Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.001 Per Share | |
Trading Symbol | PRLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,202,723 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 62,051 | $ 56,558 |
Short-term marketable securities | 22,851 | 23,568 |
Accounts receivable, net of allowance for doubtful accounts of $1,932 and $1,706 as of March 31, 2023, and December 31, 2022, respectively | 77,619 | 76,225 |
Inventory | 14,273 | 13,578 |
Income taxes receivable | 821 | 4,042 |
Prepaid expenses and other current assets | 11,101 | 12,597 |
Total current assets | 188,716 | 186,568 |
Property and equipment, net | 253,616 | 257,785 |
Goodwill | 273,991 | 273,991 |
Other intangible assets, net | 29,869 | 31,250 |
Long-term marketable securities | 19,824 | 26,419 |
Operating lease assets | 3,315 | 3,844 |
Finance lease assets | 17,266 | 17,532 |
Other long-term assets | 4,776 | 4,779 |
Total assets | 791,373 | 802,168 |
Current liabilities | ||
Accounts payable | 19,854 | 17,356 |
Accrued compensation | 14,695 | 12,743 |
Accrued liabilities and other | 23,156 | 22,384 |
Current operating lease liabilities | 1,295 | 1,561 |
Current finance lease liabilities | 17,452 | 17,537 |
Income taxes payable | 1,928 | 0 |
Total current liabilities | 78,380 | 71,581 |
Long-term operating lease liabilities | 1,983 | 2,255 |
Long-term deferred tax liabilities | 23,258 | 26,322 |
Other long-term liabilities | 4,615 | 4,362 |
Total liabilities | 108,236 | 104,520 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of March 31, 2023, and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 26,202,723 and 26,888,425 shares as of March 31, 2023, and December 31, 2022, respectively | 26 | 27 |
Additional paid-in capital | 465,185 | 473,740 |
Retained earnings | 251,420 | 258,236 |
Accumulated other comprehensive loss | (33,494) | (34,355) |
Total shareholders' equity | 683,137 | 697,648 |
Total liabilities and shareholders' equity | $ 791,373 | $ 802,168 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 1,932 | $ 1,706 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 26,202,723 | 26,888,425 |
Common stock, shares outstanding (in shares) | 26,202,723 | 26,888,425 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statements of Operations: | ||
Revenue | $ 125,859 | $ 124,168 |
Cost of revenue | 72,083 | 68,364 |
Gross profit | 53,776 | 55,804 |
Operating expenses | ||
Marketing and sales | 22,451 | 20,586 |
Research and development | 10,677 | 10,557 |
General and administrative | 16,833 | 16,771 |
Closure of Japan business | 66 | 0 |
Total operating expenses | 50,027 | 47,914 |
Income from operations | 3,749 | 7,890 |
Other income (loss), net | 1,290 | (300) |
Income before income taxes | 5,039 | 7,590 |
Provision for income taxes | 2,380 | 2,495 |
Net income | $ 2,659 | $ 5,095 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.10 | $ 0.19 |
Diluted (in dollars per share) | $ 0.10 | $ 0.19 |
Shares used to compute net income per share: | ||
Basic (in shares) | 26,580,279 | 27,502,941 |
Diluted (in shares) | 26,605,787 | 27,510,477 |
Comprehensive Income (Loss) (net of tax) | ||
Comprehensive income (loss) | $ 3,520 | $ (393) |
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, 2021 | 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 | $ 0 | (462) | 0 | 0 | (462) |
Stock-based compensation expense | $ 0 | 4,397 | 0 | 0 | 4,397 |
Repurchases of common stock and other (in shares) | 0 | ||||
Repurchases of common stock and other | $ 0 | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 5,095 | 0 | 5,095 |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | (4,972) | (4,972) |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | (516) | (516) |
Comprehensive income (loss) | (393) | ||||
Balance (in shares) at Dec. 31, 2021 | 27,465,945 | ||||
Balance at Dec. 31, 2021 | $ 28 | 468,548 | 376,734 | (16,817) | 828,493 |
Other comprehensive loss | |||||
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 | $ 0 | (462) | 0 | 0 | (462) |
Stock-based compensation expense | $ 0 | 4,397 | 0 | 0 | 4,397 |
Repurchases of common stock and other (in shares) | 0 | ||||
Repurchases of common stock and other | $ 0 | 0 | 0 | 0 | 0 |
Net income | $ 0 | 0 | 5,095 | 0 | 5,095 |
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, 2022 | 26,888,425 | 26,888,425 | |||
Balance at Dec. 31, 2022 | $ 27 | 473,740 | 258,236 | (34,355) | $ 697,648 |
