FARO Announces First Quarter Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS





(in thousands, except share and per share data)

March 31, 2020
(unaudited)


December 31,
2019

ASSETS




Current assets:




Cash and cash equivalents

$

157,240



$

133,634


Short-term investments

15,955



24,870


Accounts receivable, net

58,834



76,162


Inventories, net

55,044



58,554


Prepaid expenses and other current assets

21,237



28,996


Total current assets

308,310



322,216


Non-current assets:




Plant and equipment, net

24,515



26,954


Operating lease right-of-use asset

16,534



18,418


Goodwill

48,661



49,704


Intangible assets, net

13,820



14,471


Service and sales demonstration inventory, net

34,355



33,349


Deferred income tax assets, net

21,036



18,766


Other long-term assets

2,818



2,964


Total assets

$

470,049



$

486,842


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

11,396



$

13,718


Accrued liabilities

44,360



38,072


Income taxes payable

3,826



5,182


Current portion of unearned service revenues

38,561



39,211


Customer deposits

2,115



3,108


Lease liability

5,947



6,674


Total current liabilities

106,205



105,965


Unearned service revenues - less current portion

19,985



20,578


Lease liability - less current portion

12,745



13,698


Deferred income tax liabilities

173



357


Income taxes payable - less current portion

13,177



13,177


Other long-term liabilities

974



1,075


Total liabilities

153,259



154,850


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 19,116,870 and
18,988,379 issued, respectively; 17,718,179 and 17,576,618 outstanding, respectively

19



19


Additional paid-in capital

270,940



267,868


Retained earnings

98,056



112,879


Accumulated other comprehensive loss

(21,177)



(17,399)


Common stock in treasury, at cost; 1,398,691 and 1,411,761 shares, respectively

(31,048)



(31,375)


Total shareholders' equity

316,790



331,992


Total liabilities and shareholders' equity

$

470,049



$

486,842



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