INVESTOR PRESENTATION MAY 2021 - 2020 THE EXONE COMPANY - EXONE INVESTOR RELATIONS
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Investor Presentation
May 2021
© 2020 The ExOne Company 1
Safe Harbor Statement
These slides 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 filings with the U.S. Securities and Exchange Commission (the “SEC”), including 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 severity and duration of world health events, including the COVID-19 outbreak
and the related economic repercussions and operational challenges; the Company’s ability to consistently 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 3D printing machines and technology and to develop and introduce 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 customer specific terms in machine sale agreements in determining the period in which the Company recognizes revenue; risks related to global operations including effects of foreign
currency and COVID-19; dependency on certain critical suppliers; nature or impact of alliances and strategic investments; reliance on critical information technology 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, cyberattacks, war,
terrorism and cancellation or unavailability of insurance coverage; the impact of disruption of the Company’s manufacturing facilities or ExOne Adoption Centers; the adequacy of ExOne’s protection
of its intellectual property; expectations regarding demand for the Company’s industrial products, and other matters with regard to outlook; and other factors beyond our control, including the
impact of COVID-19.
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 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, 2021, 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.
Non-GAAP Measures Disclaimer
These slides include unaudited “non-GAAP financial measures,” as defined in Regulation G under the Securities Exchange Act of 1934, as amended, including Adjusted EBITDA. The presentation of
non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with accounting principles
generally accepted in the United States (“GAAP”). See the Adjusted EBITDA Reconciliation slide for ExOne’s definition of Adjusted EBITDA and a reconciliation of net loss to Adjusted EBITDA.
© 2020 The ExOne Company 2
Q1 2021 Financial Update
Record recurring revenue and backlog, reaffirms 2021 revenue growth
• Revenue of $13.0 million compared to a record first quarter
of $13.4 million in Q1 2020
• 7 units installed worldwide
• Recurring revenue of $8.1 million increased 15% from
Q1 2020, and was up from $7.6 million in Q4 2020,
demonstrating continued resiliency
• Expanded backlog to a record $47.8 million at March 31,
2021 from $33.8 million at March 31, 2020
• Gross margin of 15.4% due primarily to operating
inefficiencies related to COVID-19
• Operating expenses decreased 2% year-over-year to $8.5
million
• Net loss of $6.1 million; Adjusted EBITDA* of ($5.2) million
• Total liquidity increased to $137.3 million at March 31, 2021
from $59.7 million at December 31, 2020
• Reaffirmed full year 2021 revenue growth of 15%-25%
* Refer to the slide captioned “Adjusted EBITDA Reconciliation” for important disclosures regarding the Company’s definition and use of Adjusted EBITDA as well as a reconciliation of net loss (the most directly comparable measure under GAAP) to Adjusted EBITDA. ExOne management believes that, when used in conjunction
with other measures prepared in accordance with GAAP, Adjusted EBITDA assists in the understanding of its financial results.
© 2020 The ExOne Company 3
Investment Highlights
Innovation leader in binder jetting, driving high-quality 3D production
• $12B industry, growing to $490B
LARGE MARKET OPPORTUNITY • COVID-19 a strong catalyst to re-shoring, de-risking of supply chains with 3D printing
• Binder jetting viewed as the leading method for high-volume 3D production with low costs
LEADER IN KEY 3D TECHNOLOGY
• #1 market leader in binder jetting, with production 3D printers available for purchase and delivery today
• Breakthrough metal printing technology for best-in-class quality, Industry 4.0 connectivity and automation
PRODUCT INNOVATOR
• Industry-leading number of materials supported & more than 230 issued and pending patents
Direct global sales and service operations and a large base of installed systems worldwide
STRONG GLOBAL TEAM •
• The world’s leading team of binder jetting experts supported by key partnerships, (Siemens, etc.)
