FORUM ENERGY TECHNOLOGIES INC
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
FET$71.27+2.3%Stored close · as of Nov 9, 2026
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Condensed consolidated balance sheets
| (in thousands, except share information) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $31,826 | $46,165 |
| Accounts receivable—trade, net of allowances of $9,392 and $10,850 | 164,247 | 146,747 |
| Inventories, net | 291,087 | 299,639 |
| Prepaid expenses and other current assets | 19,828 | 21,887 |
| Costs and estimated profits in excess of billings | 12,715 | 13,365 |
| Accrued revenue | 1,615 | 1,801 |
| Total current assets | 521,318 | 529,604 |
| Property and equipment, net of accumulated depreciation | 85,076 | 61,401 |
| Operating lease assets | 52,514 | 55,399 |
| Deferred financing costs, net | 2,441 | 1,159 |
| Intangible assets, net | 249,826 | 167,970 |
| Goodwill | 62,689 | — |
| Deferred income taxes, net | 132 | 368 |
| Other long-term assets | 2,761 | 5,160 |
| Total assets | $976,757 | $821,061 |
| Liabilities and equity | ||
| Current liabilities | ||
| Current portion of long-term debt | $6,518 | $1,186 |
| Accounts payable—trade | 111,150 | 125,918 |
| Accrued liabilities | 61,862 | 62,463 |
| Deferred revenue | 10,331 | 10,551 |
| Billings in excess of costs and profits recognized | 4,213 | 4,221 |
| Total current liabilities | 194,074 | 204,339 |
| Long-term debt, net of current portion | 246,348 | 129,567 |
| Deferred income taxes, net | 26,546 | 940 |
| Operating lease liabilities | 57,520 | 61,450 |
| Other long-term liabilities | 10,279 | 12,132 |
| Total liabilities | 534,767 | 408,428 |
| Commitments and contingencies | ||
| Equity | ||
| Common stock, $0.01 par value, 14,800,000 shares authorized, 12,992,570 and 10,901,878 shares issued | 130 | 109 |
| Additional paid-in capital | 1,415,838 | 1,369,288 |
| Treasury stock at cost, 708,900 and 708,900 shares | (142,057) | (142,057) |
| Retained deficit | (716,482) | (699,471) |
| Accumulated other comprehensive loss | (115,439) | (115,236) |
| Total equity | 441,990 | 412,633 |
| Total liabilities and equity | $976,757 | $821,061 |
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