FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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(in thousands, except share and per share data) | March 31, 2019 (unaudited) |
| December 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ | 110,696 |
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| $ | 108,783 |
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Short-term investments | 24,831 |
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| 24,793 |
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Accounts receivable, net | 76,237 |
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| 88,927 |
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Inventories, net | 74,586 |
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| 65,444 |
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Prepaid expenses and other current assets | 24,210 |
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| 28,795 |
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Total current assets | 310,560 |
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| 316,742 |
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Property and equipment: |
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Machinery and equipment | 80,586 |
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| 76,048 |
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Furniture and fixtures | 6,141 |
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| 6,749 |
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Leasehold improvements | 20,311 |
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| 20,304 |
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Property and equipment at cost | 107,038 |
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| 103,101 |
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Less: accumulated depreciation and amortization | (76,188) |
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| (72,684) |
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Property and equipment, net | 30,850 |
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| 30,417 |
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Operating lease right-of-use asset | 18,876 |
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| — |
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Goodwill | 71,097 |
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| 67,274 |
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Intangible assets, net | 29,507 |
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| 33,054 |
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Service and sales demonstration inventory, net | 38,351 |
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| 39,563 |
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Deferred income tax assets, net | 14,696 |
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| 14,719 |
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Other long-term assets | 4,416 |
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| 4,475 |
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Total assets | $ | 518,353 |
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| $ | 506,244 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ | 14,351 |
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| $ | 20,093 |
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| Accrued liabilities | 31,389 |
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| 36,327 |
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| Income taxes payable | 3,747 |
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| 5,081 |
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| Current portion of unearned service revenues | 34,189 |
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| 32,878 |
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| Customer deposits | 2,847 |
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| 3,144 |
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| Lease liability | 6,446 |
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| — |
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| Total current liabilities | 92,969 |
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| 97,523 |
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| Unearned service revenues - less current portion | 16,319 |
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| 15,505 |
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| Lease liability - less current portion | 14,363 |
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| — |
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| Deferred income tax liabilities | 2,541 |
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| 736 |
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| Income taxes payable - less current portion | 12,247 |
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| 12,247 |
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| Other long-term liabilities | 3,326 |
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| 3,624 |
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| Total liabilities | 141,765 |
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| 129,635 |
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| Shareholders' equity: |
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| Common stock - par value $.001, 50,000,000 shares authorized; 18,731,586 and 18,676,059 issued,
| 19 |
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| 19 |
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| Additional paid-in capital | 252,840 |
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| 251,329 |
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| Retained earnings | 175,178 |
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| 175,353 |
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| Accumulated other comprehensive loss | (20,047) |
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| (18,483) |
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| Common stock in treasury, at cost; 1,413,711 and 1,423,048 shares, respectively | $ | (31,402) |
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| $ | (31,609) |
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| Total shareholders' equity | $ | 376,588 |
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| $ | 376,609 |
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| Total liabilities and shareholders' equity | $ | 518,353 |
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| $ | 506,244 |
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FARO Reports First Quarter 2019 Financial Results
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