0001628280-23-003754 | 10-K | XBRL Viewer

Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

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 included a planned decrease of total headcount.

On July 15, 2021, we entered into a manufacturing services agreement (the “Agreement”) with Sanmina, in connection with the Restructuring Plan. Under the Agreement, Sanmina will provide manufacturing services for the Company’s measurement device products manufactured by the Company at the Company’s Lake Mary, Florida, Exton, Pennsylvania, and Stuttgart, Germany manufacturing sites. This phased transition to a Sanmina production facility was completed at the beginning of the third quarter of 2022 as part of our cost reduction initiative. We are currently evaluating the Lake Mary, Florida and Stuttgart, Germany manufacturing sites with the intention to reduce our leased floor space. However, all of these facilities are mixed-use spaces shared with our service, research and development, or sales teams who continue to use these spaces. The Company, in collaboration with third-party lessors and architectural resources, intends to conduct studies over the feasibility of abandoning or demising leased floor space against our current needs. Our current needs continue to include access to existing spaces previously constructed to closely monitor temperature and vibration for our service and research and development teams. The conclusion of this evaluation and any subsequent approval to abandon or reduce these leased spaces would be considered as a change in the manner of the use of these corresponding assets, and thereby will be evaluated for impairment. We expect to complete this evaluation before the first half of fiscal year 2023. We have completed this evaluation for the Exton, Pennsylvania manufacturing site and entered into an agreement to sublease 17,000 square feet of unused space. As of December 31, 2022, the remaining value of leasehold improvements for the remaining facilities under evaluation is approximately $0.6 million and a portion of this may be impaired, if the Company decides to reduce or abandon the leased space. For the period ended December

31, 2022, we have recognized $0.5 million in impairment expense related to leasehold improvements for the Exton, Pennsylvania manufacturing site. For the period ended December 31, 2021, we have recognized no such expense. Separately, we may also incur future additional charges for the potential modification of leases for these facilities.

In connection with the Restructuring Plan, we recorded a total pre-tax charge of approximately $4.6 million during the year ended December 31, 2022 which include expenses to be paid in cash of $3.0 million primarily consisting of severance and related benefits, professional fees and other related charges and a non-cash expense of $1.6 million consisting of the impairment of assets. We paid $6.4 million for the year ended December 31, 2022, primarily consisting of severance and related benefits. Since the approval of the Restructuring Plan, we have paid $25.3 million, primarily consisting of severance and related benefits. Activity related to the accrued restructuring charge and cash payments during the year ended December 31, 2022, and December 31, 2021 was as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2021	$	3,442	$	477	$	3,919
Additions charged to expense	1,643		1,330		2,973
Cash payments	(4,767)		(1,597)		(6,364)
Balance at December 31, 2022	$	318	$	210	$	528


Balance at December 31, 2020	$	1,481	$	866	$	2,347
Additions charged to expense	5,197		2,171		7,368
Cash payments	(3,236)		(2,560)		(5,796)
Balance at December 31, 2021	$	3,442	$	477	$	3,919


Balance at February 14, 2020	$	—	$	—	$	—
Additions charged to expense	12,107		3,349		15,456
Cash payments	(10,626)		(2,483)		(13,109)
Balance at December 31, 2020	$	1,481	$	866	$	2,347

Substantially all of our planned activities under the Restructuring Plan are complete and as part of our final steps, we expect to potentially incur remaining pre-tax charges in the range of $0.5 million to $1.0 million through the first half of fiscal year 2023. We have reduced our total headcount by approximately 390 employees. The Company expects to make concluding cash payments of approximately $0.5 million in the remainder of fiscal year 2022, primarily consisting of remaining severance and related benefits.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to the year-end, the Company entered into a convertible offering to raise $75 million in aggregate principal amount, and announced an integration plan to streamline and simply operations. Both of these events are detailed below. A. On January 24, 2023, we issued $75 million in aggregate principal amount of 5.50% Convertible Senior Notes due 2028 (the “Notes”). The Notes are general senior unsecured obligations of the Company. The Notes will mature on February 1, 2028, unless earlier redeemed, repurchased or converted. The Notes will bear interest from January 24, 2023, at a rate of 5.50% per annum payable semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2023. The Notes may bear additional interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the indenture governing the Notes or if the Notes are not freely tradeable as required by the indenture. The Notes will be convertible at the option of the holders of the Notes at any time prior to November 1, 2027, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock, par value $0.001 per share (hereinafter referred to as “common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including, the last trading day of the immediately preceding calendar quarter exceeds 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the Notes on each such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock; (4) if the Company calls such Notes for redemption; or (5) upon the occurrence of specified corporate events. On or after November 1, 2027, holders may convert all or any portion of their Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. The conversion rate for the Notes will initially be 23.6072 shares of the common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $42.36 per share of the common stock. The initial conversion price of the Notes represents a premium of approximately 20% to the $35.30 per share last reported sale price of the common stock on January 19, 2023. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. The Company may not redeem the Notes prior to February 5, 2026. The Company may redeem for cash all or any portion of the Notes, at its option, on or after February 5, 2026 and on or before the 50th scheduled trading day immediately before the maturity date, if the last reported sale price of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on and including the last trading day immediately before the date on which the Company provides notice of redemption and (ii) the trading day immediately before the date the Company provides such notice. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically. Upon the occurrence of a fundamental change (as defined in the indenture governing the Notes) prior to the maturity date, subject to certain conditions, holders of the Notes may require the Company to repurchase all or a portion of the Notes for cash at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The net proceeds from this offering were approximately $72.2 million, after deducting the initial purchaser discounts and commissions and the Company’s estimated offering expenses related to the offering. For the year ended December 31, 2022, we have incurred $0.5 million in debt issuance costs primarily related to professional fees which are excluded from the discounts and commissions previously mentioned. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes. B. On February 7, 2023, our Board of Directors approved an integration plan (the “Integration Plan”), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. Key activities under the Integration Plan include a planned decrease in headcount, consolidation of our cloud-based offerings from 3 platforms (2 acquired, 1 organic) into a single customer offering, and the optimization of our facilities assets to align with current and expected future utilization. As a result, we expect to incur potentially $10 million to $16 million in pre-tax charges through the end of fiscal year 2023. We expect to realize approximately $10 million in annualized cost savings when this plan is complete. In the fourth quarter of 2022, we recorded $1.1 million in asset impairment charges to fully expense the net book value of certain software assets in anticipation of the execution of this plan. These charges are included in restructuring costs. No other charges have been accrued as we have determined separate triggering events which would prompt the recognition of expense.

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Foreign exchange transaction (gains) losses	$ (3,331)	$ 560	$ 1,680
Other	95	(490)	(1,249)
Total other (income) expense, net	$ (3,236)	$ 70	$ 431

Stock Compensation Plans - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 13,317	$ 11,456	$ 8,314
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,050	635	702
Cost of Sales \| Product
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	889	566	356
Cost of Sales \| Service
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	161	69	346
Operating Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	12,267	10,821	7,612
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	9,656	8,985	6,327
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 2,611	$ 1,836	$ 1,285

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

We had approximately $107.2 million and $82.1 million of goodwill as of December 31, 2022 and 2021, respectively, net of accumulated impairments of $35.2 million as of December 31, 2022 and 2021, respectively. Changes in these balances are shown below:


(in thousands)	December 31, 2022		December 31, 2021
Goodwill, beginning	$	82,096	$	57,541
Recognized goodwill	26,465		26,723
Foreign currency translation	(1,406)		(2,168)
Goodwill, ending	$	107,155	$	82,096

We test goodwill for impairment annually on December 31 of each reporting year or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. We performed our annual qualitative test of goodwill during 2022 as of December 31, 2022, and recorded no impairment expense for the year ended December 31, 2022 and we performed an annual quantitative test of goodwill during 2021 as of December 31, 2021, and recorded no impairment expense for the year ended December 31, 2021.

We report as a single reporting segment that develops, manufactures, markets, supports and sells CAD-based quality assurance products integrated with CAD-based inspection and statistical process control software and 3D documentation systems. Our reporting segment sells into a variety of end markets, including automotive, aerospace, metal and machine fabrication, architecture, engineering, construction and public safety

Income Taxes - Income (Loss) Before Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (37,875)	$ (13,202)	$ (33,991)
Foreign	16,224	4,641	3,218
LOSS BEFORE INCOME TAX EXPENSE (BENEFIT)	$ (21,651)	$ (8,561)	$ (30,773)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Information - Cash Payments and Non-Cash Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flow information:
Cash paid for interest	$ 4	$ 1,186	$ 21
Cash paid for income taxes	1,659	4,365	3,409
Supplemental noncash investing and financing activities:
Transfer of service and sales demonstration inventory to fixed assets	175	2,226	1,688
Assumption of contingent consideration from acquisition	0	0	980
Purchases of Property, plant, equipment and Intangibles accrued but not paid	$ 157	$ 754	$ 0

Accrued Liabilities - Accrued Liabilities Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 12,483	$ 15,723
Accrued restructuring costs	528	3,919
Accrued warranties	2,610	1,880	$ 1,683	$ 2,090
Professional and legal fees	1,662	2,053
Taxes other than income	3,737	3,674
Other accrued liabilities	2,325	959
Total accrued liabilities	$ 23,345	$ 28,208

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Allowance for Credit Losses

ALLOWANCE FOR CREDIT LOSSESActivity in the allowance for credit losses was as follows:


	Years ended December 31,
	2022		2021		2020
Balance, beginning of year	$	2,231	$	3,888	$	3,449
Current period provision for expected credit losses, net of recoveries	163		176		440
Charge-offs of amounts previously written off	(109)		(1,833)		(1)
Balance, end of year	$	2,285	$	2,231	$	3,888

Employee Retirement Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
401(K) plan costs	$ 1.9	$ 1.8	$ 1.8

Intangible Assets - Estimated Amortization Expense Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 9,323
2024	6,431
2025	6,040
2026	4,377
2027	3,137
Thereafter	19,670
Net Intangible	$ 48,978	$ 25,616

Accrued Liabilities - Activity Related to Accrued Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, beginning of year	$ 1,880	$ 1,683	$ 2,090
Provision for warranty expense	3,715	2,851	2,727
Fulfillment of warranty obligations	(2,985)	(2,654)	(3,134)
Balance, end of year	$ 2,610	$ 1,880	$ 1,683

Subsequent Events (Details)		3 Months Ended	12 Months Ended
Subsequent Events (Details)	Jan. 24, 2023 USD ($) d $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Feb. 15, 2023 USD ($)
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001
Restructuring Plan
Subsequent Event [Line Items]
Expected cost		$ 10,000,000	$ 10,000,000
Asset impairment charges		1,100,000
Nutfield, Laser Control Systems, Lanmark and Open Technologies Acquisitions
Subsequent Event [Line Items]
Assets impairment charges			1,100,000	$ 0	$ 0
Subsequent Event \| Minimum \| Restructuring Plan \| Forecast
Subsequent Event [Line Items]
Expected cost						$ 10,000,000
Subsequent Event \| Maximum \| Restructuring Plan \| Forecast
Subsequent Event [Line Items]
Expected cost						$ 16,000,000
Convertible Debt \| Subsequent Event
Subsequent Event [Line Items]
Face amount							$ 75,000,000
Convertible Senior Notes 2028 \| Convertible Debt
Subsequent Event [Line Items]
Debt issuance costs		$ 500,000	$ 500,000
Convertible Senior Notes 2028 \| Convertible Debt \| Subsequent Event
Subsequent Event [Line Items]
Face amount	$ 75,000,000
Debt instrument stated percentage	5.50%
Debt instrument, convertible, threshold trading days \| d	20
Debt instrument, convertible, threshold consecutive trading days \| d	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, conversion ratio	0.0236072
Debt instrument initial conversion price premium percentage	20.00%
Debt instrument redemption price percentage	100.00%
Proceeds from Secured Notes Payable	$ 72,200,000
Convertible Senior Notes 2028 \| Convertible Debt \| Subsequent Event \| Minimum
Subsequent Event [Line Items]
Share price (in dollars per share) \| $ / shares	$ 35.30
Convertible Senior Notes 2028 \| Convertible Debt \| Subsequent Event \| Maximum
Subsequent Event [Line Items]
Debt instrument conversion price (in dollars per share) \| $ / shares	42.36
Convertible Senior Notes 2028 \| Convertible Debt \| Subsequent Event \| Debt Conversion Terms One
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Debt instrument, convertible, threshold trading days \| d	20
Debt instrument, convertible, threshold consecutive trading days \| d	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Convertible Senior Notes 2028 \| Convertible Debt \| Subsequent Event \| Debt Conversion Terms Two
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days \| d	5
Debt instrument, convertible, threshold consecutive trading days \| d	10
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%

Stock Compensation Plans - Assumptions Used to Estimate The Fair Value of Time-Based Stock Options (Details) - Performance Based Restricted Stock Units	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Risk-free interest rate	2.00%	0.20%	1.20%
Expected dividend yield	0.00%	0.00%	0.00%
Term	3 years	3 years	3 years
Expected volatility	42.50%	45.00%	40.00%

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Intangible assets consist of the following:


	As of December 31, 2022
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	22,903	$	12,704	$	10,199
Patents and trademarks	16,733		9,028		7,705
Customer relationships	24,283		5,503		18,780
Other	19,110		6,816		12,294
Total	$	83,029	$	34,051	$	48,978


	As of December 31, 2021
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	20,944	$	12,337	$	8,607
Patents and trademarks	15,535		8,294		7,241
Customer relationships	9,892		4,811		5,081
Other	10,369		5,682		4,687
Total	$	56,740	$	31,124	$	25,616

Amortization expense was $5.7 million, $4.2 million and $3.4 million in 2022, 2021 and 2020, respectively. The estimated amortization expense for each of the years 2023 through 2027 and thereafter is as follows:



Years ending December 31,	Amount
2023	$	9,323
2024	6,431
2025	6,040
2026	4,377
2027	3,137
Thereafter	19,670
	$	48,978

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 37,812	$ 121,989
Accounts receivable, net	90,326	78,523
Inventories, net	50,026	53,145
Prepaid expenses and other current assets	41,201	19,793
Total current assets	219,365	273,450
Non-current assets:
Property, plant and equipment, net	19,720	22,194
Operating lease right-of-use asset	18,989	22,543
Goodwill	107,155	82,096
Intangible assets, net	48,978	25,616
Service and sales demonstration inventory, net	30,904	30,554
Deferred income tax assets, net	24,192	21,277
Other long-term assets	4,044	2,010
Total assets	473,347	479,740
Current liabilities:
Accounts payable	27,286	14,199
Accrued liabilities	23,345	28,208
Income taxes payable	6,767	4,499
Current portion of unearned service revenues	36,407	40,838
Customer deposits	6,725	5,399
Lease liability	5,709	5,738
Total current liabilities	106,239	98,881
Unearned service revenues - less current portion	20,947	22,350
Lease liability - less current portion	14,649	18,648
Deferred income tax liabilities	11,708	1,058
Income taxes payable - less current portion	8,706	11,297
Other long-term liabilities	49	1,047
Total liabilities	162,298	153,281
Commitments and contingencies - See Note 12
Shareholders’ equity:
Preferred stock - par value $0.01, 10,000,000 shares authorized; none issued	0	0
Common stock - par value $0.001, 50,000,000 shares authorized; 20,156,233 and 19,588,003 issued; 18,780,013 and 18,205,636 outstanding, respectively	20	20
Additional paid-in capital	328,227	301,061
Retained earnings	46,788	73,544
Accumulated other comprehensive loss	(33,331)	(17,374)
Common stock in treasury, at cost - 1,376,220 and 1,382,367 shares held, respectively	(30,655)	(30,792)
Total shareholders’ equity	311,049	326,459
Total liabilities and shareholders’ equity	$ 473,347	$ 479,740

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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”), Operations and Maintenance (“O&M”) and public safety analytics markets. We enable our customers to capture, measure, manipulate, interact with and share 3D and 2D data from the physical world in a virtual environment and then translate this information back into the physical domain. Our broad technology set equips our customers with a wide range of 3D capture technologies that range from ultra-high accuracy laser-scanner-based technology to lower accuracy, photogrammetry-based technology. 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, construction management, 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, with an increasing volume being sold through an indirect channel across a range of industries including automotive, aerospace, metal and machine fabrication, surveying, architecture, engineering and construction, public safety forensics and other industries.

