The ExOne Company Reports 2017 Fourth Quarter and Full Year Results
- 2017 revenue up 21% to $57.7 million, includes record-setting 41 machines sold
- Machine revenue up 43% in 2017 to $30 million; non-machine revenue up 4% to
$27.7 million
- Backlog of $21.3 million at year end
- Expect 2018 revenue growth in excess of 20%, while accelerating technology
investment
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, 2017.
“We are confident that our team’s 2017 accomplishments have ExOne on the right track. With 21% growth, we achieved a record
revenue level at nearly $58 million, while continuing to accelerate our technology development,” stated Jim McCarley, ExOne’s Chief
Executive Officer.
“Operationally, we made significant advancements on many fronts:
- Our customers operating Exerial™ machines are creating molds and cores in production environments,
successfully enabling the 3D printing of unique component designs on their factory floors.
- We now have customer installations operating with cold hardening phenolic (CHP) binder on three
continents and expect accelerated growth in 2018.
- Along with SGL Group, we recently announced the availability of CARBOPRINT™ 3D printed products,
demonstrating the diversity of materials that can be printed with our binder jetting technology.
- Advancements made with our fine powder recoating technology are enabling the development of our large
format fine powder machine, expected to be launched in 2018.
- We are expanding our material offerings in the tooling, filtration and energy markets.
We believe that these investments, along with our technology development roadmap for 2018, will drive continued double-digit
revenue growth and accelerated adoption of our binder jetting technology in 2018 and beyond,” Mr. McCarley noted.
Fourth Quarter and Full Year Revenue – Machine Revenue Growth Validates Binder Jetting
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Quarter Ended |
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Year Ended |
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December 31, |
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December 31, |
(in millions) |
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2017 |
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2016 |
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2017 |
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2016 |
Revenue by Product Line |
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3D Printing Machines |
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$ |
12.9 |
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64 |
% |
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$ |
7.5 |
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51 |
% |
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$ |
30.0 |
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52 |
% |
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$ |
21.0 |
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44 |
% |
|
3D Printed and Other Products,
Materials and Services ("Non-machine")
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7.3 |
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36 |
% |
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7.1 |
|
49 |
% |
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27.7 |
|
48 |
% |
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26.8 |
|
56 |
% |
Total Revenue |
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$ |
20.2 |
|
100 |
% |
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$ |
14.6 |
|
100 |
% |
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$ |
57.7 |
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100 |
% |
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$ |
47.8 |
|
100 |
% |
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Consolidated revenue for the 2017 fourth quarter grew 38% over the prior-year fourth quarter. Machine revenue was up 72% to
$12.9 million, driven by 16 machines sold in the 2017 fourth quarter, compared with 12 in the 2016 fourth quarter. Non-machine
revenue was up 2% to $7.3 million in the fourth quarter of 2017, compared with the prior year.
For the year, consolidated revenue grew 21% to $57.7 million compared with 2016. Excluding revenue attributable to product lines
that the Company has exited, the comparable revenue grew 25%. Machine revenue was up 43%, driven by eight more machines sold, for a
total of 41 in 2017. Non-machine revenue was up 4% in 2017. Excluding revenue attributable to product lines that the Company has
exited, the comparable non-machine revenue grew by 10%.
Given the long sales cycle and significance of a machine’s average selling price relative to total revenue, fluctuations in
machine-sale revenue vary from quarter to quarter. ExOne does not believe that such quarter-to-quarter fluctuations are necessarily
indicative of larger trends.
Fourth Quarter Operations – Impacted by Accelerated Investments
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($ in millions,
except per-share amounts)
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Q4 2017 |
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Q4 2016 |
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Change |
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% Change |
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Gross profit |
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$6.7 |
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$5.2 |
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$1.5 |
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28% |
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Gross margin |
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33.0% |
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35.7% |
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Operating loss |
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($1.9) |
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($2.4) |
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$0.5 |
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21% |
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Net loss |
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($1.9) |
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($2.6) |
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$0.7 |
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23% |
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Diluted EPS |
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$ (0.12) |
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$ (0.16) |
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$0.04 |
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25% |
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Gross profit of $6.7 million benefited from revenue growth and favorable product mix, partially offset by lower profitability
relating to new products and technology releases which unfavorably impacted the gross margin in the 2017 fourth quarter.
R&D expense of $2.7 million for the quarter was up $0.6 million compared with the 2016 fourth quarter, attributable to
internal talent additions, external resources to accelerate technology, and IP development.
