FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
| |||||||
|
| |||||||
(in thousands, except share and per share data) | June 30, 2020
|
| 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
| 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 |
|
|
FARO Announces Second Quarter Financial Results
|
|
||||||
|
|
|||||||
|
|||||||
