Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'ExOne Co | ' |
Entity Central Index Key | '0001561627 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 14,387,608 |
Condensed_Statement_of_Consoli
Condensed Statement of Consolidated Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenue | $11,621 | $8,515 | $28,785 | $15,913 | ||||
Cost of sales | 6,370 | 4,959 | 16,515 | 10,018 | ||||
Gross profit | 5,251 | 3,556 | 12,270 | 5,895 | ||||
Operating expenses | ' | ' | ' | ' | ||||
Research and development | 1,286 | 347 | 3,418 | 1,179 | ||||
Selling, general and administrative | 3,703 | 8,879 | 11,179 | 14,827 | ||||
Total operating expenses | 4,989 | 9,226 | 14,597 | 16,006 | ||||
Income (loss) from operations | 262 | -5,670 | -2,327 | -10,111 | ||||
Other (income) expense | ' | ' | ' | ' | ||||
Interest expense | 46 | 234 | 326 | 542 | ||||
Other (income) expense - net | 1 | -47 | -63 | -74 | ||||
Total other (income) expense | 47 | 187 | 263 | 468 | ||||
Income (loss) before income taxes | 215 | -5,857 | -2,590 | -10,579 | ||||
Provision (benefit) for income taxes | 439 | [1] | -63 | [1] | 530 | [1] | 171 | [1] |
Net loss | -224 | -5,794 | -3,120 | -10,750 | ||||
Less: Net income attributable to noncontrolling interests | ' | 138 | 138 | 320 | ||||
Net loss attributable to ExOne | -224 | -5,932 | -3,258 | -11,070 | ||||
Net loss attributable to ExOne per common share: | ' | ' | ' | ' | ||||
Basic | ($0.02) | ' | [1] | ($0.28) | ' | [1] | ||
Diluted | ($0.02) | ' | [1] | ($0.28) | ' | [1] | ||
Comprehensive income (loss): | ' | ' | ' | ' | ||||
Net loss attributable to ExOne | -224 | -5,932 | -3,258 | -11,070 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 470 | 264 | -287 | -53 | ||||
Comprehensive income (loss) | 246 | -5,668 | -3,545 | -11,123 | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to ExOne | $246 | ($5,668) | ($3,545) | ($11,123) | ||||
[1] | Information not comparable for the quarter and nine months ended September 30, 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $115,144 | $2,802 |
Accounts receivable - net of allowance of $65 (2013) and $83 (2012) | 8,391 | 8,413 |
Inventories - net | 10,809 | 7,485 |
Prepaid expenses and other current assets | 3,352 | 1,543 |
Total current assets | 137,696 | 20,243 |
Property and equipment - net (Including amounts attributable to consolidated variable interest entities of $5,567 at December 31, 2012) | 23,967 | 12,467 |
Deferred income taxes | ' | 178 |
Other noncurrent assets | 1,034 | 187 |
Total assets | 162,697 | 33,075 |
Current liabilities: | ' | ' |
Line of credit | ' | 528 |
Demand note payable to member | ' | 8,666 |
Current portion of long-term debt (Including amounts attributable to consolidated variable interest entities of $1,913 at December 31, 2012) | 126 | 2,028 |
Current portion of capital and financing leases | 532 | 920 |
Accounts payable | 3,173 | 2,451 |
Accrued expenses and other current liabilities | 5,148 | 4,436 |
Preferred unit dividends payable | ' | 1,437 |
Deferred income taxes | ' | 178 |
Deferred revenue and customer prepayments | 1,031 | 4,281 |
Total current liabilities | 10,010 | 24,925 |
Long-term debt - net of current portion (Including amounts attributable to consolidated variable interest entities of $3,150 at December 31, 2012) | 2,114 | 5,669 |
Capital and financing leases - net of current portion | 607 | 1,949 |
Other noncurrent liabilities | 378 | 491 |
Total liabilities | 13,109 | 33,034 |
Contingencies and commitments | ' | ' |
ExOne stockholders' / equity (deficit): | ' | ' |
Common stock, $0.01 par value, 200,000,000 shares authorized, 14,387,608 shares issued and outstanding | 144 | ' |
Additional paid-in capital | 153,163 | ' |
Accumulated deficit | -3,258 | ' |
Preferred units, $1.00 par value, 18,983,602 units issued and outstanding | ' | 18,984 |
Common units, $1.00 par value, 10,000,000 units issued and outstanding | ' | 10,000 |
Members' deficit | ' | -31,355 |
Accumulated other comprehensive loss | -461 | -174 |
Total ExOne stockholders' / members' equity (deficit) | 149,588 | -2,545 |
Noncontrolling interests | ' | 2,586 |
Total stockholders' / members' equity | 149,588 | 41 |
Total liabilities and stockholders' / members' equity | $162,697 | $33,075 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts receivable | $65 | $83 |
Consolidated variable interest entities, Property and equipment | ' | 5,567 |
Consolidated variable interest entities, Long-term debt | ' | 1,913 |
Consolidated variable interest entities, Long-term debt current | ' | $3,150 |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 200,000,000 | ' |
Common stock, shares issued | 14,387,608 | ' |
Common stock, shares outstanding | 14,387,608 | ' |
Preferred units, par value | ' | 1 |
Preferred units, issued | ' | 18,983,602 |
Preferred units, outstanding | ' | 18,983,602 |
Common units, par value | ' | 1 |
Common units, issued | ' | 10,000,000 |
Common units, outstanding | ' | 10,000,000 |
Condensed_Statement_of_Consoli1
Condensed Statement of Consolidated Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net loss | ($3,120) | ($10,750) |
Adjustments to reconcile net loss to cash used for operations: | ' | ' |
Depreciation | 1,685 | 1,258 |
Equity-based compensation | 511 | 7,735 |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ' | ' |
(Increase) decrease in accounts receivable | -196 | -1,186 |
(Increase) decrease in inventories | -6,128 | -5,395 |
(Increase) decrease in prepaid expenses and other assets | -2,723 | -57 |
Increase (decrease) in accounts payable | -75 | 793 |
Increase (decrease) in accrued expenses and other liabilities | 187 | 554 |
Increase (decrease) in deferred revenue and customer prepayments | -3,592 | -1,944 |
Cash used for operating activities | -13,451 | -8,992 |
Investing activities | ' | ' |
Capital expenditures | -9,822 | -1,802 |
Cash effect of deconsolidation of noncontrolling interests in variable interest entities | -2,327 | ' |
Cash used for investing activities | -12,149 | -1,802 |
Financing activities | ' | ' |
Net proceeds from issuance of common stock - initial public offering | 91,083 | ' |
Net proceeds from issuance of common stock - secondary public offering | 65,201 | ' |
Net change in line of credit borrowings | -528 | 914 |
Net change in demand note payable to member | -9,885 | 6,953 |
Proceeds from financing leases | ' | 2,539 |
Payments on long-term debt | -5,457 | -1,311 |
Payments on capital and financing leases | -2,031 | -341 |
Payment of preferred stock dividends | -456 | ' |
Cash provided by financing activities | 137,927 | 8,754 |
Effect of exchange rate changes on cash and cash equivalents | 15 | -25 |
Net change in cash and cash equivalents | 112,342 | -2,065 |
Cash and cash equivalents at beginning of period | 2,802 | 3,496 |
Cash and cash equivalents at end of period | 115,144 | 1,431 |
Supplemental disclosure of noncash investing and financing activities | ' | ' |
Property and equipment acquired through financing arrangements | 282 | 3,170 |
Transfer of inventories to property and equipment for internal use | 3,338 | 1,400 |
Transfer of property and equipment to inventories for sale | -534 | -336 |
Reorganization of The Ex One Company, LLC with and into The ExOne Company | -2,371 | ' |
Conversion of preferred stock dividends payable and accrued interest to principal amounts due under the demand note payable to member | 1,219 | 313 |
