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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