The ExOne Company (NASDAQ:XONE) (“ExOne” or “the Company”), a
global provider of three-dimensional (“3D”) printing machines and
3D printed and other products, materials and services to industrial
customers, reported financial results today for the fourth quarter
and year ended December 31, 2016.
ExOne continued to see sustained growth in revenue in 2016, up
18% over 2015, driven by the sale of large format indirect
machines. Machine revenue grew 36% and non-machine revenue
grew 8%. This 2016 full year momentum is underwritten by
sales of the Company’s S-Max® machines, which are setting the
standard in the industry.
|
|
|
Fourth Quarter Revenue – Non-machine Revenue
Rebounds |
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
(in millions) |
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue by
Product Line |
|
|
|
|
|
|
|
|
|
|
|
3D Printing Machines: |
|
|
|
|
|
|
|
|
|
|
|
3D
Printing Machines - third parties |
$ |
7.5 |
51 |
% |
|
$ |
9.5 |
58 |
% |
|
$ |
21.0 |
44 |
% |
|
$ |
14.1 |
35 |
% |
3D
Printing Machines - related parties |
|
- |
0 |
% |
|
|
0.1 |
1 |
% |
|
|
- |
0 |
% |
|
|
1.4 |
3 |
% |
|
|
7.5 |
51 |
% |
|
|
9.6 |
59 |
% |
|
|
21.0 |
44 |
% |
|
|
15.5 |
38 |
% |
3D Printed and Other Products, Materials and Services
("Non-machine"): |
|
|
|
|
|
|
|
|
|
|
|
3D
Printed and Other Products, Materials and Services - third
parties |
|
7.1 |
49 |
% |
|
|
6.6 |
41 |
% |
|
|
26.7 |
56 |
% |
|
|
24.8 |
62 |
% |
3D
Printed and Other Products, Materials and Services - related
parties |
|
0.0 |
0 |
% |
|
|
- |
0 |
% |
|
|
0.1 |
0 |
% |
|
|
0.1 |
0 |
% |
|
|
7.1 |
49 |
% |
|
|
6.6 |
41 |
% |
|
|
26.8 |
56 |
% |
|
|
24.9 |
62 |
% |
Total
Revenue |
$ |
14.6 |
100 |
% |
|
$ |
16.2 |
100 |
% |
|
$ |
47.8 |
100 |
% |
|
$ |
40.4 |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated revenue for the 2016 fourth quarter was down 10%,
compared with the prior-year. Machine revenue decreased by
$2.1 million, compared with a strong 2015 fourth quarter.
Non-machine revenue increased by $0.5 million, or 7%,
demonstrating a steady increase in the adoption of our binder
jetting technology.
“We are pleased with the progress made in 2016, evidenced by
solid growth in machine revenue. While expected recognition
of revenue on certain machines slipped from the 2016 fourth quarter
into 2017, we are not discouraged by the comparison to a strong
2015 fourth quarter. We have made a considerable effort to
understand in what stage of adoption our customers are, with
respect to our binder jet printing technology, and believe that
2017 marks an inflection point in our evolution. We have
customers who were in the early stages of adoption two years ago
and are now reaching more advanced stages, as they discover that
our equipment can bring sustainable and differential value to their
businesses. This encourages us about our potential for
growth,” stated Jim McCarley, ExOne’s Chief Executive Officer.
Fourth Quarter Operations – Lower Machine Revenue
Impacts Results
|
|
|
|
|
|
|
|
($ in millions, except
per-share amounts) |
Q4 2016 |
|
Q4 2015 |
|
Change |
|
%
Change |
Gross profit |
$5.2 |
|
$6.1 |
|
($0.9) |
|
(14%) |
Gross
margin |
35.7% |
|
37.5% |
|
|
|
|
Operating Loss |
($2.4) |
|
($1.1) |
|
($1.3) |
|
(117%) |
Net loss |
($2.6) |
|
($1.2) |
|
($1.4) |
|
(111%) |
Diluted
EPS |
$ |
(0.16) |
|
$ |
(0.08) |
|
($0.08) |
|
(90%) |
|
|
|
|
|
|
|
|
The decrease in 2016 gross profit was driven by lower machine
sales, with the 2015 fourth quarter margin demonstrating a more
favorable mix.
Higher operating loss in the 2016 fourth quarter was impacted by
lower gross profit and higher selling, general and administrative
(“SG&A”) expenses. SG&A expenses increased by $0.4
million to $5.5 million primarily due to the inclusion of bad debt
recoveries in 2015 that did not recur in 2016. R&D
expenses of $2.1 million for the quarter were comparable with the
prior year’s quarter.
