|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
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| |||||||
|
(in thousands, except share and per share data) |
June 30, 2018 (unaudited) |
|
December 31, 2017 | ||||
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ASSETS |
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|
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Current assets: |
|
|
| ||||
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Cash and cash equivalents |
$ |
133,554 |
|
|
$ |
140,960 |
|
|
Short-term investments |
10,998 |
|
|
10,997 |
| ||
|
Accounts receivable, net |
71,641 |
|
|
72,105 |
| ||
|
Inventories, net |
60,349 |
|
|
53,786 |
| ||
|
Prepaid expenses and other current assets |
21,086 |
|
|
16,311 |
| ||
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Total current assets |
297,628 |
|
|
294,159 |
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|
Property and equipment: |
|
|
| ||||
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Machinery and equipment |
70,332 |
|
|
66,514 |
| ||
|
Furniture and fixtures |
6,650 |
|
|
6,945 |
| ||
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Leasehold improvements |
20,039 |
|
|
19,872 |
| ||
|
Property and equipment at cost |
97,021 |
|
|
93,331 |
| ||
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Less: accumulated depreciation and amortization |
(66,321) |
|
|
(61,452) |
| ||
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Property and equipment, net |
30,700 |
|
|
31,879 |
| ||
|
Goodwill |
53,584 |
|
|
52,750 |
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Intangible assets, net |
23,842 |
|
|
22,540 |
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Service and sales demonstration inventory, net |
38,346 |
|
|
39,614 |
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Deferred income tax assets, net |
15,691 |
|
|
15,606 |
| ||
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Other long-term assets |
4,678 |
|
|
2,030 |
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Total assets |
$ |
464,469 |
|
|
$ |
458,578 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
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Current liabilities: |
|
|
| ||||
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Accounts payable |
$ |
11,764 |
|
|
$ |
11,569 |
|
|
Accrued liabilities |
24,950 |
|
|
27,362 |
| ||
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Income taxes payable |
1,672 |
|
|
4,676 |
| ||
|
Current portion of unearned service revenues |
30,179 |
|
|
29,674 |
| ||
|
Customer deposits |
2,944 |
|
|
2,604 |
| ||
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Total current liabilities |
71,509 |
|
|
75,885 |
| ||
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Unearned service revenues - less current portion |
13,291 |
|
|
11,815 |
| ||
|
Deferred income tax liabilities |
590 |
|
|
695 |
| ||
|
Income taxes payable - less current portion |
14,578 |
|
|
15,952 |
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Other long-term liabilities |
1,798 |
|
|
2,165 |
| ||
|
Total liabilities |
101,766 |
|
|
106,512 |
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Shareholders' equity: |
|
|
| ||||
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Common stock - par value $.001, 50,000,000 shares authorized; 18,440,073 and
|
18 |
|
|
18 |
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Additional paid-in capital |
233,755 |
|
|
223,055 |
| ||
|
Retained earnings |
172,649 |
|
|
168,624 |
| ||
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Accumulated other comprehensive loss |
(11,985) |
|
|
(7,822) |
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Common stock in treasury, at cost; 1,461,315 and 1,480,258 shares, respectively |
$ |
(31,734) |
|
|
$ |
(31,809) |
|
|
Total shareholders' equity |
$ |
362,703 |
|
|
$ |
352,066 |
|
|
Total liabilities and shareholders' equity |
$ |
464,469 |
|
|
$ |
458,578 |
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