FARO Announces Second Quarter 2021 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Six Months Ended

(in thousands)

June 30, 2021


June 30, 2020

Cash flows from:




Operating activities:




Net loss

$

(4,397)



$

(23,755)


Adjustments to reconcile net loss to net cash (used in) provided by operating activities:




Depreciation and amortization

6,289



7,209


Stock-based compensation

5,377



4,345


Provisions for bad debts, net of recoveries

(43)



680


Loss on disposal of assets

86



299


Provision for excess and obsolete inventory

1,640



479


Deferred income tax benefit

(2,009)



(2,404)


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

3,964



26,180


Inventories

(7,495)



892


Prepaid expenses and other current assets

(982)



11,347


(Decrease) Increase in:




Accounts payable and accrued liabilities

(13,525)



(1,395)


Income taxes payable

(2,310)



(5,058)


Customer deposits

1,723



384


Unearned service revenues

(627)



(3,139)


Net cash (used in) provided by operating activities

(12,309)



16,064


Investing activities:




Purchases of property and equipment

(2,072)



(1,533)


Proceeds from asset sales



643


Proceeds from sale of investments



25,000


Payments for intangible assets

(1,780)



(673)


Acquisition of business, net of cash acquired

(33,908)




Net cash (used in) provided by investing activities

(37,760)



23,437


Financing activities:




Payments on finance leases

(167)



(160)


Payments for taxes related to net share settlement of equity awards

(3,779)



(2,409)


Proceeds from issuance of stock related to stock option exercises

5,165



3,854


Net cash provided by financing activities

1,219



1,285


Effect of exchange rate changes on cash and cash equivalents

(3,446)



(720)


(Decrease) Increase in cash and cash equivalents

(52,296)



40,066


Cash and cash equivalents, beginning of period

185,633



133,634


Cash and cash equivalents, end of period

$

133,337



$

173,700




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