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)














« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13  Next Page »

Reviews:
Review Article
  • Study July 15, 2020
    Reviewed by 'James Shaws'
    The financial results of the FARO are showing that everything is going very great. I am glad to see the huge profit growth of this company. One needs to visit edubirdie.net/blog/is-edubirdie-legal-or-cheating source to know is edubirdie legit to use. It is impressive that this company has survived the coronavirus pandemic.

      Was this review helpful to you?   (Report this review as inappropriate)


For more discussions, follow this link …



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise