Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35435 | |
Entity Registrant Name | Proto Labs, Inc. | |
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 $0.001 Per Share | |
Trading Symbol | PRLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,785,903 | |
Entity Central Index Key | 0001443669 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 83,496 | $ 56,558 |
Short-term marketable securities | 19,204 | 23,568 |
Accounts receivable, net of allowance for doubtful accounts of $2,665 and $1,706 as of September 30, 2023, and December 31, 2022, respectively | 78,395 | 76,225 |
Inventory | 13,803 | 13,578 |
Income taxes receivable | 891 | 4,042 |
Prepaid expenses and other current assets | 8,722 | 12,597 |
Total current assets | 204,511 | 186,568 |
Property and equipment, net | 243,022 | 257,785 |
Goodwill | 273,991 | 273,991 |
Other intangible assets, net | 26,668 | 31,250 |
Long-term marketable securities | 12,212 | 26,419 |
Operating lease assets | 2,737 | 3,844 |
Finance lease assets | 16,763 | 17,532 |
Other long-term assets | 4,341 | 4,779 |
Total assets | 784,245 | 802,168 |
Current liabilities | ||
Accounts payable | 17,922 | 17,356 |
Accrued compensation | 16,337 | 12,743 |
Accrued liabilities and other | 21,027 | 22,384 |
Current operating lease liabilities | 1,568 | 1,561 |
Current finance lease liabilities | 16,630 | 17,537 |
Income taxes payable | 1,144 | 0 |
Total current liabilities | 74,628 | 71,581 |
Long-term operating lease liabilities | 1,545 | 2,255 |
Long-term finance lease liabilities | 671 | 0 |
Long-term deferred tax liabilities | 17,138 | 26,322 |
Other long-term liabilities | 5,341 | 4,362 |
Total liabilities | 99,323 | 104,520 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2023, and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 25,785,903 and 26,888,425 shares as of September 30, 2023, and December 31, 2022, respectively | 26 | 27 |
Additional paid-in capital | 463,908 | 473,740 |
Retained earnings | 251,276 | 258,236 |
Accumulated other comprehensive loss | (30,288) | (34,355) |
Total shareholders' equity | 684,922 | 697,648 |
Total liabilities and shareholders' equity | $ 784,245 | $ 802,168 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss, current | $ 2,665 | $ 1,706 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 25,785,903 | 26,888,425 |
Common stock, outstanding (in shares) | 25,785,903 | 26,888,425 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statements of Operations: | ||||
Revenue | $ 130,705 | $ 121,721 | $ 378,829 | $ 372,791 |
Cost of revenue | 71,423 | 68,089 | 212,648 | 205,933 |
Gross profit | 59,282 | 53,632 | 166,181 | 166,858 |
Operating expenses | ||||
Marketing and sales | 21,682 | 20,594 | 65,863 | 62,235 |
Research and development | 10,105 | 9,309 | 30,647 | 29,316 |
General and administrative | 17,058 | 16,477 | 49,713 | 49,770 |
Closure of Japan business | 22 | 1,194 | 186 | 6,388 |
Total operating expenses | 48,867 | 47,574 | 146,409 | 147,709 |
Income from operations | 10,415 | 6,058 | 19,772 | 19,149 |
Other income (loss), net | 320 | (24) | (1,758) | (323) |
Income before income taxes | 10,735 | 6,034 | 18,014 | 18,826 |
Provision for income taxes | 2,781 | 2,083 | 7,784 | 7,223 |
Net income | $ 7,954 | $ 3,951 | $ 10,230 | $ 11,603 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.14 | $ 0.39 | $ 0.42 |
Diluted (in dollars per share) | $ 0.31 | $ 0.14 | $ 0.39 | $ 0.42 |
Shares used to compute net income per share: | ||||
Basic (in shares) | 26,023,830 | 27,505,097 | 26,296,304 | 27,512,057 |
Diluted (in shares) | 26,028,456 | 27,508,217 | 26,327,606 | 27,522,734 |
Comprehensive Income (Loss) (net of tax) | ||||
Comprehensive income (loss) | $ 6,887 | $ (6,924) | $ 14,297 | $ (18,604) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2021 | 27,465,945 | ||||
Beginning balance at Dec. 31, 2021 | $ 828,493 | $ 28 | $ 468,548 | $ 376,734 | $ (16,817) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
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 | |||
Net income | 5,095 | 5,095 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | (4,972) | (4,972) | |||
Net unrealized gains (losses) on investments in securities | (516) | (516) | |||
Comprehensive income | (393) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 27,493,661 | ||||
Ending balance at Mar. 31, 2022 | 832,035 | $ 28 | 472,483 | 381,829 | (22,305) |
Beginning balance (in shares) at Dec. 31, 2021 | 27,465,945 | ||||
Beginning balance at Dec. 31, 2021 | 828,493 | $ 28 | 468,548 | 376,734 | (16,817) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 11,603 | ||||
Other comprehensive income (loss) | |||||
Comprehensive income | (18,604) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 27,326,750 | ||||
Ending balance at Sep. 30, 2022 | 810,846 | $ 28 | 477,107 | 380,735 | (47,024) |
Beginning balance (in shares) at Mar. 31, 2022 | 27,493,661 | ||||
Beginning balance at Mar. 31, 2022 | 832,035 | $ 28 | 472,483 | 381,829 | (22,305) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
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 | 1,158 | 1,158 | |||
Stock-based compensation expense | 4,031 | 4,031 | |||
Repurchases of common stock and other (in shares) | (113,266) | ||||
Repurchases of common stock and other | (5,239) | (1,932) | (3,307) | ||
Net income | 2,557 | 2,557 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | (13,515) | (13,515) | |||
Net unrealized gains (losses) on investments in securities | (329) | (329) | |||
Comprehensive income | (11,287) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 27,503,100 | ||||
Ending balance at Jun. 30, 2022 | 820,698 | $ 28 | 475,740 | 381,079 | (36,149) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
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 | |||
Stock-based compensation expense | 4,907 | 4,907 | |||
Repurchases of common stock and other (in shares) | (207,500) | ||||
Repurchases of common stock and other | (7,835) | (3,540) | (4,295) | ||
Net income | 3,951 | 3,951 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | (10,287) | (10,287) | |||
Net unrealized gains (losses) on investments in securities | (588) | (588) | |||
Comprehensive income | (6,924) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 27,326,750 | ||||
Ending balance at Sep. 30, 2022 | $ 810,846 | $ 28 | 477,107 | 380,735 | (47,024) |
Beginning balance (in shares) at Dec. 31, 2022 | 26,888,425 | 26,888,425 | |||
Beginning balance at Dec. 31, 2022 | $ 697,648 | $ 27 | 473,740 | 258,236 | (34,355) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
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 | (401) | (401) | |||
Stock-based compensation expense | 3,695 | 3,695 | |||
Repurchases of common stock and other (in shares) | (712,500) | ||||
Repurchases of common stock and other | (21,325) | $ (1) | (11,849) | (9,475) | |
Net income | 2,659 | 2,659 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | 527 | 527 | |||
Net unrealized gains (losses) on investments in securities | 334 | 334 | |||
Comprehensive income | 3,520 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 26,202,723 | ||||
Ending balance at Mar. 31, 2023 | $ 683,137 | $ 26 | 465,185 | 251,420 | (33,494) |
Beginning balance (in shares) at Dec. 31, 2022 | 26,888,425 | 26,888,425 | |||
Beginning balance at Dec. 31, 2022 | $ 697,648 | $ 27 | 473,740 | 258,236 | (34,355) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 10,230 | ||||
Other comprehensive income (loss) | |||||
Comprehensive income | $ 14,297 | ||||
Ending balance (in shares) at Sep. 30, 2023 | 25,785,903 | 25,785,903 | |||
Ending balance at Sep. 30, 2023 | $ 684,922 | $ 26 | 463,908 | 251,276 | (30,288) |
Beginning balance (in shares) at Mar. 31, 2023 | 26,202,723 | ||||
Beginning balance at Mar. 31, 2023 | 683,137 | $ 26 | 465,185 | 251,420 | (33,494) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 169,229 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 962 | 962 | |||
Stock-based compensation expense | 3,675 | 3,675 | |||
Repurchases of common stock and other (in shares) | (276,518) | ||||
Repurchases of common stock and other | (8,979) | (4,872) | (4,107) | ||
Net income | (383) | (383) | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | 4,254 | 4,254 | |||
Net unrealized gains (losses) on investments in securities | 19 | 19 | |||
Comprehensive income | 3,890 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 26,095,434 | ||||
Ending balance at Jun. 30, 2023 | 682,685 | $ 26 | 464,950 | 246,930 | (29,221) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 1,037 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | (11) | (11) | |||
Stock-based compensation expense | 4,441 | 4,441 | |||
Repurchases of common stock and other (in shares) | (310,568) | ||||
Repurchases of common stock and other | (9,080) | (5,472) | (3,608) | ||
Net income | 7,954 | 7,954 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustment | (1,307) | (1,307) | |||
Net unrealized gains (losses) on investments in securities | 240 | 240 | |||
Comprehensive income | $ 6,887 | ||||
Ending balance (in shares) at Sep. 30, 2023 | 25,785,903 | 25,785,903 | |||
Ending balance at Sep. 30, 2023 | $ 684,922 | $ 26 | $ 463,908 | $ 251,276 | $ (30,288) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income | $ 10,230 | $ 11,603 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,213 | 29,981 |
Stock-based compensation expense | 11,811 | 13,335 |
Deferred taxes | (9,197) | (8,920) |
Interest on finance lease obligations | 859 | 0 |
Loss on foreign currency translation | 3,906 | 0 |
Impairments related to closure of Japan business | 0 | 2,842 |
Gain on disposal of property and equipment | (498) | (1,174) |
Other | 122 | 11 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,058) | (3,909) |
Inventories | (150) | (1,613) |
Prepaid expenses and other | 4,127 | (920) |
Income taxes | 4,693 | 670 |
Accounts payable | 746 | 1,292 |
Accrued liabilities and other | 4,242 | 8,366 |
Net cash provided by operating activities | 56,046 | 51,564 |
Investing activities | ||
Purchases of property, equipment and other capital assets | (9,935) | (16,414) |
Proceeds from sales of property, equipment and other capital assets | 693 | 3,227 |
Purchases of marketable securities | 0 | (45,872) |
Proceeds from sales of marketable securities | 0 | 1,998 |
Proceeds from call redemptions and maturities of marketable securities | 19,115 | 13,696 |
Net cash provided by (used in) investing activities | 9,873 | (43,365) |
Financing activities | ||
Proceeds from exercises of stock options | 1,986 | 2,311 |
Purchases of shares withheld for tax obligations | (1,436) | (1,615) |
Repurchases of common stock | (39,053) | (13,074) |
Principal repayments of finance lease obligations | (234) | (417) |
Net cash used in financing activities | (38,737) | (12,795) |
Effect of exchange rate changes on cash and cash equivalents | (244) | (1,972) |
Net increase (decrease) in cash and cash equivalents | 26,938 | (6,568) |
Cash and cash equivalents, beginning of period | 56,558 | 65,929 |
