FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
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(in thousands, except share and per share data) | March 31,
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| December 31,
|
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 68,564 |
| $ 37,812 |
Short-term investments | 20,024 |
| — |
Accounts receivable, net | 90,238 |
| 90,326 |
Inventories, net | 50,886 |
| 50,026 |
Prepaid expenses and other current assets | 45,830 |
| 41,201 |
Total current assets | 275,542 |
| 219,365 |
Non-current assets: |
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Property, plant and equipment, net | 19,505 |
| 19,720 |
Operating lease right-of-use assets | 17,605 |
| 18,989 |
Goodwill | 108,051 |
| 107,155 |
Intangible assets, net | 48,793 |
| 48,978 |
Service and sales demonstration inventory, net | 30,917 |
| 30,904 |
Deferred income tax assets, net | 24,271 |
| 24,192 |
Other long-term assets | 4,044 |
| 4,044 |
Total assets | $ 528,728 |
| $ 473,347 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 22,888 |
| $ 27,286 |
Accrued liabilities | 26,180 |
| 23,345 |
Income taxes payable | 7,282 |
| 6,767 |
Current portion of unearned service revenues | 36,792 |
| 36,407 |
Customer deposits | 6,389 |
| 6,725 |
Lease liabilities | 5,479 |
| 5,709 |
Total current liabilities | 105,010 |
| 106,239 |
Loan - 5.50% convertible Senior Notes | 72,379 |
| — |
| Unearned service revenues - less current portion | 21,101 |
| 20,947 |
| Lease liabilities - less current portion | 13,287 |
| 14,649 |
| Deferred income tax liabilities | 11,897 |
| 11,708 |
| Income taxes payable - less current portion | 8,718 |
| 8,706 |
| Other long-term liabilities | 23 |
| 49 |
| Total liabilities | 232,415 |
| 162,298 |
| Common stock - par value $0.001, 50,000,000 shares authorized; 20,276,813 and 20,156,233 issued, respectively; 18,902,121 and 18,780,013 outstanding, respectively | 20 |
| 20 |
| Additional paid-in capital | 331,875 |
| 328,227 |
| Retained earnings | 25,624 |
| 46,788 |
| Accumulated other comprehensive loss | (30,551) |
| (33,331) |
| Common stock in treasury, at cost - 1,376,351 and 1,382,367 shares held, respectively | (30,655) |
| (30,655) |
| Total shareholders' equity | 296,313 |
| 311,049 |
| Total liabilities and shareholders' equity | $ 528,728 |
| $ 473,347 |
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FARO Announces First Quarter Financial Results
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