Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0.9 | ||
Entity Common Stock, Shares Outstanding | 25,721,957 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Entity Central Index Key | 0001443669 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Minneapolis, Minnesota |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 83,790 | $ 56,558 |
Short-term marketable securities | 19,013 | 23,568 |
Accounts receivable, net of allowance for doubtful accounts of $2,499 and $1,706 as of December 31, 2023 and December 31, 2022, respectively | 72,848 | 76,225 |
Inventory | 13,657 | 13,578 |
Prepaid expenses and other current assets | 9,124 | 12,597 |
Income taxes receivable | 2,228 | 4,042 |
Total current assets | 200,660 | 186,568 |
Property and equipment, net | 253,655 | 257,785 |
Goodwill | 273,991 | 273,991 |
Other intangible assets, net | 25,584 | 31,250 |
Long-term marketable securities | 8,019 | 26,419 |
Operating lease assets | 4,628 | 3,844 |
Finance lease assets | 960 | 17,532 |
Other long-term assets | 4,856 | 4,779 |
Total assets | 772,353 | 802,168 |
Current liabilities | ||
Accounts payable | 15,636 | 17,356 |
Accrued compensation | 15,292 | 12,743 |
Accrued liabilities and other | 16,872 | 22,384 |
Current operating lease liabilities | 1,585 | 1,561 |
Current finance lease liabilities | 296 | 17,537 |
Total current liabilities | 49,681 | 71,581 |
Long-term operating lease liabilities | 3,008 | 2,255 |
Long-term finance lease liabilities | 595 | 0 |
Long-term deferred tax liabilities | 18,742 | 26,322 |
Other long-term liabilities | 5,032 | 4,362 |
Total liabilities | 77,058 | 104,520 |
Shareholders' equity | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of December 31, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 25,721,957 and 26,888,425 shares as of December 31, 2023 and December 31, 2022, respectively | 26 | 27 |
Additional paid-in capital | 466,884 | 473,740 |
Retained earnings | 256,398 | 258,236 |
Accumulated other comprehensive loss | (28,013) | (34,355) |
Total shareholders' equity | 695,295 | 697,648 |
Total liabilities and shareholders' equity | $ 772,353 | $ 802,168 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss, current | $ 2,499 | $ 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) | 25,721,957 | 26,888,425 |
Common stock, outstanding (in shares) | 25,721,957 | 26,888,425 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statements of Operations: | |||
Revenue | $ 503,877 | $ 488,398 | $ 488,098 |
Cost of revenue | 281,884 | 272,933 | 265,407 |
Gross profit | 221,993 | 215,465 | 222,691 |
Operating expenses | |||
Marketing and sales | 87,688 | 82,752 | 82,175 |
Research and development | 40,135 | 38,222 | 44,241 |
General and administrative | 65,788 | 67,544 | 55,933 |
Goodwill impairment | 0 | 118,008 | 0 |
Closure of Japan business | 215 | 6,922 | 0 |
Total operating expenses | 193,826 | 313,448 | 182,349 |
Income (loss) from operations | 28,167 | (97,983) | 40,342 |
Other (expense) income, net | (215) | 106 | (158) |
Income (loss) before income taxes | 27,952 | (97,877) | 40,184 |
Provision for income taxes | 10,732 | 5,585 | 6,812 |
Net income (loss) | $ 17,220 | $ (103,462) | $ 33,372 |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.66 | $ (3.77) | $ 1.21 |
Diluted (in dollars per share) | $ 0.66 | $ (3.77) | $ 1.21 |
Shares used to compute net income (loss) per share: | |||
Basic (in shares) | 26,186,533 | 27,409,838 | 27,617,627 |
Diluted (in shares) | 26,223,498 | 27,409,838 | 27,653,099 |
Other Comprehensive Income (Loss), net of tax | |||
Foreign currency translation adjustments | $ 5,365 | $ (16,278) | $ (13,278) |
Net unrealized gains (losses) on investments in securities | 977 | (1,260) | (119) |
Comprehensive income (loss) | $ 23,562 | $ (121,000) | $ 19,975 |
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, 2020 | 26,776,796 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 644,356 | $ 27 | $ 284,848 | $ 362,901 | $ (3,420) |
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) | 176,736 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 1,637 | 1,637 | |||
Common shares issued for Hubs acquisition (in shares) | 863,995 | ||||
Common shares issued for Hubs acquisition | 166,709 | $ 1 | 166,708 | ||
Stock-based compensation expense | 19,095 | 19,095 | |||
Repurchases of Common Stock (in shares) | (351,582) | ||||
Repurchases of Common Stock | (23,279) | (3,740) | (19,539) | ||
Net income (loss) | 33,372 | 33,372 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustments | (13,278) | (13,278) | |||
Net unrealized gains (losses) on investments in securities | (119) | (119) | |||
Comprehensive income (loss) | 19,975 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 27,465,945 | ||||
Balance at end of period 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) | 279,603 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 2,269 | 2,269 | |||
Stock-based compensation expense | 17,545 | 17,545 | |||
Repurchases of Common Stock (in shares) | (857,123) | ||||
Repurchases of Common Stock | (29,659) | $ (1) | (14,622) | (15,036) | |
Net income (loss) | (103,462) | (103,462) | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustments | (16,278) | (16,278) | |||
Net unrealized gains (losses) on investments in securities | (1,260) | (1,260) | |||
Comprehensive income (loss) | $ (121,000) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 26,888,425 | 26,888,425 | |||
Balance at end of period 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) | 266,453 | ||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | 2,399 | 2,399 | |||
Stock-based compensation expense | 15,989 | 15,989 | |||
Repurchases of Common Stock (in shares) | (1,432,921) | ||||
Repurchases of Common Stock | (44,303) | $ (1) | (25,244) | (19,058) | |
Net income (loss) | 17,220 | 17,220 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation adjustments | 5,365 | 5,365 | |||
Net unrealized gains (losses) on investments in securities | 977 | 977 | |||
Comprehensive income (loss) | $ 23,562 | ||||
Ending balance (in shares) at Dec. 31, 2023 | 25,721,957 | 25,721,957 | |||
Balance at end of period at Dec. 31, 2023 | $ 695,295 | $ 26 | $ 466,884 | $ 256,398 | $ (28,013) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income (loss) | $ 17,220 | $ (103,462) | $ 33,372 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 37,528 | 39,425 | 40,488 |
Stock-based compensation expense | 15,989 | 17,545 | 19,095 |
Deferred taxes | (7,656) | (9,499) | 339 |
Interest on finance lease obligations | 1,055 | 0 | 0 |
Changes in fair value of contingent consideration | 0 | 0 | (13,253) |
Loss on impairment of goodwill | 0 | 118,008 | 0 |
Loss on foreign currency translation | 3,906 | 0 | 0 |
Impairments related to closure of Japan business | 0 | 2,842 | 0 |
Gain on disposal of property and equipment | (498) | (1,211) | 0 |
Other | 154 | 35 | 842 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 2,727 | 1,632 | (20,112) |
Inventories | 112 | (310) | (2,390) |
Prepaid expenses and other | 4,203 | (2,081) | 64 |
Income taxes | 1,823 | (2,681) | (774) |
Accounts payable | (1,838) | 1,375 | 4,654 |
Accrued liabilities and other | (1,451) | 461 | (7,083) |
Net cash provided by operating activities | 73,274 | 62,079 | 55,242 |
Investing activities | |||
Purchases of property, equipment and other capital assets | (28,116) | (21,686) | (34,209) |
Proceeds from sales of property, equipment and other capital assets | 699 | 4,108 | 0 |
Cash used for acquisitions, net of cash acquired | 0 | 0 | (127,413) |
Purchases of other assets and investments | (1,000) | 0 | 0 |
Purchases of marketable securities | 0 | (46,872) | (16,159) |
Proceeds from sales of marketable securities | 0 | 1,998 | 64,913 |
Proceeds from maturities of marketable securities | 23,865 | 19,360 | 18,204 |
Net cash used in investing activities | (4,552) | (43,092) | (94,664) |
Financing activities | |||
Proceeds from issuance of common stock from equity plans | 3,835 | 3,950 | 5,862 |
Purchases of shares withheld for tax obligations | (1,436) | (1,682) | (4,225) |
Repurchases of common stock and other | (43,951) | (29,659) | (23,279) |
Principal repayments of finance lease obligations | (306) | (531) | (552) |
Other | 0 | 0 | (4) |
Net cash used in financing activities | (41,858) | (27,922) | (22,198) |
Effect of exchange rate changes on cash and cash equivalents | 368 | (436) | (54) |
Net (decrease) increase in cash and cash equivalents | 27,232 | (9,371) | (61,674) |
Cash and cash equivalents, beginning of period | 56,558 | 65,929 | 127,603 |
Cash and cash equivalents, end of period | 83,790 | 56,558 | 65,929 |
Supplemental cash flow disclosure | |||
Cash paid for interest | 1,055 | 101 | 28 |
Cash paid for taxes | $ 15,892 | $ 19,160 | $ 7,583 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Organization and business Proto Labs, Inc. and its subsidiaries (Proto Labs, the Company, we, us, or our) is a digital manufacturer of parts. The Company utilizes injection molding, computer numerical control (CNC) machining, 3D printing and sheet metal fabrication to manufacture custom parts for its customers. The Company's customers conduct nearly all their business over the internet. The Company targets its products to the millions of product developers and engineers who use three-dimensional computer-aided design (3D CAD) software to design products across a diverse range of end-markets, to the procurement and supply chain professionals seeking to easily and efficiently source custom parts on-demand, and to a wide variety of customers seeking to purchase low-volume custom parts. The Company has established operations in the United States and Europe. Previously we had established operations in Japan. On May 27, 2022, the Company's board of directors approved a plan for the closure of the Company's manufacturing facility in Japan and announced an intention to cease operations in the region. The Company dissolved its Japan operations in December 2023. Through the acquisition of Hubs in 2021, the Company provides its customers access to a global network of premium manufacturing partners who reside across North America, Europe and Asia, complementing its in-house manufacturing. Proto Labs, Inc. is headquartered in Maple Plain, Minnesota. The Company’s subsidiaries are: Name Location PL-US International LLC United States Hubs Manufacturing Inc. United States 3D Hubs Manufacturing LLC United States Proto Labs Ltd. United Kingdom PL International Holdings, UK, Ltd. United Kingdom PL Euro Services Limited United Kingdom Proto Labs GmbH Germany Proto Labs Tooling GmbH Germany 3D Hubs B.V. Netherlands |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, as listed within “Organization and business” above. All intercompany accounts and transactions have been eliminated in consolidation. Comprehensive (loss) income Components of comprehensive (loss) income include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive (loss) income is disclosed in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include cash and other investments, including marketable securities, with maturities of three months or less at the date of purchase. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts. Marketable securities Marketable securities are categorized as available-for-sale and are recorded at fair value. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. The classification of marketable securities as current or non-current is dependent upon the security’s maturity date. Securities with maturities of three months or less at the time of purchase are categorized as cash equivalents as described above. Accounts receivable and allowance for doubtful accounts Accounts receivable are reported at the invoiced amount less an allowance for doubtful accounts. As of each balance sheet date, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions taking into account the history of write-offs and collections. A receivable is considered past due if payment has not been received within the period agreed upon in the invoice. Accounts receivable are written off after all collection efforts have been exhausted. Recoveries of trade receivables previously written off are recorded when received. 