(1) Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC). |
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(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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| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||
(in thousands) | 2023 |
| 2022 |
| 2023 |
| 2022 |
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Hardware | $ 56,816 |
| $ 49,174 |
| $ 111,778 |
| $ 95,626 |
Software | 10,786 |
| 10,528 |
| 21,065 |
| 20,806 |
Service | 20,609 |
| 20,215 |
| 40,335 |
| 40,141 |
Total Sales | $ 88,211 |
| $ 79,917 |
| $ 173,178 |
| $ 156,573 |
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Hardware as a percentage of total sales | 64.4 % |
| 61.5 % |
| 64.5 % |
| 61.1 % |
Software as a percentage of total sales | 12.2 % |
| 13.2 % |
| 12.2 % |
| 13.3 % |
Service as a percentage of total sales | 23.4 % |
| 25.3 % |
| 23.3 % |
| 25.6 % |
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Total Recurring Revenue (3) | $ 16,396 |
| $ 17,119 |
| $ 33,081 |
| $ 33,592 |
Recurring revenue as a percentage of total sales | 18.6 % |
| 21.4 % |
| 19.1 % |
| 21.5 % |
(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) | |||||||
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| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||
| (in thousands) | 2023 |
| 2022 |
| 2023 |
| 2022 |
| Net cash used in operating activities | $ 5,137 |
| $ 3,777 |
| $ (13,207) |
| $ (3,260) |
| Purchases of property and equipment | (2,624) |
| (1,039) |
| (4,312) |
| (3,481) |
| Cash paid for technology development, patents and
| (1,796) |
| (2,936) |
| (3,616) |
| (5,548) |
| Free Cash Flow | 717 |
| (198) |
| (21,135) |
| (12,289) |
| Restructuring cash payments | 3,192 |
| 2,161 |
| 3,988 |
| 2,835 |
| Adjusted Free Cash Flow | $ 3,909 |
| $ 1,963 |
| $ (17,147) |
| $ (9,454) |
