FARO Announces Fourth Quarter Financial Results and Strategic Initiatives

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Years Ended December 31,

(in thousands)

2019


2018

CASH FLOWS FROM:




OPERATING ACTIVITIES:




Net (loss) income

$

(62,147)



$

4,930


Adjustments to reconcile net (loss) income to net cash provided by operating activities:




Depreciation and amortization

18,516



18,313


Compensation for stock options and restricted stock units

11,071



7,620


Provision for bad debts

2,090



907


Loss on disposal of assets

2,639



192


Provision for excess and obsolete inventory

16,886



5,757


Impairment of goodwill

21,233




Impairment of acquired intangibles

10,548




Impairment of loan to affiliate

549




Deferred income tax (benefit) expense

(6,304)



689


Change in operating assets and liabilities:




(Increase) decrease in:




Accounts receivable, net

10,406



(15,995)


Inventories

(4,136)



(20,532)


Prepaid expenses and other assets

1,188



(11,310)


Increase (decrease) in:




Accounts payable and accrued liabilities

(2,518)



11,195


Income taxes payable

1,041



(3,286)


Customer deposits

(30)



513


Unearned service revenues

11,436



7,330


Net cash provided by operating activities

32,468



6,323


INVESTING ACTIVITIES:




Purchases of investments

(50,000)



(47,000)


Proceeds from sale of investments

50,000



33,000


Purchases of property and equipment

(6,675)



(11,021)


Payments for internally capitalized patents

(2,118)



(1,900)


Acquisition of business, net of cash received



(27,067)


Other

(549)



(1,786)


Net cash used in investing activities

(9,342)



(55,774)


FINANCING ACTIVITIES:




Payments on capital leases

(358)



(157)


Payments of contingent consideration for acquisitions

(3,101)



(888)


Payments for taxes related to net share settlement of equity awards

(2,199)




Proceeds from issuance of stock related to stock option exercises

7,901



20,855


Net cash provided by financing activities

2,243



19,810


EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(518)



(2,536)


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

24,851



(32,177)


CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

108,783



140,960


CASH AND CASH EQUIVALENTS, END OF YEAR

$

133,634



$

108,783



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