FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
| |||
| Six Months Ended June 30, | ||
(in thousands) | 2023 |
| 2022 |
Cash flows from: |
|
|
|
Operating activities: |
|
|
|
Net loss | $ (49,409) |
| $ (18,261) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization | 7,925 |
| 6,655 |
Stock-based compensation | 8,584 |
| 6,358 |
Inventory write-downs | 8,132 |
| — |
Asset impairment charges | 4,571 |
| — |
Deferred income tax expense (benefit) and other non-cash charges | (41) |
| 80 |
Provision for excess and obsolete inventory | 1,033 |
| 82 |
Amortization of debt discount and issuance costs | 181 |
| — |
Loss on disposal of assets | 130 |
| 6 |
Provisions for bad debts, net of recoveries | 408 |
| (48) |
Change in operating assets and liabilities: |
|
|
|
Decrease (Increase) in: |
|
|
|
Accounts receivable | 3,280 |
| 5,102 |
Inventories | 1,587 |
| 4,311 |
Prepaid expenses and other current assets | 3,105 |
| (6,101) |
(Decrease) Increase in: |
|
|
|
Accounts payable and accrued liabilities | (277) |
| (2,398) |
Income taxes payable | (263) |
| 1,007 |
Customer deposits | (1,210) |
| 1,769 |
Unearned service revenues | (750) |
| (1,822) |
Other liabilities | (193) |
| — |
Net cash used in operating activities | (13,207) |
| (3,260) |
Investing activities: |
|
|
|
Purchases of property and equipment | (4,312) |
| (3,481) |
Purchases of short-term investments | (20,024) |
| — |
Cash paid for technology development, patents and licenses | (3,616) |
| (5,548) |
Net cash used in investing activities | (27,952) |
| (9,029) |
Financing activities: |
|
|
|
Payments on finance leases | (105) |
| (116) |
Payments for taxes related to net share settlement of equity awards | (277) |
| (1,165) |
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount, issuance cost and accrued interest | 72,310 |
| — |
Net cash provided by (used in) financing activities | 71,928 |
| (1,281) |
Effect of exchange rate changes on cash and cash equivalents | (353) |
| (6,450) |
Increase (Decrease) in cash and cash equivalents | 30,416 |
| (20,020) |
Cash and cash equivalents, beginning of period | 37,812 |
| 121,989 |
Cash and cash equivalents, end of period | $ 68,228 |
| $ 101,969 |