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 26,798 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | (401) | 0 | 0 | (401) |
Stock-based compensation expense | $ 0 | 3,695 | 0 | 0 | 3,695 |
Repurchases of common stock and other (in shares) | (712,500) | ||||
Repurchases of common stock and other | $ (1) | (11,849) | (9,475) | 0 | (21,325) |
Net income | 0 | 0 | 2,659 | 0 | 2,659 |
Other comprehensive loss | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 527 | 527 |
Net unrealized gains (losses) on investments in securities | 0 | 0 | 0 | 334 | 334 |
Comprehensive income (loss) | $ 3,520 | ||||
Balance (in shares) at Dec. 31, 2022 | 26,888,425 | 26,888,425 | |||
Balance at Dec. 31, 2022 | $ 27 | 473,740 | 258,236 | (34,355) | $ 697,648 |
Other comprehensive loss | |||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 26,798 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | $ 0 | (401) | 0 | 0 | (401) |
Stock-based compensation expense | $ 0 | 3,695 | 0 | 0 | 3,695 |
Repurchases of common stock and other (in shares) | (712,500) | ||||
Repurchases of common stock and other | $ (1) | (11,849) | (9,475) | 0 | (21,325) |
Net income | $ 0 | 0 | 2,659 | 0 | $ 2,659 |
Balance (in shares) at Mar. 31, 2023 | 26,202,723 | 26,202,723 | |||
Balance at Mar. 31, 2023 | $ 26 | $ 465,185 | $ 251,420 | $ (33,494) | $ 683,137 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 2,659 | $ 5,095 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,388 | 10,232 |
Stock-based compensation expense | 3,695 | 4,397 |
Deferred taxes | (3,096) | (3,213) |
Interest on finance lease obligations | 287 | 0 |
Other | (46) | 79 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,328) | (6,329) |
Inventories | (641) | (675) |
Prepaid expenses and other | 1,464 | 1,110 |
Income taxes | 5,160 | 4,519 |
Accounts payable | 2,536 | (326) |
Accrued liabilities and other | 3,500 | 2,894 |
Net cash provided by operating activities | 22,578 | 17,783 |
Investing activities | ||
Purchases of property, equipment and other capital assets | (3,441) | (3,069) |
Proceeds from sales of property, equipment and other capital assets | 194 | 0 |
Purchases of marketable securities | 0 | (29,366) |
Proceeds from call redemptions and maturities of marketable securities | 7,630 | 6,600 |
Net cash provided by (used in) investing activities | 4,383 | (25,835) |
Financing activities | ||
Proceeds from exercises of stock options | 0 | 6 |
Purchases of shares withheld for tax obligations | (401) | (468) |
Repurchases of common stock | (21,119) | 0 |
Principal repayments of finance lease obligations | (82) | (139) |
Net cash used in financing activities | (21,602) | (601) |
Effect of exchange rate changes on cash and cash equivalents | 134 | (37) |
Net increase (decrease) in cash and cash equivalents | 5,493 | (8,690) |
Cash and cash equivalents, beginning of period | 56,558 | 65,929 |
Cash and cash equivalents, end of period | $ 62,051 | $ 57,239 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 February 21, 2023. The accompanying Consolidated Balance Sheet as of December 31, 2022 not 10 10 February 21, 2023 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
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 | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 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) 2023 2022 Net income $ 2,659 $ 5,095 Basic - weighted-average shares outstanding: 26,580,279 27,502,941 Effect of dilutive securities: Employee stock options and other 25,508 7,536 Diluted - weighted-average shares outstanding: 26,605,787 27,510,477 Net income per share: Basic $ 0.10 $ 0.19 Diluted $ 0.10 $ 0.19 |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4 There were no three March 31, 2023 Intangible assets other than goodwill at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 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 $ (829) $ 101 $ 930 $ (806) $ 124 10.0 1.1 Non-compete agreement 831 (516 ) 315 828 (487 ) 341 2.0 - 5.0 1.9 Software technology 13,229 (6,725 ) 6,504 13,229 (6,383 ) 6,846 10.0 4.8 Software platform 26,200 (4,886 ) 21,314 26,054 (4,337 ) 21,717 12.0 9.8 Tradenames 352 (256 ) 96 350 (227 ) 123 3.0 0.8 Customer relationships 12,209 (10,670 ) 1,539 12,197 (10,098 ) 2,099 3.0 - 9.0 0.6 Total intangible assets $ 53,751 $ (23,882 ) $ 29,869 $ 53,588 $ (22,338 ) $ 31,250 Intangible assets allocated to the acquired Hubs entities consisted of intangible assets of €11.6 March 31, 2023 December 31, 2022, three March 31, 2023 2022 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 