FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(UNAUDITED) | |||||||
|
| |||||||
(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 | $ | 133,634 |
|
| $ | 108,783 |
|
Short-term investments | 24,870 |
|
| 24,793 |
| ||
Accounts receivable, net | 76,162 |
|
| 88,927 |
| ||
Inventories, net | 58,554 |
|
| 65,444 |
| ||
Prepaid expenses and other current assets | 28,996 |
|
| 28,795 |
| ||
Total current assets | 322,216 |
|
| 316,742 |
| ||
Non-current assets: |
|
|
| ||||
Plant and equipment, net | 26,954 |
|
| 30,417 |
| ||
Operating lease right-of-use asset | 18,418 |
|
| — |
| ||
Goodwill | 49,704 |
|
| 67,274 |
| ||
Intangible assets, net | 14,471 |
|
| 33,054 |
| ||
Service and sales demonstration inventory, net | 33,349 |
|
| 39,563 |
| ||
Deferred income tax assets, net | 18,766 |
|
| 14,719 |
| ||
Other long-term assets | 2,964 |
|
| 4,475 |
| ||
Total assets | $ | 486,842 |
|
| $ | 506,244 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
|
|
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Accounts payable | $ | 13,718 |
|
| $ | 20,093 |
|
Accrued liabilities | 38,072 |
|
| 36,327 |
| ||
Income taxes payable | 5,182 |
|
| 5,081 |
| ||
Current portion of unearned service revenues | 39,211 |
|
| 32,878 |
| ||
Customer deposits | 3,108 |
|
| 3,144 |
| ||
Lease liability | 6,674 |
|
| — |
| ||
Total current liabilities | 105,965 |
|
| 97,523 |
| ||
Unearned service revenues - less current portion | 20,578 |
|
| 15,505 |
| ||
| Lease liability - less current portion | 13,698 |
|
| — |
| ||
| Deferred income tax liabilities | 357 |
|
| 736 |
| ||
| Income taxes payable - less current portion | 13,177 |
|
| 12,247 |
| ||
| Other long-term liabilities | 1,075 |
|
| 3,624 |
| ||
| Total liabilities | 154,850 |
|
| 129,635 |
| ||
| Shareholders' equity: |
|
|
| ||||
| Common stock - par value $0.001, 50,000,000 shares authorized; 18,988,379 and
| 19 |
|
| 19 |
| ||
| Additional paid-in capital | 267,868 |
|
| 251,329 |
| ||
| Retained earnings | 112,879 |
|
| 175,353 |
| ||
| Accumulated other comprehensive loss | (17,399) |
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| (18,483) |
| ||
| Common stock in treasury, at cost - 1,411,761 shares and 1,423,048, respectively | (31,375) |
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| (31,609) |
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| Total shareholders' equity | 331,992 |
|
| 376,609 |
| ||
| Total liabilities and shareholders' equity | $ | 486,842 |
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| $ | 506,244 |
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