FARO Announces Second Quarter 2021 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

June 30, 2021 (unaudited)


December 31,
2020

ASSETS




Current assets:




Cash and cash equivalents

$

133,337



$

185,633


Accounts receivable, net

59,966



64,616


Inventories, net

51,433



47,391


Prepaid expenses and other current assets

26,978



26,295


Total current assets

271,714



323,935


Non-current assets:




Property, plant and equipment, net

21,578



23,091


Operating lease right-of-use assets

23,356



26,107


Goodwill

81,702



57,541


Intangible assets, net

24,252



13,301


Service and sales demonstration inventory, net

31,477



31,831


Deferred income tax assets, net

47,251



47,450


Other long-term assets

2,251



2,336


Total assets

$

503,581



$

525,592


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

14,115



$

14,121


Accrued liabilities

28,255



42,593


Income taxes payable

1,166



3,442


Current portion of unearned service revenues

40,098



39,149


Customer deposits

4,496



2,807


Lease liabilities

5,235



5,835


Total current liabilities

93,365



107,947


Unearned service revenues - less current portion

21,885



21,757


Lease liabilities - less current portion

19,962



22,131


Deferred income tax liabilities

674



787


Income taxes payable - less current portion

9,250



11,583


Other long-term liabilities

1,083



1,084


Total liabilities

146,219



165,289


Shareholders' equity:




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



19


Additional paid-in capital

294,490



287,979


Retained earnings

109,111



113,508


Accumulated other comprehensive loss

(15,467)



(10,160)


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

(30,792)



(31,043)


Total shareholders' equity

357,362



360,303


Total liabilities and shareholders' equity

$

503,581



$

525,592



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