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").


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12  Next Page »



Review Article Be the first to review this article
Featured Video
Latest Blog Posts
Alex Carrick, Chief Economist at ConstructConnectThe AEC Lens
by Alex Carrick, Chief Economist at ConstructConnect
Seven Mid-January Economic Nuggets
Jobs
Mid-Level Developer for GeoDecisions at Raleigh, North Carolina
Business Analyst for GeoDecisions at Raleigh, North Carolina
GIS Developer for GeoDecisions at Vienna, Virginia
Senior Level Developer for GeoDecisions at Raleigh, North Carolina
Dev/Ops Developer for GeoDecisions at O'Fallon, Illinois
GIS Developer for GeoDecisions at St. Charles, Missouri
Upcoming Events
Conservation of Architectural Heritage (CAH) 4th Edition at Luxor - Egypt http://bit.ly/CAHLOC Luxor Egypt - Jan 31 - 3, 2020
AIME at MELBOURNE Australia - Feb 17 - 19, 2020
ICPRAM 2020 at The Grand Hotel Excelsior Valletta Malta - Feb 22 - 24, 2020
Kenesto: 30 day trial
Bentley: Livestream On Demand
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2020 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise