FARO Announces Fourth Quarter and Full Year Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)



Three Months Ended December 31,


Twelve Months Ended December 31,

(in thousands)

2022


2021


2022


2021

Net loss

$        (2,235)


$      (31,712)


$      (26,756)


$      (39,964)

Interest (income) expense, net

(8)


1


(36)


55

Income tax expense

753


35,070


5,105


31,403

Depreciation and amortization and fair value
adjustments

7,472


3,836


17,533


13,396

EBITDA

5,982


7,195


(4,154)


4,890

Other (income) expense, net

(159)


503


(3,236)


70

Stock-based compensation

3,291


2,799


13,315


11,456

Restructuring and other costs (1)

2,604


3,689


7,548


7,368

Adjusted EBITDA

$        11,718


$        14,186


$        13,473


$        23,784

Adjusted EBITDA margin (2)

11.3 %


14.2 %


3.9 %


7.0 %


 

(1) On February 14, 2020, our Board of Directors approved a global restructuring plan (the "Restructuring Plan"), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. The Restructuring and other costs primarily consist of severance and related benefits.


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

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

KEY SALES MEASURES

(UNAUDITED)



For the Three Months Ended
December 31,


For the Twelve Months Ended
December 31,

(in thousands)

2022


2021


2022


2021

Total sales to external customers as reported








Americas (1)

$           44,345


$           40,438


$         154,422


$         140,633

EMEA (1)

31,680


29,035


98,174


104,350

APAC (1)

27,834


30,731


93,169


92,831


$         103,859


$         100,204


$         345,765


$         337,814










For the Three Months Ended
December 31,


For the Twelve Months Ended
December 31,

(in thousands)

2022


2021


2022


2021

Total sales to external customers in constant currency (2)








Americas (1)

$           43,894


$           41,677


$         153,897


$         141,579

EMEA (1)

35,597


28,180


106,642


100,002

APAC (1)

30,987


30,356


100,502


91,552


$         110,478


$         100,213


$         361,041


$         333,133


 

(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.


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