Noncash effect of deconsolidation of noncontrolling interests in variable interest entities | -397 | ' |
Secondary public offering costs included in accounts payable and accrued expenses and other current liabilities | -898 | ' |
Secondary public offering costs reimbursable from selling stockholders | 645 | ' |
Reclassification of redeemable preferred units to preferred units | ' | 18,984 |
Preferred unit dividends declared but unpaid | ' | $1,031 |
Condensed_Statement_of_Changes
Condensed Statement of Changes in Consolidated Stockholders' / Members' Equity (Deficit) (USD $) | Total | Prior to Reorganization [Member] | Preferred Units [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | Members' Deficit [Member] | Members' Deficit [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] |
In Thousands | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | |||||||||||
Beginning Balance at Dec. 31, 2011 | ($15,599) | ' | ' | ' | $10,000 | ' | ($27,485) | ' | ' | ' | ' | ' | ($220) | ' | $2,106 | ' |
Preferred unit reclassification | 18,984 | ' | 18,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | -1,031 | ' | ' | ' | ' | ' | -1,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation | 7,735 | ' | ' | ' | ' | ' | 7,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -10,750 | ' | ' | ' | ' | ' | -11,070 | ' | ' | ' | ' | ' | ' | ' | 320 | ' |
Other comprehensive loss | -53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53 | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | -714 | ' | 18,984 | ' | 10,000 | ' | -31,851 | ' | ' | ' | ' | ' | -273 | ' | 2,426 | ' |
Beginning Balance at Dec. 31, 2012 | 41 | 41 | ' | 18,984 | ' | 10,000 | ' | -31,355 | 190 | 58 | -2,619 | ' | -174 | -174 | 2,586 | 2,586 |
Reorganization of The Ex One Company, LLC with and into The ExOne Company | -2,371 | ' | -18,984 | ' | -10,000 | ' | 31,355 | ' | 190 | 58 | -2,619 | ' | ' | ' | ' | ' |
Preferred stock dividends | -152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -152 | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock | ' | ' | ' | ' | ' | ' | ' | ' | -190 | 20 | 170 | ' | ' | ' | ' | ' |
Initial public offering of common stock in The ExOne Company, net of issuance costs | 90,371 | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 90,316 | ' | ' | ' | ' | ' |
Secondary public offering of common stock in The ExOne Company, net of issuance costs | 64,948 | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 64,937 | ' | ' | ' | ' | ' |
Equity-based compensation | 511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 511 | ' | ' | ' | ' | ' |
Net loss | -3,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,258 | ' | ' | 138 | ' |
Other comprehensive loss | -287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -287 | ' | ' | ' |
Deconsolidation of noncontrolling interests in variable interest entities | -2,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,724 | ' |
Ending Balance at Sep. 30, 2013 | $149,588 | ' | ' | ' | ' | ' | ' | ' | ' | $144 | $153,163 | ($3,258) | ($461) | ' | ' | ' |
Basis_of_Presentation_Principl
Basis of Presentation, Principles of Consolidation and Going Concern | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation, Principles of Consolidation and Going Concern | ' | |
Note 1. | Basis of Presentation, Principles of Consolidation and Going Concern | |
The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. | ||
The Company has considered the proforma effects of its Reorganization on the provision for income taxes for both the quarter and nine months ended September 30, 2012, in its condensed statement of consolidated operations and comprehensive income (loss) and concluded that there would be no difference as compared to the amount reported, principally due to valuation allowances established against net deferred tax assets (Note 15). In addition, the Company has omitted basic and diluted earnings per share for both the quarter and nine months ended September 30, 2012, as a result of the Reorganization, as the basis for such calculation is no longer comparable to current period presentation. | ||
The condensed consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States), ExOne GmbH (Germany), effective in August 2013 ExOne Properties GmbH (formerly ExOne Holding Deutschland GmbH) (Germany) and ExOne KK (Japan), and through March 27, 2013 (see further description below) two variable interest entities (“VIEs”) in which ExOne was identified as the primary beneficiary, Lone Star Metal Fabrication, LLC (“Lone Star”) and Troy Metal Fabricating, LLC (“TMF”). Collectively, the consolidated group is referred to as the “Company”. | ||
At December 31, 2012 and through March 27, 2013, ExOne leased property and equipment from Lone Star and TMF. ExOne did not have an ownership interest in Lone Star or TMF and the assets of Lone Star and TMF could only be used to settle obligations of Lone Star and TMF. ExOne was identified as the primary beneficiary of Lone Star and TMF in accordance with the guidance issued by the Financial Accounting Standards Board (“FASB”) on the consolidation of VIEs, as ExOne guaranteed certain long-term debt of both Lone Star and TMF and governed these entities through common ownership. This guidance requires certain VIEs to be consolidated when an enterprise has the power to direct the activities of the VIE that most significantly impact VIE economic performance and who has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The condensed consolidated financial statements therefore include the accounts of Lone Star and TMF through March 27, 2013. | ||
On March 27, 2013, ExOne Americas LLC acquired certain assets, including property and equipment (principally land, buildings and machinery and equipment) held by the two VIEs, and assumed all outstanding debt of such VIEs (Note 4). Following this transaction, neither of the entities continued to meet the definition of a VIE with respect to ExOne, and as a result, the remaining assets and liabilities of both entities were deconsolidated following the transaction. | ||
On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares were sold by the Company and 611,667 were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on February 12, 2013, the Company received net proceeds of approximately $91,996 (net of underwriting commissions). In addition, the Company incurred associated offering costs of approximately $1,625, including approximately $712 in offering costs previously paid and deferred by the Company at December 31, 2012. | ||
On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares were sold by the Company and 1,948,400 were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on September 13, 2013, the Company received net proceeds of approximately $65,315 (net of underwriting commissions). In addition, associated offering costs of approximately $1,012 were incurred in connection with this offering. Associated offering costs incurred by the Company in connection with the secondary public offering of $367 were based on its pro-rata sale of shares as compared to selling stockholders, who were responsible for their pro-rata portion. As a result, at September 30, 2013, amounts reimbursable from selling stockholders of approximately $645, representing their pro-rata portion of the secondary offering costs, are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Amounts reimbursable from selling stockholders are expected to be settled prior to December 31, 2013. | ||