2023 $ 4,376 2024 3,746 2025 3,648 2026 3,546 2027 3,537 Thereafter 11,016 Total estimated amortization expense $ 29,869 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 50,165 $ - $ - $ 38,862 $ - $ - Money market mutual fund 11,886 - - 17,696 - - Marketable securities 11,344 31,331 - 9,881 40,106 - Total $ 73,395 $ 31,331 $ - $ 66,439 $ 40,106 $ - |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 6 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, 2023 December 31, 2022 March 31, 2023 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 14,377 $ - $ (330 ) $ 14,047 Corporate debt securities 6,567 - (153 ) 6,414 U.S. government agency securities 22,282 - (558 ) 21,724 Certificates of deposit/time deposits 494 - (4 ) 490 Total marketable securities $ 43,720 $ - $ (1,045 ) $ 42,675 December 31, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 15,574 $ - $ (417 ) $ 15,157 Corporate debt securities 9,578 - (205 ) 9,373 U.S. government agency securities 25,275 - (750 ) 24,525 Certificates of deposit/time deposits 939 - (7 ) 932 Total marketable securities $ 51,366 $ - $ (1,379 ) $ 49,987 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, 2023 may may March 31, (in thousands) 2023 Due in one year or less $ 22,851 Due after one year through five years 19,824 Total marketable securities $ 42,675 |
Note 7 - Inventory
Note 7 - Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 7 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) 2023 2022 Total inventory $ 14,692 $ 13,965 Allowance for obsolescence (419 ) (387 ) Inventory, net of allowance $ 14,273 $ 13,578 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8 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 $3.7 million and $4.4 million for the three March 31, 2023 2022 Stock Options The following table summarizes stock option activity during the three March 31, 2023 Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2022 263,992 $ 79.07 Granted 134,647 33.84 Exercised - - Forfeited (15,061 ) 73.17 Expired (672 ) 108.33 Options outstanding at March 31, 2023 382,906 $ 63.34 Exercisable at March 31, 2023 120,344 $ 89.42 The outstanding options generally have a term of ten four first The weighted-average grant date fair value of options that were granted during the three March 31, 2023 The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.90% - 4.55% 1.94% Expected life (years) 2.00 - 6.25 6.25 Expected volatility 49.23% - 55.92% 45.95% Expected dividend yield 0% 0% As of March 31, 2023 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 three March 31, 2023 Weighted- Average Grant Date Restricted Fair Value Stock Per Share Restricted stock at December 31, 2022 478,596 $ 70.36 Granted 88,658 33.84 Restrictions lapsed (37,528 ) 111.56 Forfeited (23,807 ) 75.18 Restricted stock at March 31, 2023 505,919 $ 60.57 As of March 31, 2023 Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 three 2021 2020, 2022, 2023 2021 The following table summarizes performance stock activity during the three March 31, 2023 Weighted- Average Grant Date Performance Fair Value Stock Per Share Performance stock at December 31, 2022 35,802 $ 77.91 Granted 71,295 57.79 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at March 31, 2023 107,097 $ 74.08 The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.35% 1.76% Expected life (years) 2.88 2.87 Expected volatility 58.00% 53.50% Expected dividend yield 0% 0% As of March 31, 2023 Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.60% 0.17% Expected life (months) 6.00 6.00 Expected volatility 67.84% 53.44% Expected dividend yield 0% 0% |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Disclosure of Reclassification Amount [Text Block] | Note 9 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, 2023 2022 Three Months Ended March 31, (in thousands) 2023 2022 Balance at beginning of period $ (34,355 ) $ (16,817 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 527 (4,972 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) 527 (4,972 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 334 (516 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) 334 (516 ) Balance at end of period $ (33,494 ) $ (22,305 ) |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 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, 2023 2022 three March 31, 2023 three March 31, 2023 2022 not The effective income tax rate for the three March 31, 2023 The Company had unrecognized tax benefits