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. Property, equipment and leasehold improvements Property, equipment and leasehold improvements are stated at cost. Major improvements that substantially extend an asset’s useful life are capitalized. Repairs, maintenance and minor improvements are charged to operations as incurred. Depreciation, including amortization of leasehold improvements and assets recorded under capital leases, is calculated using the straight-line method over the estimated useful lives of the individual assets and ranges from 3 to 39 years. Manufacturing equipment is depreciated over 3 to 15 years, office furniture and equipment are depreciated over 3 to 7 years, computer hardware and software are depreciated over 3 to 5 years, building costs are depreciated over 39 years, leasehold improvements are depreciated over the estimated lives of the related assets or the life of the lease, whichever is shorter, and building and land improvements are depreciated over 10 to 39 years. Assets not in service are not depreciated until the asset is put into use. The Company follows ASC 350-40, Internal-Use Software , in accounting for internally developed software. Goodwill The Company recognizes goodwill in accordance with ASC 350, Intangibles—Goodwill and Other . Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated to the Company's reporting units, which are determined by the discrete financial information available for the component and whether it is regularly reviewed by segment management. The Company's reporting units are the United States and Europe. Goodwill is not amortized. Goodwill is tested for impairment annually as of the first day of the fourth quarter, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment charge for goodwill is recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying amount. In applying the goodwill impairment assessment, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, economic, market and industry conditions, cost factors and overall financial performance of the reporting unit. If after assessing these qualitative factors, the Company determines it is "more-likely-than not" that the fair value is less than the carrying value, a quantitative assessment of goodwill is required. The quantitative impairment test requires judgment, including the identification of reporting units, the assignment of assets, liabilities and goodwill to reporting units, and the determination of fair value of each reporting unit. The impairment test requires the comparison of the fair value of each reporting unit with its carrying amount, including goodwill. In performing the impairment test, the Company determined the fair value of its reporting units through the income approach by using discounted cash flow (DCF) analyses. Determining fair value requires the Company to make judgments about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the DCF analysis for each reporting unit are based on the reporting unit's budget, long-term business plan and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. Given the inherent uncertainty in determining the assumptions underlying a DCF analysis, actual results may differ from those used in the Company's valuations. As a result of the fiscal year 2022 analysis, which used the quantitative assessment, a $118.0 million impairment related to the Europe reporting unit was identified, which represents a write-off of all Europe goodwill, and recorded during the year ended December 31, 2022. As a result of the fiscal year 2023 analysis, which used the qualitative assessment, there were no impairments recorded during the year ended December 31, 2023. Other Intangible Assets Other intangible assets include software technology, customer relationships and other intangible assets acquired from other independent parties. Other intangible assets with a definite life are amortized over a period ranging from two Accounting for long-lived assets The Company periodically reviews the carrying amount of its property, equipment and leasehold improvements to determine if circumstances exist indicating an impairment or if depreciation periods should be modified. If facts or circumstances indicate that an impairment may exist, the Company will prepare a projection of the undiscounted future cash flows of the specific assets to determine if the assets are recoverable. If impairment exists based on these projections, an adjustment will be made to reduce the carrying amount of the specific assets to fair value. Revenue recognition The Company recognizes revenue for its internal and outsourced manufacturing operations in accordance with ASC 606, Revenue from Contracts with Customers . The Company manufactures custom parts to specific customer orders that have no alternative use to the Company, and the Company believes there is a legally enforceable right to payment for performance completed to date on internally and outsourced manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling price based on the price charged to customers. Leases The Company accounts for leases in accordance with ASC 842, Leases , which requires the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating and finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease assets, current operating lease liabilities and long-term operating lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in finance lease assets, current finance lease liabilities and long-term finance lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return, therefore, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease agreements that contain non-lease components, with the exception of certain real estate leases, are accounted for as a single lease component. The Company has operating leases for office space, manufacturing facilities and certain company vehicles and equipment and finance leases for certain company equipment and manufacturing facilities. The leases have remaining lease terms of one year to nine years. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As of December 31, 2023, the operating lease liability does not include any options to extend or terminate leases. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Under this method, the Company determines tax assets and liabilities based upon the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. The tax consequences of most events recognized in the financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities and equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pretax financial income for a year and between the tax basis of assets or liabilities and their reported amounts in the financial statements. Because the Company assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, giving rise to a deferred tax asset or liability. The Company establishes a valuation allowance for any portion of its deferred tax assets that are not at a level of more likely than not to be recognized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by requiring that individual tax positions are recorded only when they meet a more-likely-than-not criterion. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. The Company records penalties and interest related to unrecognized tax benefits in income taxes in the Company’s Consolidated Statements of Income. Stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation (ASC 718). Under the fair value recognition provisions of ASC 718, the Company measures stock-based compensation cost at the grant date fair value and recognizes the compensation expense over the requisite service period, which is the vesting period, using a straight-line attribution method. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. The Company’s awards are not eligible to vest early in the event of retirement, however, the awards vest early in the event of a change in control. In determining the compensation cost of the options granted, the fair value of options granted has been estimated on the date of grant using the Black-Scholes option-pricing model. Advertising costs Advertising is expensed as incurred and was approximately $13.8 million, $13.2 million and $12.5 million for the years ended December 31, 2023 , 2022 and 2021, respectively. Research and development Research and development expenses consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, development of software for internal use, maintenance of internally developed software, quality assurance and testing. Costs for internal use software are evaluated by project and capitalized where appropriate under ASC 350-40, Intangibles - Goodwill and Other, Internal-Use Software . Research and development costs were approximately $40.1 million, $38.2 million and $44.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Foreign currency translation/transactions The Company translated the balance sheets of its foreign subsidiaries at period-end exchange rates and the income statement at the average exchange rates in effect throughout the period. The Company has recorded the translation adjustment as a separate component of consolidated shareholders’ equity. Foreign currency transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Recently adopted accounting pronouncements The 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company provides quality, quick-turn prototyping and on-demand manufacturing services. As a result, the majority of revenue recognized in a reporting period is based on completed, invoiced contracts. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. The majority of the Company’s CNC machining, 3D printing, and sheet metal contracts have a single performance obligation. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling price based on the price charged to customers. The Company manufactures parts that have no alternative use to the Company since the parts are custom made to specific customer orders, and the Company believes there is a legally enforceable right to payment for performance completed to date on these manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The value of unbilled receivables related to the performance on manufactured parts not yet completed as of December 31, 2023 and 2022 was $10.1 million and $8.5 million, respectively, recorded within accounts receivable, net of allowance for doubtful accounts. Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue by product line for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: Injection Molding $ 203,941 $ 200,578 $ 226,117 CNC Machining 198,222 188,372 166,811 3D Printing 84,291 78,988 72,721 Sheet Metal 16,540 19,498 20,397 Other Revenue 883 962 2,052 Total revenue $ 503,877 $ 488,398 $ 488,098 |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) 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 the 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. For the years ended December 31, 2023, 2022 and 2021 respectively, 263,992, 197,827 and 113,043 anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding. The following table presents the calculation of net income (loss) per basic and diluted share attributable to common shareholders: Year Ended December 31, (in thousands, except share and per share amounts) 2023 2022 2021 Net income (loss) $ 17,220 $ (103,462) $ 33,372 Basic - weighted-average shares outstanding: 26,186,533 27,409,838 27,617,627 Effect of dilutive securities: Employee stock options and other 36,965 — 35,472 Diluted - weighted-average shares outstanding: 26,223,498 27,409,838 27,653,099 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ (3.77) $ 1.21 Diluted $ 0.66 $ (3.77) $ 1.21 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows: (in thousands) Dec. 31, 2021 Goodwill acquired (impaired) during Foreign currency translation Dec. 31, 2022 Goodwill acquired (impaired) Foreign currency translation Dec. 31, 2023 United States $ 273,991 $ — $ — $ 273,991 $ — $ — $ 273,991 Europe 125,989 (118,008) (7,981) — — — — Japan 630 (630) — — — — — Total goodwill $ 400,610 $ (118,638) $ (7,981) $ 273,991 $ — $ — $ 273,991 On January 22, 2021, the Company acquired all of the outstanding shares of 3D Hubs, Inc. (Hubs), for $294.1 million, consisting of $127.4 million in cash and 863,995 shares of the Company's common stock valued at $166.7 million on the closing date. The fair value of the consideration paid for this acquisition had been allocated to the assets purchased and liabilities assumed based on their fair values as of the acquisition date, with any excess recorded as goodwill. The $280.9 million of goodwill associated with the acquisition represented both the strategic and growth opportunities by significantly expanding the customer offering with a network of premium manufacturing partners. The goodwill related to the acquisition is not deductible for tax purposes. Goodwill decreased $126.6 million for the year ended December 31, 2022 as a result of impairments related to our Europe and Japan reporting units. The Euro denominated goodwill had been translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that was recorded as a component of Other Comprehensive Income. Intangible assets other than goodwill for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (900) $ 30 $ 930 $ (806) $ 124 10.0 0.3 Non-compete agreement 835 (603) 232 828 (487) 341 2.0 - 5.0 1.4 Software technology 13,229 (7,752) 5,477 13,229 (6,383) 6,846 10.0 4.0 Software platform 26,373 (6,575) 19,798 26,054 (4,337) 21,717 12.0 9.1 Tradenames 354 (347) 7 350 (227) 123 3.0 0.1 Customer relationships 12,223 (12,183) 40 12,197 (10,098) 2,099 3.0 - 9.0 0.1 Total intangible assets $ 53,944 $ (28,360) $ 25,584 $ 53,588 $ (22,338) $ 31,250 Amortization expense for intangible assets for the years ended December 31, 2023, 2022 and 2021 was $5.9 million, $6.0 million and $6.2 million, respectively. 