Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 $0.001 Per Share | |
Trading Symbol | PRLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,116,891 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 59,361 | $ 65,929 |
Short-term marketable securities | 25,253 | 11,580 |
Accounts receivable, net of allowance for doubtful accounts of $1,821 and $1,948 as of September 30, 2022, and December 31, 2021, respectively | 80,611 | 80,051 |
Inventory | 14,617 | 13,161 |
Income taxes receivable | 763 | 1,321 |
Prepaid expenses and other current assets | 11,752 | 11,450 |
Total current assets | 192,357 | 183,492 |
Property and equipment, net | 259,856 | 280,346 |
Goodwill | 383,558 | 400,610 |
Other intangible assets, net | 31,907 | 37,998 |
Long-term marketable securities | 29,257 | 14,340 |
Operating lease assets | 4,293 | 5,578 |
Finance lease assets | 1,524 | 1,898 |
Other long-term assets | 4,186 | 4,320 |
Total assets | 906,938 | 928,582 |
Current liabilities | ||
Accounts payable | 16,893 | 25,364 |
Accrued compensation | 15,087 | 13,704 |
Accrued liabilities and other | 25,478 | 11,980 |
Current operating lease liabilities | 1,773 | 3,298 |
Current finance lease liabilities | 1,484 | 550 |
Income taxes payable | 5 | 0 |
Total current liabilities | 60,720 | 54,896 |
Long-term operating lease liabilities | 2,477 | 2,245 |
Long-term finance lease liabilities | 0 | 1,351 |
Long-term deferred tax liabilities | 26,864 | 35,892 |
Other long-term liabilities | 6,031 | 5,705 |
Total liabilities | 96,092 | 100,089 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2022, and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 27,326,750 and 27,465,945 shares as of September 30, 2022, and December 31, 2021, respectively | 28 | 28 |
Additional paid-in capital | 477,107 | 468,548 |
Retained earnings | 380,735 | 376,734 |
Accumulated other comprehensive loss | (47,024) | (16,817) |
Total shareholders' equity | 810,846 | 828,493 |
Total liabilities and shareholders' equity | $ 906,938 | $ 928,582 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 1,821 | $ 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) | 27,326,750 | 27,465,945 |
Common stock, shares outstanding (in shares) | 27,326,750 | 27,465,945 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statements of Operations: | ||||
Revenue | $ 121,721 | $ 125,342 | $ 372,791 | $ 364,516 |
Cost of revenue | 68,089 | 70,018 | 205,933 | 197,237 |
Gross profit | 53,632 | 55,324 | 166,858 | 167,279 |
Operating expenses | ||||
Marketing and sales | 20,594 | 21,422 | 62,235 | 61,946 |
Research and development | 9,309 | 10,614 | 29,316 | 33,855 |
General and administrative | 16,477 | 16,361 | 49,770 | 44,186 |
Closure of Japan business | 1,194 | 0 | 6,388 | 0 |
Total operating expenses | 47,574 | 48,397 | 147,709 | 139,987 |
Income from operations | 6,058 | 6,927 | 19,149 | 27,292 |
Other income (loss), net | (24) | 136 | (323) | (40) |
Income before income taxes | 6,034 | 7,063 | 18,826 | 27,252 |
Provision for income taxes | 2,083 | 2,228 | 7,223 | 5,790 |
Net income | $ 3,951 | $ 4,835 | $ 11,603 | $ 21,462 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.42 | $ 0.78 |
Diluted (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.42 | $ 0.77 |
Shares used to compute net income per share: | ||||
Basic (in shares) | 27,505,097 | 27,713,229 | 27,512,057 | 27,638,611 |
Diluted (in shares) | 27,508,217 | 27,730,105 | 27,522,734 | 27,707,784 |
Comprehensive Income (Loss) (net of tax) | ||||
Comprehensive income (loss) | $ (6,924) | $ (508) | $ (18,604) | $ 11,424 |
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 | |||
Other comprehensive loss | |||||
Foreign currency translation adjustment | (6,842) | (6,842) | |||
Net unrealized gains (losses) on investments in securities | 166 | 166 | |||
Comprehensive income (loss) | (2,964) | ||||
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 | |||
Balance (in shares) at Dec. 31, 2020 | 26,776,796 | ||||
Balance at Dec. 31, 2020 | $ 27 | 284,848 | 362,901 | (3,420) | 644,356 |
Other comprehensive loss | |||||
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, 2020 | 26,776,796 | ||||
Balance at Dec. 31, 2020 | $ 27 | 284,848 | 362,901 | (3,420) | 644,356 |
Net income | 21,462 | ||||
Other comprehensive loss | |||||
Comprehensive income (loss) | 11,424 | ||||
Net income | 21,462 | ||||
Balance (in shares) at Dec. 31, 2020 | 26,776,796 | ||||
Balance at Dec. 31, 2020 | $ 27 | 284,848 | 362,901 | (3,420) | 644,356 |
Balance (in shares) at Sep. 30, 2021 | 27,603,649 | ||||
Balance at Sep. 30, 2021 | $ 28 | 464,900 | 373,151 | (13,458) | 824,621 |
Balance (in shares) at Mar. 31, 2021 | 27,689,746 | ||||
Balance at Mar. 31, 2021 | $ 28 | 456,886 | 366,613 | (10,096) | 813,431 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 85,317 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | (81) | 0 | 0 | (81) |
Stock-based compensation expense | $ 0 | 4,941 | 0 | 0 | 4,941 |
Repurchases of common stock (in shares) | (14,000) | ||||
Net income | $ 0 | 0 | 12,915 | 0 | 12,915 |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 2,030 | 2,030 |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | (49) | (49) |
Comprehensive income (loss) | 14,896 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 85,317 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | (81) | 0 | 0 | (81) |
Stock-based compensation expense | $ 0 | 4,941 | 0 | 0 | 4,941 |
