FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
|
| |||||||
(in thousands, except share and per share data) | June 30,
|
| December 31,
| ||||
ASSETS |
|
|
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Current assets: |
|
|
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Cash and cash equivalents | $ | 120,604 |
|
| $ | 108,783 |
|
Short-term investments | 24,819 |
|
| 24,793 |
| ||
Accounts receivable, net | 74,430 |
|
| 88,927 |
| ||
Inventories, net | 71,970 |
|
| 65,444 |
| ||
Prepaid expenses and other current assets | 26,437 |
|
| 28,795 |
| ||
Total current assets | 318,260 |
|
| 316,742 |
| ||
Property and equipment: |
|
|
| ||||
Machinery and equipment | 82,909 |
|
| 76,048 |
| ||
Furniture and fixtures | 6,245 |
|
| 6,749 |
| ||
Leasehold improvements | 20,636 |
|
| 20,304 |
| ||
Property and equipment at cost | 109,790 |
|
| 103,101 |
| ||
Less: accumulated depreciation and amortization | (79,664) |
|
| (72,684) |
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Property and equipment, net | 30,126 |
|
| 30,417 |
| ||
Operating lease right-of-use asset | 18,068 |
|
| — |
| ||
Goodwill | 71,210 |
|
| 67,274 |
| ||
Intangible assets, net | 28,659 |
|
| 33,054 |
| ||
Service and sales demonstration inventory, net | 39,416 |
|
| 39,563 |
| ||
Deferred income tax assets, net | 14,732 |
|
| 14,719 |
| ||
Other long-term assets | 2,983 |
|
| 4,475 |
| ||
Total assets | $ | 523,454 |
|
| $ | 506,244 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
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Current liabilities: |
|
|
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| Accounts payable | $ | 16,177 |
|
| $ | 20,093 |
|
| Accrued liabilities | 37,865 |
|
| 36,327 |
| ||
| Income taxes payable | 2,386 |
|
| 5,081 |
| ||
| Current portion of unearned service revenues | 35,082 |
|
| 32,878 |
| ||
| Customer deposits | 2,701 |
|
| 3,144 |
| ||
| Lease liability | 6,494 |
|
| — |
| ||
| Total current liabilities | 100,705 |
|
| 97,523 |
| ||
| Unearned service revenues - less current portion | 17,355 |
|
| 15,505 |
| ||
| Lease liability - less current portion | 13,483 |
|
| — |
| ||
| Deferred income tax liabilities | 2,614 |
|
| 736 |
| ||
| Income taxes payable - less current portion | 11,821 |
|
| 12,247 |
| ||
| Other long-term liabilities | 3,137 |
|
| 3,624 |
| ||
| Total liabilities | 149,115 |
|
| 129,635 |
| ||
| Shareholders' equity: |
|
|
| ||||
| Common stock - par value $.001, 50,000,000 shares authorized; 18,751,573 and 18,676,059
| 19 |
|
| 19 |
| ||
| Additional paid-in capital | 255,706 |
|
| 251,329 |
| ||
| Retained earnings | 168,773 |
|
| 175,353 |
| ||
| Accumulated other comprehensive loss | (18,784) |
|
| (18,483) |
| ||
| Common stock in treasury, at cost; 1,412,511 and 1,423,048 shares, respectively | (31,375) |
|
| (31,609) |
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| Total shareholders' equity | 374,339 |
|
| 376,609 |
| ||
| Total liabilities and shareholders' equity | $ | 523,454 |
|
| $ | 506,244 |
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