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FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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Six Months Ended | ||||||
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(in thousands) |
June 30, 2017 |
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June 30, 2016 | ||||
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Cash flows from: |
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Operating activities: |
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Net (loss) income |
$ |
(5,086) |
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$ |
6,472 |
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Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
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Depreciation and amortization |
7,707 |
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|
6,352 |
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Stock-based compensation |
3,195 |
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|
2,731 |
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Provision for bad debts |
230 |
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|
574 |
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Loss on disposal of assets |
122 |
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|
305 |
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Provision for excess and obsolete inventory |
736 |
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1,440 |
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Deferred income tax expense (benefit) |
168 |
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|
(261) |
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Income tax benefit from exercise of stock options |
— |
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(70) |
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Change in operating assets and liabilities: |
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Decrease (increase) in: |
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Accounts receivable |
4,771 |
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13,818 |
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Inventories |
(10,107) |
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(4,918) |
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Prepaid expenses and other current assets |
(6,489) |
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|
2,115 |
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(Decrease) increase in: |
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Accounts payable and accrued liabilities |
1,610 |
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(1,596) |
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Income taxes payable |
(590) |
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|
522 |
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Customer deposits |
(163) |
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(870) |
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Unearned service revenues |
(472) |
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|
1,114 |
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Net cash (used in) provided by operating activities |
(4,368) |
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|
27,728 |
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Investing activities: |
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Proceeds from sale of short-term investments |
21,000 |
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— |
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Purchases of property and equipment |
(3,669) |
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(2,580) |
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Payments for intangible assets |
(645) |
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(712) |
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Acquisition of business |
(5,496) |
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— |
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Net cash provided by (used in) investing activities |
11,190 |
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(3,292) |
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Financing activities: |
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Payments on capital leases |
(4) |
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(4) |
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Income tax benefit from exercise of stock options |
— |
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|
70 |
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Proceeds from issuance of stock, net |
284 |
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|
513 |
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Net cash provided by financing activities |
280 |
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|
579 |
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Effect of exchange rate changes on cash and cash equivalents |
4,323 |
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|
1,170 |
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Increase in cash and cash equivalents |
11,425 |
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|
26,185 |
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Cash and cash equivalents, beginning of period |
106,169 |
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|
107,356 |
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Cash and cash equivalents, end of period |
$ |
117,594 |
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$ |
133,541 |
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