Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001443669 | |
Entity Registrant Name | Proto Labs Inc | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35435 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-1939628 | |
Entity Address, Address Line One | 5540 Pioneer Creek Drive | |
Entity Address, City or Town | Maple Plain | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55359 | |
City Area Code | 763 | |
Local Phone Number | 479-3680 | |
Title of 12(b) Security | Common Stock, Par Value $0.001 Per Share | |
Trading Symbol | PRLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,496,142 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 57,239 | $ 65,929 |
Short-term marketable securities | 19,914 | 11,580 |
Accounts receivable, net of allowance for doubtful accounts of $1,998 and $1,948 as of March 31, 2022 and December 31, 2021, respectively | 85,960 | 80,051 |
Inventory | 14,227 | 13,161 |
Income taxes receivable | 687 | 1,321 |
Prepaid expenses and other current assets | 10,185 | 11,450 |
Total current assets | 188,212 | 183,492 |
Property and equipment, net | 270,946 | 280,346 |
Goodwill | 398,319 | 400,610 |
Other intangible assets, net | 36,234 | 37,998 |
Long-term marketable securities | 28,196 | 14,340 |
Operating lease assets | 4,800 | 5,578 |
Finance lease assets | 1,773 | 1,898 |
Long-term assets held for sale | 1,985 | 0 |
Other long-term assets | 4,286 | 4,320 |
Total assets | 934,751 | 928,582 |
Current liabilities | ||
Accounts payable | 17,511 | 25,364 |
Accrued compensation | 13,094 | 13,704 |
Accrued liabilities and other | 23,030 | 11,980 |
Current operating lease liabilities | 2,253 | 3,298 |
Current finance lease liabilities | 493 | 550 |
Income taxes payable | 3,870 | 0 |
Total current liabilities | 60,251 | 54,896 |
Long-term operating lease liabilities | 2,514 | 2,245 |
Long-term finance lease liabilities | 1,269 | 1,351 |
Long-term deferred tax liabilities | 32,661 | 35,892 |
Other long-term liabilities | 6,021 | 5,705 |
Total liabilities | 102,716 | 100,089 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 27,493,661 and 27,465,945 shares as of March 31, 2022 and December 31, 2021, respectively | 28 | 28 |
Additional paid-in capital | 472,483 | 468,548 |
Retained earnings | 381,829 | 376,734 |
Accumulated other comprehensive loss | (22,305) | (16,817) |
Total shareholders' equity | 832,035 | 828,493 |
Total liabilities and shareholders' equity | $ 934,751 | $ 928,582 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 1,998 | $ 1,948 |
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) | 27,493,661 | 27,465,945 |
Common stock, shares outstanding (in shares) | 27,493,661 | 27,465,945 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statements of Operations: | ||
Revenue | $ 124,168 | $ 116,126 |
Cost of revenue | 68,364 | 60,796 |
Gross profit | 55,804 | 55,330 |
Operating expenses | ||
Marketing and sales | 20,586 | 19,480 |
Research and development | 10,557 | 12,181 |
General and administrative | 16,771 | 19,408 |
Total operating expenses | 47,914 | 51,069 |
Income from operations | 7,890 | 4,261 |
Other loss, net | (300) | (313) |
Income before income taxes | 7,590 | 3,948 |
Provision for income taxes | 2,495 | 236 |
Net income | $ 5,095 | $ 3,712 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.19 | $ 0.14 |
Diluted (in dollars per share) | $ 0.19 | $ 0.13 |
Shares used to compute net income per share: | ||
Basic (in shares) | 27,502,941 | 27,464,136 |
Diluted (in shares) | 27,510,477 | 27,698,195 |
Comprehensive Loss (net of tax) | ||
Comprehensive loss | $ (393) | $ (2,964) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 26,776,796 | ||||
Balance at Dec. 31, 2020 | $ 27 | $ 284,848 | $ 362,901 | $ (3,420) | $ 644,356 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 48,955 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | (290) | (290) | |||
Stock-based compensation expense | 5,620 | 5,620 | |||
Repurchases of common stock (in shares) | 0 | ||||
Net income | 3,712 | 3,712 | |||
Foreign currency translation adjustment | (6,842) | (6,842) | |||
Net unrealized gains (losses) on investments in securities | 166 | 166 | |||
Comprehensive loss | (2,964) | ||||
Common shares issued for Hubs acquisition (in shares) | 863,995 | ||||
Common shares issued for Hubs acquisition | $ 1 | 166,708 | 0 | 166,709 | |
Balance (in shares) at Mar. 31, 2021 | 27,689,746 | ||||
Balance at Mar. 31, 2021 | $ 28 | 456,886 | 366,613 | (10,096) | $ 813,431 |
Balance (in shares) at Dec. 31, 2021 | 27,465,945 | 27,465,945 | |||
Balance at Dec. 31, 2021 | $ 28 | 468,548 | 376,734 | (16,817) | $ 828,493 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 27,716 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | (462) | (462) | |||
Stock-based compensation expense | 4,397 | 4,397 | |||
Repurchases of common stock (in shares) | 0 | ||||
Net income | 5,095 | 5,095 | |||
Foreign currency translation adjustment | (4,972) | (4,972) | |||
