FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

December 31,
2020

December 31,
2019

ASSETS

Current assets:

Cash and cash equivalents

$

185,633

$

133,634

Short-term investments

—

24,870

Accounts receivable, net

64,616

76,162

Inventories, net

47,391

58,554

Prepaid expenses and other current assets

26,295

28,996

Total current assets

323,935

322,216

Non-current assets:

Property, plant and equipment, net

23,091

26,954

Operating lease right-of-use asset

26,107

18,418

Goodwill

57,541

49,704

Intangible assets, net

13,301

14,471

Service and sales demonstration inventory, net

31,831

33,349

Deferred income tax assets, net

47,450

18,766

Other long-term assets

2,336

2,964

Total assets

$

525,592

$

486,842

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

14,121

$

13,718

Accrued liabilities

42,593

38,072

Income taxes payable

3,442

5,182

Current portion of unearned service revenues

39,149

39,211

Customer deposits

2,807

3,108

Lease liability

5,835

6,674

Total current liabilities

107,947

105,965

Unearned service revenues - less current portion

21,757

20,578

Lease liability - less current portion

22,131

13,698

Deferred income tax liabilities

787

357

Income taxes payable - less current portion

11,583

13,177

Other long-term liabilities

1,084

1,075

Total liabilities

165,289

154,850

Shareholders' equity:

Common stock - par value $0.001, 50,000,000 shares authorized; 19,382,430 and 18,988,379  issued; 17,983,989 and 17,576,618 outstanding, respectively

19

19

Additional paid-in capital

287,979

267,868

Retained earnings

113,508

112,879

Accumulated other comprehensive loss

(10,160)

(17,399)

Common stock in treasury, at cost - 1,411,761 shares and 1,411,761, respectively

(31,043)

(31,375)

Total shareholders' equity

360,303

331,992

Total liabilities and shareholders' equity

$

525,592

$

486,842