0001628280-21-020633 | 10-Q | XBRL Viewer

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Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	0-23081
Entity Registrant Name	FARO TECHNOLOGIES, INC
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-3157093
Entity Address, Address Line One	250 Technology Park,
Entity Address, City or Town	Lake Mary,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32746
City Area Code	407
Local Phone Number	333-9911
Title of 12(b) Security	Common Stock, par value $.001
Trading Symbol	FARO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,203,763
Entity Central Index Key	0000917491
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 125,814	$ 185,633
Accounts receivable, net	58,875	64,616
Inventories, net	55,507	47,391
Prepaid expenses and other current assets	28,776	26,295
Total current assets	268,972	323,935
Non-current assets:
Property, plant and equipment, net	22,576	23,091
Operating lease right-of-use assets	23,586	26,107
Goodwill	80,873	57,541
Intangible assets, net	24,714	13,301
Service and sales demonstration inventory, net	31,025	31,831
Deferred income tax assets, net	46,700	47,450
Other long-term assets	2,141	2,336
Total assets	500,587	525,592
Current liabilities:
Accounts payable	16,415	14,121
Accrued liabilities	26,625	42,593
Income taxes payable	0	3,442
Current portion of unearned service revenues	38,555	39,149
Customer deposits	4,709	2,807
Lease liabilities	5,630	5,835
Total current liabilities	91,934	107,947
Unearned service revenues - less current portion	21,242	21,757
Lease liabilities - less current portion	19,724	22,131
Deferred income tax liabilities	595	787
Income taxes payable - less current portion	9,250	11,583
Other long-term liabilities	1,071	1,084
Total liabilities	143,816	165,289
Commitments and contingencies - See Note 12
Shareholders’ equity:
Common stock - par value $0.001, 50,000,000 shares authorized; 19,584,783 and 19,384,350 issued, respectively; 18,202,416 and 17,990,707 outstanding, respectively	20	19
Additional paid-in capital	298,082	287,979
Retained earnings	105,256	113,508
Accumulated other comprehensive loss	(15,795)	(10,160)
Common stock in treasury, at cost; 1,382,367 and 1,393,643 shares, respectively	(30,792)	(31,043)
Total shareholders’ equity	356,771	360,303
Total liabilities and shareholders’ equity	$ 500,587	$ 525,592

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	19,584,783	18,202,416
Common stock, shares outstanding (in shares)	19,384,350	17,990,707
Treasury stock, shares (in shares)	1,382,367	1,393,643

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Sales	$ 79,169	$ 70,736	$ 237,610	$ 210,815
Cost of Sales	36,838	34,438	109,390	101,748
Gross Profit	42,331	36,298	128,220	109,067
Operating Expenses
Selling, general and administrative	33,433	30,163	100,375	96,523
Research and development	12,731	10,754	36,464	31,355
Restructuring costs	1,376	239	3,679	14,563
Total operating expenses	47,540	41,156	140,518	142,441
Loss from operations	(5,209)	(4,858)	(12,298)	(33,374)
Other (income) expense
Interest expense, net	5	161	54	407
Other expense (income), net	299	(256)	(433)	334
Loss before income tax benefit	(5,513)	(4,763)	(11,919)	(34,115)
Income tax benefit	(1,658)	(1,739)	(3,667)	(7,336)
Net loss	$ (3,855)	$ (3,024)	$ (8,252)	$ (26,779)
Net loss per share - Basic (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.45)	$ (1.51)
Net loss per share - Diluted (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.45)	$ (1.51)
Weighted average shares - Basic (in shares)	18,194,960	17,797,390	18,166,930	17,757,359
Weighted average shares - Diluted (in shares)	18,194,960	17,797,390	18,166,930	17,757,359
Product
Sales	$ 57,838	$ 48,082	$ 172,748	$ 146,866
Cost of Sales	25,650	22,413	75,909	66,812
Service
Sales	21,331	22,654	64,862	63,949
Cost of Sales	$ 11,188	$ 12,025	$ 33,481	$ 34,936

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,855)	$ (3,024)	$ (8,252)	$ (26,779)
Currency translation adjustments, net of income taxes	(328)	4,339	(5,635)	(1,127)
Comprehensive (loss) income	$ (4,183)	$ 1,315	$ (13,887)	$ (27,906)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (8,252)	$ (26,779)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	9,560	10,631
Stock-based compensation	8,657	6,428
Provisions for bad debts, net of recoveries	33	435
Loss on disposal of assets	130	351
Provision for excess and obsolete inventory	1,955	778
Deferred income tax benefit	(3,667)	(4,961)
Decrease (Increase) in:
Accounts receivable	4,311	28,132
Inventories	(9,106)	5,101
Prepaid expenses and other current assets	(2,935)	9,391
(Decrease) Increase in:
Accounts payable and accrued liabilities	(14,153)	(10,006)
Income taxes payable	(1,847)	(6,109)
Customer deposits	1,966	815
Unearned service revenues	(2,223)	(3,391)
Net cash (used in) provided by operating activities	(15,571)	10,816
Investing activities:
Purchases of property and equipment	(4,845)	(2,833)
Proceeds from asset sales	0	768
Proceeds from sale of investments	0	25,000
Payments for intangible assets	(1,933)	(813)
Acquisition of business, net of cash acquired	(33,908)	(6,036)
Net cash (used in) provided by investing activities	(40,686)	16,086
Financing activities:
Payments on finance leases	(229)	(237)
Payments of contingent consideration for acquisitions	0	(733)
Payments for taxes related to net share settlement of equity awards	(4,137)	(2,568)
Proceeds from issuance of stock related to stock option exercises	5,835	5,384
Net cash provided by financing activities	1,469	1,846
Effect of exchange rate changes on cash and cash equivalents	(5,031)	1,255
(Decrease) Increase in cash and cash equivalents	(59,819)	30,003
Cash and cash equivalents, beginning of period	185,633	133,634
Cash and cash equivalents, end of period	$ 125,814	$ 163,637