Net unrealized gains (losses) on investments in securities | (516) | (516) | |||
Comprehensive loss | $ (393) | ||||
Balance (in shares) at Mar. 31, 2022 | 27,493,661 | 27,493,661 | |||
Balance at Mar. 31, 2022 | $ 28 | $ 472,483 | $ 381,829 | $ (22,305) | $ 832,035 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 5,095 | $ 3,712 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 10,232 | 10,059 | |
Stock-based compensation expense | 4,397 | 5,620 | |
Deferred taxes | (3,213) | (69) | |
Other | 79 | 126 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,329) | (14,558) | |
Inventories | (675) | 917 | |
Prepaid expenses and other | 1,110 | 2,696 | |
Income taxes | 4,519 | (183) | |
Accounts payable | (326) | 669 | |
Accrued liabilities and other | 2,894 | (2,564) | |
Net cash provided by operating activities | 17,783 | 6,425 | |
Investing activities | |||
Purchases of property, equipment and other capital assets | (3,069) | (6,546) | |
Cash used for acquisitions, net of cash acquired | 0 | (127,709) | |
Purchases of marketable securities | (29,366) | (8,227) | |
Proceeds from sales of marketable securities | 0 | 45,194 | |
Proceeds from call redemptions and maturities of marketable securities | 6,600 | 7,155 | |
Net cash used in investing activities | (25,835) | (90,133) | |
Financing activities | |||
Proceeds from exercises of stock options | 6 | 1,704 | |
Purchases of shares withheld for tax obligations | (468) | (1,994) | |
Principal repayments of finance lease obligations | (139) | (137) | |
Net cash used in financing activities | (601) | (427) | |
Effect of exchange rate changes on cash and cash equivalents | (37) | 306 | |
Net decrease in cash and cash equivalents | (8,690) | (83,829) | |
Cash and cash equivalents, beginning of period | 65,929 | 127,603 | $ 127,603 |
Cash and cash equivalents, end of period | $ 57,239 | $ 43,774 | $ 65,929 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Protolabs, 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 10 X. not may 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 December 31, 2021 February 18, 2022. The accompanying Consolidated Balance Sheet as of December 31, 2021 not 10 10 February 18, 2022 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 The Company did not |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 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 and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. For the three March 31, 2022, The table below sets forth the computation of basic and diluted net income per share: Three Months Ended March 31, (in thousands, except share and per share amounts) 2022 2021 Net income $ 5,095 $ 3,712 Basic - weighted-average shares outstanding: 27,502,941 27,464,136 Effect of dilutive securities: Employee stock options and other 7,536 234,059 Diluted - weighted-average shares outstanding: 27,510,477 27,698,195 Net income per share: Basic $ 0.19 $ 0.14 Diluted $ 0.19 $ 0.13 |
Note 4 - Business Combinations
Note 4 - Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 On January 22, 2021, 3D 2021 2022. not 2021 not 2022. Hubs is based in Amsterdam, Netherlands and is a leading online manufacturing platform that provides customers with on-demand access to a global network of premium manufacturing partners. The acquisition enhances the Company’s value proposition by expanding the customer offerings, enabling the Company to more holistically serve its customers. The fair value of the consideration paid for this acquisition has been allocated to the assets purchased and liabilities assumed based on their fair values as of the acquisition date, with any excess recorded as goodwill. The goodwill associated with the acquisition represents both the strategic and growth opportunities by significantly expanding the customer offering with a network of premium manufacturing partners. The goodwill related to the acquisition is not The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations (in thousands) Acquisition Assets acquired: Current assets $ 2,497 Intangible assets 30,770 Goodwill 280,925 Other long-term assets 1,139 Total assets acquired 315,331 Liabilities assumed: Current contingent consideration 7,093 Current liabilities 5,666 Long-term contingent consideration 6,507 Long-term deferred tax liabilities 1,688 Other long-term liabilities 255 Total liabilities assumed 21,209 Net assets acquired 294,122 Cash paid 133,847 Cash acquired (6,434 ) Net cash consideration 127,413 Equity portion of purchase price 166,709 Total purchase consideration $ 294,122 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 The changes in the carrying amount of goodwill during the three March 31, 2022 (in thousands) Three Months Ended March 31, 2022 Balance as of the beginning of the period $ 400,610 Goodwill acquired during the period - Foreign currency translation adjustments (2,291 ) Balance as of the end of the period $ 398,319 Goodwill has been allocated to the acquired Hubs entities consisting of goodwill