FARO Reports First Quarter 2018 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)



Three Months Ended

(in thousands)

March 31, 2018


March 31, 2017

Cash flows from:




Operating activities:




Net income (loss)

$

455



$

(1,461)


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




Depreciation and amortization

4,343



3,718


Stock-based compensation

1,553



1,417


Provision for bad debts

24



89


Loss on disposal of assets

127



77


Provision for excess and obsolete inventory

312



567


Deferred income tax (benefit) expense

(128)



6


Change in operating assets and liabilities:




Decrease (increase) in:




Accounts receivable

1,808



1,722


Inventories

(5,208)



(2,480)


Prepaid expenses and other current assets

(936)



(1,181)


(Decrease) increase in:




Accounts payable and accrued liabilities

(4,846)



(2,442)


Income taxes payable

(2,571)



(618)


Customer deposits

(213)



(123)


Unearned service revenues

1,231



430


Net cash used in operating activities

(4,049)



(279)


Investing activities:




Purchases of property and equipment

(2,243)



(1,745)


Payments for intangible assets

(650)



(332)


Acquisition of businesses

(3,966)




Net cash used in investing activities

(6,859)



(2,077)


Financing activities:




Payments on capital leases

(46)



(2)


Proceeds from issuance of stock related to stock option exercises

6,785



268


Net cash provided by financing activities

6,739



266


Effect of exchange rate changes on cash and cash equivalents

2,035



1,779


Decrease in cash and cash equivalents

(2,134)



(311)


Cash and cash equivalents, beginning of period

140,960



106,169


Cash and cash equivalents, end of period

$

138,826



$

105,858



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