FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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Six Months Ended |
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(in thousands) |
June 30, 2020 |
June 30, 2019 |
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Cash flows from: |
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Operating activities: |
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Net loss |
$ |
(23,755) |
$ |
(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 |
9,322 |
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Stock-based compensation |
4,345 |
5,316 |
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Provisions for bad debts, net of recoveries |
680 |
2 |
|||||
Loss on disposal of assets |
299 |
348 |
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Provision for excess and obsolete inventory |
479 |
1,481 |
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Deferred income tax benefit |
(2,404) |
(11) |
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Impairment charge on equity method investment |
— |
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 |
14,442 |
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Inventories |
892 |
(9,687) |
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Prepaid expenses and other current assets |
11,347 |
2,282 |
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Increase (Decrease) in: |
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Accounts payable and accrued liabilities |
(1,395) |
(1,466) |
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Income taxes payable |
(5,058) |
(3,119) |
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Customer deposits |
384 |
(446) |
|||||
Unearned service revenues |
(3,139) |
3,998 |
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Net cash provided by operating activities |
16,064 |
17,744 |
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Investing activities: |
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Proceeds from sale of investments |
25,000 |
— |
|||||
Purchases of property and equipment |
(1,533) |
(3,693) |
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Proceeds from asset sales |
643 |
— |
|||||
Payments for intangible assets |
(673) |
(1,233) |
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Net cash provided by (used in) investing activities |
23,437 |
(4,926) |
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Financing activities: |
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Payments on finance leases |
(160) |
(187) |
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Payments of contingent consideration for acquisitions |
— |
(250) |
|||||
Payments for taxes related to net share settlement of equity awards |
(2,409) |
(1,440) |
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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) |
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Effect of exchange rate changes on cash and cash equivalents |
(720) |
145 |
|||||
Increase in cash and cash equivalents |
40,066 |
11,821 |
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Cash and cash equivalents, beginning of period |
133,634 |
108,783 |
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Cash and cash equivalents, end of period |
$ |
173,700 |
$ |
120,604 |