of €106.5 Intangible assets other than goodwill at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Useful Weighted Average (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Life (in years) Useful Life Remaining (in years) Intangible assets with finite lives: Marketing assets $ 930 $ (736 ) $ 194 $ 930 $ (713 ) $ 217 10.0 2.0 Non-compete agreement 836 (393 ) 443 842 (363 ) 479 2.0 - 5.0 2.7 Software technology 13,229 (5,356 ) 7,873 13,229 (5,014 ) 8,215 10.0 6.3 Software platform 26,432 (2,724 ) 23,708 26,725 (2,262 ) 24,463 12.0 10.8 Tradenames 355 (142 ) 213 359 (114 ) 245 3.0 1.8 Customer relationships 12,228 (8,425 ) 3,803 12,252 (7,873 ) 4,379 3.0 - 9.0 1.6 Total intangible assets $ 54,010 $ (17,776 ) $ 36,234 $ 54,337 $ (16,339 ) $ 37,998 Intangible assets have been allocated to the acquired Hubs entities consisting of intangible assets of €11.6 March 31, 2022 December 31, 2021, three March 31, 2022 2021 Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows: (in thousands) Estimated Amortization Expense Remaining 2022 $ 4,608 2023 5,940 2024 3,770 2025 3,670 2026 3,567 Thereafter 14,679 Total estimated amortization expense $ 36,234 |
Note 6 - Assets Held for Sale
Note 6 - Assets Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Disclosure of Assets Held-for-sale [Text Block] | Note 6 Assets Held for Sale Assets are classified as held for sale and presented separately on the Consolidated Balance Sheet when all of the following criteria for a plan of sale have been met: ( 1 2 3 4 one 5 6 During the first 2022, March 31, 2022 no three March 31, 2022. 2022. |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 Accounting Standards Codification, Fair Value Measuremen 820 820 three may Level 1—Quoted Level 2—Observable 1 not Level 3—Unobservable no The Company's assets and liabilities that are required to be measured or disclosed at fair value on a recurring basis include cash and cash equivalents and marketable securities. 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 1 2 The following table summarizes financial assets as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 49,569 $ - $ - $ 65,637 $ - $ - Money market mutual fund 7,670 - - 292 - - Marketable securities 22,251 25,859 - 7,602 18,318 - Total $ 79,490 $ 25,859 $ - $ 73,531 $ 18,318 $ - |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 8 The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2022 December 31, 2021 March 31, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 14,889 $ - $ (264 ) $ 14,625 Corporate debt securities 12,144 - (180 ) 11,964 U.S. government agency securities 17,288 - (188 ) 17,100 Certificates of deposit/time deposits 1,438 2 (2 ) 1,438 Commercial paper 2,987 - (4 ) 2,983 Total marketable securities $ 48,746 $ 2 $ (638 ) $ 48,110 December 31, 2021 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 12,549 $ - $ (70 ) $ 12,479 Corporate debt securities 9,303 - (44 ) 9,259 U.S. government agency securities 2,500 - (12 ) 2,488 Certificates of deposit/time deposits 1,687 7 - 1,694 Commercial paper - - - - Total marketable securities $ 26,039 $ 7 $ (126 ) $ 25,920 Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1 2 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 March 31, 2022 may may March 31, (in thousands) 2022 Due in one year or less $ 19,914 Due after one year through five years 28,196 Total marketable securities $ 48,110 |
Note 9 - Inventory
Note 9 - Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 9 Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard cost method, which approximates first first The Company’s inventory consisted of the following as of the dates indicated: March 31, December 31, (in thousands) 2022 2021 Total inventory $ 14,994 $ 13,474 Allowance for obsolescence (767 ) (313 ) Inventory, net of allowance $ 14,227 $ 13,161 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Under the Company’s 2012 2012 2012 ten may 2012 may not Employee Stock Purchase Plan The Company’s 2012 six May 15 November 15, first Stock-Based Compensation Expense Stock-based compensation expense was $4.4 million and $5.6 million for the three March 31, 2022 2021 Stock Options The following table summarizes stock option activity during the three March 31, 2022 Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2021 233,384 $ 97.78 Granted 52,992 59.40 Exercised (201 ) 30.58 Forfeited (21,287 ) 86.55 Options outstanding at March 31, 2022 264,888 $ 91.06 Exercisable at March 31, 2022 126,595 $ 87.42 The outstanding options generally have a term of ten four five first first The weighted-average grant date fair value of options that were granted during the three March 31, 2022 The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.94% 0.80% - 0.96% Expected life (years) 6.25 6.25 Expected volatility 45.95% 45.28 - 45.35% Expected dividend yield 0% 0% As of March 31, 2022 Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three five first first The following table summarizes