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