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. For the years ended December 31, 2023, 2022 and 2021 the foreign currency translation adjustment was $1.3 million, $1.7 million and $0.9 million, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets is as follows: (in thousands) Estimated Amortization 2024 $ 3,741 2025 3,660 2026 3,558 2027 3,549 2028 2,180 Thereafter 8,896 Total estimated amortization expense $ 25,584 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurement (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 which 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. The Company’s cash equivalents measured at fair value consist of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. 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 tables summarizes financial assets as of December 31, 2023 and 2022 measured at fair value on a recurring basis: December 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents, excluding money market mutual fund $ 77,423 $ — $ — $ 38,862 $ — $ — Money market mutual fund 6,367 — — 17,696 $ — $ — Marketable securities 4,482 22,550 — 9,881 40,106 — Total $ 88,272 $ 22,550 $ — $ 66,439 $ 40,106 $ — |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 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. As of December 31, 2023 and 2022, the securities are categorized as available-for-sale and are recorded at fair value. Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2023 and 2022 is as follows: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 16,798 — $ (278) $ 16,520 Corporate debt securities 2,511 — (19) 2,492 U.S. municipal securities 7,876 — (105) 7,771 Certificates of deposit/time deposits 249 — — 249 Total marketable securities $ 27,434 $ — $ (402) $ 27,032 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 25,275 — $ (750) $ 24,525 Corporate debt securities 9,578 — (205) 9,373 U.S. municipal securities 15,574 — (417) 15,157 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. government agency securities, U.S. municipal securities, commercial paper and certificates of deposit 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 December 31, 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) December 31, Due in one year or less $ 19,013 Due after one year through five years 8,019 Total marketable securities $ 27,032 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 15,596 $ 14,153 Buildings and improvements 133,033 105,492 Machinery and equipment 235,527 228,654 Computer hardware and software 86,659 82,302 Leasehold improvements 4,609 4,548 Construction in progress 8,410 22,674 Total 483,834 457,823 Accumulated depreciation and amortization (230,179) (200,038) Property and equipment, net $ 253,655 $ 257,785 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $31.6 million, $33.4 million and $34.3 million, respectively. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 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 consists of the following: December 31, (in thousands) 2023 2022 Total inventory $ 14,319 $ 13,965 Allowance for obsolescence (662) (387) Inventory, net of allowance $ 13,657 $ 13,578 |
Financing Obligations
Financing Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing Obligations | Financing ObligationsThe Company had no financing obligations as of December 31, 2023 and 2022. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company maintains a 401(k) retirement plan that covers employees in the United States. Under the plan, a full-time or regular part-time (over 20 hours/week) employee becomes a participant after completing three months of employment. Employees may elect to contribute up to 50 percent of regular gross pay, subject to federal law limits on the dollar amount that participants may contribute to the plan, each calendar year. The Company matches part of the employee contributions and may make a discretionary contribution to the plan. Total employer contributions were approximately $4.6 million, $3.9 million and $3.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company also sponsors a defined contribution retirement plan that covers the employees in the United Kingdom. Total employer contributions were approximately $0.5 million, $0.5 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 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, which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022, and subsequently amended and restated by the Company's shareholders at the Annual Meeting of Shareholders on May 17, 2023 (as amended, the "2022 Plan"). 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. 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 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, and 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. The Company determines the fair value stock-based compensation related to its ESPP in accordance with ASC 718 using the component measurement approach and the Black-Scholes standard option pricing model. Employees purchased 171,991 and 142,982 shares of common stock under the ESPP at an average exercise price of $22.30 and $27.09 during 2023 and 2022, respectively. As of December 31, 2023, 743,893 shares remained available for future issuance under the ESPP. The Company determines its stock-based compensation in accordance with ASC 718, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and non-employee directors based on fair value. Determining the appropriate fair value model and calculating the fair value of stock option grants requires the input of subjective assumptions. The Company uses the Black-Scholes option pricing model to value its stock option awards. Stock-based compensation expense is calculated using the Company’s best estimates, which involve inherent uncertainties and the application of management’s judgment. Significant estimates include its expected term and stock price volatility. The expected term of stock options is estimated from the vesting period of the award and represents the weighted average period that the Company's stock options are expected to be outstanding. The Company estimates the volatility of its stock price based on the historic volatility of its common stock. The Company bases the risk-free interest rate that it uses in the Black-Scholes option pricing model on U.S. Treasury instruments with maturities similar to the expected term of the award being valued. The Company has never paid, and does not anticipate paying, any cash dividends in the foreseeable future and, therefore, the Company uses an expected dividend yield of zero in the option pricing model. The Company accounts for forfeitures as they occur. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options and other $ 14,550 $ 16,103 $ 17,553 Employee stock purchase plan 1,439 1,442 1,542 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Cost of revenue $ 1,840 $ 2,172 $ 2,595 Operating expenses: Marketing and sales 3,426 3,295 3,736 Research and development 2,556 2,189 2,833 General and administrative 8,167 9,889 9,931 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Stock Options The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.55 - 4.55% 1.94 - 3.40% 0.80 - 1.12% Expected life (years) 2 - 6.25 6.25 6.25 Expected volatility 49.23 - 55.92% 45.95 - 46.03% 45.28 - 45.53% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $16.36 $23.11 $128.14 The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2023, 2022 and 2021: Stock Options Weighted- Options outstanding at January 1, 2021 229,531 $ 86.46 Granted 57,901 128.14 Exercised (28,991) 58.78 Cancelled (25,057) 109.31 Options outstanding at December 31, 2021 233,384 97.78 Granted 118,434 48.24 Exercised (3,114) 30.58 Cancelled (84,712) 89.32 Options outstanding at December 31, 2022 263,992 79.07 Granted 186,804 33.36 Exercised — — Cancelled (63,635) 62.44 Expired (15,848) 55.67 Options outstanding at December 31, 2023 371,313 $ 59.92 Exercisable at December 31, 2023 116,455 $ 90.65 The outstanding options have a term of 10 years. For employees, options that have been granted become exercisable ratably over the vesting period, which is generally a four-year period, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, options generally become exercisable in full on the first anniversary of the grant date. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021, was $0.0 million, $0.0 million and $3.8 million, respectively. The aggregate intrinsic value represents the cumulative difference between the fair market value of the underlying common stock and the option exercise prices. For options outstanding at December 31, 2023, the weighted-average remaining contractual term was 7.2 years and the aggregate intrinsic value was $0.9 million. For options exercisable at December 31, 2023, the weighted-average remaining contractual term was 5.5 years and the aggregate intrinsic value was $0.0 million. Refer to the table below for additional information. The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Number Exercisable Weighted Average Exercise $32.13 to $36.48 167,725 7.92 33.40 — — $36.49 to $64.92 100,391 7.45 50.60 37,242 52.90 $64.93 to $180.46 103,197 5.75 112.87 79,213 108.40 The fair value of share-based payment transactions is recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2023, there was $3.8 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 2.5 years. The total fair value of options vested was $1.8 million, $2.3 million and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Restricted Stock The 2012 Plan provides for the award of restricted stock or restricted stock units. Restricted stock awards are share settled and restrictions lapse ratably over the vesting period, which is generally a four-year period, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, restrictions generally lapse in full on the first anniversary of the grant date. The following table summarizes restricted stock activity for the years ended December 31, 2023, 2022 and 2021: Restricted Weighted- Restricted stock at January 1, 2021 307,199 $ 98.87 Granted 205,996 123.61 Restrictions lapsed (115,908) 91.26 Forfeited (53,505) 128.05 Restricted stock at December 31, 2021 343,782 111.79 Granted 315,432 42.03 Restrictions lapsed (130,452) 101.32 Forfeited (50,166) 96.48 Restricted stock at December 31, 2022 478,596 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (98,760) 61.25 Restricted stock at December 31, 2023 653,465 $ 45.89 As of December 31, 2023, there was $18.5 million of unrecognized compensation expense related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.5 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. The Company’s outstanding PSUs at December 31, 2023 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 for the years ended December 31, 2023, 2022 and 2021: Performance Weighted- Performance stock at January 1, 2021 19,956 $ 118.66 Granted 15,078 203.64 Restrictions lapsed — — Performance change (10,366) 192.95 Forfeited (7,829) 113.91 Performance stock at December 31, 2021 16,839 115.56 Granted 35,697 96.71 Restrictions lapsed — — Performance change (13,156) 99.59 Forfeited (3,578) 121.79 Performance stock at December 31, 2022 35,802 77.91 Granted 71,295 57.79 Restrictions lapsed — — Performance change — — Forfeited — — Performance stock at December 31, 2023 107,097 $ 74.08 As of December 31, 2023, there was $4.1 million of unrecognized compensation expense related to unvested performance stock, which is expected to be recognized over a weighted-average period of 1.8 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.60 - 5.16% 0.17 - 4.60% 0.06 - 0.17% Expected life (months) 6.00 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 67.84% 53.44 - 65.53% Expected dividend yield 0% 0% 0% |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 As of December 31, 2023, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167 |
