• FARO Announces First Quarter Financial Results

    ソース: Nasdaq GlobeNewswire / 24 4 2025 06:00:00   America/New_York

    • Revenue of $82.9 million, at the upper end of guidance range
    • Gross margin of 57.0%; Non-GAAP gross margin 57.7%, above guidance range
    • Earnings per share of $0.05; Non-GAAP earnings per share (“EPS”) of $0.33, above guidance range
    • Cash flow from operations of $5.0 million

    LAKE MARY, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced its financial results for the first quarter ended March 31, 2025.

    “We’re very pleased with our strong start to the year, with our first quarter financial results exceeding our expectations and reflecting the successful execution of our strategic growth initiatives,” said Peter Lau, President & Chief Executive Officer. “Q1 was an inflection point for FARO, with increasing traction from refreshed products, coupled with the introduction of new solutions and the signing of two impactful partnerships contributing to 6% year-over-year net orders growth. As a result, we delivered GAAP net income of $0.9 million and $12.5 million of adjusted EBITDA, or 15.0% of revenue, surpassing our forecasts. As we look ahead, we remain focused on executing our growth strategy, even amidst continued macroeconomic uncertainty. Our recent product launches, including the Leap ST in January for metrology workflows and Blink last week for digital reality workflows, expand our addressable opportunity and we believe position us well to drive sustained, long-term organic growth.”

    First Quarter 2025 Financial Summary

    • Total sales of $82.9 million, down 1.6% year over year
    • Gross margin of 57.0%, compared to 51.4% in the prior year period
    • Non-GAAP gross margin of 57.7%, compared to 51.8% in the prior year period
    • Operating expenses of $43.4 million, compared to $48.6 million in the prior year period
    • Non-GAAP operating expenses of $38.5 million, compared to $40.7 million in the prior year period
    • Net income of $0.9 million, or $0.05 per share compared to net loss of $7.3 million, or $(0.38) per share in the prior year period
    • Non-GAAP net income of $6.4 million, or $0.33 per share compared to non-GAAP net income of $1.7 million, or $0.09 per share in the prior year period
    • Adjusted EBITDA of $12.5 million, or 15.0% of total sales compared to $5.6 million, or 6.6% of total sales in the prior year period
    • Cash, cash equivalents & short-term investments of $102.6 million compared to $98.7 million as of December 31, 2024

    * A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading “Non-GAAP Financial Measures”.

    Outlook for the Second Quarter 2025

    For the second quarter ending June 30, 2025, FARO currently expects:

    • Revenue in the range of $79 to $87 million
    • Gross margin in the range of 56.5% to 58.0%. Non-GAAP gross margin in the range of 57.0% to 58.5%
    • Operating expenses in the range of $45.0 to $47.0 million. Non-GAAP operating expenses in the range of $38.5 to $40.5 million
    • Net (loss) income per share in the range of ($0.20) to $0.00. Non-GAAP net income per share in the range of $0.20 to $0.40.

    Conference Call

    The Company will host a conference call to discuss these results on Thursday, April 24, 2025, at 8:00 a.m. ET. Interested parties can access the conference call by dialing (800) 245-3047 (U.S.) or +1 (203) 518-9765 (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO's website at: https://www.faro.com/en/About-Us/Investor-Relations/Financial-Events-and-Presentations

    A replay webcast will be available in the Investor Relations section of the Company's web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

    About FARO

    For over 40 years, FARO has provided industry-leading technology solutions that enable customers to measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy. For more information, visit www.faro.com.

    Non-GAAP Financial Measures

    This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share, exclude the impact of purchase accounting intangible amortization expense, stock-based compensation, restructuring and other charges, and other tax adjustments, and are provided to enhance investors’ overall understanding of our historical operations and financial performance.

    In addition, we present EBITDA, which is calculated as net income (loss) before interest (income) expense, net, income tax benefit (expense) and depreciation and amortization, and Adjusted EBITDA, which is calculated as EBITDA, excluding other (income) expense, net, stock-based compensation, and restructuring and other charges, as measures of our operating profitability. The most directly comparable GAAP measure to EBITDA and Adjusted EBITDA is net income (loss). We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of total sales.