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Common Stock in Treasury
Beginning balance (in shares) at Dec. 31, 2019		17,576,618
Beginning balance at Dec. 31, 2019	$ 331,992	$ 19	$ 267,868	$ 112,879	$ (17,399)	$ (31,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,823)			(14,823)
Currency translation adjustment	(3,778)				(3,778)
Stock-based compensation	2,178		2,178
Common stock issued, net of shares withheld for employee taxes (in shares)		141,561
Common stock issued, net of shares withheld for employee taxes	1,221		894			327
Ending balance (in shares) at Mar. 31, 2020		17,718,179
Ending balance at Mar. 31, 2020	316,790	$ 19	270,940	98,056	(21,177)	(31,048)
Beginning balance (in shares) at Dec. 31, 2019		17,576,618
Beginning balance at Dec. 31, 2019	331,992	$ 19	267,868	112,879	(17,399)	(31,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,779)
Currency translation adjustment	(1,127)
Ending balance (in shares) at Sep. 30, 2020		17,832,934
Ending balance at Sep. 30, 2020	313,330	$ 19	276,779	86,100	(18,526)	(31,042)
Beginning balance (in shares) at Mar. 31, 2020		17,718,179
Beginning balance at Mar. 31, 2020	316,790	$ 19	270,940	98,056	(21,177)	(31,048)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,932)			(8,932)
Currency translation adjustment	(1,688)				(1,688)
Stock-based compensation	2,167		2,167
Common stock issued, net of shares withheld for employee taxes (in shares)		51,401
Common stock issued, net of shares withheld for employee taxes	224		218			6
Ending balance (in shares) at Jun. 30, 2020		17,769,580
Ending balance at Jun. 30, 2020	308,561	$ 19	273,325	89,124	(22,865)	(31,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,024)			(3,024)
Currency translation adjustment	4,339				4,339
Stock-based compensation	2,083		2,083
Common stock issued, net of shares withheld for employee taxes (in shares)		63,354
Common stock issued, net of shares withheld for employee taxes	1,371		1,371
Ending balance (in shares) at Sep. 30, 2020		17,832,934
Ending balance at Sep. 30, 2020	$ 313,330	$ 19	276,779	86,100	(18,526)	(31,042)
Beginning balance (in shares) at Dec. 31, 2020	17,990,707	17,990,707
Beginning balance at Dec. 31, 2020	$ 360,303	$ 19	287,979	113,508	(10,160)	(31,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,221)			(3,221)
Currency translation adjustment	(10,174)				(10,174)
Stock-based compensation	2,094		2,094
Common stock issued, net of shares withheld for employee taxes (in shares)		163,457
Common stock issued, net of shares withheld for employee taxes	1,781		1,530			251
Ending balance (in shares) at Mar. 31, 2021		18,154,164
Ending balance at Mar. 31, 2021	$ 350,783	$ 19	291,603	110,287	(20,334)	(30,792)
Beginning balance (in shares) at Dec. 31, 2020	17,990,707	17,990,707
Beginning balance at Dec. 31, 2020	$ 360,303	$ 19	287,979	113,508	(10,160)	(31,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,252)
Currency translation adjustment	$ (5,635)
Ending balance (in shares) at Sep. 30, 2021	19,384,350	18,202,416
Ending balance at Sep. 30, 2021	$ 356,771	$ 20	298,082	105,256	(15,795)	(30,792)
Beginning balance (in shares) at Mar. 31, 2021		18,154,164
Beginning balance at Mar. 31, 2021	350,783	$ 19	291,603	110,287	(20,334)	(30,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,176)			(1,176)
Currency translation adjustment	4,867				4,867
Stock-based compensation	3,283		3,283
Common stock issued, net of shares withheld for employee taxes (in shares)		20,709
Common stock issued, net of shares withheld for employee taxes	(395)	$ 1	(396)
Ending balance (in shares) at Jun. 30, 2021		18,174,873
Ending balance at Jun. 30, 2021	357,362	$ 20	294,490	109,111	(15,467)	(30,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,855)			(3,855)
Currency translation adjustment	(328)				(328)
Stock-based compensation	3,280		3,280
Common stock issued, net of shares withheld for employee taxes (in shares)		27,543
Common stock issued, net of shares withheld for employee taxes	$ 312		312
Ending balance (in shares) at Sep. 30, 2021	19,384,350	18,202,416
Ending balance at Sep. 30, 2021	$ 356,771	$ 20	$ 298,082	$ 105,256	$ (15,795)	$ (30,792)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS FARO Technologies, Inc. and its subsidiaries (collectively “FARO,” the “Company,” “us,” “we” or “our”) design, develop, manufacture, market and support software driven, three-dimensional (“3D”) measurement, imaging, and realization solutions for the 3D metrology, architecture, engineering and construction (“AEC”) and public safety analytics markets. We enable our customers to capture, measure, manipulate, interact with and share data from the physical world in a virtual environment and then translate this information back into the physical domain. Our technology enables highly accurate 3D measurement, imaging, comparison and projection of parts and complex structures within production, assembly and quality assurance processes. Our FARO suite of 3D products and software solutions are used for inspection of components and assemblies, rapid prototyping, reverse engineering, documenting large volume or structures in 3D, surveying and construction, assembly layout, machine guidance as well as in investigation and reconstructions of crash and crime scenes. We sell the majority of our solutions through a direct sales force across a range of industries including automotive, aerospace, metal and machine fabrication, surveying, architecture, engineering and construction, public safety forensics and other industries. COVID-19 and Impact On Our Business Our business is significantly vulnerable to the economic effects of pandemics and other public health crises, including the ongoing novel coronavirus (“COVID-19”) pandemic that has surfaced in virtually every country of our global operating footprint. During 2020, we experienced a significant decline in the demand for our products and services across all of our served markets as a result of the impact of the spread of COVID-19. While COVID-19 has negatively impacted demand for our products and services overall, it has provided us with the opportunity to adapt to operating in a virtual environment. We significantly increased the utilization of our existing virtual sales demonstration infrastructure which has enabled ongoing customer product education. We launched an updated web-based learning system with FARO Academy that has resulted in an increase in the attendance of our virtual training and product information seminars as our customers take advantage of the opportunity to remotely participate and to better understand the capabilities of our products and software offerings. During 2021, we continue to assess the ongoing impact of COVID-19 on our business results and remain committed to taking actions to address the health and safety of our employees and customers, as well as the negative effects from demand disruption and production impacts, including, but not limited to, the following: •Operating our business with a focus on our employee health and safety, which includes minimizing travel, implementing remote work policies, maintaining employee distancing and enhancing the sanitation of all of our facilities; •Monitoring of our liquidity, reduction of supply flows into our manufacturing facilities, disciplined inventory management, and limiting capital expenditures; and •Continuously reviewing our financial strategy to enhance financial flexibility in these volatile financial markets. We continue to maintain a strong capital structure with a cash balance of $125.8 million and no debt as of September 30, 2021. We believe that our liquidity position is adequate to meet our projected needs in the reasonably foreseeable future. Future developments, such as the potential resurgence of COVID-19 in countries that have begun to recover from the early impact of the pandemic and actions taken by governments in response to future resurgence, are highly uncertain. Therefore, the Company is not able to predict the extent to which the COVID-19 outbreak continues to impact the Company’s results of operations and financial conditions.

Principles of Consolidation

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

PRINCIPLES OF CONSOLIDATIONOur condensed consolidated financial statements include the accounts of FARO Technologies, Inc. and its subsidiaries, all of which are wholly owned. All intercompany transactions and balances have been eliminated. The financial statements of our foreign subsidiaries are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net loss.Stock-based compensation expense is allocated to the applicable departmental cost in our condensed consolidated financial statements. The following table summarizes total stock-based compensation expense for each of the line items on our condensed consolidated statement of operations:


	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Cost of Sales
Product	$	147	$	39	$	435	$	234
Service	43		88		35		257
Total cost of sales	$	190	$	127	$	470	$	491

Operating Expenses
Selling, general and administrative	$	2,581	$	1,527	$	6,789	$	4,666
Research and development	509		430		1,398		1,271
Total operating expenses	$	3,090	$	1,957	$	8,187	$	5,937

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include all normal recurring accruals and adjustments considered necessary by management for a fair presentation in conformity with U.S. GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The condensed consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results that may be expected for the year ending December 31, 2021 or any future period. The information included in this Quarterly Report on Form 10-Q, including the interim condensed consolidated financial statements and the accompanying notes, should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The accompanying December 31, 2020 condensed consolidated balance sheet has been derived from those audited consolidated financial statements.

