FARO Reports Second Quarter 2019 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

TOTAL SALES, GROSS PROFIT AND GROSS MARGIN

(UNAUDITED)
















Three Months Ended June 30,


Six Months Ended June 30,




(dollars in thousands)


2019


2018


2019


2018
















Total sales, as reported


$

93,491



$

98,244



$

187,108



$

191,078





GSA sales adjustment (1)


5,805





5,840







Non-GAAP total sales


$

99,296



$

98,244



$

192,948



$

191,078





 



Three months ended June 30,


Six Months Ended June 30,

(dollars in thousands)

2019


% of
Sales


2018


% of
Sales


2019


% of
Sales


2018


% of
Sales

















Gross profit and gross margin,
as reported

$

52,319



56.0

%


$

57,691



58.7

%


$

107,338



57.4

%


$

111,477



58.3

%

GSA sales adjustment (1)

5,805



6.2

%




%


5,840



3.1

%




%

Non-GAAP gross profit and
gross margin

$

58,124



58.5

%


$

57,691



58.7

%


$

113,178



58.7

%


$

111,477



58.3

%


(1) Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing practices may have resulted in the U.S. Government being overcharged under our General Services Administration ("GSA") Federal Supply Schedule contracts (the "Contracts"). In fourth quarter 2018, we reduced our total sales by an estimated cumulative adjustment of $4.8 million. We also retained outside legal counsel and forensic accountants to conduct a comprehensive review of our pricing and other practices under the Contracts (the "Review"). On July 15, 2019, we submitted a report to the GSA and its Office of Inspector General setting forth the findings of the Review. Based on the results of the Review, in second quarter 2019 we reduced our total sales by an incremental $5.8 million (the "GSA sales adjustment").



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