restricted stock activity during the three March 31, 2022 Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2021 343,782 $ 111.79 Granted 44,782 59.40 Restrictions lapsed (35,207 ) 123.15 Forfeited (11,068 ) 109.73 Restricted stock at March 31, 2022 342,289 $ 103.84 As of March 31, 2022 Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 three 2017 2019 2021 2020 2022 2021 The following table summarizes performance stock activity during the three March 31, 2022 Weighted- Average Grant Date Performance Fair Value Stock Per Share Performance stock at December 31, 2021 16,839 $ 115.56 Granted 32,620 100.33 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at March 31, 2022 49,459 $ 105.52 The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.76% 0.22% Expected life (years) 2.87 2.87 Expected volatility 53.50% 51.40% Expected dividend yield 0% 0% As of March 31, 2022 Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Risk-free interest rate 0.17% 0.12% Expected life (months) 6.00 6.00 Expected volatility 53.44% 50.85% Expected dividend yield 0% 0% |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Disclosure of Reclassification Amount [Text Block] | Note 11 Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three March 31, 2022 2021 Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ (16,817 ) $ (3,420 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (4,972 ) (6,842 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) (4,972 ) (6,842 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications (516 ) 166 Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) (516 ) 166 Balance at end of period $ (22,305 ) $ (10,096 ) |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12 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 March 31, 2022 2021 three March 31, 2022 three March 31, 2022 2021 The effective income tax rate for the three March 31, 2022 The Company had unrecognized tax benefits totaling $4.6 million as of March 31, 2022 December 31, 2021 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13 The Company’s reportable segments are based on the internal reporting used by the Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs that the Company does not Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not Revenue and income from operations by reportable segment for the three March 31, 2022 2021 Three Months Ended March 31, (in thousands) 2022 2021 Revenue: United States $ 95,496 $ 91,053 Europe 24,586 21,449 Japan 4,086 3,624 Total revenue $ 124,168 $ 116,126 Three Months Ended March 31, (in thousands) 2022 2021 Income (Loss) from Operations: United States $ 22,524 $ 22,503 Europe (1,679 ) (1,371 ) Corporate Unallocated and Japan (12,955 ) (16,871 ) Total Income from Operations $ 7,890 $ 4,261 Total long-lived assets at March 31, 2022 December 31, 2021 March 31, December 31, (in thousands) 2022 2021 Total long-lived assets: United States $ 209,416 $ 215,701 Europe 56,925 59,388 Japan 4,605 5,257 Total Long-lived Assets $ 270,946 $ 280,346 Revenue by product line for the three March 31, 2022 2021 Three Months Ended March 31, (in thousands) 2022 2021 Revenue: Injection Molding $ 53,398 $ 56,359 CNC Machining 46,098 36,703 3D Printing 19,672 17,235 Sheet Metal 4,687 5,219 Other Revenue 313 610 Total revenue $ 124,168 $ 116,126 |
Note 3 - Net Income Per Commo_2
Note 3 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (in thousands, except share and per share amounts) 2022 2021 Net income $ 5,095 $ 3,712 Basic - weighted-average shares outstanding: 27,502,941 27,464,136 Effect of dilutive securities: Employee stock options and other 7,536 234,059 Diluted - weighted-average shares outstanding: 27,510,477 27,698,195 Net income per share: Basic $ 0.19 $ 0.14 Diluted $ 0.19 $ 0.13 |
Note 4 - Business Combinations
Note 4 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Acquired 3D Hubs [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Acquisition Assets acquired: Current assets $ 2,497 Intangible assets 30,770 Goodwill 280,925 Other long-term assets 1,139 Total assets acquired 315,331 Liabilities assumed: Current contingent consideration 7,093 Current liabilities 5,666 Long-term contingent consideration 6,507 Long-term deferred tax liabilities 1,688 Other long-term liabilities 255 Total liabilities assumed 21,209 Net assets acquired 294,122 Cash paid 133,847 Cash acquired (6,434 ) Net cash consideration 127,413 Equity portion of purchase price 166,709 Total purchase consideration $ 294,122 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Three Months Ended March 31, 2022 Balance as of the beginning of the period $ 400,610 Goodwill acquired during the period - Foreign currency translation adjustments (2,291 ) Balance as of the end of the period $ 398,319 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2022 December 31, 2021 Useful Weighted Average (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Life (in years) Useful Life Remaining (in years) Intangible