Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Proto Labs Inc | |
Entity Central Index Key | 1,443,669 | |
Trading Symbol | prlb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 26,420,518 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 57,331,000 | $ 47,653,000 |
Short-term marketable securities | 39,216,000 | 33,201,000 |
Accounts receivable, net of allowance for doubtful accounts of $397 and $330 as of June 30, 2016 and December 31, 2015, respectively | 34,486,000 | 36,125,000 |
Inventory | 9,901,000 | 9,771,000 |
Prepaid expenses and other current assets | 5,468,000 | 5,224,000 |
Income taxes receivable | 2,005,000 | 6,028,000 |
Total current assets | 148,407,000 | 138,002,000 |
Property and equipment, net | 138,685,000 | 125,475,000 |
Goodwill | 28,916,000 | 28,916,000 |
Other intangible assets, net | 2,980,000 | 3,337,000 |
Long-term marketable securities | 67,730,000 | 64,789,000 |
Other long-term assets | 1,305,000 | 517,000 |
Total assets | 388,023,000 | 361,036,000 |
Current liabilities | ||
Accounts payable | 11,435,000 | 13,643,000 |
Accrued compensation | 9,753,000 | 9,993,000 |
Accrued liabilities and other | 2,491,000 | 2,626,000 |
Total current liabilities | 23,679,000 | 26,262,000 |
Long-term deferred tax liabilities | 4,632,000 | 4,240,000 |
Other long-term liabilities | 2,928,000 | 2,889,000 |
Total liabilities | 31,239,000 | 33,391,000 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of June 30, 2016 and December 31, 2015 | ||
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 26,415,690 and 26,200,718 shares as of June 30, 2016 and December 31, 2015, respectively | 26,000 | 26,000 |
Additional paid-in capital | 208,021,000 | 198,835,000 |
Retained earnings | 155,349,000 | 133,996,000 |
Accumulated other comprehensive loss | (6,612,000) | (5,212,000) |
Total shareholders' equity | 356,784,000 | 327,645,000 |
Total liabilities and shareholders' equity | $ 388,023,000 | $ 361,036,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 397 | $ 330 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 26,415,690 | 26,200,718 |
Common stock, shares outstanding (in shares) | 26,415,690 | 26,200,718 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statements of Operations: | ||||
Revenue | $ 74,961 | $ 63,969 | $ 147,529 | $ 122,505 |
Cost of revenue | 32,715 | 26,419 | 65,629 | 49,701 |
Gross profit | 42,246 | 37,550 | 81,900 | 72,804 |
Operating expenses | ||||
Marketing and sales | 11,453 | 9,502 | 22,395 | 18,356 |
Research and development | 5,816 | 4,397 | 11,134 | 8,711 |
General and administrative | 10,126 | 6,304 | 18,377 | 12,549 |
Total operating expenses | 27,395 | 20,203 | 51,906 | 39,616 |
Income from operations | 14,851 | 17,347 | 29,994 | 33,188 |
Other income (expense), net | 1,092 | (36) | 1,717 | (493) |
Income before income taxes | 15,943 | 17,311 | 31,711 | 32,695 |
Provision for income taxes | 5,252 | 5,625 | 10,358 | 10,556 |
Net income | $ 10,691 | $ 11,686 | $ 21,353 | $ 22,139 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.81 | $ 0.86 |
Diluted (in dollars per share) | $ 0.40 | $ 0.44 | $ 0.80 | $ 0.84 |
Shares used to compute net income per share: | ||||
Basic (in shares) | 26,368,001 | 25,921,111 | 26,295,074 | 25,885,888 |
Diluted (in shares) | 26,561,148 | 26,277,503 | 26,526,629 | 26,245,135 |
Comprehensive Income (net of tax) | ||||
Comprehensive income | $ 8,547 | $ 12,960 | $ 19,953 | $ 22,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net income | $ 21,353 | $ 22,139 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,147 | 6,940 |
Stock-based compensation expense | 3,541 | 2,909 |
Deferred taxes | 403 | 620 |
Excess tax benefit from stock-based compensation | (1,916) | (989) |
Loss on impairment of assets | 455 | |
Amortization of held-to-maturity securities | 590 | 632 |
Other | (1,095) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,201 | (5,219) |
Inventories | (187) | (663) |
Prepaid expenses and other | (1,146) | (469) |
Income taxes | 5,984 | (3,687) |
Accounts payable | (1,368) | 3,377 |
Accrued liabilities and other | 600 | 2,243 |
