|
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||
(in thousands) | 2024 |
| 2023 |
| 2024 |
| 2023 |
|
|
|
|
|
|
|
|
|
Hardware | $ 50,301 |
| $ 55,706 |
| $ 152,968 |
| $ 167,484 |
Software | 11,159 |
| 11,205 |
| 33,341 |
| 32,270 |
Service | 21,103 |
| 19,902 |
| 62,583 |
| 60,237 |
Total Sales | $ 82,563 |
| $ 86,813 |
| $ 248,892 |
| $ 259,991 |
|
|
|
|
|
|
|
|
|
Hardware as a percentage of total sales | 60.9 % |
| 64.2 % |
| 61.5 % |
| 64.4 % |
Software as a percentage of total sales | 13.5 % |
| 12.9 % |
| 13.4 % |
| 12.4 % |
Service as a percentage of total sales | 25.6 % |
| 22.9 % |
| 25.1 % |
| 23.2 % |
|
|
|
|
|
|
|
|
|
Total Recurring Revenue (3) | $ 17,431 |
| $ 17,056 |
| $ 51,287 |
| $ 50,137 |
Recurring revenue as a percentage of total sales | 21.1 % |
| 19.6 % |
| 20.6 % |
| 19.3 % |
|
|
|
(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 September 30, |
| Nine Months Ended September 30, | ||||
(in thousands) | 2024 |
| 2023 |
| 2024 |
| 2023 |
| Net cash provided by (used in) operating activities | $ 2,568 |
| $ (4,373) |
| $ 13,355 |
| $ (17,580) |
| Purchases of property and equipment | (1,871) |
| (704) |
| (3,559) |
| (5,016) |
| Cash paid for technology development, patents and licenses | (1,430) |
| (1,455) |
| (4,822) |
| (5,071) |
| Free Cash Flow | (733) |
| (6,532) |
| 4,974 |
| (27,667) |
| Restructuring and other cash payments (1) | 343 |
| 6,279 |
| 3,100 |
| 11,014 |
| Adjusted Free Cash Flow | $ (390) |
| $ (253) |
| $ 8,074 |
| $ (16,653) |
|
|
|
| (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. |
