FARO Announces Fourth Quarter and Full Year Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Years Ended December 31,

(in thousands)

2020


2019

CASH FLOWS FROM:




OPERATING ACTIVITIES:




Net income (loss)

$

629



$

(62,147)


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




Depreciation and amortization

14,239



18,516


Compensation for stock options and restricted stock units

8,314



11,071


Provision for bad debts (net of recoveries)

440



2,090


Loss on disposal of assets

383



2,639


Provision for excess and obsolete inventory

1,349



16,886


Impairment of goodwill



21,233


Impairment of acquired intangibles



10,548


Impairment of loan to affiliate



549


Deferred income tax benefit

(28,444)



(6,304)


Change in operating assets and liabilities:




(Increase) decrease in:




Accounts receivable, net

12,346



10,406


Inventories

10,343



(4,136)


Prepaid expenses and other assets

3,862



1,188


Increase (decrease) in:




Accounts payable and accrued liabilities

2,390



(2,518)


Income taxes payable

(3,357)



1,041


Customer deposits

(374)



(30)


Unearned service revenues

(726)



11,436


Net cash provided by operating activities

21,394



32,468


INVESTING ACTIVITIES:




Purchases of investments



(50,000)


Proceeds from sale of investments

25,000



50,000


Purchases of property and equipment

(4,774)



(6,675)


Payments for internally capitalized patents

(1,298)



(2,118)


Acquisition of business, net of cash received

(6,036)




Other

1,015



(549)


Net cash provided by (used in) investing activities

13,907



(9,342)


FINANCING ACTIVITIES:




Payments on capital leases

(338)



(358)


Payments of contingent consideration for acquisitions

(733)



(3,101)


Payments for taxes related to net share settlement of equity awards

(2,602)



(2,199)


Proceeds from issuance of stock related to stock option exercises

14,731



7,901


Net cash provided by financing activities

11,058



2,243


EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

5,640



(518)


INCREASE IN CASH AND CASH EQUIVALENTS

51,999



24,851


CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

133,634



108,783


CASH AND CASH EQUIVALENTS, END OF YEAR

$

185,633



$

133,634



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