FARO Announces Second Quarter Financial Results

 


Three Months Ended June 30,


Six Months Ended June 30,

(in thousands)

2024


2023


2024


2023









Hardware

$        50,051


$        56,816


$      102,667


$      111,778

Software

11,262


10,786


22,182


21,065

Service

20,772


20,609


41,480


40,335

Total Sales

$        82,085


$        88,211


$      166,329


$      173,178









Hardware as a percentage of total sales

61.0 %


64.4 %


61.7 %


64.5 %

Software as a percentage of total sales

13.7 %


12.2 %


13.3 %


12.2 %

Service as a percentage of total sales

25.3 %


23.4 %


24.9 %


23.3 %









Total Recurring Revenue (3)

$        17,139


$        16,396


$        33,856


$        33,081

Recurring revenue as a percentage of total sales

20.9 %


18.6 %


20.4 %


19.1 %


(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 June 30,


Six Months Ended June 30,

(in thousands)

2024


2023


2024


2023

Net cash provided by (used in) operating activities

$              4,212


$              5,137


$            10,787


$          (13,207)

Purchases of property and equipment

(365)


(2,624)


(1,688)


(4,312)

Cash paid for technology development, patents and licenses

(1,950)


(1,796)


(3,392)


(3,616)

Free Cash Flow

1,897


717


5,707


(21,135)

Restructuring and other cash payments (1)

2,354


3,192


2,757


3,988

Adjusted Free Cash Flow

$              4,251


$              3,909


$              8,464


$          (17,147)


(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.


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