FARO Announces First Quarter Financial Results

 


Three Months Ended March 31,

(in thousands)

2024


2023





Hardware

$        52,616


$        54,961

Software

10,920


10,279

Service

20,708


19,727

Total Sales

$        84,244


$        84,967





Hardware as a percentage of total sales

62.5 %


64.7 %

Software as a percentage of total sales

13.0 %


12.1 %

Service as a percentage of total sales

24.6 %


23.2 %





Total Recurring Revenue (3)

$        16,717


$        16,685

Recurring revenue as a percentage of total sales

19.8 %


19.6 %

(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)

2024


2023

Net cash provided by (used in) operating activities

$              6,575


$          (18,344)

Purchases of property and equipment

(1,323)


(1,688)

Cash paid for technology development, patents and licenses

(1,442)


(1,820)

Free Cash Flow

3,810


(21,852)

Restructuring and other cash payments (1)

403


796

Adjusted Free Cash Flow

$              4,213


$          (21,056)

(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.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF OUTLOOK - GAAP TO NON-GAAP



Fiscal quarter ending June 30, 2024


Low


High

GAAP gross margin

50.5 %


52.0 %

Stock-based compensation

0.5 %


0.5 %

Non-GAAP gross margin

51.0 %


52.5 %




Fiscal quarter ending June 30, 2024

(in thousands)

Low


High

GAAP operating expenses

$46,000


$48,000

Stock-based compensation

(3,300)


(3,300)

Purchase accounting intangible amortization

(1,200)


(1,200)

Restructuring and other costs

(500)


(500)

Non-GAAP operating expenses

$41,000


$43,000




Fiscal quarter ending June 30, 2024


Low


High

GAAP diluted loss per share range

$(0.43)


$(0.23)

Stock-based compensation

0.19


0.19

Purchase accounting intangible amortization

0.06


0.06

Restructuring and other costs

0.02


0.02

Non-GAAP tax adjustments

0.08


0.08

Non-GAAP diluted loss per share

$(0.08)


$0.12


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