FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
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| Three Months Ended | ||||||
(in thousands) | March 31, 2020 |
| March 31, 2019 | ||||
Cash flows from: |
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Operating activities: |
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Net (loss) income | $ | (14,823) |
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| $ | 152 |
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Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
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Depreciation and amortization | 3,759 |
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| 4,749 |
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Stock-based compensation | 2,178 |
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| 2,564 |
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Provisions for bad debts, net of recoveries | (15) |
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| (100) |
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Loss on disposal of assets | 10 |
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| 57 |
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Provision for excess and obsolete inventory | 204 |
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| 896 |
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Deferred income tax benefit | (2,326) |
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| 8 |
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Change in operating assets and liabilities: |
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Decrease (Increase) in: |
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Accounts receivable | 16,084 |
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| 12,410 |
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Inventories | 1,795 |
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| (10,908) |
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Prepaid expenses and other current assets | 7,408 |
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| 4,463 |
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(Decrease) Increase in: |
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Accounts payable and accrued liabilities | 4,756 |
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| (9,172) |
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| — |
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Income taxes payable | (1,389) |
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| (1,323) |
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Customer deposits | (961) |
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| (310) |
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Unearned service revenues | (365) |
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| 2,324 |
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Net cash provided by operating activities | 16,315 |
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| 5,810 |
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Investing activities: |
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Proceeds from sale of investments | 9,000 |
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| — |
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Purchases of property and equipment | (757) |
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| (1,543) |
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Payments for intangible assets | (435) |
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| (529) |
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Net cash provided by (used in) investing activities | 7,808 |
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| (2,072) |
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Financing activities: |
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| Payments on finance leases | (82) |
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| (90) |
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| Payments of contingent consideration for acquisitions | — |
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| (250) |
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| Payments for taxes related to net share settlement of equity awards | (1,581) |
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| (1,138) |
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| Proceeds from issuance of stock related to stock option exercises | 2,802 |
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| 292 |
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| Net cash provided by (used in) financing activities | 1,139 |
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| (1,186) |
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| Effect of exchange rate changes on cash and cash equivalents | (1,656) |
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| (639) |
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| Increase in cash and cash equivalents | 23,606 |
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| 1,913 |
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| Cash and cash equivalents, beginning of period | 133,634 |
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| 108,783 |
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| Cash and cash equivalents, end of period | $ | 157,240 |
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| $ | 110,696 |
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