FARO Reports Third Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

QUARTERLY RECONCILIATION OF GAAP TO NON-GAAP FOR 2019 RESULTS

(UNAUDITED)



Three months ended

(dollars in thousands, except per share data)

March 31,
2019


June 30,
2019


September 30,
2019

Total sales, as reported

$

93,617


$

93,491


$

90,516

GSA sales adjustment (1)

35


5,805


Non-GAAP total sales

$

93,652


$

99,296


$

90,516







Gross profit, as reported

$

53,018


$

50,741


$

50,772

GSA sales adjustment (1)

35


5,805


Stock-based compensation (2)

233


268


270

Non-GAAP adjustments to gross profit

268


6,073


270

Non-GAAP gross profit

$

53,286


$

56,814


$

51,042

Gross margin, as reported

56.6

%


54.3

%


56.1

%

Non-GAAP gross margin

56.9

%


57.2

%


56.4

%







Operating expenses, as reported

$

52,661


$

55,633


$

56,663

Advisory fees for GSA Matter (3)

(591)


(653)


Stock-based compensation (2)

(2,331)


(2,484)


(3,117)

Executive severance costs



(1,217)

Executive sign-on bonuses & relocation costs


(575)


(270)

Purchase accounting intangible amortization

(852)


(889)


(924)

Non-GAAP adjustments to operating expenses

(3,774)


(4,601)


(5,528)

Non-GAAP operating expenses

$

48,887


$

51,032


$

51,135







Income (loss) from operations, as reported

$

358


$

(4,893)


$

(5,891)

Non-GAAP adjustments to gross profit

268


6,073


270

Non-GAAP adjustments to operating expenses

3,774


4,601


5,528

Non-GAAP income (loss) from operations

$

4,400


$

5,781


$

(93)







Other expense, net, as reported

$

51


$

1,929


$

490

Interest expense increase due to GSA sales adjustment (1)

(45)


(442)


(145)

Present4D impairment (4)


(1,535)


Non-GAAP adjustments to other expense, net

(45)


(1,977)


(145)

Non-GAAP other expense, net

$

6


$

(48)


$

345







Net income (loss), as reported

$

152


$

(6,405)


$

(6,199)

Non-GAAP adjustments to gross profit

268


6,073


270

Non-GAAP adjustments to operating expenses

3,774


4,601


5,528

Non-GAAP adjustments to other expense, net

45


1,977


145

Income tax effect of non-GAAP adjustments

(672)


(2,360)


(1,452)

Other tax adjustments (5)


864


1,555

Non-GAAP net income (loss)

$

3,567


$

4,750


$

(153)














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Reviews:
Review Article
  • Study July 15, 2020
    Reviewed by 'James Shaws'
    The financial results of the FARO are showing that everything is going very great. I am glad to see the huge profit growth of this company. One needs to visit edubirdie.net/blog/is-edubirdie-legal-or-cheating source to know is edubirdie legit to use. It is impressive that this company has survived the coronavirus pandemic.

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