|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(UNAUDITED) | |||||||
|
| |||||||
|
|
Six Months Ended | ||||||
|
(in thousands) |
June 30, 2018 |
|
June 30, 2017 | ||||
|
Cash flows from: |
|
|
| ||||
|
Operating activities: |
|
|
| ||||
|
Net income (loss) |
$ |
1,660 |
|
|
$ |
(5,086) |
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in)
|
|
|
| ||||
|
Depreciation and amortization |
8,720 |
|
|
7,707 |
| ||
|
Stock-based compensation |
3,400 |
|
|
3,195 |
| ||
|
Provision for bad debts |
211 |
|
|
230 |
| ||
|
Loss on disposal of assets |
165 |
|
|
122 |
| ||
|
Provision for excess and obsolete inventory |
504 |
|
|
736 |
| ||
|
Deferred income tax (benefit) expense |
(190) |
|
|
168 |
| ||
|
Change in operating assets and liabilities: |
|
|
| ||||
|
Decrease (increase) in: |
|
|
| ||||
|
Accounts receivable |
252 |
|
|
4,771 |
| ||
|
Inventories |
(6,664) |
|
|
(10,107) |
| ||
|
Prepaid expenses and other current assets |
(3,526) |
|
|
(6,489) |
| ||
|
(Decrease) increase in: |
|
|
| ||||
|
Accounts payable and accrued liabilities |
(2,901) |
|
|
1,610 |
| ||
|
Income taxes payable |
(4,378) |
|
|
(590) |
| ||
|
Customer deposits |
382 |
|
|
(163) |
| ||
|
Unearned service revenues |
2,372 |
|
|
(472) |
| ||
|
Net cash provided by (used in) operating activities |
7 |
|
|
(4,368) |
| ||
|
Investing activities: |
|
|
| ||||
|
Proceeds from sale of investments |
— |
|
|
21,000 |
| ||
|
Purchases of property and equipment |
(5,164) |
|
|
(3,669) |
| ||
|
Payments for intangible assets |
(1,186) |
|
|
(645) |
| ||
|
Acquisition of businesses |
(3,965) |
|
|
(5,496) |
| ||
|
Equity investments and advances to affiliates |
(1,786) |
|
|
— |
| ||
|
Net cash (used in) provided by investing activities |
(12,101) |
|
|
11,190 |
| ||
|
Financing activities: |
|
|
| ||||
|
Payments on capital leases |
(46) |
|
|
(4) |
| ||
|
Proceeds from issuance of stock related to stock option exercises |
7,133 |
|
|
284 |
| ||
|
Net cash provided by financing activities |
7,087 |
|
|
280 |
| ||
|
Effect of exchange rate changes on cash and cash equivalents |
(2,399) |
|
|
4,323 |
| ||
|
(Decrease) increase in cash and cash equivalents |
(7,406) |
|
|
11,425 |
| ||
|
Cash and cash equivalents, beginning of period |
140,960 |
|
|
106,169 |
| ||
|
Cash and cash equivalents, end of period |
$ |
133,554 |
|
|
$ |
117,594 |
|