Repurchases of common stock (in shares) | (14,000) | ||||
Repurchases of common stock | $ 0 | (149) | (1,061) | 0 | (1,210) |
Net income | $ 0 | 0 | 12,915 | 0 | 12,915 |
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 Jun. 30, 2021 | 27,761,063 | ||||
Balance at Jun. 30, 2021 | $ 28 | 461,597 | 378,467 | (8,115) | 831,977 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 4,978 | 0 | 0 | 4,978 |
Repurchases of common stock (in shares) | (157,414) | ||||
Net income | $ 0 | 0 | 4,835 | 0 | 4,835 |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | (5,298) | (5,298) |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | (45) | (45) |
Comprehensive income (loss) | (508) | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 4,978 | 0 | 0 | 4,978 |
Repurchases of common stock (in shares) | (157,414) | ||||
Repurchases of common stock | $ 0 | (1,675) | (10,151) | 0 | (11,826) |
Net income | $ 0 | 0 | 4,835 | 0 | 4,835 |
Balance (in shares) at Jun. 30, 2021 | 27,761,063 | ||||
Balance at Jun. 30, 2021 | $ 28 | 461,597 | 378,467 | (8,115) | 831,977 |
Balance (in shares) at Sep. 30, 2021 | 27,603,649 | ||||
Balance at Sep. 30, 2021 | $ 28 | 464,900 | 373,151 | (13,458) | $ 824,621 |
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 | |||
Other comprehensive loss | |||||
Foreign currency translation adjustment | (4,972) | (4,972) | |||
Net unrealized gains (losses) on investments in securities | (516) | (516) | |||
Comprehensive income (loss) | (393) | ||||
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 | |||
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 |
Balance (in shares) at Mar. 31, 2022 | 27,493,661 | ||||
Balance at Mar. 31, 2022 | $ 28 | 472,483 | 381,829 | (22,305) | $ 832,035 |
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 |
Net income | 11,603 | ||||
Other comprehensive loss | |||||
Comprehensive income (loss) | (18,604) | ||||
Net income | $ 11,603 | ||||
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 |
Balance (in shares) at Sep. 30, 2022 | 27,326,750 | 27,326,750 | |||
Balance at Sep. 30, 2022 | $ 28 | 477,107 | 380,735 | (47,024) | $ 810,846 |
Balance (in shares) at Mar. 31, 2022 | 27,493,661 | ||||
Balance at Mar. 31, 2022 | $ 28 | 472,483 | 381,829 | (22,305) | 832,035 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 122,705 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | 1,158 | 0 | 0 | 1,158 |
Stock-based compensation expense | $ 0 | 4,031 | 0 | 0 | 4,031 |
Repurchases of common stock (in shares) | (113,266) | ||||
Net income | $ 0 | 0 | 2,557 | 0 | 2,557 |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | (13,515) | (13,515) |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | (329) | (329) |
Comprehensive income (loss) | (11,287) | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 122,705 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | 1,158 | 0 | 0 | 1,158 |
Stock-based compensation expense | $ 0 | 4,031 | 0 | 0 | 4,031 |
Repurchases of common stock (in shares) | (113,266) | ||||
Repurchases of common stock | $ 0 | (1,932) | (3,307) | 0 | (5,239) |
Net income | $ 0 | 0 | 2,557 | 0 | 2,557 |
Balance (in shares) at Mar. 31, 2022 | 27,493,661 | ||||
Balance at Mar. 31, 2022 | $ 28 | 472,483 | 381,829 | (22,305) | 832,035 |
Balance (in shares) at Jun. 30, 2022 | 27,503,100 | ||||
Balance at Jun. 30, 2022 | $ 28 | 475,740 | 381,079 | (36,149) | 820,698 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 31,150 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 4,907 | 0 | 0 | 4,907 |
Repurchases of common stock (in shares) | (207,500) | ||||
Net income | $ 0 | 3,951 | 0 | 3,951 | |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | (10,287) | (10,287) |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | (588) | (588) |
Comprehensive income (loss) | (6,924) | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 31,150 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | $ 0 | 4,907 | 0 | 0 | 4,907 |
Repurchases of common stock (in shares) | (207,500) | ||||
Repurchases of common stock | $ 0 | (3,540) | (4,295) | 0 | (7,835) |
Net income | $ 0 | 3,951 | 0 | 3,951 | |
Balance (in shares) at Jun. 30, 2022 | 27,503,100 | ||||
Balance at Jun. 30, 2022 | $ 28 | 475,740 | 381,079 | (36,149) | $ 820,698 |
Balance (in shares) at Sep. 30, 2022 | 27,326,750 | 27,326,750 | |||
Balance at Sep. 30, 2022 | $ 28 | $ 477,107 | $ 380,735 | $ (47,024) | $ 810,846 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 11,603 | $ 21,462 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,981 | 30,231 |
Stock-based compensation expense | 13,335 | 15,539 |
Deferred taxes | (8,920) | (139) |
Fair value of contingent consideration | 0 | (8,513) |
Impairments related to closure of Japan business | 2,842 | 0 |
Gain on disposal of property and equipment | (1,174) | 0 |
Other | 11 | 442 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,909) | (25,615) |
Inventories | (1,613) | 950 |
Prepaid expenses and other | (920) | 1,009 |
Income taxes | 670 | (1,226) |
Accounts payable | 1,292 | 1,978 |
Accrued liabilities and other | 8,366 | (3,893) |
Net cash provided by operating activities | 51,564 | 32,225 |
Investing activities | ||
Purchases of property, equipment and other capital assets | (16,414) | (27,956) |
Proceeds from sales of property, equipment and other capital assets | 3,227 | 0 |
Cash used for acquisitions, net of cash acquired | 0 | (127,413) |
Purchases of marketable securities | (45,872) | (15,159) |