Leases | Leases Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 As of December 31, 2023, we have no operating or finance leases that have not yet commenced. Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Other comprehensive loss is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. During the year ending December 31, 2023 we recognized a $3.9 million foreign currency translation loss from the completion on the closure of our Japan business. The following table presents the changes in accumulated other comprehensive loss balances for the years ending December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period $ (34,355) $ (16,817) $ (3,420) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 1,459 (16,278) (13,278) Amounts reclassified from accumulated other comprehensive income (loss) 3,906 - - Net current-period other comprehensive income (loss) 5,365 (16,278) (13,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 977 (1,260) (119) Amounts reclassified from accumulated other comprehensive income (loss) - - - Net current-period other comprehensive income (loss) 977 (1,260) (119) Balance at end of period $ (28,013) $ (34,355) $ (16,817) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021, the Company recorded an income tax provision of $10.7 million, $5.6 million and $6.8 million, respectively. The effective income tax rate for the years ended December 31, 2023, 2022 and 2021 was 38.4 percent, (5.7) percent and 17.0 percent, respectively. The effective tax rate increased by 44.1% for the year ended December 31, 2023 when compared to 2022 primarily due to the tax rate impact of the goodwill impairment recorded during the year ended December 31, 2022 as well as the overall change from a loss to income position in 2023. The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Domestic $ 38,099 $ 33,731 $ 42,449 Foreign (10,147) (131,608) (2,265) Total $ 27,952 $ (97,877) $ 40,184 Significant components of the provision for income taxes for the following periods are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 15,717 $ 15,366 $ 5,552 State 2,418 (393) 975 Foreign 34 (99) (64) Deferred Federal (8,202) (9,159) (377) State (385) (723) (814) Foreign 1,379 (4,641) (1,181) Valuation Allowance (229) 5,234 2,721 Total $ 10,732 $ 5,585 $ 6,812 A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 3.5 (0.8) 2.1 Share based compensation 6.0 (2.1) (2.3) Valuation allowance against deferred tax assets (2.4) (5.0) 8.9 Goodwill impairment — (24.4) — Contingent consideration reduction — — (7.0) Research and development credit (3.8) 1.2 (4.0) Foreign rate differential (1.6) 2.9 (2.2) Tax reserves 1.9 1.0 (1.0) Provision to return difference (0.2) — (0.7) Unrealized foreign exchange losses 2.9 — — Revaluation of deferred tax liability 1.1 — — Closure of Japan branch net operating loss reversal 11.1 — — Miscellaneous (1.1) 0.5 2.2 Total 38.4 % (5.7 %) 17.0 % Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued expenses $ 2,155 $ 2,254 Section 174 expenses 13,084 8,119 Leases 1,186 4,822 Warrants and stock options 4,588 4,087 Inventories 275 198 Research and development credit 2,327 2,374 Other assets 1,094 838 Net operating loss 16,237 16,586 Less valuation allowance (17,667) (17,562) Total deferred tax assets 23,279 21,716 Deferred tax liabilities: Depreciation (25,552) (29,397) Goodwill (12,921) (10,716) Intangible assets (2,362) (3,103) Leases (1,186) (4,822) Total deferred tax liabilities (42,021) (48,038) Net deferred tax liability $ (18,742) $ (26,322) The Company has recorded no U.S. deferred taxes related to the undistributed earnings of its non-U.S. subsidiaries as of December 31, 2023. Such amounts are intended to be reinvested outside of the United States indefinitely. It is not practicable to estimate the amount of additional tax that might be payable on the foreign earnings. As of December 31, 2023, the Company had accumulated undistributed earnings in non-U.S. subsidiaries of $3.4 million. As of December 31, 2023, the Company had estimated net operating loss carry forwards of $16.2 million for tax purposes. The net operating losses relate to operations in Germany and Netherlands. Germany net operating losses may be carried forward without any time limitations but are limited to €1 million, plus 60 percent of taxable income exceeding €1 million. Netherlands net operating losses may be carried forward without any time limitations, but are limited to €1 million, plus 50 percent of taxable income exceeding €1 million. The Company establishes valuation allowances for deferred tax assets when, after consideration of all positive and negative evidence, it is considered more-likely-than-not that a portion of the deferred tax assets will not be realized. The Company's valuation allowances of $17.7 million and $17.6 million at December 31, 2023 and 2022, respectively, reduce the carrying value of deferred tax assets associated with certain net operating loss carry forwards and other assets with insufficient positive evidence for recognition. The increase in the valuation allowance is primarily attributable to additional net operating losses generated in 2023 . The Company files a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. With a few exceptions, the Company is no longer subject to U.S. federal, state, or foreign income tax examinations by tax authorities for years before 2019. The Company has liabilities related to unrecognized tax benefits totaling $3.6 million and $3.2 million at December 31, 2023 and 2022, respectively, that if recognized would result in a reduction of the Company’s effective tax rate. The liabilities are classified as other long-term liabilities in the accompanying consolidated balance sheets. The Company recognizes interest and penalties related to income tax matters in income tax expense and reports the liability in current or long-term income taxes payable as appropriate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of period $ 3,236 $ 4,364 Additions for tax positions of current year 632 634 Additions for tax positions of prior years 86 23 Decrease related to the expiration of statutes of limitations (338) — Reduction for tax positions of prior years — (1,785) Balance at period end $ 3,616 $ 3,236 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe it is a party to any litigation the outcome of which, if determined adversely, would individually or in the aggregate be reasonably expected to have a material adverse effect on its business. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s reportable segments are based on the internal reporting used by the Company’s CEO, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Company’s reportable segments are based upon geographic region, consisting of the United States and Europe. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs that are global in nature and that the Company does not allocate directly to its operating segments. Revenue in the United States and Europe is derived primarily from Injection Molding, CNC Machining, 3D Printing and Sheet Metal product lines. Revenue in Japan was derived from Injection Molding and CNC Machining product lines. Injection Molding revenue consists of sales of custom injection molds and injection-molded parts. CNC Machining revenue consists of sales of CNC-machined and lathe-turned customer parts. 3D Printing revenue consists of sales of 3D-printed parts. Sheet Metal revenue consists of sales of fabricated sheet metal parts. The accounting policies of the reportable segments are the same as those described in Note 2 – Summary of Significant Accounting Policies. Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income (loss) 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 are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Year Ended December 31, (in thousands) 2023 2022 2021 Income (Loss) from Operations: United States $ 94,682 $ 93,176 $ 98,001 Europe (12,528) (130,386) 730 Corporate Unallocated and Japan (53,987) (60,773) (58,389) Total income (loss) from operations $ 28,167 $ (97,983) $ 40,342 Total long-lived assets, expenditures for additions to long-lived assets and depreciation and amortization expense are as follows: (in thousands) December 31, December 31, December 31, Long-lived assets: United States $ 201,388 $ 203,816 $ 215,701 Europe 52,267 53,835 59,388 Japan — 134 5,257 Total long-lived assets $ 253,655 $ 257,785 $ 280,346 Year Ended December 31, (in thousands) 2023 2022 2021 Expenditures for additions to long-lived assets: United States $ 24,553 $ 17,538 $ 26,698 Europe 3,563 4,137 7,378 Japan — 11 133 Total expenditures for additions to long-lived assets $ 28,116 $ 21,686 $ 34,209 Year Ended December 31, (in thousands) 2023 2022 2021 Depreciation and Amortization: United States $ 30,667 $ 31,666 $ 31,642 Europe 6,861 6,770 7,101 Japan — 989 1,745 Total depreciation and amortization $ 37,528 $ 39,425 $ 40,488 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) | $ 17,220 | $ (103,462) | $ 33,372 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, as listed within “Organization and business” above. All intercompany accounts and transactions have been eliminated in consolidation. |
Comprehensive (loss) income | Comprehensive (loss) income Components of comprehensive (loss) income include net income (loss), foreign currency translation adjustments and net unrealized gains and losses on investments in securities. Comprehensive (loss) income is disclosed in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Shareholders’ Equity. |
Accounting estimates | Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash and other investments, including marketable securities, with maturities of three months or less at the date of purchase. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses on such accounts. |
Marketable securities | Marketable securities Marketable securities are categorized as available-for-sale and are recorded at fair value. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. The classification of marketable securities as current or non-current is dependent upon the security’s maturity date. Securities with maturities of three months or less at the time of purchase are categorized as cash equivalents as described above. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are reported at the invoiced amount less an allowance for doubtful accounts. As of each balance sheet date, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts based on a combination of specific customer circumstances and credit conditions taking into account the history of write-offs and collections. A receivable is considered past due if payment has not been received within the period agreed upon in the invoice. Accounts receivable are written off after all collection efforts have been exhausted. Recoveries of trade receivables previously written off are recorded when received. |
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. |
Property, equipment and leasehold improvements | Property, equipment and leasehold improvements Property, equipment and leasehold improvements are stated at cost. Major improvements that substantially extend an asset’s useful life are capitalized. Repairs, maintenance and minor improvements are charged to operations as incurred. Depreciation, including amortization of leasehold improvements and assets recorded under capital leases, is calculated using the straight-line method over the estimated useful lives of the individual assets and ranges from 3 to 39 years. Manufacturing equipment is depreciated over 3 to 15 years, office furniture and equipment are depreciated over 3 to 7 years, computer hardware and software are depreciated over 3 to 5 years, building costs are depreciated over 39 years, leasehold improvements are depreciated over the estimated lives of the related assets or the life of the lease, whichever is shorter, and building and land improvements are depreciated over 10 to 39 years. Assets not in service are not depreciated until the asset is put into use. The Company follows ASC 350-40, Internal-Use Software |
Goodwill | Goodwill The Company recognizes goodwill in accordance with ASC 350, Intangibles—Goodwill and Other . Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated to the Company's reporting units, which are determined by the discrete financial information available for the component and whether it is regularly reviewed by segment management. The Company's reporting units are the United States and Europe. Goodwill is not amortized. Goodwill is tested for impairment annually as of the first day of the fourth quarter, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment charge for goodwill is recognized only when the estimated fair value of a reporting unit, including |
Other Intangible Assets | Other Intangible Assets Other intangible assets include software technology, customer relationships and other intangible assets acquired from other independent parties. Other intangible assets with a definite life are amortized over a period ranging from two |
