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,
2022 (unaudited)


December 31,
2021

ASSETS




Current assets:




Cash and cash equivalents

$           48,534


$         121,989

Accounts receivable, net

75,347


78,523

Inventories, net

50,956


53,145

Prepaid expenses and other current assets

33,801


19,793

Total current assets

208,638


273,450

Non-current assets:




Property, plant and equipment, net

20,424


22,194

Operating lease right-of-use assets

18,404


22,543

Goodwill

101,279


82,096

Intangible assets, net

48,094


25,616

Service and sales demonstration inventory, net

28,249


30,554

Deferred income tax assets, net

18,092


21,277

Other long-term assets

2,047


2,010

Total assets

$         445,227


$         479,740

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$           17,546


$           14,199

Accrued liabilities

22,881


28,208

Income taxes payable

6,421


4,499

Current portion of unearned service revenues

36,440


40,838

Customer deposits

5,873


5,399

Lease liabilities

5,532


5,738

Total current liabilities

94,693


98,881

Unearned service revenues - less current portion

20,868


22,350

Lease liabilities - less current portion

14,344


18,648

Deferred income tax liabilities

5,708


1,058

Long-term note payable


Income taxes payable - less current portion

10,131


11,297

Other long-term liabilities

19


1,047

Total liabilities

145,763


153,281

Common stock - par value $.001, 50,000,000 shares authorized; 20,153,287 and
19,588,003 issued, respectively; 18,776,936 and 18,205,636 outstanding, respectively

20


20

Additional paid-in capital

325,244


301,061

Retained earnings

49,022


73,544

Accumulated other comprehensive loss

(44,165)


(17,374)

Common stock in treasury, at cost - 1,376,351 and 1,382,367 shares held, respectively

(30,657)


(30,792)

Total shareholders' equity

299,464


326,459

Total liabilities and shareholders' equity

$         445,227


$         479,740


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