FARO Reports Third Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Nine Months Ended

(in thousands)

September 30,
2019


September 30,
2018

Cash flows from:




Operating activities:




Net loss

$

(12,452)


$

(828)

Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization

14,203


13,467

Stock-based compensation

8,703


5,717

Provisions for bad debts, net of recoveries

1,000


360

Loss on disposal of assets

552


401

Provision for excess and obsolete inventory

2,431


5,357

Deferred income tax benefit

(69)


(161)

Impairment charge on equity method investment

1,535


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

21,883


(1,882)

Inventories

(9,471)


(12,104)

Prepaid expenses and other current assets

640


(4,257)

(Decrease) Increase in:




Accounts payable and accrued liabilities

(13,404)


569

General Services Administration liability

6,470


Income taxes payable

(3,679)


(5,082)

Customer deposits

(685)


(107)

Unearned service revenues

5,809


3,415

Net cash provided by operating activities

23,466


4,865

Investing activities:




Proceeds from sale of investments

33,700


22,000

Purchases of investments

(33,700)


(31,000)

Purchases of property and equipment

(5,922)


(6,895)

Payments for intangible assets

(2,035)


(1,716)

Acquisition of businesses


(27,638)

Loan originated to affiliate

(549)


Equity investments and advances to affiliates


(1,786)

Net cash used in investing activities

(8,506)


(47,035)

Financing activities:




Payments on finance leases

(273)


(84)

Payments of contingent consideration for acquisitions

(3,101)


(638)

Payments for taxes related to net share settlement of equity awards

(1,389)


Proceeds from issuance of stock related to stock option exercises

2,328


20,901

Net cash (used in) provided by financing activities

(2,435)


20,179

Effect of exchange rate changes on cash and cash equivalents

(2,225)


(3,871)

Increase (decrease) in cash and cash equivalents

10,300


(25,862)

Cash and cash equivalents, beginning of period

108,783


140,960

Cash and cash equivalents, end of period

$

119,083


$

115,098


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