The ExOne Company Reports 2016 Fourth Quarter and Full Year Results


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    

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