Impact of Recently Issued Accounting Pronouncements	9 Months Ended
Impact of Recently Issued Accounting Pronouncements	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Impact of Recently Issued Accounting Pronouncements	IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Impact of Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which amends and aims to simplify accounting disclosure requirements regarding a number of topics including: intraperiod tax allocation, accounting for deferred taxes when there are changes in consolidation of certain investments, tax basis step up in an acquisition and the application of effective rate changes during interim periods, amongst other improvements. We adopted ASU 2019-12 effective as of January 1, 2021, and the adoption of the new guidance did not have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13, and subsequent related amendments to ASU 2016-13, replace the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. We adopted ASU 2016-13 effective as of January 1, 2020, and the adoption of the new guidance did not have a material impact on our condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenues

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The following tables present our revenues by sales type as presented in our condensed consolidated statements of operations disaggregated by the timing of transfer of goods or services (in thousands, unaudited):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Product sales
Product transferred to customers at a point in time	$	53,536	$	44,561	$	161,080	$	137,324
Product transferred to customers over time	4,302		3,521		11,668		9,542
	$	57,838	$	48,082	$	172,748	$	146,866


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Service sales
Service transferred to customers at a point in time	$	9,332	$	9,623	$	28,931	$	27,268
Service transferred to customers over time	11,999		13,031		35,931		36,681
	$	21,331	$	22,654	$	64,862	$	63,949

The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers (in thousands, unaudited):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Total sales to external customers
Americas (1)	$	33,944	$	30,867	$	100,195	$	92,234
EMEA (1)	23,387		20,648		75,315		61,058
APAC (1)	21,838		19,221		62,100		57,523
	$	79,169	$	70,736	$	237,610	$	210,815

(1) Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC).

For revenue related to our measurement and imaging equipment and related software, we allocate the contract price to performance obligations based on our best estimate of the standalone selling price. We make this allocation estimate utilizing data from the sale of our applicable products and services to customers separately in similar circumstances. Revenue related to our measurement and imaging equipment and related software is generally recognized upon shipment from our facilities or when delivered to the customer location, as determined by the agreed upon shipping terms, at which time we are entitled to payment and title and control has passed to the customer. Software arrangements generally include short-term maintenance that is considered post-contract support (“PCS”), which is considered to be product transferred to the customer over time and a separate performance obligation. We generally establish a standalone sales price for this PCS component based on our maintenance renewal rate. Maintenance renewals are recognized on a straight-line basis over the term of the maintenance agreement. Payments for products and services are collected within a short period of time following transfer of control or commencement of delivery of services, as applicable.

Further, customers frequently purchase extended hardware service contracts with the purchase of measurement equipment and related software. Hardware service contracts are considered a performance obligation when services are transferred to a customer over time, and, as such, we recognize revenue on a straight-line basis over the contractual term. Hardware service contracts include contract periods that extend between one month to three years.

We capitalize commission expenses related to deliverables transferred to a customer over time and amortize such costs ratably over the term of the contract. As of September 30, 2021, the deferred cost asset related to deferred commissions was approximately $3.4 million. For classification purposes, $2.1 million and $1.3 million are comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our condensed consolidated balance sheet as of September 30, 2021. As of December 31, 2020, the deferred cost asset related to deferred commissions was approximately $4.1 million. For classification purposes, $2.6 million and $1.5 million were comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our condensed consolidated balance sheet as of December 31, 2020.

The unearned service revenue liabilities reported on our condensed consolidated balance sheets reflect the contract liabilities to satisfy the remaining performance obligations for hardware service contracts and software maintenance. The current portion of unearned service revenues on our condensed consolidated balance sheets is what we expect to recognize as revenue within twelve months after the applicable balance sheet date relating to hardware service contracts and software maintenance contract liabilities. The unearned service revenues - less current portion on our condensed consolidated balance sheets is what we expect to recognize as revenue extending beyond twelve months after the applicable balance sheet date relating to hardware service contracts and software maintenance contract liabilities. Customer deposits on our condensed consolidated balance sheets represent customer prepayments on contracts for performance obligations that we must satisfy in the future to recognize the related contract revenue. These amounts are generally related to performance obligations which are delivered in less than 12 months. During the three and nine months ended September 30, 2021, we recognized $7.6 million and $29.2 million of revenue, respectively, that was deferred on our condensed consolidated balance sheet as of December 31, 2020. During the three and nine months ended September 30, 2020, we recognized $7.8 million and $29.8 million of revenue, respectively, that was deferred on our condensed consolidated balance sheet as of December 31, 2019.

The nature of certain of our contracts gives rise to variable consideration, primarily related to an allowance for sales returns and contracts with certain government customers. We are required to estimate the contract asset related to sales returns and record a corresponding adjustment to Cost of Sales. Our allowance for sales returns for September 30, 2021 and September 30, 2020 were both approximately $0.1 million.

Shipping and handling fees billed to customers in a sales transaction are recorded in Product Sales and shipping and handling costs incurred are recorded in Cost of Sales. We exclude from Sales any value-added sales and other taxes that we collect concurrently with revenue-producing activities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Receivable

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable consist of the following:


	As of September 30, 2021		As of December 31, 2020
Accounts receivable	$	62,359	$	68,504
Allowance for credit losses	(3,484)		(3,888)
Total	$	58,875	$	64,616

Activity related to the allowance for credit losses was as follows:


	Nine Months Ended September 30, 2021
Beginning balance of the allowance for credit losses	$	(3,888)
Current period provision for expected credit losses, net of recoveries	33
Charge-offs of amounts previously written off	371
Ending balance of the allowance for credit losses	$	(3,484)

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. We have three principal categories of inventory: 1) manufactured product to be sold; 2) sales demonstration inventory - completed product used to support our sales force for demonstrations and held for sale; and 3) service inventory - completed product and parts used to support our service department and held for sale. Shipping and handling costs are classified as a component of Cost of Sales in our condensed consolidated statements of operations. Sales demonstration inventory is held by our sales representatives for up to three years, at which time it would be refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. We expect these refurbished units to remain in finished goods inventory and sold within 12 months at prices that produce reduced gross margins. Service inventory is used to provide a temporary replacement product to a customer covered by a premium hardware service contract when the customer’s unit requires service or repair and as training equipment. Service inventory is available for sale; however, management does not expect service inventory to be sold within 12 months and, as such, classifies this inventory as a long-term asset. Service inventory that we utilize for training or repairs and which we deem as no longer available for sale is transferred to fixed assets at the lower of cost or net realizable value and depreciated over its remaining life, typically three years.

Inventories consist of the following:


	As of September 30, 2021		As of December 31, 2020
Raw materials	$	35,219	$	29,955
Finished goods	20,288		17,436
Inventories, net	$	55,507	$	47,391

Service and sales demonstration inventory, net	$	31,025	$	31,831

Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Loss Per Share

LOSS PER SHARE

Basic loss per share is computed by dividing net loss by the weighted average number of shares outstanding. Diluted loss per share is computed by also considering the impact of potential common stock on both net loss and the weighted average number of shares outstanding. Our potential common stock consists of employee stock options, restricted stock units and performance-based awards. Our potential common stock is included in the diluted earnings per share calculation when adding such potential common stock would not be anti-dilutive. Performance-based awards are included in the computation of diluted earnings per share only to the extent that the underlying performance conditions (and any applicable market condition) (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. When we report a net loss for the period presented, the calculation of diluted net loss per share excludes our potential common stock, as the effect would be anti-dilutive.