Net cash provided by operating activities | 36,562 | 27,833 |
Investing activities | ||
Purchases of property and equipment | (22,416) | (15,717) |
Purchases of marketable securities | (38,304) | (25,389) |
Proceeds from maturities of marketable securities | 28,759 | 24,109 |
Net cash used in investing activities | (31,961) | (16,997) |
Financing activities | ||
Payments on debt | (77) | |
Acquisition-related contingent consideration | (400) | (1,000) |
Proceeds from exercises of stock options and other | 3,729 | 2,207 |
Excess tax benefit from stock-based compensation | 1,916 | 989 |
Net cash provided by financing activities | 5,245 | 2,119 |
Effect of exchange rate changes on cash and cash equivalents | (168) | 40 |
Net increase in cash and cash equivalents | 9,678 | 12,995 |
Cash and cash equivalents, beginning of period | 47,653 | 43,329 |
Cash and cash equivalents, end of period | $ 57,331 | $ 56,324 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Proto Labs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission (SEC) on February 26, 2016. The accompanying Consolidated Balance Sheet as of December 31, 2015 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Annual Report on Form 10-K filed on February 26, 2016 as referenced above. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2 – Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company is required to adopt the new pronouncement using one of two retrospective application methods. On July 9, 2015, the FASB voted to approve a deferral of the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The Company is evaluating the application method and the impact of this new standard on its financial statements, but does not expect the impact to be material. In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements. |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 – Net Income per Common Share Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options, restricted stock units and restricted stock awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. The table below sets forth the computation of basic and diluted net income per share: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share amounts) 2016 2015 2016 2015 Net income $ 10,691 $ 11,686 $ 21,353 $ 22,139 Basic - weighted-average shares outstanding: 26,368,001 25,921,111 26,295,074 25,885,888 Effect of dilutive securities: Employee stock options and other 193,147 356,392 231,555 359,247 Diluted - weighted-average shares outstanding: 26,561,148 26,277,503 26,526,629 26,245,135 Net income per share: Basic $ 0.41 $ 0.45 $ 0.81 $ 0.86 Diluted $ 0.40 $ 0.44 $ 0.80 $ 0.84 |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4 – Goodwill and Other Intangible Assets There were no changes in the carrying amount of Goodwill during the six months ended June 30, 2016. Intangible assets other than Goodwill at June 30, 2016 and December 31, 2015 were as follows: Weighted Average June 30, 2016 December 31, 2015 Useful Life Accumulated Accumulated Useful Life Remaining (in thousands) Gross Amortization Net Gross Amortization Net (in years) (in years) Intangible Assets with finite lives: Marketing assets $ 930 $ (201 ) $ 729 $ 930 $ (155 ) $ 775 10.0 7.8 Non-compete agreement 190 (190 ) - 190 (158 ) 32 2.0 - Trade secrets 250 (108 ) 142 250 (83 ) 167 5.0 2.8 Internally developed software 680 (492 ) 188 680 (378 ) 302 3.0 0.8 Customer relationships 2,530 (609 ) 1,921 2,530 (469 ) 2,061 9.0 6.8 Total intangible assets $ 4,580 $ (1,600 ) $ 2,980 $ 4,580 $ (1,243 ) $ 3,337 Amortization expense for intangible assets in each of the three and six months ended June 30, 2016 and 2015 was $0.2 million and $0.4 million, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization Expense Remaining 2016 $ 325 2017 500 2018 424 2019 391 2020 374 Thereafter 966 Total estimated amortization expense $ 2,980 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5 – Fair Value Measurements ASC 820, Fair Value Measuremen Level 1 Level 2 Level 3 The Company’s cash consists of bank deposits. The Company’s cash equivalents measured at fair value consist