Adjusted earnings before interest, taxes, depreciation and
amortization (“Adjusted EBITDA”), a non-GAAP measure, decreased to
a $0.7 million loss in the 2016 fourth quarter, compared with $0.8
million in last year’s fourth quarter. ExOne management
believes that, when used in conjunction with other measures
prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”), Adjusted EBITDA assists in
the understanding of its financial results. See the attached
tables for important disclosures regarding the Company’s use of
Adjusted EBITDA as well as a reconciliation of net loss (most
directly comparable GAAP measure) to Adjusted EBITDA for the
quarters and years ended December 31, 2016 and 2015.
2016 Review – Improved Operating Leverage
|
|
|
|
|
|
|
|
|
Full year
table |
|
|
|
|
|
|
|
|
($ in
millions, except per-share amounts) |
|
2016 |
|
|
|
2015 |
|
|
Change |
|
% Change |
|
Gross
profit |
$14.2 |
|
|
$8.3 |
|
|
$5.9 |
|
|
70% |
|
|
Gross
margin |
|
29.6% |
|
|
|
20.7% |
|
|
|
|
|
|
Operating
loss |
|
($14.4 |
) |
|
|
($25.9 |
) |
|
$11.6 |
|
|
45% |
|
|
Net
loss |
|
($14.6 |
) |
|
|
($25.9 |
) |
|
$11.3 |
|
|
44% |
|
|
Diluted
EPS |
$ |
(0.92 |
) |
|
$ |
(1.79 |
) |
|
$ |
0.87 |
|
|
49% |
|
|
|
|
|
|
|
|
|
|
|
Gross profit and gross margin for 2016 significantly improved
compared with the prior year. 2016 was driven by higher
volume, especially large, indirect machine sales, and improved
efficiencies. As previously noted, 2015 included costs
associated with the Company’s expanded global facilities
integration as well as its European ERP system
implementation.
Operating loss for 2016 improved compared with 2015 due to
higher gross profit and lower SG&A expenses, as well as the
impact of a $4.4 million goodwill impairment charge recorded in
2015. SG&A for 2016 was $20.7 million, down $1.8 million,
or 8%, compared with 2015 primarily due to reduced professional,
consulting and trade show expenses resulting from cost containment
initiatives. R&D expense was $7.8 million in 2016
compared with $7.3 million in 2015, with the increase reflecting
project-related material costs supporting continued product
enhancements.
Adjusted EBITDA improved to a $7.3 million loss in 2016,
compared with a $14.6 million loss last year. ExOne
management believes that, when used in conjunction with other
measures prepared in accordance with GAAP, Adjusted EBITDA, a
non-GAAP measure, assists in the understanding of its financial
results. See the attached tables for important disclosures
regarding the Company’s use of Adjusted EBITDA as well as a
reconciliation of net loss to Adjusted EBITDA for the quarters and
years ended December 31, 2016 and 2015.
Capitalization – Cash Usage Continues to be
Stable
Unrestricted cash and cash equivalents as of December 31, 2016
were $27.8 million, down from $29.8 million at September 30, 2016
and up from $19.3 million at December 31, 2015. Cash used for
operations was $2.7 million for 2016 compared with $10.7 million
for 2015, with the improvement driven by better operating
performance and working capital utilization. Cash capital
expenditures were $1.3 million for 2016 compared with $4.9 million
for 2015.
Outlook and Vision
Mr. McCarley noted, “We believe our addressable market is
expanding based on ExOne’s increased equipment and material
capabilities that support a higher level of adoption across our
customer base and their markets.”
He concluded, “Our outlook is positive for 2017. Although
we will continue to have fluctuations in quarter-to-quarter revenue
and profitability comparisons, our expected annual sales growth is
at least 25%, which will result in operating leverage, stable cash
flow and working capital utilization, and positive Adjusted EBITDA
experienced by year end. Looking beyond 2017, we believe that
continuing our investment in equipment capability and material
qualification, coupled with applying our enhanced commercial
management and tools, ExOne can achieve long-term sustained
year-over-year revenue growth rates that exceed 25% for the
foreseeable future.”
Given the long sales cycle and significance of a machine’s
average selling price relative to total revenue, fluctuations in
machine-sale revenue vary from quarter to quarter. ExOne does
not believe that such quarter-to-quarter fluctuations are
necessarily indicative of larger trends.
Webcast and Conference Call
ExOne will host a conference call and live webcast on Friday,
March 17 at 8:30 a.m. Eastern Time. During the conference
call and webcast, management will review the financial and
operating results for the 2016 fourth quarter and full year, along
with ExOne’s corporate strategies and outlook. A
question-and-answer session will follow. The teleconference
can be accessed by calling (201) 689-8470. The webcast can be
monitored on the Company’s website at www.investor.exone.com/.