The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2012 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||
The Company has incurred net losses of approximately $9,688, $7,617 and $5,180 for the years ended December 31, 2012, 2011 and 2010, respectively. As shown in the accompanying condensed consolidated financial statements, the Company incurred a net loss of approximately $224 and $3,120 for the quarter and nine months ended September 30, 2013. Prior to Reorganization the Company operated as a limited liability company and was substantially supported by the continued financial support provided by its majority member. These conditions raised substantial doubt as to the Company’s ability to continue as a going concern. As noted above, in connection with the completion of its initial public offering in February 2013 and secondary public offering in September 2013, the Company received total unrestricted net proceeds from the sale of its common stock of approximately $157,311. Management believes that the unrestricted net proceeds obtained through these transactions have alleviated the substantial doubt and will be sufficient to support the Company’s operations through October 1, 2014. | ||
Recently_Issued_Accounting_Gui
Recently Issued Accounting Guidance | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recently Issued Accounting Guidance | ' | |
Note 2. | Recently Issued Accounting Guidance | |
In February 2013, the FASB issued guidance changing the requirements of companies reporting of amounts reclassified out of accumulated other comprehensive income (loss). These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income (loss) if the amount being reclassified is required to be reclassified in its entirety to net income (loss). For other amounts that are not required to be reclassified in their entirety to net income (loss) in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income (loss). This change becomes effective for the Company on January 1, 2014. Other than the additional disclosure requirements, management has determined that the adoption of these changes will not have an impact on the consolidated financial statements of the Company. | ||
In July 2013, the FASB issued guidance clarifying the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendment requires that unrecognized tax benefits be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist. This change becomes effective for the Company on January 1, 2015. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements of the Company. | ||
Computation_of_Net_Loss_Attrib
Computation of Net Loss Attributable to ExOne Per Common Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Net Loss Attributable to ExOne Per Common Share | ' | ||||||||
Note 3. | Computation of Net Loss Attributable to ExOne Per Common Share | ||||||||
The Company presents basic and diluted loss per common share amounts. Basic loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. | |||||||||
The weighted average shares outstanding for both the quarter and nine months ended September 30, 2013, include (i) the exchange of common units in the former limited liability company for common shares in the Company on a 0.58:1.00 basis in connection with the Reorganization of the Company on January 1, 2013, (ii) the issuance of 5,483,333 common shares in connection with the commencement of the initial public offering of the Company on February 6, 2013, (iii) the conversion of preferred shares to common shares in the Company on a 9.5:1.0 basis in connection with the closing of the initial public offering of the Company on February 12, 2013, and (iv) the issuance of 1,106,000 common shares in connection with the commencement of the secondary public offering of the Company on September 9, 2013. | |||||||||
As ExOne incurred a net loss during both the quarter and nine months ended September 30, 2013, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock consisting of incentive stock options and restricted stock issued (Note 12), was anti-dilutive. | |||||||||
The information used to compute basic and diluted net loss attributable to ExOne per common share was as follows: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net loss attributable to ExOne | $ | (224 | ) | $ | (3,258 | ) | |||
Less: Preferred stock dividends declared | — | (152 | ) | ||||||
Net loss available to ExOne common shareholders | $ | (224 | ) | $ | (3,410 | ) | |||
Weighted average shares outstanding (basic and diluted) | 13,534,065 | 12,316,096 | |||||||
Net loss attributable to ExOne per common share: | |||||||||
Basic | $ | (0.02 | ) | $ | (0.28 | ) | |||
Diluted | (0.02 | ) | (0.28 | ) | |||||
The Company has omitted basic and diluted earnings per share for the quarter and nine months ended September 30, 2012, as a result of the Reorganization (Note 1), as the basis for such calculation is no longer comparable to current period presentation. | |||||||||
Acquisition_of_Net_Assets_of_V
Acquisition of Net Assets of Variable Interest Entities | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Acquisition of Net Assets of Variable Interest Entities | ' | |
Note 4. | Acquisition of Net Assets of Variable Interest Entities | |
On March 27, 2013, ExOne Americas LLC acquired certain assets, including property and equipment (principally land, buildings and machinery and equipment) held by two VIEs of the Company, TMF and Lone Star, and assumed all outstanding debt of such VIEs. | ||
Payments of approximately $1,900 and $200 were made to TMF and Lone Star, respectively, including a return of capital to the entities of approximately $1,400. As the parties subject to this transaction were determined to be under common control, property and equipment acquired in the transaction were recorded at their net carrying value on the date of acquisition (approximately $5,400) similar to a pooling-of-interests. As the VIEs were consolidated by the Company in previous periods, no material differences exist due to the change in reporting entity, and as such, no restatement of prior period financial statements on a combined basis is considered necessary. There was no gain or loss or goodwill generated as a result of this transaction, as the total purchase price was equal to the net book value of assets at the VIE level (previously consolidated by the Company). Simultaneous with the completion of this transaction, the Company also repaid all of the outstanding debt assumed from the VIEs, resulting in a payment of approximately $4,700. Subsequent to this transaction, neither TMF or Lone Star continued to meet the definition of a VIE with respect to ExOne, and as a result, the remaining assets and liabilities of both entities were deconsolidated following the transaction, resulting in a reduction to equity (through noncontrolling interest) of approximately $2,700. | ||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5. | Inventories | ||||||||
Inventories consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and components | $ | 6,594 | $ | 4,892 | |||||
Work in process | 4,076 | 2,098 | |||||||
Finished goods | 139 | 495 | |||||||
$ | 10,809 | $ | 7,485 | ||||||