of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. A summary of financial assets as of June 30 , 2016 and December 31, 2015 measured at fair value on a recurring basis is as follows: June 30, 2016 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents Money market mutual fund $ 5,773 $ - $ - $ 11,896 $ - $ - Total $ 5,773 $ - $ - $ 11,896 $ - $ - |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 6 – Marketable Securities The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as held-to-maturity and are recorded at amortized cost. Categorization as held-to-maturity is based on the Company’s ability and intent to hold these securities to maturity. Information regarding the Company’s short-term and long-term marketable securities as of June 30 , 2016 and December 31, 2015 is as follows: June 30, 2016 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 42,171 $ 56 $ (4 ) $ 42,223 Corporate debt securities 29,488 47 (13 ) 29,522 U.S. government agency securities 28,848 17 (6 ) 28,859 Certificates of deposit/time deposits 6,439 29 - 6,468 Total marketable securities $ 106,946 $ 149 $ (23 ) $ 107,072 December 31, 2015 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 35,667 $ 8 $ (56 ) $ 35,619 Corporate debt securities 28,133 - (114 ) 28,019 U.S. government agency securities 26,784 2 (99 ) 26,687 Certificates of deposit/time deposits 5,909 2 (11 ) 5,900 Commercial paper 1,497 - (2 ) 1,495 Total marketable securities $ 97,990 $ 12 $ (282 ) $ 97,720 Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The Company tests for other-than-temporary losses on a quarterly basis and has considered the unrealized losses indicated above, which are the result of changes in interest rates, to be temporary in nature. In reaching this conclusion, the Company considered the credit quality of the issuers of the debt securities as well as the Company’s intent to hold the investments to maturity and recover the full principal. Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements. The June 30, 2016 balance of held-to-maturity debt securities by contractual maturity is shown in the following table at amortized cost. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. June 30, (in thousands) 2016 Due in one year or less $ 39,216 Due after one year through five years 67,730 Total marketable securities $ 106,946 |
Note 7 - Inventory
Note 7 - Inventory | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 7 – Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost or market using the average-cost method, which approximates first-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. The Company’s inventory consisted of the following as of the dates indicated: June 30, December 31, (in thousands) 2016 2015 Raw materials $ 8,761 $ 8,589 Work in process 1,491 1,529 Total inventory 10,252 10,118 Allowance for obsolescence (351 ) (347 ) Inventory, net of allowance $ 9,901 $ 9,771 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8 – Stock-Based Compensation Under the Company’s 2012 Long-Term Incentive Plan, as amended (2012 Plan), the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, stock units, other stock-based awards and cash incentive awards. Awards under the 2012 Plan have a maximum term of ten years from the date of grant. The compensation committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2012 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant. Employee Stock Purchase Plan The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. Stock-Based Compensation Expense Stock-based compensation expense was $1.8 million and $1.6 million for the three months ended June 30 , 2016 and 2015, respectively, and $3.5 million and $2.9 million for the six months ended June 30, 2016 and 2015, respectively. Stock Options The following table summarizes stock option activity during the six months ended June 30, 2016: Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2015 766,042 $ 36.52 Granted 113,645 58.12 Exercised (159,029 ) 17.38 Forfeited (55,481 ) 59.22 Options outstanding at June 30, 2016 665,177 $ 42.89 Exercisable at June 30, 2016 394,999 $ 32.36 