Cash and cash equivalents, end of period | $ 83,496 | $ 59,361 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation 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-Q and Article 10 of Regulation S-X . In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on February 21, 2023 . The accompanying Consolidated Balance Sheet as of December 31, 2022 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K filed on February 21, 2023 as referenced above. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsThe Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. There are no pending accounting pronouncements that are expected to have a material impact on the Company's Consolidated Financial Statements. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income per Common Share Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options 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. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 393,592 and 210,443 for the three months ended September 30, 2023 and 2022 , respectively, and 372,353 and 202,901 for the nine months ended September 30, 2023 and 2022, respectively. The table below sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended Nine Months Ended (in thousands, except share and per share amounts) 2023 2022 2023 2022 Net income $ 7,954 $ 3,951 $ 10,230 $ 11,603 Basic - weighted-average shares outstanding: 26,023,830 27,505,097 26,296,304 27,512,057 Effect of dilutive securities: Employee stock options and other 4,626 3,120 31,302 10,677 Diluted - weighted-average shares outstanding: 26,028,456 27,508,217 26,327,606 27,522,734 Net (loss) income per share: Basic $ 0.31 $ 0.14 $ 0.39 $ 0.42 Diluted $ 0.31 $ 0.14 $ 0.39 $ 0.42 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets There were no changes in the carrying amount of goodwill during the three and nine months ended September 30, 2023. Intangible assets other than goodwill at September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Useful Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets with finite lives: Marketing assets $ 930 $ (876) $ 54 $ 930 $ (806) $ 124 10.0 0.6 Non-compete agreement 825 (569) 256 828 (487) 341 2.0 - 5.0 1.6 Software technology 13,229 (7,410) 5,819 13,229 (6,383) 6,846 10.0 4.3 Software platform 25,902 (5,928) 19,974 26,054 (4,337) 21,717 12.0 9.3 Tradenames 348 (312) 36 350 (227) 123 3.0 0.3 Customer relationships 12,185 (11,656) 529 12,197 (10,098) 2,099 3.0 - 9.0 0.2 Total intangible assets $ 53,419 $ (26,751) $ 26,668 $ 53,588 $ (22,338) $ 31,250 Intangible assets allocated to the acquired Hubs entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency losses related to intangible assets were $1.9 million and $1.7 million as of September 30, 2023 and December 31, 2022, respectively. Amortization expense for intangible assets was $1.5 million for each of the three months ended September 30, 2023 and 2022 and $4.5 million and $4.6 million for the nine months ended September 30, 2023 and 2022, respectively. 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 $ 1,432 2024 3,713 2025 3,619 2026 3,518 2027 3,509 Thereafter 10,877 Total estimated amortization expense $ 26,668 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting Standards Codification, Fair Value Measuremen t (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 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 inputs. The Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The following table summarizes financial assets as of September 30, 2023 and December 31, 2022 measured at fair value on a recurring basis: September 30, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 77,307 $ - $ - $ 38,862 $ - $ - Money market mutual fund 6,189 - - 17,696 - - Marketable securities 3,965 27,451 - 9,881 40,106 - Total $ 87,461 $ 27,451 $ - $ 66,439 $ 40,106 $ - |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities 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, 2023 and December 31, 2022: September 30, 2023 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 8,629 $ - $ (209) $ 8,420 Corporate debt securities 2,530 - (54) 2,476 U.S. government agency securities 20,793 - (520) 20,273 Certificates of deposit/time deposits 249 - (2) 247 Total marketable securities $ 32,201 $ - $ (785) $ 31,416 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). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 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, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in thousands) September 30, Due in one year or less $ 19,204 Due after one year through five years 12,212 Total marketable securities $ 31,416 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory 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-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. The Company’s inventory consisted of the following as of the dates indicated: (in thousands) September 30, December 31, Total inventory $ 14,435 $ 13,965 Allowance for obsolescence (632) (387) Inventory, net of allowance $ 13,803 $ 13,578 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Company’s 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), the Company had the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards through February 23, 2022 . On July 8, 2022 , the board of directors approved the Proto Labs, Inc. 2022 Long-Term Incentive Plan (the 2022 Plan), which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022 . No awards were granted from February 23, 2022 to August 29, 2022 . Awards outstanding under the 2012 Plan as of August 29, 2022 will continue to be subject to the terms of the 2012 Plan, but if those awards subsequently expire, are forfeited or cancelled or are settled in cash, the shares subject to those awards will become available for awards under the 2022 Plan. Under the 2022 Plan, the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2022 Plan have a maximum term of ten years from the date of grant. The compensation committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2022 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant. Employee Stock Purchase Plan The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. Stock-Based Compensation Expense Stock-based compensation expense was $4.4 million and $4.9 million for the three months ended September 30, 2023 and 2022, respectively, and $11.8 million and $13.3 million for