FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||
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(in thousands, except share and per share data) | December 31,
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| December 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ | 108,783 |
| $ | 140,960 |
Short-term investments | 24,793 |
| 10,997 | ||
Accounts receivable, net | 88,927 |
| 72,105 | ||
Inventories, net | 65,444 |
| 53,786 | ||
Prepaid expenses and other current assets | 28,795 |
| 16,311 | ||
Total current assets | 316,742 |
| 294,159 | ||
Property and equipment: |
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Machinery and equipment | 76,048 |
| 66,514 | ||
Furniture and fixtures | 6,749 |
| 6,945 | ||
Leasehold improvements | 20,304 |
| 19,872 | ||
Property and equipment at cost | 103,101 |
| 93,331 | ||
Less: accumulated depreciation and amortization | (72,684) |
| (61,452) | ||
Property and equipment, net | 30,417 |
| 31,879 | ||
Goodwill | 67,274 |
| 52,750 | ||
Intangible assets, net | 33,054 |
| 22,540 | ||
Service and sales demonstration inventory, net | 39,563 |
| 39,614 | ||
Deferred income tax assets, net | 14,719 |
| 15,606 | ||
Other long-term assets | 4,475 |
| 2,030 | ||
Total assets | $ | 506,244 |
| $ | 458,578 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ | 20,093 |
| $ | 11,569 |
Accrued liabilities | 36,327 |
| 27,362 | ||
Income taxes payable | 5,081 |
| 4,676 | ||
Current portion of unearned service revenues | 32,878 |
| 29,674 | ||
Customer deposits | 3,144 |
| 2,604 | ||
Total current liabilities | 97,523 |
| 75,885 | ||
Unearned service revenues - less current portion | 15,505 |
| 11,815 | ||
Deferred income tax liabilities | 736 |
| 695 | ||
| Income taxes payable - less current portion | 12,247 |
| 15,952 | ||
| Other long-term liabilities | 3,624 |
| 2,165 | ||
| Total liabilities | 129,635 |
| 106,512 | ||
| Shareholders' equity: |
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| Common stock - par value $.001, 50,000,000 shares authorized; 18,676,059 and 18,277,142
| 19 |
| 18 | ||
| Additional paid-in capital | 251,329 |
| 223,055 | ||
| Retained earnings | 175,353 |
| 168,624 | ||
| Accumulated other comprehensive loss | (18,483) |
| (7,822) | ||
| Common stock in treasury, at cost - 1,423,048 shares and 1,480,258, respectively | (31,609) |
| (31,809) | ||
| Total shareholders' equity | 376,609 |
| 352,066 | ||
| Total liabilities and shareholders' equity | $ | 506,244 |
| $ | 458,578 |
