FARO Announces First Quarter Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)



Three Months Ended March 31,

(in thousands)

2024


2023

Net loss

$        (7,267)


$      (21,164)

Interest expense, net

831


835

Income tax expense

1,101


1,933

Depreciation and amortization

3,621


3,978

EBITDA

(1,714)


(14,418)

Other expense (income), net

25


(220)

Stock-based compensation

4,539


3,634

Restructuring and other costs (1)

2,716


5,468

Adjusted EBITDA

$          5,566


$        (5,536)

Adjusted EBITDA margin (2)

6.6 %


(6.5) %

(1) On February 14, 2020, our Board of Directors approved 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. On February 7, 2023, our Board of Directors approved 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 associated with the Restructuring Plan, Integration Plan, and executive transitions.


(2) Calculated as Adjusted EBITDA as a percentage of total sales.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

KEY SALES MEASURES

(UNAUDITED)



Three Months Ended March 31,

(in thousands)

2024


2023

Total sales to external customers as reported




Americas (1)

$          37,228


$          42,343

EMEA (1)

25,435


24,165

APAC (1)

21,581


18,459


$          84,244


$          84,967






Three Months Ended March 31,

(in thousands)

2024


2023

Total sales to external customers in constant currency (2)




Americas (1)

$          37,037


$          42,434

EMEA (1)

25,218


24,486

APAC (1)

22,826


18,460


$          85,081


$          85,380

(1) Regions represent North America and South America ("Americas"); Europe, the Middle East, and Africa ("EMEA"); and the Asia-Pacific ("APAC").


(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.


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