|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
|
| |||||||
|
|
Three Months Ended | ||||||
|
(in thousands) |
March 31, 2018 |
|
March 31, 2017 | ||||
|
Cash flows from: |
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|
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|
Operating activities: |
|
|
| ||||
|
Net income (loss) |
$ |
455 |
|
|
$ |
(1,461) |
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| ||||
|
Depreciation and amortization |
4,343 |
|
|
3,718 |
| ||
|
Stock-based compensation |
1,553 |
|
|
1,417 |
| ||
|
Provision for bad debts |
24 |
|
|
89 |
| ||
|
Loss on disposal of assets |
127 |
|
|
77 |
| ||
|
Provision for excess and obsolete inventory |
312 |
|
|
567 |
| ||
|
Deferred income tax (benefit) expense |
(128) |
|
|
6 |
| ||
|
Change in operating assets and liabilities: |
|
|
| ||||
|
Decrease (increase) in: |
|
|
| ||||
|
Accounts receivable |
1,808 |
|
|
1,722 |
| ||
|
Inventories |
(5,208) |
|
|
(2,480) |
| ||
|
Prepaid expenses and other current assets |
(936) |
|
|
(1,181) |
| ||
|
(Decrease) increase in: |
|
|
| ||||
|
Accounts payable and accrued liabilities |
(4,846) |
|
|
(2,442) |
| ||
|
Income taxes payable |
(2,571) |
|
|
(618) |
| ||
|
Customer deposits |
(213) |
|
|
(123) |
| ||
|
Unearned service revenues |
1,231 |
|
|
430 |
| ||
|
Net cash used in operating activities |
(4,049) |
|
|
(279) |
| ||
|
Investing activities: |
|
|
| ||||
|
Purchases of property and equipment |
(2,243) |
|
|
(1,745) |
| ||
|
Payments for intangible assets |
(650) |
|
|
(332) |
| ||
|
Acquisition of businesses |
(3,966) |
|
|
— |
| ||
|
Net cash used in investing activities |
(6,859) |
|
|
(2,077) |
| ||
|
Financing activities: |
|
|
| ||||
|
Payments on capital leases |
(46) |
|
|
(2) |
| ||
|
Proceeds from issuance of stock related to stock option exercises |
6,785 |
|
|
268 |
| ||
|
Net cash provided by financing activities |
6,739 |
|
|
266 |
| ||
|
Effect of exchange rate changes on cash and cash equivalents |
2,035 |
|
|
1,779 |
| ||
|
Decrease in cash and cash equivalents |
(2,134) |
|
|
(311) |
| ||
|
Cash and cash equivalents, beginning of period |
140,960 |
|
|
106,169 |
| ||
|
Cash and cash equivalents, end of period |
$ |
138,826 |
|
|
$ |
105,858 |
|
