FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(UNAUDITED) | |||
| |||
| Six Months Ended June 30, | ||
(in thousands) | 2024 |
| 2023 |
Cash flows from: |
|
|
|
Operating activities: |
|
|
|
Net loss | $ (7,791) |
| $ (49,409) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization | 7,788 |
| 7,925 |
Stock-based compensation | 5,703 |
| 8,584 |
Inventory write-downs | — |
| 8,132 |
Asset impairment charges | — |
| 4,571 |
Deferred income tax (benefit) and other non-cash charges | (1,327) |
| (41) |
Provision for excess and obsolete inventory | 490 |
| 1,033 |
Amortization of debt discount and issuance costs | 223 |
| 181 |
Loss on disposal of assets | 994 |
| 130 |
Provisions for bad debts, net of recoveries | 304 |
| 408 |
Change in operating assets and liabilities: |
|
|
|
Decrease (Increase) in: |
|
|
|
Accounts receivable | 3,943 |
| 3,280 |
Inventories | (3,764) |
| 1,587 |
Prepaid expenses and other current assets | 7,771 |
| 3,105 |
(Decrease) Increase in: |
|
|
|
Accounts payable and accrued liabilities | (3,087) |
| (277) |
Income taxes payable | (1,853) |
| (263) |
Customer deposits | 1,126 |
| (1,210) |
Unearned service revenues | 965 |
| (750) |
Other liabilities | (698) |
| (193) |
Net cash provided by (used in) operating activities | 10,787 |
| (13,207) |
Investing activities: |
|
|
|
Purchases of property and equipment | (1,688) |
| (4,312) |
Maturity of short-term investments | 20,009 |
| (20,024) |
Cash paid for technology development, patents and licenses | (3,392) |
| (3,616) |
Net cash provided by (used in) investing activities | 14,929 |
| (27,952) |
Financing activities: |
|
|
|
Payments on finance leases | (109) |
| (105) |
Cash settlement of equity awards | — |
| (277) |
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount,
| — |
| 72,310 |
Repayment of 5.50% Convertible Senior Notes, due 2028 | (2,685) |
| — |
Net cash (used in) provided by financing activities | (2,794) |
| 71,928 |
Effect of exchange rate changes on cash and cash equivalents | (1,795) |
| (353) |
Increase in cash and cash equivalents | 21,127 |
| 30,416 |
Cash and cash equivalents, beginning of period | 76,787 |
| 37,812 |
Cash and cash equivalents, end of period | $ 97,914 |
| $ 68,228 |