FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| Six Months Ended | ||||||
(in thousands) | June 30, 2020 |
| June 30, 2019 | ||||
Cash flows from: |
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Operating activities: |
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Net loss | $ | (23,755) |
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| $ | (6,253) |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization | 7,209 |
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| 9,322 |
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Stock-based compensation | 4,345 |
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| 5,316 |
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Provisions for bad debts, net of recoveries | 680 |
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| 2 |
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Loss on disposal of assets | 299 |
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| 348 |
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Provision for excess and obsolete inventory | 479 |
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| 1,481 |
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Deferred income tax benefit | (2,404) |
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| (11) |
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Impairment charge on equity method investment | — |
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| 1,535 |
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Change in operating assets and liabilities: |
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Decrease (Increase) in: |
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Accounts receivable | 26,180 |
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| 14,442 |
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Inventories | 892 |
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| (9,687) |
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Prepaid expenses and other current assets | 11,347 |
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| 2,282 |
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Increase (Decrease) in: |
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Accounts payable and accrued liabilities | (1,395) |
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| (1,466) |
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Income taxes payable | (5,058) |
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| (3,119) |
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Customer deposits | 384 |
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| (446) |
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Unearned service revenues | (3,139) |
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| 3,998 |
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Net cash provided by operating activities | 16,064 |
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| 17,744 |
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Investing activities: |
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Proceeds from sale of investments | 25,000 |
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| — |
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Purchases of property and equipment | (1,533) |
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| (3,693) |
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Proceeds from asset sales | 643 |
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| — |
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Payments for intangible assets | (673) |
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| (1,233) |
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Net cash provided by (used in) investing activities | 23,437 |
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| (4,926) |
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Financing activities: |
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Payments on finance leases | (160) |
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| (187) |
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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 | (2,409) |
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| (1,440) |
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Proceeds from issuance of stock related to stock option exercises | 3,854 |
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| 735 |
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Net cash provided by (used in) financing activities | 1,285 |
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| (1,142) |
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Effect of exchange rate changes on cash and cash equivalents | (720) |
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| 145 |
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Increase in cash and cash equivalents | 40,066 |
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| 11,821 |
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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 | $ | 173,700 |
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| $ | 120,604 |
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