The ExOne Company Reports 2016 Fourth Quarter and Full Year Results
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The ExOne Company | | |
Statement of Consolidated Cash Flows | | (in thousands)
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Year Ended | | | |
December 31, | | | |
2016
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2015
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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 | ) | | |
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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 | | | |
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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 | | |
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