The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a five-year period beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, options generally become exercisable in full on the first anniversary of the grant date. The weighted-average grant date fair value of options that were granted during the six months ended June 30, 2016 was $26.62. The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the six months ended June 30 , 2016 and 2015, respectively: Six Months Ended June 30, 2016 2015 Risk-free interest rate 1.53 - 1.68% 1.69 - 1.77% Expected life (years) 6.50 5.50 - 6.50 Expected volatility 44.38 - 45.93% 46.80 - 47.23% Expected dividend yield 0% 0% As of June 30, 2016, there was $6.8 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 3.4 years . Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a five-year period, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For directors, restrictions generally lapse in full on the first anniversary of the grant date. The following table summarizes restricted stock activity during the three months ended June 30 , 2016: Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2015 124,393 $ 68.97 Granted 159,705 59.43 Restrictions lapsed (40,713 ) 67.84 Forfeited (15,120 ) 64.10 Restricted stock at June 30, 2016 228,265 $ 62.82 As of June 30, 2016 , there was $13.5 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 4.1 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the six months ended June 30, 2016 and 2015, respectively: Six Months Ended June 30, 2016 2015 Risk-free interest rate 0.39 - 0.56% 0.08 - 0.10% Expected life (months) 6.00 6.00 Expected volatility 29.41 - 49.13% 33.68 - 37.64% Expected dividend yield 0% 0% |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Reclassification Amount [Text Block] | Note 9 – Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is comprised entirely of foreign currency translation adjustments. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and six months ended June 30 , 2016 and 2015, respectively: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (4,468 ) $ (4,004 ) $ (5,212 ) $ (2,929 ) Other comprehensive loss before reclassifications (2,144 ) 1,274 (1,400 ) 199 Amounts reclassified from accumulated other comprehensive income (loss) - - - - Net current-period other comprehensive loss (2,144 ) 1,274 (1,400 ) 199 Balance at end of period $ (6,612 ) $ (2,730 ) $ (6,612 ) $ (2,730 ) |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 – Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For the three months ended June 30, 2016 and 2015, the Company recorded an income tax provision of $5.3 million and $5.6 million, respectively. For the six months ended June 30, 2016 and 2015, the Company recorded an income tax provision of $10.4 million and $10.6 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended June 30, 2016 was 32.9 percent compared to 32.5 percent in the same period of the prior year. The effective income tax rate for the six months ended June 30, 2016 was 32.7 percent compared with 32.3 percent in the same period of the prior year. The effective income tax rate for the three and six months ended June 30, 2016 differs from the U.S. federal statutory rate of 35 percent due primarily to the mix of income earned in domestic and foreign tax jurisdictions and deductions for which the Company qualifies. The Company has reserves against unrecognized tax benefits totaling $2.9 million and $2.8 million at June 30, 2016 and December 31, 2015, respectively, all of which, if recognized, would affect the Company’s effective tax rate. The Company recognizes interest and penalties related to income tax matters in income tax expense, and reports the liability in current or long-term income taxes payable as appropriate. |
Note 11 - Revenue and Geographi