assets with finite lives: Marketing assets $ 930 $ (736 ) $ 194 $ 930 $ (713 ) $ 217 10.0 2.0 Non-compete agreement 836 (393 ) 443 842 (363 ) 479 2.0 - 5.0 2.7 Software technology 13,229 (5,356 ) 7,873 13,229 (5,014 ) 8,215 10.0 6.3 Software platform 26,432 (2,724 ) 23,708 26,725 (2,262 ) 24,463 12.0 10.8 Tradenames 355 (142 ) 213 359 (114 ) 245 3.0 1.8 Customer relationships 12,228 (8,425 ) 3,803 12,252 (7,873 ) 4,379 3.0 - 9.0 1.6 Total intangible assets $ 54,010 $ (17,776 ) $ 36,234 $ 54,337 $ (16,339 ) $ 37,998 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) Estimated Amortization Expense Remaining 2022 $ 4,608 2023 5,940 2024 3,770 2025 3,670 2026 3,567 Thereafter 14,679 Total estimated amortization expense $ 36,234 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 49,569 $ - $ - $ 65,637 $ - $ - Money market mutual fund 7,670 - - 292 - - Marketable securities 22,251 25,859 - 7,602 18,318 - Total $ 79,490 $ 25,859 $ - $ 73,531 $ 18,318 $ - |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 14,889 $ - $ (264 ) $ 14,625 Corporate debt securities 12,144 - (180 ) 11,964 U.S. government agency securities 17,288 - (188 ) 17,100 Certificates of deposit/time deposits 1,438 2 (2 ) 1,438 Commercial paper 2,987 - (4 ) 2,983 Total marketable securities $ 48,746 $ 2 $ (638 ) $ 48,110 December 31, 2021 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 12,549 $ - $ (70 ) $ 12,479 Corporate debt securities 9,303 - (44 ) 9,259 U.S. government agency securities 2,500 - (12 ) 2,488 Certificates of deposit/time deposits 1,687 7 - 1,694 Commercial paper - - - - Total marketable securities $ 26,039 $ 7 $ (126 ) $ 25,920 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, (in thousands) 2022 Due in one year or less $ 19,914 Due after one year through five years 28,196 Total marketable securities $ 48,110 |
Note 9 - Inventory (Tables)
Note 9 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, (in thousands) 2022 2021 Total inventory $ 14,994 $ 13,474 Allowance for obsolescence (767 ) (313 ) Inventory, net of allowance $ 14,227 $ 13,161 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2021 233,384 $ 97.78 Granted 52,992 59.40 Exercised (201 ) 30.58 Forfeited (21,287 ) 86.55 Options outstanding at March 31, 2022 264,888 $ 91.06 Exercisable at March 31, 2022 126,595 $ 87.42 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.94% 0.80% - 0.96% Expected life (years) 6.25 6.25 Expected volatility 45.95% 45.28 - 45.35% Expected dividend yield 0% 0% |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2021 343,782 $ 111.79 Granted 44,782 59.40 Restrictions lapsed (35,207 ) 123.15 Forfeited (11,068 ) 109.73 Restricted stock at March 31, 2022 342,289 $ 103.84 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted- Average Grant Date Performance Fair Value Stock Per Share Performance stock at December 31, 2021 16,839 $ 115.56 Granted 32,620 100.33 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at March 31, 2022 49,459 $ 105.52 |
Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2022 2021 Risk-free interest rate 1.76% 0.22% Expected life (years) 2.87 2.87 Expected volatility 53.50% 51.40% Expected dividend yield 0% 0% |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2022 2021 Risk-free interest rate 0.17% 0.12% Expected life (months) 6.00 6.00 Expected volatility 53.44% 50.85% Expected dividend yield 0% 0% |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (in thousands) 2022 2021 Balance at beginning of period $ (16,817 ) $ (3,420 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (4,972 ) (6,842 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) (4,972 ) (6,842 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications (516 ) 166 Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) (516 ) 166 Balance at end of period $ (22,305 ) $ (10,096 ) |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Income from Operations by Geographic Area [Table Text Block] | Three Months Ended March 31, (in thousands) 2022 2021 Income (Loss) from Operations: United States $ 22,524 $ 22,503 Europe (1,679 ) (1,371 ) Corporate Unallocated and Japan (12,955 ) (16,871 ) Total Income from Operations $ 7,890 $ 4,261 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, (in thousands) 2022 2021 Total long-lived assets: United States $ 209,416 $ 215,701 Europe 56,925 59,388 Japan 4,605 5,257 Total Long-lived Assets $ 270,946 $ 280,346 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, (in thousands) 2022 2021 Revenue: Injection Molding $ 53,398 $ 56,359 CNC Machining 46,098 36,703 3D Printing 19,672 17,235 Sheet Metal 4,687 5,219 Other Revenue 313 610 Total revenue $ 124,168 $ 116,126 |
Operating Segments [Member] | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, (in thousands) 2022 2021 Revenue: United States $ 95,496 $ 91,053 Europe 24,586 21,449 Japan 4,086 3,624 Total revenue $ 124,168 $ 116,126 |
Note 3 - Net Income Per Commo_3
Note 3 - Net Income Per Common Share (Details Textual) | 3 Months Ended |
