cash equivalents, and restricted cash | (10,161 | ) | (9,351 | ) | ||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 22,178 | 28,155 | ||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 12,017 | $ | 18,804 | ||||||
| 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 |
$ | 1,521 | $ | 2,363 | ||||||
|
Transfer of internally developed 3D printing machines from property
and equipment to
inventories for sale |
$ | 847 | $ | 597 | ||||||
| Property and equipment included in assets held for sale | $ | 822 | $ | — | ||||||
| Property and equipment acquired through financing arrangements | $ | 14 | $ | 48 | ||||||
| Property and equipment included in accounts payable | $ | 48 | $ | 94 | ||||||
| Property and equipment included in accrued expenses and other current liabilities | $ | 4 | $ | 84 | ||||||
| Advance deposits on property and equipment | $ | — | $ | 12 | ||||||
|
The ExOne Company Additional Information (Unaudited) |
||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| 3D printing machine units sold: | ||||||||||||
| Exerial TM | — | 4 | — | 4 | ||||||||
| S-Max+ TM | — | 1 | — | 1 | ||||||||
| S-Max® | 6 | 1 | 10 | 7 | ||||||||
| S-Print® | 1 | 2 | 2 | 2 | ||||||||
| M-Flex® | 1 | 2 | 2 | 6 | ||||||||
| Innovent®+ | 3 | — | 4 | — | ||||||||
| Innovent® | 4 | 2 | 10 | 5 | ||||||||
| 15 | 12 | 28 | 25 | |||||||||
|
The ExOne Company Adjusted EBITDA Reconciliation (in millions) (Unaudited) |
||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Net loss | $ | (0.3 | ) | $ | (4.9 | ) | $ | (14.7 | ) | $ | (18.1 | ) | ||||||||
| Interest expense | 0.0 | 0.0 | 0.2 | 0.1 | ||||||||||||||||
| Provision for income taxes | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||
| Depreciation and amortization | 1.2 | 1.4 | 4.0 | 5.0 | ||||||||||||||||
| Equity-based compensation | 0.3 | 1.3 | 0.6 | 2.1 | ||||||||||||||||
| Other (income) expense - net | (0.8 | ) | 0.0 | (0.9 | ) | 0.1 | ||||||||||||||
| Adjusted EBITDA | $ | 0.4 | $ | (2.2 | ) | $ | (10.8 | ) | $ | (10.8 | ) | |||||||||