totaling $4.7 million as of March 31, 2023 December 31, 2022 |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 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, 2023 2022 Three Months Ended March 31, (in thousands) 2023 2022 Revenue: United States $ 97,746 $ 95,496 Europe 28,113 24,586 Japan - 4,086 Total revenue $ 125,859 $ 124,168 Three Months Ended March 31, (in thousands) 2023 2022 Income (Loss) from Operations: United States $ 20,481 $ 22,524 Europe (2,483 ) (1,679 ) Corporate Unallocated and Japan (14,249 ) (12,955 ) Total Income from Operations $ 3,749 $ 7,890 Total long-lived assets at March 31, 2023 December 31, 2022 March 31, December 31, (in thousands) 2023 2022 Total long-lived assets: United States $ 199,381 $ 203,816 Europe 54,101 53,835 Japan 134 134 Total Long-lived Assets $ 253,616 $ 257,785 Revenue by product line for the three March 31, 2023 2022 Three Months Ended March 31, (in thousands) 2023 2022 Revenue: Injection Molding $ 51,948 $ 53,398 CNC Machining 48,104 46,098 3D Printing 21,325 19,672 Sheet Metal 4,248 4,687 Other Revenue 234 313 Total revenue $ 125,859 $ 124,168 |
Note 3 - Net Income Per Commo_2
Note 3 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) 2023 2022 Net income $ 2,659 $ 5,095 Basic - weighted-average shares outstanding: 26,580,279 27,502,941 Effect of dilutive securities: Employee stock options and other 25,508 7,536 Diluted - weighted-average shares outstanding: 26,605,787 27,510,477 Net income per share: Basic $ 0.10 $ 0.19 Diluted $ 0.10 $ 0.19 |
Note 4 - Goodwill and Other I_2
Note 4 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2023 December 31, 2022 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 $ (829) $ 101 $ 930 $ (806) $ 124 10.0 1.1 Non-compete agreement 831 (516 ) 315 828 (487 ) 341 2.0 - 5.0 1.9 Software technology 13,229 (6,725 ) 6,504 13,229 (6,383 ) 6,846 10.0 4.8 Software platform 26,200 (4,886 ) 21,314 26,054 (4,337 ) 21,717 12.0 9.8 Tradenames 352 (256 ) 96 350 (227 ) 123 3.0 0.8 Customer relationships 12,209 (10,670 ) 1,539 12,197 (10,098 ) 2,099 3.0 - 9.0 0.6 Total intangible assets $ 53,751 $ (23,882 ) $ 29,869 $ 53,588 $ (22,338 ) $ 31,250 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) Estimated Amortization Expense Remaining 2023 $ 4,376 2024 3,746 2025 3,648 2026 3,546 2027 3,537 Thereafter 11,016 Total estimated amortization expense $ 29,869 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 50,165 $ - $ - $ 38,862 $ - $ - Money market mutual fund 11,886 - - 17,696 - - Marketable securities 11,344 31,331 - 9,881 40,106 - Total $ 73,395 $ 31,331 $ - $ 66,439 $ 40,106 $ - |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2023 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 14,377 $ - $ (330 ) $ 14,047 Corporate debt securities 6,567 - (153 ) 6,414 U.S. government agency securities 22,282 - (558 ) 21,724 Certificates of deposit/time deposits 494 - (4 ) 490 Total marketable securities $ 43,720 $ - $ (1,045 ) $ 42,675 December 31, 2022 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 15,574 $ - $ (417 ) $ 15,157 Corporate debt securities 9,578 - (205 ) 9,373 U.S. government agency securities 25,275 - (750 ) 24,525 Certificates of deposit/time deposits 939 - (7 ) 932 Total marketable securities $ 51,366 $ - $ (1,379 ) $ 49,987 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, (in thousands) 2023 Due in one year or less $ 22,851 Due after one year through five years 19,824 Total marketable securities $ 42,675 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, (in thousands) 2023 2022 Total inventory $ 14,692 $ 13,965 Allowance for obsolescence (419 ) (387 ) Inventory, net of allowance $ 14,273 $ 13,578 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Stock Options Exercise Price Options outstanding at December 31, 2022 263,992 $ 79.07 Granted 134,647 33.84 Exercised - - Forfeited (15,061 ) 73.17 Expired (672 ) 108.33 Options outstanding at March 31, 2023 382,906 $ 63.34 Exercisable at March 31, 2023 120,344 $ 89.42 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.90% - 4.55% 1.94% Expected life (years) 2.00 - 6.25 6.25 Expected volatility 49.23% - 55.92% 45.95% 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, 2022 478,596 $ 70.36 Granted 88,658 33.84 Restrictions lapsed (37,528 ) 111.56 Forfeited (23,807 ) 75.18 Restricted stock at March 31, 2023 505,919 $ 60.57 |
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, 2022 35,802 $ 77.91 Granted 71,295 57.79 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at March 31, 2023 107,097 $ 74.08 |
Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2023 2022 Risk-free interest rate 4.35% 1.76% Expected life (years) 2.88 2.87 Expected volatility 58.00% 53.50% 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, 2023 2022 Risk-free interest rate 4.60% 0.17% Expected life (months) 6.00 6.00 Expected volatility 67.84% 53.44% Expected dividend yield 0% 0% |
Note 9 - Accumulated Other Co_2
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Balance at beginning of period $ (34,355 ) $ (16,817 ) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 527 (4,972 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) 527 (4,972 ) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 334 (516 ) Amounts reclassified from accumulated other comprehensive loss - - Net current-period other comprehensive income (loss) 334 (516 ) Balance at end of period $ (33,494 ) $ (22,305 ) |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Income from Operations by Geographic Area [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Income (Loss) from Operations: United States $ 20,481 $ 22,524 Europe (2,483 ) (1,679 ) Corporate Unallocated and Japan (14,249 ) (12,955 ) Total Income from Operations $ 3,749 $ 7,890 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, December 31, (in thousands) 2023 2022 Total long-lived assets: United States $ 199,381 $ 203,816 Europe 54,101 53,835 Japan 134 134 Total Long-lived Assets $ 253,616 $ 257,785 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Revenue: Injection Molding $ 51,948 $ 53,398 CNC Machining 48,104 46,098 3D Printing 21,325 19,672 Sheet Metal 4,248 4,687 Other Revenue 234 313 Total revenue $ 125,859 $ 124,168 |
Operating Segments [Member] | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Revenue: United States $ 97,746 $ 95,496 Europe 28,113 24,586 Japan - 4,086 Total revenue $ 125,859 $ 124,168 |
Note 3 - Net Income Per Commo_3
Note 3 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 382,906 | 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, 2023 | Mar. 31, 2022 | |
Net income | $ 2,659 | $ 5,095 |
Basic - weighted-average shares outstanding: (in shares) | 26,580,279 | 27,502,941 |
Employee stock options and other (in shares) | 25,508 | 7,536 |
Diluted - weighted-average shares outstanding: (in shares) | 26,605,787 | 27,510,477 |
Basic (in dollars per share) | $ 0.10 | $ 0.19 |
Diluted (in dollars per share) | $ 0.10 | $ 0.19 |
Note 4 - Goodwill and Other I_3
Note 4 - Goodwill and Other Intangible Assets (Details Textual) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 22, 2021 USD ($) | Jan. 22, 2021 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ 1.5 | $ 1.7 | |||
Amortization of Intangible Assets | $ 1.5 | $ 1.5 | |||
Acquired 3D Hubs [Member] | UNITED STATES | |||||
Finite-Lived Intangible Assets Acquired | $ 16.6 | € 11.6 |
Note 4 - Goodwill and Other I_4
Note 4 - Goodwill and Other Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross | $ 53,751 | $ 53,588 |
Accumulated Amortization | (23,882) | (22,338) |
Net | 29,869 | 31,250 |
Marketing-Related Intangible Assets [Member] | ||
Gross | 930 | 930 |
Accumulated Amortization | (829) | (806) |
Net | $ 101 | 124 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 1 year 1 month 6 days | |
Noncompete Agreements [Member] | ||
Gross | $ 831 | 828 |
Accumulated Amortization | (516) | (487) |
Net | $ 315 | 341 |
Weighted average useful life remaining (Year) | 1 year 10 months 24 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 | (6,725) | (6,383) |
Net | $ 6,504 | 6,846 |
Useful Life (Year) | 10 years | |
Weighted average useful life remaining (Year) | 4 years 9 months 18 days | |
Software Platform [Member] | ||
Gross | $ 26,200 | 26,054 |
Accumulated Amortization | (4,886) | (4,337) |
Net | $ 21,314 | 21,717 |
Useful Life (Year) | 12 years | |
Weighted average useful life remaining (Year) | 9 years 9 months 18 days | |
Trade Names [Member] | ||
Gross | $ 352 | 350 |
Accumulated Amortization | (256) | (227) |
Net | $ 96 | 123 |
Useful Life (Year) | 3 years | |
Weighted average useful life remaining (Year) | 9 months 18 days | |
Customer Relationships [Member] | ||
Gross | $ 12,209 | 12,197 |
Accumulated Amortization | (10,670) | (10,098) |
Net | $ 1,539 | $ 2,099 |
Weighted average useful life remaining (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 4 - Goodwill and Other I_5
