FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share and per share data)

June 30, 2020
(unaudited)

 

December 31,

2019

ASSETS

     

Current assets:

     

Cash and cash equivalents

$

173,700

   

$

133,634

 

Short-term investments

   

24,870

 

Accounts receivable, net

48,113

   

76,162

 

Inventories, net

53,425

   

58,554

 

Prepaid expenses and other current assets

20,795

   

28,996

 

Total current assets

296,033

   

322,216

 

Non-current assets:

     

Property, plant and equipment, net

22,507

   

26,954

 

Operating lease right-of-use asset

14,684

   

18,418

 

Goodwill

49,184

   

49,704

 

Intangible assets, net

12,744

   

14,471

 

Service and sales demonstration inventory, net

34,130

   

33,349

 

Deferred income tax assets, net

21,153

   

18,766

 

Other long-term assets

2,872

   

2,964

 

Total assets

$

453,307

   

$

486,842

 

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current liabilities:

     

Accounts payable

$

12,067

   

$

13,718

 

Accrued liabilities

42,975

   

38,072

 

Income taxes payable

1,258

   

5,182

 

Current portion of unearned service revenues

36,480

   

39,211

 

Customer deposits

3,451

   

3,108

 

Lease liability

4,904

   

6,674

 

Total current liabilities

101,135

   

105,965

 

Unearned service revenues - less current portion

19,582

   

20,578

 

Lease liability - less current portion

11,651

   

13,698

 

Deferred income tax liabilities

285

   

357

 

Income taxes payable - less current portion

12,058

   

13,177

 

Other long-term liabilities

35

   

1,075

 

Total liabilities

144,746

   

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

273,325

   

267,868

 

Retained earnings

89,124

   

112,879

 

Accumulated other comprehensive loss

(22,865)

   

(17,399)

 

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

(31,042)

   

(31,375)

 

Total shareholders' equity

308,561

   

331,992

 

Total liabilities and shareholders' equity

$

453,307

   

$

486,842

 

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