FARO Announces First Quarter 2021 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)



Three Months Ended March 31,

(in thousands)

2021


2020

Net loss

$

(3,221)



$

(14,823)


Interest expense, net

10



34


Income tax benefit

(1,612)



(2,238)


Depreciation and amortization

3,190



3,759


EBITDA

(1,633)



(13,268)


Other (income) expense, net

(1,615)



473


Stock-based compensation

2,094



2,176


Restructuring costs (1)

1,524



13,688


Adjusted EBITDA

$

370



$

3,069


Adjusted EBITDA margin (2)

0.5

%


3.9

%


(1) On February 14, 2020, our Board of Directors approved a global restructuring plan (the "Restructuring Plan"), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. In connection with the Restructuring Plan, during the first quarters 2020 and 2021 we recorded a pre-tax charge of approximately $13.7 million and $1.5 million, respectively, primarily consisting of severance and related benefits.

(2) Calculated as Adjusted EBITDA as a percentage of Non-GAAP total sales, which adjusts for the GSA sales adjustment.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

SALES DISAGGREGATED BY GEOGRAPHY

(UNAUDITED)



For the Three Months Ended March 31,

(in thousands)

2021


2020

Total sales to external customers




Americas (1)

$

32,549



$

35,590


EMEA (1)

25,454



23,690


APAC (1)

18,328



20,235



$

76,331



$

79,515



(1)     Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC).

 

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SOURCE FARO

Contact:
Company Name: FARO
Investor Contacts: FARO Technologies, Inc., Allen Muhich, Chief Financial Officer
Phone: +1 407-562-5005
Email Contact Sapphire Investor Relations, LLC: Michael Funari or Erica Mannion
Phone: +1 617-542-6180
Email Contact
Web: http://www.faro.com
Financial data for FARO


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