At September 30, 2013 and December 31, 2012, the allowance for slow-moving and obsolete inventories was approximately $867 and $891, respectively, and has been reflected as a reduction to inventories (raw materials and components). | |||||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Property and Equipment | ' | ||||||||||
Note 6. | Property and Equipment | ||||||||||
Property and equipment consist of the following: | |||||||||||
September 30, | December 31, | Useful Life | |||||||||
2013 | 2012 | (in years) | |||||||||
Land | $ | 5,120 | $ | 778 | — | ||||||
Buildings and related improvements | 6,187 | 4,941 | 25 | ||||||||
Machinery and equipment | 10,694 | 9,674 | 3 - 7 | ||||||||
Other | 1,863 | 1,450 | 3 - 7 | ||||||||
23,864 | 16,843 | ||||||||||
Less: Accumulated depreciation | (4,448 | ) | (5,118 | ) | |||||||
19,416 | 11,725 | ||||||||||
Construction-in-progress | 4,551 | 742 | |||||||||
Property and equipment - net | $ | 23,967 | $ | 12,467 | |||||||
At December 31, 2012, property and equipment – net, includes $5,567 in assets held by variable interest entities (Note 1). | |||||||||||
Machinery and equipment includes leased assets of approximately $1,264 and $1,160 at September 30, 2013 and December 31, 2012, respectively. | |||||||||||
Depreciation expense was approximately $589 and $1,685 for the quarter and nine months ended September 30, 2013, respectively. Depreciation expense was approximately $453 and $1,258 for the quarter and nine months ended September 30, 2012, respectively. | |||||||||||
On March 27, 2013, in connection with the acquisition of certain net assets of the Lone Star and TMF variable interest entities (Note 4), the Company acquired all of the property and equipment associated with the variable interest entities (see description above). | |||||||||||
On August 1, 2013, ExOne Properties GmbH entered into an agreement with the Municipality of Gersthofen, Germany (the “Municipality”) to purchase certain real property from the Municipality for an aggregate amount of approximately $4,000 (€3,000). The agreement contains terms and conditions that are customary for German land purchase agreements of this nature. Additionally, on August 1, 2013, ExOne Properties GmbH and the Municipality entered into an agreement pursuant to which the Municipality granted ExOne Properties GmbH an option to purchase adjacent parcels of land consisting of 14,319 square meters on the same terms and conditions as those set forth in the agreement. The option expires on December 31, 2016. | |||||||||||
On August 14, 2013, ExOne Properties GmbH entered into a construction services contract with a turnkey provider of construction services for the design and construction of a new manufacturing facility to be located in the Municipality of Gersthofen, Germany. The total cost for construction of the facility (including design services) is estimated at approximately $16,500 (€12,200). At September 30, 2013, construction-in-progress includes total capitalized costs of approximately $1,800 (€1,300) associated with this project. | |||||||||||
On August 15, 2013, the Company entered into a purchase agreement for approximately one acre of land and a 17,240 square foot manufacturing facility in North Las Vegas, Nevada for a total purchase price of approximately $1,400. This amount was subsequently paid in-full by the Company in September 2013. | |||||||||||
Line_of_Credit
Line of Credit | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Line of Credit | ' | |
Note 7. | Line of Credit | |
The Company has a line of credit and security agreement with a German bank collateralized by certain assets of the Company for approximately $1,750 (€1,300). In addition to the collateralization of assets against this facility, the line of credit and security agreement was also previously guaranteed by the Chairman and Chief Executive Officer (“CEO”) of the Company. On July 19, 2013, the bank removed this guarantee from the arrangement. There were no changes to available borrowing capacity or interest rates as a result of the removal of the guarantee. | ||
Of the total amount available under this facility, approximately $675 (€500) is available for short-term borrowings or cash advances (overdrafts). Both short-term borrowings and overdrafts are subject to variable interest rates as determined by the bank. At September 30, 2013, interest rates were 2.52% for short-term borrowings and 6.20% for overdrafts. There is no commitment fee associated with this agreement. At September 30, 2013, the Company had no outstanding short-term borrowings. At December 31, 2012, the Company had outstanding short-term borrowings of approximately $528 (€400). At September 30, 2013 and December 31, 2012, there were no outstanding overdraft amounts. | ||
Amounts in excess of the amounts available for short-term borrowings and overdrafts are available for additional bank transactions requiring security (i.e. bank guarantees, letters of credit, etc.). Amounts covered under the security agreement accrue interest at 1.75%. There is no charge for unused amounts under the security agreement. At September 30, 2013 and December 31, 2012, the Company had transactions guaranteed by the security agreement of approximately $261 (€193) and $757 (€573), respectively. Separate from the available capacity under its existing security agreement, the Company was granted additional capacity in August 2013 for a short-term bank guarantee of approximately $1,715 (€1,268) which subsequently expired in October 2013. | ||
Demand_Note_Payable_to_Member
Demand Note Payable to Member | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Demand Note Payable to Member | ' | |
Note 8. | Demand Note Payable to Member | |
The Company has received cash advances to support its operations from an entity controlled by the majority member of the former limited liability company (also the Chairman and CEO of the Company). These cash advances accrued interest at 8.0% annually and were payable on demand. The Company formalized these cash advances in the form of a line of credit with the entity in 2012. | ||
At December 31, 2012, the line of credit balance outstanding on these advances, including accrued interest, was approximately $8,666. In January and February 2013, approximately $1,219 in additional amounts (including accrued interest) were added to the outstanding line of credit, including the conversion of preferred stock dividends payable of approximately $1,133 by the principal preferred stock holder (also the majority member of the former limited liability company and Chairman and CEO of the Company) to amounts payable under the line of credit. On February 14, 2013, the Company repaid all outstanding amounts on the line of credit (approximately $9,885) and retired the arrangement. | ||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Note 9. | Long-Term Debt | ||||||||
Long-term debt consists of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
ExOne | |||||||||
Building note payable to a bank, with monthly payments of $18 including interest at 4.00% through May 2017 and subsequently, the monthly average yield on U.S. Treasury Securities plus 3.25% for the remainder of the term through May 2027. | $ | 2,240 | $ | 2,334 | |||||
Building note payable to an unrelated entity, with monthly payments including interest at 6.00% through June 2014. | — | 300 | |||||||