Principles of Consolidation—Our 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 income (loss).

Revenue Recognition, Product Warranty and Extended Warranty Contracts—Revenue is recognized as performance obligations within a contract are satisfied in an amount that reflects the consideration we expect to receive in exchange for satisfaction of those performance obligations, or standalone selling price. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative 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's 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. Fees billed to customers associated with the distribution of products are classified as revenue. We generally warrant our products against defects in design, materials and workmanship for one year. A provision for estimated future costs relating to warranty expense is recorded when products are shipped. To support our product lines, we also sell hardware service contracts which revenues are recognized on a straight-line basis over the term of the contract. Hardware service contracts generally extend between one month and three years. Costs relating to hardware service contracts are recognized as incurred. Revenue from sales of commercial software licenses is only recognized when no further significant production, modification or customization of the software is required and when the risks and rewards of ownership have passed to the customer. These software arrangements generally include short-term maintenance that is considered post-contract support (“PCS”), which is considered to be a separate performance obligation. We generally establish a standalone sales price for this PCS component based on our software maintenance contract renewals. Software maintenance contracts, when sold, are recognized on a straight-line basis over the term of the contract. Revenue from the sales of software subscriptions sold as a service are recognized on a straight-line basis over the term of the contract. Software subscriptions generally extend between one month and five years. Revenues resulting from sales of comprehensive support, training and technology consulting services are recognized as such services are performed and are deferred when billed in advance of the performance of services. Payment for products and services is collected within a short period of time following transfer of control or commencement of delivery of services, as applicable. Revenues are presented net of sales-related taxes.

Cash and Cash Equivalents—We consider cash on hand and amounts on deposit with financial institutions with maturities of three months or less when purchased to be cash and cash equivalents. We had deposits with foreign banks totaling $31.1 million and $95.2 million as of December 31, 2022 and 2021, respectively.

Accounts Receivable and Related Allowance for Credit Losses—Credit is extended to customers based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are generally due within 30 to

90 days and are stated at amounts due from customers, net of an allowance for credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. We make judgments as to the collectability of accounts receivable based on historical trends and future expectations. Management estimates an allowance for credit losses, which adjusts gross trade accounts receivable to their net realizable value. The allowance for credit losses is based on an analysis of all receivables for possible impairment issues and historical write-off percentages. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for credit losses. We do not generally charge interest on past due receivables.

Inventories—Inventories are stated at the lower of cost or net realizable value using the first-in first-out (“FIFO”) method. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Sales demonstration inventory is comprised of measuring and imaging devices utilized by sales representatives to present our products to customers. Management expects sales demonstration inventory to be held by our sales representatives for up to three years, at which time it is refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. Management expects these refurbished units to remain in finished goods inventory and be sold within 12 months at prices that produce reduced gross margins. Sales demonstration inventory remains classified as inventory, as it is available for sale and any required refurbishment prior to sale is minimal.

Service inventory is typically used to provide a temporary replacement product to a customer covered by a premium warranty 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 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 useful life, typically three years. See Note 5, “Inventories” for further information regarding inventories.

Reserve for Excess and Obsolete Inventory—Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the reserve. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no sales of the product for the past 12 months and have no sales forecasted for the next 12 months. Inventory is considered potentially excess if the quantity on hand exceeds 12 months of expected remaining usage. The resulting potentially obsolete and excess parts are then reviewed to determine if a substitute usage or a future need exists. Items without an identified current or future usage are reserved in an amount equal to 100% of the FIFO cost of such inventory. Our products are subject to changes in technologies that may make certain of our products or their components obsolete or less competitive, which may increase our historical provisions to the reserve. We review these assumptions regularly for all of our inventories which include sales demonstration and service inventories.

Property and Equipment—Property and equipment purchases exceeding two thousand five hundred dollars are capitalized and recorded at cost. Depreciation is computed beginning on the date that the asset is placed into service using the straight-line method over the estimated useful lives of the various classes of assets as follows:


Machinery, equipment and software			2 to 5 years
Furniture and fixtures			3 to 10 years

Leasehold improvements are amortized on a straight-line basis over the lesser of the life of the asset or the remaining term of the lease.

Depreciation expense was $8.3 million, $9.2 million and $10.8 million in 2022, 2021 and 2020, respectively. Accelerated methods of depreciation are used for income tax purposes in contrast to book purposes, and as a result, appropriate provisions are made for the related deferred income taxes. Balances of major classes of depreciable assets and total accumulated depreciation as of December 31, 2022 and 2021 are as follows:


	December 31, 2022		December 31, 2021
Property, plant and equipment:
Machinery and equipment	$	91,490	$	87,028
Furniture and fixtures	6,225		6,377
Leasehold improvements	20,738		22,931
Property, plant and equipment at cost	118,453		116,336
Less: accumulated depreciation and amortization	(98,733)		(94,142)
Property, plant and equipment, net	$	19,720	$	22,194

Business Combinations—We allocate the fair value of purchase consideration to the assets acquired and liabilities assumed based generally on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which include consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Critical estimates are also made in valuing contingent considerations, which represent arrangements to pay former owners based on the satisfaction of performance criteria. Fair value estimates are based on the assumptions management believes a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

Goodwill and Intangible Assets—Goodwill represents the excess cost of a business acquisition over the fair value of the net assets acquired. We do not amortize goodwill; however, we perform an annual review each year, or more frequently if indicators of potential impairment exist (i.e., that it is more likely than not that the fair value of the reporting unit is less than the carrying value), to determine if the carrying value of the recorded goodwill or indefinite lived intangible assets is impaired.

Each period, and for our single reporting unit, we can elect to perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If we believe, as a result of our qualitative assessment, that it is not more likely than not that the fair value of our reporting unit containing goodwill is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If we elect to bypass the qualitative assessment option, or if the qualitative assessment was performed and resulted in the Company being unable to conclude that it is not more likely than not that the fair value of a reporting unit containing goodwill is greater than its carrying amount, we will perform the quantitative goodwill impairment test. We calculate the fair value of the reporting unit using a discounted cash flow method and market approach method, and then comparing the respective fair value with the carrying amount of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, we record the amount of the impairment loss, if any.

Management concluded there was no goodwill impairment for the years ended 2022, 2021 and 2020. We test goodwill for impairment annually on December 31 of each reporting year or more frequently if an event occurs or circumstances would indicate that it is more likely than not the fair value of the reporting unit is less than the carrying value. We performed our annual test of goodwill during 2022, 2021 and 2020 as of December 31. See Note 6, “Goodwill” for further information regarding goodwill.

Other intangible assets principally include patents, existing product technology and customer relationships that arose in connection with our acquisitions. Other intangible assets are recorded at fair value at the date of acquisition and are amortized over their estimated useful lives of 3 to 20 years. As of December 31, 2022 and 2021, there were no indefinite-lived intangible assets.

Product technology and patents are recorded at cost. Amortization expense is computed using the straight-line method over the estimated useful lives of the product technology and patents of 7 to 20 years.

Internally developed software exceeding two thousand five hundred dollars are capitalized and recorded at cost. Amortization expense is computed using the straight-line method over the estimated useful lives of the internally developed software ranging between 1 to 5 years.

The remaining weighted-average amortization period for all our intangible assets is 8 years.

As a result of an assessment over the current development strategy of our internally developed software, we determined a shift in our current resources was necessary towards a more efficient path for subscription based software. As a result, we recognized an impairment charge related to construction-in-progress intangible assets of $1.1 million in 2022. We recognized no impairment charges related to intangibles in 2021 or 2020. See Note 7, “Intangible Assets” for further information regarding intangible assets.

Research and Development—Research and development costs incurred in the discovery of new knowledge and the resulting translation of this new knowledge into plans and designs for new products prior to the attainment of the related products’ technological feasibility are recorded as expenses in the period incurred. To date, the time incurred between the attainment of the related products' technological feasibility and general release to customers has been short. Research and development costs incurred relating to the development of internal-use software and website development, including software used to upgrade and enhance our websites and applications to be sold as a service are capitalized in the period incurred and amortized over 1 year to 5 years. These costs include external direct costs of materials and services and internal costs such as payroll and benefits of those employees directly associated with the development of new functionality in internal use software to be sold as a service. Any costs related to preliminary project activities and post implementation activities of internal-use software are expensed as incurred. The amount of costs capitalized relating to internally developed computer software to be sold as a service was $5.4 million during 2022, $2.0 million during 2021 and no costs were capitalized in 2020. In 2022, we recognized $0.6 million in amortization expense related to these assets. No amounts were charged to amortization expense during 2021 or 2020. These capitalized costs, which total $7.1 million as of December 31, 2022 and $2.0 million as of December 31, 2021 are primarily included in net intangible assets in our consolidated balance sheet.

Reserve for Warranties—We establish at the time of sale a liability for the one-year warranty included with the initial purchase price of our products, based upon an estimate of the repair expenses likely to be incurred for the warranty period. The warranty period is measured in installation-months for each major product group. Installation-month is defined as the length of time measured in months that our purchased products are covered by our warranty. The warranty reserve is included in accrued liabilities in the accompanying consolidated balance sheets. The warranty expense is estimated by applying the actual total repair expenses for each product group in the prior period and determining a rate of repair expense per installation-month. This repair rate is multiplied by the number of installation-months of warranty for each product group to determine the provision for warranty expenses for the period. We evaluate our exposure to warranty costs at the end of each period using the estimated expense per installation-month for each major product group, the number of units remaining under warranty, and the remaining number of months each unit will be under warranty. We have a history of new product introductions and enhancements to existing products, which may result in unforeseen issues that increase our warranty costs. While such expenses have historically been within expectations, we cannot guarantee this will continue in the future.

Income Taxes—We account for income taxes using the asset and liability method in accordance with ASC Topic 740, Income Taxes. The objectives of accounting for income taxes under ASC Topic 740 are to recognize the amount of taxes payable or refundable for the current year and to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts and tax attribute carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which the respective temporary differences or tax credit carryforwards are expected to be recovered or settled. We review our deferred tax assets on a regular basis to evaluate their recoverability based upon expected future reversals of deferred tax assets and liabilities, projections of future taxable income, and tax planning strategies that we might employ to utilize such assets, including net operating loss carryforwards. The realization of deferred tax assets is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. We assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Management's evaluation begins with a jurisdictional review of cumulative gains or losses incurred over recent years. A significant piece of objective negative evidence exists when a jurisdiction has incurred cumulative losses over recent years. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. Based on the positive and negative evidence for recoverability, we establish a valuation allowance against the net deferred tax assets of a taxing jurisdiction in which we operate unless it is “more likely than not” that we will recover such assets through the above means.

We recognize tax benefits related to uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities. For those positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. In the ordinary course of business, we are examined by various federal, state, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. See Note 11, “Income Taxes” for further information regarding income taxes.

Earnings (Loss) Per Share (“EPS”)—Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares outstanding. Diluted earnings per share is computed by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. Our potential common stock consists of employee stock options, restricted stock, restricted stock units and market-based awards. Our potential common stock is excluded from the basic earnings per share calculation and is included in the diluted earnings per share calculation when doing so would not be anti-dilutive. Market-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 loss for the period presented, the diluted loss per share calculation does not include our potential common stock, as the inclusion of these shares in the calculation would have an anti-dilutive effect. A reconciliation of the number of common shares used in the calculation of basic and diluted EPS is presented in Note 14, “(Loss) Earnings Per Share.”

Accounting for Stock-Based Compensation—We have one stock-based employee and director compensation plans, which are described more fully in Note 13, “Stock Compensation Plans.”

We measure and record compensation expense using the applicable accounting guidance for share-based payments related to stock options, restricted stock, restricted stock units and market-based awards granted to our directors and employees. The fair value of stock options, including performance awards, without a market condition is estimated, at the date of grant, using the Black-Scholes option-valuation model. The fair value of restricted stock unit awards and stock options with a market condition is estimated, at the date of grant, using the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. In valuing our stock options, significant judgment is required in determining the expected volatility of our common stock and the expected life that individuals will hold their stock options prior to exercising. Expected volatility for stock options is based on the historical and implied volatility of our own common stock while the volatility for our restricted stock units with a market condition is based on the historical volatility of our own stock and the stock of companies within our defined peer group. The expected life of stock options is derived from the historical actual term of option grants and an estimate of future exercises during the remaining contractual period of the option. While volatility and estimated life are assumptions that do not bear the risk of change subsequent to the grant date of stock options, these assumptions may be difficult to measure as they represent future expectations based on historical experience. Further, our expected volatility and expected life may change in the future, which could substantially change the grant-date fair value of future awards of stock options and, ultimately, the expense we record. The fair value of restricted stock and restricted stock units, including performance awards, without a market condition is estimated using the current market price of our common stock on the date of grant.