A telephonic replay of the conference call will be available
from 11:30 a.m. ET on the day of the teleconference through Friday,
March 24, 2017. To listen to a replay of the call, dial (412)
317-6671 and enter the conference ID number 13653300, or access the
webcast replay via the Company’s website, where a transcript will
also be posted once available.
About ExOne
ExOne is a global provider of 3D printing machines and 3D
printed and other products, materials and services to industrial
customers. ExOne's business primarily consists of
manufacturing and selling 3D printing machines and printing
products to specification for its customers using its installed
base of 3D printing machines. ExOne’s machines serve direct
and indirect applications. Direct printing produces a
component; indirect printing makes a tool to produce a
component. ExOne offers pre-production collaboration and
print products for customers through its network of ExOne Adoption
Centers (EACs) and Production Service Centers (PSCs). ExOne
also supplies the associated materials, including consumables and
replacement parts, and other services, including training and
technical support that is necessary for purchasers of its 3D
printing machines to print products. The Company believes
that its ability to print in a variety of industrial materials, as
well as its industry-leading volumetric output (as measured by
build box size and printing speed) uniquely position ExOne to serve
the needs of industrial customers.
Safe Harbor Regarding Forward Looking
Statements
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act with
respect to the Company’s future financial or business performance,
strategies, or expectations. Forward-looking statements typically
are identified by words or phrases such as “trend,” “potential,”
“opportunity,” “pipeline,” “believe,” “comfortable,” “expect,”
“anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,”
“seek,” “achieve,” as well as similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could” and
“may.”
The Company cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made and the Company assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
In addition to risk factors previously disclosed in the
Company’s reports, the following factors, among others, could cause
results to differ materially from forward-looking statements or
historical performance: the Company’s ability to enhance its
current three-dimensional (“3D”) printing machines and technology
and develop new 3D printing machines; its ability to qualify more
industrial materials in which it can print; timing and length of
sales of 3D printing machines; demand for ExOne products; the
Company’s ability to achieve cost savings through consolidation or
exiting of certain North American operations; the impact of
increases in operating expenses and expenses relating to proposed
investments and alliances; the availability of skilled personnel;
the impact of market conditions and other factors on the carrying
value of long-lived assets; the Company’s competitive environment
and its competitive position; the Company’s ability to continue as
a going concern; individual customer contractual requirements; the
impact of customer specific terms in machine sale agreements on the
period in which the Company recognizes revenue; the impact of loss
of key management; risks related to global operations including
effects of foreign currency and risks related to the situation in
the Ukraine and the United Kingdom’s referendum to withdraw from
the European Union; demand for aerospace, automotive, heavy
equipment, energy/oil/gas and other industrial products; the
Company’s plans regarding increased international operations in
additional international locations; the scope, nature or impact of
alliances and strategic investments and the Company’s ability to
integrate strategic investments; sufficiency of funds for required
capital expenditures, working capital, and debt service; the
adequacy of sources of liquidity; the effect of litigation,
contingencies and warranty claims; liabilities under laws and
regulations protecting the environment; the impact of governmental
laws and regulations; operating hazards, war, terrorism and
cancellation or unavailability of insurance coverage; the impact of
disruption of our manufacturing facilities, production service
centers or ExOne adoption centers; the adequacy of the Company’s
protection of its intellectual property; expectations regarding
demand for the Company’s industrial products, operating revenues,
operating and maintenance expenses, insurance expenses and
deductibles, interest expenses, debt levels, and other matters with
regard to outlook; and material weaknesses in the Company’s
internal control over financial reporting.
These and other important factors, including those discussed in
the Company’s Annual Report on Form 10-K, may cause its actual
results of operations to differ materially from any future results
of operations expressed or implied by the forward-looking
statements contained herein. Before making a decision to purchase
ExOne common stock, you should carefully consider all of the
factors identified in its Annual Report on Form 10-K that could
cause actual results to differ from these forward-looking
statements.