Lone Star Metal Fabrication, LLC | |||||||||
Building note payable to a bank, with monthly payments including interest at 7.00% through July 2014. | — | 727 | |||||||
Troy Metal Fabricating, LLC | |||||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 3.00% (3.21% at December 31, 2012) through December 2017. | — | 1,193 | |||||||
Equipment note payable to a bank, with monthly payments including interest at 4.83% through December 2016. | — | 1,056 | |||||||
Equipment line of credit to a bank, converted to term debt in January 2012; monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through December 2016. | — | 886 | |||||||
Building note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.45% (2.66% at December 31, 2012) through April 2013. Interest is fixed at 6.80% under a related interest rate swap agreement. | — | 760 | |||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through January 2014. Interest is fixed at 6.68% under a related interest rate swap agreement. | — | 228 | |||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through April 2013. | — | 213 | |||||||
2,240 | 7,697 | ||||||||
Less: Current portion of long-term debt | 126 | 2,028 | |||||||
$ | 2,114 | $ | 5,669 | ||||||
On February 14, 2013, the Company repaid $300 to retire its building note payable to an unrelated entity. There were no prepayment penalties or gains or losses associated with this early retirement of debt. | |||||||||
On March 27, 2013, in connection with the acquisition of certain net assets of the Lone Star and TMF VIEs (Note 4), the Company assumed and repaid all amounts outstanding on Lone Star and TMF debt (approximately $4,700). There were no prepayment penalties or gains or losses associated with this early retirement of debt. | |||||||||
Prior to deconsolidation, the Company, through its VIEs, entered into certain interest rate swap agreements with a bank. The Company utilized the interest rate swaps for the purpose of managing risks related to the variability of future earnings and cash flows caused by changes in interest rates. Under the terms of the agreements, the Company agreed to pay interest at fixed rates and receive variable interest from the counterparty. | |||||||||
At December 31, 2012, the fair value of the interest rate swaps was a liability of approximately $13. These obligations are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. Gains (losses) on interest rate swap contracts are recorded as a component of interest expense in the condensed statement of consolidated operations and comprehensive income (loss). | |||||||||
Capital_and_Financing_Leases
Capital and Financing Leases | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Capital and Financing Leases | ' | |
Note 10. | Capital and Financing Leases | |
In January 2013, the Company entered into an equipment leasing arrangement with a bank. Terms of the agreement include monthly payments of $5 over a five-year period beginning in January 2013 and a bargain purchase option at the end of the lease term. As a result, this agreement was determined to be a capital lease. The present value of future minimum lease payments, including an interest rate of 4.4%, was approximately $239 at September 30, 2013. | ||
In November 2012, the Company entered into a sale-leaseback transaction with a bank for a 3D printing machine. Due to continuing involvement outside of the normal leaseback by the Company, this transaction has been accounted for as a financing lease. Under the terms of the agreement, the Company received proceeds of approximately $974 (€737) with repayment of the lease occurring over a three-year period beginning in January 2013. The present value of the future minimum lease payments, including an interest rate of 6.0%, was approximately $515 (€381) and $853 (€646) at September 30, 2013 and December 31, 2012, respectively. | ||
In July 2012, the Company entered into a sale-leaseback transaction with a related party for a 3D printing machine. Based on the economic substance of the transaction between the parties, this transaction was accounted for as a financing lease. Under the terms of the agreement, the Company received proceeds of approximately $1,553 with repayment of the lease occurring over a five-year period beginning in August 2012. On April 4, 2013, the Company settled this financing lease obligation for a cash payment of approximately $1,372 (including accrued interest). There were no prepayment penalties or gains or losses associated with this settlement. | ||
In March 2012, the Company entered into a sale-leaseback transaction with a bank for a 3D printing machine. Due to continuing involvement outside of the normal leaseback by the Company, this transaction has been accounted for as a financing lease. Under the terms of the agreement, the Company received proceeds of approximately $985 (€739) with repayment of the lease occurring over a three-year period beginning in April 2012. The present value of the future minimum lease payments, including an interest rate of 6.0%, was approximately $385 (€285) and $553 (€418) at September 30, 2013 and December 31, 2012, respectively. | ||
Common_Units_Preferred_Units_P
Common Units, Preferred Units, Preferred Stock and Common Stock | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Common Units, Preferred Units, Preferred Stock and Common Stock | ' | ||||
Note 11. | Common Units, Preferred Units, Preferred Stock and Common Stock | ||||
Common Units | |||||
At December 31, 2012, the Company had 10,000,000 common units issued and outstanding. | |||||
Net income (loss) was allocated to each common unitholder in proportion to the units held by each common unitholder relative to the total units outstanding. The common unitholders shared the Company’s positive cash flow, to the extent available, which was distributed annually and allocated among the common unitholders in proportion to the units held by each common unitholder relative to the total units outstanding. Common unitholders were entitled to one vote per unit on all matters. | |||||
On January 1, 2013, in connection with the Reorganization of the Company (Note 1), common units in the former limited liability company were exchanged for 5,800,000 shares of common stock. | |||||
Preferred Units and Preferred Stock | |||||
On December 30, 2011, the Company entered into a debt conversion agreement with the majority member of the former limited liability company to convert $18,984 of unpaid principal and interest on a demand note payable to member into redeemable preferred units of the Company in full satisfaction of the indebtedness. Accordingly, 18,983,602 in redeemable preferred units were issued at a conversion price of $1.00 per share. | |||||
The preferred units were non-voting limited liability company membership interests, and permitted the majority member (unitholder) to receive cumulative dividends at the annual rate of 8.0% per unit prior to, and in preference to, any declaration or payment of any dividend on the Company’s common units. Dividends on the preferred units accumulated and were payable irrespective of whether the Company had earnings, whether there were funds legally available for the payment of such dividends, and whether dividends were declared. | |||||