Proceeds from sales of marketable securities | 1,998 | 57,089 |
Proceeds from call redemptions and maturities of marketable securities | 13,696 | 15,114 |
Net cash used in investing activities | (43,365) | (98,325) |
Financing activities | ||
Proceeds from exercises of stock options | 2,311 | 3,838 |
Purchases of shares withheld for tax obligations | (1,615) | (4,209) |
Repurchases of common stock | (13,074) | (13,036) |
Principal repayments of finance lease obligations | (417) | (413) |
Net cash used in financing activities | (12,795) | (13,820) |
Effect of exchange rate changes on cash and cash equivalents | (1,972) | 119 |
Net decrease in cash and cash equivalents | (6,568) | (79,801) |
Cash and cash equivalents, beginning of period | 65,929 | 127,603 |
Cash and cash equivalents, end of period | $ 59,361 | $ 47,802 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Notes to Consolidated Financial Statements 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 On May 27, 2022, three nine September 30, 2022, three September 30, 2022. nine September 30, 2022. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 The Company did not no |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common Share | 9 Months Ended |
Sep. 30, 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 September 30, 2022 2021, 210,443 nine September 30, 2022 2021, The table below sets forth the computation of basic and diluted net income per share: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share amounts) 2022 2021 2022 2021 Net income $ 3,951 $ 4,835 $ 11,603 $ 21,462 Basic - weighted-average shares outstanding: 27,505,097 27,713,229 27,512,057 27,638,611 Effect of dilutive securities: Employee stock options and other 3,120 16,876 10,677 69,173 Diluted - weighted-average shares outstanding: 27,508,217 27,730,105 27,522,734 27,707,784 Net income per share: Basic $ 0.14 $ 0.17 $ 0.42 $ 0.78 Diluted $ 0.14 $ 0.17 $ 0.42 $ 0.77 |
Note 4 - Business Combinations
Note 4 - Business Combinations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4 On January 22, 2021, 3D 2021 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 The changes in the carrying amount of goodwill during the nine September 30, 2022 (in thousands) Nine Months Ended September 30, 2022 Balance as of the beginning of the period $ 400,610 Goodwill acquired during the period - Goodwill written off during the period (630 ) Foreign currency translation adjustments (16,422 ) Balance as of the end of the period $ 383,558 Goodwill of $0.6 million was written off as of September 30, 2022, third 2022 fourth 2022. Intangible assets other than goodwill at September 30, 2022 December 31, 2021 September 30, 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 $ (783) $ 147 $ 930 $ (713) $ 217 10.0 1.5 Non-compete agreement 807 (448 ) 359 842 (363 ) 479 2.0 - 5.0 2.3 Software technology 13,229 (6,041 ) 7,188 13,229 (5,014 ) 8,215 10.0 5.8 Software platform 25,071 (3,631 ) 21,440 26,725 (2,262 ) 24,463 12.0 10.3 Tradenames 337 (190 ) 147 359 (114 ) 245 3.0 1.3 Customer relationships 12,117 (9,491 ) 2,626 12,252 (7,873 ) 4,379 3.0 - 9.0 1.1 Total intangible assets $ 52,491 $ (20,584 ) $ 31,907 $ 54,337 $ (16,339 ) $ 37,998 Intangible assets have been allocated to the acquired Hubs entities consisting of intangible assets of €11.6 September 30, 2022 December 31, 2021, three September 30, 2022 2021 nine September 30, 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 $ 1,491 2023 5,774 2024 3,647 2025 3,551 2026 3,453 Thereafter 13,991 Total estimated amortization expense $ 31,907 |
Note 6 - Assets Held for Sale
Note 6 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 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, June 30, 2022 third 2022 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 and cash equivalents consist primarily 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 36,813 $ - $ - $ 65,637 $ - $ - Money market mutual fund 22,548 - - 292 - - Marketable securities 17,096 37,414 - 7,602 18,318 - Total $ 76,457 $ 37,414 $ - $ 73,531 $ 18,318 $ - |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 9 Months Ended |
Sep. 30, 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 September 30, 2022 December 31, 2021 September 30, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 17,991 $ - $ (494 ) $ 17,497 Corporate debt securities 9,602 - (259 ) 9,343 U.S. government agency securities 25,780 - (787 ) 24,993 Certificates of deposit/time deposits 1,189 - (11 ) 1,178 Commercial paper 1,500 - (1 ) 1,499 Total marketable securities $ 56,062 $ - $ (1,552 ) $ 54,510 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 September 30, 2022 may may September 30, (in thousands) 2022 Due in one year or less $ 25,253 Due after one year through five years 29,257 Total marketable securities $ 54,510 |
Note 9 - Inventory
Note 9 - Inventory | 9 Months Ended |
