FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(UNAUDITED) | |||||||
|
| |||||||
|
| Six Months Ended | ||||||
(in thousands) | June 30, 2019 |
| June 30, 2018 | ||||
Cash flows from: |
|
|
| ||||
Operating activities: |
|
|
| ||||
Net (loss) income | $ | (6,253) |
|
| $ | 1,660 |
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization | 9,322 |
|
| 8,720 |
| ||
Stock-based compensation | 5,316 |
|
| 3,400 |
| ||
Provisions for bad debts, net of recoveries | 2 |
|
| 211 |
| ||
Loss on disposal of assets | 348 |
|
| 165 |
| ||
Provision for excess and obsolete inventory | 1,481 |
|
| 504 |
| ||
Deferred income tax benefit | (11) |
|
| (190) |
| ||
Impairment charge on equity method investment | 1,535 |
|
| — |
| ||
Change in operating assets and liabilities: |
|
|
| ||||
Decrease (Increase) in: |
|
|
| ||||
Accounts receivable | 14,442 |
|
| 252 |
| ||
Inventories | (9,687) |
|
| (6,664) |
| ||
Prepaid expenses and other current assets | 2,282 |
|
| (3,526) |
| ||
(Decrease) Increase in: |
|
|
| ||||
Accounts payable, accrued liabilities, and lease liability | (7,793) |
|
| (2,901) |
| ||
GSA liability | 6,327 |
|
| — |
| ||
Income taxes payable | (3,119) |
|
| (4,378) |
| ||
Customer deposits | (446) |
|
| 382 |
| ||
Unearned service revenues | 3,998 |
|
| 2,372 |
| ||
Net cash provided by operating activities | 17,744 |
|
| 7 |
| ||
Investing activities: |
|
|
| ||||
Purchases of property and equipment | (3,693) |
|
| (5,164) |
| ||
| Payments for intangible assets | (1,233) |
|
| (1,186) |
| ||
| Acquisition of businesses | — |
|
| (3,965) |
| ||
| Equity investments and advances to affiliates | — |
|
| (1,786) |
| ||
| Net cash used in investing activities | (4,926) |
|
| (12,101) |
| ||
| Financing activities: |
|
|
| ||||
| Payments on finance leases | (187) |
|
| (46) |
| ||
| Payments of contingent consideration for acquisitions | (250) |
|
| — |
| ||
| Payments for taxes related to net share settlement of equity awards | (1,440) |
|
| — |
| ||
| Proceeds from issuance of stock related to stock option exercises | 735 |
|
| 7,133 |
| ||
| Net cash (used in) provided by financing activities | (1,142) |
|
| 7,087 |
| ||
| Effect of exchange rate changes on cash and cash equivalents | 145 |
|
| (2,399) |
| ||
| Increase (decrease) in cash and cash equivalents | 11,821 |
|
| (7,406) |
| ||
| Cash and cash equivalents, beginning of period | 108,783 |
|
| 140,960 |
| ||
| Cash and cash equivalents, end of period | $ | 120,604 |
|
| $ | 133,554 |
|