STRONG BUSINESS MODEL • 20+ years in business selling industrial 3D printers, with an established recurring revenue stream
• Record backlog in unstable environment
DRIVING SUSTAINABILITY • Enables lightweight, consolidated parts for efficient shipping, driving and flying
• Less waste throughout manufacturing process, delivering 96% material efficiency
Source: 2020 Wohlers Report, 3D Printing Trends Q1 2020, 3D Hubs. Metal Powder Recyclability in Binder Jet Additive Manufacturing. JOM. 10.1007/s11837-020-04258-6.
© 2020 The ExOne Company 4
Additive Manufacturing: Accelerating Growth
3D Printing Market Size & Forecast
Source: 3D Printing Trends Q1 2020, 3D Hubs
© 2020 The ExOne Company 5
Additive Manufacturing: End-Market Diversity
3D Printing penetration rates of less than 50% across applications
Source: ARK Invest: Big Ideas 2021, January 26, 2021
© 2020 The ExOne Company 6
Additive Manufacturing: Binder Jet Well Positioned
The AM industry is in its infancy without universal application in key segments
Key pivot point for binder jetting technology
• Binder jetting poised to enter new level of
maturity or growth
• Moving from first applications to industry
use on growth path toward widespread
industrial use
• Binder jetting increasingly viewed as the
3D printing technology that will deliver
high-volume 3D production
Source: AMPOWER Report 2020
© 2020 The ExOne Company 7
Addressing the Largest Segments of the 3D Market
OTHER, 7.2%
• ExOne addresses the largest segments ENERGY, 5.9% GENERAL INDUSTRIAL
of the 3D printing market including
38.8%
industrial, automotive and aerospace, ACADEMIC,
which together account for 6.2%
approximately 80% of the total
addressable market CONSUMER ExOne
PRODUCTS,
• Sales to customers in the industrial end- 6.3% 2020
market rose 43% year over year in 2020 Revenue
GOVERNMENT
& DEFENSE,
• Revenue from government and defense 6.7%
customers rose by more than 6x in
2020 from 2019 AEROSPACE,
7.4%
AUTOMOTIVE, 21.4%
*Source: ARK Invest: Big Ideas 2021, January 26, 2021
© 2020 The ExOne Company 8
Strategic Expansion | New ExOne Metal Designlab™ System
With Print Today, Parts Tomorrow™ Technology, new system deepens presence in the sintered metal 3D market
The ExOne Metal Designlab by Rapidia
and X1F advanced furnace
• True Print Today, Parts Tomorrow ™ technology
• Delivers simplicity, speed, material flexibility, and
sustainability in bound metal office printing
• Simple, extrusion 3D printing of HydroFuse™, innovative
water-based paste containing metal or ceramic powder Complete System
• Advanced sintering furnace has applications across ExOne for under $200,000
portfolio
• Complements the ExOne Innovent+ and InnoventPro Attracting New Sales Channel to Fuel Growth
binder jetting systems • Four new partners w/60 offices, 150 sales reps in U.S., Canada
• Top Stratasys distributors previously represented our metal
• Offers fast cycle time and low operating costs
competitors in this market area
• Also to sell Innovent+ metal binder jetting system, ancillaries
and consumables
© 2020 The ExOne Company 9
ExOne Metal Designlab™ System Expands Market Opportunity
Bound Metal Market* Projected to Grow at a 30-35% CAGR to Over $3 Billion by 2029
*Defined as binder jetting and pre-bound deposition, both of which require sintering
Source: SmarTech Analysis, December 12, 2019
© 2020 The ExOne Company 10ExOne on the Move
Continued excitement and buzz
ExOne Has the Answer for Metal 3D Printing
MAY 14, 2021
“ ExOne may be the most committed and
experienced metal 3D printer company
in the world. Since 1995, ExOne has
dedicated itself to creating parts made
from powdered metal and sand—and
nothing else—using a proprietary binder
jetting technology.
