FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(UNAUDITED) | |||
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(in thousands, except share and per share data) | December 31,
|
| December 31,
|
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 121,989 |
| $ 185,633 |
Short-term investments | — |
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Accounts receivable, net | 78,523 |
| 64,616 |
Inventories, net | 53,145 |
| 47,391 |
Prepaid expenses and other current assets | 19,793 |
| 26,295 |
Total current assets | 273,450 |
| 323,935 |
Non-current assets: |
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Property, plant and equipment, net | 22,194 |
| 23,091 |
Operating lease right-of-use asset | 22,543 |
| 26,107 |
Goodwill | 82,096 |
| 57,541 |
Intangible assets, net | 25,616 |
| 13,301 |
Service and sales demonstration inventory, net | 30,554 |
| 31,831 |
Deferred income tax assets, net | 21,277 |
| 47,450 |
Other long-term assets | 2,010 |
| 2,336 |
Total assets | $ 479,740 |
| $ 525,592 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 14,199 |
| $ 14,121 |
Accrued liabilities | 28,208 |
| 42,593 |
Income taxes payable | 4,499 |
| 3,442 |
Current portion of unearned service revenues | 40,838 |
| 39,149 |
Customer deposits | 5,399 |
| 2,807 |
Lease liability | 5,738 |
| 5,835 |
Total current liabilities | 98,881 |
| 107,947 |
Unearned service revenues - less current portion | 22,350 |
| 21,757 |
Lease liability - less current portion | 18,648 |
| 22,131 |
Deferred income tax liabilities | 1,058 |
| 787 |
Income taxes payable - less current portion | 11,297 |
| 11,583 |
| Other long-term liabilities | 1,047 |
| 1,084 |
| Total liabilities | 153,281 |
| 165,289 |
| Shareholders' equity: |
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| Common stock - par value $0.001, 50,000,000 shares authorized; 19,588,003 and
| 20 |
| 19 |
| Additional paid-in capital | 301,061 |
| 287,979 |
| Retained earnings | 73,544 |
| 113,508 |
| Accumulated other comprehensive loss | (17,374) |
| (10,160) |
| Common stock in treasury, at cost - 1,382,367 and 1,393,643 shares held, respectively | (30,792) |
| (31,043) |
| Total shareholders' equity | 326,459 |
| 360,303 |
| Total liabilities and shareholders' equity | $ 479,740 |
| $ 525,592 |
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FARO Announces Fourth Quarter and Full Year Financial Results
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