| For the Three Months Ended
|
| For the Twelve Months Ended
| ||||
(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
| |||||||
| |||||||
| 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. |