The ExOne Company Reports 2020 First Quarter Results

These and other important factors, including those discussed under Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, and under Part II, Item 1A, “Risk Factors” and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, may cause the Company’s actual results of operations to differ materially from any future results of operations expressed or implied by the forward-looking statements contained therein. 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 and Quarterly Report on Form 10-Q 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)

 

Three Months Ended

%

March 31,

Change

2020

2019

Revenue

$

13,383

 

$

9,579

 

40%

Cost of sales

 

9,754

 

 

6,937

 

41%

Gross profit

 

3,629

 

 

2,642

 

37%

Gross margin

 

27.1

%

 

27.6

%

Research and development

 

2,476

 

 

2,432

 

2%

Selling, general and administrative

 

6,163

 

 

5,423

 

14%

Gain from sale-leaseback of property and equipment

 

(1,462

)

 

100%

 

7,177

 

 

7,855

 

(9%)

Operating loss

 

(3,548

)

 

(5,213

)

32%

Interest expense

 

64

 

 

71

 

(10%)

Other (income) expense — net

 

(190

)

 

12

 

NM

 

(126

)

 

83

 

NM

Loss before income taxes

 

(3,422

)

 

(5,296

)

35%

Provision (benefit) for income taxes

 

226

 

 

(800

)

NM

Net loss

$

(3,648

)

$

(4,496

)

19%

Net loss per common share:
Basic

$

(0.22

)

$

(0.28

)

21%

Diluted

$

(0.22

)

$

(0.28

)

21%

Weighted average shared outstanding (basic and diluted)

 

16,369

 

 

16,253

 

 

NM: Not Meaningful

The ExOne Company

Consolidated Balance Sheet

(in thousands, except per-share and share amounts)

(Unaudited)

 

March 31,

December 31,

2020

2019

Assets
Current assets:
Cash and cash equivalents

$

16,813

 

$

5,265

 

Restricted cash

 

508

 

 

978

 

Accounts receivable — net

 

4,954

 

 

6,522

 

Current portion of net investment in sales-type leases

 

289

 

 

213

 

Inventories — net

 

21,653

 

 

19,770

 

Prepaid expenses and other current assets

 

2,787

 

 

2,182

 

Total current assets

 

47,004

 

 

34,930

 

Property and equipment — net

 

20,720

 

 

38,895

 

Operating lease right-of-use assets

 

4,789

 

 

432

 

Net investment in sales-type leases — net of current portion

 

712

 

 

738

 

Other noncurrent assets

 

244

 

 

371

 

Total assets

$

73,469

 

$

75,366

 

Liabilities
Current liabilities:
Current portion of long-term debt

$

155

 

$

153

 

Accounts payable

 

4,385

 

 

5,818

 

Accrued expenses and other current liabilities

 

4,590

 

 

6,942

 

Current portion of operating lease liabilities

 

1,684

 

 

158

 

Current portion of contract liabilities

 

13,646

 

 

11,846

 

Total current liabilities

 

24,460

 

 

24,917

 

Long-term debt — net of current portion

 

1,171

 

 

1,211

 

Operating lease liabilities — net of current portion

 

3,105

 

 

274

 

Contract liabilities — net of current portion

 

230

 

 

286

 

Other noncurrent liabilities

 

115

 

 

96

 

Total liabilities

 

29,081

 

 

26,784

 

Contingencies and commitments
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,386,487 (2020) and 16,346,960 (2019) shares issued and outstanding

 

164

 

 

163

 

Additional paid-in capital

 

177,141

 

 

176,850

 

Accumulated deficit

 

(120,596

)

 

(116,948

)

Accumulated other comprehensive loss

 

(12,321

)

 

(11,483

)

Total stockholders' equity

 

44,388

 

 

48,582

 

Total liabilities and stockholders' equity

$

73,469

 

$

75,366

 

The ExOne Company

Statement of Consolidated Cash Flows

(in thousands)

(Unaudited)

 

Three Months Ended

March 31,

2020

2019

Operating activities

 

Net loss

$

 

(3,648

)

$

 

(4,496

)

Adjustments to reconcile net loss to net cash used for operations:

 

Depreciation

 

923

 

 

1,165

 

Equity-based compensation

 

292

 

 

439

 

Amortization of debt issuance costs

 

19

 

 

23

 

Provision (recoveries) for bad debts — net

 

51

 

 