Sep. 30, 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: September 30, December 31, (in thousands) 2022 2021 Total inventory $ 14,953 $ 13,474 Allowance for obsolescence (336 ) (313 ) Inventory, net of allowance $ 14,617 $ 13,161 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Under the Company’s 2012 2012 February 23, 2022. July 8, 2022, 2022 2022 August 29, 2022. No February 23, 2022 August 29, 2022. 2012 August 29, 2022 2012 2022 2022 2022 ten may 2022 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 $4.9 million and $5.0 million for the three September 30, 2022 2021 nine September 30, 2022 2021, Stock Options The following table summarizes stock option activity during the nine September 30, 2022 Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2021 233,384 $ 97.78 Granted 118,434 48.24 Exercised (3,114 ) 30.58 Forfeited (38,618 ) 91.27 Expired (34,201 ) 89.71 Options outstanding at September 30, 2022 275,885 $ 79.19 Exercisable at September 30, 2022 108,659 $ 91.50 The outstanding options generally have a term of ten four first first The weighted-average grant date fair value of options that were granted during the nine September 30, 2022 The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Risk-free interest rate 1.94% - 3.40% 0.80% - 1.12% Expected life (years) 6.25 6.25 Expected volatility 45.95% - 46.03% 45.28 - 45.35% Expected dividend yield 0% 0% As of September 30, 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 four first first The following table summarizes restricted stock activity during the nine September 30, 2022 Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2021 343,782 $ 111.79 Granted 312,270 42.05 Restrictions lapsed (120,606 ) 104.99 Forfeited (39,480 ) 106.64 Restricted stock at September 30, 2022 495,966 $ 69.95 As of September 30, 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 nine September 30, 2022 Weighted- Average Grant Date Performance Fair Value Stock Per Share Performance stock at December 31, 2021 16,839 $ 115.56 Granted 35,697 96.71 Restrictions lapsed - - Performance change - - Forfeited (3,578 ) 121.79 Performance stock at September 30, 2022 48,958 $ 109.80 The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Risk-free interest rate 1.76% - 3.40% 0.22% Expected life (years) 2.34 - 2.87 2.87 Expected volatility 53.5% - 53.6% 51.40% Expected dividend yield 0% 0% As of September 30, 2022 Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Risk-free interest rate 0.17 - 2.06% 0.06 - 0.12% Expected life (months) 6.00 6.00 Expected volatility 47.05 - 53.44% 50.85 - 65.53% Expected dividend yield 0% 0% |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 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 nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ (36,149 ) $ (8,115 ) $ (16,817 ) $ (3,420 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (10,287 ) (5,298 ) (28,774 ) (10,110 ) Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) (10,287 ) (5,298 ) (28,774 ) (10,110 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications (588 ) (45 ) (1,433 ) 72 Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) (588 ) (45 ) (1,433 ) 72 Balance at end of period $ (47,024 ) $ (13,458 ) $ (47,024 ) $ (13,458 ) |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 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 September 30, 2022 2021 nine September 30, 2022 2021, three September 30, 2022 three September 30, 2022 2021 not nine September 30, 2022 nine September 30, 2022 2021 not The effective income tax rate for the nine September 30, 2022 The Company had unrecognized tax benefits totaling $4.5 million as of September 30, 2022 December 31, 2021 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 9 Months Ended |
Sep. 30, 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 nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue: United States $ 98,970 $ 100,127 $ 295,121 $ 286,524 Europe 21,464 22,155 69,441 68,259 Japan 1,287 3,060 8,229 9,733 Total revenue $ 121,721 $ 125,342 $ 372,791 $ 364,516 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Income (Loss) from Operations: United States $ 25,293 $ 23,475 $ 73,984 $ 72,258 Europe (3,581 ) (2,223 ) (7,509 ) 1,469 Corporate Unallocated and Japan (15,654 ) (14,325 ) (47,326 ) (46,435 ) Total Income from Operations $ 6,058 $ 6,927 $ 19,149 $ 27,292 Total long-lived assets at September 30, 2022 December 31, 2021 September 30, December 31, (in thousands) 2022 2021 Total long-lived assets: United States $ 206,965 $ 215,701 Europe 51,636 59,388 Japan 1,255 5,257 Total Long-lived Assets $ 259,856 $ 280,346 The Company's decision to close the Japan business resulted in operating expenses of $1.2 million and $6.4 million during the three nine September 30, 2022, three September 30, 2022. nine September 30, 2022. Revenue by product line for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue: Injection Molding $ 48,940 $ 57,685 $ 155,693 $ 172,212 CNC Machining 47,489 43,658 141,809 121,953 3D Printing 19,823 18,589 59,458 53,994 Sheet Metal 5,219 4,854 15,066 14,790 Other Revenue 250 556 765 1,567 Total revenue $ 121,721 $ 125,342 $ 372,791 $ 364,516 |
Note 3 - Net Income Per Commo_2
Note 3 - Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share amounts) 2022 2021 2022 2021 Net income $ 3,951 $ 4,835 $ 11,603 $ 21,462 Basic - weighted-average shares outstanding: 27,505,097 27,713,229 27,512,057 27,638,611 Effect of dilutive securities: Employee stock options and other 3,120 16,876 10,677 69,173 Diluted - weighted-average shares outstanding: 27,508,217 27,730,105 27,522,734 27,707,784 Net income per share: Basic $ 0.14 $ 0.17 $ 0.42 $ 0.78 Diluted $ 0.14 $ 0.17 $ 0.42 $ 0.77 |
Note 4 - Business Combinations
