Novanta inc. (NOVT)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Consolidated net income

40,773

51,095

62,307

22,003

35,615

-24,242

7,331

19,578

29,001

-639

-71,269

Less: Loss from discontinued operations, net of tax

-

-

-

-

-13

-7,333

-2,646

-8,719

-

-

-

Income from continuing operations

-

-

-

-

35,628

-16,909

9,977

28,297

-

-

-

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization

38,280

37,052

30,758

20,357

19,114

23,797

19,570

12,458

15,267

15,653

17,330

Loss from operations of discontinued operations

-

-

-

-

-

-

-

-

-

-

-132

Provision for inventory excess and obsolescence

3,188

1,898

1,421

3,091

1,934

832

1,582

1,853

6,646

6,361

2,485

Impairment of goodwill and intangible assets

-

-

-

-

-

41,442

-

0

-

-

1,045

Share-based compensation

9,340

7,714

5,493

4,293

4,387

4,329

5,442

4,534

3,276

1,871

2,052

Deferred income taxes

-4,332

-6,076

-2,560

-1,766

-1,692

-6,736

3,886

-17,430

78

5,553

1,356

Earnings from equity-method investment

-

-

104

2,191

2,657

2,700

1,469

556

1,171

857

515

Dividend from equity-method investment

-

-

-

2,341

-

-

-

-

-

-

-

Gain on acquisition of business

-

-

26,409

-

-

-

-

-

-

-

-

Gain on disposal of business

-

-

-

-

19,629

-

-

-

-

-

-

Loss on disposal of fixed assets

-756

-106

-36

1,707

-1

-19

-

-

-

-

-

Non-cash restructuring and acquisition related charges

-

-

-

-

-

-

-

-

-1,163

72

81

Contingent consideration adjustments

100

-

425

1,267

430

-

-

-

-

-

-

Inventory acquisition fair value adjustments

1,270

-

4,754

173

215

-

-

-

-

-

-

Gain on sale of auction rate securities

-

-

-

-

-

-

-

-

-

988

2,414

Non-cash reorganization items

-

-

-

-

-

-

-

-

-

-

-26,223

Non-cash interest expense

1,055

955

825

882

935

1,379

965

1,049

1,881

976

4,661

Other

-259

165

-283

-813

-1,192

-1,567

-1,230

-422

-199

456

-763

Changes in assets and liabilities which provided/(used) cash, excluding effects from business acquisitions:
Accounts receivable

3,600

1,156

2,077

6,394

7,526

-3,526

1,826

2,330

-4,822

7,727

-880

Inventories

7,397

15,603

13,587

2,917

3,338

991

1,688

1,889

6,062

8,171

-8,355

Prepaid income taxes, income taxes receivable, prepaid expenses and other current assets

1,526

-1,350

2,169

1,729

-902

527

-854

282

837

-2,169

-671

Deferred cost of goods sold

-

-

-

-

-

-

-

-

-5,791

-22,281

-12,461

Prepaid income taxes, income taxes receivable and income taxes payable

-4,966

-1,485

-2,900

-462

-3,431

206

-10,848

6,161

-

-

-

Accounts payable, income taxes payable, accrued expenses and other current liabilities

