FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||
(in thousands) | 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||
Net loss | $ | (8,932) |
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| $ | (6,405) |
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| $ | (23,755) |
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| $ | (6,253) |
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Interest expense, net | 212 |
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| 240 |
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| 246 |
|
| 96 |
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Income tax benefit | (3,359) |
|
| (417) |
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| (5,597) |
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| (262) |
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Depreciation and amortization | 3,520 |
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| 4,573 |
|
| 7,279 |
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| 9,322 |
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EBITDA | (8,559) |
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| (2,009) |
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| (21,827) |
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| 2,903 |
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Loss on foreign currency transactions | 117 |
|
| 154 |
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| 590 |
|
| 349 |
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Stock-based compensation | 2,169 |
|
| 2,752 |
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| 4,345 |
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| 5,316 |
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GSA sales adjustment (1) | 608 |
|
| 5,805 |
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| 608 |
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| 5,840 |
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Advisory fees for GSA Matter (2) | — |
|
| 653 |
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| — |
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| 1,244 |
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Executive sign-on bonuses & relocation costs | — |
|
| 575 |
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| — |
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| 575 |
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Present4D impairment (3) | — |
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| 1,535 |
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| — |
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| 1,535 |
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Restructuring costs (4) | 636 |
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| — |
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| 14,324 |
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| — |
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Adjusted EBITDA | $ | (5,029) |
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| $ | 9,465 |
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| $ | (1,960) |
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| $ | 17,762 |
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Adjusted EBITDA margin (5) | (8.2) | % |
| 9.5 | % |
| (1.4) | % |
| 9.2 | % |
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(1) | Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing
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(2) | In connection with the GSA Matter, we retained outside legal counsel and forensic accountants to conduct the Review,
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(3) | On April 27, 2018, we invested $1.8 million in present4D GmbH ("present4D"), a software solutions provider for
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(4) | On February 14, 2020, our Board of Directors approved a global restructuring plan (the "Restructuring Plan"),
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(5) | Calculated as Adjusted EBITDA as a percentage of Non-GAAP total sales, which adjusts for the GSA sales adjustment. |