|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
(UNAUDITED) | |||||||
|
| |||||||
|
(in thousands, except share and per share data) |
December 31,
|
|
December 31,
| ||||
|
ASSETS |
|
|
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Current assets: |
|
|
| ||||
|
Cash and cash equivalents |
$ |
140,960 |
|
|
$ |
106,169 |
|
|
Short-term investments |
10,997 |
|
|
42,942 |
| ||
|
Accounts receivable, net |
72,105 |
|
|
61,364 |
| ||
|
Inventories, net |
53,786 |
|
|
51,886 |
| ||
|
Prepaid expenses and other current assets |
16,311 |
|
|
16,304 |
| ||
|
Total current assets |
294,159 |
|
|
278,665 |
| ||
|
Property and equipment: |
|
|
| ||||
|
Machinery and equipment |
66,514 |
|
|
57,063 |
| ||
|
Furniture and fixtures |
6,945 |
|
|
6,099 |
| ||
|
Leasehold improvements |
19,872 |
|
|
18,778 |
| ||
|
Property and equipment at cost |
93,331 |
|
|
81,940 |
| ||
|
Less: accumulated depreciation and amortization |
(61,452) |
|
|
(50,262) |
| ||
|
Property and equipment, net |
31,879 |
|
|
31,678 |
| ||
|
Goodwill |
52,750 |
|
|
46,744 |
| ||
|
Intangible assets, net |
22,540 |
|
|
22,279 |
| ||
|
Service and sales demonstration inventory, net |
39,614 |
|
|
29,136 |
| ||
|
Deferred income tax assets, net |
15,606 |
|
|
14,307 |
| ||
|
Other long-term assets |
2,030 |
|
|
905 |
| ||
|
Total assets |
$ |
458,578 |
|
|
$ |
423,714 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| ||||
|
Current liabilities: |
|
|
| ||||
|
Accounts payable |
$ |
11,569 |
|
|
$ |
11,126 |
|
|
Accrued liabilities |
27,362 |
|
|
24,572 |
| ||
|
Income taxes payable |
4,676 |
|
|
618 |
| ||
|
Current portion of unearned service revenues |
29,674 |
|
|
27,422 |
| ||
|
Customer deposits |
2,604 |
|
|
2,872 |
| ||
|
Total current liabilities |
75,885 |
|
|
66,610 |
| ||
|
Unearned service revenues - less current portion |
11,815 |
|
|
13,813 |
| ||
|
Deferred income tax liabilities |
695 |
|
|
1,409 |
| ||
|
Income taxes payable - less current portion |
15,952 |
|
|
— |
| ||
|
Other long-term liabilities |
2,165 |
|
|
2,225 |
| ||
|
Total liabilities |
106,512 |
|
|
84,057 |
| ||
|
Shareholders' equity: |
|
|
| ||||
|
Common stock - par value $.001, 50,000,000 shares authorized; 18,277,142 and 18,170,267
|
18 |
|
|
18 |
| ||
|
Additional paid-in capital |
223,055 |
|
|
212,602 |
| ||
|
Retained earnings |
168,624 |
|
|
183,436 |
| ||
|
Accumulated other comprehensive loss |
(7,822) |
|
|
(24,561) |
| ||
|
Common stock in treasury, at cost - 1,480,258 shares and 1,489,476, respectively |
(31,809) |
|
|
(31,838) |
| ||
|
Total shareholders' equity |
352,066 |
|
|
339,657 |
| ||
|
Total liabilities and shareholders' equity |
$ |
458,578 |
|
|
$ |
423,714 |
|
