FARO Announces Second Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

(UNAUDITED)



Three Months Ended June 30,


Six Months Ended June 30,

(dollars in thousands, except per share data)

2023


2022


2023


2022

Gross profit, as reported

$        33,323


$        40,437


$        73,039


$        81,462

Stock-based compensation (1)

419


284


691


483

Inventory reserve charge (3)

8,132



8,132


Restructuring and other costs (2)

435



870


Non-GAAP adjustments to gross profit

8,986


284


9,693


483

Non-GAAP gross profit

$        42,309


$        40,721


$        82,732


$        81,945

Gross margin, as reported

37.8 %


50.6 %


42.2 %


52.0 %

Non-GAAP gross margin

48.0 %


51.0 %


47.8 %


52.3 %









Selling, general and administrative, as reported

$        38,561


$        36,018


$        79,937


$        71,508

Stock-based compensation (1)

(3,554)


(2,512)


(6,122)


(4,733)

Purchase accounting intangible amortization

(688)


(181)


(1,361)


(382)

Non-GAAP selling, general and administrative

$        34,319


$        33,325


$        72,454


$        66,393









Research and development, as reported

$        11,662


$        12,042


$        24,380


$        24,170

Stock-based compensation (1)

(977)


(695)


(1,771)


(1,142)

Purchase accounting intangible amortization

(541)


(490)


(1,040)


(1,035)

Non-GAAP research and development

$        10,144


$        10,857


$        21,569


$        21,993









Operating expenses, as reported

$        58,673


$        49,393


$      117,005


$        97,610

Stock-based compensation (1)

(4,531)


(3,207)


(7,893)


(5,875)

Restructuring and other costs (2)

(8,809)


(2,317)


(13,842)


(2,916)

Purchase accounting intangible amortization

(1,229)


(671)


(2,401)


(1,417)

Non-GAAP adjustments to operating expenses

(14,569)


(6,195)


(24,136)


(10,208)

Non-GAAP operating expenses

$        44,104


$        43,198


$        92,869


$        87,402









Loss from operations, as reported

$      (25,350)


$        (8,956)


$      (43,966)


$      (16,148)

Non-GAAP adjustments to gross profit

8,986


284


9,693


483

Non-GAAP adjustments to operating expenses

14,569


6,195


24,136


10,208

Non-GAAP loss from operations

$        (1,795)


$        (2,477)


$      (10,137)


$        (5,457)









Net loss, as reported

$      (28,245)


$        (8,574)


$      (49,409)


$      (18,261)

Non-GAAP adjustments to gross profit

8,986


284


9,693


483

Non-GAAP adjustments to operating expenses

14,569


6,195


24,136


10,208

Income tax effect of non-GAAP adjustments

(5,888)


(1,775)


(8,457)


(2,742)

Other tax adjustments (4)

7,959


3,246


14,342


7,183

Non-GAAP net loss

$        (2,619)


$            (624)


$        (9,695)


$        (3,129)









Net loss per share - Diluted, as reported

$           (1.49)


$           (0.47)


$           (2.62)


$           (1.00)

Stock-based compensation (1)

0.26


0.19


0.46


0.35

Restructuring and other costs (2)

0.49


0.13


0.78


0.16

Inventory reserve charge (3)

0.43



0.43


Purchase accounting intangible amortization

0.06


0.04


0.13


0.08

Income tax effect of non-GAAP adjustments

(0.31)


(0.10)


(0.45)


(0.15)

Other tax adjustments (4)

0.42


0.18


0.76


0.39

Non-GAAP net loss per share - Diluted

$           (0.14)


$           (0.03)


$           (0.51)


$           (0.17)


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