© 2020 The ExOne Company 11Competitive Landscape: Metal Additive Manufacturing
THE COMPETITION
VS
Traditional
Pioneer and global market share leader Metal AM
in high-speed binder jetting technology
(BJT) since 1998
Historic BJT
Unmatched material flexibility: More Competitors
than 20 metals, ceramics, composites
Only BJT company with full family of
R&D-to-production binder jet systems New Entrants
commercially available now
Successful system installations
worldwide, with unmatched end-to-end
process experience
© 2020 The ExOne Company 12Highly Diversified Applications
Driven by range of machine sizes, materials and services
Wide range of printable powders
enabled by our print head
technology and binder chemistries.
Our machines satisfy a wide range of
complex, high-value manufacturing
needs.
© 2020 The ExOne Company 13Highly Diversified Portfolio
A response to deep understanding of market demand
MACHINES SERVICES
PRINTERS Indirect, direct systems Parts and AM design, adoption SERVICES
DIVERSIFIED
• Machines/services
• Size of machines
• Types of services
S/M L XL R&D MFG
SMALL/MEDIUM LARGE EXTRA LARGE R&D CUSTOM VOLUME
Innovent+ S-Print S-Max Pro Education PRODUCTION PRODUCTION
InnoventPro® M-Flex X1 160Pro Government Prototypes High-volume serial
X1 Metal Designlab™ X1 25Pro Science Low-volume production
SIZE RANGE CUSTOMER TYPE
© 2020 The ExOne Company 14ExOne’s Production Adoption Model
We offer a low-risk process to ensure successful implementation for customers’ projects
Benchmark & Initial Statement Validate Technical We Begin Production & White-Glove Work
Qualification of Work & Business Case Delivery Process Cell Delivery
DIVERSE RANGE OF FIRMS GLOBAL MEDICAL DEVICE CO GLOBAL AUTOMAKER GLOBAL AERO & DEFENSE CO
GLOBAL CONSUMER GOODS FOOD EQUIPMENT MFG DEFENSE MFR
1 2 3 4 5
Is my part right for We optimize our process Comprehensive Production option Installation of
binder jetting? for the customer’s part executive report selected, begins Complete System
We quickly provide Our expert BJT team A complete executive We provide options: In line with final
benchmark after intake optimizes our binder report and timeline is − We can produce our agreement, we install
of requirements: jetting process for provided with details customers’ parts long-term complete systems and
• Design & Geometry customers’ part needed to validate both − Or proceed with purchase execute first test runs.
• Metallurgy requirements, providing the technical and of binder jetting machines After acceptance is
• Accuracy key details on timing, business case to and customized work cells. complete, we continue to
• Functionality materials, recipe settings, proceed. We can print customers’ support customers’
etc. Complete testing for parts until installation operations and success.
© 2020 The ExOne Company requirements. 15ExOne | Growing R&D Contract Business
As a result of our adoption process, commercial and government backlog growing
In addition to solid commercial R&D backlog, our government
contract backlog is also showing strength. These high-value
projects are also booking revenue monthly:
• America Makes / NCDMM – 4130 Steel Alloy Process
Establishing a 4130 digitally connected supply chain to enable
rapid transfer of info from U.S. Army to suppliers to accelerate
AM on-demand production of critical parts
• U.S. Air Force Research Laboratory – Novel Steel
Contracted to develop and qualify AF-9628 high-strength
steel for binder jetting. Binder jetting viewed as potential
cost-saving additive manufacturing method
• U.S. Department of Energy – Ceramic Heat Exchangers
Three-year cooperative effort to design and binder jet high-
temperature ceramic heat exchangers. End result would be
first of its kind in the world in terms of material and
After printing various parts with AF-9628 powder, Capt. Erin Hager analyzed the
architecture. Other partners: Oak Ridge and Lawrence resulting porosity, strength and impact toughness. (Courtesy photo/Air Force
Livermore National Laboratories Institute of Technology)
© 2020 The ExOne Company 16New Applications | Decentralized Manufacturing
U.S. Department of Defense contract to develop portable 3D printing “factory” pod
ExOne awarded contract to develop a fully operational self-
contained factory in a shipping container for decentralized
manufacturing.
