FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
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(in thousands, except share and per share data) | September 30,
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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 | $ 88,913 |
| $ 76,787 |
Short-term investments | — |
| 19,496 |
Accounts receivable, net | 83,208 |
| 92,028 |
Inventories, net | 39,055 |
| 34,529 |
Prepaid expenses and other current assets | 34,252 |
| 38,768 |
Total current assets | 245,428 |
| 261,608 |
Non-current assets: |
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Property, plant and equipment, net | 19,544 |
| 21,181 |
Operating lease right-of-use assets | 17,208 |
| 12,231 |
Goodwill | 110,972 |
| 109,534 |
Intangible assets, net | 46,325 |
| 47,891 |
Service and sales demonstration inventory, net | 21,436 |
| 23,147 |
Deferred income tax assets, net | 24,826 |
| 25,027 |
Other long-term assets | 3,891 |
| 4,073 |
Total assets | $ 489,630 |
| $ 504,692 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 30,438 |
| $ 27,404 |
Accrued liabilities | 25,208 |
| 29,930 |
Income taxes payable | 6,881 |
| 5,699 |
Current portion of unearned service revenues | 41,495 |
| 40,555 |
Customer deposits | 4,282 |
| 4,251 |
Lease liabilities | 4,645 |
| 5,434 |
Total current liabilities | 112,949 |
| 113,273 |
Loan - 5.50% Convertible Senior Notes | 70,096 |
| 72,760 |
Unearned service revenues - less current portion | 20,051 |
| 20,256 |
| Lease liabilities - less current portion | 15,412 |
| 10,837 |
| Deferred income tax liabilities | 13,048 |
| 13,308 |
| Income taxes payable - less current portion | 2,510 |
| 5,629 |
| Other long-term liabilities | 46 |
| 23 |
| Total liabilities | 234,112 |
| 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; 20,869,974 and 20,343,359 issued, respectively; 18,908,076 and 18,968,798 outstanding, respectively | 20 |
| 20 |
| Additional paid-in capital | 354,765 |
| 346,277 |
| Retained earnings | (17,869) |
| (9,789) |
| Accumulated other comprehensive loss | (40,729) |
| (37,247) |
| Common stock in treasury, at cost - 1,961,898 and 1,374,561 shares held, respectively | (40,669) |
| (30,655) |
| Total shareholders' equity | 255,518 |
| 268,606 |
| Total liabilities and shareholders' equity | $ 489,630 |
| $ 504,692 |
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FARO Announces Third Quarter Financial Results
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