FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

June 30, 2020
(unaudited)


December 31,

2019

ASSETS




Current assets:




Cash and cash equivalents

$

173,700



$

133,634


Short-term investments



24,870


Accounts receivable, net

48,113



76,162


Inventories, net

53,425



58,554


Prepaid expenses and other current assets

20,795



28,996


Total current assets

296,033



322,216


Non-current assets:




Property, plant and equipment, net

22,507



26,954


Operating lease right-of-use asset

14,684



18,418


Goodwill

49,184



49,704


Intangible assets, net

12,744



14,471


Service and sales demonstration inventory, net

34,130



33,349


Deferred income tax assets, net

21,153



18,766


Other long-term assets

2,872



2,964


Total assets

$

453,307



$

486,842


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

12,067



$

13,718


Accrued liabilities

42,975



38,072


Income taxes payable

1,258



5,182


Current portion of unearned service revenues

36,480



39,211


Customer deposits

3,451



3,108


Lease liability

4,904



6,674


Total current liabilities

101,135



105,965


Unearned service revenues - less current portion

19,582



20,578


Lease liability - less current portion

11,651



13,698


Deferred income tax liabilities

285



357


Income taxes payable - less current portion

12,058



13,177


Other long-term liabilities

35



1,075


Total liabilities

144,746



154,850


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 19,116,870 and
18,988,379 issued, respectively; 17,718,179 and 17,576,618 outstanding, respectively

19



19


Additional paid-in capital

273,325



267,868


Retained earnings

89,124



112,879


Accumulated other comprehensive loss

(22,865)



(17,399)


Common stock in treasury, at cost; 1,398,691 and 1,411,761 shares, respectively

(31,042)



(31,375)


Total shareholders' equity

308,561



331,992


Total liabilities and shareholders' equity

$

453,307



$

486,842



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