BENEFITS
• ExOne’s binder jet 3D printing enables quick, localized,
on-site production of needed parts during a crisis
• Downtime from damaged or missing parts can be
reduced from weeks to days
• Reduces need to store inventory of many parts,
especially in remote areas
• Inventory can now be stored digitally for 3D printing as
needed
• ExOne commercial 3D printer being ruggedized for 3D
printing in military pod
This concept will save critical time (machined tooling to create parts typically takes 4-6 weeks), while
also reducing waste, the need to ship parts and the need to carry expensive inventory in crisis zones.
© 2020 The ExOne Company 17New Applications | Lightweight Robotic Arm Tooling
Unique value proposition offers affordable, durable and lightweight solution
INDUSTRY Automotive Parts Manufacturing
APPLICATION Robotics – End of Arm Tooling
LOCATION Saint Marys, PA
CHALLENGE Develop a strong, lightweight end-of-arm tooling attachment for a
high-volume precision inspection application with varying weight requirements. The
complex part enables two tools to sit at a 90-degree angle to each other on one arm.
SOLUTION
3D PRINTER ExOne Innovent+®
MATERIAL 17-4PH Stainless Steel (D90 of 22 μm)
PART SIZE 4.5 x 2 x 2 in. (12 x 5 x 5 cm)
WEIGHT 95 grams
COST $150 prior to finishing (compared to $672 for DMLS)
BENEFITS Generative software produced a lightweight design that could only be
manufactured with 3D printing. Binder jetting was one-fourth the price of laser
powder bed fusion. Final materials met MPIF standard 35 and customer requirements.
“It was one-fourth the cost of DMLS, and we did it in a strong material that reduced the payload on the robot.
As Allegheny Electric Service rolls this technology out, it’s going to be a bigger savings for their customers.”
- Chris Aiello, VP, Business Development FreeFORM Technologies for Allegheny Electric Service
© 2020 The ExOne Company 18New Applications | High-Performance Ceramics
Ultra Safe Nuclear uses ExOne to deliver its mission of Reliable Energy Anywhere
USNC is commercializing an all-new approach to nuclear energy
using ExOne binder jetting as core to its technology.
INDUSTRY Energy Hardware and Services
APPLICATION Ultra-High-Temperature Radiation-Resistant
Ceramics
LOCATION Seattle, Washington
SOLUTION
PRINTER ExOne Innovent, InnoventPro, 25Pro, 160Pro
MATERIAL Silicon Carbide Matrix
BENEFITS USNC proprietary fuel and core materials use ExOne
binder jet 3D printers to produce ultra high-temperature radiation-
resistant ceramics. High-temperature solid ceramic fuels, such as Fully
Ceramic Micro-Encapsulated Fuel (FCM), and moderators keep all
radioactive material safely enclosed and contained at all times.
“We’re using ExOne binder jet technology combined with our own proprietary technologies to make those cores
using additive methods, which gives us a huge advantage in being able to make very fine material for this example
in highly complex geometries” – USNC Executive
© 2020 The ExOne Company 19Case Study | Lightweighted Metal Automotive Part
Complexity achievable in final part as well as rigging and riser design
ExOne and Altair worked with a global
automotive manufacturer to lightweight an
existing structural truck part that holds cruise
control sensors.
The existing part was redesigned with Altair
Inspire and 3D printed with ExOne binder
jetting in 316L stainless steel.
BENEFITS
• More than 45% lighter
• Fewer manufacturing processes to make
• Reduced the amount of welding required
to affix the part to the vehicle structure
© 2020 The ExOne Company 20Case Study | Swiss Iron Foundry
Global adoption of the S-Max Pro and accessories growing
• At right, Eisengiesserei Mezger AG, an iron foundry
based in Switzerland, purchased an S-Max Pro with
our new semi-automated desanding system,
Fluidmatic material supply system, and other
accessories, including the Scout app
• This new desanding system for our furan
systems helps depowder parts faster, reducing
labor costs
• It also helps Mezger take full advantage of the
recyclability of the sand, feeding it directly
into a recycling container and re-using
between 30-50%. They are now producing
reliable parts, even with 80% recycled sand in
their jobs demonstrating sustainability in
practice
• Installed in June 2020, Mezger reports high
satisfaction with the system, which they are now
running 24/7. They can now deliver casted parts to
customers as fast as three days.
