FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
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(in thousands, except share and per share data) | September 30,
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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 | $ | 163,637 |
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| $ | 133,634 |
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Short-term investments | — |
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| 24,870 |
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Accounts receivable, net | 47,533 |
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| 76,162 |
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Inventories, net | 50,004 |
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| 58,554 |
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Prepaid expenses and other current assets | 23,566 |
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| 28,996 |
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Total current assets | 284,740 |
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| 322,216 |
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Non-current assets: |
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Property, plant and equipment, net | 22,962 |
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| 26,954 |
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Operating lease right-of-use asset | 15,060 |
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| 18,418 |
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Goodwill | 55,640 |
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| 49,704 |
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Intangible assets, net | 13,475 |
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| 14,471 |
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Service and sales demonstration inventory, net | 33,181 |
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| 33,349 |
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Deferred income tax assets, net | 23,833 |
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| 18,766 |
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Other long-term assets | 2,835 |
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| 2,964 |
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Total assets | $ | 451,726 |
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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 | $ | 9,096 |
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| $ | 13,718 |
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Accrued liabilities | 37,622 |
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| 38,072 |
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Income taxes payable | 211 |
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| 5,182 |
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Current portion of unearned service revenues | 37,523 |
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| 39,211 |
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Customer deposits | 3,912 |
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| 3,108 |
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Lease liability | 5,089 |
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| 6,674 |
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Total current liabilities | 93,453 |
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| 105,965 |
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Unearned service revenues - less current portion | 19,354 |
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| 20,578 |
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Lease liability - less current portion | 11,781 |
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| 13,698 |
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Deferred income tax liabilities | 734 |
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| 357 |
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Income taxes payable - less current portion | 12,058 |
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| 13,177 |
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Other long-term liabilities | 1,016 |
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| 1,075 |
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Total liabilities | 138,396 |
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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; 19,231,375 and 18,988,379 issued, respectively; 17,832,934 and 17,576,618 outstanding, respectively | 19 |
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| 19 |
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Additional paid-in capital | 276,779 |
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| 267,868 |
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Retained earnings | 86,100 |
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| 112,879 |
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Accumulated other comprehensive loss | (18,526) |
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| (17,399) |
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Common stock in treasury, at cost; 1,398,441 and 1,411,761 shares, respectively | (31,042) |
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| (31,375) |
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Total shareholders' equity | 313,330 |
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| 331,992 |
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Total liabilities and shareholders' equity | $ | 451,726 |
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| $ | 486,842 |
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