We expense stock-based compensation for stock options, restricted stock, restricted stock units and performance awards over the requisite service period. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with both performance and service conditions, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award, taking into account the probability that we will satisfy the performance conditions. Furthermore, we expense awards with a market condition over the three-year vesting period regardless of the value that the award recipients ultimately receive. All income tax-related cash flows resulting from share-based payments are reported as operating activities in the statement of cash flows in the deferred income tax benefit line item. We elect to account for forfeitures related to the service condition-based awards as they occur.

Concentration of Credit Risk—Financial instruments that expose us to concentrations of credit risk consist principally of operating demand deposit accounts. Our policy is to place our operating demand deposit accounts with high credit quality financial institutions, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and believe we are not exposed to any significant credit risk on our operating demand deposit accounts.

Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 from those estimates.

Impact of Recently Adopted Accounting Standards—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 consolidated financial statements.

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 consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Asset and Contract Liabilities from Contracts with Customers which intends to simplify the accounting for acquired revenue contracts with customers in a business combination and to also remove inconsistencies in this topic related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ASU No. 2021-08 allows an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in a similar manner to how they are recorded on the acquiree's financial statements at book value. Early adoption is permitted and we early adopted ASU No. 2021-08 in the fourth quarter of 2021. As a result of the early adoption of ASU No.2021-08 we recorded the deferred revenue associated with the acquisition of Holobuilder at its book value of approximately $4.0 million. Our acquisition of GeoSLAM also recorded its opening deferred revenue at its book value of approximately $1.3 million.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
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 December 31, 2022, we had approximately $42.0 million in purchase commitments that are expected to be delivered within the next 12 months. To ensure adequate component availability, as of December 31, 2022, we also had $23.9 million in long-term commitments for purchases to be delivered after 12 months. Legal Proceedings — We are not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which we believe will have a material adverse effect on our business, financial condition or results of operations.

Stock Compensation Plans - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) numberOfPlan installment $ / shares shares	Dec. 31, 2021 USD ($) installment $ / shares shares	Dec. 31, 2020 USD ($) installment $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of compensation plans \| numberOfPlan	1
Total intrinsic value of stock options exercised \| $	$ 0	$ 3,000,000	$ 4,200,000
Fair value of stock options vested \| $		200,000	800,000
Allocated share-based compensation expense \| $	13,300,000	$ 11,500,000	$ 8,300,000
Unrecognized stock-based compensation expense \| $	$ 21,500,000
Weighted average, expected recognition period	1 year 11 months 15 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares	22,667	44,524
Exercised (in shares) \| shares	0
Restricted Stock \| Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares granted upon election \| $	$ 100,000
Restricted shares granted based on percent of director compensation	17500000.00%
Restricted Time Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment	3	3	3
Restricted Performance Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	3 years
Restricted Performance Based Stock Units \| Black-Scholes Option Valuation Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares	$ 68.62	$ 145.67	$ 80.38
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for grant awards (in shares) \| shares	750,000
2022 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares	0
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	7 years
2014 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares	22,667
Exercise price, lower range (usd per share) \| $ / shares	$ 33.05
Exercise price, upper range (usd per share) \| $ / shares	$ 61.30
Vesting period, years	3 years
2014 and 2018 Plans \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock unit represents the right to receive	1

Restructuring - Activity (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
Restructuring - Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Additions charged to expense		$ 4,614	$ 7,368	$ 15,806
Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0	3,919	2,347
Additions charged to expense	15,456	2,973	7,368
Cash payments	(13,109)	(6,364)	(5,796)
Ending balance	2,347	528	3,919	2,347
Severance and other benefits \| Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0	3,442	1,481
Additions charged to expense	12,107	1,643	5,197
Cash payments	(10,626)	(4,767)	(3,236)
Ending balance	1,481	318	3,442	1,481
Professional fees and other related charges \| Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0	477	866
Additions charged to expense	3,349	1,330	2,171
Cash payments	(2,483)	(1,597)	(2,560)
Ending balance	$ 866	$ 210	$ 477	$ 866

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Our 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.
Foreign Currency Translations	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 income (loss).
Revenue Recognition, Product Warranty and Extended Warranty Contracts	Revenue is recognized as performance obligations within a contract are satisfied in an amount that reflects the consideration we expect to receive in exchange for satisfaction of those performance obligations, or standalone selling price. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative 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's 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. Fees billed to customers associated with the distribution of products are classified as revenue. We generally warrant our products against defects in design, materials and workmanship for one year. A provision for estimated future costs relating to warranty expense is recorded when products are shipped. To support our product lines, we also sell hardware service contracts which revenues are recognized on a straight-line basis over the term of the contract. Hardware service contracts generally extend between one month and three years. Costs relating to hardware service contracts are recognized as incurred. Revenue from sales of commercial software licenses is only recognized when no further significant production, modification or customization of the software is required and when the risks and rewards of ownership have passed to the customer. These software arrangements generally include short-term maintenance that is considered post-contract support (“PCS”), which is considered to be a separate performance obligation. We generally establish a standalone sales price for this PCS component based on our software maintenance contract renewals. Software maintenance contracts, when sold, are recognized on a straight-line basis over the term of the contract. Revenue from the sales of software subscriptions sold as a service are recognized on a straight-line basis over the term of the contract. Software subscriptions generally extend between one month and five years. Revenues resulting from sales of comprehensive support, training and technology consulting services are recognized as such services are performed and are deferred when billed in advance of the performance of services. Payment for products and services is collected within a short period of time following transfer of control or commencement of delivery of services, as applicable. Revenues are presented net of sales-related taxes.
Cash and Cash Equivalents	We consider cash on hand and amounts on deposit with financial institutions with maturities of three months or less when purchased to be cash and cash equivalents.
Accounts Receivable and Related Allowance for Credit Losses	Credit is extended to customers based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. We make judgments as to the collectability of accounts receivable based on historical trends and future expectations. Management estimates an allowance for credit losses, which adjusts gross trade accounts receivable to their net realizable value. The allowance for credit losses is based on an analysis of all receivables for possible impairment issues and historical write-off percentages. We write off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for credit losses. We do not generally charge interest on past due receivables.
Inventories	Inventories are stated at the lower of cost or net realizable value using the first-in first-out (“FIFO”) method. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Sales demonstration inventory is comprised of measuring and imaging devices utilized by sales representatives to present our products to customers. Management expects sales demonstration inventory to be held by our sales representatives for up to three years, at which time it is refurbished and transferred to finished goods as used equipment, stated at the lower of cost or net realizable value. Management expects these refurbished units to remain in finished goods inventory and be sold within 12 months at prices that produce reduced gross margins. Sales demonstration inventory remains classified as inventory, as it is available for sale and any required refurbishment prior to sale is minimal.Service inventory is typically used to provide a temporary replacement product to a customer covered by a premium warranty 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 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 useful life, typically three years.
Reserve for Excess and Obsolete Inventory	Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the reserve. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no sales of the product for the past 12 months and have no sales forecasted for the next 12 months. Inventory is considered potentially excess if the quantity on hand exceeds 12 months of expected remaining usage. The resulting potentially obsolete and excess parts are then reviewed to determine if a substitute usage or a future need exists. Items without an identified current or future usage are reserved in an amount equal to 100% of the FIFO cost of such inventory. Our products are subject to changes in technologies that may make certain of our products or their components obsolete or less competitive, which may increase our historical provisions to the reserve. We review these assumptions regularly for all of our inventories which include sales demonstration and service inventories.
Property and Equipment	Property and equipment purchases exceeding two thousand five hundred dollars are capitalized and recorded at cost.
Business Combinations	We allocate the fair value of purchase consideration to the assets acquired and liabilities assumed based generally on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which include consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Critical estimates are also made in valuing contingent considerations, which represent arrangements to pay former owners based on the satisfaction of performance criteria. Fair value estimates are based on the assumptions management believes a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.
Goodwill and Intangible Assets	Goodwill represents the excess cost of a business acquisition over the fair value of the net assets acquired. We do not amortize goodwill; however, we perform an annual review each year, or more frequently if indicators of potential impairment exist (i.e., that it is more likely than not that the fair value of the reporting unit is less than the carrying value), to determine if the carrying value of the recorded goodwill or indefinite lived intangible assets is impaired. Each period, and for our single reporting unit, we can elect to perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If we believe, as a result of our qualitative assessment, that it is not more likely than not that the fair value of our reporting unit containing goodwill is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. If we elect to bypass the qualitative assessment option, or if the qualitative assessment was performed and resulted in the Company being unable to conclude that it is not more likely than not that the fair value of a reporting unit containing goodwill is greater than its carrying amount, we will perform the quantitative goodwill impairment test. We calculate the fair value of the reporting unit using a discounted cash flow method and market approach method, and then comparing the respective fair value with the carrying amount of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, we record the amount of the impairment loss, if any.
Research and Development	Research and development costs incurred in the discovery of new knowledge and the resulting translation of this new knowledge into plans and designs for new products prior to the attainment of the related products’ technological feasibility are recorded as expenses in the period incurred. To date, the time incurred between the attainment of the related products' technological feasibility and general release to customers has been short. Research and development costs incurred relating to the development of internal-use software and website development, including software used to upgrade and enhance our websites and applications to be sold as a service are capitalized in the period incurred and amortized over 1 year to 5 years. These costs include external direct costs of materials and services and internal costs such as payroll and benefits of those employees directly associated with the development of new functionality in internal use software to be sold as a service. Any costs related to preliminary project activities and post implementation activities of internal-use software are expensed as incurred. The amount of costs capitalized relating to internally developed computer software to be sold as a service was $5.4 million during 2022, $2.0 million during 2021 and no costs were capitalized in 2020. In 2022, we recognized $0.6 million in amortization expense related to these assets. No amounts were charged to amortization expense during 2021 or 2020. These capitalized costs, which total $7.1 million as of December 31, 2022 and $2.0 million as of December 31, 2021 are primarily included in net intangible assets in our consolidated balance sheet.
Reserve for Warranties	We establish at the time of sale a liability for the one-year warranty included with the initial purchase price of our products, based upon an estimate of the repair expenses likely to be incurred for the warranty period. The warranty period is measured in installation-months for each major product group. Installation-month is defined as the length of time measured in months that our purchased products are covered by our warranty. The warranty reserve is included in accrued liabilities in the accompanying consolidated balance sheets. The warranty expense is estimated by applying the actual total repair expenses for each product group in the prior period and determining a rate of repair expense per installation-month. This repair rate is multiplied by the number of installation-months of warranty for each product group to determine the provision for warranty expenses for the period. We evaluate our exposure to warranty costs at the end of each period using the estimated expense per installation-month for each major product group, the number of units remaining under warranty, and the remaining number of months each unit will be under warranty. We have a history of new product introductions and enhancements to existing products, which may result in unforeseen issues that increase our warranty costs. While such expenses have historically been within expectations, we cannot guarantee this will continue in the future.
Income Taxes	We account for income taxes using the asset and liability method in accordance with ASC Topic 740, Income Taxes. The objectives of accounting for income taxes under ASC Topic 740 are to recognize the amount of taxes payable or refundable for the current year and to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts and tax attribute carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which the respective temporary differences or tax credit carryforwards are expected to be recovered or settled. We review our deferred tax assets on a regular basis to evaluate their recoverability based upon expected future reversals of deferred tax assets and liabilities, projections of future taxable income, and tax planning strategies that we might employ to utilize such assets, including net operating loss carryforwards. The realization of deferred tax assets is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. We assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Management's evaluation begins with a jurisdictional review of cumulative gains or losses incurred over recent years. A significant piece of objective negative evidence exists when a jurisdiction has incurred cumulative losses over recent years. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. Based on the positive and negative evidence for recoverability, we establish a valuation allowance against the net deferred tax assets of a taxing jurisdiction in which we operate unless it is “more likely than not” that we will recover such assets through the above means. We recognize tax benefits related to uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities. For those positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. In the ordinary course of business, we are examined by various federal, state, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. See Note 11, “Income Taxes” for further information regarding income taxes.
Earnings (Loss) Per Share (“EPS”)	Basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares outstanding. Diluted earnings per share is computed by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. Our potential common stock consists of employee stock options, restricted stock, restricted stock units and market-based awards. Our potential common stock is excluded from the basic earnings per share calculation and is included in the diluted earnings per share calculation when doing so would not be anti-dilutive. Market-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 loss for the period presented, the diluted loss per share calculation does not include our potential common stock, as the inclusion of these shares in the calculation would have an anti-dilutive effect. A reconciliation of the number of common shares used in the calculation of basic and diluted EPS is presented in Note 14, “(Loss) Earnings Per Share.”
Accounting for Stock-Based Compensation	We measure and record compensation expense using the applicable accounting guidance for share-based payments related to stock options, restricted stock, restricted stock units and market-based awards granted to our directors and employees. The fair value of stock options, including performance awards, without a market condition is estimated, at the date of grant, using the Black-Scholes option-valuation model. The fair value of restricted stock unit awards and stock options with a market condition is estimated, at the date of grant, using the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. In valuing our stock options, significant judgment is required in determining the expected volatility of our common stock and the expected life that individuals will hold their stock options prior to exercising. Expected volatility for stock options is based on the historical and implied volatility of our own common stock while the volatility for our restricted stock units with a market condition is based on the historical volatility of our own stock and the stock of companies within our defined peer group. The expected life of stock options is derived from the historical actual term of option grants and an estimate of future exercises during the remaining contractual period of the option. While volatility and estimated life are assumptions that do not bear the risk of change subsequent to the grant date of stock options, these assumptions may be difficult to measure as they represent future expectations based on historical experience. Further, our expected volatility and expected life may change in the future, which could substantially change the grant-date fair value of future awards of stock options and, ultimately, the expense we record. The fair value of restricted stock and restricted stock units, including performance awards, without a market condition is estimated using the current market price of our common stock on the date of grant. We expense stock-based compensation for stock options, restricted stock, restricted stock units and performance awards over the requisite service period. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with both performance and service conditions, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award, taking into account the probability that we will satisfy the performance conditions. Furthermore, we expense awards with a market condition over the three-year vesting period regardless of the value that the award recipients ultimately receive. All income tax-related cash flows resulting from share-based payments are reported as operating activities in the statement of cash flows in the deferred income tax benefit line item. We elect to account for forfeitures related to the service condition-based awards as they occur.
Concentration of Credit Risk	Financial instruments that expose us to concentrations of credit risk consist principally of operating demand deposit accounts. Our policy is to place our operating demand deposit accounts with high credit quality financial institutions, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and believe we are not exposed to any significant credit risk on our operating demand deposit accounts.
Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 from those estimates.
Impact of Recently Adopted Accounting Standards	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 consolidated financial statements. 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 consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Asset and Contract Liabilities from Contracts with Customers which intends to simplify the accounting for acquired revenue contracts with customers in a business combination and to also remove inconsistencies in this topic related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ASU No. 2021-08 allows an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in a similar manner to how they are recorded on the acquiree's financial statements at book value. Early adoption is permitted and we early adopted ASU No. 2021-08 in the fourth quarter of 2021. As a result of the early adoption of ASU No.2021-08 we recorded the deferred revenue associated with the acquisition of Holobuilder at its book value of approximately $4.0 million. Our acquisition of GeoSLAM also recorded its opening deferred revenue at its book value of approximately $1.3 million.

Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

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


	Years ended December 31,
	2022		2021		2020
Product Sales
Products transferred to a customer at a point in time	$	242,969	$	234,188	$	205,849
Products transferred to a customer over time	22,311		16,915		12,738
	$	265,280	$	251,103	$	218,587


	Years ended December 31,
	2022		2021		2020
Service Sales
Service transferred to a customer at a point in time	$	34,525	$	39,559	$	36,732
Service transferred to a customer over time	45,960		47,152		48,449
	$	80,485	$	86,711	$	85,181

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


	Years ended December 31,
	2022		2021		2020
Total Sales to External Customers
Americas (1)	$	154,422	$	140,633	$	128,826
EMEA (1)	98,174		104,350		91,390
APAC (1)	93,169		92,831		83,552
	$	345,765	$	337,814	$	303,768

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

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 December 31, 2022, the deferred cost asset related to deferred commissions was approximately $3.0 million. For classification purposes, $2.0 million and $1.0 million are comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our consolidated balance sheet as of December 31, 2022. As of December 31, 2021, the deferred cost asset related to deferred commissions was approximately $3.5 million. For classification purposes, $2.3 million and $1.2 million are comprised within the Prepaid expenses and other current assets and Other long-term assets, respectively, on our consolidated balance sheet as of December 31, 2021.

The unearned service revenue liabilities reported on our consolidated balance sheets reflect the contract liabilities to satisfy the remaining performance obligations for extended warranties, subscription based software and software maintenance. The current portion of unearned service revenues on our consolidated balance sheets is what we expect to recognize to revenue within twelve months after the applicable balance sheet date relating to extended warranty, subscription based software and software maintenance contract liabilities. The Unearned service revenues - less current portion on our consolidated balance sheets is what we expect to recognize to revenue extending beyond twelve months after the applicable balance sheet date relating to extended warranty, subscription based software and software maintenance contract liabilities. Customer deposits on our 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 year ended December 31, 2022, we recognized $33.5 million of revenue that was deferred on our consolidated balance sheet as of December 31, 2021. During the year ended December 31, 2021, we recognized $34.4 million of revenue that was deferred on our consolidated balance sheet as of December 31, 2020.

The nature of certain of our contracts gives rise to variable consideration, primarily related to an allowance for sales returns. 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 December 31, 2022 and December 31, 2021 was approximately $0.3 million and $0.2 million, respectively.

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.

+ References

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+ Details

Inventories - Additional Information (Details)	12 Months Ended
Inventories - Additional Information (Details)	Dec. 31, 2022 category
Property, Plant and Equipment [Line Items]
Inventory categories	3
Demonstration inventory shelf life (in years)	3 years
Refurbished demonstration inventory selling period (in months)	12 months
Sales Inventory
Property, Plant and Equipment [Line Items]
Demonstration inventory shelf life (in years)	3 years
Service Inventory
Property, Plant and Equipment [Line Items]
Service inventory selling period (in months)	12 months
Inventory, remaining useful life (in years)	3 years

Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Geographic Information

GEOGRAPHIC INFORMATION

Our executive leadership team is comprised of functional leaders in areas such as sales, marketing, operations, research and development and general and administrative, and resources. Our CEO, who is also our Chief Operating Decision Maker (“CODM”) allocates resources to each function and evaluates performance at a consolidated unit level. We do not have separate business units or segment managers or vertical leaders who report to the CODM with respect to operations, operating results or planning for levels or components below the total Company level. We report as one reporting segment that develops, manufactures, markets, supports and sells CAD-based quality assurance products integrated with CAD-based inspection and statistical process control software and 3D documentation systems. Our reporting segment sells into a variety of end markets, including automotive, aerospace, metal and machine fabrication, architecture, engineering, construction and public safety. These activities represent more than 99% of consolidated sales.

Total sales to external customers is based upon the geographic location of the customer.


	For the Years Ended December 31,
	2022		2021		2020
Total sales to external customers
United States and Canada	$	137,190	$	127,661	$	119,769
Americas-Other	17,233		12,973		9,057
Germany	41,485		48,772		46,166
EMEA-Other	56,688		55,577		45,224
Japan	21,661		25,997		4,998
China	43,108		40,808		31,748
Asia-Other	28,400		26,026		46,806
	$	345,765	$	337,814	$	303,768

Long-lived assets consist primarily of property, plant, and equipment, goodwill, and intangible assets, and are attributed to the geographic area in which they are located or originated, as applicable.


	As of December 31,
	2022		2021		2020
Long-Lived Assets
United States	$	89,424	$	82,845	$	42,729
Americas-Other	8,800		9,794		10,415
Germany	22,055		24,415		26,671
EMEA-Other	53,656		10,063		10,966
Japan	617		1,039		1,192
Asia-Other	1,301		1,750		1,960
	$	175,853	$	129,906	$	93,933

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Stock Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

STOCK COMPENSATION PLAN

We have one compensation plan that provides for the granting of stock options and other share-based awards to key employees and non-employee members of the Board of Directors. The 2022 Equity Incentive Plan (“2022 Plan”) provides for granting options, restricted stock, restricted stock units, dividend equivalent rights or stock appreciation rights to employees and non-employee directors.

We were authorized to grant awards for up to 750,000 shares of common stock under the 2022 Plan, as well as any shares underlying awards outstanding under our 2014 Stock Incentive Plan (the “2014 Plan”) that thereafter terminate or expire unexercised or are canceled, forfeited or lapse for any reason as of the effective date of the 2022 Plan. The 2022 Plan is the successor to and continuation of the 2014 Plan, no additional awards may be granted under the 2014 Plan. All outstanding awards previously granted under the 2014 Plan will remain subject to its previous terms.

There were 22,667 options outstanding at December 31, 2022 under the 2014 Plan at exercise prices between $33.05 and $61.30. The options outstanding under the 2014 Plan have a 7-year term and generally vest over a 3-year period. There were no options outstanding at December 31, 2022 under the 2022 Plan.

Upon election to the Board, each non-employee director receives an initial equity grant of shares of restricted common stock with a value equal to $100,000, calculated using the closing share price on the date of the non-employee director’s election to the Board. The initial restricted stock grant vests on the third anniversary of the grant date, subject to the non-employee director’s continued membership on the Board. Annually, the non-employee directors are granted restricted shares equal to $175,000 on the first business day following the annual meeting of shareholders, calculated using the closing price of our common stock on that day. The shares of restricted stock granted annually to our non-employee directors and our independent Chairman of the Board vest on the day prior to the following year’s annual meeting date, subject to a non-employee director’s continued membership on the Board. We record compensation cost associated with our restricted stock grants on a straight-line basis over the vesting term. Our non-employee directors also may elect to have their annual cash retainers and annual equity retainers paid in the form of deferred stock units pursuant to the 2022 Plan and the 2018 Non-Employee Director Deferred Compensation Plan. Each deferred stock unit represents the right to receive one share of our common stock upon the non-employee director's separation of service from the Company. We record compensation cost associated with our deferred stock units over the period of service.

Annually, upon approval by our Compensation Committee, we grant stock-based awards, which historically have been in the form of restricted stock units, to certain employees. We also have historically granted restricted stock units to certain new employees throughout the year. The fair value of these stock-based awards is determined by using (a) the current market price of our common stock on the grant date in the case of restricted stock units without a market condition, (b) the Monte Carlo Simulation valuation model in the case of market-based restricted stock units with a market condition.

For the stock-based awards granted in 2022, 2021 and 2020, the time-based restricted stock units vest in three equal annual installments beginning one year after the grant date. The market-based restricted stock unit awards vest at the end of the 3-year performance period if the applicable market-based measure is achieved. The related stock-based compensation expense will be recognized over the requisite service period, taking into account the probability that we will satisfy the performance measure. The market-based restricted stock units granted in 2022, 2021 and 2020 will be earned and will vest based upon our total shareholder return (“TSR”) relative to the TSR attained by companies within our defined benchmark group, the Russell 2000 Growth Index. Due to the TSR presence in these market-based restricted stock units, the fair value of these awards was determined using the Monte Carlo Simulation valuation model. We expense these market condition awards over the three-year vesting period regardless of the value the award recipients ultimately receive.

The Monte Carlo Simulation valuation model incorporates assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. The weighted-average grant-date fair value of the market-based restricted stock units that were granted during 2022, 2021 and 2020 valued using the Monte Carlo Simulation valuation model was $68.62, $145.67 and $80.38, respectively. For market-based restricted stock units granted during 2022, 2021 and 2020 valued using the Monte Carlo Simulation valuation model, we used the following assumptions:


	Year ended December 31
	2022		2021		2020
Risk-free interest rate	2.0	%	0.2	%	1.2	%
Expected dividend yield	—	%	—	%	—	%
Term	3 years		3 years		3 years
Expected volatility	42.5	%	45.0	%	40.0	%

Historical information was the primary basis for the selection of the expected dividend yield and expected volatility. The risk-free interest rate was based on the yields of U.S. zero coupon issues and U.S. Treasury issues, with a term equal to the term of the award being valued.

A summary of stock option activity and weighted average exercise prices follows:


	Options	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value as of December 31, 2022
Outstanding at January 1, 2022	44,524	$	56.11
Granted	—	—
Forfeited	(21,857)	59.97
Exercised	—	—
Outstanding at December 31, 2022	22,667	$	52.39	1.8	$	—
Options exercisable at December 31, 2022	22,667	$	52.39	0.2	$	—

As no stock options were exercised during the year ended December 31, 2022, the aggregate intrinsic value of stock options exercised was zero. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 and 2020 was $3.0 million and $4.2 million, respectively. No stock options vested during the year ended December 31, 2022. The total fair value of stock options vested during the years ended December 31, 2021 and 2020 was $0.2 million and $0.8 million, respectively.

The following table summarizes the restricted stock and restricted stock unit activity and weighted-average grant date fair values for the year ended December 31, 2022:


	Shares	Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2022	350,579	$	79.11
Granted	446,701	50.66
Forfeited	(99,477)	68.02
Vested	(119,868)	65.45
Non-vested at December 31, 2022	577,935	$	61.86

We recorded total stock-based compensation expense associated with our stock incentive plans of $13.3 million, $11.5 million and $8.3 million in 2022, 2021 and 2020, respectively.

As of December 31, 2022, there was $21.5 million in total unrecognized stock-based compensation expense related to non-vested stock-based compensation arrangements. The expense is expected to be recognized over a weighted-average period of 1.96.

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


	Years ended December 31,
	2022		2021		2020
Cost of Sales
Product	$	889	$	566	$	356
Service	161		69		346
Total cost of sales	$	1,050	$	635	$	702
Operating Expenses
Selling, general and administrative	$	9,656	$	8,985	$	6,327
Research and development	2,611		1,836		1,285
Total operating expenses	$	12,267	$	10,821	$	7,612
Total stock-based compensation	$	13,317	$	11,456	$	8,314

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 33,076	$ 34,617
Finished goods	16,950	18,528
Inventories, net	50,026	53,145
Service and sales demonstration inventory, net	$ 30,904	$ 30,554

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


	December 31, 2022		December 31, 2021
Raw materials	$	33,076	$	34,617
Finished goods	16,950		18,528
Inventories, net	$	50,026	$	53,145
Service and sales demonstration inventory, net	$	30,904	$	30,554

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

INVENTORIESInventories are stated at the lower of cost or net realizable value using the first-in first-out 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 consolidated statements of operations. Sales demonstration inventory is held by our sales representatives for up to three years, at which time it is 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 to be 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 warranty 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 the remaining life, typically three years.Inventories consist of the following:


	December 31, 2022		December 31, 2021
Raw materials	$	33,076	$	34,617
Finished goods	16,950		18,528
Inventories, net	$	50,026	$	53,145
Service and sales demonstration inventory, net	$	30,904	$	30,554

Business Combinations

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

BUSINESS COMBINATIONS

On September 1, 2022, we completed the acquisition of UK-based GeoSLAM, a leading provider of mobile scanning solutions with proprietary high-productivity simultaneous localization and mapping (“SLAM”) software. We believe this acquisition enables the Company to provide mobile scanning solutions using SLAM software to create 3D models for use in Digital Twin applications. We believe these newly acquired capture technologies integrate into our 4D digital reality-based SaaS offering that will allow customers to access multiple 4D data sources for visualization and analysis through a single user experience. We acquired all voting equity interests of GeoSLAM held by the previous owners. The results of GeoSLAM’s operations as of and after the date of acquisition have been included in our condensed consolidated financial statements as of and for the period ended September 30, 2022. The total purchase price included $29.1 million of cash paid, net of cash acquired and a non-cash payment of 495,562 shares of FARO stock valued at $15.9 million that is subject to customary lock-up provisions for a total purchase price of $44.9 million.

The acquisition of GeoSLAM 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 determination of the fair value of the assets acquired and liabilities assumed for the acquisitions.

