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 |
|
FARO Announces Second Quarter 2021 Financial Results
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