Note 4 - Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Nine Months Ended September 30, 2022 Balance as of the beginning of the period $ 400,610 Goodwill acquired during the period - Goodwill written off during the period (630 ) Foreign currency translation adjustments (16,422 ) Balance as of the end of the period $ 383,558 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 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 $ (783) $ 147 $ 930 $ (713) $ 217 10.0 1.5 Non-compete agreement 807 (448 ) 359 842 (363 ) 479 2.0 - 5.0 2.3 Software technology 13,229 (6,041 ) 7,188 13,229 (5,014 ) 8,215 10.0 5.8 Software platform 25,071 (3,631 ) 21,440 26,725 (2,262 ) 24,463 12.0 10.3 Tradenames 337 (190 ) 147 359 (114 ) 245 3.0 1.3 Customer relationships 12,117 (9,491 ) 2,626 12,252 (7,873 ) 4,379 3.0 - 9.0 1.1 Total intangible assets $ 52,491 $ (20,584 ) $ 31,907 $ 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 $ 1,491 2023 5,774 2024 3,647 2025 3,551 2026 3,453 Thereafter 13,991 Total estimated amortization expense $ 31,907 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2022 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 36,813 $ - $ - $ 65,637 $ - $ - Money market mutual fund 22,548 - - 292 - - Marketable securities 17,096 37,414 - 7,602 18,318 - Total $ 76,457 $ 37,414 $ - $ 73,531 $ 18,318 $ - |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | September 30, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 17,991 $ - $ (494 ) $ 17,497 Corporate debt securities 9,602 - (259 ) 9,343 U.S. government agency securities 25,780 - (787 ) 24,993 Certificates of deposit/time deposits 1,189 - (11 ) 1,178 Commercial paper 1,500 - (1 ) 1,499 Total marketable securities $ 56,062 $ - $ (1,552 ) $ 54,510 |
Debt Securities, Held-to-Maturity [Table Text Block] | 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] | September 30, (in thousands) 2022 Due in one year or less $ 25,253 Due after one year through five years 29,257 Total marketable securities $ 54,510 |
Note 9 - Inventory (Tables)
Note 9 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Total inventory $ 14,953 $ 13,474 Allowance for obsolescence (336 ) (313 ) Inventory, net of allowance $ 14,617 $ 13,161 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 118,434 48.24 Exercised (3,114 ) 30.58 Forfeited (38,618 ) 91.27 Expired (34,201 ) 89.71 Options outstanding at September 30, 2022 275,885 $ 79.19 Exercisable at September 30, 2022 108,659 $ 91.50 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2022 2021 Risk-free interest rate 1.94% - 3.40% 0.80% - 1.12% Expected life (years) 6.25 6.25 Expected volatility 45.95% - 46.03% 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 312,270 42.05 Restrictions lapsed (120,606 ) 104.99 Forfeited (39,480 ) 106.64 Restricted stock at September 30, 2022 495,966 $ 69.95 |
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 35,697 96.71 Restrictions lapsed - - Performance change - - Forfeited (3,578 ) 121.79 Performance stock at September 30, 2022 48,958 $ 109.80 |
Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2022 2021 Risk-free interest rate 1.76% - 3.40% 0.22% Expected life (years) 2.34 - 2.87 2.87 Expected volatility 53.5% - 53.6% 51.40% Expected dividend yield 0% 0% |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2022 2021 Risk-free interest rate 0.17 - 2.06% 0.06 - 0.12% Expected life (months) 6.00 6.00 Expected volatility 47.05 - 53.44% 50.85 - 65.53% Expected dividend yield 0% 0% |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Balance at beginning of period $ (36,149 ) $ (8,115 ) $ (16,817 ) $ (3,420 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (10,287 ) (5,298 ) (28,774 ) (10,110 ) Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) (10,287 ) (5,298 ) (28,774 ) (10,110 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications (588 ) (45 ) (1,433 ) 72 Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) (588 ) (45 ) (1,433 ) 72 Balance at end of period $ (47,024 ) $ (13,458 ) $ (47,024 ) $ (13,458 ) |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Income from Operations by Geographic Area [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Income (Loss) from Operations: United States $ 25,293 $ 23,475 $ 73,984 $ 72,258 Europe (3,581 ) (2,223 ) (7,509 ) 1,469 Corporate Unallocated and Japan (15,654 ) (14,325 ) (47,326 ) (46,435 ) Total Income from Operations $ 6,058 $ 6,927 $ 19,149 $ 27,292 |
Long-Lived Assets by Geographic Areas [Table Text Block] | September 30, December 31, (in thousands) 2022 2021 Total long-lived assets: United States $ 206,965 $ 215,701 Europe 51,636 59,388 Japan 1,255 5,257 Total Long-lived Assets $ 259,856 $ 280,346 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue: Injection Molding $ 48,940 $ 57,685 $ 155,693 $ 172,212 CNC Machining 47,489 43,658 141,809 121,953 3D Printing 19,823 18,589 59,458 53,994 Sheet Metal 5,219 4,854 15,066 14,790 Other Revenue 250 556 765 1,567 Total revenue $ 121,721 $ 125,342 $ 372,791 $ 364,516 |
Operating Segments [Member] | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue: United States $ 98,970 $ 100,127 $ 295,121 $ 286,524 Europe 21,464 22,155 69,441 68,259 Japan 1,287 3,060 8,229 9,733 Total revenue $ 121,721 $ 125,342 $ 372,791 $ 364,516 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal Group, Operating Expense | $ 1,194 | $ 0 | $ 6,388 | $ 0 |
Goodwill, Written Off | 630 | |||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations [Member] | Manufacturing Facility in Japan [Member] | ||||
Disposal Group, Operating Expense | 1,200 | 6,400 | ||
Disposal Group, Employee Severance, Operating Expense | 100 | 2,300 | ||
