|
| 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 |