SG&A expense was $5.8 million compared with $5.5 million in the prior-year quarter. The increase included higher
commissions, as well as internal talent and external resources to advance technology adoption.
The 2017 fourth quarter net loss was $1.9 million, or $0.12 per share, compared with a $2.6 million net loss, or $0.16 per
share, in the fourth quarter of 2016. The improved net loss was principally due to higher revenue, partially offset by lower
profitability relating to new products and technology releases as well as accelerated technology investments.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), a non-GAAP measure, was a $0.1
million loss in the 2017 fourth quarter, compared with a $0.7 million loss in last year’s fourth quarter. ExOne management believes
that, when used in conjunction with other measures prepared in accordance with accounting principles generally accepted in the
United States (“GAAP”), Adjusted EBITDA assists in the understanding of its financial results. See the attached tables for
important disclosures regarding the Company’s use of Adjusted EBITDA as well as a reconciliation of net loss (most directly
comparable GAAP measure) to Adjusted EBITDA for the quarters ended December 31, 2017 and 2016.
2017 Review – Revenue Growth Offset by Costs for Operational Advancement
($ in millions,
except per-share amounts)
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2017 |
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2016 |
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Change |
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% Change |
Gross profit |
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$14.4 |
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$14.2 |
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$0.2 |
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2% |
Gross margin |
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24.9% |
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29.6% |
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Operating loss |
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($19.7) |
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($14.4) |
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($5.3) |
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(37%) |
Net loss |
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($20.0) |
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($14.6) |
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($5.4) |
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(37%) |
Diluted EPS |
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$ (1.25) |
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$ (0.92) |
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$ (0.33) |
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(36%) |
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Gross profit was $14.4 million, resulting in a 24.9% gross margin for 2017, compared with 29.6% in 2016. Despite higher revenue
and favorable product mix, the 2017 results were impacted by lower profitability relating to new products and technology releases
previously noted, as well as several other activities as described in prior quarters. These included a $2.8 million sale of four
ExerialTM machines at a breakeven contribution margin, a $1.5 million charge for obsolete inventories associated with
the completion of a design evaluation of the ExerialTM platform, approximately $0.7 million of costs associated with the
Company’s consolidation and exit from its North Las Vegas PSC and non-core specialty machining operations in Michigan, partially
offset by approximately $0.3 million of net gains on the disposal of the impacted property and equipment. The 2016 period benefited
by $0.3 million from the net impact of a sale associated with an exited product line offset by losses on disposals of property and
equipment.
R&D expense was $9.9 million in 2017 compared with $7.8 million in 2016, attributable to technology investments in IP and
know-how for our coarse and fine powder machine capabilities, broadening binder and material combinations, and printer process
development.
SG&A expense for 2017 was $24.2 million, up $3.4 million compared with 2016, with most of the increase pertaining to prior
quarters. It included investments in internal talent and external resources to advance technology adoption, as well as unusual
employee related costs and a charge for impairment of intangible assets associated with an exited product line.
The net loss for 2017 was $20.0 million, or $1.25 per share, compared with $14.6 million, or $0.92 per share in 2016.
Adjusted EBITDA was a $10.9 million loss for 2017, compared with a $7.3 million loss for 2016. 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 years ended December 31, 2017 and 2016.
Capitalization – Disciplined Cash Management
Cash, cash equivalents and restricted cash as of December 31, 2017 were $22.2 million, compared with $28.2 million at December
31, 2016. Cash used for operating activities in 2017 and 2016 was $9.7 million and $2.7 million, respectively. The increase
reflected a higher net loss, partially offset by working capital management while achieving significant revenue growth. Cash
capital expenditures were $1.0 million for 2017, compared with $1.3 million for 2016. In addition, in 2017, the Company realized
$3.7 million of cash proceeds from the sale of property and equipment, including facility exits.
In 2018, the Company expects cash capital expenditures of $1 to $1.5 million.
Outlook – Introducing 2018 Revenue Growth and Additional R&D Expectations
Mr. McCarley concluded, “Our outlook for 2018 remains positive. We believe that the rate of growth sustained in 2017 can be
replicated in 2018, when we once again expect revenue growth in excess of 20%. However, to accelerate growth beyond 2018 we need to
accelerate our investments in technology development. We anticipate an additional $6 million to $8 million of R&D expense in
2018, to advance our technology roadmap. The marketplace for our products and services continues to grow in size as does demand for
greater equipment and process capability. Through continued investment in our people and our technology, ExOne is well positioned
to meet this demand and remain the leader in binder jetting technology for industrial applications.”
Webcast and Conference Call
ExOne will host a conference call and live webcast on Thursday, March 15 at 4:45 p.m. Eastern Time. During the conference call
and webcast, management will review the financial and operating results for the 2017 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 7:45 p.m. ET on the day of the teleconference through
Thursday, March 22, 2018. To listen to a replay of the call, dial
(412) 317-6671 and enter the conference ID number 13676376, 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 and those identified elsewhere in its Annual Report
on Form 10-K, the following factors, among others, could cause results to differ materially from forward-looking statements or
historical performance: the Company’s ability to generate operating profits; fluctuations in the Company’s revenues and operating
results; the Company’s competitive environment and its competitive position; ExOne’s ability to enhance its current
three-dimensional (“3D”) printing machines and technology and develop new 3D printing machines; the Company’s ability to
qualify more industrial materials in which it can print; demand for ExOne’s products; the availability of skilled personnel;
the impact of loss of key management; the impact of market conditions and other factors on the carrying value of long-lived assets;
the Company’s ability to continue as a going concern; the impact of customer specific terms in machine sale agreements on the
period in which the Company recognizes revenue; risks related to global operations including effects of foreign currency;
the adequacy of sources of liquidity; the scope, sufficiency of funds for required capital expenditures, working capital, and debt
service; dependency on certain critical suppliers; nature or impact of alliances and strategic investments; reliance on critical
information technology (“IT”) systems; 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 the Company’s manufacturing facilities,
Production Service Centers (“PSCs”) or ExOne Adoption Centers (“EACs”); the adequacy of ExOne’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.
These and other important factors, including those discussed in the Company’s Annual Report on Form 10-K, 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 that could cause actual results to differ from these
forward-looking statements.
The ExOne Company
Statement of Consolidated Operations
(in thousands, except per-share amounts)
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Quarter Ended
December 31,
|
% Change |
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Year Ended
December 31,
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% Change |
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2017 |
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2016 |
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2017 |
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2016 |
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Revenue |
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$ |
20,189 |
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|
$ |
14,631 |
|
38 |
% |
|
$ |
57,744 |
|
|
$ |
47,788 |
|
21 |
% |
Cost of sales |
|
|
13,533 |
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|
9,411 |
|
44 |
% |
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|
43,362 |
|
|
|
33,626 |
|
29 |
% |
Gross profit |
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|
6,656 |
|
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|
5,220 |
|
28 |
% |
|
|
14,382 |
|
|
|
14,162 |
|
2 |
% |
Gross margin |
|
|
33.0 |
% |
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|
35.7 |
% |
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24.9 |
% |
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29.6 |
% |
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Research and development |
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2,690 |
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2,077 |
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30 |
% |
|
|
9,909 |
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|
|
7,814 |
|
27 |
% |
Selling, general and administrative |
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5,817 |
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|
5,500 |
|
6 |
% |
|
|
24,155 |
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|
20,722 |
|
17 |
% |
|
|
|
8,507 |
|
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|
7,577 |
|
12 |
% |
|
|
34,064 |
|
|
|
28,536 |
|
19 |
% |
Loss from operations |
|
|
(1,851 |
) |
|
|
(2,357 |
) |
21 |
% |
|
|
(19,682 |
) |
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|
(14,374 |
) |
(37 |
%) |
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Interest expense |
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|
25 |
|
|
|
22 |
|
14 |
% |
|
|
94 |
|
|
|
298 |
|
(68 |
%) |
Other expense (income) – net |
|
|
69 |
|
|
|
165 |
|
(58 |
%) |
|
|
203 |
|
|
|
(141 |
) |
NM |
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|
94 |
|
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|
187 |
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(50 |
%) |
|
|
297 |
|
|
|
157 |
|
89 |
% |
Loss before income taxes |
|
|
(1,945 |
) |
|
|
(2,544 |
) |
24 |
% |
|
|
(19,979 |
) |
|
|
(14,531 |
) |
(37 |
%) |
|
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Provision for income taxes |
|
|
15 |
|
|
|
24 |
|
(38 |
%) |
|
|
38 |
|
|
|
67 |
|
(43 |
%) |
|
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|
|
|
|
|
|
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Net loss |
|
$ |
(1,960 |
) |
|
$ |
(2,568 |
) |
23 |
% |
|
$ |
(20,017 |
) |
|
$ |
(14,598 |
) |
(37 |
%) |
|
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Net loss per common share: |
|
|
|
|
|
|
|
|
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Basic |
|
$ |
(0.12 |
) |
|
$ |
(0.16 |
) |
25 |
% |
|
$ |
(1.25 |
) |
|
$ |
(0.92 |
) |
(36 |
%) |
Diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.16 |
) |
25 |
% |
|
$ |
(1.25 |
) |
|
$ |
(0.92 |
) |
(36 |
%) |
|
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Weighted average shares outstanding (basic and diluted) |
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|
16,104 |
|
|
|
16,001 |
|
|
|
|
16,062 |
|
|
|
15,935 |
|
|
NM: Not Meaningful
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The ExOne Company
Consolidated Balance Sheet
(in thousands, except per-share and share amounts)
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December 31,
2017
|
|
December 31,
2016
|
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Assets |
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|
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Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ 21,848 |
|
$ 27,825 |
Restricted cash |
|
|
|
330 |
|
330 |
Accounts receivable – net |
|
|
|
8,647 |
|
6,447 |
Inventories – net |
|
|
|
15,430 |
|
15,838 |
Prepaid expenses and other current assets |
|
|
|
1,710 |
|
1,159 |
Total current assets |
|
|
|
47,965 |
|
51,599 |
Property and equipment – net |
|
|
|
46,797 |
|
51,134 |
Intangible assets – net |
|
|
|
62 |
|
668 |
Other noncurrent assets |
|
|
|
736 |
|
777 |
Total assets |
|
|
|
$ 95,560 |
|
$ 104,178 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of long-term debt |
|
|
|
$ 137 |
|
$ 132 |
Current portion of capital leases |
|
|
|
15 |
|
72 |
Accounts payable |
|
|
|
4,291 |
|
2,036 |
Accrued expenses and other current liabilities |
|
|
|
6,081 |
|
5,124 |
Deferred revenue and customer prepayments |
|
|
|
8,282 |
|
7,371 |
Total current liabilities |
|
|
|
18,806 |
|
14,735 |
Long-term debt – net of current portion |
|
|
|
1,508 |
|
1,644 |
Capital leases – net of current portion |
|
|
|
36 |
|
10 |
Other noncurrent liabilities |
|
|
|
1 |
|
9 |
Total liabilities |
|
|
|
20,351 |
|
16,398 |
Contingencies and commitments |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,124,617 (2017) |
|
|
|
|
|
and 16,017,115 (2016) shares issued and outstanding |
|
|
|
161 |
|
160 |
Additional paid-in capital |
|
|
|
173,718 |
|
171,116 |
Accumulated deficit |
|
|
|
(89,186) |
|
(68,761) |
Accumulated other comprehensive loss |
|
|
|
(9,484) |
|
(14,735) |
Total stockholders' equity |
|
|
|
75,209 |
|
87,780 |
Total liabilities and stockholders' equity |
|
|
|
$ 95,560 |
|
$ 104,178 |
|
|
|
|
|
|
|
|
|
|
|
|
The ExOne Company
Statement of Consolidated Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
December 31, |
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net loss |
|
|
|
$ |
(20,017 |
) |
|
$ |
(14,598 |
) |
Adjustments to reconcile net loss to net cash used for operations: |
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
6,278 |
|
|
|
5,659 |
|
Equity-based compensation |
|
|
|
|
2,456 |
|
|
|
1,463 |
|
Amortization of debt issuance costs |
|
|
|
|
6 |
|
|
|
210 |
|
