|
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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|
CONDENSED CONSOLIDATED BALANCE SHEETS |
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|
(UNAUDITED) |
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|
(in thousands, except share data) |
December 31, 2016 |
December 31, 2015 |
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|
ASSETS |
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|
Current assets: |
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|
Cash and cash equivalents |
$ |
106,169 |
$ |
107,356 |
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|
Short-term investments |
42,942 |
42,994 |
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|
Accounts receivable, net |
61,364 |
69,918 |
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|
Inventories, net |
51,886 |
45,571 |
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|
Deferred income tax assets, net |
7,565 |
7,792 |
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|
Prepaid expenses and other current assets |
16,304 |
18,527 |
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|
Total current assets |
286,230 |
292,158 |
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|
Property and equipment: |
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|
Machinery and equipment |
57,063 |
54,124 |
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|
Furniture and fixtures |
6,099 |
5,945 |
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|
Leasehold improvements |
18,778 |
18,471 |
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|
Property and equipment at cost |
81,940 |
78,540 |
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|
Less: accumulated depreciation and amortization |
(50,262) |
(42,594) |
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|
Property and equipment, net |
31,678 |
35,946 |
||||||
|
Goodwill |
46,744 |
26,371 |
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|
Intangible assets, net |
22,279 |
15,985 |
||||||
|
Service and sales demonstration inventory, net |
29,136 |
33,709 |
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|
Deferred income tax assets, net |
6,742 |
4,050 |
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|
Other long-term assets |
905 |
967 |
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|
Total assets |
$ |
423,714 |
$ |
409,186 |
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|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
Current liabilities: |
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|
Accounts payable |
$ |
11,126 |
$ |
11,345 |
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|
Accrued liabilities |
24,572 |
22,574 |
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|
Income taxes payable |
618 |
— |
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|
Current portion of unearned service revenues |
27,422 |
26,114 |
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|
Customer deposits |
2,872 |
2,998 |
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|
Total current liabilities |
66,610 |
63,031 |
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|
Unearned service revenues - less current portion |
13,813 |
15,025 |
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|
Deferred income tax liabilities |
1,409 |
686 |
||||||
|
Other long-term liabilities |
2,225 |
2,800 |
||||||
|
Total liabilities |
84,057 |
81,542 |
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|
Shareholders' equity: |
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|
Preferred stock - par value $0.01, 10,000,000 shares authorized; none issued |
— |
— |
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|
Common stock - par value $.001, 50,000,000 shares authorized; 18,170,267 and 18,077,594 issued; 16,680,791 and 16,588,118 outstanding, respectively |
18 |
18 |
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|
Additional paid-in capital |
212,602 |
206,996 |
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|
Retained earnings |
183,436 |
172,329 |
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|
Accumulated other comprehensive loss |
(24,561) |
(19,861) |
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|
Common stock in treasury, at cost - 1,489,476 shares |
(31,838) |
(31,838) |
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|
Total shareholders' equity |
339,657 |
327,644 |
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|
Total liabilities and shareholders' equity |
$ |
423,714 |
$ |
409,186 |
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