Note 4 - Goodwill and Other Intangible Assets - Estimated Aggregated Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Remaining 2023 | $ 4,376 | |
2024 | 3,746 | |
2025 | 3,648 | |
2026 | 3,546 | |
2027 | 3,537 | |
Thereafter | 11,016 | |
Total estimated amortization expense | $ 29,869 | $ 31,250 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable securities | $ 42,675 | $ 49,987 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 11,344 | 9,881 |
Total | 73,395 | 66,439 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Cash | 50,165 | 38,862 |
Cash and cash equivalents | 50,165 | 38,862 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash | 11,886 | 17,696 |
Cash and cash equivalents | 11,886 | 17,696 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | 31,331 | 40,106 |
Total | 31,331 | 40,106 |
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 6 - Marketable Securitie_2
Note 6 - Marketable Securities - Short-term and Long-term Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 43,720 | $ 51,366 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,045) | (1,379) |
Fair Value | 42,675 | 49,987 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 14,377 | 15,574 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (330) | (417) |
Fair Value | 14,047 | 15,157 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 6,567 | 9,578 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (153) | (205) |
Fair Value | 6,414 | 9,373 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 22,282 | 25,275 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (558) | (750) |
Fair Value | 21,724 | 24,525 |
Bank Time Deposits [Member] | ||
Amortized Cost | 494 | 939 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4) | (7) |
Fair Value | $ 490 | $ 932 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Balance of Held-to-maturity Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Due in one year or less | $ 22,851 | |
Due after one year through five years | 19,824 | |
Total marketable securities | $ 42,675 | $ 49,987 |
Note 7 - Inventory - Inventory
Note 7 - Inventory - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total inventory | $ 14,692 | $ 13,965 |
Allowance for obsolescence | (419) | (387) |
Inventory, net of allowance | $ 14,273 | $ 13,578 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 3.7 | $ 4.4 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 16.21 | |
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 | $ 5.3 | |
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 | $ 20 | |
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) | 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 | $ 6.1 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |
Percentage of Target Number Capable of Being Earned and Vesting, Lower Limit | 0% | |
Percentage of Target Number Capable of Being Earned and Vesting, Upper Limit | 200% | |
Long-Term Incentive Plan 2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Options outstanding (in shares) | shares | 263,992 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 79.07 |
Granted (in shares) | shares | 134,647 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 33.84 |
Exercised (in shares) | shares | 0 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | (15,061) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 73.17 |
Expired (in shares) | shares | (672) |
Expired (in dollars per share) | $ / shares | $ 108.33 |
Options outstanding (in shares) | shares | 382,906 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 63.34 |
Options exercisable (in shares) | shares | 120,344 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 89.42 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Risk-free interest rate | 1.94% | |
Expected life (years) (Year) | 6 years 3 months | |
Expected volatility | 45.95% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 3.90% | |
Expected life (years) (Year) | 2 years | |
Expected volatility | 49.23% | |
Maximum [Member] | ||
Risk-free interest rate | 4.55% | |
Expected life (years) (Year) | 6 years 3 months | |
Expected volatility | 55.92% |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Restricted Stock Options (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted stock (in shares) | 478,596 | |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ 70.36 | |
Granted (in shares) | 88,658 | |
Granted, weighted-average grant date fair value (in dollars per share) | 33.84 | |
Restrictions lapsed (in shares) | (37,528) | |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | 111.56 | |
