FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
|
| |||||
(in thousands, except share and per share data) | September 30,
|
| December 31,
| ||
ASSETS |
|
|
| ||
Current assets: |
|
|
| ||
Cash and cash equivalents | $ | 119,083 |
| $ | 108,783 |
Short-term investments | 24,868 |
| 24,793 | ||
Accounts receivable, net | 64,708 |
| 88,927 | ||
Inventories, net | 69,779 |
| 65,444 | ||
Prepaid expenses and other current assets | 28,084 |
| 28,795 | ||
Total current assets | 306,522 |
| 316,742 | ||
Property and equipment: |
|
|
| ||
Machinery and equipment | 82,578 |
| 76,048 | ||
Furniture and fixtures | 6,172 |
| 6,749 | ||
Leasehold improvements | 21,066 |
| 20,304 | ||
Property and equipment at cost | 109,816 |
| 103,101 | ||
Less: accumulated depreciation and amortization | (81,411) |
| (72,684) | ||
Property and equipment, net | 28,405 |
| 30,417 | ||
Operating lease right-of-use asset | 18,672 |
| — | ||
Goodwill | 69,712 |
| 67,274 | ||
Intangible assets, net | 27,530 |
| 33,054 | ||
Service and sales demonstration inventory, net | 39,509 |
| 39,563 | ||
Deferred income tax assets, net | 14,693 |
| 14,719 | ||
Other long-term assets | 2,987 |
| 4,475 | ||
Total assets | $ | 508,030 |
| $ | 506,244 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
| ||
Current liabilities: |
|
|
| ||
Accounts payable | $ | 11,705 |
| $ | 20,093 |
Accrued liabilities | 35,255 |
| 36,327 | ||
Income taxes payable | 1,081 |
| 5,081 | ||
Current portion of unearned service revenues | 35,273 |
| 32,878 | ||
Customer deposits | 2,419 |
| 3,144 | ||
Lease liability | 6,615 |
| — | ||
Total current liabilities | 92,348 |
| 97,523 | ||
Unearned service revenues - less current portion | 18,171 |
| 15,505 | ||
| Lease liability - less current portion | 13,922 |
| — | ||
| Deferred income tax liabilities | 2,466 |
| 736 | ||
| Income taxes payable - less current portion | 12,567 |
| 12,247 | ||
| Other long-term liabilities | 1,031 |
| 3,624 | ||
| Total liabilities | 140,505 |
| 129,635 | ||
| Shareholders' equity: |
|
|
| ||
| Common stock - par value $.001, 50,000,000 shares authorized; 18,816,598 and
| 19 |
| 19 | ||
| Additional paid-in capital | 260,737 |
| 251,329 | ||
| Retained earnings | 162,574 |
| 175,353 | ||
| Accumulated other comprehensive loss | (24,430) |
| (18,483) | ||
| Common stock in treasury, at cost; 1,412,511 and 1,423,048 shares, respectively | (31,375) |
| (31,609) | ||
| Total shareholders' equity | 367,525 |
| 376,609 | ||
| Total liabilities and shareholders' equity | $ | 508,030 |
| $ | 506,244 |