the nine months ended September 30, 2023 and 2022. Stock Options The following table summarizes stock option activity during the nine months ended September 30, 2023: Stock Options Weighted- Options outstanding at December 31, 2022 263,992 $ 79.07 Granted 186,804 33.36 Exercised - - Forfeited (46,619) 63.57 Expired (15,848) 55.67 Options outstanding at September 30, 2023 388,329 $ 59.90 Exercisable at September 30, 2023 121,083 $ 90.88 The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a period of four years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. The weighted-average grant date fair value of options that were granted during the nine months ended September 30, 2023 was $16.36. The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Risk-free interest rate 3.55% - 4.55% 1.94% - 3.40% Expected life (years) 2.00 - 6.25 6.25 Expected volatility 49.23% - 55.92% 45.95% - 46.03% Expected dividend yield 0% 0% As of September 30, 2023, there was $4.5 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three The following table summarizes restricted stock activity during the nine months ended September 30, 2023: Restricted Weighted- Restricted stock at December 31, 2022 478,596 $ 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (78,769) 65.65 Restricted stock at September 30, 2023 673,456 $ 45.83 As of September 30, 2023, there was $22.0 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.7 years. Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 200 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s performance in the final year of the performance period and the award recipient’s continued employment. Certain PSUs granted by the Company in 2021 are based on performance conditions and the related compensation cost is based on the probability that the performance conditions will be achieved. The Company’s PSUs granted in 2020, 2022, 2023 and certain PSUs granted in 2021 are based on market conditions and the related compensation cost is based on the fair value at grant date calculated using a Monte Carlo pricing model. The following table summarizes performance stock activity during the nine months ended September 30, 2023: Performance Weighted- Performance stock at December 31, 2022 35,802 $ 77.91 Granted 71,295 57.79 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at September 30, 2023 107,097 $ 74.08 The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the nine months ended September 30, 2023 and 2022: Nine Months Ended 2023 2022 Risk-free interest rate 4.35% 1.76% - 3.40% Expected life (years) 2.88 2.34 - 2.87 Expected volatility 58.00% 53.50% - 53.60% Expected dividend yield 0% 0% As of September 30, 2023, there was $4.8 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 2.0 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the nine months ended September 30, 2023 and 2022: Nine Months Ended 2023 2022 Risk-free interest rate 4.60 - 4.82% 0.17 - 2.06% Expected life (months) 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 53.44% Expected dividend yield 0% 0% |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. During the nine months ended September 30, 2023 we recognized a $3.9 million foreign currency translation loss from the substantial completion on the closure of our Japan business. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ (29,221) $ (36,149) $ (34,355) $ (16,817) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (1,307) (10,287) (432) (28,774) Amounts reclassified from accumulated other comprehensive loss - - 3,906 - Net current-period other comprehensive income (loss) (1,307) (10,287) 3,474 (28,774) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 240 (588) 593 (1,433) Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) 240 (588) 593 (1,433) Balance at end of period $ (30,288) $ (47,024) $ (30,288) $ (47,024) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For the three months ended September 30, 2023 and 2022, the Company recorded an income tax provision of $2.8 million and $2.1 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded an income tax provision of $7.8 million and $7.2 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended September 30, 2023 was 25.9 percent compared to 34.5 percent in the same period of the prior year. The effective tax rate decreased by 8.6 percent for the three months ended September 30, 2023 when compared to the same period in 2022, primarily due to a decrease in losses in jurisdictions that are not eligible for tax benefits due to valuation allowances. Th e effective income tax rate for the nine months ended September 30, 2023 was 43.2 percent compared to 38.4 percent in the same period of the prior year. The effective tax rate increased by 4.8 percent for the nine months ended September 30, 2023 when compared to the same period in 2022, primarily due to the tax impact of the foreign currency translation loss from the substantial completion on the closure of our Japan business. The effective income tax rate for the three and nine months ended September 30, 2023 differs from the U.S. federal statutory rate of 21.0 percent due to various factors, including operating in multiple state and foreign jurisdictions and tax credits for which the Company qualifies. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting 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 allocate directly to its operating segments. 