FARO Announces First Quarter Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

(UNAUDITED)




Three Months Ended March 31,

(dollars in thousands, except per share data)

2020


2019

Total sales, as reported

$

79,515



$

93,617


GSA sales adjustment (1)



35


Non-GAAP total sales

$

79,515



$

93,652






Gross profit, as reported

$

43,873



$

53,019


GSA sales adjustment (1)



35


Stock-based compensation (2)

271



233


Non-GAAP adjustments to gross profit

271



268


Non-GAAP gross profit

$

44,144



$

53,287


Gross margin, as reported

55.2

%


56.6

%

Non-GAAP gross margin

55.5

%


56.9

%





Operating expenses, as reported

$

60,427



$

52,661


Advisory fees for GSA Matter (3)



(591)


Stock-based compensation (2)

(1,905)



(2,331)


Restructuring costs (4)

(13,688)




Purchase accounting intangible amortization

(525)



(852)


Non-GAAP adjustments to operating expenses

(16,118)



(3,774)


Non-GAAP operating expenses

$

44,309



$

48,887






(Loss) Income from operations, as reported

$

(16,554)



$

358


Non-GAAP adjustments to gross profit

271



268


Non-GAAP adjustments to operating expenses

16,118



3,774


Non-GAAP (loss) income from operations

$

(165)



$

4,400






Other expense, net, as reported

$

507



$

51


Interest expense increase due to GSA sales adjustment (1)

(149)



(45)


Non-GAAP adjustments to other expense (income), net

(149)



(45)


Non-GAAP other expense, net

$

358



$

6






Net (loss) income, as reported

$

(14,823)



$

152


Non-GAAP adjustments to gross profit

271



268


Non-GAAP adjustments to operating expenses

16,118



3,774


Non-GAAP adjustments to other expense (income), net

149



45


Income tax effect of non-GAAP adjustments

(2,133)



(672)


Non-GAAP net (loss) income

$

(418)



$

3,567






Net (loss) income per share - Diluted, as reported

$

(0.84)



$

0.01


GSA sales adjustment (1)



0.00


Stock-based compensation (2)

0.12



0.14


Advisory fees for GSA Matter (3)



0.04


Restructuring costs (4)

0.78




Purchase accounting intangible amortization

0.03



0.05


Interest expense increase due to GSA sales adjustment (1)

0.01



0.00


Income tax effect of non-GAAP adjustments

(0.12)



(0.04)


Non-GAAP net (loss) income per share - Diluted

$

(0.02)



$

0.20



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