Following is a 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 (Final)
Tangible assets acquired:
Accounts receivable	2,452
Inventory	6,576
Property, plant and equipment, net	270
Other assets	505
Total assets acquired	9,803

Liabilities assumed:
Accounts payable and accrued liabilities	(2,375)
Deferred revenue	(1,282)
Other current liabilities	(197)
Total liabilities assumed	(3,854)

Intangible assets	18,610
Net assets acquired	24,559

Deferred income tax liability	(4,969)
Goodwill	25,356
Purchase price paid, net of cash acquired	$	44,946

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 December 31, 2022, we have incurred $2.1 million of acquisition or integration costs for the GeoSLAM acquisition. Accounts receivable acquired represent a gross contractual amount of $2.6 million of which we expect to collect $2.5 million. We believe that the fair value of these receivables approximates the net book value given their short term nature. Pro forma financial results for GeoSLAM 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 purchase price allocated to the intangible assets acquired for the GeoSLAM acquisition:


	Amount		Weighted Average Life (Years)
Brand	$	466	3
Technology	3,828		5
Customer relationships	14,316		15
Fair value of intangible assets acquired	$	18,610	13

On December 1, 2022, we completed the acquisition of SiteScape, an innovator in LiDAR 3D scanning software solutions for the AEC and O&M markets. SiteScape enables LiDAR equipped mobile devices to easily capture indoor spaces digitally, providing a readily available entry-point to scanning physical spaces for a broad range of applications. We believe integrating SiteScape’s iOS-enabled low-resolution LiDAR capture capability into the FARO Sphere Platform will allow streamlining multiple capture methods into a single centralized environment on a single coordinate system. We believe this enables FARO’s construction and facilities customers to access a portfolio which now contains low-resolution Lidar, 360° photo, video, mobile mapping and terrestrial laser scanning. The total purchase price included $1.9 million of cash paid, net of cash acquired. The results of SiteScape’s operations as of and after the date of acquisition have been included in our consolidated financial statements as of and for the period ended December 31, 2022.

The acquisition of SiteScape 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)
Intangible assets						807
Goodwill						1,109
Purchase price paid, net of cash acquired						1,916

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 December 31, 2022, we have incurred $0.2 million of acquisition or integration costs for the SiteScape acquisition. Pro forma financial results for SiteScape 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 SiteScape acquisition:


	Amount		Weighted Average Life (Years)
Technology	$	807	3
Fair value of intangible assets acquired	$	807	3

Restructuring (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Activity related to the accrued restructuring charge and cash payments during the year ended December 31, 2022, and December 31, 2021 was as follows:


	Severance and other benefits		Professional fees and other related charges		Total
Balance at December 31, 2021	$	3,442	$	477	$	3,919
Additions charged to expense	1,643		1,330		2,973
Cash payments	(4,767)		(1,597)		(6,364)
Balance at December 31, 2022	$	318	$	210	$	528


Balance at December 31, 2020	$	1,481	$	866	$	2,347
Additions charged to expense	5,197		2,171		7,368
Cash payments	(3,236)		(2,560)		(5,796)
Balance at December 31, 2021	$	3,442	$	477	$	3,919


Balance at February 14, 2020	$	—	$	—	$	—
Additions charged to expense	12,107		3,349		15,456
Cash payments	(10,626)		(2,483)		(13,109)
Balance at December 31, 2020	$	1,481	$	866	$	2,347

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended	12 Months Ended
	Sep. 01, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) numberOfPlan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Standard product warranty period			1 year
Deposits with foreign banks		$ 95,200,000	$ 31,100,000	$ 95,200,000
Demonstration inventory shelf life (in years)			3 years
Refurbished demonstration inventory selling period (in months)			12 months
Service inventory turnover period			12 months
Service inventory not for sale, useful life			3 years
Reserve percentage of FIFO obsolete and excess inventory			100.00%
Threshold for capitalization of property and equipment			$ 2,500
Depreciation			8,300,000	9,200,000	$ 10,800,000
Impairment of leasehold improvements			0	0	0
Indefinite-lived intangible assets		0	$ 0	0
Intangible assets weighted-average amortization period			8 years
Capitalized exploratory well cost, charged to expense			$ 600,000	0	0
Warranty term			1 year
Number of compensation plans \| numberOfPlan			1
Revenue recognized			$ 33,500,000	34,400,000
Nutfield, Laser Control Systems, Lanmark and Open Technologies Acquisitions
Summary Of Significant Accounting Policies [Line Items]
Assets impairment charges			1,100,000	0	0
Holobuilder \| Accounting Standards Update 2021-08
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized			$ 4,000,000
GeoSLAM
Summary Of Significant Accounting Policies [Line Items]
Intangible assets weighted-average amortization period	13 years
GeoSLAM \| Accounting Standards Update 2021-08
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized		1,300,000
Performance Shares
Summary Of Significant Accounting Policies [Line Items]
Vesting period, years			3 years
Finite-Lived Intangible Assets
Summary Of Significant Accounting Policies [Line Items]
Capitalized exploratory well costs		2,000,000	$ 7,100,000	2,000,000
Software Development
Summary Of Significant Accounting Policies [Line Items]
Capitalized exploratory well costs		$ 2,000,000	$ 5,400,000	$ 2,000,000	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Account receivable period due			30 days
Other intangible assets, useful life			3 years
Minimum \| Hardware Service
Summary Of Significant Accounting Policies [Line Items]
Extended product warranty term			1 month
Minimum \| Software Subscriptions
Summary Of Significant Accounting Policies [Line Items]
Extended product warranty term			1 month
Minimum \| Product technology and patents
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			7 years
Minimum \| Software Development
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			1 year
Minimum \| In Process Research and Development
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Account receivable period due			90 days
Other intangible assets, useful life			20 years
Maximum \| Hardware Service
Summary Of Significant Accounting Policies [Line Items]
Extended product warranty term			3 years
Maximum \| Software Subscriptions
Summary Of Significant Accounting Policies [Line Items]
Extended product warranty term			5 years
Maximum \| Product technology and patents
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			20 years
Maximum \| Software Development
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			5 years
Maximum \| In Process Research and Development
Summary Of Significant Accounting Policies [Line Items]
Other intangible assets, useful life			5 years

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Payments and Non-cash Activity

Selected cash payments and non-cash activities were as follows:


	Years ended December 31,
	2022		2021		2020
Supplemental cash flow information:
Cash paid for interest	$	4	$	1,186	$	21
Cash paid for income taxes	$	1,659	$	4,365	$	3,409
Supplemental noncash investing and financing activities:
Transfer of service and sales demonstration inventory to fixed assets	$	175	$	2,226	$	1,688
Assumption of contingent consideration from acquisition	$	—	$	—	$	980
Purchases of Property, plant, equipment and Intangibles accrued but not paid	$	157	$	754	$	—

Goodwill - Additional Information (Details)	12 Months Ended
Goodwill - Additional Information (Details)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 107,155,000	$ 82,096,000	$ 57,541,000
Net of accumulated impairments	35,200,000	35,200,000
Impairment of leasehold improvements	$ 0	$ 0	$ 0
Number of reportable segments \| segment	1

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

(Loss) Earnings Per Share - Reconciliation of Number of Common Shares Used in Calculation of Basic and Diluted Earnings Per Share (EPS) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic earnings per share (in shares)	18,318,191	18,187,946	17,769,958
Effect of dilutive securities (in shares)	0	0	156,366
Diluted earnings per share (in shares)	18,318,191	18,187,946	17,926,324
Securities excluded from the determination of weighted average shares for the calculation of diluted earnings (loss) per share, as they were antidilutive (in shares)	600,602	395,387	0
Basic earnings (loss) per share (in dollars per share)	$ (1.46)	$ (2.20)	$ 0.04
Effect of dilutive securities (in dollars per share)	0	0	0
Diluted earnings (loss) per share (in dollars per share)	$ (1.46)	$ (2.20)	$ 0.04

- 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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- 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.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax Expense (Benefit)

Income (loss) before income tax (benefit) expense consists of the following:


	Years ended December 31,
	2022		2021		2020
Domestic	$	(37,875)	$	(13,202)	$	(33,991)
Foreign	16,224		4,641		3,218
(Loss) Income before income taxes	$	(21,651)	$	(8,561)	$	(30,773)

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense (benefit) for income taxes are as follows:


	Years ended December 31,
	2022		2021		2020
Current:
Federal	$	(1,329)	$	211	$	(3,557)
State	162		114		169
Foreign	3,860		6,372		(2,032)
Current income tax expense (benefit)	2,693		6,697		(5,420)
Deferred:
Federal	2		15,464		(2,886)
State	(32)		6,418		(2,937)
Foreign	2,442		2,824		(20,159)
Deferred income tax expense (benefit)	2,412		24,706		(25,982)
Income tax expense (benefit)	$	5,105	$	31,403	$	(31,402)

Reconciliation of Income Tax Expense (Benefit)

Reconciliations of the income tax expense at the U.S. federal statutory income tax rate compared to our actual income tax expense (benefit) are summarized below:


	Years ended December 31,
	2022		2021		2020
Tax expense at statutory rate	$	(4,548)	$	(1,798)	$	(6,462)
State income taxes, net of federal benefit	(864)		106		(1,400)
Foreign tax rate difference	314		303		1,999
Change in valuation allowance	2,534		26,475		(3,736)
Impact of intra-entity IP transfers	—		231		(19,227)
Prepaid tax on intercompany profit	2,966		3390		—
Impact of permanent differences of non-deductible cost	2,221		1,658		(602)
Withholding/other foreign taxes	165		838		—
Research and development credit	(273)		(737)		(662)
Global intangible low-taxed income (“GILTI”)	3,238		763		—
Foreign currency gain/loss	(468)		594		—
Provision to return adjustments & deferred adjustments	(395)		313		(572)
Change in enacted tax rates	(883)		(306)		(1,138)
Equity based compensation	1,144		(245)		(42)
Uncertain tax positions	(46)		(185)		—
Other	—		3		440
Income tax expense (benefit)	$	5,105	$	31,403	$	(31,402)

Schedule of Components of Net Deferred Income Tax Assets and Liabilities

The components of our net deferred income tax assets and liabilities are as follows:


	As of December 31,
	2022		2021
Net deferred income tax asset - Non-current
Warranty cost	$	301	$	305
Inventory reserve	2,255		2,287
Unearned service revenue	8,930		9,913
Employee stock options	3,772		3,282
Tax credits	4,296		3,688
Loss carryforwards	19,197		18,487
Depreciation	729		1,295
Other, net	—		1,402
Intangibles & goodwill	12,461		14,400
Lease liability	3,690		4,749
Total deferred tax assets	55,631		59,808
Valuation allowance	(37,295)		(35,148)
Total deferred tax assets net of valuation allowance	18,336		24,660
Net deferred income tax liability - Non-current
Other, net	(2,420)		—
Operating lease right-of-use asset	(3,441)		(4,441)
Total deferred tax liabilities	(5,861)		(4,441)
Net deferred tax assets	$	12,475	$	20,219

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Years ended December 31,
	2022		2021		2020
Balance at January 1	$	1,664	$	1,873	$	1,924
Additions based on tax positions related to the current year	1,924		53		273
Additions for tax positions of prior years	—		—		—
Lapse of statute of limitations	(1,160)		(262)		(324)
Balance at December 31	$	2,428	$	1,664	$	1,873

Summary of Income Tax Examinations

The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of December 31, 2022.

Jurisdiction

Open Years

Examination
in Process

United States - Federal Income Tax

2019-2022

N/A

United States - various states

2018-2022

N/A

Germany

2014-2022

N/A

Switzerland

2020-2022

N/A

Singapore

2018-2022

N/A

Employee Retirement Benefit Plan	12 Months Ended
Employee Retirement Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Retirement Benefit Plan	EMPLOYEE RETIREMENT BENEFIT PLANWe maintain a 401(k) defined contribution retirement plan for our eligible U.S. employees. Costs charged to operations in connection with the 401(k) plan during 2022, 2021 and 2020 aggregated to $1.9 million, $1.8 million, and $1.8 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Revenues - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	$ 3.0	$ 3.5
Revenue recognized	33.5	34.4
Refund liability	0.3	0.2
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	2.0	2.3
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	$ 1.0	$ 1.2

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SALES
Sales	$ 345,765	$ 337,814	$ 303,768
COST OF SALES
Total cost of sales	170,002	153,887	143,921
GROSS PROFIT	175,763	183,927	159,847
OPERATING EXPENSES
Selling, general and administrative	146,657	136,234	131,827
Research and development	49,415	48,761	42,896
Restructuring costs	4,614	7,368	15,806
Total operating expenses	200,686	192,363	190,529
LOSS FROM OPERATIONS	(24,923)	(8,436)	(30,682)
OTHER (INCOME) EXPENSE
Other (income) expense, net	(3,236)	70	431
Interest (income) expense	(36)	55	(340)
LOSS BEFORE INCOME TAX EXPENSE (BENEFIT)	(21,651)	(8,561)	(30,773)
INCOME TAX EXPENSE (BENEFIT)	5,105	31,403	(31,402)
NET (LOSS) INCOME	$ (26,756)	$ (39,964)	$ 629
NET (LOSS) INCOME PER SHARE - BASIC (in dollars per share)	$ (1.46)	$ (2.20)	$ 0.04
NET (LOSS) INCOME PER SHARE - DILUTED (in dollars per share)	$ (1.46)	$ (2.20)	$ 0.04
Weighted average shares - Basic (in shares)	18,318,191	18,187,946	17,769,958
Weighted average shares - Diluted (in shares)	18,318,191	18,187,946	17,926,324
Product
SALES
Sales	$ 265,280	$ 251,103	$ 218,587
COST OF SALES
Total cost of sales	123,836	109,024	98,864
Service
SALES
Sales	80,485	86,711	85,181
COST OF SALES
Total cost of sales	$ 46,166	$ 44,863	$ 45,057

Geographic Information - Net Sales to External Customers Based Upon Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Geographic Reporting Disclosure [Line Items]
Sales	$ 345,765	$ 337,814	$ 303,768
United States and Canada
Geographic Reporting Disclosure [Line Items]
Sales	137,190	127,661	119,769
Americas-Other
Geographic Reporting Disclosure [Line Items]
Sales	17,233	12,973	9,057
Germany
Geographic Reporting Disclosure [Line Items]
Sales	41,485	48,772	46,166
EMEA-Other
Geographic Reporting Disclosure [Line Items]
Sales	56,688	55,577	45,224
Japan
Geographic Reporting Disclosure [Line Items]
Sales	21,661	25,997	4,998
China
Geographic Reporting Disclosure [Line Items]
Sales	43,108	40,808	31,748
Asia-Other
Geographic Reporting Disclosure [Line Items]
Sales	$ 28,400	$ 26,026	$ 46,806

- 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.