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 allocated to business segments. Revenue and income from operations by reportable segment for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Revenue: United States $ 103,940 $ 98,970 $ 298,007 $ 295,121 Europe 26,765 21,464 80,822 69,441 Japan - 1,287 - 8,229 Total revenue $ 130,705 $ 121,721 $ 378,829 $ 372,791 Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Income (Loss) from Operations: United States $ 27,178 $ 25,293 $ 69,713 $ 73,984 Europe (3,006) (3,581) (8,870) (7,509) Corporate Unallocated and Japan (13,757) (15,654) (41,071) (47,326) Total Income from Operations $ 10,415 $ 6,058 $ 19,772 $ 19,149 Total long-lived assets at September 30, 2023 and December 31, 2022 were as follows: (in thousands) September 30, December 31, Total long-lived assets: United States $ 190,927 $ 203,816 Europe 52,095 53,835 Japan - 134 Total Long-lived Assets $ 243,022 $ 257,785 Revenue by product line for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Revenue: Injection Molding $ 51,688 $ 48,940 $ 152,455 $ 155,693 CNC Machining 52,916 47,489 149,317 141,809 3D Printing 21,622 19,823 63,952 59,458 Sheet Metal 4,291 5,219 12,478 15,066 Other Revenue 188 250 627 765 Total Revenue $ 130,705 $ 121,721 $ 378,829 $ 372,791 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 7,954 | $ (383) | $ 2,659 | $ 3,951 | $ 2,557 | $ 5,095 | $ 10,230 | $ 11,603 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended Nine Months Ended (in thousands, except share and per share amounts) 2023 2022 2023 2022 Net income $ 7,954 $ 3,951 $ 10,230 $ 11,603 Basic - weighted-average shares outstanding: 26,023,830 27,505,097 26,296,304 27,512,057 Effect of dilutive securities: Employee stock options and other 4,626 3,120 31,302 10,677 Diluted - weighted-average shares outstanding: 26,028,456 27,508,217 26,327,606 27,522,734 Net (loss) income per share: Basic $ 0.31 $ 0.14 $ 0.39 $ 0.42 Diluted $ 0.31 $ 0.14 $ 0.39 $ 0.42 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets other than goodwill at September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Useful Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets with finite lives: Marketing assets $ 930 $ (876) $ 54 $ 930 $ (806) $ 124 10.0 0.6 Non-compete agreement 825 (569) 256 828 (487) 341 2.0 - 5.0 1.6 Software technology 13,229 (7,410) 5,819 13,229 (6,383) 6,846 10.0 4.3 Software platform 25,902 (5,928) 19,974 26,054 (4,337) 21,717 12.0 9.3 Tradenames 348 (312) 36 350 (227) 123 3.0 0.3 Customer relationships 12,185 (11,656) 529 12,197 (10,098) 2,099 3.0 - 9.0 0.2 Total intangible assets $ 53,419 $ (26,751) $ 26,668 $ 53,588 $ (22,338) $ 31,250 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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 $ 1,432 2024 3,713 2025 3,619 2026 3,518 2027 3,509 Thereafter 10,877 Total estimated amortization expense $ 26,668 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes financial assets as of September 30, 2023 and December 31, 2022 measured at fair value on a recurring basis: September 30, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash $ 77,307 $ - $ - $ 38,862 $ - $ - Money market mutual fund 6,189 - - 17,696 - - Marketable securities 3,965 27,451 - 9,881 40,106 - Total $ 87,461 $ 27,451 $ - $ 66,439 $ 40,106 $ - |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-Sale | The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of September 30, 2023 and December 31, 2022: September 30, 2023 (in thousands) Cost Unrealized Gains Unrealized Losses Fair Value U.S. municipal securities $ 8,629 $ - $ (209) $ 8,420 Corporate debt securities 2,530 - (54) 2,476 U.S. government agency securities 20,793 - (520) 20,273 Certificates of deposit/time deposits 249 - (2) 247 Total marketable securities $ 32,201 $ - $ (785) $ 31,416 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 | The September 30, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in thousands) September 30, Due in one year or less $ 19,204 Due after one year through five years 12,212 Total marketable securities $ 31,416 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventory consisted of the following as of the dates indicated: (in thousands) September 30, December 31, Total inventory $ 14,435 $ 13,965 Allowance for obsolescence (632) (387) Inventory, net of allowance $ 13,803 $ 13,578 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement, Option, Activity | The following table summarizes stock option activity during the nine months ended September 30, 2023: Stock Options Weighted- Options outstanding at December 31, 2022 263,992 $ 79.07 Granted 186,804 33.36 Exercised - - Forfeited (46,619) 63.57 Expired (15,848) 55.67 Options outstanding at September 30, 2023 388,329 $ 59.90 Exercisable at September 30, 2023 121,083 $ 90.88 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Risk-free interest rate 3.55% - 4.55% 1.94% - 3.40% Expected life (years) 2.00 - 6.25 6.25 Expected volatility 49.23% - 55.92% 45.95% - 46.03% Expected dividend yield 0% 0% |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock activity during the nine months ended September 30, 2023: Restricted Weighted- Restricted stock at December 31, 2022 478,596 $ 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (78,769) 65.65 Restricted stock at September 30, 2023 673,456 $ 45.83 |
Schedule of Nonvested Performance-Based Units Activity | The following table summarizes performance stock activity during the nine months ended September 30, 2023: Performance Weighted- Performance stock at December 31, 2022 35,802 $ 77.91 Granted 71,295 57.79 Restrictions lapsed - - Performance change - - Forfeited - - Performance stock at September 30, 2023 107,097 $ 74.08 |
Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the nine months ended September 30, 2023 and 2022: Nine Months Ended 2023 2022 Risk-free interest rate 4.35% 1.76% - 3.40% Expected life (years) 2.88 2.34 - 2.87 Expected volatility 58.00% 53.50% - 53.60% Expected dividend yield 0% 0% |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table presents the assumptions used to estimate the fair value of the ESPP during the nine months ended September 30, 2023 and 2022: Nine Months Ended 2023 2022 Risk-free interest rate 4.60 - 4.82% 0.17 - 2.06% Expected life (months) 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 53.44% Expected dividend yield 0% 0% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Regulated Operations [Abstract] | |
Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ (29,221) $ (36,149) $ (34,355) $ (16,817) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications (1,307) (10,287) (432) (28,774) Amounts reclassified from accumulated other comprehensive loss - - 3,906 - Net current-period other comprehensive income (loss) (1,307) (10,287) 3,474 (28,774) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 240 (588) 593 (1,433) Amounts reclassified from accumulated other comprehensive loss - - - - Net current-period other comprehensive income (loss) 240 (588) 593 (1,433) Balance at end of period $ (30,288) $ (47,024) $ (30,288) $ (47,024) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas | Revenue and income from operations by reportable segment for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Revenue: United States $ 103,940 $ 98,970 $ 298,007 $ 295,121 Europe 26,765 21,464 80,822 69,441 Japan - 1,287 - 8,229 Total revenue $ 130,705 $ 121,721 $ 378,829 $ 372,791 |
Income from Operations by Geographic Area | Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Income (Loss) from Operations: United States $ 27,178 $ 25,293 $ 69,713 $ 73,984 Europe (3,006) (3,581) (8,870) (7,509) Corporate Unallocated and Japan (13,757) (15,654) (41,071) (47,326) Total Income from Operations $ 10,415 $ 6,058 $ 19,772 $ 19,149 |
Long-Lived Assets by Geographic Areas | Total long-lived assets at September 30, 2023 and December 31, 2022 were as follows: (in thousands) September 30, December 31, Total long-lived assets: United States $ 190,927 $ 203,816 Europe 52,095 53,835 Japan - 134 Total Long-lived Assets $ 243,022 $ 257,785 |
Disaggregation of Revenue | Revenue by product line for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Revenue: Injection Molding $ 51,688 $ 48,940 $ 152,455 $ 155,693 CNC Machining 52,916 47,489 149,317 141,809 3D Printing 21,622 19,823 63,952 59,458 Sheet Metal 4,291 5,219 12,478 15,066 Other Revenue 188 250 627 765 Total Revenue $ 130,705 $ 121,721 $ 378,829 $ 372,791 |
Net Income per Common Share - N
Net Income per Common Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares) | 393,592 | 210,443 | 372,353 | 202,901 |
Net Income per Common Share -Sc
Net Income per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 7,954 | $ (383) | $ 2,659 | $ 3,951 | $ 2,557 | $ 5,095 | $ 10,230 | $ 11,603 |
Basic - weighted-average shares outstanding (in shares) | 26,023,830 | 27,505,097 | 26,296,304 | 27,512,057 | ||||
Effect of dilutive securities: | ||||||||
Employee stock options and other (in shares) | 4,626 | 3,120 | 31,302 | 10,677 | ||||
Diluted - weighted-average shares outstanding (in shares) | 26,028,456 | 27,508,217 | 26,327,606 | 27,522,734 | ||||
Net (loss) income per share: | ||||||||
Basic (in dollars per share) | $ 0.31 | $ 0.14 | $ 0.39 | $ 0.42 | ||||
Diluted (in dollars per share) | $ 0.31 | $ 0.14 | $ 0.39 | $ 0.42 | ||||
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares) | 393,592 | 210,443 | 372,353 | 202,901 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 53,419 | $ 53,588 |
Accumulated Amortization | (26,751) | (22,338) |
Net | 26,668 | 31,250 |
Marketing assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 930 | 930 |
Accumulated Amortization | (876) | (806) |
Net | $ 54 | 124 |
Useful Life (in years) | 10 years | |
Weighted Average Useful Life Remaining (in years) | 7 months 6 days | |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 825 | 828 |
Accumulated Amortization | (569) | (487) |
Net | $ 256 | 341 |
Weighted Average Useful Life Remaining (in years) | 1 year 7 months 6 days | |
Non-compete agreement | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | |
Non-compete agreement | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 5 years | |
Software technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 13,229 | 13,229 |
Accumulated Amortization | (7,410) | (6,383) |
Net | $ 5,819 | 6,846 |
Useful Life (in years) | 10 years | |
Weighted Average Useful Life Remaining (in years) | 4 years 3 months 18 days | |
Software platform | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 25,902 | 26,054 |
Accumulated Amortization | (5,928) | (4,337) |
Net | $ 19,974 | 21,717 |
Useful Life (in years) | 12 years | |
Weighted Average Useful Life Remaining (in years) | 9 years 3 months 18 days | |
Tradenames | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 348 | 350 |
Accumulated Amortization | (312) | (227) |
Net | $ 36 | 123 |
Useful Life (in years) | 3 years | |
Weighted Average Useful Life Remaining (in years) | 3 months 18 days | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 12,185 | 12,197 |
Accumulated Amortization | (11,656) | (10,098) |
Net | $ 529 | $ 2,099 |
Weighted Average Useful Life Remaining (in years) | 2 months 12 days | |
Customer relationships | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 3 years | |
Customer relationships | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in years) | 9 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 22, 2021 EUR (€) | Jan. 22, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Foreign currency losses | $ 1.9 | $ 1.7 | |||||
Amortization expense for intangible assets | $ 1.5 | $ 1.5 | $ 4.5 | $ 4.6 | |||
UNITED STATES | Acquired 3D Hubs | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | $ 16.6 | ||||||
Europe | Acquired 3D Hubs | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | € | € 11.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remaining 2023 | $ 1,432 | |
2024 | 3,713 | |
2025 | 3,619 | |
2026 | 3,518 | |
2027 | 3,509 | |
Thereafter | 10,877 | |