FINANCIAL TABLES FOLLOW.
|
The ExOne
Company |
Statement of Consolidated
Operations |
(in thousands, except per-share amounts) |
(Unaudited) |
|
|
Quarter Ended December
31, |
% Change |
|
Year Ended December
31, |
% Change |
|
2016 |
|
2015 |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Revenue -
third parties |
$ |
14,629 |
|
|
$ |
16,057 |
|
(9%) |
|
|
$ |
47,713 |
|
|
$ |
38,918 |
|
23% |
|
Revenue -
related parties |
|
2 |
|
|
|
141 |
|
(99%) |
|
|
|
75 |
|
|
|
1,435 |
|
(95%) |
|
|
|
14,631 |
|
|
|
16,198 |
|
(10%) |
|
|
|
47,788 |
|
|
|
40,353 |
|
18% |
|
Cost of sales |
|
9,411 |
|
|
|
10,129 |
|
(7%) |
|
|
|
33,626 |
|
|
|
32,010 |
|
5% |
|
Gross profit |
|
5,220 |
|
|
|
6,069 |
|
(14%) |
|
|
|
14,162 |
|
|
|
8,343 |
|
70% |
|
Gross
margin |
|
35.7% |
|
|
|
37.5% |
|
|
|
|
29.6% |
|
|
|
20.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
2,077 |
|
|
|
2,061 |
|
1% |
|
|
|
7,814 |
|
|
|
7,279 |
|
7% |
|
Selling, general and
administrative |
|
5,500 |
|
|
|
5,097 |
|
8% |
|
|
|
20,722 |
|
|
|
22,576 |
|
(8%) |
|
Goodwill
impairment |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
4,419 |
|
(100%) |
|
|
|
7,577 |
|
|
|
7,158 |
|
6% |
|
|
|
28,536 |
|
|
|
34,274 |
|
(17%) |
|
Loss from operations |
|
(2,357 |
) |
|
|
(1,089 |
) |
(116%) |
|
|
|
(14,374 |
) |
|
|
(25,931 |
) |
45% |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
22 |
|
|
|
65 |
|
(66%) |
|
|
|
298 |
|
|
|
152 |
|
96% |
|
Other expense (income)
– net |
|
165 |
|
|
|
38 |
|
334% |
|
|
|
(141 |
) |
|
|
(45) |
|
213% |
|
|
|
187 |
|
|
|
103 |
|
82% |
|
|
|
157 |
|
|
|
107 |
|
47% |
|
Loss before income
taxes |
|
(2,544 |
) |
|
|
(1,192 |
) |
(113%) |
|
|
|
(14,531 |
) |
|
|
(26,038 |
) |
44% |
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for
income taxes |
|
24 |
|
|
|
27 |
|
(11%) |
|
|
|
67 |
|
|
|
(173 |
) |
NM |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(2,568 |
) |
|
$ |
(1,219 |
) |
(111%) |
|
|
$ |
(14,598 |
) |
|
$ |
(25,865 |
) |
44% |
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.16 |
) |
|
$ |
(0.08 |
) |
(100%) |
|
|
$ |
(0.92 |
) |
|
$ |
(1.79 |
) |
49% |
|
Diluted |
$ |
(0.16 |
) |
|
$ |
(0.08 |
) |
(100%) |
|
|
$ |
(0.92 |
) |
|
$ |
(1.79 |
) |
49% |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding (basic and diluted) |
|
16,001 |
|
|
|
14,431 |
|
|
|
|
15,935 |
|
|
|
14,428 |
|
|
|
|
|
|
|
|
|
|
|
|
NM: Not Meaningful |
|
|
|
|
|
|
|
|
|
The ExOne Company |
Consolidated Balance Sheet |
(in thousands, except per-share and share amounts) |
|
|
December 31,
2016 |
|
December 31,
2015 |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
27,825 |
|
|
$ |
19,342 |
|
Accounts
receivable – net |
|
6,447 |
|
|
|
9,368 |
|
Inventories – net |
|
15,838 |
|
|
|
19,839 |
|
Prepaid
expenses and other current assets |
|
1,489 |
|
|
|
2,912 |
|
Total
current assets |
|
51,599 |
|
|
|
51,461 |
|
Property
and equipment – net |
|
51,134 |
|
|
|
54,832 |
|
Other noncurrent
assets |
|
1,445 |
|
|
|
1,623 |
|
Total
assets |
$ |
104,178 |
|
|
$ |
107,916 |
|
|
|
|
|
Liabilities |
|
|
|
Current
liabilities: |
|
|
|
Current
portion of long-term debt |
$ |
132 |
|
|
$ |
132 |
|
Current
portion of capital leases |
|
72 |
|
|
|
82 |
|
Accounts
payable |
|
2,036 |
|
|
|
3,231 |
|
Accrued
expenses and other current liabilities |
|
5,124 |
|
|
|
6,410 |
|
Deferred
revenue and customer prepayments |
|
7,371 |
|
|
|
7,103 |
|
Total
current liabilities |
|
14,735 |
|
|
|
16,958 |
|
Long-term debt – net of current portion |
|
1,644 |
|
|
|
1,776 |
|
Capital leases – net of
current portion |
|
10 |
|
|
|
81 |
|
Other noncurrent
liabilities |
|
9 |
|
|
|
28 |
|
Total
liabilities |
|
16,398 |
|
|
|
18,843 |
|
Contingencies and
commitments |
|
|
|
Stockholders'
equity |
|
|
|
Common
stock, $0.01 par value, 200,000,000 shares authorized, 16,017,115
(2016) |
|
|
|
and