Accounting for long-lived assets | Accounting for long-lived assets The Company periodically reviews the carrying amount of its property, equipment and leasehold improvements to determine if circumstances exist indicating an impairment or if depreciation periods should be modified. If facts or circumstances indicate that an impairment may exist, the Company will prepare a projection of the undiscounted future cash flows of the specific assets to determine if the assets are recoverable. If impairment exists based on these projections, an adjustment will be made to reduce the carrying amount of the specific assets to fair value. |
Revenue recognition | Revenue recognition The Company recognizes revenue for its internal and outsourced manufacturing operations in accordance with ASC 606, Revenue from Contracts with Customers . The Company manufactures custom parts to specific customer orders that have no alternative use to the Company, and the Company believes there is a legally enforceable right to payment for performance completed to date on internally and outsourced manufactured parts. For manufactured parts that meet these two criteria, the Company will recognize revenue over time. Revenue is recognized over time using the input method based on time in production as a percentage of total estimated production time to measure progress toward satisfying performance obligations using the estimated total time necessary to complete the parts per the customer's order and an estimate of inventory and production costs incurred to date. The input method requires an analysis of the incurred time in production and an estimate of the total time necessary to complete the total parts per the customer's order. The majority of the Company’s injection molding contracts have multiple performance obligations including one obligation to produce the mold and a second obligation to produce parts. For injection molding contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling price based on the price charged to customers. |
Leases | Leases The Company accounts for leases in accordance with ASC 842, Leases , which requires the balance sheet recognition of lease assets and lease liabilities by lessees for those leases classified as operating and finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease assets, current operating lease liabilities and long-term operating lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in finance lease assets, current finance lease liabilities and long-term finance lease liabilities in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return, therefore, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease agreements that contain non-lease components, with the exception of certain real estate leases, are accounted for as a single lease component. |
Income taxes | Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Under this method, the Company determines tax assets and liabilities based upon the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. The tax consequences of most events recognized in the financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities and equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pretax financial income for a year and between the tax basis of assets or liabilities and their reported amounts in the financial statements. Because the Company assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, giving rise to a deferred tax asset or liability. The Company establishes a valuation allowance for any portion of its deferred tax assets that are not at a level of more likely than not to be recognized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by requiring that individual tax positions are recorded only when they meet a more-likely-than-not criterion. The Company recognizes the effect of income tax positions only if sustaining those positions is more likely than not. The Company records penalties and interest related to unrecognized tax benefits in income taxes in the Company’s Consolidated Statements of Income. |
Stock-based compensation | Stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation (ASC 718). Under the fair value recognition provisions of ASC 718, the Company measures stock-based compensation cost at the grant date fair value and recognizes the compensation expense over the requisite service period, which is the vesting period, using a straight-line attribution method. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. Ultimately, the total expense recognized over the vesting period will only be for those awards that vest. The Company’s awards are not eligible to vest early in the event of retirement, however, the awards vest early in the event of a change in control. In determining the compensation cost of the options granted, the fair value of options granted has been estimated on the date of grant using the Black-Scholes option-pricing model. |
Advertising costs | Advertising costs Advertising is expensed as incurred and was approximately $13.8 million, $13.2 million and $12.5 million for the years ended December 31, 2023 , 2022 and 2021, respectively. |
Research and development | Research and development Research and development expenses consist primarily of personnel and outside service costs related to the development of new processes and product lines, enhancements of existing product lines, development of software for internal use, maintenance of internally developed software, quality assurance and testing. Costs for internal use software are evaluated by project and capitalized where appropriate under ASC 350-40, Intangibles - Goodwill and Other, Internal-Use Software |
Foreign currency translation/transactions | Foreign currency translation/transactions The Company translated the balance sheets of its foreign subsidiaries at period-end exchange rates and the income statement at the average exchange rates in effect throughout the period. The Company has recorded the translation adjustment as a separate component of consolidated shareholders’ equity. Foreign currency transaction gains and losses are recognized in the Consolidated Statements of Comprehensive Income. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements The 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. |
Nature of Business (Tables)
Nature of Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | The Company’s subsidiaries are: Name Location PL-US International LLC United States Hubs Manufacturing Inc. United States 3D Hubs Manufacturing LLC United States Proto Labs Ltd. United Kingdom PL International Holdings, UK, Ltd. United Kingdom PL Euro Services Limited United Kingdom Proto Labs GmbH Germany Proto Labs Tooling GmbH Germany 3D Hubs B.V. Netherlands |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue and income from operations by reportable segment are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 |
Disaggregation of Revenue | Revenue by product line for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: Injection Molding $ 203,941 $ 200,578 $ 226,117 CNC Machining 198,222 188,372 166,811 3D Printing 84,291 78,988 72,721 Sheet Metal 16,540 19,498 20,397 Other Revenue 883 962 2,052 Total revenue $ 503,877 $ 488,398 $ 488,098 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of net income (loss) per basic and diluted share attributable to common shareholders: Year Ended December 31, (in thousands, except share and per share amounts) 2023 2022 2021 Net income (loss) $ 17,220 $ (103,462) $ 33,372 Basic - weighted-average shares outstanding: 26,186,533 27,409,838 27,617,627 Effect of dilutive securities: Employee stock options and other 36,965 — 35,472 Diluted - weighted-average shares outstanding: 26,223,498 27,409,838 27,653,099 Net income (loss) per share attributable to common shareholders: Basic $ 0.66 $ (3.77) $ 1.21 Diluted $ 0.66 $ (3.77) $ 1.21 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows: (in thousands) Dec. 31, 2021 Goodwill acquired (impaired) during Foreign currency translation Dec. 31, 2022 Goodwill acquired (impaired) Foreign currency translation Dec. 31, 2023 United States $ 273,991 $ — $ — $ 273,991 $ — $ — $ 273,991 Europe 125,989 (118,008) (7,981) — — — — Japan 630 (630) — — — — — Total goodwill $ 400,610 $ (118,638) $ (7,981) $ 273,991 $ — $ — $ 273,991 |
Schedule of Finite-Lived Intangible Assets | Intangible assets other than goodwill for the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted Average (in thousands) Gross Accumulated Net Gross Accumulated Net Useful Life (in Remaining (in years) Marketing assets $ 930 $ (900) $ 30 $ 930 $ (806) $ 124 10.0 0.3 Non-compete agreement 835 (603) 232 828 (487) 341 2.0 - 5.0 1.4 Software technology 13,229 (7,752) 5,477 13,229 (6,383) 6,846 10.0 4.0 Software platform 26,373 (6,575) 19,798 26,054 (4,337) 21,717 12.0 9.1 Tradenames 354 (347) 7 350 (227) 123 3.0 0.1 Customer relationships 12,223 (12,183) 40 12,197 (10,098) 2,099 3.0 - 9.0 0.1 Total intangible assets $ 53,944 $ (28,360) $ 25,584 $ 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 is as follows: (in thousands) Estimated Amortization 2024 $ 3,741 2025 3,660 2026 3,558 2027 3,549 2028 2,180 Thereafter 8,896 Total estimated amortization expense $ 25,584 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables summarizes financial assets as of December 31, 2023 and 2022 measured at fair value on a recurring basis: December 31, 2023 December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents, excluding money market mutual fund $ 77,423 $ — $ — $ 38,862 $ — $ — Money market mutual fund 6,367 — — 17,696 $ — $ — Marketable securities 4,482 22,550 — 9,881 40,106 — Total $ 88,272 $ 22,550 $ — $ 66,439 $ 40,106 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-Sale | Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2023 and 2022 is as follows: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 16,798 — $ (278) $ 16,520 Corporate debt securities 2,511 — (19) 2,492 U.S. municipal securities 7,876 — (105) 7,771 Certificates of deposit/time deposits 249 — — 249 Total marketable securities $ 27,434 $ — $ (402) $ 27,032 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government agency securities $ 25,275 — $ (750) $ 24,525 Corporate debt securities 9,578 — (205) 9,373 U.S. municipal securities 15,574 — (417) 15,157 Certificates of deposit/time deposits 939 — (7) 932 Total marketable securities $ 51,366 $ — $ (1,379) $ 49,987 |
Investments Classified by Contractual Maturity Date | The December 31, 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) December 31, Due in one year or less $ 19,013 Due after one year through five years 8,019 Total marketable securities $ 27,032 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consists of the following: December 31, (in thousands) 2023 2022 Land $ 15,596 $ 14,153 Buildings and improvements 133,033 105,492 Machinery and equipment 235,527 228,654 Computer hardware and software 86,659 82,302 Leasehold improvements 4,609 4,548 Construction in progress 8,410 22,674 Total 483,834 457,823 Accumulated depreciation and amortization (230,179) (200,038) Property and equipment, net $ 253,655 $ 257,785 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventory consists of the following: December 31, (in thousands) 2023 2022 Total inventory $ 14,319 $ 13,965 Allowance for obsolescence (662) (387) Inventory, net of allowance $ 13,657 $ 13,578 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement, Cost by Plan | The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options and other $ 14,550 $ 16,103 $ 17,553 Employee stock purchase plan 1,439 1,442 1,542 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 Cost of revenue $ 1,840 $ 2,172 $ 2,595 Operating expenses: Marketing and sales 3,426 3,295 3,736 Research and development 2,556 2,189 2,833 General and administrative 8,167 9,889 9,931 Total stock-based compensation expense $ 15,989 $ 17,545 $ 19,095 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 3.55 - 4.55% 1.94 - 3.40% 0.80 - 1.12% Expected life (years) 2 - 6.25 6.25 6.25 Expected volatility 49.23 - 55.92% 45.95 - 46.03% 45.28 - 45.53% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $16.36 $23.11 $128.14 |
Share-Based Payment Arrangement, Option, Activity | The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2023, 2022 and 2021: Stock Options Weighted- Options outstanding at January 1, 2021 229,531 $ 86.46 Granted 57,901 128.14 Exercised (28,991) 58.78 Cancelled (25,057) 109.31 Options outstanding at December 31, 2021 233,384 97.78 Granted 118,434 48.24 Exercised (3,114) 30.58 Cancelled (84,712) 89.32 Options outstanding at December 31, 2022 263,992 79.07 Granted 186,804 33.36 Exercised — — Cancelled (63,635) 62.44 Expired (15,848) 55.67 Options outstanding at December 31, 2023 371,313 $ 59.92 Exercisable at December 31, 2023 116,455 $ 90.65 |
Share-Based Payment Arrangement, Option, Exercise Price Range | The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Number Exercisable Weighted Average Exercise $32.13 to $36.48 167,725 7.92 33.40 — — $36.49 to $64.92 100,391 7.45 50.60 37,242 52.90 $64.93 to $180.46 103,197 5.75 112.87 79,213 108.40 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock activity for the years ended December 31, 2023, 2022 and 2021: Restricted Weighted- Restricted stock at January 1, 2021 307,199 $ 98.87 Granted 205,996 123.61 Restrictions lapsed (115,908) 91.26 Forfeited (53,505) 128.05 Restricted stock at December 31, 2021 343,782 111.79 Granted 315,432 42.03 Restrictions lapsed (130,452) 101.32 Forfeited (50,166) 96.48 Restricted stock at December 31, 2022 478,596 70.36 Granted 410,682 32.46 Restrictions lapsed (137,053) 79.61 Forfeited (98,760) 61.25 Restricted stock at December 31, 2023 653,465 $ 45.89 |
Schedule of Nonvested Performance-Based Units Activity | The following table summarizes performance stock activity for the years ended December 31, 2023, 2022 and 2021: Performance Weighted- Performance stock at January 1, 2021 19,956 $ 118.66 Granted 15,078 203.64 Restrictions lapsed — — Performance change (10,366) 192.95 Forfeited (7,829) 113.91 Performance stock at December 31, 2021 16,839 115.56 Granted 35,697 96.71 Restrictions lapsed — — Performance change (13,156) 99.59 Forfeited (3,578) 121.79 Performance stock at December 31, 2022 35,802 77.91 Granted 71,295 57.79 Restrictions lapsed — — Performance change — — Forfeited — — Performance stock at December 31, 2023 107,097 $ 74.08 |
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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.60 - 5.16% 0.17 - 4.60% 0.06 - 0.17% Expected life (months) 6.00 6.00 6.00 Expected volatility 47.38 - 67.84% 47.05 - 67.84% 53.44 - 65.53% Expected dividend yield 0% 0% 0% |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | Supplemental balance sheet information related to leases was as follows: December 31, (in thousands) 2023 2022 Operating lease assets $ 4,628 $ 3,844 Current operating lease liabilities $ 1,585 $ 1,561 Long-term operating lease liabilities 3,008 2,255 Total operating lease liabilities $ 4,593 $ 3,816 Finance lease assets $ 960 $ 17,532 Current finance lease liabilities $ 296 $ 17,537 Long-term finance lease liabilities 595 — Total finance lease liabilities $ 891 $ 17,537 Lease expense is recognized on a straight-line basis over the lease term, with variable payments recognized in the period those payments are incurred. The components of lease expense for the periods reported were as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 1,965 $ 3,002 Finance lease cost: Amortization of right-of-use assets $ 732 $ 532 Interest on lease obligations $ 1,055 $ 95 Variable lease cost 371 560 Total lease cost $ 4,123 $ 4,189 Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,288 $ 3,778 Operating cash flows from finance leases $ 1,055 $ 95 Financing cash flows from finance leases $ 306 $ 531 Lease assets obtained in exchange for new operating lease liabilities $ 2,324 $ 898 Lease assets obtained in exchange for new financing lease liabilities $ 240 $ 16,167 |
Finance Lease, Liability, to be Paid, Maturity | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 |
Lessee, Operating Lease, Liability, to be Paid, Maturity | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (in thousands) Operating Leases Finance Leases Year Ending December 31, 2024 $ 1,622 $ 329 2025 1,428 329 2026 819 292 2027 449 - 2028 397 - After 2029 111 - Total future minimum lease payments 4,826 950 Less interest (233) (59) Present value of lease liabilities $ 4,593 $ 891 |
Assets and Liabilities, Lessee | Weighted average remaining lease term and discount rate was as follows: December 31, 2023 2022 Weighted Average Remaining Lease Term - operating leases (years) 3.6 2.9 Weighted Average Remaining Lease Term - finance leases (years) 2.6 36.0 Weighted Average Discount Rate - operating leases 2.5 % 1.6 % Weighted Average Discount Rate - finance leases 4.4 % 5.9 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss balances for the years ending December 31, 2023, 2022 and 2021, respectively: Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period $ (34,355) $ (16,817) $ (3,420) Foreign currency translation adjustments Other comprehensive income (loss) before reclassifications 1,459 (16,278) (13,278) Amounts reclassified from accumulated other comprehensive income (loss) 3,906 - - Net current-period other comprehensive income (loss) 5,365 (16,278) (13,278) Net unrealized gains (losses) on investments in securities Other comprehensive income (loss) before reclassifications 977 (1,260) (119) Amounts reclassified from accumulated other comprehensive income (loss) - - - Net current-period other comprehensive income (loss) 977 (1,260) (119) Balance at end of period $ (28,013) $ (34,355) $ (16,817) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components of income before income taxes are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Domestic $ 38,099 $ 33,731 $ 42,449 Foreign (10,147) (131,608) (2,265) Total $ 27,952 $ (97,877) $ 40,184 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes for the following periods are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current: Federal $ 15,717 $ 15,366 $ 5,552 State 2,418 (393) 975 Foreign 34 (99) (64) Deferred Federal (8,202) (9,159) (377) State (385) (723) (814) Foreign 1,379 (4,641) (1,181) Valuation Allowance (229) 5,234 2,721 Total $ 10,732 $ 5,585 $ 6,812 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2023 2022 2021 Federal tax statutory rate 21.0 % 21.0 % 21.0 % State tax (net of federal benefit) 3.5 (0.8) 2.1 Share based compensation 6.0 (2.1) (2.3) Valuation allowance against deferred tax assets (2.4) (5.0) 8.9 Goodwill impairment — (24.4) — Contingent consideration reduction — — (7.0) Research and development credit (3.8) 1.2 (4.0) Foreign rate differential (1.6) 2.9 (2.2) Tax reserves 1.9 1.0 (1.0) Provision to return difference (0.2) — (0.7) Unrealized foreign exchange losses 2.9 — — Revaluation of deferred tax liability 1.1 — — Closure of Japan branch net operating loss reversal 11.1 — — Miscellaneous (1.1) 0.5 2.2 Total 38.4 % (5.7 %) 17.0 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued expenses $ 2,155 $ 2,254 Section 174 expenses 13,084 8,119 Leases 1,186 4,822 Warrants and stock options 4,588 4,087 Inventories 275 198 Research and development credit 2,327 2,374 Other assets 1,094 838 Net operating loss 16,237 16,586 Less valuation allowance (17,667) (17,562) Total deferred tax assets 23,279 21,716 Deferred tax liabilities: Depreciation (25,552) (29,397) Goodwill (12,921) (10,716) Intangible assets (2,362) (3,103) Leases (1,186) (4,822) Total deferred tax liabilities (42,021) (48,038) Net deferred tax liability $ (18,742) $ (26,322) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 Balance at beginning of period $ 3,236 $ 4,364 Additions for tax positions of current year 632 634 Additions for tax positions of prior years 86 23 Decrease related to the expiration of statutes of limitations (338) — Reduction for tax positions of prior years — (1,785) Balance at period end $ 3,616 $ 3,236 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas | Revenue by geographic region for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 Revenue and income from operations by reportable segment are as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Revenue: United States $ 396,821 $ 387,399 $ 384,458 Europe 107,056 92,770 90,399 Japan — 8,229 13,241 Total revenue $ 503,877 $ 488,398 $ 488,098 |
Income from Operations by Geographic Area | Year Ended December 31, (in thousands) 2023 2022 2021 Income (Loss) from Operations: United States $ 94,682 $ 93,176 $ 98,001 Europe (12,528) (130,386) 730 Corporate Unallocated and Japan (53,987) (60,773) (58,389) Total income (loss) from operations $ 28,167 $ (97,983) $ 40,342 |
Long-Lived Assets by Geographic Areas | Total long-lived assets, expenditures for additions to long-lived assets and depreciation and amortization expense are as follows: (in thousands) December 31, December 31, December 31, Long-lived assets: United States $ 201,388 $ 203,816 $ 215,701 Europe 52,267 53,835 59,388 Japan — 134 5,257 Total long-lived assets $ 253,655 $ 257,785 $ 280,346 |
Expenditures for Additions to Long-lived Assets by Geographic Region | Year Ended December 31, (in thousands) 2023 2022 2021 Expenditures for additions to long-lived assets: United States $ 24,553 $ 17,538 $ 26,698 Europe 3,563 4,137 7,378 Japan — 11 133 Total expenditures for additions to long-lived assets $ 28,116 $ 21,686 $ 34,209 |
Depreciation and Amortization by Geographic Region | Year Ended December 31, (in thousands) 2023 2022 2021 Depreciation and Amortization: United States $ 30,667 $ 31,666 $ 31,642 Europe 6,861 6,770 7,101 Japan — 989 1,745 Total depreciation and amortization $ 37,528 $ 39,425 $ 40,488 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Line Items] | |||
Goodwill impairment | $ 0 | $ 118,008 | $ 0 |
Advertising costs | 13,800 | 13,200 | 12,500 |
Research and development costs | 40,135 | 38,222 | $ 44,241 |
Europe | |||
Accounting Policies [Line Items] | |||
Goodwill impairment | $ 0 | $ 118,000 | |
Building | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 39 years | ||
Minimum | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 3 years | ||
Intangible assets, useful life (in years) | 2 years | ||
Operating lease term, remaining lease term (in years) | 1 year | ||
Minimum | Machinery and equipment | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 3 years | ||
Minimum | Office furniture and equipment | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 3 years | ||
Minimum | Computer hardware and software | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 3 years | ||
Minimum | Building and land improvements | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 10 years | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 39 years | ||
Intangible assets, useful life (in years) | 12 years | ||
Operating lease term, remaining lease term (in years) | 9 years | ||
Maximum | Machinery and equipment | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 15 years | ||
Maximum | Office furniture and equipment | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 7 years | ||
Maximum | Computer hardware and software | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 5 years | ||
Maximum | Building and land improvements | |||
Accounting Policies [Line Items] | |||
Property, equipment, useful life (in years) | 39 years |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables | $ 10.1 | $ 8.5 |
Unsatisfied performance obligation | $ 9.8 | $ 10.9 |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 503,877 | $ 488,398 | $ 488,098 |
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 503,877 | 488,398 | 488,098 |
Operating Segments | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 396,821 | 387,399 | 384,458 |
Operating Segments | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 107,056 | 92,770 | 90,399 |
Operating Segments | Japan | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 8,229 | $ 13,241 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 503,877 | $ 488,398 | $ 488,098 |
Injection Molding | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 203,941 | 200,578 | 226,117 |
CNC Machining | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 198,222 | 188,372 | 166,811 |
3D Printing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 84,291 | 78,988 | 72,721 |
Sheet Metal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 16,540 | 19,498 | 20,397 |
Other Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 883 | $ 962 | $ 2,052 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares) | 263,992 | 197,827 | 113,043 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share -Schedule of Computation Of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 17,220 | $ (103,462) | $ 33,372 |
Basic - weighted-average shares outstanding (in shares) | 26,186,533 | 27,409,838 | 27,617,627 |
Effect of dilutive securities: | |||
Employee stock options and other (in shares) | 36,965 | 0 | 35,472 |
Diluted - weighted-average shares outstanding (in shares) | 26,223,498 | 27,409,838 | 27,653,099 |
Net income (loss) per share attributable to common shareholders: | |||
Basic (in dollars per share) | $ 0.66 | $ (3.77) | $ 1.21 |
Diluted (in dollars per share) | $ 0.66 | $ (3.77) | $ 1.21 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, balance as of the beginning of the period | $ 273,991 | $ 400,610 |
Goodwill acquired (impaired) | 0 | (118,638) |
Foreign currency translation adjustments | 0 | (7,981) |
Goodwill, balance as of the end of the period | 273,991 | 273,991 |
United States | ||
Goodwill [Roll Forward] | ||