For the three and nine months ended September 30, 2021, there were approximately 393,995 shares issuable upon the exercise of options, the vesting of time-based restricted stock and the contingent vesting of performance-based restricted stock units that were excluded from the dilutive calculations, as they were anti-dilutive. For the three and nine months ended September 30, 2020, there were approximately 871,864 issuable upon the exercise of options that were excluded from the dilutive calculations, as they were anti-dilutive.

A reconciliation of the number of common shares used in the calculation of basic and diluted loss per share is presented below:


	Three Months Ended
	September 30, 2021			September 30, 2020
	Shares	Per-Share Amount		Shares	Per-Share Amount
Basic loss per share	18,194,960	$	(0.21)	17,797,390	$	(0.17)
Effect of dilutive securities	—	—		—	—
Diluted loss per share	18,194,960	$	(0.21)	17,797,390	$	(0.17)


	Nine Months Ended
	September 30, 2021			September 30, 2020
	Shares	Per-Share Amount		Shares	Per-Share Amount
Basic loss per share	18,166,930	$	(0.45)	17,757,359	$	(1.51)
Effect of dilutive securities	—	—		—	—
Diluted loss per share	18,166,930	$	(0.45)	17,757,359	$	(1.51)

Accrued Liabilities

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of September 30, 2021		As of December 31, 2020
Accrued compensation and benefits	$	17,319	$	17,457
Accrued restructuring costs	1,493		2,347
Accrued warranties	1,673		1,683
Professional and legal fees	2,743		1,810
Taxes other than income	2,139		5,013
General services administration contract contingent liability (see Note 12)	—		12,325
Other accrued liabilities	1,258		1,958
	$	26,625	$	42,593

Activity related to accrued warranties was as follows:


	Nine Months Ended
	September 30, 2021		September 30, 2020
Balance, beginning of period	$	1,683	$	2,090
Provision for warranty expense	1,941		1,174
Fulfillment of warranty obligations	(1,951)		(1,642)
Balance, end of period	$	1,673	$	1,622

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Our financial instruments include cash and cash equivalents, short-term investments, accounts receivable, customer deposits, accounts payable and accrued liabilities. The carrying amounts of such financial instruments approximate their fair value due to the short-term nature of these instruments.

Liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations:


	As of September 30, 2021
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,036
Total	$	—	$	—	$	1,036
	As of December 31, 2020
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,056
Total	$	—	$	—	$	1,056

(1)Contingent consideration liability represents arrangements to pay the former owners of certain companies we acquired based on the attainment of future product release milestones and is reported in other long-term liabilities. We use a probability-weighted discounted cash flow model to estimate the fair value of contingent consideration liabilities. These probability weightings are developed internally and assessed on a quarterly basis. The remaining undiscounted maximum payment under these arrangements was $1.2 million as of September 30, 2021. We expect to make payments earned by former owners under these arrangements on August 31, 2023.

Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

In the first quarter of 2020, our Board of Directors approved a global restructuring plan (the “Restructuring Plan”), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. Key activities under the Restructuring Plan include a continued focus on efficiency and cost-saving efforts, which includes decreasing total headcount by approximately 500 employees upon the completion of the Restructuring Plan.

These activities are expected to be substantially completed by the end of the first half of 2022. Pre-tax charges of approximately $49 million were recorded in the fourth quarter of 2019 in connection with the implementation of our new strategic plan and included the following:

•$21.2 million impairment of goodwill;

•$12.8 million charge, increasing our reserve for excess and obsolete inventory;

•$10.5 million impairment of intangible assets associated with recent acquisitions;

•$1.4 million impairment of intangible assets related to capitalized patents;

•$3.4 million impairment of other assets and other charges.

In connection with the Restructuring Plan, we recorded a pre-tax charge of approximately $15.8 million during the year ended December 31, 2020 primarily consisting of severance and related benefits, professional fees and other related charges and costs including a non-cash expense of $0.4 million related to the disposal of our Photonics business and 3D Design related assets. We received $0.7 million in cash payments for the disposal of our Photonics business and 3D Design related assets in the second quarter of 2020. We are continuing to execute our cost reduction initiatives to achieve our 20% target EBITDA margins that could result in additional pre-tax charges in the range of $5 million to $15 million through the end of the first half of fiscal year 2022.

On July 15, 2021, we entered into a manufacturing services agreement (the “Agreement”) with Sanmina Corporation (“Sanmina”), in connection with the Restructuring Plan. Under the Agreement, Sanmina will provide manufacturing services for the Company’s measurement device products currently manufactured by the Company at the Company’s Lake Mary, Florida, Exton, Pennsylvania, and Stuttgart, Germany manufacturing sites. A phased transition to a Sanmina production facility is expected to be completed by the end of the second quarter of 2022 as part of our cost reduction initiative. The Company expects to incur a cash charge of approximately $2 million in the fourth quarter of 2021, primarily consisting of professional fees and other related charges, and approximately $4 million in fiscal year 2022, primarily consisting of severance and related benefits.

Actual results, including the costs of the Restructuring Plan, may differ materially from our expectations, resulting in our inability to realize the expected benefits of the Restructuring Plan and our new strategic plan and negatively impacting our ability to execute our future plans and strategies, which could have a material adverse effect on our business, financial condition and results of operations.

In connection with the Restructuring Plan, we paid $13.1 million during the year ended December 31, 2020 and $4.5 million during the nine months ended September 30, 2021, primarily consisting of severance and related benefits. Activity related to the accrued restructuring charge and cash payments for the nine months ended September 30, 2021 was as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2020	$	1,481	$	867	$	2,348
Additions charged to expense	2,515		1,164		3,679
Cash payments	(2,784)		(1,750)		(4,534)
Balance at September 30, 2021	$	1,212	$	281	$	1,493


Balance at February 14, 2020	$	—	$	—	$	—
Additions charged to expense	11,633		2,580		14,213
Cash payments	(8,265)		(2,518)		(10,783)
Balance at September 30, 2020	$	3,368	$	62	$	3,430

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Purchase Commitments — We enter into purchase commitments for products and services in the ordinary course of business. These purchases generally cover production requirements for 60 to 120 days as well as materials necessary to service customer units through the product lifecycle and for warranty commitments. As of September 30, 2021, we had approximately $40.6 million in purchase commitments that are expected to be delivered within the next 12 months. Legal Proceedings — We are not involved in any legal proceedings, including routine litigation arising in the normal course of business, that we believe will have a material adverse effect on our business, financial condition or results of operations. U.S. Government Contracting Matter — We have sold our products and related services to the U.S. Government (the “Government”) under General Services Administration (“GSA”) Federal Supply Schedule contracts (the “GSA Contracts”) since 2002 and are currently selling our products and related services to the Government under two such GSA Contracts. Each GSA Contract is subject to extensive legal and regulatory requirements and includes, among other provisions, a price reduction clause (the “Price Reduction Clause”), which generally requires us to reduce the prices billed to the Government under the GSA Contracts to correspond to the lowest prices billed to certain benchmark customers. Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing practices may have resulted in the Government being overcharged under the Price Reduction Clauses of the GSA Contracts (the “GSA Matter”). As a result, we performed remediation efforts, including but not limited to, the identification of additional controls and procedures to ensure future compliance with the pricing and other requirements of the GSA Contracts. We also retained outside legal counsel and forensic accountants to assist with these efforts and to conduct a comprehensive review of our pricing and other practices under the GSA Contracts (the “Review”). On February 14, 2019, we reported the GSA Matter to the GSA and its Office of Inspector General. Effective as of February 25, 2021, as a result of the review, we entered into a settlement agreement with the GSA. Pursuant to the settlement agreement, we agreed to, among other things, pay to the GSA $12.3 million in full and final satisfaction of any and all claims, causes of actions, appeals and the like, including damages, costs, attorney's fees and interest arising under or related to the GSA Matter. As of March 31, 2021, we settled and paid the full $12.3 million and no longer have any outstanding liability related to this matter.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

