FARO Announces First Quarter Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)




Three Months Ended

(in thousands)

March 31, 2020


March 31, 2019

Cash flows from:




Operating activities:




Net (loss) income

$

(14,823)



$

152


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




Depreciation and amortization

3,759



4,749


Stock-based compensation

2,178



2,564


Provisions for bad debts, net of recoveries

(15)



(100)


Loss on disposal of assets

10



57


Provision for excess and obsolete inventory

204



896


Deferred income tax benefit

(2,326)



8


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

16,084



12,410


Inventories

1,795



(10,908)


Prepaid expenses and other current assets

7,408



4,463


(Decrease) Increase in:




Accounts payable and accrued liabilities

4,756



(9,172)






Income taxes payable

(1,389)



(1,323)


Customer deposits

(961)



(310)


Unearned service revenues

(365)



2,324


Net cash provided by operating activities

16,315



5,810


Investing activities:




Proceeds from sale of investments

9,000




Purchases of property and equipment

(757)



(1,543)


Payments for intangible assets

(435)



(529)


Net cash provided by (used in) investing activities

7,808



(2,072)


Financing activities:




Payments on finance leases

(82)



(90)


Payments of contingent consideration for acquisitions



(250)


Payments for taxes related to net share settlement of equity awards

(1,581)



(1,138)


Proceeds from issuance of stock related to stock option exercises

2,802



292


Net cash provided by (used in) financing activities

1,139



(1,186)


Effect of exchange rate changes on cash and cash equivalents

(1,656)



(639)


Increase in cash and cash equivalents

23,606



1,913


Cash and cash equivalents, beginning of period

133,634



108,783


Cash and cash equivalents, end of period

$

157,240



$

110,696



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