FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| Twelve Months Ended December 31, | ||
(in thousands) | 2023 |
| 2022 |
Cash flows from: |
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Operating activities: |
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|
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Net loss | $ (56,577) |
| $ (26,756) |
Adjustments to reconcile net loss to net cash used by operating activities: |
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|
Depreciation and amortization | 15,377 |
| 13,983 |
Stock-based compensation | 17,833 |
| 13,317 |
Inventory write-downs | 9,340 |
| — |
Asset impairment charges | 5,707 |
| 507 |
Provision for bad debts, net of recoveries | 1,030 |
| 163 |
Amortization of debt discount and issuance costs | 450 |
| — |
Loss on disposal of assets | 274 |
| 156 |
Provision for excess and obsolete inventory | 2,361 |
| (68) |
Impairment of intangible assets | — |
| 1,135 |
Deferred income tax expense (benefit) | (26) |
| 2,412 |
Change in operating assets and liabilities, net of acquisitions: |
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|
(Increase) decrease in: |
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|
Accounts receivable, net | (50) |
| (11,198) |
Inventories | 736 |
| 3,379 |
Prepaid expenses and other assets | 3,387 |
| (21,239) |
(Decrease) increase in: |
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Accounts payable and accrued liabilities | 4,421 |
| 4,777 |
Income taxes payable | (3,808) |
| (1,904) |
Customer deposits | (2,533) |
| 1,343 |
Unearned service revenues | 2,786 |
| (4,863) |
Other liabilities | 367 |
| — |
Net cash provided by (used in) operating activities | 1,075 |
| (24,856) |
INVESTING ACTIVITIES: |
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Purchases of property and equipment | (6,817) |
| (6,371) |
Purchases of short-term investments | (19,496) |
| — |
Cash paid for technology development, patents and licenses | (7,177) |
| (10,567) |
Acquisitions of businesses and minority share investments, net of cash received | — |
| (32,959) |
Net cash used in investing activities | (33,490) |
| (49,897) |
Financing activities: |
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Payments on capital leases | (154) |
| (220) |
Cash settlement of equity awards | 217 |
| (1,892) |
Short term debt | — |
| 1,115 |
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount, issuance
| 72,310 |
| — |
Payment of contingent consideration for business acquisition | (1,098) |
| — |
Net cash provided by (used in) financing activities | 71,275 |
| (997) |
Effect of exchange rate changes on cash and cash equivalents | 115 |
| (8,427) |
Increase (Decrease) in cash and cash equivalents | 38,975 |
| (84,177) |
Cash and cash equivalents, beginning of period | 37,812 |
| 121,989 |
Cash and cash equivalents, end of period | $ 76,787 |
| $ 37,812 |
FARO Announces Fourth Quarter and Full Year 2023 Financial Results
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