FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| Three Months Ended | ||||||
(in thousands) | March 31, 2019 |
| March 31, 2018 | ||||
Cash flows from: |
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Operating activities: |
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Net income | $ | 152 |
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| $ | 455 |
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Adjustments to reconcile net income to net cash provided by (used in) operating
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Depreciation and amortization | 4,749 |
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| 4,343 |
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Stock-based compensation | 2,564 |
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| 1,553 |
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(Recoveries) provisions for bad debts, net | (100) |
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| 24 |
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Loss on disposal of assets | 57 |
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| 127 |
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Provision for excess and obsolete inventory | 896 |
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| 312 |
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Deferred income tax expense (benefit) | 8 |
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| (128) |
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Change in operating assets and liabilities: |
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Decrease (Increase) in: |
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Accounts receivable | 12,410 |
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| 1,808 |
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Inventories | (10,908) |
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| (5,208) |
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Prepaid expenses and other current assets | 4,463 |
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| (936) |
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(Decrease) Increase in: |
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Accounts payable, accrued liabilities, and lease liability | (9,172) |
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| (4,846) |
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Income taxes payable | (1,323) |
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| (2,571) |
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Customer deposits | (310) |
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| (213) |
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Unearned service revenues | 2,324 |
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| 1,231 |
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Net cash provided by (used in) operating activities | 5,810 |
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| (4,049) |
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Investing activities: |
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Purchases of property and equipment | (1,543) |
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| (2,243) |
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Payments for intangible assets | (529) |
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| (650) |
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Acquisition of businesses | — |
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| (3,966) |
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Net cash used in investing activities | (2,072) |
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| (6,859) |
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Financing activities: |
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Payments on finance leases | (90) |
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| (46) |
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Payments of contingent consideration for acquisitions | (250) |
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| — |
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Payments for taxes related to net share settlement of equity awards | (1,138) |
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| — |
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Proceeds from issuance of stock related to stock option exercises | 292 |
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| 6,785 |
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Net cash (used in) provided by financing activities | (1,186) |
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| 6,739 |
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Effect of exchange rate changes on cash and cash equivalents | (639) |
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| 2,035 |
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Increase (decrease) in cash and cash equivalents | 1,913 |
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| (2,134) |
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Cash and cash equivalents, beginning of period | 108,783 |
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| 140,960 |
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Cash and cash equivalents, end of period | $ | 110,696 |
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| $ | 138,826 |
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