FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(UNAUDITED) | |||||||
| |||||||
| Nine Months Ended | ||||||
(in thousands) | September 30,
|
| September 30,
| ||||
Cash flows from: |
|
|
| ||||
Operating activities: |
|
|
| ||||
Net loss | $ | (26,779) |
|
| $ | (12,452) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization | 10,631 |
|
| 14,203 |
| ||
Stock-based compensation | 6,428 |
|
| 8,703 |
| ||
Provisions for bad debts, net of recoveries | 435 |
|
| 1,000 |
| ||
Loss on disposal of assets | 351 |
|
| 552 |
| ||
Provision for excess and obsolete inventory | 778 |
|
| 2,431 |
| ||
Deferred income tax benefit | (4,961) |
|
| (69) |
| ||
Impairment charge on equity method investment | — |
|
| 1,535 |
| ||
Change in operating assets and liabilities: |
|
|
| ||||
Decrease (Increase) in: |
|
|
| ||||
Accounts receivable | 28,132 |
|
| 21,883 |
| ||
Inventories | 5,101 |
|
| (9,471) |
| ||
Prepaid expenses and other current assets | 9,391 |
|
| 640 |
| ||
Increase (Decrease) in: |
|
|
| ||||
Accounts payable and accrued liabilities | (10,006) |
|
| (6,934) |
| ||
Income taxes payable | (6,109) |
|
| (3,679) |
| ||
Customer deposits | 815 |
|
| (685) |
| ||
Unearned service revenues | (3,391) |
|
| 5,809 |
| ||
Net cash provided by operating activities | 10,816 |
|
| 23,466 |
| ||
Investing activities: |
|
|
| ||||
Purchases of property and equipment | (2,833) |
|
| (5,922) |
| ||
Proceeds from sale of investments | 25,000 |
|
| 33,700 |
| ||
Purchases of investments | — |
|
| (33,700) |
| ||
Proceeds from asset sales | 768 |
|
| — |
| ||
Payments for intangible assets | (813) |
|
| (2,035) |
| ||
Acquisition of business, net of cash received | (6,036) |
|
| — |
| ||
Loan originated to affiliate | — |
|
| (549) |
| ||
Net cash provided by (used in) investing activities | 16,086 |
|
| (8,506) |
| ||
Financing activities: |
|
|
| ||||
Payments on finance leases | (237) |
|
| (273) |
| ||
Payments of contingent consideration for acquisitions | (733) |
|
| (3,101) |
| ||
Payments for taxes related to net share settlement of equity awards | (2,568) |
|
| (1,389) |
| ||
Proceeds from issuance of stock related to stock option exercises | 5,384 |
|
| 2,328 |
| ||
Net cash provided by (used in) financing activities | 1,846 |
|
| (2,435) |
| ||
Effect of exchange rate changes on cash and cash equivalents | 1,255 |
|
| (2,225) |
| ||
Increase in cash and cash equivalents | 30,003 |
|
| 10,300 |
| ||
Cash and cash equivalents, beginning of period | 133,634 |
|
| 108,783 |
| ||
Cash and cash equivalents, end of period | $ | 163,637 |
|
| $ | 119,083 |
|
FARO Announces Third Quarter Financial Results
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