The Company had the option to redeem all or any number of the preferred units at any time upon written notice and payment to the unitholder of $1.00 plus all accrued but unpaid dividends for each unit being redeemed. The unitholder had the option to convert all or any number of preferred units to common units at the conversion rate of 9.5 preferred units for 1.0 common unit. Preferred units were designed to automatically convert to 1,998,275 common units upon the closing of any initial public offering in which the gross proceeds of the offering exceeded $50,000 provided that the unitholder elected to retain such units. The Company analyzed the conversion feature under the applicable FASB guidance for accounting for derivatives and concluded that the conversion feature did not require separate accounting under such FASB guidance. | |||||
Because the unitholder was also the majority member of the Company at December 31, 2011, he had the ability to redeem the preferred units at his option, thus giving the units characteristics of a liability rather than equity. Accordingly, the Company’s preferred units were classified as a liability in the Company’s consolidated balance sheet at December 31, 2011. At December 31, 2011, the unitholder had committed to not exercise his redemption rights through January 1, 2013. | |||||
In February 2012, the redemption feature on the preferred units was removed by an amendment to the preferred unit agreement. As a result, the preferred units were reclassified at fair value ($18,984) from a liability to equity in the condensed consolidated balance sheets. | |||||
In May 2012, the unitholder sold 6,000,000 preferred units to two separate unrelated parties for $1.00 per unit. | |||||
On January 1, 2013, in connection with the Reorganization of the Company (Note 1), all of the preferred units in the former limited liability company were exchanged for 18,983,602 shares of preferred stock. | |||||
On February 12, 2013, immediately prior to the closing of the initial public offering of the Company (Note 1), shares of preferred stock were converted into shares of common stock at a 9.5 to 1.0 basis (1,998,275 shares). Following the conversion, there are no issued or outstanding shares of preferred stock in the Company. Following the closing of the initial public offering of the Company on February 12, 2013, there are 50,000,000 shares of preferred stock authorized at a par value of $0.01 per share and no shares issued and outstanding at September 30, 2013. | |||||
Common Stock | |||||
Following the closing of the secondary public offering of the Company on September 13, 2013, there are 200,000,000 shares of common stock authorized at a par value of $0.01 per share and 14,387,608 shares issued and outstanding. | |||||
The following table summarizes common stock activity: | |||||
Common Stock | |||||
(number of shares) | |||||
Balance at December 31, 2012 | — | ||||
Conversion of common units of The Ex One Company, LLC to common stock of The ExOne Company | 5,800,000 | ||||
Conversion of preferred stock to common stock immediately prior to closing of the initial public offering of The ExOne Company | 1,998,275 | ||||
Initial public offering of common stock in The ExOne Company | 5,483,333 | ||||
Secondary public offering of common stock in The ExOne Company | 1,106,000 | ||||
Balance at September 30, 2013 | 14,387,608 | ||||
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Equity-Based Compensation | ' | ||||||||||||
Note 12. | Equity-Based Compensation | ||||||||||||
2013 Equity Incentive Plan | |||||||||||||
On January 24, 2013, the Board of Directors of the Company adopted the 2013 Equity Incentive Plan (the “Plan”). In connection with the adoption of the Plan, 500,000 shares of common stock were reserved for issuance pursuant to the Plan, with automatic increases in such reserve available each year annually on January 1 from 2014 through 2023 equal to the lesser of (i) 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year or (ii) a number of shares of common stock determined by the Board of Directors, provided that the maximum number of shares authorized under the Plan will not exceed 1,992,242 shares, subject to certain adjustments. | |||||||||||||
On January 24, 2013, the Board of Directors authorized awards of 180,000 incentive stock options (“ISOs”) under the Plan to certain employees, which grants were effective contemporaneously with the initial public offering of the Company at an exercise price determined by the initial offering price ($18.00 per share). These awards vest in one-third increments on the first, second and third anniversaries of the grant date, respectively, and expire on February 6, 2023. | |||||||||||||
On January 24, 2013, the Board of Directors authorized awards of 10,000 shares of restricted stock under the Plan to certain members of the Board of Directors, which grants were effective contemporaneously with the initial public offering of the Company. These awards vest in one-third increments on the first, second and third anniversaries of the grant date, respectively. | |||||||||||||
On March 11, 2013, the Board of Directors authorized an award of 10,000 shares of restricted stock under the Plan to an executive of the Company. This award vests vest in one-third increments on the first, second and third anniversaries of the grant date, respectively. | |||||||||||||
The following table summarizes the total equity-based compensation expense recognized for all ISOs and restricted stock awards: | |||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||
Equity-based compensation expense recognized: | |||||||||||||
ISOs | $ | 161 | $ | 418 | |||||||||
Restricted stock | 39 | 93 | |||||||||||
Total equity-based compensation expense before income taxes | $ | 200 | $ | 511 | |||||||||
Benefit for income taxes* | — | — | |||||||||||
Total equity-based compensation expense net of income taxes | $ | 200 | $ | 511 | |||||||||
* | The benefit for income taxes from equity-based compensation has been determined to be $0 based on a full valuation allowance against net deferred tax assets for both the quarter and nine months ended September 30, 2013. In the absence of a full valuation allowance, the tax benefit derived from equity-based compensation would be approximately $34 and $85 for the quarter and nine months ended September 30, 2013, respectively. | ||||||||||||
At September 30, 2013, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $1,511 for ISOs and $373 for restricted stock awards. Total future compensation expense related to unvested awards yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of approximately 2.4 years. | |||||||||||||
The fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
Weighted average fair value per ISO | $ | 11.03 | |||||||||||
Volatility | 68.7 | % | |||||||||||
Average risk-free interest rate | 1.07 | % | |||||||||||
Dividend yield | 0 | % | |||||||||||
Expected term (years) | 6 | ||||||||||||
Expected volatility has been estimated based on historical volatilities of certain peer group companies over the expected term of the awards, due to the fact that prior to issuance, the Company was a nonpublic entity. The average risk-free rate is based on a weighted average yield curve of risk-free interest rates consistent with the expected term of the awards. Expected dividend yield is based on historical dividend data as well as future expectations. Expected term has been calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate. | |||||||||||||
