FARO Reports First Quarter 2019 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)



Three Months Ended

(in thousands)

March 31, 2019


March 31, 2018

Cash flows from:




Operating activities:




Net income

$

152



$

455


Adjustments to reconcile net income to net cash provided by (used in) operating
activities:




Depreciation and amortization

4,749



4,343


Stock-based compensation

2,564



1,553


(Recoveries) provisions for bad debts, net

(100)



24


Loss on disposal of assets

57



127


Provision for excess and obsolete inventory

896



312


Deferred income tax expense (benefit)

8



(128)


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

12,410



1,808


Inventories

(10,908)



(5,208)


Prepaid expenses and other current assets

4,463



(936)


(Decrease) Increase in:




Accounts payable, accrued liabilities, and lease liability

(9,172)



(4,846)


Income taxes payable

(1,323)



(2,571)


Customer deposits

(310)



(213)


Unearned service revenues

2,324



1,231


Net cash provided by (used in) operating activities

5,810



(4,049)


Investing activities:




Purchases of property and equipment

(1,543)



(2,243)


Payments for intangible assets

(529)



(650)


Acquisition of businesses



(3,966)


Net cash used in investing activities

(2,072)



(6,859)


Financing activities:




Payments on finance leases

(90)



(46)


Payments of contingent consideration for acquisitions

(250)




Payments for taxes related to net share settlement of equity awards

(1,138)




Proceeds from issuance of stock related to stock option exercises

292



6,785


Net cash (used in) provided by financing activities

(1,186)



6,739


Effect of exchange rate changes on cash and cash equivalents

(639)



2,035


Increase (decrease) in cash and cash equivalents

1,913



(2,134)


Cash and cash equivalents, beginning of period

108,783



140,960


Cash and cash equivalents, end of period

$

110,696



$

138,826



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