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