© 2020 The ExOne Company 21New Applications | AMClad® Infiltrated Tools, Products ExOne acquisition of Freshmade 3D expands 3D printed tooling offerings AMClad Tooling is produced on ExOne sand 3D printers such as the S-Max Pro and is durable enough to be used for a wide range of tooling applications, including: • Composite layup molding • Vacuum forming • Compression Molds • Urethane Casting Molds • Trim Fixtures • Hydroforming • Sheet Metal Stamping © 2020 The ExOne Company 22
New Applications | Renewable Replacement for Plastics, Paper
ExOne porous metal tooling enabling sustainable wood-based plastic replacement
Celwise AB in Sweden has developed a method to use specially
designed mixes of pulp to create water-resistant, plastic-like
products using ExOne’s unique porous tooling options. Products
made with Celwise technology replace single-use plastics with a
renewable, biodegradable product.
INDUSTRY Packaging, Containers, Other Plastic/Paper Goods
APPLICATION Porous Metal Tooling (Made Possible with Binder Jet)
LOCATION Sweden
SOLUTION
PRINTER ExOne M-Flex
MATERIAL 316L Stainless Steel
BENEFITS Unique tooling provided through binder jetting
technology are a critical enabler of Celwise’s technology. The tools
make different thicknesses and densities to give the end product the
desired design and function.
Unique Celwise tooling, which is made with binder jet 3D printing, are the core of the technology and made from
a combination of materials and heating elements in a 3D printing process. There are three types of tools in each
machine – forming, transferring and pressing – to produce goods that will disrupt the paper and plastic industry.
© 2020 The ExOne Company 23More Sustainable Manufacturing, Parts & Supply Chains
Binder Jet 3DP is a serious tool to make lightweight or consolidate parts with less energy and waste
BINDER JET TECHNOLOGY
• Fabricates objects with little to no waste, a • Enables part consolidation that eliminates
dramatic improvement over traditional manufacturing processes and reduces energy
technologies consumption
• Research concludes BJT has a 96% material • Eliminates need for hard tooling, enabling
efficiency rate* distributed manufacturing that shortens supply
• Enables manufacturing of generative chains
lightweight designs that are not possible or • Enables all-new innovations for sustainability
affordable with traditional manufacturing
* Mirzababaei, S., Paul, B.K. & Pasebani, S. Metal Powder Recyclability
in Binder Jet Additive Manufacturing. JOM 72, 3070–3079
© 2020 The ExOne Company (2020). https://doi.org/10.1007/s11837-020-04258-6 24Financial Review © 2020 The ExOne Company 25
Revenue & Gross Margin
Annual Quarterly
($ in millions) ($ in millions)
$70.0 40% $20.0 45%
32.4%
$18.0
40%
32.7% 38.6%
35%
$60.0
$16.0
33.7% $10.5 $9.8
35%
27.1%
30%
27.8%*
$50.0
26.4%
$14.0
$31.5 30%
$36.4 $4.9
24.4%*
25%
$12.0
$10.7 *
$40.0
$27.2 22.4% 25%
$6.3 *
20% $10.0
$9.3
22.2%
$30.0 $4.0 $4.9 20%
$8.0
*
15%
15.4%
15%
$8.1
$6.0
$20.0
$28.2 $27.8
10%
$7.6
$26.1
10%
$6.9
$4.0
$6.8 $7.1 $6.2 $6.9
$10.0
5% $6.0
$2.0
5%
$- 0% $- 0%
2018 2019 2020 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Machine Recurring Gross Margin
Note: Recurring revenue includes 3D printed and other products, materials and services * Gross margin was impacted primarily by COVID-19 related operating inefficiencies
© 2020 The ExOne Company 26Machine Unit Sales
Annual Quarterly
Machine Unit Sales Machine Unit Sales
18
56
53
14 14
44 13 13
3
13
30
33 6 9 6
9
21 8
7
6
11 5
4
26 7 7
23 20 5 5
3 3 3
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021
2018 2019 2020 2019 2019 2019 2020 2020 2020 2020
© 2020 The ExOne Company 27Record Backlog Despite Uncertain Environment
Backlog*
($ in millions)
$47.8
$39.4
$33.8
3/31/2020 12/31/2020 3/31/2021
RECORD BACKLOG REFLECTS MARKET STRENGTH OF BINDER JETTING TECHNOLOGY
*Backlog includes firmly committed orders received from machine and recurring revenue customers, machine maintenance contracts, the noncancelable portion of operating lease
agreements, and orders for global metal and sand service bureaus and other contractual services, including funded research and development.