Mar. 31, 2022shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 233,380 |
Note 3 - Net Income Per Commo_4
Note 3 - Net Income Per Common Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 5,095 | $ 3,712 |
Basic - weighted-average shares outstanding: (in shares) | 27,502,941 | 27,464,136 |
Employee stock options and other (in shares) | 7,536 | 234,059 |
Diluted - weighted-average shares outstanding: (in shares) | 27,510,477 | 27,698,195 |
Basic (in dollars per share) | $ 0.19 | $ 0.14 |
Diluted (in dollars per share) | $ 0.19 | $ 0.13 |
Note 4 - Business Combination_2
Note 4 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Jan. 22, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 127,709 | |||
Acquired 3D Hubs [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 294,100 | $ 294,122 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 127,400 | 127,413 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 863,995 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 166,700 | 166,709 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 52,800 | ||||
Payments to Acquire Businesses, Gross | $ 133,847 | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 13,600 | ||||
Acquired 3D Hubs [Member] | Cash [Member] | |||||
Payments to Acquire Businesses, Gross | $ 25,000 | ||||
Acquired 3D Hubs [Member] | Common Stock [Member] | Maximum [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 143,983 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 27,800 |
Note 4 - Business Combination_3
Note 4 - Business Combinations - Allocation of Purchase Price for the Acquisition of Rapid (Details) - USD ($) $ in Thousands | Jan. 22, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Assets acquired: | ||||
Goodwill | $ 398,319 | $ 400,610 | ||
Liabilities assumed: | ||||
Net cash consideration | $ 0 | $ 127,709 | ||
Acquired 3D Hubs [Member] | ||||
Assets acquired: | ||||
Current assets | 2,497 | |||
Intangible assets | 30,770 | |||
Goodwill | 280,925 | |||
Other long-term assets | 1,139 | |||
Total assets acquired | 315,331 | |||
Liabilities assumed: | ||||
Current contingent consideration | 7,093 | |||
Current liabilities | 5,666 | |||
Long-term contingent consideration | 6,507 | |||
Long-term deferred tax liabilities | 1,688 | |||
Other long-term liabilities | 255 | |||
Total liabilities assumed | 21,209 | |||
Net assets acquired | 294,122 | |||
Payments to Acquire Businesses, Gross | 133,847 | |||
Cash acquired | (6,434) | |||
Net cash consideration | $ 127,400 | 127,413 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 166,700 | 166,709 | ||
Total purchase consideration | $ 294,100 | $ 294,122 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands, € in Millions | Jan. 22, 2021USD ($) | Jan. 22, 2021EUR (€) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Goodwill, Acquired During Period | $ 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Total | 1,200 | $ 900 | |||
Amortization of Intangible Assets | $ 1,500 | $ 1,500 | |||
Acquired 3D Hubs [Member] | Europe [Member] | |||||
Goodwill, Acquired During Period | € | € 106.5 | ||||
Acquired 3D Hubs [Member] | UNITED STATES | |||||
Goodwill, Acquired During Period | $ 151,300 | ||||
Finite-Lived Intangible Assets Acquired | $ 16,600 | € 11.6 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill | $ 400,610 |
Goodwill acquired during the period | 0 |
Foreign currency translation adjustments | (2,291) |
Goodwill | $ 398,319 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Gross | $ 54,010 | $ 54,337 |
Accumulated Amortization | (17,776) | (16,339) |
Net | 36,234 | 37,998 |
Marketing-Related Intangible Assets [Member] | ||
Gross | 930 | 930 |
Accumulated Amortization | (736) | (713) |
Net | $ 194 | 217 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 2 years | |
Noncompete Agreements [Member] | ||
Gross | $ 836 | 842 |
Accumulated Amortization | (393) | (363) |
Net | $ 443 | 479 |
Weighted average useful life remaining (Year) | 2 years 8 months 12 days | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Useful Life (Year) | 2 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Useful Life (Year) | 5 years | |
Computer Software, Intangible Asset [Member] | ||
Gross | $ 13,229 | 13,229 |
Accumulated Amortization | (5,356) | (5,014) |
Net | $ 7,873 | 8,215 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 6 years 3 months 18 days | |
Software Platform [Member] | ||
Gross | $ 26,432 | 26,725 |
Accumulated Amortization | (2,724) | (2,262) |
Net | $ 23,708 | 24,463 |
Useful Life (Year) | 12 years | |
Weighted average useful life remaining (Year) | 10 years 9 months 18 days | |
Trade Names [Member] | ||
Gross | $ 355 | 359 |
Accumulated Amortization | (142) | (114) |
Net | $ 213 | 245 |
Useful Life (Year) | 3 years | |
Weighted average useful life remaining (Year) | 1 year 9 months 18 days | |
Customer Relationships [Member] | ||
Gross | $ 12,228 | 12,252 |
Accumulated Amortization | (8,425) | (7,873) |