Forfeited (in shares) | (23,807) | |
Forfeited, weighted-average grant date fair value (in dollars per share) | 75.18 | |
Restricted stock (in shares) | 505,919 | |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ 60.57 |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Performance Stock (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Performance stock (in shares) | shares | 35,802 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 77.91 |
Granted (in shares) | shares | 71,295 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 57.79 |
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 | 107,097 |
Restricted stock, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 74.08 |
Note 8 - Stock-based Compensa_8
Note 8 - Stock-based Compensation - Assumptions Used in the Valuation of Performance Stock (Details) - Performance Shares [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Risk-free interest rate | 1.76% | |
Expected life (years) (Year) | 2 years 10 months 13 days | |
Expected volatility | 53.50% | |
Expected dividend yield | 0% | |
Minimum [Member] | ||
Risk-free interest rate | 4.35% | |
Expected life (years) (Year) | 2 years 10 months 17 days | |
Expected volatility | 58% | |
Expected dividend yield | 0% |
Note 8 - Stock-based Compensa_9
Note 8 - Stock-based Compensation - Assumptions Used to Estimate the Fair Value of the ESPP (Details) - Employee Stock Purchase Plan [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Risk-free interest rate | 0.17% | |
Expected life (months) (Month) | 6 months | 6 months |
Expected volatility | 53.44% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 4.60% | |
Expected volatility | 67.84% |
Note 9 - Accumulated Other Co_3
Note 9 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ 697,648 | $ 828,493 |
Balance | 683,137 | 832,035 |
AOCI Attributable to Parent [Member] | ||
Balance | (34,355) | (16,817) |
Balance | (33,494) | (22,305) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | 527 | (4,972) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive income (loss) | 527 | (4,972) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | 334 | (516) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive income (loss) | $ 334 | $ (516) |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 2,380 | $ 2,495 | |
Effective Income Tax Rate Reconciliation, Percent | 47.20% | 32.90% | |
Effective Income Tax Rate Continuing Operations Increase (Decrease) During the Period | 14.30% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||
Unrecognized Tax Benefits | $ 4,700 | $ 4,500 |
Note 11 - Segment Reporting - R
Note 11 - Segment Reporting - Revenue From Operations by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 125,859 | $ 124,168 |
Operating Segments [Member] | ||
Revenue | 125,859 | 124,168 |
Operating Segments [Member] | United States Segment [Member] | ||
Revenue | 97,746 | 95,496 |
Operating Segments [Member] | Europe Segment [Member] | ||
Revenue | 28,113 | 24,586 |
Operating Segments [Member] | Japan Segment [Member] | ||
Revenue | $ 0 | $ 4,086 |
Note 11 - Segment Reporting - I
Note 11 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income from operations | $ 3,749 | $ 7,890 |
Operating Segments [Member] | United States Segment [Member] | ||
Income from operations | 20,481 | 22,524 |
Operating Segments [Member] | Europe Segment [Member] | ||
Income from operations | (2,483) | (1,679) |
Operating Segments [Member] | Corporate Unallocated and Japan Segment[Member] | ||
Income from operations | $ (14,249) | $ (12,955) |
Note 11 - Segment Reporting - L
Note 11 - Segment Reporting - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-lived assets | $ 253,616 | $ 257,785 |
Operating Segments [Member] | United States Segment [Member] | ||
Long-lived assets | 199,381 | 203,816 |
Operating Segments [Member] | Europe Segment [Member] | ||
Long-lived assets | 54,101 | 53,835 |
Operating Segments [Member] | Japan Segment [Member] | ||
Long-lived assets | $ 134 | $ 134 |
Note 11 - Segment Reporting - D
Note 11 - Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 125,859 | $ 124,168 |
Injection Molding (Protomold) [Member] | ||
Revenue | 51,948 | 53,398 |
CNC Machining (Firstcut) [Member] | ||
Revenue | 48,104 | 46,098 |
3D Printing (Fineline) [Member] | ||
Revenue | 21,325 | 19,672 |
Sheet Metal [Member] | ||
Revenue | 4,248 | 4,687 |
Other Products [Member] | ||
Revenue | $ 234 | $ 313 |