| The ExOne Company | ||||||||
| Statement of Consolidated Cash Flows | ||||||||
| (in thousands)
| ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
|
2016
|
2015
| |||||||
| Operating activities | ||||||||
| Net loss | $ | (14,598 | ) | $ | (25,865 | ) | ||
| Adjustments to reconcile net loss to net cash used for operations: | ||||||||
| Depreciation and amortization | 5,659 | 5,227 | ||||||
| Deferred income taxes | (29 | ) | (268 | ) | ||||
| Amortization of debt issuance costs | 210 | 18 | ||||||
| Equity-based compensation | 1,463 | 1,725 | ||||||
| Recoveries of bad debts | (327 | ) | (254 | ) | ||||
| Loss from disposal of property and equipment | 186 | 87 | ||||||
| Changes in fair value of contingent consideration | - | (193 | ) | |||||
| Goodwill impairment | - | 4,419 | ||||||
| Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ||||||||
| Decrease in accounts receivable | 3,316 | 4,567 | ||||||
| Decrease (increase) in inventories | 2,497 | (8,021 | ) | |||||
| Decrease in prepaid expenses and other assets | 1,024 | 685 | ||||||
| (Decrease) increase in accounts payable | (1,281 | ) | 1,654 | |||||
| Decrease in accrued expenses and other liabilities | (1,211 | ) | (823 | ) | ||||
| Increase in deferred revenue and customer prepayments | 439 | 6,320 | ||||||
| Net cash used for operating activities | (2,652 | ) | (10,722 | ) | ||||
| Investing activities | ||||||||
| Capital expenditures | (1,347 | ) | (4,938 | ) | ||||
| Proceeds from sale of property and equipment | 75 | 190 | ||||||
| Net cash used for investing activities | (1,272 | ) | (4,748 | ) | ||||
| 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 | (138 | ) | (132 | ) | ||||
| Payments on capital and financing leases | (82 | ) | (323 | ) | ||||
| Deferred financing costs | - | (215 | ) | |||||
| Net cash provided by (used for) financing activities | 12,822 | (670 | ) | |||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (415 | ) | (390 | ) | ||||
| Net change in cash, cash equivalents, and restricted cash | 8,483 | (16,530 | ) | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 19,672 | 36,202 | ||||||
| Cash, cash equivalents, and restriced cash at end of period | $ | 28,155 | $ | 19,672 | ||||
| Supplemental disclosure of noncash investing and financing activities | ||||||||
| Property and equipment included in accounts payable | $ | 117 | $ | - | ||||
| Transfer of internally developed 3D printing machines from inventories to | ||||||||
| property and equipment for internal use or leasing activities | $ | 2,829 | $ | 4,749 | ||||
| Transfer of internally developed 3D printing machines from property and equipment to | ||||||||
| inventories for sale | $ | 1,737 | $ | 956 | ||||
The ExOne Company Reports 2016 Fourth Quarter and Full Year Results
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