FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(UNAUDITED) | |||
| |||
| Three Months Ended March 31, | ||
(in thousands) | 2024 |
| 2023 |
Cash flows from: |
|
|
|
Operating activities: |
|
|
|
Net loss | $ (7,267) |
| $ (21,164) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization | 3,621 |
| 4,413 |
Stock-based compensation | 4,539 |
| 3,634 |
Deferred income tax (benefit) and other non-cash charges | (805) |
| 562 |
Provision for excess and obsolete inventory | 152 |
| 344 |
Amortization of debt discount and issuance costs | 112 |
| — |
Loss on disposal of assets | 96 |
| 69 |
Provisions for bad debts, net of recoveries | 300 |
| 33 |
Change in operating assets and liabilities: |
|
|
|
Decrease (Increase) in: |
|
|
|
Accounts receivable | 1,405 |
| 2,378 |
Inventories | 1,957 |
| (1,530) |
Prepaid expenses and other current assets | 5,587 |
| (4,219) |
(Decrease) Increase in: |
|
|
|
Accounts payable and accrued liabilities | (5,721) |
| (2,450) |
Income taxes payable | 783 |
| (102) |
Customer deposits | 819 |
| (433) |
Unearned service revenues | 1,282 |
| 121 |
Other liabilities | (285) |
| — |
Net cash provided by (used in) operating activities | 6,575 |
| (18,344) |
Investing activities: |
|
|
|
Purchases of property and equipment | (1,323) |
| (1,688) |
Purchases of short-term investments | — |
| (20,024) |
Cash paid for technology development, patents and licenses | (1,442) |
| (1,820) |
Net cash used in investing activities | (2,765) |
| (23,532) |
Financing activities: |
|
|
|
Payments on finance leases | (40) |
| (44) |
Cash settlement of equity awards | — |
| 14 |
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount,
| — |
| 72,310 |
Net cash (used in) provided by financing activities | (40) |
| 72,280 |
Effect of exchange rate changes on cash and cash equivalents | (1,039) |
| 348 |
Increase in cash and cash equivalents | 2,731 |
| 30,752 |
Cash and cash equivalents, beginning of period | 76,787 |
| 37,812 |
Cash and cash equivalents, end of period | $ 79,518 |
| $ 68,564 |