FARO Reports Third Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

DEPRECIATION AND AMORTIZATION EXPENSE RECLASSIFICATION

(UNAUDITED)

 

Commencing with the third quarter of 2019, depreciation and amortization expenses are being reported in the accompanying statements of operations to reflect departmental costs. Previously, those expenses were reported as a separate line item under operating expenses. Depreciation and amortization expenses were reclassified in prior periods to conform to the current period presentation, as follows:

 
 

Three months ended

(in thousands)

March 31,
2018

 

June 30,
2018

 

September 30,
2018

 

December 31,
2018

 

March 31,
2019

 

June 30,
2019

Product cost of sales as reported

$

26,884

 

$

27,878

 

$

34,004

 

$

36,036

 

$

26,128

 

$

29,037

Depreciation and amortization adjustment

853

 

842

 

860

 

851

 

1,176

 

796

Product cost of sales as adjusted

$

27,737

 

$

28,720

 

$

34,864

 

$

36,887

 

$

27,304

 

$

29,833

                       

Service cost of sales as reported

$

12,164

 

$

12,675

 

$

13,384

 

$

12,257

 

$

12,470

 

$

12,135

Depreciation and amortization adjustment

826

 

856

 

845

 

860

 

824

 

783

Service cost of sales as adjusted

$

12,990

 

$

13,531

 

$

14,229

 

$

13,117

 

$

13,294

 

$

12,918

                       

Selling and marketing as reported

$

28,271

 

$

30,084

 

$

27,811

 

$

30,754

 

$

26,753

 

$

29,124

Depreciation and amortization adjustment

512

 

528

 

671

 

689

 

466

 

876

Selling and marketing as adjusted

$

28,783

 

$

30,612

 

$

28,482

 

$

31,443

 

$

27,219

 

$

30,000

                       

General and administrative as reported

$

11,073

 

$

11,320

 

$

12,496

 

$

12,763

 

$

13,224

 

$

14,424

Depreciation and amortization adjustment

690

 

604

 

606

 

846

 

578

 

583

General and administrative as adjusted

$

11,763

 

$

11,924

 

$

13,102

 

$

13,609

 

$

13,802

 

$

15,007

                       

Depreciation and amortization as reported

$

4,343

 

$

4,377

 

$

4,747

 

$

4,846

 

$

4,749

 

$

4,573

Depreciation and amortization adjustment

(4,343)

 

(4,377)

 

(4,747)

 

(4,846)

 

(4,749)

 

(4,573)

Depreciation and amortization as adjusted

$

 

$

 

$

 

$

 

$

 

$

                       

Research and development as reported

$

9,406

 

$

9,983

 

$

9,975

 

$

10,342

 

$

9,935

 

$

9,091

Depreciation and amortization adjustment

1,462

 

1,547

 

1,765

 

1,600

 

1,705

 

1,535

Research and development as adjusted

$

10,868

 

$

11,530

 

$

11,740

 

$

11,942

 

$

11,640

 

$

10,626


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