FARO Technologies, Inc.

Good day, everyone, and welcome to the Ferro Technologies fourth quarter and year-end 2022 earnings call. For opening remarks and introductions, I will now turn the call over to Michael Funari at Sapphire Investor Relations. Please go ahead. Thank you, and good afternoon.

With me today from Ferro are Michael Berger, Chief Executive Officer, and Alan Mewich, Chief Financial Officer. Today, after market close, the company released its financial results for the fourth quarter and full year of 2022. The related press release and Form 10-K are available on FERO's website at www.fero.com. Please note, certain statements in this conference call, which are not historical facts, may be considered forward-looking statements that involve risks and uncertainties, some of which are beyond our control, and include statements regarding future business results, product and technology development, customer demand, inventory levels, our outlook and financial guidance, economic and industry projections, or subsequent events. Various factors could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to today's press release and our annual and quarterly FCC filings. Forward-looking statements reflect our views only as of today and, except as required by law, we undertake no obligation to update or revise them. During today's conference call, management will discuss certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles or non-GAAP financial measures. In the press release, you'll find additional disclosures regarding these non-GAAP measures, including reconciliations to comparable GAAP measures. While not recognized under GAAP, management believes these non-GAAP financial measures provide investors with the relevant period-to-period comparisons of core operations. However, they should not be considered in isolation or as a substitute for a measure of financial performance paired in accordance with GAAP. Now I'd like to turn the call over to Michael Berger.

Thank you, Mike. Welcome to our call. Improving fourth quarter demand, driven by strength in our laser scanner in European markets, along with the addition of a full quarter of GSLAM, resulted in revenue for the quarter of $103.9 million, up nearly 4% year-on-year, despite strong currency headwinds. On a constant currency basis, Q4 revenue was $110.5 million, up approximately 10% year-over-year. Following September's launch of our new Vantage MAX tracker, I am pleased to report that all three of our major hardware product lines have now been refreshed with new products. With our new laser scanner gaining global adoption, we believe the hardware success we have seen thus far validates our customer-driven approach to product definition. We look forward to discussing future product releases in the quarters to come. Beyond our internally developed products, the integration efforts of our recent acquisitions are executing to plan. Following September's acquisition of GeoSlam, we are pleased with the partnership that has developed quickly. Their mobile scanning roadmap is robust, and we expect a significant new product launch later this year. As a reminder, GeoSlam's flexible, low-cost, handheld mobile scanning portfolio closes a gap in our scanning lineup. We anticipate these products will address several applications within Ferro's traditional AECO and public safety customer base. GeoSlam's products have historically targeted the geospatial and mining markets, primarily through an indirect channel. We believe we now have meaningful cross-selling opportunities in front of us. In the fourth quarter, we further expanded our capture technology portfolio to the acquisition of SightScape, a leader in iOS-based LiDAR scanning. By enabling LiDAR scanning capabilities inherent in recent generations of iOS devices, we bring the power of potentially millions of devices into Ferro's cloud environment sphere. Given the limitations on range and speed of capture, we don't expect iOS scanning to replace or cannibalize existing scanning technologies within our portfolio. It does, however, provide a simple and readily available option for customers to address scanning gaps in larger projects within the AECO and public safety applications. By augmenting Ferro's existing high-precision, leading-edge capabilities with offerings such as mobile scanning, 360-degree photo and video capture, as well as iOS-based LiDAR, we now offer the broadest set of 3D capture devices in the market. This unique capability enables Ferro's construction and facilities customers to optimize their capture methods to their scanning application and need. As we integrate these various capture capabilities into Ferro's sphere, we will enable cloud-based access to 4D models from all of our available capture devices onto a single coordinate system. This unique and differentiated offering will provide Ferro customers with unprecedented flexibility along the ease of use and accuracy continuance. Early feedback on the integration and integrated viewing and usage of 3D data capture using Ferrell's broad set of capture devices has been strong. We believe the market potential for digitizing the physical world is enormous, and we are uniquely positioned to offer the best 3D solutions that will enable increasing levels of long-term adoption. This is a key differentiator for Ferrell, and we look forward to sharing our progress through 2023 and beyond. I'll now turn the call over to Alan to provide an overview of our fourth quarter financial results and first quarter guidance.