FARO Announces First Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

(UNAUDITED)



Three Months Ended March 31,

(dollars in thousands, except per share data)

2022


2021

Gross profit, as reported

$                      41,026


$                      40,407

     Stock-based compensation (1)

199


66

     Non-GAAP adjustments to gross profit

199


66

Non-GAAP gross profit

$                      41,225


$                      40,473

Gross margin, as reported

53.5%


52.9%

Non-GAAP gross margin

53.8%


53.0%





Selling, general and administrative, as reported

$                      35,490


$                      33,348

     Stock-based compensation (1)

(2,221)


(1,682)

     Purchase accounting intangible amortization

(201)


(185)

Non-GAAP selling, general and administrative

$                      33,068


$                      31,481





Research and development, as reported

$                      12,128


$                      11,973

     Stock-based compensation (1)

(447)


(346)

     Purchase accounting intangible amortization

(545)


(328)

Non-GAAP research and development

$                      11,136


$                      11,299





Operating expenses, as reported

$                      48,218


$                      46,845

     Stock-based compensation (1)

(2,668)


(2,028)

     Restructuring costs (2)

(600)


(1,524)

     Purchase accounting intangible amortization

(746)


(513)

Non-GAAP adjustments to operating expenses

(4,014)


(4,065)

Non-GAAP operating expenses

$                      44,204


$                      42,780





Loss from operations, as reported

$                      (7,192)


$                      (6,438)

     Non-GAAP adjustments to gross profit

199


66

     Non-GAAP adjustments to operating expenses

4,014


4,065

Non-GAAP loss from operations

$                      (2,979)


$                      (2,307)





Net loss, as reported

$                      (9,687)


$                      (3,221)

     Non-GAAP adjustments to gross profit

199


66

     Non-GAAP adjustments to operating expenses

4,014


4,065

     Income tax effect of non-GAAP adjustments

(967)


(1,478)

     Other tax adjustments (3)

3,937


Non-GAAP net loss

$                      (2,504)


$                         (568)





Net loss per share - Diluted, as reported

$                        (0.53)


$                        (0.18)

     Stock-based compensation (1)

0.16


0.12

     Restructuring costs (2)

0.03


0.08

     Purchase accounting intangible amortization

0.04


0.03

     Income tax effect of non-GAAP adjustments

(0.05)


(0.08)

     Other tax adjustments (3)

0.21


Non-GAAP net loss per share - Diluted

$                        (0.14)


$                        (0.03)

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