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+ Details

Business Combinations - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 01, 2022	Sep. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Liabilities assumed:
Goodwill	$ 107,155			$ 82,096	$ 57,541
GeoSLAM
Tangible assets acquired:
Accounts receivable			$ 2,452
Inventory			6,576
Property, plant and equipment, net			270
Other assets			505
Total assets acquired			9,803
Liabilities assumed:
Accounts payable and accrued liabilities			(2,375)
Deferred revenue			(1,282)
Other current liabilities			(197)
Total liabilities assumed			(3,854)
Intangible assets			18,610
Net assets acquired			24,559
Deferred income tax liability			(4,969)
Goodwill			25,356
Purchase price paid, net of cash acquired			$ 44,946
SiteScape
Liabilities assumed:
Intangible assets		$ 807
Goodwill		1,109
Purchase price paid, net of cash acquired		$ 1,916

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (1,329)	$ 211	$ (3,557)
State	162	114	169
Foreign	3,860	6,372	(2,032)
Current income tax expense (benefit)	2,693	6,697	(5,420)
Deferred:
Federal	2	15,464	(2,886)
State	(32)	6,418	(2,937)
Foreign	2,442	2,824	(20,159)
Deferred income tax expense (benefit)	2,412	24,706	(25,982)
Income tax expense (benefit)	$ 5,105	$ 31,403	$ (31,402)

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

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

Following is a 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 (Final)
Tangible assets acquired:
Accounts receivable	2,452
Inventory	6,576
Property, plant and equipment, net	270
Other assets	505
Total assets acquired	9,803

Liabilities assumed:
Accounts payable and accrued liabilities	(2,375)
Deferred revenue	(1,282)
Other current liabilities	(197)
Total liabilities assumed	(3,854)

Intangible assets	18,610
Net assets acquired	24,559

Deferred income tax liability	(4,969)
Goodwill	25,356
Purchase price paid, net of cash acquired	$	44,946

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)
Intangible assets						807
Goodwill						1,109
Purchase price paid, net of cash acquired						1,916

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

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


	Amount		Weighted Average Life (Years)
Brand	$	466	3
Technology	3,828		5
Customer relationships	14,316		15
Fair value of intangible assets acquired	$	18,610	13

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


	Amount		Weighted Average Life (Years)
Technology	$	807	3
Fair value of intangible assets acquired	$	807	3

Geographic Information - Long Lived Assets Attributed to Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	$ 175,853	$ 129,906	$ 93,933
United States
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	89,424	82,845	42,729
Americas-Other
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	8,800	9,794	10,415
Germany
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	22,055	24,415	26,671
EMEA-Other
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	53,656	10,063	10,966
Japan
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	617	1,039	1,192
Asia-Other
Long-Lived Assets by Geographical Areas [Line Items]
Long-lived assets	$ 1,301	$ 1,750	$ 1,960

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 1,664	$ 1,873	$ 1,924
Additions based on tax positions related to the current year	1,924	53	273
Additions for tax positions of prior years	0	0	0
Lapse of statute of limitations	(1,160)	(262)	(324)
Balance at December 31	$ 2,428	$ 1,664	$ 1,873

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Monte Carlo Simulation Valuation Model
Liabilities:
Undiscounted maximum payment under the contingent consideration arrangements	$ 1,100
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	1,043	1,028
Total	$ 1,043	$ 1,028

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Liabilities Measured at Fair Value on a Recurring Basis

Assets and 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.


	December 31, 2022
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,043
Total	$	—	$	—	$	1,043

	December 31, 2021
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,028
Total	$	—	$	—	$	1,028

(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 $1.1 million as of December 31, 2022. We expect to make payments earned by former owners under these arrangements on August 31, 2023.

Geographic Information - Narrative (Details)	12 Months Ended
Geographic Information - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting Information [Line Items]
Number of reportable segments	1
Minimum
Segment Reporting Information [Line Items]
Percentage of product sales to consolidated sales	99.00%

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	As of December 31,
	2022		2021
Accrued compensation and benefits	$	12,483	$	15,723
Accrued restructuring costs	528		3,919
Accrued warranties	2,610		1,880
Professional and legal fees	1,662		2,053
Taxes other than income	3,737		3,674
Other accrued liabilities	2,325		959
	$	23,345	$	28,208

Schedule of Activity Related to Accrued Warranties

Activity related to accrued warranties was as follows:


	Years ended December 31,
	2022		2021		2020
Balance, beginning of year	$	1,880	$	1,683	$	2,090
Provision for warranty expense	3,715		2,851		2,727
Fulfillment of warranty obligations	(2,985)		(2,654)		(3,134)
Balance, end of year	$	2,610	$	1,880	$	1,683

Other (Income) Expense, Net

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

OTHER (INCOME) EXPENSE, NETOther (income) expense, net consists of the following:


	Years ended December 31,
	2022		2021		2020
Foreign exchange transaction (gains) losses	$	(3,331)	$	560	$	1,680
Other	95		(490)		(1,249)
Total other (income) expense, net	$	(3,236)	$	70	$	431

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Machinery, Equipment and Software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	2 years
Machinery, Equipment and Software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years

Restructuring - Narrative (Details) ft² in Thousands, $ in Thousands	11 Months Ended	12 Months Ended			36 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 15, 2021 ft²	Feb. 13, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment of leasehold improvements		$ 507	$ 0	$ 0
Restructuring costs		4,614	7,368	15,806
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 2,347	528	3,919	2,347	$ 528			$ 0
Severance costs		3,000
Restructuring costs	15,456	2,973	7,368
Restructuring Plan \| Exton, Pennsylvania Manufacturing Site
Restructuring Cost and Reserve [Line Items]
Area of land \| ft²							17
Leasehold improvements		600			600
Impairment of leasehold improvements		500
Exploration abandonment and impairment expense			0
Restructuring Plan \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Restructuring noncash expense		1,600
Restructuring Plan \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		4,600			4,600
Restructuring costs		$ 6,400			25,300
Expected number of positions eliminated \| employee		390
Restructuring cost, cash		$ 500			500
Restructuring Plan \| Employee Severance \| Minimum \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring reserve						$ 500
Restructuring Plan \| Employee Severance \| Maximum \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring reserve						$ 1,000
Restructuring Plan \| Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	866	210	477	$ 866	$ 210			$ 0
Restructuring costs	$ 3,349	$ 1,330	$ 2,171

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax expense at statutory rate	$ (4,548)	$ (1,798)	$ (6,462)
State income taxes, net of federal benefit	(864)	106	(1,400)
Foreign tax rate difference	314	303	1,999
Change in valuation allowance	2,534	26,475	(3,736)
Impact of intra-entity IP transfers	0	231	(19,227)
Prepaid tax on intercompany profit	2,966	3,390	0
Impact of permanent differences of non-deductible cost	2,221	1,658	(602)
Withholding/other foreign taxes	165	838	0
Research and development credit	(273)	(737)	(662)
Global intangible low-taxed income (“GILTI”)	3,238	763	0
Foreign currency gain/loss	(468)	594	0
Provision to return adjustments & deferred adjustments	(395)	313	(572)
Change in enacted tax rates	(883)	(306)	(1,138)
Equity based compensation	1,144	(245)	(42)
Uncertain tax positions	(46)	(185)	0
Other	0	3	440
Income tax expense (benefit)	$ 5,105	$ 31,403	$ (31,402)

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment at cost	$ 118,453	$ 116,336
Less: accumulated depreciation and amortization	(98,733)	(94,142)
Property, plant and equipment, net	19,720	22,194
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment at cost	91,490	87,028
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment at cost	6,225	6,377
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment at cost	$ 20,738	$ 22,931

Allowance for Credit Losses - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
Balance, beginning of year	$ 2,231	$ 3,888	$ 3,449
Current period provision for expected credit losses, net of recoveries	163	176	440
Charge-offs of amounts previously written off	(109)	(1,833)	(1)
Balance, end of year	$ 2,285	$ 2,231	$ 3,888

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Allowance for Doubtful Accounts

Activity in the allowance for credit losses was as follows:


	Years ended December 31,
	2022		2021		2020
Balance, beginning of year	$	2,231	$	3,888	$	3,449
Current period provision for expected credit losses, net of recoveries	163		176		440
Charge-offs of amounts previously written off	(109)		(1,833)		(1)
Balance, end of year	$	2,285	$	2,231	$	3,888

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Jacksonville, Florida
Auditor Firm ID	248

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

For market-based restricted stock units granted during 2022, 2021 and 2020 valued using the Monte Carlo Simulation valuation model, we used the following assumptions:


	Year ended December 31
	2022		2021		2020
Risk-free interest rate	2.0	%	0.2	%	1.2	%
Expected dividend yield	—	%	—	%	—	%
Term	3 years		3 years		3 years
Expected volatility	42.5	%	45.0	%	40.0	%

Schedule of Stock Option Activity

A summary of stock option activity and weighted average exercise prices follows:


	Options	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value as of December 31, 2022
Outstanding at January 1, 2022	44,524	$	56.11
Granted	—	—
Forfeited	(21,857)	59.97
Exercised	—	—
Outstanding at December 31, 2022	22,667	$	52.39	1.8	$	—
Options exercisable at December 31, 2022	22,667	$	52.39	0.2	$	—

Schedule of Restricted Stock Activity

The following table summarizes the restricted stock and restricted stock unit activity and weighted-average grant date fair values for the year ended December 31, 2022:


	Shares	Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2022	350,579	$	79.11
Granted	446,701	50.66
Forfeited	(99,477)	68.02
Vested	(119,868)	65.45
Non-vested at December 31, 2022	577,935	$	61.86

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 consolidated statement of operations:


	Years ended December 31,
	2022		2021		2020
Cost of Sales
Product	$	889	$	566	$	356
Service	161		69		346
Total cost of sales	$	1,050	$	635	$	702
Operating Expenses
Selling, general and administrative	$	9,656	$	8,985	$	6,327
Research and development	2,611		1,836		1,285
Total operating expenses	$	12,267	$	10,821	$	7,612
Total stock-based compensation	$	13,317	$	11,456	$	8,314

Other (Income) Expense, Net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other (Income) Expense, Net

Other (income) expense, net consists of the following:


	Years ended December 31,
	2022		2021		2020
Foreign exchange transaction (gains) losses	$	(3,331)	$	560	$	1,680
Other	95		(490)		(1,249)
Total other (income) expense, net	$	(3,236)	$	70	$	431

Stock Compensation Plans - Schedule of Stock Option Activity and Weighted Average Exercise Prices (Details) - Employee Stock Option $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Options
Beginning balance (in shares) \| shares	44,524
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(21,857)
Exercised (in shares) \| shares	0
Ending balance (in shares) \| shares	22,667
Options exercisable (in shares) \| shares	22,667
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 56.11
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	59.97
Exercised (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	52.39
Options exercisable (in dollars per share) \| $ / shares	$ 52.39
Weighted-Average Remaining Contractual Term (Years)
Outstanding	1 year 9 months 18 days
Options exercisable	2 months 12 days
Aggregate Intrinsic Value
Outstanding \| $	$ 0
Options exercisable \| $	$ 0

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


	As of December 31, 2022
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	22,903	$	12,704	$	10,199
Patents and trademarks	16,733		9,028		7,705
Customer relationships	24,283		5,503		18,780
Other	19,110		6,816		12,294
Total	$	83,029	$	34,051	$	48,978


	As of December 31, 2021
	Carrying Value		Accumulated Amortization		Net Intangible
Amortizable intangible assets:
Product technology	$	20,944	$	12,337	$	8,607
Patents and trademarks	15,535		8,294		7,241
Customer relationships	9,892		4,811		5,081
Other	10,369		5,682		4,687
Total	$	56,740	$	31,124	$	25,616

Schedule of Estimated Amortization Expense

The estimated amortization expense for each of the years 2023 through 2027 and thereafter is as follows:



Years ending December 31,	Amount
2023	$	9,323
2024	6,431
2025	6,040
2026	4,377
2027	3,137
Thereafter	19,670
	$	48,978

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in these balances are shown below:


(in thousands)	December 31, 2022		December 31, 2021
Goodwill, beginning	$	82,096	$	57,541
Recognized goodwill	26,465		26,723
Foreign currency translation	(1,406)		(2,168)
Goodwill, ending	$	107,155	$	82,096

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Business Combinations - Acquired Intangibles (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 01, 2022	Sep. 01, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)			8 years
GeoSLAM
Acquired Finite-Lived Intangible Assets [Line Items]
Amount		$ 18,610
Weighted Average Life (Years)		13 years
GeoSLAM \| Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Amount		$ 466
Weighted Average Life (Years)		3 years
GeoSLAM \| Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amount		$ 3,828
Weighted Average Life (Years)		5 years
GeoSLAM \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Amount		$ 14,316
Weighted Average Life (Years)		15 years
SiteScape
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 807
Weighted Average Life (Years)	3 years
SiteScape \| Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 807
Weighted Average Life (Years)	3 years

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net (loss) income	$ (26,756)	$ (39,964)	$ 629
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization	13,983	13,396	14,239
Stock-based compensation	13,317	11,456	8,314
Provision for bad debts (net of recoveries)	163	176	440
Loss on disposal of assets	156	218	383
Provision for excess and obsolete inventory	(68)	2,297	1,349
Impairment of leasehold improvements	507	0	0
Impairment of intangibles	1,135	0	0
Deferred income tax expense (benefit)	2,412	24,706	(28,444)
(Increase) decrease in:
Accounts receivable, net	(11,198)	(15,577)	12,346
Inventories	3,379	(6,706)	10,343
Prepaid expenses and other assets	(21,239)	5,996	3,862
(Decrease) increase in:
Accounts payable and accrued liabilities	4,777	(13,260)	2,390
Income taxes payable	(1,904)	847	(3,357)
Customer deposits	1,343	2,627	(374)
Unearned service revenues	(4,863)	312	(726)
Net cash (used in) provided by operating activities	(24,856)	(13,476)	21,394
INVESTING ACTIVITIES:
Proceeds from sale of investments	0	0	25,000
Purchases of property and equipment	(6,371)	(7,035)	(4,774)
Cash paid for technology development, patents and licenses	(10,567)	(4,905)	(1,298)
Acquisitions of businesses and minority share investments, net of cash received	(32,959)	(33,800)	(6,036)
Other	0	0	1,015
Net cash (used in) provided by investing activities	(49,897)	(45,740)	13,907
FINANCING ACTIVITIES:
Payments on capital leases	(220)	(296)	(338)
Payments of contingent consideration for acquisitions	0	0	(733)
Payments for taxes related to net share settlement of equity awards	(1,892)	(4,002)	(2,602)
Proceeds from issuance of stock related to stock option exercises	0	5,880	14,731
Short term debt	1,115	0	0
Net cash (used in) provided by financing activities	(997)	1,582	11,058
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(8,427)	(6,010)	5,640
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(84,177)	(63,644)	51,999
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	121,989	185,633	133,634
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 37,812	$ 121,989	$ 185,633