LEASES

We have operating and finance leases for manufacturing facilities, corporate offices, research and development facilities, sales and training facilities, vehicles, and certain equipment under which we assume the role of lessee. We do not lease assets as a lessor. Our leases have remaining lease terms of less than one year to approximately ten years, some of which include options to extend the leases for up to fifteen years, and some of which include options to terminate the leases within three months. We do not participate in any material subleasing.

We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) asset, Lease liability, and Lease liability - less current portion in our condensed consolidated balance sheets. Finance leases are included in Property and equipment, net, Lease liability, and Lease liability - less current portion in our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized on the commencement date of the lease based on the present value of lease payments over the lease term. Variable lease payments that depend on an index or rate include the variable portion when calculating ROU assets and lease liabilities. Variable lease payments that do not depend on an index or rate are expensed as incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available on the commencement date of the lease to determine the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU assets also include any lease payments made and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option at the time the lease is commenced. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

While we have lease agreements with lease and non-lease components, we account for the lease and non-lease components as a single lease component.

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Operating lease cost	$	2,010	$	2,245	$	5,901	$	6,306

Finance lease cost:
Amortization of ROU assets	60		77		221		237
Interest on lease liabilities	5		6		14		23
Total finance lease cost	$	65	$	83	$	235	$	260

We recognize lease payments made for short-term leases where terms are 12 months or less as the payments are incurred. Our short-term lease cost for the three months ended September 30, 2021 and September 30, 2020 were both less than $0.1 million. Our short-term lease cost for the nine months ended September 30, 2021 and September 30, 2020 were both $0.1 million.

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	September 30, 2021			December 31, 2020
Operating leases:
Operating lease right-of-use assets	$	23,586		$	26,107

Current operating lease liabilities	$	5,466		$	5,557
Operating lease liabilities - less current portion	19,639			21,985
Total operating lease liabilities	$	25,105		$	27,542

Finance leases:
Property and equipment, at cost	$	1,342		$	1,813
Accumulated depreciation	(1,118)			(1,415)
Property and equipment, net	$	224		$	398

Current finance lease liabilities	$	164		$	278
Finance lease liabilities - less current portion	85			146
Total finance lease liabilities	$	249		$	424

Weighted Average Remaining Lease Term (in years):
Operating leases	5.92			6.55
Finance leases	1.82			1.93

Weighted Average Discount Rate:
Operating leases	5.68		%	5.66		%
Finance leases	5.12		%	5.07		%

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,874	$	6,451
Operating cash flows from finance leases	$	14	$	23
Financing cash flows from finance leases	$	229	$	237

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,209	$	1,758

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2021 (excluding the first 9 months)	$	1,859	$	66
2022	6,324		123
2023	5,455		45
2024	4,623		20
2025	3,248		6
Thereafter	8,229		1
Total lease payments	$	29,738	$	261
Less imputed interest	(4,633)		(12)
Total	$	25,105	$	249

Leases

LEASES

While we have lease agreements with lease and non-lease components, we account for the lease and non-lease components as a single lease component.

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Operating lease cost	$	2,010	$	2,245	$	5,901	$	6,306

Finance lease cost:
Amortization of ROU assets	60		77		221		237
Interest on lease liabilities	5		6		14		23
Total finance lease cost	$	65	$	83	$	235	$	260

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	September 30, 2021			December 31, 2020
Operating leases:
Operating lease right-of-use assets	$	23,586		$	26,107

Current operating lease liabilities	$	5,466		$	5,557
Operating lease liabilities - less current portion	19,639			21,985
Total operating lease liabilities	$	25,105		$	27,542

Finance leases:
Property and equipment, at cost	$	1,342		$	1,813
Accumulated depreciation	(1,118)			(1,415)
Property and equipment, net	$	224		$	398

Current finance lease liabilities	$	164		$	278
Finance lease liabilities - less current portion	85			146
Total finance lease liabilities	$	249		$	424

Weighted Average Remaining Lease Term (in years):
Operating leases	5.92			6.55
Finance leases	1.82			1.93

Weighted Average Discount Rate:
Operating leases	5.68		%	5.66		%
Finance leases	5.12		%	5.07		%

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,874	$	6,451
Operating cash flows from finance leases	$	14	$	23
Financing cash flows from finance leases	$	229	$	237

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,209	$	1,758

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2021 (excluding the first 9 months)	$	1,859	$	66
2022	6,324		123
2023	5,455		45
2024	4,623		20
2025	3,248		6
Thereafter	8,229		1
Total lease payments	$	29,738	$	261
Less imputed interest	(4,633)		(12)
Total	$	25,105	$	249

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For both the three months ended September 30, 2021 and September 30, 2020, we recorded an income tax benefit of $1.7 million. Our effective tax rate was 30.1% for the three months ended September 30, 2021 compared with 36.5% in the prior year period. The change in our effective tax rate was primarily associated with discrete tax items and a shift in the geographic mix of pretax income expected for the full year 2021. Our quarterly estimate of our annual effective tax rate, and our quarterly provision for income tax (benefit) expense, are subject to significant variation due to numerous factors, including variability in accurately predicting our pretax and taxable income or loss and the mix of jurisdictions to which they relate, as well as the amount of pretax income or loss recognized during the quarter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

BUSINESS COMBINATIONS

On June 4, 2021, we acquired all of the outstanding shares of Holobuilder, Inc. (“Holobuilder”), a company focused on 3D photogrammetry-based technology for a purchase price of $34 million paid, net of cash acquired, subject to certain additional post-closing adjustments. We believe this acquisition enables the Company to provide reality-capture photo documentation and added remote access capability for industries such as construction management further expanding the Company's Digital Twin solution portfolio. The results of Holobuilder’s operations as of and after the date of acquisition have been included in our condensed consolidated financial statements as of September 30, 2021.

The acquisition of Holobuilder constitutes a business combination as defined by ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at their fair values on the date of acquisition. The purchase price allocations below represent our preliminary determination of the fair value of the assets acquired and liabilities assumed for the acquisitions.

Following is a preliminary summary of our allocations of the purchase price to the fair values of the assets acquired and liabilities assumed as of the date of the acquisition:


	Fair Value (Preliminary)
Tangible assets acquired:
Accounts receivable	$	192
Property, plant and equipment, net	46
Other assets	7
Total assets acquired	245

Liabilities assumed:
Accounts payable and accrued liabilities	(56)
Deferred revenue	(2,732)
Total liabilities assumed	(2,788)

Intangible assets	10,470
Net deferred tax asset	987
Net assets acquired	8,914

Goodwill	24,994
Purchase price paid, net of cash acquired	$	33,908

The goodwill arising from the acquisition consists largely of the expected synergies from combining operations as well as the value of the workforce. This goodwill is not tax deductible. Acquisition and integration costs are not included as components of consideration transferred, but are recorded as expense in the period in which such costs are incurred. As of September 30, 2021, we have incurred $0.3 million of acquisition or integration costs for the Holobuilder acquisition. Pro forma financial results for Holobuilder have not been presented because the effects of these transactions, individually and in the aggregate, were not material to our condensed consolidated financial results.

