FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
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(in thousands, except share and per share data) | June 30, 2021 (unaudited) |
| December 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ | 133,337 |
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| $ | 185,633 |
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Accounts receivable, net | 59,966 |
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| 64,616 |
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Inventories, net | 51,433 |
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| 47,391 |
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Prepaid expenses and other current assets | 26,978 |
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| 26,295 |
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Total current assets | 271,714 |
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| 323,935 |
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Non-current assets: |
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Property, plant and equipment, net | 21,578 |
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| 23,091 |
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Operating lease right-of-use assets | 23,356 |
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| 26,107 |
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Goodwill | 81,702 |
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| 57,541 |
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Intangible assets, net | 24,252 |
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| 13,301 |
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Service and sales demonstration inventory, net | 31,477 |
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| 31,831 |
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Deferred income tax assets, net | 47,251 |
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| 47,450 |
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Other long-term assets | 2,251 |
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| 2,336 |
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Total assets | $ | 503,581 |
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| $ | 525,592 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ | 14,115 |
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| $ | 14,121 |
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Accrued liabilities | 28,255 |
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| 42,593 |
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Income taxes payable | 1,166 |
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| 3,442 |
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Current portion of unearned service revenues | 40,098 |
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| 39,149 |
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Customer deposits | 4,496 |
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| 2,807 |
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Lease liabilities | 5,235 |
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| 5,835 |
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Total current liabilities | 93,365 |
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| 107,947 |
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Unearned service revenues - less current portion | 21,885 |
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| 21,757 |
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Lease liabilities - less current portion | 19,962 |
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| 22,131 |
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Deferred income tax liabilities | 674 |
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| 787 |
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Income taxes payable - less current portion | 9,250 |
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| 11,583 |
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Other long-term liabilities | 1,083 |
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| 1,084 |
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Total liabilities | 146,219 |
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| 165,289 |
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Shareholders' equity: |
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Common stock - par value $.001, 50,000,000 shares authorized; 19,557,240 and 19,384,350 issued, respectively; 18,174,873 and 17,990,707 outstanding, respectively | 20 |
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| 19 |
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Additional paid-in capital | 294,490 |
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| 287,979 |
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Retained earnings | 109,111 |
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| 113,508 |
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Accumulated other comprehensive loss | (15,467) |
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| (10,160) |
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Common stock in treasury, at cost; 1,382,367 and 1,393,643 shares, respectively | (30,792) |
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| (31,043) |
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Total shareholders' equity | 357,362 |
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| 360,303 |
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Total liabilities and shareholders' equity | $ | 503,581 |
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| $ | 525,592 |
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