Note 11 - Revenue and Geographic Information | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 – Revenue and Geographic Information The Company’s revenue is primarily derived from its Injection Molding (Protomold), CNC Machining (Firstcut) and 3D Printing (Fineline) product lines. Total revenue by product line is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Revenue: Injection Molding (Protomold) $ 44,762 $ 39,932 $ 87,931 $ 77,550 CNC Machining (Firstcut) 19,854 18,585 38,729 34,955 3D Printing (Fineline) 9,099 5,452 18,209 10,000 Other 1,246 - 2,660 - Total revenue $ 74,961 $ 63,969 $ 147,529 $ 122,505 Revenue to external customers based on the billing location of the end user customer and long-lived assets by geographic region are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Revenue: United States $ 51,852 $ 49,298 $ 102,419 $ 94,143 International 23,109 14,671 45,110 28,362 Total revenue $ 74,961 $ 63,969 $ 147,529 $ 122,505 June 30, December 31, (in thousands) 2016 2015 Long-lived assets: United States $ 109,740 $ 98,633 International 28,945 26,842 Total long-lived assets $ 138,685 $ 125,475 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Proto Labs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission (SEC) on February 26, 2016. The accompanying Consolidated Balance Sheet as of December 31, 2015 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Annual Report on Form 10-K filed on February 26, 2016 as referenced above. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The Company is required to adopt the new pronouncement using one of two retrospective application methods. On July 9, 2015, the FASB voted to approve a deferral of the effective date of ASU 2014-09 by one year to December 15, 2017 for annual reporting periods beginning after that date. The Company is evaluating the application method and the impact of this new standard on its financial statements, but does not expect the impact to be material. In February 2016, the FASB issued ASU 2016-02, Leases, which introduces the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact this new guidance will have on its consolidated financial statements. |
Note 3 - Net Income Per Commo18
Note 3 - Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share amounts) 2016 2015 2016 2015 Net income $ 10,691 $ 11,686 $ 21,353 $ 22,139 Basic - weighted-average shares outstanding: 26,368,001 25,921,111 26,295,074 25,885,888 Effect of dilutive securities: Employee stock options and other 193,147 356,392 231,555 359,247 Diluted - weighted-average shares outstanding: 26,561,148 26,277,503 26,526,629 26,245,135 Net income per share: Basic $ 0.41 $ 0.45 $ 0.81 $ 0.86 Diluted $ 0.40 $ 0.44 $ 0.80 $ 0.84 |
Note 4 - Goodwill and Other I19
Note 4 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average June 30, 2016 December 31, 2015 Useful Life Accumulated Accumulated Useful Life Remaining (in thousands) Gross Amortization Net Gross Amortization Net (in years) (in years) Intangible Assets with finite lives: Marketing assets $ 930 $ (201 ) $ 729 $ 930 $ (155 ) $ 775 10.0 7.8 Non-compete agreement 190 (190 ) - 190 (158 ) 32 2.0 - Trade secrets 250 (108 ) 142 250 (83 ) 167 5.0 2.8 Internally developed software 680 (492 ) 188 680 (378 ) 302 3.0 0.8 Customer relationships 2,530 (609 ) 1,921 2,530 (469 ) 2,061 9.0 6.8 Total intangible assets $ 4,580 $ (1,600 ) $ 2,980 $ 4,580 $ (1,243 ) $ 3,337 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) Estimated Amortization Expense Remaining 2016 $ 325 2017 500 2018 424 2019 391 2020 374 Thereafter 966 Total estimated amortization expense $ 2,980 |
Note 5 - Fair Value Measureme20
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | June 30, 2016 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents Money market mutual fund $ 5,773 $ - $ - $ 11,896 $ - $ - Total $ 5,773 $ - $ - $ 11,896 $ - $ - |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Held-to-maturity Securities [Table Text Block] | June 30, 2016 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 42,171 $ 56 $ (4 ) $ 42,223 Corporate debt securities 29,488 47 (13 ) 29,522 U.S. government agency securities 28,848 17 (6 ) 28,859 Certificates of deposit/time deposits 6,439 29 - 6,468 Total marketable securities $ 106,946 $ 149 $ (23 ) $ 107,072 December 31, 2015 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 35,667 $ 8 $ (56 ) $ 35,619 Corporate