FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)

June 30,
2024


December 31,
2023

ASSETS




Current assets:




Cash and cash equivalents

$                 97,914


$                 76,787

Short-term investments


19,496

Accounts receivable, net

84,868


92,028

Inventories, net

34,409


34,529

Prepaid expenses and other current assets

30,468


38,768

Total current assets

247,659


261,608

Non-current assets:




Property, plant and equipment, net

18,412


21,181

Operating lease right-of-use assets

10,960


12,231

Goodwill

108,164


109,534

Intangible assets, net

46,135


47,891

Service and sales demonstration inventory, net

21,044


23,147

Deferred income tax assets, net

24,792


25,027

Other long-term assets

3,915


4,073

Total assets

$               481,081


$               504,692

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                 27,867


$                 27,404

Accrued liabilities

25,373


29,930

Income taxes payable

3,227


5,699

Current portion of unearned service revenues

40,014


40,555

Customer deposits

5,208


4,251

Lease liabilities

4,645


5,434

Total current liabilities

106,334


113,273

Loan - 5.50% Convertible Senior Notes

69,983


72,760

Unearned service revenues - less current portion

19,984


20,256

Lease liabilities - less current portion

9,556


10,837

Deferred income tax liabilities

12,498


13,308

Income taxes payable - less current portion

6,114


5,629

Other long-term liabilities

16


23

Total liabilities

224,485


236,086

Commitments and contingencies




Shareholders' equity:




Common stock - par value $0.001, 50,000,000 shares authorized;
20,779,711 and 20,343,359 issued, respectively; 19,406,669 and 18,968,798
outstanding, respectively

20


20

Additional paid-in capital

351,849


346,277

Retained earnings

(17,580)


(9,789)

Accumulated other comprehensive loss

(47,038)


(37,247)

Common stock in treasury, at cost - 1,373,042 and 1,374,561 shares held,
respectively

(30,655)


(30,655)

Total shareholders' equity

256,596


268,606

Total liabilities and shareholders' equity

$               481,081


$               504,692


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