FARO Reports Second Quarter 2019 Financial Results

 

 

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

 

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