Net | $ 3,803 | $ 4,379 |
Weighted average useful life remaining (Year) | 1 year 7 months 6 days | |
Customer Relationships [Member] | Minimum [Member] | ||
Useful Life (Year) | 3 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Useful Life (Year) | 9 years |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregated Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Remaining 2022 | $ 4,608 | |
2023 | 5,940 | |
2024 | 3,770 | |
2025 | 3,670 | |
2026 | 3,567 | |
Thereafter | 14,679 | |
Total estimated amortization expense | $ 36,234 | $ 37,998 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Details Textual) $ in Thousands | Mar. 31, 2022USD ($)ft² | Dec. 31, 2021USD ($) |
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 1,985 | $ 0 |
Facility in Maple Plain, Minnesota [Member] | ||
Area of Real Estate Property (Square Foot) | ft² | 35,000 | |
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 2,000 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable securities | $ 48,110 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 49,569 | $ 65,637 |
Marketable securities | 22,251 | 7,602 |
Total | 79,490 | 73,531 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 7,670 | 292 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Marketable securities | 25,859 | 18,318 |
Total | 25,859 | 18,318 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Note 8 - Marketable Securitie_2
Note 8 - Marketable Securities - Short-term and Long-term Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 48,746 | |
Unrealized Gains | 2 | |
Unrealized Losses | (638) | |
Fair Value | 48,110 | |
Amortized Cost | $ 26,039 | |
Unrealized Gains | 7 | |
Unrealized Losses | (126) | |
Fair Value | 25,920 | |
Bank Time Deposits [Member] | ||
Amortized Cost | 1,438 | |
Unrealized Gains | 2 | |
Unrealized Losses | (2) | |
Fair Value | 1,438 | |
Amortized Cost | 1,687 | |
Unrealized Gains | 7 | |
Unrealized Losses | 0 | |
Fair Value | 1,694 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 14,889 | |
Unrealized Gains | 0 | |
Unrealized Losses | (264) | |
Fair Value | 14,625 | |
Amortized Cost | 12,549 | |
Unrealized Gains | 0 | |
Unrealized Losses | (70) | |
Fair Value | 12,479 | |
Corporate Debt Securities [Member] | ||
Amortized Cost | 12,144 | |
Unrealized Gains | 0 | |
Unrealized Losses | (180) | |
Fair Value | 11,964 | |
Amortized Cost | 9,303 | |
Unrealized Gains | 0 | |
Unrealized Losses | (44) | |
Fair Value | 9,259 | |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 17,288 | |
Unrealized Gains | 0 | |
Unrealized Losses | (188) | |
Fair Value | 17,100 | |
Amortized Cost | 2,500 | |
Unrealized Gains | 0 | |
Unrealized Losses | (12) | |
Fair Value | 2,488 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 2,987 | |
Unrealized Gains | 0 | |
Unrealized Losses | (4) | |
Fair Value | $ 2,983 | |
Amortized Cost | 0 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | $ 0 |
Note 8 - Marketable Securitie_3
Note 8 - Marketable Securities - Balance of Held-to-maturity Debt Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Due in one year or less | $ 19,914 |
Due after one year through five years | 28,196 |
Total marketable securities | $ 48,110 |
Note 9 - Inventory - Inventory
Note 9 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total inventory | $ 14,994 | $ 13,474 |
Allowance for obsolescence | (767) | (313) |
Inventory, net of allowance | $ 14,227 | $ 13,161 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 4.4 | $ 5.6 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.84 | |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 15.00% | |
Employee Stock Purchase Plan, Offering Period (Month) | 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4.9 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 23.7 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3.8 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | |
Percentage of Target Number Capable of Being Earned and Vesting, Lower Limit | 0.00% | |
Percentage of Target Number Capable of Being Earned and Vesting, Upper Limit | 200.00% | |
Long-Term Incentive Plan 2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Options outstanding (in shares) | shares | 233,384 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 97.78 |
Granted (in shares) | shares | 52,992 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 59.40 |
Exercised (in shares) | shares | (201) |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 30.58 |
Forfeited (in shares) | shares | (21,287) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 86.55 |
Options outstanding (in shares) | shares | 264,888 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 91.06 |
Options exercisable (in shares) | shares | 126,595 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 87.42 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Risk-free interest rate | 1.94% | |
Expected life (Year) | 6 years 3 months | 6 years 3 months |
