FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(UNAUDITED) | |||
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(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 | $ 97,914 |
| $ 76,787 |
Short-term investments | — |
| 19,496 |
Accounts receivable, net | 84,868 |
| 92,028 |
Inventories, net | 34,409 |
| 34,529 |
Prepaid expenses and other current assets | 30,468 |
| 38,768 |
Total current assets | 247,659 |
| 261,608 |
Non-current assets: |
|
|
|
Property, plant and equipment, net | 18,412 |
| 21,181 |
Operating lease right-of-use assets | 10,960 |
| 12,231 |
Goodwill | 108,164 |
| 109,534 |
Intangible assets, net | 46,135 |
| 47,891 |
Service and sales demonstration inventory, net | 21,044 |
| 23,147 |
Deferred income tax assets, net | 24,792 |
| 25,027 |
Other long-term assets | 3,915 |
| 4,073 |
Total assets | $ 481,081 |
| $ 504,692 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 27,867 |
| $ 27,404 |
Accrued liabilities | 25,373 |
| 29,930 |
Income taxes payable | 3,227 |
| 5,699 |
Current portion of unearned service revenues | 40,014 |
| 40,555 |
Customer deposits | 5,208 |
| 4,251 |
Lease liabilities | 4,645 |
| 5,434 |
Total current liabilities | 106,334 |
| 113,273 |
| Loan - 5.50% Convertible Senior Notes | 69,983 |
| 72,760 |
| Unearned service revenues - less current portion | 19,984 |
| 20,256 |
| Lease liabilities - less current portion | 9,556 |
| 10,837 |
| Deferred income tax liabilities | 12,498 |
| 13,308 |
| Income taxes payable - less current portion | 6,114 |
| 5,629 |
| Other long-term liabilities | 16 |
| 23 |
| Total liabilities | 224,485 |
| 236,086 |
| Commitments and contingencies |
|
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| Shareholders' equity: |
|
|
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| Common stock - par value $0.001, 50,000,000 shares authorized;
| 20 |
| 20 |
| Additional paid-in capital | 351,849 |
| 346,277 |
| Retained earnings | (17,580) |
| (9,789) |
| Accumulated other comprehensive loss | (47,038) |
| (37,247) |
| Common stock in treasury, at cost - 1,373,042 and 1,374,561 shares held,
| (30,655) |
| (30,655) |
| Total shareholders' equity | 256,596 |
| 268,606 |
| Total liabilities and shareholders' equity | $ 481,081 |
| $ 504,692 |
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FARO Announces Second Quarter Financial Results
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