FARO Announces First Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

March 31, 2022
(unaudited)


December 31,
2021

ASSETS




Current assets:




     Cash and cash equivalents

$        107,192


$        121,989

     Accounts receivable, net

76,745


78,523

     Inventories, net

53,992


53,145

     Prepaid expenses and other current assets

23,063


19,793

          Total current assets

260,992


273,450

Non-current assets:




     Property, plant and equipment, net

22,454


22,194

     Operating lease right-of-use assets

21,141


22,543

     Goodwill

81,507


82,096

     Intangible assets, net

27,223


25,616

     Service and sales demonstration inventory, net

31,894


30,554

     Deferred income tax assets, net

20,713


21,277

     Other long-term assets

1,979


2,010

          Total assets

$        467,903


$        479,740

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




     Accounts payable

$          14,793


$          14,199

     Accrued liabilities

25,650


28,208

     Income taxes payable

5,760


4,499

     Current portion of unearned service revenues

40,286


40,838

     Customer deposits

5,876


5,399

     Lease liabilities

5,653


5,738

          Total current liabilities

98,018


98,881

Unearned service revenues - less current portion

22,486


22,350

Lease liabilities - less current portion

17,288


18,648

Deferred income tax liabilities

1,041


1,058

Income taxes payable - less current portion

11,297


11,297

Other long-term liabilities

1,034


1,047

Total liabilities

151,164


153,281

Shareholders' equity:




     Common stock - par value $.001, 50,000,000 shares authorized; 19,637,028 and
     19,588,003 issued, respectively; 18,260,667 and 18,205,636 outstanding, respectively

20


20

     Additional paid-in capital

302,877


301,061

     Retained earnings

63,857


73,544

     Accumulated other comprehensive loss

(19,358)


(17,374)

     Common stock in treasury, at cost - 1,376,351 and 1,382,367 shares held, respectively

(30,657)


(30,792)

Total shareholders' equity

316,739


326,459

Total liabilities and shareholders' equity

$        467,903


$        479,740


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