    We have included non-GAAP total sales on a constant currency basis. The most directly comparable GAAP measure to total sales on a constant currency basis is total sales. We believe constant currency information is useful in analyzing underlying trends in our business and the commercial performance of our products by eliminating the impact of highly volatile fluctuations in foreign currency markets and allows for period-to-period comparisons of our performance. For simplicity, we may elect to omit this information in future periods if we determine a lack of material impact. To present this information, current period performance for entities reporting in currencies other than U.S. dollars are converted to U.S. dollars at the exchange rate in effect during the last day of the prior comparable period.

    Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company’s operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP.

    These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company’s financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about the outlook for the second quarter of 2025, demand for and customer acceptance of FARO’s products, FARO’s product development and product launches, FARO's growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring and integration plans and the timing and amount of cost savings and other benefits expected to be realized from the restructuring and integration plans and other strategic initiatives, and FARO’s growth potential and profitability. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
    Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:

    • the Company’s ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;
    • the Company’s inability to successfully execute its strategic plan and our 2024 Restructuring Plan, including but not limited to additional impairment charges including existing leasehold improvements and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;
    • the effect of any changes in our executive management team and the loss of any of our executive officers or other key personnel, which may be impacted by factors such as our inability to competitively address inflationary pressures on employee compensation and flexibility in employee work arrangements, including the impact of our 2025 "return to office" policy;
    • the outcome of any litigation to which the Company is or may become a party;
    • loss of future government sales;
    • potential impacts on customer and supplier relationships and the Company's reputation;
    • development by others of new or improved products, processes or technologies that make the Company's products less competitive or obsolete;
    • the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products;
    • declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;
    • the effect of general economic and financial market conditions, including in response to public health concerns;
    • assumptions regarding the Company’s financial condition or future financial performance may be incorrect;
    • the impact of fluctuations in foreign exchange rates and inflation rates; and
    • other risks and uncertainties discussed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 24, 2025, as supplemented by the Company’s Quarterly Reports on Form 10-Q, and in other SEC filings.

    Forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.

    Investor Contacts

    FARO Technologies, Inc.
    Matthew Horwath, Chief Financial Officer
    +1 407-562-5005
    IR@faro.com

    Sapphire Investor Relations, LLC
    Michael Funari or Erica Mannion
    +1 617-542-6180
    IR@faro.com


    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
     Three Months Ended
    (in thousands, except share and per share data)March 31, 2025 March 31, 2024
    Sales   
    Product$62,975 $63,536 
    Service 19,888  20,708 
    Total sales 82,863  84,244 
    Cost of sales   
    Product 26,153  30,452 
    Service 9,473  10,485 
    Total cost of sales 35,626  40,937 
    Gross profit 47,237  43,307 
    Operating expenses   
    Selling, general and administrative 33,818  39,593 
    Research and development 9,485  9,024 
    Restructuring costs 120  — 
    Total operating expenses 43,423  48,617 
    Income (loss) from operations 3,814  (5,310)
    Other (income) expense   
    Interest expense, net 888  831 
    Other (income) expense, net 467  25 
    Income (loss) before income tax 2,459  (6,166)
    Income tax expense 1,553  1,101 
    Net income (loss)$906 $(7,267)
    Net income (loss) per share - Basic$0.05 $(0.38)
    Net income (loss) per share - Diluted$0.05 $(0.38)
    Weighted average shares - Basic 19,052,385  19,046,855 
    Weighted average shares - Diluted 19,732,364  19,046,855 