Goodwill, balance as of the beginning of the period | 273,991 | 273,991 |
Goodwill acquired (impaired) | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Goodwill, balance as of the end of the period | 273,991 | 273,991 |
Europe | ||
Goodwill [Roll Forward] | ||
Goodwill, balance as of the beginning of the period | 0 | 125,989 |
Goodwill acquired (impaired) | 0 | (118,008) |
Foreign currency translation adjustments | 0 | (7,981) |
Goodwill, balance as of the end of the period | 0 | 0 |
Japan | ||
Goodwill [Roll Forward] | ||
Goodwill, balance as of the beginning of the period | 0 | 630 |
Goodwill acquired (impaired) | 0 | (630) |
Foreign currency translation adjustments | 0 | 0 |
Goodwill, balance as of the end of the period | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 22, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||||
Cash used for acquisition, net of cash acquired | $ 0 | $ 0 | $ 127,413 | |
Goodwill | 273,991 | 273,991 | 400,610 | |
Goodwill, period increase (decrease) | (126,600) | |||
Foreign currency translation adjustment | 1,300 | 1,700 | 900 | |
Amortization expense for intangible assets | $ 5,900 | $ 6,000 | $ 6,200 | |
3D Hubs, Inc. (Hubs) | ||||
Goodwill [Line Items] | ||||
Consideration transferred | $ 294,100 | |||
Cash used for acquisition, net of cash acquired | $ 127,400 | |||
Equity portion of purchase price (in shares) | 863,995 | |||
Consideration transferred, common stock | $ 166,700 | |||
Goodwill | $ 280,900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 53,944 | $ 53,588 |
Accumulated Amortization | (28,360) | (22,338) |
Net | $ 25,584 | 31,250 |
Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 2 years | |
Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 12 years | |
Marketing assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 930 | 930 |
Accumulated Amortization | (900) | (806) |
Net | $ 30 | 124 |
Intangible assets, useful life (in years) | 10 years | |
Weighted Average Useful Life Remaining (in years) | 3 months 18 days | |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 835 | 828 |
Accumulated Amortization | (603) | (487) |
Net | $ 232 | 341 |
Weighted Average Useful Life Remaining (in years) | 1 year 4 months 24 days | |
Non-compete agreement | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 2 years | |
Non-compete agreement | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 5 years | |
Software technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 13,229 | 13,229 |
Accumulated Amortization | (7,752) | (6,383) |
Net | $ 5,477 | 6,846 |
Intangible assets, useful life (in years) | 10 years | |
Weighted Average Useful Life Remaining (in years) | 4 years | |
Software platform | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 26,373 | 26,054 |
Accumulated Amortization | (6,575) | (4,337) |
Net | $ 19,798 | 21,717 |
Intangible assets, useful life (in years) | 12 years | |
Weighted Average Useful Life Remaining (in years) | 9 years 1 month 6 days | |
Tradenames | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 354 | 350 |
Accumulated Amortization | (347) | (227) |
Net | $ 7 | 123 |
Intangible assets, useful life (in years) | 3 years | |
Weighted Average Useful Life Remaining (in years) | 1 month 6 days | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 12,223 | 12,197 |
Accumulated Amortization | (12,183) | (10,098) |
Net | $ 40 | $ 2,099 |
Weighted Average Useful Life Remaining (in years) | 1 month 6 days | |
Customer relationships | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 3 years | |
Customer relationships | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life (in years) | 9 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 3,741 | |
2025 | 3,660 | |
2026 | 3,558 | |
2027 | 3,549 | |
2028 | 2,180 | |
Thereafter | 8,896 | |
Net | $ 25,584 | $ 31,250 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Debt securities, available-for-sale | $ 27,032 | $ 49,987 |
Level 1 | Fair Value, Recurring | ||
Financial Assets: | ||
Debt securities, available-for-sale | 4,482 | 9,881 |
Total | 88,272 | 66,439 |
Level 2 | Fair Value, Recurring | ||
Financial Assets: | ||
Debt securities, available-for-sale | 22,550 | 40,106 |
Total | 22,550 | 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 | 77,423 | 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 | 6,367 | 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 27,434 | $ 51,366 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (402) | (1,379) |
Fair Value | 27,032 | 49,987 |
U.S. government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 16,798 | 25,275 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (278) | (750) |
Fair Value | 16,520 | 24,525 |
Corporate debt securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 2,511 | 9,578 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (19) | (205) |
Fair Value | 2,492 | 9,373 |
U.S. municipal securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 7,876 | 15,574 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (105) | (417) |
Fair Value | 7,771 | 15,157 |
Certificates of deposit/time deposits | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 249 | 939 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (7) |
Fair Value | $ 249 | $ 932 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | $ 19,013 | |
Due after one year through five years | 8,019 | |
Total marketable securities | $ 27,032 | $ 49,987 |
Property and Equipment - Summar
Property and Equipment - Summary of Property And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 483,834 | $ 457,823 |
Accumulated depreciation and amortization | (230,179) | (200,038) |
Property and equipment, net | 253,655 | 257,785 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,596 | 14,153 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 133,033 | 105,492 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 235,527 | 228,654 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 86,659 | 82,302 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,609 | 4,548 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,410 | $ 22,674 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 31.6 | $ 33.4 | $ 34.3 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total inventory | $ 14,319 | $ 13,965 |
Allowance for obsolescence | (662) | (387) |
Inventory, net of allowance | $ 13,657 | $ 13,578 |
Financing Obligations (Details)
Financing Obligations (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Financing obligations | $ 0 | $ 0 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual contributions per employees (in percent) | 50% | ||
Contributions by employer | $ 4.6 | $ 3.9 | $ 3.7 |
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer | $ 0.5 | $ 0.5 | $ 0.4 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Aug. 29, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options, intrinsic value | $ 0 | $ 0 | $ 3.8 | |
Options outstanding, weighted-average remaining contractual term (in years) | 7 years 2 months 12 days | |||
Options outstanding, aggregate intrinsic value (in years) | $ 0.9 | |||
Options exercisable, weighted-average remaining contractual term (in years) | 5 years 6 months | |||
Options exercisable, aggregate intrinsic value (in years) | $ 0 | |||
Options vested, fair value | $ 1.8 | $ 2.3 | $ 2.1 | |
Employee stock purchase plan | ||||
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% | |||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares) | 171,991 | 142,982 | ||
Average exercise price (in dollars per share) | $ 22.30 | $ 27.09 | ||
Shares available for grant (in shares) | 743,893 | |||
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 | $ 3.8 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 2 years 6 months | |||
Restricted Stock | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Granted (in shares) | 410,682 | 315,432 | 205,996 | |
Stock based award, unrecognized compensation expense | $ 18.5 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 2 years 6 months | |||
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] | ||||
Granted (in shares) | 71,295 | 35,697 | 15,078 | |
Stock-based award, vesting period (in years) | 3 years | |||
Stock based award, unrecognized compensation expense | $ 4.1 | |||
Stock based award, unrecognized compensation expense, period for recognition (in years) | 1 year 9 months 18 days | |||
Percentage of target, capable of being earned and vesting, lower limit | 0% | |||
Percentage of target, capable of being earned and vesting, upper limit | 200% | |||
Long-Term Incentive Plan 2012 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | |||
Stock-based award, term (in years) | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 15,989 | $ 17,545 | $ 19,095 |
Cost of revenue | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,840 | 2,172 | 2,595 |
Marketing and sales | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 3,426 | 3,295 | 3,736 |
Research and development | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 2,556 | 2,189 | 2,833 |
General and administrative | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 8,167 | 9,889 | 9,931 |
Stock options and other | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 14,550 | 16,103 | 17,553 |
Employee stock purchase plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1,439 | $ 1,442 | $ 1,542 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected life (years) | 6 years 3 months | 6 years 3 months | |
Expected dividend yield | 0% | 0% | 0% |
Weighted average grant date fair value (in dollars per share) | $ 16.36 | $ 23.11 | $ 128.14 |
Performance Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected life (years) | 6 years | 6 years | 6 years |
Expected dividend yield | 0% | 0% | 0% |
Minimum | Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 3.55% | 1.94% | 0.80% |
Expected life (years) | 2 years | ||
Expected volatility | 49.23% | 45.95% | 45.28% |
Minimum | Performance Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 4.60% | 0.17% | 0.06% |
Expected volatility | 47.38% | 47.05% | 53.44% |
Maximum | Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 4.55% | 3.40% | 1.12% |
Expected life (years) | 6 years 3 months | ||
Expected volatility | 55.92% | 46.03% | 45.53% |
Maximum | Performance Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 5.16% | 4.60% | 0.17% |
Expected volatility | 67.84% | 67.84% | 65.53% |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Options outstanding, beginning balance (in shares) | 263,992 | 233,384 | 229,531 |
Granted (in shares) | 186,804 | 118,434 | 57,901 |
Exercised (in shares) | 0 | (3,114) | (28,991) |
Cancelled (in shares) | (63,635) | (84,712) | (25,057) |
Expired (in shares) | (15,848) | ||
Options outstanding, ending balance (in shares) | 371,313 | 263,992 | 233,384 |
Weighted- Average Exercise Price | |||
Options outstanding, beginning balance, weighted-average exercise price (in dollars per share) | $ 79.07 | $ 97.78 | $ 86.46 |
Granted, weighted-average exercise price (in dollars per share) | 33.36 | 48.24 | 128.14 |
Exercised, weighted-average exercise price (in dollars per share) | 0 | 30.58 | 58.78 |
Cancelled, weighted-average exercise price (in dollars per share) | 62.44 | 89.32 | 109.31 |
Expired, weighted-average exercise price (in dollars per share) | 55.67 | ||
Options outstanding, ending balance, weighted-average exercise price (in dollars per share) | $ 59.92 | $ 79.07 | $ 97.78 |
Additional Disclosures | |||
Option exercisable (in shares) | 116,455 | ||
Options exercisable, weighted-average exercise price (in dollars per share) | $ 90.65 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares) | 371,313 | 263,992 | 233,384 | 229,531 |
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 59.92 | $ 79.07 | $ 97.78 | $ 86.46 |
Range One | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Range of Exercise Prices, lower range limit (in dollars per share) | 32.13 | |||
Range of Exercise Prices, upper range limit (in dollars per share) | $ 36.48 | |||
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares) | 167,725 | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years) | 7 years 11 months 1 day | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 33.40 | |||
Options Exercisable, Number Exercisable (in shares) | 0 | |||
Options Exercisable, Weighted Average Exercise Price (in shares) | $ 0 | |||
Range Two | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Range of Exercise Prices, lower range limit (in dollars per share) | 36.49 | |||
Range of Exercise Prices, upper range limit (in dollars per share) | $ 64.92 | |||
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares) | 100,391 | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years) | 7 years 5 months 12 days | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 50.60 | |||