© 2020 The ExOne Company 28Operating Expenses Supporting Rapid Metal Growth
Annual Operating Expenses Quarterly Operating Expenses
($ in millions) ($ in millions)
$33.9 $8.7 $8.7 $8.5
$32.5 $8.2
$29.8 $7.7 $7.5
$6.9 $6.8
$6.2 $6.2 $5.9
$5.7
$22.6 $5.3
$23.2 $4.5 $5.5
$21.0 $4.8
$2.5 $2.5 $2.6
$10.7 $9.9 $8.8
$2.5 $2.4 $2.4 $2.0 $2.0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021
2018 2019 2020 2019 2019 2019 2020 2020 2020 2020
R&D SG&A
© 2020 The ExOne Company 29Expanded Liquidity for Growth
Liquidity
• Capital raise targeted at expanding our ($ in millions)
highly differentiated production adoption Cash, Cash Equivalents Total Debt Credit facility
model, enhancing capabilities across
geographies, and qualifying additional
materials to further expand our leadership
position in binder jet materials Total
Total
Liquidity Liquidity
• Expanding workforce by 15% in 2021 to
$59.7 $137.3
drive innovation and support the shift in
manufacturing mix to a higher percentage
of metal products $10 $137.3
• Accelerating production of metal printers
to more quickly convert backlog to $49.7
$3.4 $2.2
revenue and meet growing customer
demand 12/31/2020 3/31/2021
• Evaluating select strategic investments
* On February 12, 2021, the Company completed an underwritten public offering of its common stock resulting in net proceeds to the Company after commissions and expenses of $95.5
million intended for use as working capital and for general corporate purposes, including strategic investments.
© 2020 The ExOne Company 302021 Outlook
Strong demand, backlog and liquidity position ExOne for revenue growth of 15% - 25%
in 2021 while prudently investing for growth
• New, competitively differentiated 3D printers position ExOne to best respond to a diversity
of industries, applications and customer needs
• Significant customers leveraging Production Adoption Model for production binder jetting
• Expansion into pre-bound metal marketplace with X1 Metal Designlab leverages new Rapidia
partnership
• Investing in talent supporting accelerated development and innovation, and operational
excellence to meet growing customer demand for metal 3D printers
Redefining
Metal 3DP
Leadership
© 2020 The ExOne Company 31
29Supplemental Information © 2020 The ExOne Company 32
Adjusted EBITDA Reconciliation
(in millions, unaudited)
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, (benefit) provision for income taxes, depreciation, equity-based compensation, gain from sale-leaseback of property and
equipment and other expense (income) – net. Use of Adjusted EBITDA, which is a non-GAAP financial measure, as defined under SEC rules, is intended as a supplemental
measure of ExOne’s performance that is not required by, or presented in accordance with, GAAP. The presentation of Adjusted EBITDA is not intended to be a substitute for, and
should not be considered in isolation from, net loss reported 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 that 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.
© 2020 The ExOne Company 33You can also read
