FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(UNAUDITED) | |||
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(in thousands, except share and per share data) | March 31,
|
| December 31,
|
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ 79,518 |
| $ 76,787 |
Short-term investments | 19,763 |
| 19,496 |
Accounts receivable, net | 88,908 |
| 92,028 |
Inventories, net | 35,376 |
| 34,529 |
Prepaid expenses and other current assets | 32,854 |
| 38,768 |
Total current assets | 256,419 |
| 261,608 |
Non-current assets: |
|
|
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Property, plant and equipment, net | 19,855 |
| 21,181 |
Operating lease right-of-use assets | 11,075 |
| 12,231 |
Goodwill | 108,359 |
| 109,534 |
Intangible assets, net | 47,057 |
| 47,891 |
Service and sales demonstration inventory, net | 20,655 |
| 23,147 |
Deferred income tax assets, net | 24,933 |
| 25,027 |
Other long-term assets | 3,951 |
| 4,073 |
Total assets | $ 492,304 |
| $ 504,692 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable | $ 25,314 |
| $ 27,404 |
Accrued liabilities | 26,567 |
| 29,930 |
Income taxes payable | 5,907 |
| 5,699 |
Current portion of unearned service revenues | 41,012 |
| 40,555 |
Customer deposits | 5,031 |
| 4,251 |
Lease liabilities | 5,106 |
| 5,434 |
Total current liabilities | 108,937 |
| 113,273 |
| Loan - 5.50% Convertible Senior Notes | 72,872 |
| 72,760 |
| Unearned service revenues - less current portion | 20,142 |
| 20,256 |
| Lease liabilities - less current portion | 9,690 |
| 10,837 |
| Deferred income tax liabilities | 12,543 |
| 13,308 |
| Income taxes payable - less current portion | 6,123 |
| 5,629 |
| Other long-term liabilities | 17 |
| 23 |
| Total liabilities | 230,324 |
| 236,086 |
| Commitments and contingencies |
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| Shareholders' equity: |
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|
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| Common stock - par value $0.001, 50,000,000 shares authorized;
| 20 |
| 20 |
| Additional paid-in capital | 350,816 |
| 346,277 |
| Retained earnings | (17,056) |
| (9,789) |
| Accumulated other comprehensive loss | (41,145) |
| (37,247) |
| Common stock in treasury, at cost - 1,373,042 and 1,374,561 shares held,
| (30,655) |
| (30,655) |
| Total shareholders' equity | 261,980 |
| 268,606 |
| Total liabilities and shareholders' equity | $ 492,304 |
| $ 504,692 |
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FARO Announces First Quarter Financial Results
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