FARO Announces Third Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

September 30,
2020 (unaudited)


December 31,
2019

ASSETS




Current assets:




Cash and cash equivalents

$

163,637



$

133,634


Short-term investments



24,870


Accounts receivable, net

47,533



76,162


Inventories, net

50,004



58,554


Prepaid expenses and other current assets

23,566



28,996


Total current assets

284,740



322,216


Non-current assets:




Property, plant and equipment, net

22,962



26,954


Operating lease right-of-use asset

15,060



18,418


Goodwill

55,640



49,704


Intangible assets, net

13,475



14,471


Service and sales demonstration inventory, net

33,181



33,349


Deferred income tax assets, net

23,833



18,766


Other long-term assets

2,835



2,964


Total assets

$

451,726



$

486,842


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

9,096



$

13,718


Accrued liabilities

37,622



38,072


Income taxes payable

211



5,182


Current portion of unearned service revenues

37,523



39,211


Customer deposits

3,912



3,108


Lease liability

5,089



6,674


Total current liabilities

93,453



105,965


Unearned service revenues - less current portion

19,354



20,578


Lease liability - less current portion

11,781



13,698


Deferred income tax liabilities

734



357


Income taxes payable - less current portion

12,058



13,177


Other long-term liabilities

1,016



1,075


Total liabilities

138,396



154,850


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 19,231,375 and 18,988,379 issued, respectively; 17,832,934 and 17,576,618 outstanding, respectively

19



19


Additional paid-in capital

276,779



267,868


Retained earnings

86,100



112,879


Accumulated other comprehensive loss

(18,526)



(17,399)


Common stock in treasury, at cost; 1,398,441 and 1,411,761 shares, respectively

(31,042)



(31,375)


Total shareholders' equity

313,330



331,992


Total liabilities and shareholders' equity

$

451,726



$

486,842



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