FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| 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 % |
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(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. |
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(2) Calculated as Adjusted EBITDA as a percentage of total sales. |
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(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
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| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||
| (in thousands) | 2023 |
| 2022 |
| 2023 |
| 2022 |
| Total sales to external customers as reported |
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| 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 |
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| $ 86,813 |
| $ 85,332 |
| $ 259,991 |
| $ 241,906 |
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| 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) |
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| 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 |
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| $ 83,415 |
| $ 84,019 |
| $ 249,814 |
| $ 232,007 |
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| (1) Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC). |
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| (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. |
