Novanta inc. (NOVT)
CashFlow / Quarterly
Apr'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Consolidated net income

11,947

9,217

8,923

10,380

12,253

11,644

14,989

11,625

12,837

9,677

8,366

9,990

34,274

7,756

7,470

4,871

1,906

6,103

6,568

19,498

3,446

-30,485

4,525

728

990

4,288

1,778

-853

2,118

15,813

-2,515

4,881

1,399

3,848

8,816

10,075

6,262

Less: Loss from discontinued operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,195

-594

-2,678

-1,866

-411

-466

-2,138

369

-

-

-

-

-

-

-

-

Income from continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,470

4,871

1,906

6,103

6,568

19,511

3,446

-28,290

5,119

3,406

2,856

4,699

2,244

1,285

1,749

-

-

-

-

-

-

-

-

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

9,330

10,326

9,840

9,040

9,074

9,666

9,199

9,120

9,067

8,318

8,864

7,094

6,482

5,040

5,164

4,924

5,229

5,026

4,703

4,623

4,762

6,302

6,344

6,322

4,829

4,778

4,785

4,748

5,259

2,029

3,203

3,426

3,800

3,804

3,764

3,867

3,832

Provision for inventory excess and obsolescence

803

1,220

542

935

491

133

600

355

810

-416

398

890

549

704

360

534

1,493

631

502

285

516

128

102

137

465

175

519

48

840

-

-

-

-

-

-

-

-

Share-based compensation

3,199

1,992

2,243

2,378

2,727

2,239

1,695

1,736

2,044

1,270

1,436

1,318

1,469

908

988

1,055

1,342

893

961

936

1,597

917

978

995

1,439

1,272

1,329

1,310

1,531

1,055

1,156

1,041

1,282

758

758

772

988

Deferred income taxes

-621

-1,156

-1,139

-2,013

-24

-2,767

-2,088

-1,456

235

353

-418

-888

-1,607

-1,928

590

-536

108

-5,474

3,610

275

-103

-5,083

-403

740

-1,990

1,720

1,201

1,946

-981

-

-

-

-

19

312

-139

-114

Earnings from equity-method investment

-

-

-

-

-

-

-

-

-

0

0

0

104

493

690

268

740

650

886

394

727

993

718

416

573

288

526

294

361

192

144

43

177

-131

-111

385

1,028

Dividend from equity-method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,341

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on acquisition of business

-

-

-

-

-

-

-

-

-

0

0

0

26,409

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash restructuring and acquisition related charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

