FARO Announces Third Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Nine Months Ended

(in thousands)

September 30,
2020


September 30,
2019

Cash flows from:




Operating activities:




Net loss

$

(26,779)



$

(12,452)


Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization

10,631



14,203


Stock-based compensation

6,428



8,703


Provisions for bad debts, net of recoveries

435



1,000


Loss on disposal of assets

351



552


Provision for excess and obsolete inventory

778



2,431


Deferred income tax benefit

(4,961)



(69)


Impairment charge on equity method investment



1,535


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

28,132



21,883


Inventories

5,101



(9,471)


Prepaid expenses and other current assets

9,391



640


Increase (Decrease) in:




Accounts payable and accrued liabilities

(10,006)



(6,934)


Income taxes payable

(6,109)



(3,679)


Customer deposits

815



(685)


Unearned service revenues

(3,391)



5,809


Net cash provided by operating activities

10,816



23,466


Investing activities:




Purchases of property and equipment

(2,833)



(5,922)


Proceeds from sale of investments

25,000



33,700


Purchases of investments



(33,700)


Proceeds from asset sales

768




Payments for intangible assets

(813)



(2,035)


Acquisition of business, net of cash received

(6,036)




Loan originated to affiliate



(549)


Net cash provided by (used in) investing activities

16,086



(8,506)


Financing activities:




Payments on finance leases

(237)



(273)


Payments of contingent consideration for acquisitions

(733)



(3,101)


Payments for taxes related to net share settlement of equity awards

(2,568)



(1,389)


Proceeds from issuance of stock related to stock option exercises

5,384



2,328


Net cash provided by (used in) financing activities

1,846



(2,435)


Effect of exchange rate changes on cash and cash equivalents

1,255



(2,225)


Increase in cash and cash equivalents

30,003



10,300


Cash and cash equivalents, beginning of period

133,634



108,783


Cash and cash equivalents, end of period

$

163,637



$

119,083



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