Net | $ 26,668 | $ 31,250 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Debt securities, available-for-sale | $ 31,416 | $ 49,987 |
Level 1 | Fair Value, Recurring | ||
Financial Assets: | ||
Debt securities, available-for-sale | 3,965 | 9,881 |
Total | 87,461 | 66,439 |
Level 2 | Fair Value, Recurring | ||
Financial Assets: | ||
Debt securities, available-for-sale | 27,451 | 40,106 |
Total | 27,451 | 40,106 |
Level 3 | Fair Value, Recurring | ||
Financial Assets: | ||
Debt securities, available-for-sale | 0 | 0 |
Total | 0 | 0 |
Cash | Level 1 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | 77,307 | 38,862 |
Cash | Level 2 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Cash | Level 3 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Money market mutual fund | Level 1 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | 6,189 | 17,696 |
Money market mutual fund | Level 2 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Money market mutual fund | Level 3 | Fair Value, Recurring | ||
Financial Assets: | ||
Cash and cash equivalents | $ 0 | $ 0 |
Marketable Securities - Short-T
Marketable Securities - Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | $ 32,201 | $ 51,366 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (785) | (1,379) |
Fair Value | 31,416 | 49,987 |
U.S. municipal securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 8,629 | 15,574 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (209) | (417) |
Fair Value | 8,420 | 15,157 |
Corporate debt securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 2,530 | 9,578 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (54) | (205) |
Fair Value | 2,476 | 9,373 |
U.S. government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 20,793 | 25,275 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (520) | (750) |
Fair Value | 20,273 | 24,525 |
Certificates of deposit/time deposits | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 249 | 939 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (2) | (7) |
Fair Value | $ 247 | $ 932 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | $ 19,204 | |
Due after one year through five years | 12,212 | |
Total marketable securities | $ 31,416 | $ 49,987 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total inventory | $ 14,435 | $ 13,965 |
Allowance for obsolescence | (632) | (387) |
Inventory, net of allowance | $ 13,803 | $ 13,578 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Aug. 29, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 4.4 | $ 4.9 | $ 11.8 | $ 13.3 | |
Stock-based award, weighted-average grant date fair value (in dollars per share) | $ 16.36 | ||||
ESPP | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Discount from market price (in percent) | 15% | ||||
Offering period (in months) | 6 months | ||||
Purchase price of common stock (in percent) | 85% | ||||
Stock Options | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based award, term (in years) | 10 years | ||||
Stock-based award, vesting period (in years) | 4 years | ||||
Stock based award, unrecognized compensation expense | 4.5 | $ 4.5 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 2 years 7 months 6 days | ||||
Restricted Stock | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Awards granted in period (in shares) | 410,682 | ||||
Stock based award, unrecognized compensation expense | 22 | $ 22 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 2 years 8 months 12 days | ||||
Restricted Stock | Minimum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based award, vesting period (in years) | 3 years | ||||
Restricted Stock | Maximum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based award, vesting period (in years) | 4 years | ||||
Performance Shares | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Awards granted in period (in shares) | 71,295 | ||||
Stock-based award, vesting period (in years) | 3 years | ||||
Stock based award, unrecognized compensation expense | $ 4.8 | $ 4.8 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 2 years | ||||
Percentage of target, capable of being earned and vesting, lower limit | 0% | 0% | |||
Percentage of target, capable of being earned and vesting, upper limit | 200% | 200% | |||
Long-Term Incentive Plan 2012 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Awards granted in period (in shares) | 0 | ||||
Stock-based award, term (in years) | 10 years |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Stock Options | |
Options outstanding, beginning balance (in shares) | shares | 263,992 |
Granted (in shares) | shares | 186,804 |
Exercised (in shares) | shares | 0 |
Forfeited (in shares) | shares | (46,619) |
Expired (in shares) | shares | (15,848) |
Options outstanding, ending balance (in shares) | shares | 388,329 |
Weighted- Average Exercise Price | |
Options outstanding, beginning balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 79.07 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | 33.36 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | 0 |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | 63.57 |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | 55.67 |
Options outstanding, ending balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 59.90 |
Additional Disclosures | |
Option exercisable (in shares) | shares | 121,083 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 90.88 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Purchase Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected life (years) | 6 years | 6 years |
Expected dividend yield | 0% | 0% |
Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected life (years) | 6 years 3 months | |
Expected dividend yield | 0% | 0% |
Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.35% | |
