FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(UNAUDITED) | |||
| |||
| Years Ended December 31, | ||
(in thousands) | 2021 |
| 2020 |
CASH FLOWS FROM: |
|
|
|
OPERATING ACTIVITIES: |
|
|
|
Net (loss) income | $ (39,964) |
| $ 629 |
Adjustments to reconcile net (loss) income to net cash used by operating activities: |
|
|
|
Depreciation and amortization | 13,396 |
| 14,239 |
Stock-based compensation | 11,456 |
| 8,314 |
Provision for bad debts (net of recoveries) | 176 |
| 440 |
Loss on disposal of assets | 218 |
| 383 |
Provision for excess and obsolete inventory
| 2,297 |
| 1,349 |
Impairment of goodwill | — |
| — |
Impairment of acquired intangibles | — |
| — |
Impairment of loan to affiliate | — |
| — |
Deferred income tax benefit | 24,706 |
| (28,444) |
Change in operating assets and liabilities, net of acquisitions: |
|
|
|
(Increase) decrease in: |
|
|
|
Accounts receivable, net | (15,577) |
| 12,346 |
Inventories | (6,706) |
| 10,343 |
Prepaid expenses and other assets | 5,996 |
| 3,862 |
(Decrease) increase in: |
|
|
|
Accounts payable and accrued liabilities | (13,260) |
| 2,390 |
Income taxes payable | 847 |
| (3,357) |
Customer deposits | 2,627 |
| (374) |
Unearned service revenues | 312 |
| (726) |
Net cash (used in) provided by operating activities | (13,476) |
| 21,394 |
INVESTING ACTIVITIES: |
|
|
|
Purchases of investments | — |
| — |
Proceeds from sale of investments | — |
| 25,000 |
Purchases of property and equipment | (7,035) |
| (4,774) |
Cash paid for technology development, patents and licenses | (4,905) |
| (1,298) |
Acquisition of business, net of cash received | (33,800) |
| (6,036) |
Other | — |
| 1,015 |
Net cash provided by (used in) investing activities | (45,740) |
| 13,907 |
FINANCING ACTIVITIES: |
|
|
|
Payments on capital leases | (296) |
| (338) |
Payments of contingent consideration for acquisitions | — |
| (733) |
Payments for taxes related to net share settlement of equity awards | (4,002) |
| (2,602) |
Proceeds from issuance of stock related to stock option exercises | 5,880 |
| 14,731 |
Net cash provided by financing activities | 1,582 |
| 11,058 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (6,010) |
| 5,640 |
INCREASE IN CASH AND CASH EQUIVALENTS | (63,644) |
| 51,999 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 185,633 |
| 133,634 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 121,989 |
| $ 185,633 |