Disposal Group, Write-down of Fixed Assets, Operating Expense | $ 1,100 | 2,300 | ||
Disposal Group, Facility-related Charges, Operating Expense | 900 | |||
Goodwill, Written Off | 600 | |||
Disposal Group, Other Closure Related Charges, Operating Expense | $ 300 |
Note 3 - Net Income Per Commo_3
Note 3 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 210,443 | 184,920 | 202,901 | 61,400 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 3,951 | $ 2,557 | $ 5,095 | $ 4,835 | $ 12,915 | $ 3,712 | $ 11,603 | $ 21,462 |
Basic - weighted-average shares outstanding: (in shares) | 27,505,097 | 27,713,229 | 27,512,057 | 27,638,611 | ||||
Employee stock options and other (in shares) | 3,120 | 16,876 | 10,677 | 69,173 | ||||
Diluted - weighted-average shares outstanding: (in shares) | 27,508,217 | 27,730,105 | 27,522,734 | 27,707,784 | ||||
Basic (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.42 | $ 0.78 | ||||
Diluted (in dollars per share) | $ 0.14 | $ 0.17 | $ 0.42 | $ 0.77 |
Note 4 - Business Combination_2
Note 4 - Business Combinations (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 11 Months Ended | ||
Jan. 22, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 127,413 | ||
Acquired 3D Hubs [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 294,122 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 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 | $ 166,709 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 52,800 | |||
Payments to Acquire Businesses, Gross | $ 133,847 | |||
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 | 9 Months Ended | |||
Jan. 22, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Assets acquired: | ||||
Goodwill | $ 383,558 | $ 400,610 | ||
Liabilities assumed: | ||||
Net cash consideration | $ 0 | $ 127,413 | ||
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 | 127,413 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 166,709 | |||
Total purchase consideration | $ 294,122 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 22, 2021 USD ($) | Jan. 22, 2021 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill, Written Off | $ 630 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Total | 2,800 | $ 900 | |||||
Amortization of Intangible Assets | $ 1,500 | $ 1,600 | 4,600 | $ 4,600 | |||
Acquired 3D Hubs [Member] | UNITED STATES | |||||||
Finite-Lived Intangible Assets Acquired | $ 16,600 | € 11.6 | |||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations [Member] | Manufacturing Facility in Japan [Member] | |||||||
Goodwill, Written Off | $ 600 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill | $ 400,610 |
Goodwill acquired during the period | 0 |
Goodwill written off during the period | (630) |
Foreign currency translation adjustments | (16,422) |
Goodwill | $ 383,558 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Gross | $ 52,491 | $ 54,337 |
Accumulated Amortization | (20,584) | (16,339) |
Net | 31,907 | 37,998 |
Marketing-Related Intangible Assets [Member] | ||
Gross | 930 | 930 |
Accumulated Amortization | (783) | (713) |
Net | $ 147 | 217 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 1 year 6 months | |
Noncompete Agreements [Member] | ||
Gross | $ 807 | 842 |
Accumulated Amortization | (448) | (363) |
Net | $ 359 | 479 |
Weighted average useful life remaining (Year) | 2 years 3 months 18 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 | (6,041) | (5,014) |
Net | $ 7,188 | 8,215 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 5 years 9 months 18 days | |
Software Platform [Member] | ||
Gross | $ 25,071 | 26,725 |
Accumulated Amortization | (3,631) | (2,262) |
Net | $ 21,440 | 24,463 |
Useful Life (Year) | 12 years | |
Weighted average useful life remaining (Year) | 10 years 3 months 18 days | |
Trade Names [Member] | ||
Gross | $ 337 | 359 |
Accumulated Amortization | (190) | (114) |
Net | $ 147 | 245 |
Useful Life (Year) | 3 years | |
Weighted average useful life remaining (Year) | 1 year 3 months 18 days | |
Customer Relationships [Member] | ||
Gross | $ 12,117 | 12,252 |
Accumulated Amortization | (9,491) | (7,873) |
Net | $ 2,626 | $ 4,379 |
Weighted average useful life remaining (Year) | 1 year 1 month 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Remaining 2022 | $ 1,491 | |
2023 | 5,774 | |
2024 | 3,647 | |
2025 | 3,551 | |
2026 | 3,453 | |
Thereafter | 13,991 | |
Total estimated amortization expense | $ 31,907 | $ 37,998 |
Note 6 - Assets Held for Sale (
Note 6 - Assets Held for Sale (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) ft² | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,174 | $ 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 | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 3,200 | |||
Facility in Maple Plain, Minnesota [Member] | General and Administrative Expense [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,200 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Marketable securities | $ 54,510 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 17,096 | $ 7,602 |
Total | 76,457 | 73,531 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash | 36,813 | 65,637 |
Cash and cash equivalents | 36,813 | 65,637 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash | 22,548 | 292 |
Cash and cash equivalents | 22,548 | 292 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | 37,414 | 18,318 |
