Case Study: FLIR Systems achieves greater FX visibility and lower income statement volatility with FiREapps

FLIR Systems - Customer Case Study

FLIR Systems, a $1.5 billion manufacturer of infrared systems with nearly half its revenue generated internationally, faced significant challenges with foreign exchange (FX) volatility impacting its income statement. Their treasury team, led by Vice President Randahl Finnessy, struggled with a manual process to gather incomplete and dated exposure data from multiple ERP systems, leaving earnings per share (EPS) susceptible to unpredictable FX gains and losses. This made effective risk management and hedging impossible.

To solve this, FLIR partnered with FiREapps and implemented its cloud-based solution for balance sheet and revenue/expense exposure analytics. FiREapps provided automated data extraction, a single source of truth for exposure reporting, and expert advisory services. The results were transformative: FLIR organically reduced its balance sheet exposure by over 50% within six months, gained 90% confidence in its exposure data, and established a hedging program that dramatically dampened income statement volatility. The FiREapps solution paid for itself many times over by acting as an insurance policy against FX risk and improving cash management and forecasting across the organization.

FLIR Systems

Randahl Finnessy

Vice President, Corporate Treasurer