The activity for ISOs for the nine months ended September 30, 2013, was as follows: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
ISOs | Average | Average Grant | |||||||||||
Exercise Price | Date Fair | ||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2013 | — | $ | — | $ | — | ||||||||
ISOs granted | 180,000 | $ | 18 | $ | 11.03 | ||||||||
ISOs forfeited | (5,000 | ) | $ | 18 | $ | 11.03 | |||||||
Outstanding at September 30, 2013 | 175,000 | $ | 18 | $ | 11.03 | ||||||||
ISOs exercisable | — | $ | — | $ | — | ||||||||
ISOs expected to vest | 175,000 | $ | 18 | $ | 11.03 | ||||||||
At September 30, 2013, the aggregate intrinsic value of both unvested ISOs and ISOs expected to vest was approximately $4,305. The weighted average remaining contractual term of ISOs expected to vest at September 30, 2013, was approximately 9.4 years. | |||||||||||||
The activity for restricted stock awards for the nine months ended September 30, 2013, was as follows: | |||||||||||||
Shares of | Weighted | ||||||||||||
Restricted | Average Grant | ||||||||||||
Stock | Date Fair | ||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2013 | — | $ | — | ||||||||||
Restricted shares granted | 20,000 | $ | 23.26 | ||||||||||
Restricted shares forfeited | — | $ | — | ||||||||||
Outstanding at September 30, 2013 | 20,000 | $ | 23.26 | ||||||||||
Restricted shares vested | — | $ | — | ||||||||||
Restricted shares expected to vest | 20,000 | $ | 23.26 | ||||||||||
Other | |||||||||||||
In May 2012, the Company’s majority member completed the sale of 300,000 common units of the former limited liability company to another existing member of the former limited liability company for $1.25 per unit. In July and August 2012, the Company’s majority member completed the sale of an additional 1,000,000 common units of the former limited liability company to two executives of the former limited liability company for $1.25 per unit. The fair value of these common units on each of the respective measurement dates was $7.20 per common unit. The Company recognized compensation expense of approximately $5,950 and $7,735 during the quarter and nine months ended September 30, 2012, in connection with the sale of these common units which has been recorded in selling, general and administrative expenses in the condensed statement of consolidated operations and comprehensive income (loss). | |||||||||||||
Determining the fair value of the common units required complex and subjective judgments. The Company used the sale of a similar security in an arms-length transaction with unrelated parties to estimate the value of the enterprise at each of the respective measurement dates, which included assigning a value to the similar security’s rights, preferences and privileges, relative to the common units. The enterprise value was then allocated to the Company’s outstanding equity securities using a Black-Scholes option pricing model. The option pricing required certain estimates to be made, including: (i) the anticipated timing of a potential liquidity event (less than one year), (ii) volatility (65.0%) estimated based on historical volatilities of peer group companies, and (iii) a risk-free interest rate (0.2%). | |||||||||||||
License_Agreements
License Agreements | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
License Agreements | ' | |
Note 13. | License Agreements | |
The Company has license agreements with certain organizations which require license fee payments to be made on a periodic basis, including royalties on net sales of licensed products, processes and consumables. License fee expenses amounted to approximately $66 and $149 for the quarter and nine months ended September 30, 2013, respectively. License fee expenses amounted to approximately $586 and $972 for the quarter and nine months ended September 30, 2012, respectively. License fee expenses are included in cost of sales in the condensed consolidated statement of operations and comprehensive income (loss). At September 30, 2013, accrued license fees were approximately $785 and are recorded in accrued expenses and other current liabilities ($604) and other noncurrent liabilities ($181) in the condensed consolidated balance sheets. At December 31, 2012, accrued license fees were approximately $1,015 and are recorded in accrued expenses and other current liabilities ($748) and other noncurrent liabilities ($267) in the condensed consolidated balance sheets. | ||
Included in the license agreements is an exclusive patent license agreement with the Massachusetts Institute of Technology (the “MIT Agreement”). Patents covered under the MIT Agreement have expiration dates ranging from 2013 to 2021. | ||
On January 22, 2013, the Company and MIT agreed to an amendment of their exclusive patent license agreement (the “Amended MIT Agreement”). The Amended MIT Agreement provides for, among other things, (1) a reduction in the term of the agreement between the Company and MIT from the date of expiration or abandonment of all issued patent rights to December 31, 2016, (2) an increase in the annual license maintenance fees due for the years ended December 31, 2013 through December 31, 2016 from $50 annually to $100 annually, with amounts related to 2013 through 2016 guaranteed by the Company, (3) a settlement of all past and future royalties on net sales of licensed products, processes and consumables for a one-time payment of $200 (paid in March 2013), and (4) a provision for extension of the term of the arrangement between the parties for an annual license maintenance fee of $100 for each subsequent year beyond 2016. As a result of the Amended MIT Agreement, the Company recorded a reduction to its accrued license fees at December 31, 2012, of approximately $1,500, with a corresponding reduction to cost of sales. | ||
There were no license fee expenses associated with the Amended MIT Agreement for either the quarter or nine months ended September 30, 2013. License fee expenses, including minimum license maintenance fees and royalties, associated with the MIT Agreement for the quarter and nine months ended September 30, 2012 were $530 and $912, respectively. Reimbursement of qualifying patent expenses incurred by MIT were approximately $1 and $4 for the quarter and nine months ended September 30, 2013, respectively. Reimbursement of qualifying patent expenses incurred by MIT were approximately $4 and $26 for the quarter and nine months ended September 30, 2012, respectively. Reimbursement of qualifying patent expenses incurred by MIT are recorded in selling, general and administrative expenses in the condensed statement of consolidated operations and comprehensive income (loss). | ||
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies and Commitments | ' | |
Note 14. | Contingencies and Commitments | |
The Company and its subsidiaries are subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on the financial position, results of operations or cash flows of the Company. | ||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 15. | Income Taxes | ||||||||||||
