FARO Announces Fourth Quarter and Full Year 2023 Financial Results

 


For the Three Months Ended
December 31,


For the Twelve Months Ended
December 31,

(in thousands)

2023


2022


2023


2022









Hardware

$       66,640


$       70,322


$     234,124


$     220,919

Software

12,178


12,943


44,448


44,361

Service

20,022


20,594


80,259


80,485

Total Sales

$       98,840


$     103,859


$     358,831


$     345,765









Hardware as a percentage of total sales

67.4 %


67.7 %


65.2 %


63.9 %

Software as a percentage of total sales

12.3 %


12.5 %


12.4 %


12.8 %

Service as a percentage of total sales

20.3 %


19.8 %


22.4 %


23.3 %









Total Recurring Revenue (3)

$       17,360


$       18,088


$       67,497


$       68,272

Recurring revenue as a percentage of total sales

17.6 %


17.4 %


18.8 %


19.7 %



(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 December 31,


Twelve Months Ended December 31,

(in thousands)

2023


2022


2023


2022

Net cash provided by (used in) operating activities

$            18,655


$            (6,700)


$              1,075


$          (24,856)

Purchases of property and equipment

(1,801)


(1,393)


(6,817)


(6,371)

Cash paid for technology development, patents and licenses

(2,106)


(1,413)


(7,177)


(10,567)

Free Cash Flow

14,748


(9,506)


(12,919)


(41,794)

Restructuring and other cash payments (1)

2,665


454


14,380


6,364

Adjusted Free Cash Flow

$            17,413


$            (9,052)


$              1,461


$          (35,430)



(1)

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 cash payments primarily consist of severance and related benefits.


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