FARO Reports Second Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Six Months Ended

(in thousands)

June 30, 2019


June 30, 2018

Cash flows from:




Operating activities:




Net (loss) income

$

(6,253)



$

1,660


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




Depreciation and amortization

9,322



8,720


Stock-based compensation

5,316



3,400


Provisions for bad debts, net of recoveries

2



211


Loss on disposal of assets

348



165


Provision for excess and obsolete inventory

1,481



504


Deferred income tax benefit

(11)



(190)


Impairment charge on equity method investment

1,535




Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

14,442



252


Inventories

(9,687)



(6,664)


Prepaid expenses and other current assets

2,282



(3,526)


(Decrease) Increase in:




Accounts payable, accrued liabilities, and lease liability

(7,793)



(2,901)


GSA liability

6,327




Income taxes payable

(3,119)



(4,378)


Customer deposits

(446)



382


Unearned service revenues

3,998



2,372


Net cash provided by operating activities

17,744



7


Investing activities:




Purchases of property and equipment

(3,693)



(5,164)


Payments for intangible assets

(1,233)



(1,186)


Acquisition of businesses



(3,965)


Equity investments and advances to affiliates



(1,786)


Net cash used in investing activities

(4,926)



(12,101)


Financing activities:




Payments on finance leases

(187)



(46)


Payments of contingent consideration for acquisitions

(250)




Payments for taxes related to net share settlement of equity awards

(1,440)




Proceeds from issuance of stock related to stock option exercises

735



7,133


Net cash (used in) provided by financing activities

(1,142)



7,087


Effect of exchange rate changes on cash and cash equivalents

145



(2,399)


Increase (decrease) in cash and cash equivalents

11,821



(7,406)


Cash and cash equivalents, beginning of period

108,783



140,960


Cash and cash equivalents, end of period

$

120,604



$

133,554




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