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The ExOne Company
Statement of Consolidated Cash Flows (in thousands) (Unaudited) | |||||||
| Six Months Ended | |||||||
| June 30, | |||||||
| 2016 | 2015 | ||||||
| Operating activities | |||||||
| Net loss | $ | (8,419 | ) | $ | (14,569 | ) | |
| Adjustments to reconcile net loss to cash used for operations: | |||||||
| Depreciation and amortization | 2,862 | 2,489 | |||||
| Deferred income taxes | (29 | ) | (206 | ) | |||
| Equity-based compensation | 554 | 822 | |||||
| (Recoveries) provision for bad debts | (271 | ) | 324 | ||||
| Loss from disposal of property and equipment | 198 | - | |||||
| Amortization of debt issuance costs | 204 | - | |||||
| Changes in fair value of contingent consideration | - | (193 | ) | ||||
| Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | |||||||
| Decrease in accounts receivable | 4,652 | 6,134 | |||||
| Increase in inventories | (948 | ) | (8,357 | ) | |||
| Decrease in prepaid expenses and other assets | 823 | 89 | |||||
| Increase in accounts payable | 208 | 1,914 | |||||
| Decrease in accrued expenses and other liabilities | (1,551 | ) | (527 | ) | |||
| Increase in deferred revenue and customer prepayments | 1,550 | 3,974 | |||||
| Cash used for operating activities | (167 | ) | (8,106 | ) | |||
| Investing activities | |||||||
| Capital expenditures | (331 | ) | (2,831 | ) | |||
| Proceeds from sale of property and equipment | 44 | - | |||||
| Cash used for investing activities | (287 | ) | (2,831 | ) | |||
| 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 | (68 | ) | (65 | ) | |||
| Payments on capital and financing leases | (41 | ) | (194 | ) | |||
| Cash provided by (used for) financing activities | 12,933 | (259 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 63 | (226 | ) | ||||
| Net change in cash and cash equivalents | 12,542 | (11,422 | ) | ||||
| Cash and cash equivalents at beginning of period | 19,342 | 36,202 | |||||
| Cash and cash equivalents at end of period | $ | 31,884 | $ | 24,780 | |||
| Supplemental disclosure of noncash investing and financing activities | |||||||
| Property and equipment included in accounts payable | $ | 20 | $ | 234 | |||
| Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities | $ | 1,997 | $ | 2,506 | |||
| Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | $ | 682 | $ | 149 | |||
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The ExOne Company Reports 2016 Second Quarter Results
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