FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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(in thousands, except share and per share data) | December 31,
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| December 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 76,787 |
| $ 37,812 |
Short-term investments | 19,496 |
| — |
Accounts receivable, net | 92,028 |
| 90,326 |
Inventories, net | 34,529 |
| 50,026 |
Prepaid expenses and other current assets | 38,768 |
| 41,201 |
Total current assets | 261,608 |
| 219,365 |
Non-current assets: |
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Property, plant and equipment, net | 21,181 |
| 19,720 |
Operating lease right-of-use asset | 12,231 |
| 18,989 |
Goodwill | 109,534 |
| 107,155 |
Intangible assets, net | 47,891 |
| 48,978 |
Service and sales demonstration inventory, net | 23,147 |
| 30,904 |
Deferred income tax assets, net | 25,027 |
| 24,192 |
Other long-term assets | 4,073 |
| 4,044 |
Total assets | $ 504,692 |
| $ 473,347 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 27,404 |
| $ 27,286 |
Accrued liabilities | 29,930 |
| 23,345 |
Income taxes payable | 5,699 |
| 6,767 |
Current portion of unearned service revenues | 40,555 |
| 36,407 |
Customer deposits | 4,251 |
| 6,725 |
Lease liability | 5,434 |
| 5,709 |
Total current liabilities | 113,273 |
| 106,239 |
Loan - 5.50% Convertible Senior Notes | 72,760 |
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Unearned service revenues - less current portion | 20,256 |
| 20,947 |
Lease liability - less current portion | 10,837 |
| 14,649 |
| Deferred income tax liabilities | 13,308 |
| 11,708 |
| Income taxes payable - less current portion | 5,629 |
| 8,706 |
| Other long-term liabilities | 23 |
| 49 |
| Total liabilities | 236,086 |
| 162,298 |
| Commitments and contingencies |
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| Shareholders' equity: |
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| Common stock - par value $0.001, 50,000,000 shares authorized; 20,343,359 and
| 20 |
| 20 |
| Additional paid-in capital | 346,277 |
| 328,227 |
| (Accumulated deficit) Retained earnings | (9,789) |
| 46,788 |
| Accumulated other comprehensive loss | (37,247) |
| (33,331) |
| Common stock in treasury, at cost - 1,376,220 and 1,376,220 shares held, respectively | (30,655) |
| (30,655) |
| Total shareholders' equity | 268,606 |
| 311,049 |
| Total liabilities and shareholders' equity | $ 504,692 |
| $ 473,347 |
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FARO Announces Fourth Quarter and Full Year 2023 Financial Results
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