FARO Announces Fourth Quarter and Full Year Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)

December 31,
2020


December 31,
2019

ASSETS




Current assets:




Cash and cash equivalents

$

185,633



$

133,634


Short-term investments



24,870


Accounts receivable, net

64,616



76,162


Inventories, net

47,391



58,554


Prepaid expenses and other current assets

26,295



28,996


Total current assets

323,935



322,216


Non-current assets:




Property, plant and equipment, net

23,091



26,954


Operating lease right-of-use asset

26,107



18,418


Goodwill

57,541



49,704


Intangible assets, net

13,301



14,471


Service and sales demonstration inventory, net

31,831



33,349


Deferred income tax assets, net

47,450



18,766


Other long-term assets

2,336



2,964


Total assets

$

525,592



$

486,842


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

14,121



$

13,718


Accrued liabilities

42,593



38,072


Income taxes payable

3,442



5,182


Current portion of unearned service revenues

39,149



39,211


Customer deposits

2,807



3,108


Lease liability

5,835



6,674


Total current liabilities

107,947



105,965


Unearned service revenues - less current portion

21,757



20,578


Lease liability - less current portion

22,131



13,698


Deferred income tax liabilities

787



357


Income taxes payable - less current portion

11,583



13,177


Other long-term liabilities

1,084



1,075


Total liabilities

165,289



154,850


Shareholders' equity:




Common stock - par value $0.001, 50,000,000 shares authorized; 19,382,430 and 18,988,379  issued; 17,983,989 and 17,576,618 outstanding, respectively

19



19


Additional paid-in capital

287,979



267,868


Retained earnings

113,508



112,879


Accumulated other comprehensive loss

(10,160)



(17,399)


Common stock in treasury, at cost - 1,411,761 shares and 1,411,761, respectively

(31,043)



(31,375)


Total shareholders' equity

360,303



331,992


Total liabilities and shareholders' equity

$

525,592



$

486,842



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