(73

)

Provision for slow-moving, obsolete and lower of cost or net realizable value inventories — net

 

22

 

 

107

 

Foreign exchange (gains) losses on intercompany transactions — net

 

(165

)

 

(11

)

Gain from sale-leaseback of property and equipment

 

(1,462

)

Gain from disposal of property and equipment — net

 

(2

)

Deferred income taxes

 

195

 

Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:

 

Decrease in accounts receivable

 

1,487

 

 

2,877

 

(Increase) decrease in net investment in sales-type leases

 

(50

)

 

87

 

Increase in inventories

 

(2,146

)

 

(1,576

)

Increase in prepaid expenses and other assets

 

(672

)

 

(509

)

Decrease in accounts payable

 

(1,408

)

 

(793

)

Decrease in accrued expenses and other liabilities

 

(24

)

 

(1,748

)

Increase in contract liabilities

 

1,849

 

 

3,122

 

Net cash used for operating activities

 

(4,739

)

 

(1,386

)

Investing activities

 

Capital expenditures

 

(338

)

 

(347

)

Proceeds from sale of property and equipment

 

16,228

 

Net cash provided by (used for) investing activities

 

15,890

 

 

(347

)

Financing activities

 

Payments on long-term debt

 

(39

)

 

(36

)

Proceeds from exercise of employee stock options

 

 

165

 

Taxes related to the net share settlement of equity-based awards

 

 

(68

)

Other

 

(3

)

 

(5

)

Net cash (used for) provided by financing activities

 

(42

)

 

56

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(31

)

 

(121

)

Net change in cash, cash equivalents, and restricted cash

 

11,078

 

 

(1,798

)

Cash, cash equivalents, and restricted cash at beginning of period

 

6,243

 

 

9,140

 

Cash, cash equivalents, and restricted cash at end of period

$

 

17,321

 

$

 

7,342

 

 

Supplemental disclosure of noncash investing and financing activities

 

Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities

$

 

852

 

$

 

819

 

Transfer of internally developed 3D printing machines from property and equipment to inventories for sale

$

 

823

 

$        —

Property and equipment included in accounts payable

$

 

56

 

$

 

23

 

Property and equipment included in accrued expenses and other current liabilities

$

 

$

 

7

 

Debt issuance costs included in accounts payable

$

41

 

The ExOne Company

Additional Information

(Unaudited)

 
Three Months Ended
March 31,

2020

2019

3D printing machine units sold:
Direct (Metal)

9

6

Indirect (Sand)

5

2

14

8

 

The ExOne Company

Adjusted EBITDA Reconciliation

(in millions)

(Unaudited)

 

Three Months Ended

March 31,

2020

2019

Net loss

$

(3.6

)

$

(4.5

)

Interest expense

 

0.1

 

 

0.1

 

Provision (benefit) for income taxes

 

0.2

 

 

(0.8

)

Depreciation

 

0.9

 

 

1.2

 

Equity-based compensation

 

0.3

 

 

0.4

 

Gain from sale-leaseback of property and equipment

 

(1.5

)

Other (income) expense — net

 

(0.2

)

 

0.0

 

Adjusted EBITDA

$

(3.8

)

$

(3.6

)


« Previous Page 1 | 2 | 3 | 4  Next Page »



Review Article Be the first to review this article


Featured Video
Jobs
GIS Supervisor for Sanborn at Colorado Springs, Colorado
AVL Sales Manager for One-Compass Suite of Companies at Denver, Colorado
Director of Strategic Accounts for Sanborn at Colorado Springs, Colorado
Manager, Remote Sensing Sales for One-Compass Suite of Companies at Denver, Colorado
Assistant Engineer. for Alameda County CA at Oakland, California
Regional Sales Manager for Teledyne Optech at Vaughan, Canada
Upcoming Events
GEO Business at ExCel London United Kingdom - May 19 - 20, 2021
FOSSGIS-Konferenz 2021 at OST - Ostschweizer Fachhochschule Campus Rapperswil Oberseestrasse 10 Rapperswil Switzerland - Jun 6 - 9, 2021
GI_Forum 2021 | re.connecting spatially at Salzburg Austria - Jul 5 - 9, 2021
InterDrone 2021 at Hyatt Regency Dallas TX - Aug 10 - 12, 2021
University of Denver GIS Masters Degree Online
UAV Expo2021 -Register   & save



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise