Company Quick10K Filing
Exone
Price8.62 EPS-1
Shares16 P/E-11
MCap141 P/FCF-34
Net Debt-5 EBIT-14
TEV136 TEV/EBIT-10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-22
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-06-12
10-K 2014-12-31 Filed 2015-03-26
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-20
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-29
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-08-05 Officers
8-K 2020-06-11
8-K 2020-05-13
8-K 2020-05-07
8-K 2020-04-18
8-K 2020-04-03
8-K 2020-03-30
8-K 2020-03-12
8-K 2020-02-18
8-K 2019-12-10
8-K 2019-11-07
8-K 2019-10-10
8-K 2019-08-06
8-K 2019-05-15
8-K 2019-05-09
8-K 2019-03-14
8-K 2018-11-07
8-K 2018-08-08
8-K 2018-07-12
8-K 2018-06-29
8-K 2018-06-20
8-K 2018-05-16
8-K 2018-05-10
8-K 2018-03-15
8-K 2018-02-07

XONE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Basis of Presentation
Note 2. Liquidity
Note 3. Accumulated Other Comprehensive Loss
Note 4. Loss per Share
Note 5. Revenue
Note 6. Cash, Cash Equivalents, and Restricted Cash
Note 7. Inventories
Note 8. Property and Equipment
Note 9. Product Warranty Reserves
Note 10. Leases
Note 11. Contingencies and Commitments
Note 12. Related Party Revolving Credit Facility
Note 13. Long - Term Debt
Note 14. Income Taxes
Note 15. Equity - Based Compensation
Note 16. Fair Value Measurements
Note 17. Concentration of Credit Risk
Note 18. Related Party Transactions
Note 19. Other Expense - Net
Note 20. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-31.1 xone-ex311_9.htm
EX-31.2 xone-ex312_7.htm
EX-32 xone-ex32_6.htm

Exone Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
16513299663302012201420172020
Assets, Equity
251791-7-152012201420172020
Rev, G Profit, Net Income
755739213-152012201420172020
Ops, Inv, Fin

xone-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File No. 001-35806

 

The ExOne Company

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

46-1684608

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

127 Industry Boulevard

North Huntingdon, Pennsylvania 15642

(Address of principal executive offices) (Zip Code)

(724) 863-9663

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of class

Trading symbol

Name of exchange on which registered

Common stock

XONE

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 6, 2020, 16,910,852 shares of common stock, par value $0.01, were outstanding.

 

 

 

 


PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements.

The ExOne Company and Subsidiaries

Condensed Statement of Consolidated Operations and Comprehensive Loss (Unaudited)

(in thousands, except per-share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

11,099

 

 

$

15,279

 

 

$

24,482

 

 

$

24,858

 

Cost of sales

 

 

8,009

 

 

 

10,137

 

 

 

17,763

 

 

 

17,074

 

Gross profit

 

 

3,090

 

 

 

5,142

 

 

 

6,719

 

 

 

7,784

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,369

 

 

 

2,537

 

 

 

4,845

 

 

 

4,969

 

Selling, general and administrative

 

 

4,488

 

 

 

6,167

 

 

 

10,651

 

 

 

11,590

 

Gain from sale-leaseback of property and equipment

 

 

 

 

 

 

 

 

(1,462

)

 

 

 

 

 

 

6,857

 

 

 

8,704

 

 

 

14,034

 

 

 

16,559

 

Loss from operations

 

 

(3,767

)

 

 

(3,562

)

 

 

(7,315

)

 

 

(8,775

)

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

53

 

 

 

71

 

 

 

117

 

 

 

142

 

Other expense  ̶  net

 

 

195

 

 

 

57

 

 

 

5

 

 

 

69

 

 

 

 

248

 

 

 

128

 

 

 

122

 

 

 

211

 

Loss before income taxes

 

 

(4,015

)

 

 

(3,690

)

 

 

(7,437

)

 

 

(8,986

)

Provision (benefit) for income taxes

 

 

8

 

 

 

99

 

 

 

234

 

 

 

(701

)

Net loss

 

$

(4,023

)

 

$

(3,789

)

 

$

(7,671

)

 

$

(8,285

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.24

)

 

$

(0.23

)

 

$

(0.47

)

 

$

(0.51

)

Diluted

 

$

(0.24

)

 

$

(0.23

)

 

$

(0.47

)

 

$

(0.51

)

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(4,023

)

 

$

(3,789

)

 

$

(7,671

)

 

$

(8,285

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

370

 

 

 

583

 

 

 

(468

)

 

 

(193

)

Comprehensive loss

 

$

(3,653

)

 

$

(3,206

)

 

$

(8,139

)

 

$

(8,478

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


The ExOne Company and Subsidiaries

Condensed Consolidated Balance Sheet (Unaudited)

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

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,658

 

 

$

5,265

 

Restricted cash

 

 

508

 

 

 

978

 

Accounts receivable  ̶  net

 

 

4,531

 

 

 

6,522

 

Current portion of net investment in sales-type leases

 

 

292

 

 

 

213

 

Inventories  ̶  net

 

 

24,208

 

 

 

19,770

 

Prepaid expenses and other current assets

 

 

3,510

 

 

 

2,182

 

Total current assets

 

 

52,707

 

 

 

34,930

 

Property and equipment  ̶  net

 

 

20,609

 

 

 

38,895

 

Operating lease right-of-use assets

 

 

4,533

 

 

 

432

 

Net investment in sales-type leases  ̶  net of current portion

 

 

639

 

 

 

738

 

Other noncurrent assets

 

 

242

 

 

 

371

 

Total assets

 

$

78,730

 

 

$

75,366

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

1,128

 

 

$

153

 

Current portion of operating lease liabilities

 

 

1,754

 

 

 

158

 

Accounts payable

 

 

5,127

 

 

 

5,818

 

Accrued expenses and other current liabilities

 

 

4,183

 

 

 

6,942

 

Current portion of contract liabilities

 

 

16,438

 

 

 

11,846

 

Total current liabilities

 

 

28,630

 

 

 

24,917

 

Long-term debt  ̶  net of current portion

 

 

2,354

 

 

 

1,211

 

Operating lease liabilities  ̶  net of current portion

 

 

2,779

 

 

 

274

 

Contract liabilities  ̶  net of current portion

 

 

213

 

 

 

286

 

Other noncurrent liabilities

 

 

223

 

 

 

96

 

Total liabilities

 

 

34,199

 

 

 

26,784

 

Contingencies and commitments

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 200,000,000 shares authorized,

   16,863,602 (2020) and 16,346,960 (2019) shares issued and outstanding

 

 

169

 

 

 

163

 

Additional paid-in capital

 

 

180,932

 

 

 

176,850

 

Accumulated deficit

 

 

(124,619

)

 

 

(116,948

)

Accumulated other comprehensive loss

 

 

(11,951

)

 

 

(11,483

)

Total stockholders' equity

 

 

44,531

 

 

 

48,582

 

Total liabilities and stockholders' equity

 

$

78,730

 

 

$

75,366

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


The ExOne Company and Subsidiaries

Condensed Statement of Consolidated Cash Flows (Unaudited)

(in thousands)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(7,671

)

 

$

(8,285

)

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

 

 

 

 

 

 

 

 

Depreciation

 

 

2,107

 

 

 

2,349

 

Equity-based compensation

 

 

449

 

 

 

1,081

 

Amortization of debt issuance costs

 

 

29

 

 

 

47

 

Recoveries for bad debts  ̶  net

 

 

(19

)

 

 

(150

)

Provision for slow-moving, obsolete and lower of cost or

   net realizable value inventories  ̶  net

 

 

305

 

 

 

131

 

Foreign exchange (gains) losses on intercompany transactions  ̶  net

 

 

(51

)

 

 

19

 

Gain from sale-leaseback of property and equipment

 

 

(1,462

)

 

 

 

Gain from disposal of property and equipment  ̶  net

 

 

(1

)

 

 

(2

)

Deferred income taxes

 

 

195

 

 

 

 

Changes in assets and liabilities, excluding effects of foreign currency

   translation adjustments:

 

 

 

 

 

 

 

 

Decrease in accounts receivable

 

 

2,016

 

 

 

1,879

 

Decrease in net investment in sales-type leases

 

 

20

 

 

 

153

 

Increase in inventories

 

 

(5,369

)

 

 

(1,325

)

Increase in prepaid expenses and other assets

 

 

(1,034

)

 

 

(221

)

(Decrease) increase in accounts payable

 

 

(821

)

 

 

927

 

Decrease in accrued expenses and other liabilities

 

 

(458

)

 

 

(1,689

)

Increase in contract liabilities

 

 

4,428

 

 

 

3,608

 

Net cash used for operating activities

 

 

(7,337

)

 

 

(1,478

)

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(591

)

 

 

(423

)

Proceeds from sale of property and equipment

 

 

16,229

 

 

 

3

 

Net cash provided by (used for) investing activities

 

 

15,638

 

 

 

(420

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from borrowings on long-term debt

 

 

2,194

 

 

 

 

Payments on long-term debt

 

 

(78

)

 

 

(74

)

Proceeds from at-the-market offerings of common stock, net of issuance costs

 

 

2,894

 

 

 

 

Proceeds from exercise of employee stock options

 

 

541

 

 

 

171

 

Other

 

 

(29

)

 

 

(75

)

Net cash provided by financing activities

 

 

5,522

 

 

 

22

 

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

 

 

100

 

 

 

(12

)

Net change in cash, cash equivalents, and restricted cash

 

 

13,923

 

 

 

(1,888

)

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

 

 

6,243

 

 

 

9,140

 

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

 

$

20,166

 

 

$

7,252

 

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

 

$

1,834

 

 

$

1,066

 

Transfer of internally developed 3D printing machines from property

   and equipment to inventories for sale

 

$

1,107

 

 

$

182

 

Property and equipment included in accounts payable

 

$

41

 

 

$

110

 

Property and equipment included in accrued expenses and other current liabilities

 

$

 

 

$

48

 

Unsettled proceeds from at-the-market offerings of common stock, net of issuance costs

 

$

204

 

 

$

 

Unsettled proceeds from exercise of employee stock options

 

$

 

 

$

91

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


The ExOne Company and Subsidiaries

Condensed Statement of Changes in Consolidated Stockholders’ Equity (Unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other

 

 

Total

 

 

 

Common stock

 

 

Additional

 

 

Accumulated

 

 

comprehensive

 

 

stockholders'

 

 

 

Shares

 

 

$

 

 

paid-in capital

 

 

deficit

 

 

loss

 

 

equity

 

Balance at December 31, 2018

 

 

16,234

 

 

$

162

 

 

$

175,214

 

 

$

(101,853

)

 

$

(10,748

)

 

$

62,775

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(4,496

)

 

 

 

 

 

(4,496

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(776

)

 

 

(776

)

Equity-based compensation

 

 

 

 

 

 

 

 

439

 

 

 

 

 

 

 

 

 

439

 

Exercise of employee stock options

 

 

23

 

 

 

1

 

 

 

164

 

 

 

 

 

 

 

 

 

165

 

Taxes related to the net share settlement of

   equity-based awards

 

 

 

 

 

 

 

 

(68

)

 

 

 

 

 

 

 

 

(68

)

Common stock issued from equity incentive plan

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

 

16,295

 

 

$

163

 

 

$

175,749

 

 

$

(106,349

)

 

$

(11,524

)

 

$

58,039

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,789

)

 

 

 

 

 

(3,789

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

583

 

 

 

583

 

Equity-based compensation

 

 

 

 

 

 

 

 

642

 

 

 

 

 

 

 

 

 

642

 

Exercise of employee stock options

 

 

13

 

 

 

 

 

 

97

 

 

 

 

 

 

 

 

 

97

 

Common stock issued from equity incentive plan

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

 

16,318

 

 

$

163

 

 

$

176,488

 

 

$

(110,138

)

 

$

(10,941

)

 

$

55,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

16,347

 

 

$

163

 

 

$

176,850

 

 

$

(116,948

)

 

$

(11,483

)

 

$

48,582

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,648

)

 

 

 

 

 

(3,648

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(838

)

 

 

(838

)

Equity-based compensation

 

 

 

 

 

1

 

 

 

291

 

 

 

 

 

 

 

 

 

292

 

Common stock issued from equity incentive plan

 

 

39