|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
(UNAUDITED) |
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Nine Months Ended |
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(in thousands) |
September 30,
|
September 30,
|
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Cash flows from: |
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Operating activities: |
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|
Net loss |
$ |
(12,452) |
$ |
(828) |
|
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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|
Depreciation and amortization |
14,203 |
13,467 |
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|
Stock-based compensation |
8,703 |
5,717 |
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|
Provisions for bad debts, net of recoveries |
1,000 |
360 |
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|
Loss on disposal of assets |
552 |
401 |
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|
Provision for excess and obsolete inventory |
2,431 |
5,357 |
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|
Deferred income tax benefit |
(69) |
(161) |
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|
Impairment charge on equity method investment |
1,535 |
— |
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Change in operating assets and liabilities: |
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Decrease (Increase) in: |
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|
Accounts receivable |
21,883 |
(1,882) |
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|
Inventories |
(9,471) |
(12,104) |
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Prepaid expenses and other current assets |
640 |
(4,257) |
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|
(Decrease) Increase in: |
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|
Accounts payable and accrued liabilities |
(13,404) |
569 |
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|
General Services Administration liability |
6,470 |
— |
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|
Income taxes payable |
(3,679) |
(5,082) |
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|
Customer deposits |
(685) |
(107) |
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Unearned service revenues |
5,809 |
3,415 |
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Net cash provided by operating activities |
23,466 |
4,865 |
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Investing activities: |
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Proceeds from sale of investments |
33,700 |
22,000 |
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Purchases of investments |
(33,700) |
(31,000) |
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Purchases of property and equipment |
(5,922) |
(6,895) |
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|
Payments for intangible assets |
(2,035) |
(1,716) |
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|
Acquisition of businesses |
— |
(27,638) |
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|
Loan originated to affiliate |
(549) |
— |
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Equity investments and advances to affiliates |
— |
(1,786) |
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|
Net cash used in investing activities |
(8,506) |
(47,035) |
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Financing activities: |
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Payments on finance leases |
(273) |
(84) |
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Payments of contingent consideration for acquisitions |
(3,101) |
(638) |
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Payments for taxes related to net share settlement of equity awards |
(1,389) |
— |
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|
Proceeds from issuance of stock related to stock option exercises |
2,328 |
20,901 |
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|
Net cash (used in) provided by financing activities |
(2,435) |
20,179 |
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|
Effect of exchange rate changes on cash and cash equivalents |
(2,225) |
(3,871) |
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Increase (decrease) in cash and cash equivalents |
10,300 |
(25,862) |
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Cash and cash equivalents, beginning of period |
108,783 |
140,960 |
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Cash and cash equivalents, end of period |
$ |
119,083 |
$ |
115,098 |
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