    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
     
    (in thousands, except share and per share data)March 31,
    2025    		 December 31,
    2024
    ASSETS   
    Current assets:   
    Cash and cash equivalents$92,445  $88,703 
    Short-term investments 10,189   9,999 
    Accounts receivable, net 85,669   87,022 
    Inventories, net 33,272   32,121 
    Prepaid expenses and other current assets 33,610   30,326 
         Total current assets 255,185   248,171 
    Non-current assets:   
    Property, plant and equipment, net 18,777   18,767 
    Operating lease right-of-use assets 19,196   15,880 
    Goodwill 108,664   106,555 
    Intangible assets, net 43,459   44,133 
    Service and sales demonstration inventory, net 23,265   22,760 
    Deferred income tax assets, net 23,090   23,005 
    Other long-term assets 3,393   3,734 
    Total assets$495,029  $483,005 
    LIABILITIES AND SHAREHOLDERS’ EQUITY   
    Current liabilities:   
    Accounts payable$26,346  $27,336 
    Accrued liabilities 25,121   27,735 
    Income taxes payable 7,937   6,736 
    Current portion of unearned service revenues 41,763   41,590 
    Customer deposits 4,633   4,989 
    Lease liabilities 4,784   4,474 
              Total current liabilities 110,584   112,860 
    Loan - 5.50% Convertible Senior Notes 70,378   70,267 
    Unearned service revenues - less current portion 19,962   19,886 
    Lease liabilities - less current portion 16,902   14,056 
    Deferred income tax liabilities 15,478   14,809 
    Income taxes payable - less current portion 1,530   1,485 
    Other long-term liabilities 28   32 
    Total liabilities 234,862   233,395 
    Commitments and contingencies   
    Shareholders’ equity:   
    Common stock - par value $0.001, 50,000,000 shares authorized; 21,187,604 and 20,916,723 issued, respectively; 19,225,837 and 18,954,956 outstanding, respectively 20   20 
    Additional paid-in capital 361,891   358,133 
    Retained earnings (17,949)  (18,855)
    Accumulated other comprehensive loss (43,126)  (49,019)
    Common stock in treasury, at cost - 1,961,767 and 1,961,767 shares held, respectively (40,669)  (40,669)
    Total shareholders’ equity 260,167   249,610 
    Total liabilities and shareholders’ equity$495,029  $483,005 



    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
     
     Three Months Ended March 31,
    (in thousands) 2025   2024 
    Cash flows from:   
    Operating activities:   
    Net income (loss)$906  $(7,267)
    Adjustments to reconcile net income (loss) to net cash used in operating activities:   
         Depreciation and amortization 4,212   3,621 
         Stock-based compensation 3,758   4,539 
         Deferred income tax (benefit) and other non-cash charges 114   (805)
         Provision for excess and obsolete inventory 46   152 
         Amortization of debt discount and issuance costs 111   112 
         Loss on disposal of assets 448   96 
         (Reversal of) provisions for bad debts, net of recoveries (21)  300 
    Change in operating assets and liabilities:   
    Decrease (Increase) in:   
         Accounts receivable 3,305   1,405 
         Inventories 153   1,957 
         Prepaid expenses and other current assets (2,973)  5,587 
    (Decrease) Increase in:   
         Accounts payable and accrued liabilities (4,541)  (5,721)
         Income taxes payable 1,131   783 
         Customer deposits (455)  819 
         Unearned service revenues (1,013)  1,282 
         Other liabilities (150)  (285)
              Net cash provided by operating activities 5,031   6,575 
    Investing activities:   
    Purchases of property and equipment (1,342)  (1,323)
    Cash paid for technology development, patents and licenses (1,452)  (1,442)
              Net cash provided by (used in) investing activities (2,794)  (2,765)
    Financing activities:   
    Payments on finance leases (14)  (40)
              Net cash used in financing activities (14)  (40)
    Effect of exchange rate changes on cash and cash equivalents 1,519   (1,039)
    Increase in cash and cash equivalents 3,742   2,731 
    Cash and cash equivalents, beginning of period 88,703   76,787 
    Cash and cash equivalents, end of period$92,445  $79,518 



    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP
    (UNAUDITED)
     
