|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
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|
(UNAUDITED) |
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|
Years ended December 31, |
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|
(in thousands) |
2016 |
2015 |
2014 |
|||||||||
|
Net income |
$ |
11,107 |
$ |
12,813 |
$ |
33,649 |
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|
Currency translation adjustments, net of tax |
(4,700) |
(13,166) |
(13,961) |
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|
Comprehensive income (loss) |
$ |
6,407 |
$ |
(353) |
$ |
19,688 |
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FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
(UNAUDITED) |
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|
Years Ended December 31, |
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|
(in thousands) |
2016 |
2015 |
2014 |
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|
CASH FLOWS FROM: |
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|
OPERATING ACTIVITIES: |
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|
Net income |
$ |
11,107 |
$ |
12,813 |
$ |
33,649 |
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|
Adjustments to reconcile net income to net cash provided by operating activities: |
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|
Depreciation and amortization |
13,868 |
11,217 |
7,428 |
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|
Compensation for stock options and restricted stock units |
5,374 |
4,306 |
4,678 |
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|
Provision for bad debts (net recovery of) |
898 |
346 |
(306) |
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|
Loss on disposal of assets |
860 |
947 |
— |
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|
Write-down of inventories |
4,134 |
10,878 |
3,272 |
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|
Deferred income tax benefit |
(2,002) |
(655) |
(4,707) |
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|
Income tax benefit from exercise of stock options |
(357) |
(313) |
(169) |
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|
Change in operating assets and liabilities: |
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|
Decrease (increase) in: |
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|
Accounts receivable, net |
6,727 |
9,584 |
(24,587) |
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|
Inventories, net |
(6,729) |
(18,021) |
(21,995) |
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|
Prepaid expenses and other assets |
3,588 |
(2,834) |
(3,501) |
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|
(Decrease) increase in: |
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|
Accounts payable and accrued liabilities |
534 |
(6,401) |
8,867 |
|||||||||
|
Income taxes payable |
618 |
— |
(1,560) |
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|
Customer deposits |
(1,310) |
1,114 |
(724) |
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|
Unearned service revenues |
273 |
5,051 |
5,313 |
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|
Net cash provided by operating activities |
37,583 |
28,032 |
5,658 |
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|
INVESTING ACTIVITIES: |
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|
Proceeds from sale of investments |
— |
22,001 |
— |
|||||||||
|
Purchases of property and equipment |
(7,720) |
(14,169) |
(18,722) |
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|
Payments for intangible assets |
(1,657) |
(2,140) |
(1,221) |
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|
Acquisition of business, net of cash received |
(27,708) |
(12,066) |
(1,150) |
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|
Net cash used in investing activities |
(37,085) |
(6,374) |
(21,093) |
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FINANCING ACTIVITIES: |
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|
Payments on capital leases |
(8) |
(8) |
(8) |
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|
Payments of contingent consideration for acquisitions |
(774) |
— |
— |
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|
Repurchase of common stock |
— |
(22,763) |
— |
|||||||||
|
Income tax benefit from exercise of stock options |
357 |
313 |
169 |
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|
Proceeds from issuance of stock, net |
674 |
2,287 |
3,369 |
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|
Net cash provided by (used in) financing activities |
249 |
(20,171) |
3,530 |
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EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(1,934) |
(3,420) |
(3,436) |
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|
DECREASE IN CASH AND CASH EQUIVALENTS |
(1,187) |
(1,933) |
(15,341) |
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|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
107,356 |
109,289 |
124,630 |
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|
CASH AND CASH EQUIVALENTS, END OF YEAR |
$ |
106,169 |
$ |
107,356 |
$ |
109,289 |
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