(2) 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. In connection with the Restructuring Plan, during the three months ended March 31, 2022 and March 31, 2021 we recorded a pre-tax charge of approximately $0.6 million and $1.5 million, respectively, primarily consisting of severance and related benefits.
(3) The other tax adjustments primarily relate to the impact of certain jurisdictions maintaining a full valuation allowance where benefit is not accrued on U.S. GAAP pre-tax book losses.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (UNAUDITED) | |||
|
| |||
|
| Three Months Ended March 31, | ||
(in thousands) | 2022 |
| 2021 |
Net loss | $ (9,687) |
| $ (3,221) |
Interest expense, net | 8 |
| 10 |
Income tax expense (benefit) | 2,500 |
| (1,612) |
Depreciation and amortization | 3,012 |
| 3,190 |
EBITDA | (4,167) |
| (1,633) |
Other income, net | (13) |
| (1,615) |
Stock-based compensation | 2,867 |
| 2,094 |
Restructuring costs (1) | 600 |
| 1,524 |
Adjusted EBITDA | $ (713) |
| $ 370 |
Adjusted EBITDA margin (2) | (0.9)% |
| 0.5% |
(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. In connection with the Restructuring Plan, during the three months ended March 31, 2022 and March 31, 2021 we recorded a pre-tax charge of approximately $0.6 million and $1.5 million, respectively, primarily consisting 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 March 31, | ||
(in thousands) | 2022 |
| 2021 |
Total sales to external customers |
|
|
|
Americas (1) | $ 36,677 |
| $ 32,549 |
EMEA (1) | 22,136 |
| 25,454 |
APAC (1) | 17,843 |
| 18,328 |
|
| $ 76,656 |
| $ 76,331 |
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