| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||
(in thousands) | 2023 |
| 2022 |
| 2023 |
| 2022 |
|
|
|
|
|
|
|
|
Hardware | $ 55,706 |
| $ 54,971 |
| $ 167,484 |
| $ 150,597 |
Software | 11,205 |
| 10,610 |
| 32,270 |
| 31,418 |
Service | 19,902 |
| 19,751 |
| 60,237 |
| 59,891 |
Total Sales | $ 86,813 |
| $ 85,332 |
| $ 259,991 |
| $ 241,906 |
|
|
|
|
|
|
|
|
Hardware as a percentage of total sales | 64.2 % |
| 64.4 % |
| 64.4 % |
| 62.3 % |
Software as a percentage of total sales | 12.9 % |
| 12.4 % |
| 12.4 % |
| 13.0 % |
Service as a percentage of total sales | 22.9 % |
| 23.1 % |
| 23.2 % |
| 24.8 % |
|
|
|
|
|
|
|
|
Total Recurring Revenue (3) | $ 17,056 |
| $ 16,591 |
| $ 50,137 |
| $ 50,184 |
Recurring revenue as a percentage of total sales | 19.6 % |
| 19.4 % |
| 19.3 % |
| 20.7 % |
|
(3) Recurring revenue is comprised of hardware service contracts, software maintenance contracts, and subscription based software applications. |
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
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| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||
(in thousands) | 2023 |
| 2022 |
| 2023 |
| 2022 |
Net cash used in operating activities | $ (4,373) |
| $ (14,896) |
| $ (17,580) |
| $ (18,156) |
Purchases of property and equipment | (704) |
| (1,497) |
| (5,016) |
| (4,978) |
Cash paid for technology development, patents and
| (1,455) |
| (3,606) |
| (5,071) |
| (9,154) |
Free Cash Flow | (6,532) |
| (19,999) |
| (27,667) |
| (32,288) |
Restructuring and other cash payments (1) | 6,279 |
| 3,075 |
| 11,014 |
| 5,910 |
Adjusted Free Cash Flow | $ (253) |
| $ (16,924) |
| $ (16,653) |
| $ (26,378) |
|
(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. |