Deferred income taxes |
|
|
|
|
1 |
|
|
|
(29 |
) |
Recoveries for bad debts - net |
|
|
|
|
(64 |
) |
|
|
(327 |
) |
Provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable
value |
|
|
|
|
inventories - net |
|
|
|
|
2,056 |
|
|
|
(5 |
) |
(Gain) loss from disposal of property and equipment - net |
|
|
|
|
(325 |
) |
|
|
186 |
|
Changes in assets and liabilities, excluding effects of foreign currency translation
adjustments: |
|
|
|
|
(Increase) decrease in accounts receivable |
|
|
|
|
(1,733 |
) |
|
|
3,316 |
|
Decrease in inventories |
|
|
|
|
357 |
|
|
|
2,502 |
|
(Increase) decrease in prepaid expenses and other assets |
|
|
|
|
(856 |
) |
|
|
1,024 |
|
Increase (decrease) in accounts payable |
|
|
|
|
2,017 |
|
|
|
(1,281 |
) |
Increase (decrease) in accrued expenses and other liabilities |
|
|
|
|
445 |
|
|
|
(1,211 |
) |
(Decrease) increase in deferred revenue and customer prepayments |
|
|
|
|
(294 |
) |
|
|
439 |
|
Net cash used for operating activities |
|
|
|
|
(9,673 |
) |
|
|
(2,652 |
) |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
(987 |
) |
|
|
(1,347 |
) |
Proceeds from sale of property and equipment |
|
|
|
|
3,706 |
|
|
|
75 |
|
Net cash provided by (used for) investing activities |
|
|
|
|
2,719 |
|
|
|
(1,272 |
) |
|
|
|
|
|
|
|
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 |
|
|
|
|
(137 |
) |
|
|
(138 |
) |
Payments on capital and financing leases |
|
|
|
|
(78 |
) |
|
|
(82 |
) |
Proceeds from exercise of employee stock options |
|
|
|
|
147 |
|
|
|
- |
|
Net cash (used for) provided by financing activities |
|
|
|
|
(68 |
) |
|
|
12,822 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents, and restricted
cash |
|
|
|
|
1,045 |
|
|
|
(415 |
) |
Net change in cash, cash equivalents, and restricted cash |
|
|
|
|
(5,977 |
) |
|
|
8,483 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
|
|
28,155 |
|
|
|
19,672 |
|
|
|
|
|
|
|
|
Cash, cash equivalents, and restriced cash at end of period |
|
|
|
$ |
22,178 |
|
|
$ |
28,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
$ |
2,868 |
|
|
$ |
2,829 |
|
|
|
|
|
|
|
|
Transfer of internally developed 3D printing machines from property and equipment
to |
|
|
|
|
inventories for sale |
|
|
|
$ |
3,042 |
|
|
$ |
1,737 |
|
|
|
|
|
|
|
|
Property and equipment included in accounts payable |
|
|
|
$ |
64 |
|
|
$ |
117 |
|
|
|
|
|
|
|
|
Property and equipment included in accrued expenses and other current
liabilities |
|
|
|
$ |
108 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
Property and equipment accrued through financing arrangements |
|
|
|
$ |
48 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
The ExOne Company
Additional Information
(Unaudited)
|
|
|
|
|
Machine Sales by Type
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Exerial™ |
1 |
|
|
- |
|
|
5 |
|
|
- |
S-Max+™ |
- |
|
|
- |
|
|
1 |
|
|
1 |
S-Max® |
8 |
|
|
7 |
|
|
15 |
|
|
12 |
S-15™ |
- |
|
|
- |
|
|
- |
|
|
2 |
S-Print® |
- |
|
|
- |
|
|
2 |
|
|
3 |
M-Print® |
1 |
|
|
- |
|
|
1 |
|
|
- |
M-Flex® |
1 |
|
|
2 |
|
|
7 |
|
|
5 |
Innovent® |
5 |
|
|
3 |
|
|
10 |
|
|
9 |
X1-Lab® |
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
12 |
|
|
41 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The ExOne Company
Adjusted EBITDA Reconciliation
(in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
$ |
(1.9 |
) |
|
$ |
(2.6 |
) |
|
$ |
(20.0 |
) |
|
$ |
(14.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.3 |
|
Provision for income taxes |
|
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.1 |
|
Depreciation and amortization |
|
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
6.3 |
|
|
|
5.6 |
|
Equity-based compensation |
|
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
1.5 |
|
Other expense (income) - net |
|
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
(0.2 |
) |
Adjusted EBITDA |
|
|
|
$ |
(0.1 |
) |
|
$ |
(0.7 |
) |
|
$ |
(10.9 |
) |
|
$ |
(7.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
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 for income taxes,
depreciation and amortization, 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.
The ExOne Company
Brian Smith, 724-765-1350
Chief Financial Officer
brian.smith@exone.com
or
Kei Advisors LLC
Deborah K. Pawlowski / Karen L. Howard
716-843-3908 / 716-843-3942
dpawlowski@keiadvisors.com / khoward@keiadvisors.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180315006272/en/