debt securities 28,133 - (114 ) 28,019 U.S. government agency securities 26,784 2 (99 ) 26,687 Certificates of deposit/time deposits 5,909 2 (11 ) 5,900 Commercial paper 1,497 - (2 ) 1,495 Total marketable securities $ 97,990 $ 12 $ (282 ) $ 97,720 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, (in thousands) 2016 Due in one year or less $ 39,216 Due after one year through five years 67,730 Total marketable securities $ 106,946 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, (in thousands) 2016 2015 Raw materials $ 8,761 $ 8,589 Work in process 1,491 1,529 Total inventory 10,252 10,118 Allowance for obsolescence (351 ) (347 ) Inventory, net of allowance $ 9,901 $ 9,771 |
Note 8 - Stock-based Compensa23
Note 8 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2015 766,042 $ 36.52 Granted 113,645 58.12 Exercised (159,029 ) 17.38 Forfeited (55,481 ) 59.22 Options outstanding at June 30, 2016 665,177 $ 42.89 Exercisable at June 30, 2016 394,999 $ 32.36 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2016 2015 Risk-free interest rate 1.53 - 1.68% 1.69 - 1.77% Expected life (years) 6.50 5.50 - 6.50 Expected volatility 44.38 - 45.93% 46.80 - 47.23% Expected dividend yield 0% 0% |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2015 124,393 $ 68.97 Granted 159,705 59.43 Restrictions lapsed (40,713 ) 67.84 Forfeited (15,120 ) 64.10 Restricted stock at June 30, 2016 228,265 $ 62.82 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2016 2015 Risk-free interest rate 0.39 - 0.56% 0.08 - 0.10% Expected life (months) 6.00 6.00 Expected volatility 29.41 - 49.13% 33.68 - 37.64% Expected dividend yield 0% 0% |
Note 9 - Accumulated Other Co24
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (4,468 ) $ (4,004 ) $ (5,212 ) $ (2,929 ) Other comprehensive loss before reclassifications (2,144 ) 1,274 (1,400 ) 199 Amounts reclassified from accumulated other comprehensive income (loss) - - - - Net current-period other comprehensive loss (2,144 ) 1,274 (1,400 ) 199 Balance at end of period $ (6,612 ) $ (2,730 ) $ (6,612 ) $ (2,730 ) |
Note 11 - Revenue and Geograp25
Note 11 - Revenue and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Revenue: Injection Molding (Protomold) $ 44,762 $ 39,932 $ 87,931 $ 77,550 CNC Machining (Firstcut) 19,854 18,585 38,729 34,955 3D Printing (Fineline) 9,099 5,452 18,209 10,000 Other 1,246 - 2,660 - Total revenue $ 74,961 $ 63,969 $ 147,529 $ 122,505 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Revenue: United States $ 51,852 $ 49,298 $ 102,419 $ 94,143 International 23,109 14,671 45,110 28,362 Total revenue $ 74,961 $ 63,969 $ 147,529 $ 122,505 |
Long-lived Assets by Geographic Areas [Table Text Block] | June 30, December 31, (in thousands) 2016 2015 Long-lived assets: United States $ 109,740 $ 98,633 International 28,945 26,842 Total long-lived assets $ 138,685 $ 125,475 |
Note 3 - Computation of Basic a
Note 3 - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 10,691 | $ 11,686 | $ 21,353 | $ 22,139 |
Basic (in shares) | 26,368,001 | 25,921,111 | 26,295,074 | 25,885,888 |
Effect of dilutive securities: | ||||
Employee stock options and other (in shares) | 193,147 | 356,392 | 231,555 | 359,247 |
Diluted - weighted-average shares outstanding: (in shares) | 26,561,148 | 26,277,503 | 26,526,629 | 26,245,135 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.41 | $ 0.45 | $ 0.81 | $ 0.86 |
Diluted (in dollars per share) | $ 0.40 | $ 0.44 | $ 0.80 | $ 0.84 |
Note 4 - Goodwill and Other I27
Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Amortization of Intangible Assets | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 |
Note 4 - Intangible Assets Othe
Note 4 - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Marketing-Related Intangible Assets [Member] | ||
Intangible Assets with finite lives: | ||
Gross | $ 930 | $ 930 |
Accumulated amortization | (201) | (155) |
Net | $ 729 | 775 |
Useful life | 10 years | |
Weighted average useful life remaining | 7 years 292 days | |
Noncompete Agreements [Member] | ||
Intangible Assets with finite lives: | ||
Gross | $ 190 | 190 |