-14,800

14,888

9,611

10,590

2,167

-4,698

5,958

7,155

5,898

-222

1,809

Deferred revenue

-

-

-

-

-

-

-

-

-9,343

-40,347

-26,315

Long-term income taxes payable

-

-

-

-

-

-

-

-6,291

1,413

556

-

Other non-current assets and liabilities

-4,848

926

2,729

1,780

2,065

134

-849

627

1,053

1,267

1,827

Cash provided by operating activities of continuing operations

-

-

-

-

33,429

43,990

56,178

33,088

-

-

-

Cash used in operating activities of discontinued operations

-

-

-

-

-13

-1,701

-6,978

-4,658

-

-

-132

Cash provided by operating activities

63,248

89,647

63,378

47,788

33,416

42,289

49,200

28,430

45,173

-4,738

-25,786

Cash flows from investing activities:
Purchases of property, plant and equipment

10,743

14,658

9,094

8,462

5,552

5,415

4,777

3,521

4,217

2,659

1,321

Acquisition of businesses, net of cash acquired and working capital adjustments

53,143

29,600

168,332

8,958

25,987

88,238

80,773

-

-

-

-

Acquisition of assets

-

1,599

-

3,980

-

-

-

-

-

-

-

Proceeds from the sale of auction rate securities

-

-

-

-

-

-

-

-

-

11,408

16,975

Release of escrow from sale of business

-

-

-

1,498

29,570

-

-

-

-

-

-

Proceeds from sale of property, plant and equipment

42

267

46

7,037

127

112

253

168

-

-

4,054

Cash used in investing activities of continuing operations

-

-

-

-

-1,842

-93,541

-85,297

-3,353

-

-

-

Cash provided by investing activities of discontinued operations

-

-

-

-

209

3,768

12,341

6,328

-

-

-

Cash used in investing activities

-63,844

-45,590

-177,380

-12,865

-1,633

-89,773

-72,956

2,975

-4,217

8,749

19,708

Cash flows from financing activities:
Borrowings under revolving credit facilities

66,792

55,253

176,769

-

13,000

77,000

60,000

5,000

73,107

-

-

Repayments of term loan and revolving credit facilities

50,694

74,648

26,925

16,250

30,500

33,500

38,500

23,000

113,214

74,889

-

Payments of debt issuance costs

2,655

-

655

2,523

-

712

145

1,826

2,988

1,565

-

Payments of withholding taxes from share-based awards

6,935

3,556

2,090

1,789

1,941

1,666

1,495

543

-

-

-

Payments of contingent considerations

-

-

2,546

-

-

-

-

-

-

-

-

Repurchases of common shares

10,000

5,850

400

1,634

1,627

-

526

-

-

-

-

Acquisition of noncontrollling interest

-

30,800

-

-

-

-

-

-

-

-

-

Other financing activities

-443

-563

-853

-993

-467

-841

-760

-743

-

-

-

Cash provided by (used in) financing activities of continuing operations

-

-

-

-

-21,535

40,281

18,574

-21,112

-

-

-

Cash provided by (used in) financing activities of discontinued operations

-

-

-

-

0

0

0

0

-

-

-

Proceeds from Rights Offering

-

-

-

-

-

-

-

-

-

64,889

-

Cash used in financing activities

-3,935

-60,164

143,330

-23,189

-21,535

40,281

18,574

-21,112

-43,095

-11,565

-

Effect of exchange rates on cash and cash equivalents

1,432

-1,907

2,621

-3,585

-1,435

-2,631

374

660

193

1,007

405

Decrease in cash and cash equivalents

-3,099

-18,014

31,949

8,149

8,813

-9,834

-4,808

10,953

-1,946

-6,547

-5,673

Supplemental disclosure of cash flow information:
Cash paid for interest

8,389

8,924

5,832

2,917

3,784

3,793

2,291

2,067

12,464

25,899

22,779

Cash paid for income taxes

14,260

20,323

21,121

14,058

10,688

6,087

2,197

3,440

1,912

2,145

954

Income tax refunds received

767

3,011

337

932

3,939

931

12,607

222

25

2,053

10,456

Supplemental disclosure of non-cash investing activity:
Cash paid for reorganization items

-

-

-

-

-

-

-

-

-

26,686

679

Auction rate securities

-

-

-

-

-

-

-

-

-

-

773

Accrual for capital expenditures

638

1,187

1,601

1,253

1,180

26

184

925

362

-

-

Exchange of debt for common shares

-

-

-

-

-

-

-

-

-

28,071

-

Issuance of PIK notes

-

-

-

-

-

-

-

-

532

535

-

Assets acquired under capital lease obligation

-

-

-

-

-

10,438

0

0

2,214

-

-