Total | 37,414 | 18,318 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Cash | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Cash | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash | 0 | 0 |
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) $ in Thousands | Sep. 30, 2022 USD ($) |
Amortized Cost | $ 56,062 |
Unrealized Gains | 0 |
Unrealized Losses | (1,552) |
Fair Value | 54,510 |
US States and Political Subdivisions Debt Securities [Member] | |
Amortized Cost | 17,991 |
Unrealized Gains | 0 |
Unrealized Losses | (494) |
Fair Value | 17,497 |
Corporate Debt Securities [Member] | |
Amortized Cost | 9,602 |
Unrealized Gains | 0 |
Unrealized Losses | (259) |
Fair Value | 9,343 |
US Government Agencies Debt Securities [Member] | |
Amortized Cost | 25,780 |
Unrealized Gains | 0 |
Unrealized Losses | (787) |
Fair Value | 24,993 |
Bank Time Deposits [Member] | |
Amortized Cost | 1,189 |
Unrealized Gains | 0 |
Unrealized Losses | (11) |
Fair Value | 1,178 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |
Amortized Cost | 1,500 |
Unrealized Gains | 0 |
Unrealized Losses | (1) |
Fair Value | $ 1,499 |
Note 8 - Marketable Securitie_3
Note 8 - Marketable Securities - Short-term and Long-term Held-to-Maturity Securities (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Amortized Cost | $ 26,039 |
Unrealized Gains | 7 |
Unrealized Losses | (126) |
Fair Value | 25,920 |
US States and Political Subdivisions Debt Securities [Member] | |
Amortized Cost | 12,549 |
Unrealized Gains | 0 |
Unrealized Losses | (70) |
Fair Value | 12,479 |
Corporate Debt Securities [Member] | |
Amortized Cost | 9,303 |
Unrealized Gains | 0 |
Unrealized Losses | (44) |
Fair Value | 9,259 |
US Government Agencies Debt Securities [Member] | |
Amortized Cost | 2,500 |
Unrealized Gains | 0 |
Unrealized Losses | (12) |
Fair Value | 2,488 |
Bank Time Deposits [Member] | |
Amortized Cost | 1,687 |
Unrealized Gains | 7 |
Unrealized Losses | 0 |
Fair Value | 1,694 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |
Amortized Cost | 0 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Fair Value | $ 0 |
Note 8 - Marketable Securitie_4
Note 8 - Marketable Securities - Balance of Held-to-maturity Debt Securities by Contractual Maturity (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Due in one year or less | $ 25,253 |
Due after one year through five years | 29,257 |
Total marketable securities | $ 54,510 |
Note 9 - Inventory - Inventory
Note 9 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total inventory | $ 14,953 | $ 13,474 |
Allowance for obsolescence | (336) | (313) |
Inventory, net of allowance | $ 14,617 | $ 13,161 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 20, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 4.9 | $ 5 | $ 13.3 | $ 15.5 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.11 | ||||
ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 15% | ||||
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% | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 4.5 | $ 4.5 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 24.7 | $ 24.7 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | ||||
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) | 4 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 | $ 2.8 | $ 2.8 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||||
Percentage of Target Number Capable of Being Earned and Vesting, Lower Limit | 0% | 0% | |||
Percentage of Target Number Capable of Being Earned and Vesting, Upper Limit | 200% | 200% | |||
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) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Options outstanding (in shares) | shares | 233,384 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 97.78 |
Granted (in shares) | shares | 118,434 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 48.24 |
Exercised (in shares) | shares | (3,114) |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 30.58 |
Forfeited (in shares) | shares | (38,618) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 91.27 |
Expired (in shares) | shares | (34,201) |
Expired (in dollars per share) | $ / shares | $ 89.71 |
Options outstanding (in shares) | shares | 275,885 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 79.19 |
Options exercisable (in shares) | shares | 108,659 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 91.50 |
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] | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Expected life (years) (Year) | 6 years 3 months | 6 years 3 months |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 1.94% | 0.80% |
Expected volatility | 45.95% | 45.28% |
Maximum [Member] | ||
Risk-free interest rate | 3.40% | 1.12% |
Expected volatility | 46.03% | 45.35% |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Restricted Stock Options (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
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 | 312,270 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 42.05 |
Restrictions lapsed (in shares) | shares | (120,606) |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 104.99 |
Forfeited (in shares) | shares | (39,480) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 106.64 |
Restricted stock (in shares) | shares | 495,966 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 69.95 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Performance Stock (Details) - Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