Expected volatility | 45.95% | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk-free interest rate | 0.80% | |
Expected volatility | 45.28% | |
Maximum [Member] | ||
Risk-free interest rate | 0.96% | |
Expected volatility | 45.35% |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Restricted Stock Options (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Restricted stock (in shares) | shares | 343,782 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 111.79 |
Granted (in shares) | shares | 44,782 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 59.40 |
Restrictions lapsed (in shares) | shares | (35,207) |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 123.15 |
Forfeited (in shares) | shares | (11,068) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 109.73 |
Restricted stock (in shares) | shares | 342,289 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 103.84 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Performance Stock (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Performance stock (in shares) | shares | 16,839 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 115.56 |
Granted (in shares) | shares | 32,620 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 100.33 |
Restrictions lapsed (in shares) | shares | 0 |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Performance change (in shares) | shares | 0 |
Performance change, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Performance stock (in shares) | shares | 49,459 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 105.52 |
Note 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation - Assumptions Used in the Valuation of Performance Stock (Details) - Performance Shares [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Risk-free interest rate | 1.76% | 0.22% |
Expected life (Year) | 2 years 10 months 13 days | 2 years 10 months 13 days |
Expected volatility | 53.50% | 51.40% |
Expected dividend yield | 0.00% | 0.00% |
Note 10 - Stock-based Compens_9
Note 10 - Stock-based Compensation - Assumptions Used to Estimate the Fair Value of the ESPP (Details) - Employee Stock Purchase Plan [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Risk-free interest rate | 0.17% | 0.12% |
Expected life (months) (Month) | 6 months | 6 months |
Expected volatility | 53.44% | 50.85% |
Expected dividend yield | 0.00% | 0.00% |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 828,493 | $ 644,356 |
Balance | 832,035 | 813,431 |
AOCI Attributable to Parent [Member] | ||
Balance | (16,817) | (3,420) |
Balance | (22,305) | (10,096) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | (4,972) | (6,842) |
Net current-period other comprehensive income (loss) | (4,972) | (6,842) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | (516) | 166 |
Net current-period other comprehensive income (loss) | $ (516) | $ 166 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 2,495 | $ 236 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 32.90% | 6.00% | |
Effective Income Tax Rate Continuing Operations Increase (Decrease) During the Period | 26.90% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 4,600 | $ 4,400 |
Note 13 - Segment Reporting - R
Note 13 - Segment Reporting - Revenue From Operations by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 124,168 | $ 116,126 |
Operating Segments [Member] | ||
Revenue | 124,168 | 116,126 |
Operating Segments [Member] | United States Segment [Member] | ||
Revenue | 95,496 | 91,053 |
Operating Segments [Member] | Europe Segment [Member] | ||
Revenue | 24,586 | 21,449 |
Operating Segments [Member] | Japan Segment [Member] | ||
Revenue | $ 4,086 | $ 3,624 |
Note 13 - Segment Reporting - I
Note 13 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income from operations | $ 7,890 | $ 4,261 |
Operating Segments [Member] | United States Segment [Member] | ||
Income from operations | 22,524 | 22,503 |
Operating Segments [Member] | Europe Segment [Member] | ||
Income from operations | (1,679) | (1,371) |
Operating Segments [Member] | Corporate Unallocated and Japan Segment[Member] | ||
Income from operations | $ (12,955) | $ (16,871) |
Note 13 - Segment Reporting - L
Note 13 - Segment Reporting - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Long-lived assets | $ 270,946 | $ 280,346 |
Operating Segments [Member] | United States Segment [Member] | ||
Long-lived assets | 209,416 | 215,701 |
Operating Segments [Member] | Europe Segment [Member] | ||
Long-lived assets | 56,925 | 59,388 |
Operating Segments [Member] | Japan Segment [Member] | ||
Long-lived assets | $ 4,605 | $ 5,257 |
Note 13 - Segment Reporting - D
Note 13 - Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 124,168 | $ 116,126 |
Injection Molding (Protomold) [Member] | ||
Revenue | 53,398 | 56,359 |
CNC Machining (Firstcut) [Member] | ||
Revenue | 46,098 | 36,703 |
3D Printing (Fineline) [Member] | ||
Revenue | 19,672 | 17,235 |
Sheet Metal [Member] | ||
Revenue | 4,687 | 5,219 |
Other Products [Member] | ||
Revenue | $ 313 | $ 610 |