     Three Months Ended March 31,
    (dollars in thousands, except per share data) 2025   2024 
    Gross profit, as reported$47,237  $43,307 
    Stock-based compensation (1) 405   330 
    Restructuring and other costs (2) 169   8 
    Non-GAAP adjustments to gross profit 574   338 
    Non-GAAP gross profit$47,811  $43,645 
    Gross margin, as reported 57.0%  51.4%
    Non-GAAP gross margin 57.7%  51.8%
        
    Selling, general and administrative, as reported$33,818  $39,593 
    Stock-based compensation (1) (2,725)  (3,942)
    Restructuring and other costs (2) (393)  (2,708)
    Purchase accounting intangible amortization (385)  (543)
    Non-GAAP selling, general and administrative$30,315  $32,400 
        
    Research and development, as reported$9,485  $9,024 
    Stock-based compensation (1) (628)  (267)
    Purchase accounting intangible amortization (670)  (489)
    Non-GAAP research and development$8,187  $8,268 
        
    Operating expenses, as reported$43,423  $48,617 
    Stock-based compensation (1) (3,353)  (4,209)
    Restructuring and other costs (2) (513)  (2,708)
    Purchase accounting intangible amortization (1,055)  (1,032)
    Non-GAAP adjustments to operating expenses (4,921)  (7,949)
    Non-GAAP operating expenses$38,502  $40,668 
        
    Income (loss) from operations, as reported$3,814  $(5,310)
    Non-GAAP adjustments to gross profit 574   338 
    Non-GAAP adjustments to operating expenses 4,921   7,949 
    Non-GAAP income from operations$9,309  $2,977 
        
    Net income (loss), as reported$906  $(7,267)
    Non-GAAP adjustments to gross profit 574   338 
    Non-GAAP adjustments to operating expenses 4,921   7,949 
    Income tax effect of non-GAAP adjustments (3) (1,087)  (2,072)
    Other tax adjustments (3) 1,105   2,748 
    Non-GAAP net income$6,419  $1,696 
        
    Net income (loss) per share - Diluted, as reported$0.05  $(0.38)
    Stock-based compensation (1) 0.19   0.24 
    Restructuring and other costs (2) 0.03   0.14 
    Purchase accounting intangible amortization 0.06   0.06 
    Income tax effect of non-GAAP adjustments (3) (0.06)  (0.11)
    Other tax adjustments (3) 0.06   0.14 
    Non-GAAP net income per share - Diluted$0.33  $0.09 


    (1)     We exclude stock-based compensation, which is non-cash, from the non-GAAP financial measures because the Company believes that such exclusion provides a better comparison of results of ongoing operations for current and future periods with such results from past periods.

    (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. 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. Substantially all of our planned activities under the Restructuring Plan and the Integration Plan are complete. On November 1, 2024, our Board of Directors approved a restructuring plan (the “2024 Restructuring Plan”), which is intended to support its strategic plan in an effort to improve operating performance and streamline and simplify operations, particularly around our redundant operations and underperforming countries primarily driven by economic and demand challenges in the manufacturing and construction sectors.

    (3) The Income tax effect of non-GAAP adjustments is calculated by applying a statutory tax rate to Non-GAAP adjustments, including Stock-based compensation, Restructuring and other costs, non-recurring Inventory reserve charges, and Purchase accounting intangible amortization and fair value adjustments. In addition, when estimating our Non-GAAP income tax rate, we exclude the impact of items that impact our reported income tax rate that we do not believe are representative of our ongoing operating results, including the impact of valuation allowances we are currently recording in certain jurisdictions and certain discrete items such as adjustments to uncertain tax position reserves, as these items are difficult to predict and can impact our effective income tax rate. Specifically, Other tax adjustments during the three months ended March 31, 2025 were comprised of $0.6 million related to the impact of valuation allowance adjustments and $0.5 million related to other items, including equity based compensation book to tax differences, non-GAAP adjustments impact on Global intangible low-taxed income and Prepaid tax on intercompany profit. In 2024, Other tax adjustments during the three months ended March 31, 2024 were comprised of $2.7 million related to the impact of valuation allowance adjustments.