Accumulated amortization | (190) | (158) |
Net | 32 | |
Useful life | 2 years | |
Weighted average useful life remaining | ||
Trade Secrets [Member] | ||
Intangible Assets with finite lives: | ||
Gross | $ 250 | 250 |
Accumulated amortization | (108) | (83) |
Net | $ 142 | 167 |
Useful life | 5 years | |
Weighted average useful life remaining | 2 years 292 days | |
Computer Software, Intangible Asset [Member] | ||
Intangible Assets with finite lives: | ||
Gross | $ 680 | 680 |
Accumulated amortization | (492) | (378) |
Net | $ 188 | 302 |
Useful life | 3 years | |
Weighted average useful life remaining | 292 days | |
Customer Relationships [Member] | ||
Intangible Assets with finite lives: | ||
Gross | $ 2,530 | 2,530 |
Accumulated amortization | (609) | (469) |
Net | $ 1,921 | 2,061 |
Useful life | 9 years | |
Weighted average useful life remaining | 6 years 292 days | |
Gross | $ 4,580 | 4,580 |
Accumulated amortization | (1,600) | (1,243) |
Net | $ 2,980 | $ 3,337 |
Note 4 - Estimated Aggregated A
Note 4 - Estimated Aggregated Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Remaining 2,016 | $ 325 | |
2,017 | 500 | |
2,018 | 424 | |
2,019 | 391 | |
2,020 | 374 | |
Thereafter | 966 | |
Total estimated amortization expense | $ 2,980 | $ 3,337 |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Money market mutual fund | $ 5,773 | $ 11,896 |
Total | $ 5,773 | $ 11,896 |
Note 6 - Short-term and Long-te
Note 6 - Short-term and Long-term Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | $ 42,171 | $ 35,667 |
Unrealized Gains | 56 | 8 |
Unrealized Losses | (4) | (56) |
Fair Value | 42,223 | 35,619 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 29,488 | 28,133 |
Unrealized Gains | 47 | |
Unrealized Losses | (13) | (114) |
Fair Value | 29,522 | 28,019 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 28,848 | 26,784 |
Unrealized Gains | 17 | 2 |
Unrealized Losses | (6) | (99) |
Fair Value | 28,859 | 26,687 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 1,497 | |
Unrealized Gains | ||
Unrealized Losses | (2) | |
Fair Value | 1,495 | |
Bank Time Deposits [Member] | ||
Amortized Cost | 6,439 | 5,909 |
Unrealized Gains | 29 | 2 |
Unrealized Losses | (11) | |
Fair Value | 6,468 | 5,900 |
Amortized Cost | 106,946 | 97,990 |
Unrealized Gains | 149 | 12 |
Unrealized Losses | (23) | (282) |
Fair Value | $ 107,072 | $ 97,720 |
Note 6 - Balance of Held-to-Mat
Note 6 - Balance of Held-to-Maturity Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Due in one year or less | $ 39,216 | |
Due after one year through five years | 67,730 | |
Total marketable securities | $ 106,946 | $ 97,990 |
Note 7 - Inventory (Details)
Note 7 - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Raw materials | $ 8,761 | $ 8,589 |
Work in process | 1,491 | 1,529 |
Total inventory | 10,252 | 10,118 |
Allowance for obsolescence | (351) | (347) |
Inventory, net of allowance | $ 9,901 | $ 9,771 |
Note 8 - Stock-based Compensa34
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Stock Option [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,800 | $ 6,800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 13,500 | $ 13,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 36 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 15.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 180 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||
Share-based Compensation | $ 1,800 | $ 1,600 | $ 3,541 | $ 2,909 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.62 |
Note 8 - Stock Option Activity
Note 8 - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Options outstanding, beginning of period (in shares) | shares | 766,042 |
Options outstanding, beginning of period, weighted-average exercise price (in dollars per share) | $ / shares | $ 36.52 |
Granted (in shares) | shares | 113,645 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 58.12 |
Exercised (in shares) | shares | (159,029) |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 17.38 |
Forfeited (in shares) | shares | (55,481) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 59.22 |
