FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
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(in thousands, except share and per share data) | March 31, 2020
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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 | $ | 157,240 |
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| $ | 133,634 |
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Short-term investments | 15,955 |
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| 24,870 |
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Accounts receivable, net | 58,834 |
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| 76,162 |
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Inventories, net | 55,044 |
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| 58,554 |
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Prepaid expenses and other current assets | 21,237 |
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| 28,996 |
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Total current assets | 308,310 |
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| 322,216 |
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Non-current assets: |
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Plant and equipment, net | 24,515 |
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| 26,954 |
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Operating lease right-of-use asset | 16,534 |
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| 18,418 |
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Goodwill | 48,661 |
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| 49,704 |
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Intangible assets, net | 13,820 |
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| 14,471 |
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Service and sales demonstration inventory, net | 34,355 |
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| 33,349 |
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Deferred income tax assets, net | 21,036 |
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| 18,766 |
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Other long-term assets | 2,818 |
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| 2,964 |
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Total assets | $ | 470,049 |
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| $ | 486,842 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ | 11,396 |
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| $ | 13,718 |
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Accrued liabilities | 44,360 |
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| 38,072 |
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Income taxes payable | 3,826 |
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| 5,182 |
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Current portion of unearned service revenues | 38,561 |
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| 39,211 |
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Customer deposits | 2,115 |
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| 3,108 |
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Lease liability | 5,947 |
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| 6,674 |
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Total current liabilities | 106,205 |
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| 105,965 |
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Unearned service revenues - less current portion | 19,985 |
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| 20,578 |
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| Lease liability - less current portion | 12,745 |
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| 13,698 |
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| Deferred income tax liabilities | 173 |
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| 357 |
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| Income taxes payable - less current portion | 13,177 |
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| 13,177 |
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| Other long-term liabilities | 974 |
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| 1,075 |
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| Total liabilities | 153,259 |
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| 154,850 |
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| Shareholders' equity: |
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| Common stock - par value $.001, 50,000,000 shares authorized; 19,116,870 and
| 19 |
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| 19 |
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| Additional paid-in capital | 270,940 |
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| 267,868 |
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| Retained earnings | 98,056 |
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| 112,879 |
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| Accumulated other comprehensive loss | (21,177) |
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| (17,399) |
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| Common stock in treasury, at cost; 1,398,691 and 1,411,761 shares, respectively | (31,048) |
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| (31,375) |
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| Total shareholders' equity | 316,790 |
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| 331,992 |
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| Total liabilities and shareholders' equity | $ | 470,049 |
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| $ | 486,842 |
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