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FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
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(UNAUDITED) | |||||||||||
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Years Ended December 31, | ||||||||||
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(in thousands) |
2017 |
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2016 |
|
2015 | ||||||
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CASH FLOWS FROM: |
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|
|
|
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OPERATING ACTIVITIES: |
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|
|
|
| ||||||
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Net (loss) income |
$ |
(14,516) |
|
|
$ |
11,107 |
|
|
$ |
12,813 |
|
|
Adjustments to reconcile net (loss) income to net cash provided by
|
|
|
|
|
| ||||||
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Depreciation and amortization |
16,588 |
|
|
13,868 |
|
|
11,217 |
| |||
|
Compensation for stock options and restricted stock units |
6,450 |
|
|
5,374 |
|
|
4,306 |
| |||
|
Provision for bad debts (net recovery of) |
370 |
|
|
898 |
|
|
346 |
| |||
|
Loss on disposal of assets |
451 |
|
|
860 |
|
|
947 |
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Write-down of inventories |
1,734 |
|
|
4,134 |
|
|
10,878 |
| |||
|
Deferred income tax benefit |
(1,740) |
|
|
(2,002) |
|
|
(655) |
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Income tax benefit from exercise of stock options |
— |
|
|
(357) |
|
|
(313) |
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Change in operating assets and liabilities: |
|
|
|
|
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Decrease (increase) in: |
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|
|
|
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Accounts receivable, net |
(6,766) |
|
|
6,727 |
|
|
9,584 |
| |||
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Inventories, net |
(10,926) |
|
|
(6,729) |
|
|
(18,021) |
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Prepaid expenses and other assets |
(253) |
|
|
3,588 |
|
|
(2,834) |
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(Decrease) increase in: |
|
|
|
|
| ||||||
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Accounts payable and accrued liabilities |
1,103 |
|
|
534 |
|
|
(6,401) |
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|
Income taxes payable |
20,011 |
|
|
618 |
|
|
— |
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Customer deposits |
(461) |
|
|
(1,310) |
|
|
1,114 |
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Unearned service revenues |
(1,690) |
|
|
273 |
|
|
5,051 |
| |||
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Net cash provided by operating activities |
10,355 |
|
|
37,583 |
|
|
28,032 |
| |||
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INVESTING ACTIVITIES: |
|
|
|
|
| ||||||
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Proceeds from sale of investments |
32,000 |
|
|
— |
|
|
22,001 |
| |||
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Purchases of property and equipment |
(8,970) |
|
|
(7,720) |
|
|
(14,169) |
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Payments for intangible assets |
(2,377) |
|
|
(1,657) |
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|
(2,140) |
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Acquisition of business, net of cash received |
(5,596) |
|
|
(27,708) |
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|
(12,066) |
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Net cash provided by (used in) investing activities |
15,057 |
|
|
(37,085) |
|
|
(6,374) |
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FINANCING ACTIVITIES: |
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|
|
|
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Payments on capital leases |
(108) |
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|
(8) |
|
|
(8) |
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Payments of contingent consideration for acquisitions |
(521) |
|
|
(774) |
|
|
— |
| |||
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Repurchase of common stock |
— |
|
|
— |
|
|
(22,763) |
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Income tax benefit from exercise of stock options |
— |
|
|
357 |
|
|
313 |
| |||
|
Proceeds from issuance of stock, net |
3,594 |
|
|
674 |
|
|
2,287 |
| |||
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Net cash provided by (used in) financing activities |
2,965 |
|
|
249 |
|
|
(20,171) |
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EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
6,414 |
|
|
(1,934) |
|
|
(3,420) |
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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
34,791 |
|
|
(1,187) |
|
|
(1,933) |
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CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
106,169 |
|
|
107,356 |
|
|
109,289 |
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CASH AND CASH EQUIVALENTS, END OF YEAR |
$ |
140,960 |
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|
$ |
106,169 |
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|
$ |
107,356 |
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