Options outstanding, end of period (in shares) | shares | 665,177 |
Options outstanding, end of period, weighted-average exercise price (in dollars per share) | $ / shares | $ 42.89 |
Options exercisable (in shares) | shares | 394,999 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 32.36 |
Note 8 - Assumptions Used in th
Note 8 - Assumptions Used in the Black-Scholes Option Pricing Model (Details) - Employee Stock Option [Member] | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Minimum [Member] | ||
Risk-free interest rate | 1.53% | 1.69% |
Expected life (years) | 5 years 182 days | |
Expected volatility | 44.38% | 46.80% |
Maximum [Member] | ||
Risk-free interest rate | 1.68% | 1.77% |
Expected life (years) | 6 years 182 days | |
Expected volatility | 45.93% | 47.23% |
Expected life (years) | 6 years 182 days | |
Expected dividend yield | 0.00% | 0.00% |
Note 8 - Non-vested Restricted
Note 8 - Non-vested Restricted Stock Options (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Restricted stock at December 31, 2015 (in shares) | shares | 124,393 |
Restricted stock at December 31, 2015 (in dollars per share) | $ / shares | $ 68.97 |
Granted (in shares) | shares | 159,705 |
Granted (in dollars per share) | $ / shares | $ 59.43 |
Restrictions lapsed (in shares) | shares | (40,713) |
Restrictions lapsed (in dollars per share) | $ / shares | $ 67.84 |
Forfeited (in shares) | shares | (15,120) |
Forfeited (in dollars per share) | $ / shares | $ 64.10 |
Restricted stock at June 30, 2016 (in shares) | shares | 228,265 |
Restricted stock at June 30, 2016 (in dollars per share) | $ / shares | $ 62.82 |
Note 8 - Assumptions Used to Es
Note 8 - Assumptions Used to Estimate the Fair Value of the ESPP (Details) - ESPP [Member] | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Minimum [Member] | ||
Risk-free interest rate | 0.39% | 0.08% |
Expected volatility | 29.41% | 33.68% |
Maximum [Member] | ||
Risk-free interest rate | 0.56% | 0.10% |
Expected volatility | 49.13% | 37.64% |
Expected life (years) | 180 days | 180 days |
Expected dividend yield | 0.00% | 0.00% |
Note 9 - Other Comprehensive In
Note 9 - Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance beginning of period | $ (4,468,000) | $ (4,004,000) | $ (5,212,000) | $ (2,929,000) |
Other comprehensive loss before reclassifications | (2,144,000) | 1,274,000 | (1,400,000) | 199,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Net current-period other comprehensive loss | (2,144,000) | 1,274,000 | (1,400,000) | 199,000 |
Balance at end of period | $ (6,612,000) | $ (2,730,000) | $ (6,612,000) | $ (2,730,000) |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | $ 5,252 | $ 5,625 | $ 10,358 | $ 10,556 | |
Effective Income Tax Rate Reconciliation, Percent | 32.90% | 32.50% | 32.70% | 32.30% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Unrecognized Tax Benefits | $ 2,900 | $ 2,900 | $ 2,800 |
Note 11 - Total Revenue by Prod
Note 11 - Total Revenue by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Injection Molding (Protomold) [Member] | ||||
Revenue: | ||||
Revenues | $ 44,762 | $ 39,932 | $ 87,931 | $ 77,550 |
CNC Machining (Firstcut) [Member] | ||||
Revenue: | ||||
Revenues | 19,854 | 18,585 | 38,729 | 34,955 |
3D Printing (Fineline) [Member] | ||||
Revenue: | ||||
Revenues | 9,099 | 5,452 | 18,209 | 10,000 |
Other Products [Member] | ||||
Revenue: | ||||
Revenues | 1,246 | 2,660 | ||
Revenues | $ 74,961 | $ 63,969 | $ 147,529 | $ 122,505 |
Note 11 - Revenue to External C
Note 11 - Revenue to External Customers and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
UNITED STATES | ||||
Revenues | $ 51,852 | $ 49,298 | $ 102,419 | $ 94,143 |
International [Member] | ||||
Revenues | 23,109 | 14,671 | 45,110 | 28,362 |
Revenues | $ 74,961 | $ 63,969 | $ 147,529 | $ 122,505 |
Note 11 - Long-lived Assets by
Note 11 - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
UNITED STATES | ||
Long-lived assets: | ||
Long-lived assets | $ 109,740 | $ 98,633 |
International [Member] | ||
Long-lived assets: | ||
Long-lived assets | 28,945 | 26,842 |
Long-lived assets | $ 138,685 | $ 125,475 |