Following are the details of the preliminary purchase price allocated to the intangible assets acquired for the Holobuilder acquisition:


	Amount		Weighted Average Life (Years)
Brand	$	370	3
Technology	6,800		5
Customer relationships	3,300		12
Fair value of intangible assets acquired	$	10,470	8

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS[to be updated - if necessary]

Principles of Consolidation (Policies)	9 Months Ended
Principles of Consolidation (Policies)	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Our condensed consolidated financial statements include the accounts of FARO Technologies, Inc. and its subsidiaries, all of which are wholly owned.
Foreign Currency Translation	All intercompany transactions and balances have been eliminated. The financial statements of our foreign subsidiaries are translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net loss.
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include all normal recurring accruals and adjustments considered necessary by management for a fair presentation in conformity with U.S. GAAP.
Use of Estimates	Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Impact of Recently Adopted Accounting Standards	Impact of Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes which amends and aims to simplify accounting disclosure requirements regarding a number of topics including: intraperiod tax allocation, accounting for deferred taxes when there are changes in consolidation of certain investments, tax basis step up in an acquisition and the application of effective rate changes during interim periods, amongst other improvements. We adopted ASU 2019-12 effective as of January 1, 2021, and the adoption of the new guidance did not have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13, and subsequent related amendments to ASU 2016-13, replace the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. We adopted ASU 2016-13 effective as of January 1, 2020, and the adoption of the new guidance did not have a material impact on our condensed consolidated financial statements.
Inventory	Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. We have three principal categories of inventory: 1) manufactured product to be sold; 2) sales demonstration inventory - completed product used to support our sales force for demonstrations and held for sale; and 3) service inventory - completed product and parts used to support our service department and held for sale. Shipping and handling costs are classified as a component of Cost of Sales in our condensed consolidated statements of operations. Sales demonstration inventory is held by our sales representatives for up to three years, at which time it would be refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. We expect these refurbished units to remain in finished goods inventory and sold within 12 months at prices that produce reduced gross margins. Service inventory is used to provide a temporary replacement product to a customer covered by a premium hardware service contract when the customer’s unit requires service or repair and as training equipment. Service inventory is available for sale; however, management does not expect service inventory to be sold within 12 months and, as such, classifies this inventory as a long-term asset. Service inventory that we utilize for training or repairs and which we deem as no longer available for sale is transferred to fixed assets at the lower of cost or net realizable value and depreciated over its remaining life, typically three years.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Principles of Consolidation (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes total stock-based compensation expense for each of the line items on our condensed consolidated statement of operations:


	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Cost of Sales
Product	$	147	$	39	$	435	$	234
Service	43		88		35		257
Total cost of sales	$	190	$	127	$	470	$	491

Operating Expenses
Selling, general and administrative	$	2,581	$	1,527	$	6,789	$	4,666
Research and development	509		430		1,398		1,271
Total operating expenses	$	3,090	$	1,957	$	8,187	$	5,937

Revenues (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Product sales
Product transferred to customers at a point in time	$	53,536	$	44,561	$	161,080	$	137,324
Product transferred to customers over time	4,302		3,521		11,668		9,542
	$	57,838	$	48,082	$	172,748	$	146,866


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Service sales
Service transferred to customers at a point in time	$	9,332	$	9,623	$	28,931	$	27,268
Service transferred to customers over time	11,999		13,031		35,931		36,681
	$	21,331	$	22,654	$	64,862	$	63,949

The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers (in thousands, unaudited):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Total sales to external customers
Americas (1)	$	33,944	$	30,867	$	100,195	$	92,234
EMEA (1)	23,387		20,648		75,315		61,058
APAC (1)	21,838		19,221		62,100		57,523
	$	79,169	$	70,736	$	237,610	$	210,815

(1) Regions represent North America and South America (Americas); Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC).

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of September 30, 2021		As of December 31, 2020
Accounts receivable	$	62,359	$	68,504
Allowance for credit losses	(3,484)		(3,888)
Total	$	58,875	$	64,616

Financing Receivable, Allowance for Credit Loss

Activity related to the allowance for credit losses was as follows:


	Nine Months Ended September 30, 2021
Beginning balance of the allowance for credit losses	$	(3,888)
Current period provision for expected credit losses, net of recoveries	33
Charge-offs of amounts previously written off	371
Ending balance of the allowance for credit losses	$	(3,484)

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


	As of September 30, 2021		As of December 31, 2020
Raw materials	$	35,219	$	29,955
Finished goods	20,288		17,436
Inventories, net	$	55,507	$	47,391

Service and sales demonstration inventory, net	$	31,025	$	31,831

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Number of Common Shares Used in Calculation of Basic and Diluted Earnings Per Share (EPS)

A reconciliation of the number of common shares used in the calculation of basic and diluted loss per share is presented below:


	Three Months Ended
	September 30, 2021			September 30, 2020
	Shares	Per-Share Amount		Shares	Per-Share Amount
Basic loss per share	18,194,960	$	(0.21)	17,797,390	$	(0.17)
Effect of dilutive securities	—	—		—	—
Diluted loss per share	18,194,960	$	(0.21)	17,797,390	$	(0.17)


	Nine Months Ended
	September 30, 2021			September 30, 2020
	Shares	Per-Share Amount		Shares	Per-Share Amount
Basic loss per share	18,166,930	$	(0.45)	17,757,359	$	(1.51)
Effect of dilutive securities	—	—		—	—
Diluted loss per share	18,166,930	$	(0.45)	17,757,359	$	(1.51)

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	As of September 30, 2021		As of December 31, 2020
Accrued compensation and benefits	$	17,319	$	17,457
Accrued restructuring costs	1,493		2,347
Accrued warranties	1,673		1,683
Professional and legal fees	2,743		1,810
Taxes other than income	2,139		5,013
General services administration contract contingent liability (see Note 12)	—		12,325
Other accrued liabilities	1,258		1,958
	$	26,625	$	42,593

Schedule of Activity Related to Accrued Warranties

Activity related to accrued warranties was as follows:


	Nine Months Ended
	September 30, 2021		September 30, 2020
Balance, beginning of period	$	1,683	$	2,090
Provision for warranty expense	1,941		1,174
Fulfillment of warranty obligations	(1,951)		(1,642)
Balance, end of period	$	1,673	$	1,622

Fair Value of Financial Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Liabilities Measured at Fair Value on a Recurring Basis

Liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations:


	As of September 30, 2021
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,036
Total	$	—	$	—	$	1,036
	As of December 31, 2020
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,056
Total	$	—	$	—	$	1,056

Restructuring (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Activity related to the accrued restructuring charge and cash payments for the nine months ended September 30, 2021 was as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2020	$	1,481	$	867	$	2,348
Additions charged to expense	2,515		1,164		3,679
Cash payments	(2,784)		(1,750)		(4,534)
Balance at September 30, 2021	$	1,212	$	281	$	1,493