14,446,967 (2015) shares issued and outstanding |
|
160 |
|
|
|
144 |
|
Additional paid-in capital |
|
171,116 |
|
|
|
156,627 |
|
Accumulated deficit |
|
(68,761 |
) |
|
|
(54,163 |
) |
Accumulated other comprehensive loss |
|
(14,735 |
) |
|
|
(13,535 |
) |
Total
stockholders' equity |
|
87,780 |
|
|
|
89,073 |
|
Total
liabilities and stockholders' equity |
$ |
104,178 |
|
|
$ |
107,916 |
|
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 |
|
Additional Information |
|
(Unaudited) |
|
|
|
Machine Sales by Type |
|
|
|
|
Quarter Ended December
31, |
|
Year Ended December
31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-Max+™ |
- |
|
1 |
|
1 |
|
1 |
|
S-Max® |
7 |
|
6 |
|
12 |
|
7 |
|
S-15™ |
- |
|
1 |
|
2 |
|
1 |
|
S-Print® |
- |
|
2 |
|
3 |
|
2 |
|
M-Print® |
- |
|
- |
|
- |
|
1 |
|
M-Flex® |
2 |
|
- |
|
5 |
|
3 |
|
Innovent® |
3 |
|
2 |
|
9 |
|
10 |
|
X1-Lab® |
- |
|
- |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
12 |
|
12 |
|
33 |
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2015, one M-Print and two
Innovent units were sold to related parties, including one Innovent
during the quarter ended December 31, 2015.
|
The ExOne Company |
Adjusted EBITDA Reconciliation |
(in millions) |
(Unaudited) |
|
|
Quarter Ended December
31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(2.6 |
) |
|
$ |
(1.3 |
) |
|
$ |
(14.6 |
) |
|
$ |
(25.9 |
) |
|
|
|
|
|
|
|
|
Interest expense |
|
0.0 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
Provision (benefit) for
income taxes |
|
0.1 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
(0.2 |
) |
Depreciation and
amortization |
|
1.3 |
|
|
|
1.4 |
|
|
|
5.6 |
|
|
|
5.2 |
|
Goodwill
impairment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4.4 |
|
Equity-based
compensation |
|
0.4 |
|
|
|
0.5 |
|
|
|
1.5 |
|
|
|
1.7 |
|
Other expense (income)
- net |
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.2 |
) |
|
|
(0.0 |
) |
Adjusted
EBITDA |
$ |
(0.7 |
) |
|
$ |
0.8 |
|
|
$ |
(7.3 |
) |
|
$ |
(14.6 |
) |
|
|
|
|
|
|
|
|
ExOne defines Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization) as net loss (as calculated under
accounting principles generally accepted in the United States
(“GAAP”)) plus interest expense, provision (benefit) for income
taxes, depreciation and amortization, goodwill impairment,
equity-based compensation, and other expense (income) - net.
Use of Adjusted EBITDA, which is a non-GAAP financial
measure, as defined under the rules of the U.S. Securities and
Exchange Commission, is intended as a supplemental measure of
ExOne’s performance that is not required by, or presented in
accordance with, GAAP. Adjusted EBITDA should not be
considered as an alternative to net loss or any other performance
measure derived in accordance with GAAP. The Company’s
presentation of Adjusted EBITDA should not be construed to imply
that its future results will be unaffected by unusual or
non-recurring items.
The Company believes Adjusted EBITDA is meaningful to its
investors to enhance their understanding of ExOne’s financial
results. Although Adjusted EBITDA is not necessarily a
measure of the Company’s ability to fund its cash needs, the
Company understands that it is frequently used by securities
analysts, investors and other interested parties as a measure of
financial performance and to compare ExOne’s performance with the
performance of other companies that report Adjusted EBITDA.
ExOne’s calculation of Adjusted EBITDA may not be comparable
to similarly titled measures reported by other companies.
For more information, contact:
Brian Smith
Chief Financial Officer
(724) 765-1350
brian.smith@exone.com
Deborah K. Pawlowski / Karen L. Howard
Kei Advisors LLC
(716) 843-3908 / (716) 843-3942
dpawlowski@keiadvisors.com / khoward@keiadvisors.com
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