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 | 35,697 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 96.71 |
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 | (3,578) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 121.79 |
Performance stock (in shares) | shares | 48,958 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 109.80 |
Note 10 - Stock-based Compens_8
Note 10 - Stock-based Compensation - Assumptions Used in the Valuation of Performance Stock (Details) - Performance Shares [Member] | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Risk-free interest rate | 0.22% | |
Expected life (years) (Year) | 2 years 10 months 13 days | |
Expected volatility | 51.40% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 1.76% | |
Expected life (years) (Year) | 2 years 4 months 2 days | |
Expected volatility | 53.50% | |
Maximum [Member] | ||
Risk-free interest rate | 3.40% | |
Expected life (years) (Year) | 2 years 10 months 13 days | |
Expected volatility | 53.60% |
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] | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Expected life (months) (Month) | 6 months | 6 months |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 0.17% | 0.06% |
Expected volatility | 47.05% | 50.85% |
Maximum [Member] | ||
Risk-free interest rate | 2.06% | 0.12% |
Expected volatility | 53.44% | 65.53% |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 820,698 | $ 831,977 | $ 828,493 | $ 644,356 |
Balance | 810,846 | 824,621 | 810,846 | 824,621 |
AOCI Attributable to Parent [Member] | ||||
Balance | (36,149) | (8,115) | (16,817) | (3,420) |
Balance | (47,024) | (13,458) | (47,024) | (13,458) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Other comprehensive income (loss) before reclassifications | (10,287) | (5,298) | (28,774) | (10,110) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | (10,287) | (5,298) | (28,774) | (10,110) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Other comprehensive income (loss) before reclassifications | (588) | (45) | (1,433) | 72 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | $ (588) | $ (45) | $ (1,433) | $ 72 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 2,083 | $ 2,228 | $ 7,223 | $ 5,790 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 34.50% | 31.50% | 38.40% | 21.20% | ||
Effective Income Tax Rate Continuing Operations Increase (Decrease) During the Period | 3% | 17.20% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||||
Unrecognized Tax Benefits, Ending Balance | $ 4,500 | $ 4,500 | $ 4,500 | $ 4,400 |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal Group, Operating Expense | $ 1,194 | $ 0 | $ 6,388 | $ 0 |
Goodwill, Written Off | 630 | |||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations [Member] | Manufacturing Facility in Japan [Member] | ||||
Disposal Group, Operating Expense | 1,200 | 6,400 | ||
Disposal Group, Employee Severance, Operating Expense | 100 | 2,300 | ||
Disposal Group, Write-down of Fixed Assets, Operating Expense | $ 1,100 | 2,300 | ||
Disposal Group, Facility-related Charges, Operating Expense | 900 | |||
Goodwill, Written Off | 600 | |||
Disposal Group, Other Closure Related Charges, Operating Expense | $ 300 |
Note 13 - Segment Reporting - R
Note 13 - Segment Reporting - Revenue From Operations by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 121,721 | $ 125,342 | $ 372,791 | $ 364,516 |
Operating Segments [Member] | ||||
Revenue | 121,721 | 125,342 | 372,791 | 364,516 |
Operating Segments [Member] | United States Segment [Member] | ||||
Revenue | 98,970 | 100,127 | 295,121 | 286,524 |
Operating Segments [Member] | Europe Segment [Member] | ||||
Revenue | 21,464 | 22,155 | 69,441 | 68,259 |
Operating Segments [Member] | Japan Segment [Member] | ||||
Revenue | $ 1,287 | $ 3,060 | $ 8,229 | $ 9,733 |
Note 13 - Segment Reporting - I
Note 13 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income from operations | $ 6,058 | $ 6,927 | $ 19,149 | $ 27,292 |
Operating Segments [Member] | United States Segment [Member] | ||||
Income from operations | 25,293 | 23,475 | 73,984 | 72,258 |
Operating Segments [Member] | Europe Segment [Member] | ||||
Income from operations | (3,581) | (2,223) | (7,509) | 1,469 |
Operating Segments [Member] | Corporate Unallocated and Japan Segment[Member] | ||||
Income from operations | $ (15,654) | $ (14,325) | $ (47,326) | $ (46,435) |
Note 13 - Segment Reporting - L
Note 13 - Segment Reporting - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-lived assets | $ 259,856 | $ 280,346 |
Operating Segments [Member] | United States Segment [Member] | ||
Long-lived assets | 206,965 | 215,701 |
Operating Segments [Member] | Europe Segment [Member] | ||
Long-lived assets | 51,636 | 59,388 |
Operating Segments [Member] | Japan Segment [Member] | ||
Long-lived assets | $ 1,255 | $ 5,257 |
Note 13 - Segment Reporting - D
Note 13 - Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 121,721 | $ 125,342 | $ 372,791 | $ 364,516 |
Injection Molding (Protomold) [Member] | ||||
Revenue | 48,940 | 57,685 | 155,693 | 172,212 |
CNC Machining (Firstcut) [Member] | ||||
Revenue | 47,489 | 43,658 | 141,809 | 121,953 |
3D Printing (Fineline) [Member] | ||||
Revenue | 19,823 | 18,589 | 59,458 | 53,994 |
Sheet Metal [Member] | ||||
Revenue | 5,219 | 4,854 | 15,066 | 14,790 |
Other Products [Member] | ||||
Revenue | $ 250 | $ 556 | $ 765 | $ 1,567 |