Balance at February 14, 2020	$	—	$	—	$	—
Additions charged to expense	11,633		2,580		14,213
Cash payments	(8,265)		(2,518)		(10,783)
Balance at September 30, 2020	$	3,368	$	62	$	3,430

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lease Cost and Supplemental Cash Flow Information Related to Leases

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Operating lease cost	$	2,010	$	2,245	$	5,901	$	6,306

Finance lease cost:
Amortization of ROU assets	60		77		221		237
Interest on lease liabilities	5		6		14		23
Total finance lease cost	$	65	$	83	$	235	$	260

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,874	$	6,451
Operating cash flows from finance leases	$	14	$	23
Financing cash flows from finance leases	$	229	$	237

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,209	$	1,758

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	September 30, 2021			December 31, 2020
Operating leases:
Operating lease right-of-use assets	$	23,586		$	26,107

Current operating lease liabilities	$	5,466		$	5,557
Operating lease liabilities - less current portion	19,639			21,985
Total operating lease liabilities	$	25,105		$	27,542

Finance leases:
Property and equipment, at cost	$	1,342		$	1,813
Accumulated depreciation	(1,118)			(1,415)
Property and equipment, net	$	224		$	398

Current finance lease liabilities	$	164		$	278
Finance lease liabilities - less current portion	85			146
Total finance lease liabilities	$	249		$	424

Weighted Average Remaining Lease Term (in years):
Operating leases	5.92			6.55
Finance leases	1.82			1.93

Weighted Average Discount Rate:
Operating leases	5.68		%	5.66		%
Finance leases	5.12		%	5.07		%

Operating Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2021 (excluding the first 9 months)	$	1,859	$	66
2022	6,324		123
2023	5,455		45
2024	4,623		20
2025	3,248		6
Thereafter	8,229		1
Total lease payments	$	29,738	$	261
Less imputed interest	(4,633)		(12)
Total	$	25,105	$	249

Finance Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2021 (excluding the first 9 months)	$	1,859	$	66
2022	6,324		123
2023	5,455		45
2024	4,623		20
2025	3,248		6
Thereafter	8,229		1
Total lease payments	$	29,738	$	261
Less imputed interest	(4,633)		(12)
Total	$	25,105	$	249

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed for Acquisitions

Following is a preliminary summary of our allocations of the purchase price to the fair values of the assets acquired and liabilities assumed as of the date of the acquisition:


	Fair Value (Preliminary)
Tangible assets acquired:
Accounts receivable	$	192
Property, plant and equipment, net	46
Other assets	7
Total assets acquired	245

Liabilities assumed:
Accounts payable and accrued liabilities	(56)
Deferred revenue	(2,732)
Total liabilities assumed	(2,788)

Intangible assets	10,470
Net deferred tax asset	987
Net assets acquired	8,914

Goodwill	24,994
Purchase price paid, net of cash acquired	$	33,908

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Following are the details of the preliminary purchase price allocated to the intangible assets acquired for the Holobuilder acquisition:


	Amount		Weighted Average Life (Years)
Brand	$	370	3
Technology	6,800		5
Customer relationships	3,300		12
Fair value of intangible assets acquired	$	10,470	8

Description of Business (Details)	Sep. 30, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 125,800,000
Debt	$ 0

Principles of Consolidation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 190	$ 127	$ 470	$ 491
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,581	1,527	6,789	4,666
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	509	430	1,398	1,271
Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,090	1,957	8,187	5,937
Product \| Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	147	39	435	234
Service \| Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 43	$ 88	$ 35	$ 257

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	$ 79,169	$ 70,736	$ 237,610	$ 210,815
Americas
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	33,944	30,867	100,195	92,234
EMEA
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	23,387	20,648	75,315	61,058
APAC
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	21,838	19,221	62,100	57,523
Product sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	57,838	48,082	172,748	146,866
Product sales \| Product transferred to customers at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	53,536	44,561	161,080	137,324
Product sales \| Product transferred to customers over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	4,302	3,521	11,668	9,542
Service sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	21,331	22,654	64,862	63,949
Service sales \| Product transferred to customers at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	9,332	9,623	28,931	27,268
Service sales \| Product transferred to customers over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Sales	$ 11,999	$ 13,031	$ 35,931	$ 36,681

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 924
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Recognized service revenue	$ 7.6	$ 7.8	$ 29.2	$ 29.8
Refund liability	0.1	$ 0.1	$ 0.1	$ 0.1
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty term			1 month
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty term			3 years
Commissions
Disaggregation of Revenue [Line Items]
Capitalized contract cost, gross	3.4		$ 3.4		$ 4.1
Prepaid expenses and other current assets \| Commissions
Disaggregation of Revenue [Line Items]
Capitalized contract cost, gross	2.1		2.1		2.6
Other long-term assets \| Commissions
Disaggregation of Revenue [Line Items]
Capitalized contract cost, gross	$ 1.3		$ 1.3		$ 1.5

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 62,359	$ 68,504
Allowance for credit losses	(3,484)	(3,888)
Total	$ 58,875	$ 64,616

Accounts Receivable - Credit Loss (Details) $ in Thousands	9 Months Ended
Accounts Receivable - Credit Loss (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Receivables [Abstract]
Beginning balance of the allowance for credit losses	$ (3,888)
Current period provision for expected credit losses, net of recoveries	33
Charge-offs of amounts previously written off	371
Ending balance of the allowance for credit losses	$ (3,484)

Inventories - Narrative (Details)	9 Months Ended
Inventories - Narrative (Details)	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Demonstration inventory shelf life (in years)	3 years
Refurbished demonstration inventory selling period (in months)	12 months
Service Inventory
Property, Plant and Equipment [Line Items]
Service inventory selling period (in months)	12 months
Inventory, remaining useful life (in years)	3 years

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 35,219	$ 29,955
Finished goods	20,288	17,436
Inventories, net	55,507	47,391
Service and sales demonstration inventory, net	$ 31,025	$ 31,831

Loss Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Loss Per Share - Narrative (Details) - shares	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	393,995	871,864	393,995	871,864

Loss Per Share - Reconciliation of Number of Common Shares Used in Calculation of Basic and Diluted Earnings Per Share (EPS) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic loss per share (in shares)	18,194,960	17,797,390	18,166,930	17,757,359
Effect of dilutive securities (in shares)	0	0	0	0
Diluted loss (in shares)	18,194,960	17,797,390	18,166,930	17,757,359
Basic loss (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.45)	$ (1.51)
Effect of dilutive securities (in dollars per share)	0	0	0	0
Diluted loss (in dollars per share)	$ (0.21)	$ (0.17)	$ (0.45)	$ (1.51)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 17,319	$ 17,457
Accrued restructuring costs	1,493	2,347
Accrued warranties	1,673	1,683	$ 1,622	$ 2,090
Professional and legal fees	2,743	1,810
Taxes other than income	2,139	5,013
General services administration contract contingent liability (see Note 12)	0	12,325
Other accrued liabilities	1,258	1,958
Accrued liabilities	$ 26,625	$ 42,593

Accrued Liabilities - Activity Related to Accrued Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 1,683	$ 2,090
Provision for warranty expense	1,941	1,174
Fulfillment of warranty obligations	(1,951)	(1,642)
Balance, end of period	$ 1,673	$ 1,622

