FARO Announces First Quarter 2021 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

March 31, 2020
(unaudited)


December 31,

2020

ASSETS




Current assets:




Cash and cash equivalents

$

169,957



$

185,633


Accounts receivable, net

59,821



64,616


Inventories, net

47,058



47,391


Prepaid expenses and other current assets

27,231



26,295


Total current assets

304,067



323,935


Non-current assets:




Property, plant and equipment, net

21,921



23,091


Operating lease right-of-use asset

24,616



26,107


Goodwill

56,269



57,541


Intangible assets, net

13,254



13,301


Service and sales demonstration inventory, net

31,323



31,831


Deferred income tax assets, net

46,208



47,450


Other long-term assets

2,300



2,336


Total assets

$

499,958



$

525,592


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

15,969



$

14,121


Accrued liabilities

29,775



42,593


Income taxes payable

567



3,442


Current portion of unearned service revenues

37,842



39,149


Customer deposits

3,650



2,807


Lease liability

5,596



5,835


Total current liabilities

93,399



107,947


Unearned service revenues - less current portion

21,476



21,757


Lease liability - less current portion

20,965



22,131


Deferred income tax liabilities

642



787


Income taxes payable - less current portion

11,583



11,583


Other long-term liabilities

1,110



1,084


Total liabilities

149,175



165,289


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 19,536,531 and 19,384,350 issued, respectively; 18,154,164 and 17,990,707 outstanding, respectively

19



19


Additional paid-in capital

291,603



287,979


Retained earnings

110,287



113,508


Accumulated other comprehensive loss

(20,334)



(10,160)


Common stock in treasury, at cost; 1,382,367 and 1,393,643 shares, respectively

(30,792)



(31,043)


Total shareholders' equity

350,783



360,303


Total liabilities and shareholders' equity

$

499,958



$

525,592



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