FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

March 31, 2020
(unaudited)

December 31,

2020

ASSETS

Current assets:

Cash and cash equivalents

$

169,957

$

185,633

Accounts receivable, net

59,821

64,616

Inventories, net

47,058

47,391

Prepaid expenses and other current assets

27,231

26,295

Total current assets

304,067

323,935

Non-current assets:

Property, plant and equipment, net

21,921

23,091

Operating lease right-of-use asset

24,616

26,107

Goodwill

56,269

57,541

Intangible assets, net

13,254

13,301

Service and sales demonstration inventory, net

31,323

31,831

Deferred income tax assets, net

46,208

47,450

Other long-term assets

2,300

2,336

Total assets

$

499,958

$

525,592

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

15,969

$

14,121

Accrued liabilities

29,775

42,593

Income taxes payable

567

3,442

Current portion of unearned service revenues

37,842

39,149

Customer deposits

3,650

2,807

Lease liability

5,596

5,835

Total current liabilities

93,399

107,947

Unearned service revenues - less current portion

21,476

21,757

Lease liability - less current portion

20,965

22,131

Deferred income tax liabilities

642

787

Income taxes payable - less current portion

11,583

11,583

Other long-term liabilities

1,110

1,084

Total liabilities

149,175

165,289

Shareholders' equity:

Common stock - par value $.001, 50,000,000 shares authorized; 19,536,531 and 19,384,350 issued, respectively; 18,154,164 and 17,990,707 outstanding, respectively

19

19

Additional paid-in capital

291,603

287,979

Retained earnings

110,287

113,508

Accumulated other comprehensive loss

(20,334)

(10,160)

Common stock in treasury, at cost; 1,382,367 and 1,393,643 shares, respectively

(30,792)

(31,043)

Total shareholders' equity

350,783

360,303

Total liabilities and shareholders' equity

$

499,958

$

525,592