|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
(UNAUDITED) |
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|
Six Months Ended |
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|
(in thousands) |
June 30, 2019 |
June 30, 2018 |
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Cash flows from: |
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|
Operating activities: |
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|
Net (loss) income |
$ |
(6,253) |
$ |
1,660 |
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|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
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|
Depreciation and amortization |
9,322 |
8,720 |
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|
Stock-based compensation |
5,316 |
3,400 |
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|
Provisions for bad debts, net of recoveries |
2 |
211 |
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|
Loss on disposal of assets |
348 |
165 |
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Provision for excess and obsolete inventory |
1,481 |
504 |
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|
Deferred income tax benefit |
(11) |
(190) |
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|
Impairment charge on equity method investment |
1,535 |
— |
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Change in operating assets and liabilities: |
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Decrease (Increase) in: |
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|
Accounts receivable |
14,442 |
252 |
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|
Inventories |
(9,687) |
(6,664) |
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|
Prepaid expenses and other current assets |
2,282 |
(3,526) |
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|
(Decrease) Increase in: |
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|
Accounts payable, accrued liabilities, and lease liability |
(7,793) |
(2,901) |
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|
GSA liability |
6,327 |
— |
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|
Income taxes payable |
(3,119) |
(4,378) |
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|
Customer deposits |
(446) |
382 |
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|
Unearned service revenues |
3,998 |
2,372 |
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|
Net cash provided by operating activities |
17,744 |
7 |
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Investing activities: |
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|
Purchases of property and equipment |
(3,693) |
(5,164) |
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|
Payments for intangible assets |
(1,233) |
(1,186) |
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|
Acquisition of businesses |
— |
(3,965) |
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|
Equity investments and advances to affiliates |
— |
(1,786) |
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|
Net cash used in investing activities |
(4,926) |
(12,101) |
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Financing activities: |
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Payments on finance leases |
(187) |
(46) |
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Payments of contingent consideration for acquisitions |
(250) |
— |
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Payments for taxes related to net share settlement of equity awards |
(1,440) |
— |
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Proceeds from issuance of stock related to stock option exercises |
735 |
7,133 |
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|
Net cash (used in) provided by financing activities |
(1,142) |
7,087 |
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|
Effect of exchange rate changes on cash and cash equivalents |
145 |
(2,399) |
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|
Increase (decrease) in cash and cash equivalents |
11,821 |
(7,406) |
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|
Cash and cash equivalents, beginning of period |
108,783 |
140,960 |
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Cash and cash equivalents, end of period |
$ |
120,604 |
$ |
133,554 |
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