250

-27

288

-

391

382

171

-

-402

7

414

-

6,144

-3,863

1,318

-1,211

14

17

17

Inventory acquisition fair value adjustments

188

-

-

-

-

-

-

-

-

0

3,719

0

1,035

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

230

238

244

253

253

260

262

274

1,341

81

98

361

Other

-366

1,113

-78

-1,265

-29

675

-232

-184

-94

1,014

-169

-619

-509

604

-269

-351

-797

-271

-347

-159

-415

-89

-455

-586

-437

-171

-103

-349

-607

-331

18

-130

21

486

-661

118

-142

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

-343

-8,547

8,997

-2,253

5,403

-4,591

12,273

-1,105

-5,421

-1,782

1,499

-1,330

3,690

2,711

4,270

-1,726

1,139

530

1,753

147

5,096

-4,361

406

-4,490

4,919

-4,504

2,466

-506

4,370

-3,436

2,942

1,978

846

-6,275

-1,167

2,540

80

Inventories

-1,919

-347

-418

5,591

2,571

6,562

2,497

-879

7,423

1,781

897

6,495

4,414

1,447

-137

-1,912

3,519

-2,014

1,511

-134

3,975

1,107

-56

1,389

-1,449

1,052

2,232

-2,048

452

1,827

-2,591

2,380

273

2,041

825

975

2,221

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

4,501

-4,018

376

-6

5,174

-116

-1,853

4,537

-3,918

-3,637

3,780

1,564

462

-1,865

695

2,385

514

342

501

-1,096

-649

1,438

-696

173

-388

13,101

-13,387

-422

-146

2,095

-343

-445

-1,025

6,795

-1,758

-3,465

-735

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

-5,632

1,540

-5,760

-4,054

-6,526

4,787

15,195

1,263

-6,357

3,636

-3,436

4,560

4,851

4,480

3,427

1,381

1,302

-4,435

-582

2,524

4,660

-6,404

1,123

3,102

-2,519

714

2,132

777

2,335

13,338

1,104

-3,839

-3,448

9,915

-183

-4,592

758

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

646

-1,383

-2,238

1,712

-3,202

-5,820

-2,033

Other non-current assets and liabilities

-414

-2,960

-685

-622

-581

821

-450

318

237

1,757

1,157

92

-277

1,702

271

-501

308

83

781

811

390

597

-754

1,054

-763

-204

285

-792

-138

1,673

-635

-315

-96

-835

766

628

494

Cash provided by operating activities of continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,916

15,493

8,298

7,953

10,908

8,526

6,042

9,575

14,491

17,128

2,796

14,855

20,869

14,174

6,280

-

-

-

-

-

-

-

-

Cash used in operating activities of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-940

-882

1,420

-1,299

-103

-4,111

-1,092

-1,672

-

-

-

-

-

-

-

-

Cash provided by operating activities

17,755

35,405

6,990

15,396

5,457

21,927

27,355

19,956

20,409

22,091

11,765

16,762

12,760

13,081

10,916

15,493

8,298

7,953

10,908

8,513

6,042

8,635

13,609

18,548

1,497

14,752

16,758

13,082

4,608

6,931

2,648

9,764

9,087

14,451

12,832

12,281

5,609

Cash flows from investing activities:
Payment of business acquisition purchase price held in escrow

150

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property, plant and equipment

2,319

2,792

2,350

3,172

2,429

3,013

4,386

4,326

2,933

2,592

3,385

1,357

1,760

1,457

1,718

2,946

2,341

1,441

1,978

1,187

946

1,632

1,194

1,617

972

1,815

723

634

1,605

-213

1,109

1,227

1,398

1,610

909

504

1,194

Payment of contingent consideration related to acquisition of technology assets

2,632

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

0

133,534

-98

34,896

6

0

9,374

-422

12,939

0

-804

13,852

0

-5,418

1,296

92,360

-1,880

0

0

82,653

-

-

-

-

-

-

-

-

Other investing activities

-

-

-1

-17

-24

-

-141

-20

-52

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,406

42

3,589

4

7

93

23

55

5

14

38

-

-

-

-

-

-

-

-

-

-

-

-

Cash used in investing activities of continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,688

-12,278

1,670

-14,376

-3,024

30,333

-14,775

-1,577

4,229

-2,899

-93,294

63

-668

-434

-84,258

-

-

-

-

-

-

-

-

Cash provided by investing activities of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,498

-

-

-

-

-576

5,242

-281

-617

-98

1,171

11,378

-110

-

-

-

-

-

-

-

-

Cash used in investing activities

-5,101

-2,792

-26,608

-32,039

-2,405

-3,333

-7,625

-31,751

-2,881

-2,590

-136,885

-1,249

-36,656

-5,443

1,688

-12,278

3,168

-14,167

-3,024

30,333

-14,775

-2,153

9,471

-3,180

-93,911

-35

503

10,944

-84,368

6,426

-1,031

-1,022

-1,398

-1,610

-909

-504

-1,194

Cash flows from financing activities:
Borrowings under revolving credit facilities

-

-

-

-

-

-

-

-

-

0

134,769

0

42,000

-

-

-

-

0

0

0

13,000

0

0

7,000

70,000

0

0

0

60,000

-

-

-

-

-

-

-

-

Repayments of term loan and revolving credit facilities

1,250

9,926

24,668

11,500

4,600

45,589

7,227

16,532

5,300

11,300

6,875

6,875

1,875

1,875

6,875

5,625

1,875

11,875

6,875

6,875

4,875

6,875

12,875

8,875

4,875

6,875

16,875

7,875

6,875

-

-

-

-

-

-

-

-

Repayments of long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,500

2,500

2,500

-

-

-

-

Repayments of borrowings under the revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,000

0

10,000

-

-

-

-

Payments of debt issuance costs

1,280

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

712

0

0

0

145

-

-

-

-

-

-

-

-

Payments of withholding taxes from share-based awards

7,825

96

120

829

5,890

73

116

563

2,804

244

52

125

1,669

70

336

63

1,320

510

49

30

1,352

61

97

137

1,371

675

81

100

639

-

-

-

-

-

-

-

-

Finance lease payments

-

-

-

-

-

-

-

-

142

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of contingent considerations

-

-

-

-

-

-

-

-

-

0

148

0

2,398

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common shares

5,500

-

-

-

-

-

-

-

-

30

0

0

370

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital lease payments

-

-

-

-

-

-

-

-

-

-

246

185

215

-

187

376

342

-

66

147

201

-

398

294

246

-

0

375

233

-

184

184

228

-

-

-

-

Acquisition of noncontrolling interest

-

-

-

-

-

-

-

-

74

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

-190

-321

161

-143

-140

-

-

-

-

-

-

-

-

-

-

-

88

-490

-95

-41

159

-1,312

32

44

395

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,193

-9,488

-3,449

-13,091

-8,082

-7,093

6,731

-7,310

-13,338

-2,262

63,191

-8,228

-16,956

-8,350

52,108

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-

-

-

-

-

-

-

-

Cash used in financing activities

-16,045

-16,314

15,177

7,832

-10,630

-47,890

-14,986

11,032

-8,320

-11,768

126,810

-7,185

35,473

-2,059

-8,193

-9,488

-3,449

-13,091

-8,082

-7,093

6,731

-7,310

-13,338

-2,262

63,191

-8,228

-16,956

-8,350

52,108

176

-5,847

-2,713

-12,728

-

-

-

-

Effect of exchange rates on cash and cash equivalents

-1,852

1,240

-247

830

-391

-475

-191

-3,103

1,862

175

1,333

784

329

-2,210

-169

-1,122

-84

-825

-764

1,756

-1,602

-1,575

-1,200

160

-16

801

1,327

45

-1,799

-608

1,335

-629

562

-566

-267

885

141

Decrease in cash and cash equivalents

-5,243

17,539

-4,688

-7,981

-7,969

-29,771

4,553

-3,866

11,070

7,908

3,023

9,112

11,906

3,369

4,242

-7,395

7,933

-20,130

-962

33,509

-3,604

-2,403

8,542

13,266

-29,239

7,290

1,632

15,721

-29,451

12,925

-2,895

5,400

-4,477

4,180

-23,344

12,662

4,556

Supplemental disclosure of cash flow information:
Cash paid for interest

1,326

2,557

1,933

2,005

1,894

2,208

2,292

2,282

2,142

2,320

1,655

1,076

781

750

604

753

810

845

928

1,036

975

1,149

1,036

1,119

489

617

603

693

378

626

425

475

541

2,524

3,335

3,311

3,294

Cash paid for income taxes

1,592

1,490

4,912

4,596

3,262

5,150

3,132

8,145

3,896

3,068

8,303

7,931

1,819

3,188

2,894

5,506

2,470

4,617

2,410

2,102

1,559

2,143

1,912

1,006

1,026

262

840

646

449

2,754

241

368

77

331

475

544

562

Income tax refunds received

1,264

252

108

145

262

766

1,646

92

507

152

0

162

23

573

0

358

1

3,876

46

1

16

-

-

-

-

0

12,604

0

3

0

0

160

62

-

-

-

-

Issuance of PIK notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

532

Assets acquired under capital lease obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-