FARO Announces Fourth Quarter and Full Year Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)

December 31,
2022


December 31,
2021

ASSETS




Current assets:




Cash and cash equivalents

$           37,812


$         121,989

Accounts receivable, net

90,326


78,523

Inventories, net

50,026


53,145

Prepaid expenses and other current assets

41,201


19,793

Total current assets

219,365


273,450

Non-current assets:




Property, plant and equipment, net

19,720


22,194

Operating lease right-of-use asset

18,989


22,543

Goodwill

107,155


82,096

Intangible assets, net

48,978


25,616

Service and sales demonstration inventory, net

30,904


30,554

Deferred income tax assets, net

24,192


21,277

Other long-term assets

4,044


2,010

Total assets

$         473,347


$         479,740

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$           27,286


$           14,199

Accrued liabilities

23,345


28,208

Income taxes payable

6,767


4,499

Current portion of unearned service revenues

36,407


40,838

Customer deposits

6,725


5,399

Lease liability

5,709


5,738

Total current liabilities

106,239


98,881

Unearned service revenues - less current portion

20,947


22,350

Lease liability - less current portion

14,649


18,648

Deferred income tax liabilities

11,708


1,058

Income taxes payable - less current portion

8,706


11,297

Other long-term liabilities

49


1,047

Total liabilities

162,298


153,281

Common stock - par value $0.001, 50,000,000 shares authorized; 20,156,233 and
19,588,003 issued; 18,780,013 and 18,205,636 outstanding, respectively

20


20

Additional paid-in capital

328,227


301,061

Retained earnings

46,788


73,544

Accumulated other comprehensive loss

(33,331)


(17,374)

Common stock in treasury, at cost - 1,376,220 and 1,382,367 shares held, respectively

(30,655)


(30,792)

Total shareholders' equity

311,049


326,459

Total liabilities and shareholders' equity

$         473,347


$         479,740










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