FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
| |||
| Three Months Ended | ||
(in thousands) | March 31, 2022 |
| March 31, 2021 |
Cash flows from: |
|
|
|
Operating activities: |
|
|
|
Net loss | $ (9,687) |
| $ (3,221) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization | 3,012 |
| 3,190 |
Stock-based compensation | 2,867 |
| 2,094 |
Provisions for bad debts, net of recoveries | 16 |
| (89) |
Loss on disposal of assets | 112 |
| 20 |
Provision for excess and obsolete inventory | 229 |
| 1,404 |
Deferred income tax expense (benefit) | 66 |
| (1,612) |
Change in operating assets and liabilities: |
|
|
|
Decrease (Increase) in: |
|
|
|
Accounts receivable | 1,449 |
| 3,676 |
Inventories | (2,065) |
| (3,999) |
Prepaid expenses and other current assets | (3,313) |
| (1,346) |
(Decrease) Increase in: |
|
|
|
Accounts payable and accrued liabilities | (1,682) |
| (9,823) |
Income taxes payable | 1,261 |
| (1,153) |
Customer deposits | 492 |
| 896 |
Unearned service revenues | 206 |
| (323) |
Net cash used in operating activities | (7,037) |
| (10,286) |
Investing activities: |
|
|
|
Purchases of property and equipment | (2,442) |
| (1,547) |
Cash paid for technology development, patents and licenses | (2,612) |
| (890) |
Net cash used in investing activities | (5,054) |
| (2,437) |
Financing activities: |
|
|
|
Payments on finance leases | (58) |
| (86) |
Payments for taxes related to net share settlement of equity awards | (916) |
| (3,336) |
Proceeds from issuance of stock related to stock option exercises | — |
| 5,118 |
Net cash (used in) provided by financing activities | (974) |
| 1,696 |
Effect of exchange rate changes on cash and cash equivalents | (1,732) |
| (4,649) |
Decrease in cash and cash equivalents | (14,797) |
| (15,676) |
Cash and cash equivalents, beginning of period | 121,989 |
| 185,633 |
Cash and cash equivalents, end of period | $ 107,192 |
| $ 169,957 |