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
2023	$ 6,674
2024	5,245
2025	3,422
2026	2,392
2027	1,579
Thereafter	4,053
Total lease payments	23,365
Less imputed interest	(3,298)
Total	20,067	$ 24,139
Finance leases
2023	184
2024	73
2025	23
2026	18
2027	10
Thereafter	0
Total lease payments	308
Less imputed interest	(17)
Total	$ 291	$ 247

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies [Line Items]
Purchase commitment, due in next twelve months	$ 42.0
Long-term purchase commitments	$ 23.9
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

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Renewal term	15 years
Termination window	3 months
Short term lease cost	$ 0.1	$ 0.1
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	8 years

Intangible Assets - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 83,029	$ 56,740
Accumulated Amortization	34,051	31,124
Net Intangible	48,978	25,616
Product technology
Finite-Lived Intangible Assets [Line Items]
Carrying Value	22,903	20,944
Accumulated Amortization	12,704	12,337
Net Intangible	10,199	8,607
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Carrying Value	16,733	15,535
Accumulated Amortization	9,028	8,294
Net Intangible	7,705	7,241
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	24,283	9,892
Accumulated Amortization	5,503	4,811
Net Intangible	18,780	5,081
Other
Finite-Lived Intangible Assets [Line Items]
Carrying Value	19,110	10,369
Accumulated Amortization	6,816	5,682
Net Intangible	$ 12,294	$ 4,687

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in share)	50,000,000	50,000,000
Common stock, shares, issued (in shares)	20,156,233	19,588,003
Common stock, shares, outstanding (in shares)	18,780,013	18,205,636
Treasury stock, shares (in share)	1,376,220	1,382,367

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATIONSelected cash payments and non-cash activities were as follows:


	Years ended December 31,
	2022		2021		2020
Supplemental cash flow information:
Cash paid for interest	$	4	$	1,186	$	21
Cash paid for income taxes	$	1,659	$	4,365	$	3,409
Supplemental noncash investing and financing activities:
Transfer of service and sales demonstration inventory to fixed assets	$	175	$	2,226	$	1,688
Assumption of contingent consideration from acquisition	$	—	$	—	$	980
Purchases of Property, plant, equipment and Intangibles accrued but not paid	$	157	$	754	$	—

(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

(LOSS) EARNINGS PER SHAREBasic earnings per share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per share is computed by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. Our potential common stock consists of employee stock options, restricted stock units and market-based awards. Our potential common stock is excluded from the basic earnings per share calculation and is included in the diluted earnings per share calculation when doing so would not be anti-dilutive. Market-based awards are included in the computation of (diluted earnings per share only to the extent that the underlying 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 diluted loss per share calculation does not include our potential common stock, as the inclusion of these shares in the calculation would have an anti-dilutive effect. A reconciliation of the number of common shares used in the calculation of basic and diluted earnings per share is presented below:


	Years Ended December 31,
	2022				2021			2020
	Shares		Per-Share Amount		Shares	Per-Share Amount		Shares	Per-Share Amount
Basic earnings per share	18,318,191		$	(1.46)	18,187,946	$	(2.20)	17,769,958	$	0.04
Effect of dilutive securities	—		—		—	—		156,366	—
Diluted earnings per share	18,318,191	—	$	(1.46)	18,187,946	$	(2.20)	17,926,324	$	0.04
Securities excluded from the determination of weighted average shares for the calculation of diluted earnings per share, as they were potentially antidilutive	600,602				395,387			—

Leases Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases:
Operating lease right-of-use asset	$ 18,989	$ 22,543
Current operating lease liability	5,535	5,601
Operating lease liability - less current portion	14,532	18,538
Total operating lease liability	20,067	24,139
Finance leases:
Property and equipment, at cost	1,523	1,380
Accumulated depreciation	(1,387)	(1,222)
Property and equipment, net	136	158
Current finance lease liability	174	137
Finance lease liability - less current portion	117	110
Total finance lease liability	$ 291	$ 247
Weighted Average Remaining Lease Term (in years):
Operating leases	4 years 11 months 19 days	5 years 8 months 8 days
Finance leases	2 years 2 months 26 days	2 years 1 month 13 days
Weighted Average Discount Rate:
Operating leases	5.67%	5.67%
Finance leases	5.31%	5.02%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease liability	Lease liability
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liability - less current portion	Lease liability - less current portion
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Liabilities	Liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liability	Lease liability
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liability - less current portion	Lease liability - less current portion
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Sales	$ 345,765	$ 337,814	$ 303,768
Americas
Disaggregation of Revenue [Line Items]
Sales	154,422	140,633	128,826
EMEA
Disaggregation of Revenue [Line Items]
Sales	98,174	104,350	91,390
APAC
Disaggregation of Revenue [Line Items]
Sales	93,169	92,831	83,552
Product Sales
Disaggregation of Revenue [Line Items]
Sales	265,280	251,103	218,587
Product Sales \| Products transferred to a customer at a point in time
Disaggregation of Revenue [Line Items]
Sales	242,969	234,188	205,849
Product Sales \| Products transferred to a customer over time
Disaggregation of Revenue [Line Items]
Sales	22,311	16,915	12,738
Service Sales
Disaggregation of Revenue [Line Items]
Sales	80,485	86,711	85,181
Service Sales \| Products transferred to a customer at a point in time
Disaggregation of Revenue [Line Items]
Sales	34,525	39,559	36,732
Service Sales \| Products transferred to a customer over time
Disaggregation of Revenue [Line Items]
Sales	$ 45,960	$ 47,152	$ 48,449

- Definition

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Deferred tax assets	$ 18,336	$ 24,660
Deferred tax assets, intangibles	12,461	14,400
Deferred income tax assets, foreign	9,000	7,800
Deferred tax assets, valuation allowance	37,295	35,148
Net increase valuation allowance	2,100	26,500	$ 3,700
Undistributed earnings of foreign subsidiaries	400
Unrecognized tax benefits	2,428	1,664	$ 1,873	$ 1,924
Unrecognized tax benefits that would impact effective tax rate	$ 2,400
Minimum
Income Taxes [Line Items]
Tax returns examination statute of limitations period	3 years
Maximum
Income Taxes [Line Items]
Tax returns examination statute of limitations period	4 years
Domestic Tax Authority
Income Taxes [Line Items]
Deferred income tax liabilities	$ 500	400
Operating loss carryforwards	22,100
Effective income tax rate reconciliation, tax credit, amount	3,200
Foreign Tax Authority
Income Taxes [Line Items]
Deferred tax assets	12,900	20,600
Operating loss carryforwards	48,700
Operating loss carryforwards portion that does not expire	21,900
Deferred tax assets, intangibles	10,300	$ 17,300
State and Local Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards	90,500
Effective income tax rate reconciliation, tax credit, amount	$ 400

Stock Compensation Plans - Schedule of Restricted Stock Unit Activity and Weighted Average Grant Date Fair Value (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Beginning balance (in shares) \| shares	350,579
Granted (in shares) \| shares	446,701
Forfeited (in shares) \| shares	(99,477)
Vested (in shares) \| shares	(119,868)
Ending balance (in shares) \| shares	577,935
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 79.11
Granted (in dollars per share) \| $ / shares	50.66
Forfeited (in dollars per share) \| $ / shares	68.02
Vested (in dollars per share) \| $ / shares	65.45
Ending balance (in dollars per share) \| $ / shares	$ 61.86

Cover page - USD ($)	12 Months Ended
Cover page - USD ($)	Dec. 31, 2022	Feb. 13, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 559,423,854
Entity Common Stock, Shares Outstanding		18,780,364
Documents Incorporated by Reference	Portions of the Registrant’s proxy statement for the 2023 Annual Meeting of Shareholders are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000917491

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of December 31,
	2022		2021
Accrued compensation and benefits	$	12,483	$	15,723
Accrued restructuring costs	528		3,919
Accrued warranties	2,610		1,880
Professional and legal fees	1,662		2,053
Taxes other than income	3,737		3,674
Other accrued liabilities	2,325		959
	$	23,345	$	28,208

Activity related to accrued warranties was as follows:


	Years ended December 31,
	2022		2021		2020
Balance, beginning of year	$	1,880	$	1,683	$	2,090
Provision for warranty expense	3,715		2,851		2,727
Fulfillment of warranty obligations	(2,985)		(2,654)		(3,134)
Balance, end of year	$	2,610	$	1,880	$	1,683

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Sep. 01, 2022	Dec. 31, 2022	Dec. 01, 2022
Business Acquisition [Line Items]
Gross contractual amount from accounts receivable acquired		$ 2,600
GeoSLAM
Business Acquisition [Line Items]
Purchase price	$ 29,100
Number of shares issued in non-cash payment transaction (in shares)	495,562
Value of stock	$ 15,900
Purchase price paid, net of cash acquired	$ 44,946
Integration costs		2,100
Accounts receivable net		2,500
SiteScape
Business Acquisition [Line Items]
Purchase price paid, net of cash acquired			$ 1,916
Integration costs		$ 200

Leases

12 Months Ended

Dec. 31, 2022

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 materially lease assets as a lessor. Our leases have remaining lease terms of less than one year to approximately eight 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 consolidated balance sheets. Finance leases are included in Property and equipment, net, Lease liability, and Lease liability - less current portion in our 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:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Operating lease cost	$	7,212	$	7,805

Finance lease cost:
Amortization of ROU assets	$	113	$	295
Interest on lease liabilities	$	18	$	20
Total finance lease cost	$	131	$	315

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 year ended December 31, 2022 and December 31, 2020 was $0.1 million and $0.1 million respectively.

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	December 31, 2022			December 31, 2021
Operating leases:
Operating lease right-of-use asset	$	18,989		$	22,543

Current operating lease liability	$	5,535		$	5,601
Operating lease liability - less current portion	14,532			18,538
Total operating lease liability	$	20,067		$	24,139

Finance leases:
Property and equipment, at cost	$	1,523		$	1,380
Accumulated depreciation	$	(1,387)		$	(1,222)
Property and equipment, net	$	136		$	158

Current finance lease liability	$	174		$	137
Finance lease liability - less current portion	$	117		$	110
Total finance lease liability	$	291		$	247

Weighted Average Remaining Lease Term (in years):
Operating leases	4.97			5.69
Finance leases	2.24			2.12

Weighted Average Discount Rate:
Operating leases	5.67		%	5.67		%
Finance leases	5.31		%	5.02		%

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,513	$	7,860
Operating cash flows from finance leases	$	18	$	20
Financing cash flows from finance leases	$	220	$	296

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,792	$	1,210

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2023	$	6,674	$	184
2024	$	5,245	$	73
2025	$	3,422	$	23
2026	$	2,392	$	18
2027	$	1,579	$	10
Thereafter	$	4,053	$	—
Total lease payments	$	23,365	$	308
Less imputed interest	$	(3,298)	$	(17)
Total	$	20,067	$	291

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:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Operating lease cost	$	7,212	$	7,805

Finance lease cost:
Amortization of ROU assets	$	113	$	295
Interest on lease liabilities	$	18	$	20
Total finance lease cost	$	131	$	315

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	December 31, 2022			December 31, 2021
Operating leases:
Operating lease right-of-use asset	$	18,989		$	22,543

Current operating lease liability	$	5,535		$	5,601
Operating lease liability - less current portion	14,532			18,538
Total operating lease liability	$	20,067		$	24,139

Finance leases:
Property and equipment, at cost	$	1,523		$	1,380
Accumulated depreciation	$	(1,387)		$	(1,222)
Property and equipment, net	$	136		$	158

Current finance lease liability	$	174		$	137
Finance lease liability - less current portion	$	117		$	110
Total finance lease liability	$	291		$	247

Weighted Average Remaining Lease Term (in years):
Operating leases	4.97			5.69
Finance leases	2.24			2.12

Weighted Average Discount Rate:
Operating leases	5.67		%	5.67		%
Finance leases	5.31		%	5.02		%

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,513	$	7,860
Operating cash flows from finance leases	$	18	$	20
Financing cash flows from finance leases	$	220	$	296

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,792	$	1,210

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2023	$	6,674	$	184
2024	$	5,245	$	73
2025	$	3,422	$	23
2026	$	2,392	$	18
2027	$	1,579	$	10
Thereafter	$	4,053	$	—
Total lease payments	$	23,365	$	308
Less imputed interest	$	(3,298)	$	(17)
Total	$	20,067	$	291

Goodwill - Changes in Goodwill by Reporting Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning	$ 82,096	$ 57,541
Recognized goodwill	26,465	26,723
Foreign currency translation	(1,406)	(2,168)
Goodwill, ending	$ 107,155	$ 82,096

- Definition

+ References + Details

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 7,212	$ 7,805
Finance lease cost:
Amortization of ROU assets	113	295
Interest on lease liabilities	18	20
Total finance lease cost	$ 131	$ 315

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Years ended December 31,
	2022		2021		2020
Product Sales
Products transferred to a customer at a point in time	$	242,969	$	234,188	$	205,849
Products transferred to a customer over time	22,311		16,915		12,738
	$	265,280	$	251,103	$	218,587


	Years ended December 31,
	2022		2021		2020
Service Sales
Service transferred to a customer at a point in time	$	34,525	$	39,559	$	36,732
Service transferred to a customer over time	45,960		47,152		48,449
	$	80,485	$	86,711	$	85,181

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


	Years ended December 31,
	2022		2021		2020
Total Sales to External Customers
Americas (1)	$	154,422	$	140,633	$	128,826
EMEA (1)	98,174		104,350		91,390
APAC (1)	93,169		92,831		83,552
	$	345,765	$	337,814	$	303,768

