FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 
 

Six Months Ended

(in thousands)

June 30, 2020

 

June 30, 2019

Cash flows from:

     

Operating activities:

     

Net loss

$

(23,755)

   

$

(6,253)

 

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

     

Depreciation and amortization

7,209

   

9,322

 

Stock-based compensation

4,345

   

5,316

 

Provisions for bad debts, net of recoveries

680

   

2

 

Loss on disposal of assets

299

   

348

 

Provision for excess and obsolete inventory

479

   

1,481

 

Deferred income tax benefit

(2,404)

   

(11)

 

Impairment charge on equity method investment

   

1,535

 

Change in operating assets and liabilities:

     

Decrease (Increase) in:

     

Accounts receivable

26,180

   

14,442

 

Inventories

892

   

(9,687)

 

Prepaid expenses and other current assets

11,347

   

2,282

 

Increase (Decrease) in:

     

Accounts payable and accrued liabilities

(1,395)

   

(1,466)

 

Income taxes payable

(5,058)

   

(3,119)

 

Customer deposits

384

   

(446)

 

Unearned service revenues

(3,139)

   

3,998

 

Net cash provided by operating activities

16,064

   

17,744

 

Investing activities:

     

Proceeds from sale of investments

25,000

   

 

Purchases of property and equipment

(1,533)

   

(3,693)

 

Proceeds from asset sales

643

   

 

Payments for intangible assets

(673)

   

(1,233)

 

Net cash provided by (used in) investing activities

23,437

   

(4,926)

 

Financing activities:

     

Payments on finance leases

(160)

   

(187)

 

Payments of contingent consideration for acquisitions

   

(250)

 

Payments for taxes related to net share settlement of equity awards

(2,409)

   

(1,440)

 

Proceeds from issuance of stock related to stock option exercises

3,854

   

735

 

Net cash provided by (used in) financing activities

1,285

   

(1,142)

 

Effect of exchange rate changes on cash and cash equivalents

(720)

   

145

 

Increase in cash and cash equivalents

40,066

   

11,821

 

Cash and cash equivalents, beginning of period

133,634

   

108,783

 

Cash and cash equivalents, end of period

$

173,700

   

$

120,604

 

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