    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
    (UNAUDITED)
     
     Three Months Ended March 31,
    (in thousands) 2025   2024 
    Net income (loss)$906  $(7,267)
    Interest expense, net 888   831 
    Income tax expense 1,553   1,101 
    Depreciation and amortization and fair value adjustments 4,212   3,621 
    EBITDA 7,559   (1,714)
    Other expense, net 467   25 
    Stock-based compensation 3,758   4,539 
    Restructuring and other costs (1) 682   2,716 
    Adjusted EBITDA$12,466  $5,566 
    Adjusted EBITDA margin (2) 15.0%  6.6%


    (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. 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. Substantially all of our planned activities under the Restructuring Plan and the Integration Plan are complete. On November 1, 2024, our Board of Directors approved a restructuring plan (the “2024 Restructuring Plan”), which is intended to support its strategic plan in an effort to improve operating performance and streamline and simplify operations, particularly around our redundant operations and underperforming countries primarily driven by economic and demand challenges in the manufacturing and construction sectors.

    (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) 2025  2024
    Total sales to external customers as reported   
    Americas (1)$36,008 $37,228
    EMEA (1) 25,108  25,435
    APAC (1) 21,747  21,581
     $82,863 $84,244
        
     Three Months Ended March 31,
    (in thousands) 2025  2024
    Total sales to external customers in constant currency (2)   
    Americas (1)$36,797 $37,261
    EMEA (1) 25,338  25,274
    APAC (1) 21,921  21,422
     $84,056 $83,957


    (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.


     Three Months Ended March 31,
    (in thousands) 2025   2024 
        
    Hardware$52,589  $52,616 
    Software 10,386   10,920 
    Service 19,888   20,708 
    Total Sales$82,863  $84,244 
        
    Hardware as a percentage of total sales 63.5%  62.5%
    Software as a percentage of total sales 12.5%  13.0%
    Service as a percentage of total sales 24.0%  24.6%
        
    Total Recurring Revenue (3)$17,299  $16,717 
    Recurring revenue as a percentage of total sales 20.9%  19.8%


    (3)     Recurring revenue is comprised of hardware service contracts, software maintenance contracts, and subscription based software applications.


    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    FREE CASH FLOW RECONCILIATION
    (UNAUDITED)
     
     Three Months Ended March 31,
    (in thousands) 2025   2024 
    Net cash provided by operating activities$5,031  $6,575 
    Purchases of property and equipment (1,342)  (1,323)
    Cash paid for technology development, patents and licenses (1,452)  (1,442)
    Free Cash Flow 2,237   3,810 
    Restructuring and other cash payments (1) 905   403 
    Adjusted Free Cash Flow$3,142  $4,213 


    (1)     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. On November 1, 2024, our Board of Directors approved a restructuring plan (the “2024 Restructuring Plan”), which is intended to support its strategic plan in an effort to improve operating performance and streamline and simplify operations, particularly around our redundant operations and underperforming countries primarily driven by economic and demand challenges in the manufacturing and construction sectors.


    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
    RECONCILIATION OF OUTLOOK - GAAP TO NON-GAAP
     
     Fiscal quarter ending June 30, 2025
     Low High
    GAAP gross margin56.5% 58.0%
    Stock-based compensation0.5% 0.5%
    Non-GAAP gross margin57.0% 58.5%


     Fiscal quarter ending June 30, 2025
    (in thousands)Low High
    GAAP operating expenses$45,000 $47,000
    Stock-based compensation(3,300) (3,300)
    Purchase accounting intangible amortization(1,200) (1,200)
    Restructuring and other costs(2,000) (2,000)
    Non-GAAP operating expenses$38,500 $40,500


     Fiscal quarter ending June 30, 2025
     Low High
    GAAP diluted earnings per share range$(0.20) $0.00
    Stock-based compensation0.19 0.19
    Purchase accounting intangible amortization0.06 0.06
    Restructuring and other costs0.10 0.10
    Non-GAAP tax adjustments0.05 0.05
    Non-GAAP diluted earnings per share$0.20 $0.40

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