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

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) income	629			629
Currency translation adjustment, net of income tax	7,239				7,239
Stock-based compensation	8,314		8,314
Common stock issued, net of shares withheld for employee taxes (in shares)		414,089
Common stock issued, net of shares withheld for employee taxes	12,129		11,797			332
Ending balance (in shares) at Dec. 31, 2020		17,990,707
Ending 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) income	(39,964)			(39,964)
Currency translation adjustment, net of income tax	(7,214)				(7,214)
Stock-based compensation	11,456		11,456
Common stock issued, net of shares withheld for employee taxes (in shares)		214,929
Common stock issued, net of shares withheld for employee taxes	$ 1,878	$ 1	1,626			251
Ending balance (in shares) at Dec. 31, 2021	18,205,636	18,205,636
Ending balance at Dec. 31, 2021	$ 326,459	$ 20	301,061	73,544	(17,374)	(30,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(26,756)			(26,756)
Currency translation adjustment, net of income tax	(15,957)				(15,957)
Stock-based compensation	13,317		13,317
Common stock issued, net of shares withheld for employee taxes (in shares)		78,815
Common stock issued, net of shares withheld for employee taxes	(1,892)		(2,029)			137
Acquisition of business (in shares)		495,562
Acquisition of business	$ 15,878		15,878
Ending balance (in shares) at Dec. 31, 2022	18,780,013	18,780,013
Ending balance at Dec. 31, 2022	$ 311,049	$ 20	$ 328,227	$ 46,788	$ (33,331)	$ (30,655)

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXESIncome (loss) before income tax (benefit) expense consists of the following:


	Years ended December 31,
	2022		2021		2020
Domestic	$	(37,875)	$	(13,202)	$	(33,991)
Foreign	16,224		4,641		3,218
(Loss) Income before income taxes	$	(21,651)	$	(8,561)	$	(30,773)

The components of the income tax expense (benefit) for income taxes are as follows:


	Years ended December 31,
	2022		2021		2020
Current:
Federal	$	(1,329)	$	211	$	(3,557)
State	162		114		169
Foreign	3,860		6,372		(2,032)
Current income tax expense (benefit)	2,693		6,697		(5,420)
Deferred:
Federal	2		15,464		(2,886)
State	(32)		6,418		(2,937)
Foreign	2,442		2,824		(20,159)
Deferred income tax expense (benefit)	2,412		24,706		(25,982)
Income tax expense (benefit)	$	5,105	$	31,403	$	(31,402)

Reconciliations of the income tax expense at the U.S. federal statutory income tax rate compared to our actual income tax expense (benefit) are summarized below:


	Years ended December 31,
	2022		2021		2020
Tax expense at statutory rate	$	(4,548)	$	(1,798)	$	(6,462)
State income taxes, net of federal benefit	(864)		106		(1,400)
Foreign tax rate difference	314		303		1,999
Change in valuation allowance	2,534		26,475		(3,736)
Impact of intra-entity IP transfers	—		231		(19,227)
Prepaid tax on intercompany profit	2,966		3390		—
Impact of permanent differences of non-deductible cost	2,221		1,658		(602)
Withholding/other foreign taxes	165		838		—
Research and development credit	(273)		(737)		(662)
Global intangible low-taxed income (“GILTI”)	3,238		763		—
Foreign currency gain/loss	(468)		594		—
Provision to return adjustments & deferred adjustments	(395)		313		(572)
Change in enacted tax rates	(883)		(306)		(1,138)
Equity based compensation	1,144		(245)		(42)
Uncertain tax positions	(46)		(185)		—
Other	—		3		440
Income tax expense (benefit)	$	5,105	$	31,403	$	(31,402)

The components of our net deferred income tax assets and liabilities are as follows:


	As of December 31,
	2022		2021
Net deferred income tax asset - Non-current
Warranty cost	$	301	$	305
Inventory reserve	2,255		2,287
Unearned service revenue	8,930		9,913
Employee stock options	3,772		3,282
Tax credits	4,296		3,688
Loss carryforwards	19,197		18,487
Depreciation	729		1,295
Other, net	—		1,402
Intangibles & goodwill	12,461		14,400
Lease liability	3,690		4,749
Total deferred tax assets	55,631		59,808
Valuation allowance	(37,295)		(35,148)
Total deferred tax assets net of valuation allowance	18,336		24,660
Net deferred income tax liability - Non-current
Other, net	(2,420)		—
Operating lease right-of-use asset	(3,441)		(4,441)
Total deferred tax liabilities	(5,861)		(4,441)
Net deferred tax assets	$	12,475	$	20,219

Our domestic entities had a net deferred tax liability in the amount of $0.5 million and $0.4 million as of December 31, 2022 and December 31, 2021, respectively. Our foreign entities had net deferred tax assets in the amount of $12.9 million and $20.6 million as of December 31, 2022 and December 31, 2021, respectively. At December 31, 2022 we had U.S. federal and state net operating loss carryforwards of $22.1 million and $90.5 million, respectively. $21.9 million of our federal net operating losses carryforward indefinitely while a portion of our federal and state net operating loss carryforwards will begin to expire in 2034 and 2029, respectively. We also had federal and state R&D credits of $3.2 million and $0.4 million, respectively. The federal credits will begin to expire in 2037 and our state credits carryforward indefinitely. Foreign net operating losses are $48.7 million, the majority of which can be carried forward indefinitely.

At December 31, 2022, our foreign subsidiaries had net deferred tax assets primarily relating to Intangibles of $10.3 million and net operating losses of $9.0 million, the majority of which can be carried forward indefinitely. At December 31, 2021, our foreign subsidiaries had net deferred tax assets primarily relating to Intangibles of $17.3 million and net operating losses of $7.8 million, the majority of which can be carried forward indefinitely.

The realization of deferred tax assets is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. We assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Management's evaluation begins with a jurisdictional review of cumulative gains or losses incurred over recent years. A significant piece of objective negative evidence exists when a jurisdiction has incurred cumulative losses over recent years. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. Based on the positive and negative evidence for recoverability, we establish a valuation allowance against the net deferred tax assets of a taxing jurisdiction in which we operate unless it is “more likely than not” that we will recover such assets through the above means. We have valuation allowances of $37.3 million and $35.1 million for the years December 31, 2022 and 2021, respectively. The net change in the total valuation allowance for each of the years ended December 31, 2022, 2021 and 2020 was a $2.1 million increase, $26.5 million increase and $3.7 million increase, respectively. The increase in the valuation allowance for the year ended December 31, 2022 primarily relates to the recording of valuation allowances against our net U.S. and Singapore deferred tax assets.

On December 22, 2017, the United States enacted the U.S. Tax Cuts and Jobs Act, resulting in significant modifications to existing law, which included a transition tax on the mandatory deemed repatriation of foreign earnings. As a result of the U.S. Tax Cuts and Jobs Act, the Company can repatriate foreign earnings and profits to the U.S. with minimal U.S. income tax consequences, other than the transition tax and GILTI tax. The Company reinvested a large portion of its undistributed foreign earnings and profits in acquisitions and other investments and intends to bring back a portion of foreign cash in certain jurisdictions where the Company will not be subject to local withholding taxes and which were subject already to transition tax and GILTI tax. At December 31, 2022, we have not provided for approximately $0.4 million of withholding tax on foreign earnings and profits in certain jurisdictions that we intend to invest these earnings indefinitely.

Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of a global business, there are many transactions for which the ultimate tax outcome is uncertain. We review our tax contingencies on a regular basis and make appropriate accruals as necessary.

During 2022, the United States enacted the Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022. We have performed an analysis of the applicable tax law changes and have determined any change would be immaterial.

As of December 31, 2022, 2021 and 2020, our unrecognized tax benefits totaled $2.4 million, $1.7 million and $1.9 million, respectively, which are included in Income taxes payable and offsetting an associated deferred tax asset.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Years ended December 31,
	2022		2021		2020
Balance at January 1	$	1,664	$	1,873	$	1,924
Additions based on tax positions related to the current year	1,924		53		273
Additions for tax positions of prior years	—		—		—
Lapse of statute of limitations	(1,160)		(262)		(324)
Balance at December 31	$	2,428	$	1,664	$	1,873

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of December 31, 2022.

Jurisdiction

Open Years

Examination
in Process

United States - Federal Income Tax

2019-2022

N/A

United States - various states

2018-2022

N/A

Germany

2014-2022

N/A

Switzerland

2020-2022

N/A

Singapore

2018-2022

N/A

We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $2.4 million. We do not currently anticipate that the total amount of unrecognized tax benefits will result in material changes to our financial position. We are subject to income taxes at the federal, state and foreign country level. Our tax returns are subject to examination at the U.S. state level and are subject to a three to four year statute of limitations, depending on the state.

- 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
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+ Details

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

Total sales to external customers is based upon the geographic location of the customer.


	For the Years Ended December 31,
	2022		2021		2020
Total sales to external customers
United States and Canada	$	137,190	$	127,661	$	119,769
Americas-Other	17,233		12,973		9,057
Germany	41,485		48,772		46,166
EMEA-Other	56,688		55,577		45,224
Japan	21,661		25,997		4,998
China	43,108		40,808		31,748
Asia-Other	28,400		26,026		46,806
	$	345,765	$	337,814	$	303,768

Schedule of Long Lived Assets Attributed to Geographic Area


	As of December 31,
	2022		2021		2020
Long-Lived Assets
United States	$	89,424	$	82,845	$	42,729
Americas-Other	8,800		9,794		10,415
Germany	22,055		24,415		26,671
EMEA-Other	53,656		10,063		10,966
Japan	617		1,039		1,192
Asia-Other	1,301		1,750		1,960
	$	175,853	$	129,906	$	93,933

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The guidance on fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and requires enhanced disclosures about assets and liabilities measured at fair value. Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are used to determine fair value. These models employ valuation techniques that involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.

Assets and liabilities recorded at fair value on a recurring basis in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by the guidance on fair value measurements, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and are as follows:

Level 1 - Valuation is based upon quoted market prices for identical instruments traded in active markets.

Level 2 - Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques.

Fair Value on a Recurring Basis

Assets and 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.


	December 31, 2022
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,043
Total	$	—	$	—	$	1,043

	December 31, 2021
	Level 1		Level 2		Level 3
Liabilities:
Contingent consideration (1)	$	—	$	—	$	1,028
Total	$	—	$	—	$	1,028

(Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of 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 earnings per share is presented below:


	Years Ended December 31,
	2022				2021			2020
	Shares		Per-Share Amount		Shares	Per-Share Amount		Shares	Per-Share Amount
Basic earnings per share	18,318,191		$	(1.46)	18,187,946	$	(2.20)	17,769,958	$	0.04
Effect of dilutive securities	—		—		—	—		156,366	—
Diluted earnings per share	18,318,191	—	$	(1.46)	18,187,946	$	(2.20)	17,926,324	$	0.04
Securities excluded from the determination of weighted average shares for the calculation of diluted earnings per share, as they were potentially antidilutive	600,602				395,387			—

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

Depreciation is computed beginning on the date that the asset is placed into service using the straight-line method over the estimated useful lives of the various classes of assets as follows:


Machinery, equipment and software			2 to 5 years
Furniture and fixtures			3 to 10 years

Balances of major classes of depreciable assets and total accumulated depreciation as of December 31, 2022 and 2021 are as follows:


	December 31, 2022		December 31, 2021
Property, plant and equipment:
Machinery and equipment	$	91,490	$	87,028
Furniture and fixtures	6,225		6,377
Leasehold improvements	20,738		22,931
Property, plant and equipment at cost	118,453		116,336
Less: accumulated depreciation and amortization	(98,733)		(94,142)
Property, plant and equipment, net	$	19,720	$	22,194

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (26,756)	$ (39,964)	$ 629
Currency translation adjustments, net of income tax	(15,957)	(7,214)	7,239
Comprehensive (loss) income	$ (42,713)	$ (47,178)	$ 7,868

- 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

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 5.7	$ 4.2	$ 3.4

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Cost and Supplemental Cash Flow Information Related to Leases

The components of lease expense were as follows:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Operating lease cost	$	7,212	$	7,805

Finance lease cost:
Amortization of ROU assets	$	113	$	295
Interest on lease liabilities	$	18	$	20
Total finance lease cost	$	131	$	315

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31, 2022		Year Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,513	$	7,860
Operating cash flows from finance leases	$	18	$	20
Financing cash flows from finance leases	$	220	$	296

ROU assets obtained in exchange for lease obligations:
Operating leases	$	1,792	$	1,210

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	As of			As of
	December 31, 2022			December 31, 2021
Operating leases:
Operating lease right-of-use asset	$	18,989		$	22,543

Current operating lease liability	$	5,535		$	5,601
Operating lease liability - less current portion	14,532			18,538
Total operating lease liability	$	20,067		$	24,139

Finance leases:
Property and equipment, at cost	$	1,523		$	1,380
Accumulated depreciation	$	(1,387)		$	(1,222)
Property and equipment, net	$	136		$	158

Current finance lease liability	$	174		$	137
Finance lease liability - less current portion	$	117		$	110
Total finance lease liability	$	291		$	247

Weighted Average Remaining Lease Term (in years):
Operating leases	4.97			5.69
Finance leases	2.24			2.12

Weighted Average Discount Rate:
Operating leases	5.67		%	5.67		%
Finance leases	5.31		%	5.02		%

Operating Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2023	$	6,674	$	184
2024	$	5,245	$	73
2025	$	3,422	$	23
2026	$	2,392	$	18
2027	$	1,579	$	10
Thereafter	$	4,053	$	—
Total lease payments	$	23,365	$	308
Less imputed interest	$	(3,298)	$	(17)
Total	$	20,067	$	291

Finance Lease, Liability, Maturity

Maturities of lease liabilities are as follows:


Year Ending December 31,	Operating leases		Finance leases
2023	$	6,674	$	184
2024	$	5,245	$	73
2025	$	3,422	$	23
2026	$	2,392	$	18
2027	$	1,579	$	10
Thereafter	$	4,053	$	—
Total lease payments	$	23,365	$	308
Less imputed interest	$	(3,298)	$	(17)
Total	$	20,067	$	291

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,513	$ 7,860
Operating cash flows from finance leases	18	20
Financing cash flows from finance leases	220	296
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 1,792	$ 1,210

Income Taxes - Components of Net Deferred Income Tax Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Net deferred income tax asset - Non-current
Warranty cost	$ 301	$ 305
Inventory reserve	2,255	2,287
Unearned service revenue	8,930	9,913
Employee stock options	3,772	3,282
Tax credits	4,296	3,688
Loss carryforwards	19,197	18,487
Depreciation	729	1,295
Other, net	0	1,402
Intangibles & goodwill	12,461	14,400
Lease liability	3,690	4,749
Total deferred tax assets	55,631	59,808
Valuation allowance	(37,295)	(35,148)
Total deferred tax assets net of valuation allowance	18,336	24,660
Net deferred income tax liability - Non-current
Other, net	(2,420)	0
Operating lease right-of-use asset	(3,441)	(4,441)
Total deferred tax liabilities	(5,861)	(4,441)
Net deferred tax assets	$ 12,475	$ 20,219