FARO Announces Third Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA
(UNAUDITED)



Three Months Ended September 30,


Nine Months Ended September 30,

(in thousands)

2023


2022


2023


2022

Net loss

$        (8,756)


$        (6,261)


$      (58,165)


$      (24,521)

Interest (income) expense, net

691


(24)


2,529


(28)

Income tax expense

1,520


586


4,869


4,352

Depreciation and amortization

3,803


3,406


11,728


10,061

EBITDA

(2,742)


(2,293)


(39,039)


(10,136)

Other (income) expense, net

(381)


(1,428)


(125)


(3,077)

Stock-based compensation

3,692


3,666


12,276


10,024

Inventory reserve charge (3)



8,132


Restructuring and other costs (1)

2,951


2,028


17,663


4,944

Adjusted EBITDA

$          3,520


$          1,973


$        (1,093)


$          1,755

Adjusted EBITDA margin (2)

4.1 %


2.3 %


(0.4) %


0.7 %


(1) On February 7, 2023, our Board of Directors approved an integration plan (the "Integration Plan"), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits.


(2) Calculated as Adjusted EBITDA as a percentage of total sales.


(3) During nine months ended September 30, 2023, we recorded a charge of $8.1 million, increasing our reserve for excess and obsolete inventory, based on our analysis of our inventory reserves in connection with our strategy to simplify our product portfolio and cease selling certain products.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
KEY SALES MEASURES
(UNAUDITED)



Three Months Ended September 30,


Nine Months Ended September 30,

(in thousands)

2023


2022


2023


2022

Total sales to external customers as reported








Americas (1)

$          41,033


$          38,732


$        124,734


$        110,077

EMEA (1)

25,621


22,802


74,641


66,494

APAC (1)

20,159


23,798


60,616


65,335


$          86,813


$          85,332


$        259,991


$        241,906










Three Months Ended September 30,


Nine Months Ended September 30,

(in thousands)

2023


2022


2023


2022

Total sales to external customers in constant currency (2)








Americas (1)

$          40,220


$          38,675


$        123,148


$        109,825

EMEA (1)

23,074


22,232


67,557


61,320

APAC (1)

20,121


23,112


59,109


60,862


$          83,415


$          84,019


$        249,814


$        232,007


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


(2) We compare the change in the sales from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rate in effect during the last day of the prior comparable period, rather than the actual exchange rates in effect during the respective periods.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »
Featured Video
Editorial
Jobs
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Mechanical Engineer 2 for Lam Research at Fremont, California
Equipment Engineer, Raxium for Google at Fremont, California
Mechanical Engineer 3 for Lam Research at Fremont, California
Upcoming Events
Celebrate Manufacturing Excellence at Anaheim Convention Center Anaheim CA - Feb 4 - 6, 2025
3DEXPERIENCE World 2025 at George R. Brown Convention Center Houston TX - Feb 23 - 26, 2025
TIMTOS 2025 at Nangang Exhibition Center Hall 1 & 2 (TaiNEX 1 & 2) TWTC Hall Taipei Taiwan - Mar 3 - 8, 2025
Additive Manufacturing Forum 2025 at Estrel Convention Cente Berlin Germany - Mar 17 - 18, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise