FARO Reports Third Quarter 2019 Financial Results

 

In the reconciliations that follow, the "as reported" amounts for prior periods reflect the above reclassification of depreciation and amortization expenses.


 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

(UNAUDITED)



Three months ended September 30,


Nine months ended September 30,

(dollars in thousands, except per share data)

2019


2018


2019


2018

Total sales, as reported

$

90,516


$

99,705


$

277,624


$

290,783

GSA sales adjustment (1)



5,840


Non-GAAP total sales

$

90,516


$

99,705


$

283,464


$

290,783









Gross profit, as reported

$

50,772


$

50,612


$

154,531


$

158,712

GSA sales adjustment (1)



5,840


Stock-based compensation (2)

270


241


771


620

Inventory reserve charge (3)


4,734



4,734

Non-GAAP adjustments to gross profit

270


4,975


6,611


5,354

Non-GAAP gross profit

$

51,042


$

55,587


$

161,142


$

164,066

Gross margin, as reported

56.1

%


50.8

%


55.7

%


54.6

%

Non-GAAP gross margin

56.4

%


55.8

%


56.8

%


56.4

%









Operating expenses, as reported

$

56,663


$

53,324


$

164,957


$

158,804

Advisory fees for GSA Matter (4)



(1,244)


Stock-based compensation (2)

(3,117)


(1,925)


(7,932)


(5,097)

Executive severance costs

(1,217)



(1,217)


Executive sign-on bonuses & relocation costs

(270)



(845)


Purchase accounting intangible amortization

(924)


(1,131)


(2,665)


(2,601)

Non-GAAP adjustments to operating expenses

(5,528)


(3,056)


(13,903)


(7,698)

Non-GAAP operating expenses

$

51,135


$

50,268


$

151,054


$

151,106









Loss from operations, as reported

$

(5,891)


$

(2,712)


$

(10,426)


$

(92)

Non-GAAP adjustments to gross profit

270


4,975


6,611


5,354

Non-GAAP adjustments to operating expenses

5,528


3,056


13,903


7,698

Non-GAAP (loss) income from operations

$

(93)


$

5,319


$

10,088


$

12,960









Other expense, net, as reported

$

490


$

130


$

2,470


$

663

Interest expense increase due to GSA sales adjustment (1)

(145)



(632)


Present4D impairment (5)



(1,535)


Non-GAAP adjustments to other expense, net

(145)



(2,167)


Non-GAAP other expense, net

$

345


$

130


$

303


$

663









Net loss, as reported

$

(6,199)


$

(2,488)


$

(12,452)


$

(828)

Non-GAAP adjustments to gross profit

270


4,975


6,611


5,354

Non-GAAP adjustments to operating expenses

5,528


3,056


13,903


7,698

Non-GAAP adjustments to other expense, net

145



2,167


Income tax effect of non-GAAP adjustments

(1,452)


(1,084)


(4,484)


(2,126)

Other tax adjustments (6)

1,555



2,419


Non-GAAP net (loss) income

$

(153)


$

4,459


$

8,164


$

10,098









Net loss per share - Diluted, as reported

$

(0.36)


$

(0.15)


$

(0.72)


$

(0.05)

GSA sales adjustment (1)



0.34


Stock-based compensation (2)

0.19


0.12


0.50


0.34

Inventory reserve charge (3)


0.28



0.28

Advisory fees for GSA Matter (4)



0.07


Executive severance costs

0.07



0.07


Executive sign-on bonuses & relocation costs

0.02



0.05


Purchase accounting intangible amortization

0.05


0.07


0.15


0.15

Interest expense increase due to GSA sales adjustment (1)

0.01



0.04


Present4D impairment (5)



0.09


Income tax effect of non-GAAP adjustments

(0.08)


(0.06)


(0.26)


(0.13)

Other tax adjustments (6)

0.09



0.14


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

$

(0.01)


$

0.26


$

0.47


$

0.59


















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