FARO Reports Third Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

September 30,
2019 (unaudited)


December 31,
2018

ASSETS




Current assets:




Cash and cash equivalents

$

119,083


$

108,783

Short-term investments

24,868


24,793

Accounts receivable, net

64,708


88,927

Inventories, net

69,779


65,444

Prepaid expenses and other current assets

28,084


28,795

Total current assets

306,522


316,742

Property and equipment:




Machinery and equipment

82,578


76,048

Furniture and fixtures

6,172


6,749

Leasehold improvements

21,066


20,304

Property and equipment at cost

109,816


103,101

Less: accumulated depreciation and amortization

(81,411)


(72,684)

Property and equipment, net

28,405


30,417

Operating lease right-of-use asset

18,672


Goodwill

69,712


67,274

Intangible assets, net

27,530


33,054

Service and sales demonstration inventory, net

39,509


39,563

Deferred income tax assets, net

14,693


14,719

Other long-term assets

2,987


4,475

Total assets

$

508,030


$

506,244

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

11,705


$

20,093

Accrued liabilities

35,255


36,327

Income taxes payable

1,081


5,081

Current portion of unearned service revenues

35,273


32,878

Customer deposits

2,419


3,144

Lease liability

6,615


Total current liabilities

92,348


97,523

Unearned service revenues - less current portion

18,171


15,505

Lease liability - less current portion

13,922


Deferred income tax liabilities

2,466


736

Income taxes payable - less current portion

12,567


12,247

Other long-term liabilities

1,031


3,624

Total liabilities

140,505


129,635

Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 18,816,598 and
18,676,059 issued, respectively; 17,404,087 and 17,253,011 outstanding, respectively

19


19

Additional paid-in capital

260,737


251,329

Retained earnings

162,574


175,353

Accumulated other comprehensive loss

(24,430)


(18,483)

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

(31,375)


(31,609)

Total shareholders' equity

367,525


376,609

Total liabilities and shareholders' equity

$

508,030


$

506,244


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