FARO TECHNOLOGIES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP (UNAUDITED) | |||||||
|
| ||||||
| Three Months Ended March 31, | ||||||
(dollars in thousands, except per share data) | 2020 |
| 2019 | ||||
Total sales, as reported | $ | 79,515 |
|
| $ | 93,617 |
|
GSA sales adjustment (1) | — |
|
| 35 |
| ||
Non-GAAP total sales | $ | 79,515 |
|
| $ | 93,652 |
|
|
|
|
| ||||
Gross profit, as reported | $ | 43,873 |
|
| $ | 53,019 |
|
GSA sales adjustment (1) | — |
|
| 35 |
| ||
Stock-based compensation (2) | 271 |
|
| 233 |
| ||
Non-GAAP adjustments to gross profit | 271 |
|
| 268 |
| ||
Non-GAAP gross profit | $ | 44,144 |
|
| $ | 53,287 |
|
Gross margin, as reported | 55.2 | % |
| 56.6 | % | ||
Non-GAAP gross margin | 55.5 | % |
| 56.9 | % | ||
|
|
|
| ||||
Operating expenses, as reported | $ | 60,427 |
|
| $ | 52,661 |
|
Advisory fees for GSA Matter (3) | — |
|
| (591) |
| ||
Stock-based compensation (2) | (1,905) |
|
| (2,331) |
| ||
Restructuring costs (4) | (13,688) |
|
| — |
| ||
Purchase accounting intangible amortization | (525) |
|
| (852) |
| ||
Non-GAAP adjustments to operating expenses | (16,118) |
|
| (3,774) |
| ||
Non-GAAP operating expenses | $ | 44,309 |
|
| $ | 48,887 |
|
|
|
|
| ||||
(Loss) Income from operations, as reported | $ | (16,554) |
|
| $ | 358 |
|
Non-GAAP adjustments to gross profit | 271 |
|
| 268 |
| ||
Non-GAAP adjustments to operating expenses | 16,118 |
|
| 3,774 |
| ||
Non-GAAP (loss) income from operations | $ | (165) |
|
| $ | 4,400 |
|
|
|
|
| ||||
Other expense, net, as reported | $ | 507 |
|
| $ | 51 |
|
Interest expense increase due to GSA sales adjustment (1) | (149) |
|
| (45) |
| ||
Non-GAAP adjustments to other expense (income), net | (149) |
|
| (45) |
| ||
Non-GAAP other expense, net | $ | 358 |
|
| $ | 6 |
|
|
|
|
| ||||
Net (loss) income, as reported | $ | (14,823) |
|
| $ | 152 |
|
Non-GAAP adjustments to gross profit | 271 |
|
| 268 |
| ||
Non-GAAP adjustments to operating expenses | 16,118 |
|
| 3,774 |
| ||
Non-GAAP adjustments to other expense (income), net | 149 |
|
| 45 |
| ||
Income tax effect of non-GAAP adjustments | (2,133) |
|
| (672) |
| ||
Non-GAAP net (loss) income | $ | (418) |
|
| $ | 3,567 |
|
|
|
|
| ||||
Net (loss) income per share - Diluted, as reported | $ | (0.84) |
|
| $ | 0.01 |
|
GSA sales adjustment (1) | — |
|
| 0.00 |
| ||
Stock-based compensation (2) | 0.12 |
|
| 0.14 |
| ||
Advisory fees for GSA Matter (3) | — |
|
| 0.04 |
| ||
Restructuring costs (4) | 0.78 |
|
| — |
| ||
Purchase accounting intangible amortization | 0.03 |
|
| 0.05 |
| ||
Interest expense increase due to GSA sales adjustment (1) | 0.01 |
|
| 0.00 |
| ||
Income tax effect of non-GAAP adjustments | (0.12) |
|
| (0.04) |
| ||
Non-GAAP net (loss) income per share - Diluted | $ | (0.02) |
|
| $ | 0.20 |
|