Options Exercisable, Number Exercisable (in shares) | 37,242 | |||
Options Exercisable, Weighted Average Exercise Price (in shares) | $ 52.90 | |||
Range Three | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Range of Exercise Prices, lower range limit (in dollars per share) | 64.93 | |||
Range of Exercise Prices, upper range limit (in dollars per share) | $ 180.46 | |||
Options Outstanding, Vested and Expected to Vest, Number Outstanding (in shares) | 103,197 | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Remaining Contractual Life (in years) | 5 years 9 months | |||
Options Outstanding, Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 112.87 | |||
Options Exercisable, Number Exercisable (in shares) | 79,213 | |||
Options Exercisable, Weighted Average Exercise Price (in shares) | $ 108.40 |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Stock | |||
Beginning balance (in shares) | 478,596 | 343,782 | 307,199 |
Granted (in shares) | 410,682 | 315,432 | 205,996 |
Restrictions lapsed (in shares) | (137,053) | (130,452) | (115,908) |
Forfeited (in shares) | (98,760) | (50,166) | (53,505) |
Ending balance (in shares) | 653,465 | 478,596 | 343,782 |
Weighted- Average Grant Date Fair Value Per Share | |||
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ 70.36 | $ 111.79 | $ 98.87 |
Granted, weighted-average grant date fair value (in dollars per share) | 32.46 | 42.03 | 123.61 |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | 79.61 | 101.32 | 91.26 |
Forfeited, weighted-average grant date fair value (in dollars per share) | 61.25 | 96.48 | 128.05 |
Ending balance, weighted-average grant date fair value (in dollars per share) | $ 45.89 | $ 70.36 | $ 111.79 |
Performance Shares | |||
Stock | |||
Beginning balance (in shares) | 35,802 | 16,839 | 19,956 |
Granted (in shares) | 71,295 | 35,697 | 15,078 |
Restrictions lapsed (in shares) | 0 | 0 | 0 |
Performance change (in shares) | 0 | (13,156) | (10,366) |
Forfeited (in shares) | 0 | (3,578) | (7,829) |
Ending balance (in shares) | 107,097 | 35,802 | 16,839 |
Weighted- Average Grant Date Fair Value Per Share | |||
Beginning balance, weighted-average grant date fair value (in dollars per share) | $ 77.91 | $ 115.56 | $ 118.66 |
Granted, weighted-average grant date fair value (in dollars per share) | 57.79 | 96.71 | 203.64 |
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) | 0 | 0 | 0 |
Performance change, weighted-average grant date fair value (in dollars per share) | 0 | 99.59 | 192.95 |
Forfeited, weighted-average grant date fair value (in dollars per share) | 0 | 121.79 | 113.91 |
Ending balance, weighted-average grant date fair value (in dollars per share) | $ 74.08 | $ 77.91 | $ 115.56 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease, Liability [Abstract] | ||
Operating lease assets | $ 4,628 | $ 3,844 |
Current operating lease liabilities | 1,585 | 1,561 |
Long-term operating lease liabilities | 3,008 | 2,255 |
Total operating lease liabilities | 4,593 | 3,816 |
Finance Lease, Liability [Abstract] | ||
Finance lease assets | 960 | 17,532 |
Current finance lease liabilities | 296 | 17,537 |
Long-term finance lease liabilities | 595 | 0 |
Total finance lease liabilities | $ 891 | $ 17,537 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,965 | $ 3,002 |
Finance lease cost: | ||
Amortization of right-of-use assets | 732 | 532 |
Interest on lease obligations | 1,055 | 95 |
Variable lease cost | 371 | 560 |
Total lease cost | $ 4,123 | $ 4,189 |
Leases - Maturities of Operatin
Leases - Maturities of Operating And Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 1,622 | |
2025 | 1,428 | |
2026 | 819 | |
2027 | 449 | |
2028 | 397 | |
After 2029 | 111 | |
Total future minimum lease payments | 4,826 | |
Less interest | (233) | |
Present value of lease liabilities | 4,593 | $ 3,816 |
Finance Leases | ||
2024 | 329 | |
2025 | 329 | |
2026 | 292 | |
2027 | 0 | |
2028 | 0 | |
After 2029 | 0 | |
Total future minimum lease payments | 950 | |
Less interest | (59) | |
Total finance lease liabilities | $ 891 | $ 17,537 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term And Discount (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term - operating leases (years) | 3 years 7 months 6 days | 2 years 10 months 24 days |
Weighted Average Remaining Lease Term - finance leases (years) | 2 years 7 months 6 days | 36 years |
Weighted Average Discount Rate - operating leases (in percent) | 2.50% | 1.60% |
Weighted Average Discount Rate - finance leases (in percent) | 4.40% | 5.90% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 2,288 | $ 3,778 | |
Operating cash flows from finance leases | 1,055 | 95 | |
Financing cash flows from finance leases | 306 | 531 | $ 552 |
Lease assets obtained in exchange for new lease liabilities | |||
Lease assets obtained in exchange for new operating lease liabilities | 2,324 | 898 | |
Lease assets obtained in exchange for new financing lease liabilities | $ 240 | $ 16,167 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | $ (3,906) | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ 697,648 | $ 828,493 | $ 644,356 |
Net unrealized gains (losses) on investments in securities | |||
Balance at end of period | 695,295 | 697,648 | 828,493 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (34,355) | (16,817) | (3,420) |
Net unrealized gains (losses) on investments in securities | |||
Balance at end of period | (28,013) | (34,355) | (16,817) |
Foreign currency translation adjustments | |||
Foreign currency translation adjustments | |||
Other comprehensive income (loss) before reclassifications | 1,459 | (16,278) | (13,278) |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,906 | 0 | 0 |
Net unrealized gains (losses) on investments in securities | |||
Other comprehensive income (loss) before reclassifications | 1,459 | (16,278) | (13,278) |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,906 | 0 | 0 |
Net current-period other comprehensive income (loss) | 5,365 | (16,278) | (13,278) |
Net unrealized gains (losses) on investments in securities | |||
Foreign currency translation adjustments | |||
Other comprehensive income (loss) before reclassifications | 977 | (1,260) | (119) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net unrealized gains (losses) on investments in securities | |||
Other comprehensive income (loss) before reclassifications | 977 | (1,260) | (119) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | $ 977 | $ (1,260) | $ (119) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Provision for income taxes | $ 10,732,000 | $ 5,585,000 | $ 6,812,000 |
Effective income tax rate reconciliation (in percent) | 38.40% | (5.70%) | 17% |
Effective income tax rate, increase (decrease) during period (in percent) | (44.10%) | ||
Deferred tax assets related to undistributed earnings | $ 0 | ||
Undistributed earnings | 3,400,000 | ||
Operating loss carryforwards | 16,200,000 | ||
Deferred tax assets, valuation allowance | 17,667,000 | $ 17,562,000 | |
Unrecognized tax benefits | $ 3,616,000 | $ 3,236,000 | $ 4,364,000 |
GERMANY | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, percentage of taxable income (in percent) | 60% | ||
NETHERLANDS | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, percentage of taxable income (in percent) | 50% |
Income Taxes - Components Of In
Income Taxes - Components Of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 38,099 | $ 33,731 | $ 42,449 |
Foreign | (10,147) | (131,608) | (2,265) |
Income (loss) before income taxes | $ 27,952 | $ (97,877) | $ 40,184 |
Income Taxes - Provisions For I
Income Taxes - Provisions For Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 15,717 | $ 15,366 | $ 5,552 |
State | 2,418 | (393) | 975 |
Foreign | 34 | (99) | (64) |
Deferred | |||
Federal | (8,202) | (9,159) | (377) |
State | (385) | (723) | (814) |
Foreign | 1,379 | (4,641) | (1,181) |
Valuation Allowance | (229) | 5,234 | 2,721 |
Total | $ 10,732 | $ 5,585 | $ 6,812 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal tax statutory rate | 21% | 21% | 21% |
State tax (net of federal benefit) | 3.50% | (0.80%) | 2.10% |
Share based compensation | 6% | (2.10%) | (2.30%) |
Valuation allowance against deferred tax assets | (2.40%) | (5.00%) | 8.90% |
Goodwill impairment | 0% | (24.40%) | 0% |
Contingent consideration reduction | 0% | 0% | (7.00%) |
Research and development credit | (3.80%) | 1.20% | (4.00%) |
Foreign rate differential | (1.60%) | 2.90% | (2.20%) |
Tax reserves | 1.90% | 1% | (1.00%) |
Provision to return difference | (0.20%) | 0% | (0.70%) |
Unrealized foreign exchange losses | 2.90% | 0% | 0% |
Revaluation of deferred tax liability | 1.10% | 0% | 0% |
Closure of Japan branch net operating loss reversal | 11.10% | 0% | 0% |
Miscellaneous | (1.10%) | 0.50% | 2.20% |
Total | 38.40% | (5.70%) | 17% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Accrued expenses | $ 2,155 | $ 2,254 |
Section 174 expenses | 13,084 | 8,119 |
Leases | 1,186 | 4,822 |
Warrants and stock options | 4,588 | 4,087 |
Inventories | 275 | 198 |
Research and development credit | 2,327 | 2,374 |
Other assets | 1,094 | 838 |
Net operating loss | 16,237 | 16,586 |
Less valuation allowance | (17,667) | (17,562) |
Total deferred tax assets | 23,279 | 21,716 |
Deferred tax liabilities: | ||
Depreciation | (25,552) | (29,397) |
Goodwill | (12,921) | (10,716) |
Intangible assets | (2,362) | (3,103) |
Leases | (1,186) | (4,822) |
Total deferred tax liabilities | (42,021) | (48,038) |
Net deferred tax liability | $ (18,742) | $ (26,322) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 3,236 | $ 4,364 |
Additions for tax positions of current year | 632 | 634 |
Additions for tax positions of prior years | 86 | 23 |
Decrease related to the expiration of statutes of limitations | (338) | 0 |
Reduction for tax positions of prior years | 0 | (1,785) |
Balance at period end | $ 3,616 | $ 3,236 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 503,877 | $ 488,398 | $ 488,098 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 503,877 | 488,398 | 488,098 |
Operating Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 396,821 | 387,399 | 384,458 |
Operating Segments | Europe | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 107,056 | 92,770 | 90,399 |
Operating Segments | Japan | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 0 | $ 8,229 | $ 13,241 |
Segment Reporting - Income From
Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total income (loss) from operations | $ 28,167 | $ (97,983) | $ 40,342 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income (loss) from operations | 28,167 | (97,983) | 40,342 |
Operating Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Total income (loss) from operations | 94,682 | 93,176 | 98,001 |
Operating Segments | Europe | |||
Segment Reporting Information [Line Items] | |||
Total income (loss) from operations | (12,528) | (130,386) | 730 |
Operating Segments | Corporate Unallocated and Japan | |||
Segment Reporting Information [Line Items] | |||
Total income (loss) from operations | $ (53,987) | $ (60,773) | $ (58,389) |
Segment Reporting - Long-Lived
Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Total long-lived assets | $ 253,655 | $ 257,785 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total long-lived assets | 253,655 | 257,785 | $ 280,346 |
Operating Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Total long-lived assets | 201,388 | 203,816 | 215,701 |
Operating Segments | Europe | |||
Segment Reporting Information [Line Items] | |||
Total long-lived assets | 52,267 | 53,835 | 59,388 |
Operating Segments | Japan | |||
Segment Reporting Information [Line Items] | |||
Total long-lived assets | $ 0 | $ 134 | $ 5,257 |
Segment Reporting - Expenditure
Segment Reporting - Expenditures For Additions To Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total expenditures for additions to long-lived assets | $ 28,116 | $ 21,686 | $ 34,209 |
United States | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for additions to long-lived assets | 24,553 | 17,538 | 26,698 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for additions to long-lived assets | 3,563 | 4,137 | 7,378 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Total expenditures for additions to long-lived assets | $ 0 | $ 11 | $ 133 |
Segment Reporting - Depreciatio
Segment Reporting - Depreciation And Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization | $ 37,528 | $ 39,425 | $ 40,488 |
United States | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization | 30,667 | 31,666 | 31,642 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization | 6,861 | 6,770 | 7,101 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Total depreciation and amortization | $ 0 | $ 989 | $ 1,745 |