Expected life (years) | 2 years 10 months 17 days | |
Expected volatility | 58% | |
Expected dividend yield | 0% | 0% |
Minimum | Employee Stock Purchase Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.60% | 0.17% |
Expected volatility | 47.38% | 47.05% |
Minimum | Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 3.55% | 1.94% |
Expected life (years) | 2 years | |
Expected volatility | 49.23% | 45.95% |
Minimum | Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.76% | |
Expected life (years) | 2 years 4 months 2 days | |
Expected volatility | 53.50% | |
Maximum | Employee Stock Purchase Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.82% | 2.06% |
Expected volatility | 67.84% | 53.44% |
Maximum | Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.55% | 3.40% |
Expected life (years) | 6 years 3 months | |
Expected volatility | 55.92% | 46.03% |
Maximum | Performance Shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 3.40% | |
Expected life (years) | 2 years 10 months 13 days | |
Expected volatility | 53.60% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Restricted Stock | |
Stock | |
Beginning balance (in shares) | shares | 478,596 |
Granted (in shares) | shares | 410,682 |
Restrictions lapsed (in shares) | shares | (137,053) |
Forfeited (in shares) | shares | (78,769) |
Ending balance (in shares) | shares | 673,456 |
Weighted- Average Grant Date Fair Value Per Share | |
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 70.36 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 32.46 |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares | 79.61 |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 65.65 |
Ending balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 45.83 |
Performance Shares | |
Stock | |
Beginning balance (in shares) | shares | 35,802 |
Granted (in shares) | shares | 71,295 |
Restrictions lapsed (in shares) | shares | 0 |
Performance change (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 107,097 |
Weighted- Average Grant Date Fair Value Per Share | |
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 77.91 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 57.79 |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Performance change, weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Ending balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 74.08 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive loss | $ 0 | $ 0 | $ 3,906 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 682,685 | $ 820,698 | $ 697,648 | $ 828,493 |
Ending balance | 684,922 | 810,846 | 684,922 | 810,846 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (29,221) | (36,149) | (34,355) | (16,817) |
Ending balance | (30,288) | (47,024) | (30,288) | (47,024) |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (1,307) | (10,287) | (432) | (28,774) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 3,906 | 0 |
Net current-period other comprehensive income (loss) | (1,307) | (10,287) | 3,474 | (28,774) |
Net unrealized gains (losses) on investments in securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 240 | (588) | 593 | (1,433) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | $ 240 | $ (588) | $ 593 | $ (1,433) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 2,781 | $ 2,083 | $ 7,784 | $ 7,223 | |
Effective income tax rate (in percent) | 25.90% | 34.50% | 43.20% | 38.40% | |
Effective income tax rate, increase (decrease) during period (in percent) | (8.60%) | 4.80% | |||
Federal statutory rate (in percent) | 21% | 21% | |||
Unrecognized tax benefits | $ 3,900 | $ 3,900 | $ 3,200 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 130,705 | $ 121,721 | $ 378,829 | $ 372,791 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 130,705 | 121,721 | 378,829 | 372,791 |
Operating Segments | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 103,940 | 98,970 | 298,007 | 295,121 |
Operating Segments | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 26,765 | 21,464 | 80,822 | 69,441 |
Operating Segments | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 0 | $ 1,287 | $ 0 | $ 8,229 |
Segment Reporting - Income From
Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | $ 10,415 | $ 6,058 | $ 19,772 | $ 19,149 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | 10,415 | 6,058 | 19,772 | 19,149 |
Operating Segments | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | 27,178 | 25,293 | 69,713 | 73,984 |
Operating Segments | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | (3,006) | (3,581) | (8,870) | (7,509) |
Operating Segments | Corporate Unallocated and Japan | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | $ (13,757) | $ (15,654) | $ (41,071) | $ (47,326) |
Segment Reporting - Long-Lived
Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | $ 243,022 | $ 257,785 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 243,022 | 257,785 |
Operating Segments | United States | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 190,927 | 203,816 |
Operating Segments | Europe | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 52,095 | 53,835 |
Operating Segments | Japan | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | $ 0 | $ 134 |
Segment Reporting - Disaggregat
Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 130,705 | $ 121,721 | $ 378,829 | $ 372,791 |
Injection Molding | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 51,688 | 48,940 | 152,455 | 155,693 |
CNC Machining | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 52,916 | 47,489 | 149,317 | 141,809 |
3D Printing | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 21,622 | 19,823 | 63,952 | 59,458 |
Sheet Metal | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,291 | 5,219 | 12,478 | 15,066 |
Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 188 | $ 250 | $ 627 | $ 765 |