FARO Reports Second Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

June 30,
 2019
(unaudited)


December 31,
 2018

ASSETS




Current assets:




Cash and cash equivalents

$

120,604



$

108,783


Short-term investments

24,819



24,793


Accounts receivable, net

74,430



88,927


Inventories, net

71,970



65,444


Prepaid expenses and other current assets

26,437



28,795


Total current assets

318,260



316,742


Property and equipment:




Machinery and equipment

82,909



76,048


Furniture and fixtures

6,245



6,749


Leasehold improvements

20,636



20,304


Property and equipment at cost

109,790



103,101


Less: accumulated depreciation and amortization

(79,664)



(72,684)


Property and equipment, net

30,126



30,417


Operating lease right-of-use asset

18,068




Goodwill

71,210



67,274


Intangible assets, net

28,659



33,054


Service and sales demonstration inventory, net

39,416



39,563


Deferred income tax assets, net

14,732



14,719


Other long-term assets

2,983



4,475


Total assets

$

523,454



$

506,244


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

16,177



$

20,093


Accrued liabilities

37,865



36,327


Income taxes payable

2,386



5,081


Current portion of unearned service revenues

35,082



32,878


Customer deposits

2,701



3,144


Lease liability

6,494




Total current liabilities

100,705



97,523


Unearned service revenues - less current portion

17,355



15,505


Lease liability - less current portion

13,483




Deferred income tax liabilities

2,614



736


Income taxes payable - less current portion

11,821



12,247


Other long-term liabilities

3,137



3,624


Total liabilities

149,115



129,635


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 18,751,573 and 18,676,059
issued, respectively; 17,339,062 and 17,253,011 outstanding, respectively

19



19


Additional paid-in capital

255,706



251,329


Retained earnings

168,773



175,353


Accumulated other comprehensive loss

(18,784)



(18,483)


Common stock in treasury, at cost; 1,412,511 and 1,423,048 shares, respectively

(31,375)



(31,609)


Total shareholders' equity

374,339



376,609


Total liabilities and shareholders' equity

$

523,454



$

506,244



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