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Level 1 \| Fair Value, Measurements, Recurring
Liabilities:
Contingent consideration	$ 0	$ 0
Total	0	0
Level 2 \| Fair Value, Measurements, Recurring
Liabilities:
Contingent consideration	0	0
Total	0	0
Level 3 \| Fair Value, Measurements, Recurring
Liabilities:
Contingent consideration	1,036	1,056
Total	1,036	$ 1,056
Monte Carlo Simulation Valuation Model
Liabilities:
Undiscounted maximum payment under the contingent consideration arrangements	$ 1,200

Restructuring - Narrative (Details) $ in Thousands	3 Months Ended					8 Months Ended	9 Months Ended		12 Months Ended
Restructuring - Narrative (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 headcount	Dec. 31, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,376	$ 239			$ 49,000		$ 3,679	$ 14,563
EBITDA target							20.00%
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs						$ 14,213	$ 3,679
Payments for restructuring						$ 10,783	4,534
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Photonics and 3D Design
Restructuring Cost and Reserve [Line Items]
Restructuring noncash expense									$ 400
Proceeds from divestiture of businesses			$ 700
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated \| headcount				500
Incurred cost									15,800
Other Restructuring \| Goodwill
Restructuring Cost and Reserve [Line Items]
Restructuring costs					21,200
Other Restructuring \| Excess and Obsolete Inventory
Restructuring Cost and Reserve [Line Items]
Restructuring costs					12,800
Other Restructuring \| Acquired Assets
Restructuring Cost and Reserve [Line Items]
Restructuring costs					10,500
Other Restructuring \| Capitalized Patents
Restructuring Cost and Reserve [Line Items]
Restructuring costs					1,400
Other Restructuring \| Other Assets
Restructuring Cost and Reserve [Line Items]
Restructuring costs					$ 3,400
Other Restructuring \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cash										$ 4,000		$ 2,000
Other Restructuring \| Forecast \| Minimum \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected cost											$ 5,000
Other Restructuring \| Forecast \| Maximum \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected cost											$ 15,000
Employee Severance
Restructuring Cost and Reserve [Line Items]
Payments for restructuring							$ 4,500		$ 13,100

Restructuring - Activity Related to Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended			8 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Additions charged to expense	$ 1,376	$ 239	$ 49,000		$ 3,679	$ 14,563
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning balance				$ 0	2,348
Additions charged to expense				14,213	3,679
Cash payments				(10,783)	(4,534)
Ending balance	1,493	3,430		3,430	1,493	3,430
Severance and other benefits \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning balance				0	1,481
Additions charged to expense				11,633	2,515
Cash payments				(8,265)	(2,784)
Ending balance	1,212	3,368		3,368	1,212	3,368
Professional fees and other related charges \| Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Beginning balance				0	867
Additions charged to expense				2,580	1,164
Cash payments				(2,518)	(1,750)
Ending balance	$ 281	$ 62		$ 62	$ 281	$ 62

Commitments and Contingencies (Details) $ in Millions		7 Months Ended	9 Months Ended	237 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) contract
Commitments and Contingencies [Line Items]
Purchase commitment, due in next twelve months		$ 40.6	$ 40.6	$ 40.6
Number of contracts \| contract				2
Minimum
Commitments and Contingencies [Line Items]
Length of purchase commitments, (in days)			60 days
Maximum
Commitments and Contingencies [Line Items]
Length of purchase commitments, (in days)			120 days
Government Contract
Commitments and Contingencies [Line Items]
Settlement paid	$ 12.3	$ 12.3

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Renewal term (in years)			15 years
Termination window (in months)			3 months
Short term lease cost (less than)	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract (in years)			1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract (in years)			10 years

Leases - Lease Cost and Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,010	$ 2,245	$ 5,901	$ 6,306
Finance lease cost:
Amortization of ROU assets	60	77	221	237
Interest on lease liabilities	5	6	14	23
Total finance lease cost	$ 65	$ 83	$ 235	$ 260

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating leases:
Operating lease right-of-use assets	$ 23,586	$ 26,107
Current operating lease liabilities	5,466	5,557
Operating lease liabilities - less current portion	19,639	21,985
Total operating lease liabilities	25,105	27,542
Finance leases:
Property and equipment, at cost	1,342	1,813
Accumulated depreciation	(1,118)	(1,415)
Property and equipment, net	224	398
Current finance lease liabilities	164	278
Finance lease liabilities - less current portion	85	146
Total finance lease liabilities	$ 249	$ 424
Weighted Average Remaining Lease Term (in years):
Operating leases	5 years 11 months 1 day	6 years 6 months 18 days
Finance leases	1 year 9 months 25 days	1 year 11 months 4 days
Weighted Average Discount Rate:
Operating leases	5.68%	5.66%
Finance leases	5.12%	5.07%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities - less current portion	Lease liabilities - less current portion
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:Liabilities	us-gaap:Liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5,874	$ 6,451
Operating cash flows from finance leases	14	23
Financing cash flows from finance leases	229	237
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 1,209	$ 1,758

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating leases
2021 (excluding the first 9 months)	$ 1,859
2022	6,324
2023	5,455
2024	4,623
2025	3,248
Thereafter	8,229
Total lease payments	29,738
Less imputed interest	(4,633)
Total	25,105	$ 27,542
Finance leases
2021 (excluding the first 9 months)	66
2022	123
2023	45
2024	20
2025	6
Thereafter	1
Total lease payments	261
Less imputed interest	(12)
Total	$ 249	$ 424

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,658	$ 1,739	$ 3,667	$ 7,336
Effective tax rate	30.10%	36.50%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 04, 2021	Sep. 30, 2021	Sep. 30, 2020
Asset Acquisition [Line Items]
Acquisition of business, net of cash acquired		$ 33,908	$ 6,036
Holobuilder
Asset Acquisition [Line Items]
Acquisition of business, net of cash acquired	$ 34,000
Business acquisition, transaction costs		$ 300

Business Combinations - Fair Values of Assets Acquired and Liabilities Assumed for Acquisitions (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 04, 2021	Dec. 31, 2020
Liabilities assumed:
Goodwill	$ 80,873		$ 57,541
Holobuilder
Tangible assets acquired:
Accounts receivable		$ 192
Property, plant and equipment, net		46
Other assets		7
Total assets acquired		245
Liabilities assumed:
Accounts payable and accrued liabilities		(56)
Deferred revenue		(2,732)
Total liabilities assumed		(2,788)
Intangible assets		10,470
Net deferred tax asset		987
Net assets acquired		8,914
Goodwill		24,994
Purchase price paid, net of cash acquired		$ 33,908

Business Combinations - Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Holobuilder $ in Thousands	Jun. 04, 2021 USD ($)
Asset Acquisition [Line Items]
Intangible assets acquired	$ 10,470
Weighted Average Life (Years)	8 years
Brand
Asset Acquisition [Line Items]
Intangible assets acquired	$ 370
Weighted Average Life (Years)	3 years
Technology
Asset Acquisition [Line Items]
Intangible assets acquired	$ 6,800
Weighted Average Life (Years)	5 years
Customer relationships
Asset Acquisition [Line Items]
Intangible assets acquired	$ 3,300
Weighted Average Life (Years)	12 years