FARO Reports Second Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

TOTAL SALES BY REPORTING SEGMENT

(UNAUDITED)



Three Months Ended June 30,


Six Months Ended June 30,

(dollars in thousands)

2019


2018


2019


2018









3D Manufacturing total sales, as reported

$

59,002



$

63,989



$

115,569



$

124,646


GSA sales adjustment (1)

3,280





3,315




Non-GAAP 3D Manufacturing total sales

$

62,282



$

63,989



$

118,884



$

124,646







Three Months Ended June 30,


Six Months Ended June 30,

(dollars in thousands)

2019


2018


2019


2018









Construction BIM total sales, as reported

$

24,161



$

23,567



$

49,600



$

46,249


GSA sales adjustment (1)

463





463




Non-GAAP Construction BIM total sales

$

24,624



$

23,567



$

50,063



$

46,249







Three Months Ended June 30,


Six Months Ended June 30,

(dollars in thousands)

2019


2018


2019


2018









Emerging Verticals total sales, as reported

$

10,328



$

10,688



$

21,939



$

20,183


GSA sales adjustment (1)

2,062





2,062




Non-GAAP Emerging Verticals total sales

$

12,390



$

10,688



$

24,001



$

20,183



(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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