FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)



Six Months Ended

(in thousands)

June 30, 2020


June 30, 2019

Cash flows from:




Operating activities:




Net loss

$

(23,755)



$

(6,253)


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




Depreciation and amortization

7,209



9,322


Stock-based compensation

4,345



5,316


Provisions for bad debts, net of recoveries

680



2


Loss on disposal of assets

299



348


Provision for excess and obsolete inventory

479



1,481


Deferred income tax benefit

(2,404)



(11)


Impairment charge on equity method investment



1,535


Change in operating assets and liabilities:




Decrease (Increase) in:




Accounts receivable

26,180



14,442


Inventories

892



(9,687)


Prepaid expenses and other current assets

11,347



2,282


Increase (Decrease) in:




Accounts payable and accrued liabilities

(1,395)



(1,466)


Income taxes payable

(5,058)



(3,119)


Customer deposits

384



(446)


Unearned service revenues

(3,139)



3,998


Net cash provided by operating activities

16,064



17,744


Investing activities:




Proceeds from sale of investments

25,000




Purchases of property and equipment

(1,533)



(3,693)


Proceeds from asset sales

643




Payments for intangible assets

(673)



(1,233)


Net cash provided by (used in) investing activities

23,437



(4,926)


Financing activities:




Payments on finance leases

(160)



(187)


Payments of contingent consideration for acquisitions



(250)


Payments for taxes related to net share settlement of equity awards

(2,409)



(1,440)


Proceeds from issuance of stock related to stock option exercises

3,854



735


Net cash provided by (used in) financing activities

1,285



(1,142)


Effect of exchange rate changes on cash and cash equivalents

(720)



145


Increase in cash and cash equivalents

40,066



11,821


Cash and cash equivalents, beginning of period

133,634



108,783


Cash and cash equivalents, end of period

$

173,700



$

120,604



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