Prior to Reorganization (Note 1) the Company was a limited liability company whereby its members were taxed on a proportionate share of the Company’s taxable income. Following the merger of The Ex One Company, LLC with and into The ExOne Company, The ExOne Company became a corporation, taxable for federal, state, local and foreign income tax purposes. On January 1, 2013, the Company recorded a net deferred tax asset of approximately $410 based on the difference between the book and tax basis of assets and liabilities as of that date. Due to a history of operating losses by the limited liability company, a valuation allowance of 100% of the initial net deferred tax asset was established. | |||||||||||||
The provision (benefit) for income taxes was $439 and $530 for the quarter and nine months ended September 30, 2013, respectively. The provision (benefit) for income taxes was ($63) and $171 for the quarter and nine months ended September 30, 2012, respectively. The provision (benefit) for income taxes for all periods presented relate entirely to the taxable income of ExOne GmbH. The Company has completed a discrete period computation of its provision (benefit) for income taxes for each of the periods presented. Discrete period computation is as a result of (i) jurisdictions with losses before income taxes for which no tax benefit can be recognized and (ii) an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions. | |||||||||||||
The effective tax rate was 204.2% and 120.5% for the quarter and nine months ended September 30, 2013, respectively. The effective tax rate was (1.1%) and 101.6% for the quarter and nine months ended September 30, 2012, respectively. For the quarter and nine months ended September 30, 2013, the effective tax rate differs from the U.S. federal statutory rate of 34.0% primarily due to net changes in valuation allowances for the period. For the quarter and nine months ended September 30, 2012, the effective tax rate differs from the U.S. federal statutory rate of 34.0% primarily due to the effects of (i) limited liability company losses not subject to tax and (ii) net changes in valuation allowances for the period. | |||||||||||||
The components of net deferred income tax assets and net deferred income tax liabilities were as follows: | |||||||||||||
September 30, | January 1, | December 31, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
(Reorganization) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Accounts receivable | $ | 24 | $ | 31 | $ | — | |||||||
Inventories | 385 | (40 | ) | (434 | ) | ||||||||
Accrued expenses and other current liabilities | 578 | 562 | 143 | ||||||||||
Deferred revenue and customer prepayments | 54 | 1,851 | 1,912 | ||||||||||
Other | 134 | 10 | 250 | ||||||||||
Valuation allowance | (1,175 | ) | (2,429 | ) | (2,049 | ) | |||||||
Current deferred tax assets (liabilities) | — | (15 | ) | (178 | ) | ||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Net operating loss carryforwards | 1,039 | 431 | 431 | ||||||||||
Tax credit carryforwards | 1,164 | — | — | ||||||||||
Property and equipment | 869 | 691 | 599 | ||||||||||
Other | 16 | 342 | 567 | ||||||||||
Valuation allowance | (3,088 | ) | (1,449 | ) | (1,419 | ) | |||||||
Noncurrent deferred tax assets (liabilities) | — | 15 | 178 | ||||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — | $ | — | |||||||
The Company has provided a valuation allowance for its net deferred tax assets as a result of the Company not generating consistent net operating profits in jurisdictions with which it operates. As such, any benefit from deferred taxes in any of the periods presented has been fully offset by changes in the valuation allowance for net deferred tax assets. The Company continues to assess its future taxable income by jurisdiction based on (i) recent historical operating results (ii) the expected timing of reversal of temporary differences (iii) various tax planning strategies that the Company may be able to enact in future periods (iv) the impact of potential operating changes on the business and (v) forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that deferred tax assets are realizable based on any combination of the above factors, a reversal of existing valuation allowances may occur. | |||||||||||||
At September 30, 2013, the Company had approximately $460 in net operating loss carryforwards which expire from 2013 through 2019, to offset the future taxable income of its Japanese subsidiary. At September 30, 2013, the Company had approximately $579 in net operating loss carryforwards which expire in 2033, and $1,164 in tax credit carryforwards which expire in 2023, to offset the future taxable income of its United States subsidiary. | |||||||||||||
The Company has a liability for uncertain tax positions related to certain capitalized expenses and related party transactions. At September 30, 2013 and December 31, 2012, the liability for uncertain tax positions was approximately $675 and $416, respectively, and is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. At September 30, 2013, there was no liability for uncertain tax positions related to the Company’s Japanese subsidiary. At December 31, 2012, the liability for uncertain tax positions related to the Company’s Japanese subsidiary was $94 and was fully offset against net operating loss carryforwards of this subsidiary. | |||||||||||||
The Company files income tax returns in the United States (effective January 1, 2013), Germany and Japan. In Germany, the Company’s 2010 through 2012 tax years remain subject to examination. In Japan, the Company’s 2005 through 2012 tax years remain subject to examination. | |||||||||||||
The Company includes interest and penalties related to income taxes as a component of the provision for income taxes in the condensed statement of consolidated operations and comprehensive income (loss). | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 16. | Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. | |||||||||||||||||
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||||
Level 1 | Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. | ||||||||||||||||
Level 2 | Inputs include: | ||||||||||||||||
Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||
Quoted prices for identical or similar assets or liabilities in inactive markets; | |||||||||||||||||
Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; | |||||||||||||||||
Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. | |||||||||||||||||
Level 3 | Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its consolidated financial statements, in accordance with GAAP. | |||||||||||||||||
The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: | |||||||||||||||||
Level | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||
Interest rate swap liability | 2 | $ | — | $ | 13 | ||||||||||||
The fair value of the interest rate swap liability is determined by using a discounted cash flow model using observable inputs from the related forward interest rate yield curves with the differential between the forward rate and the stated interest rate of the instrument discounted back from the settlement date of the contracts to the respective balance sheet date. As this model utilizes observable inputs and does not require significant management judgment it has been determined to be a Level 2 financial instrument in the fair value hierarchy. | |||||||||||||||||
Prior to redemption during the quarter ended March 31, 2012, the fair value of the Company’s redeemable preferred units was estimated based on unobservable inputs, including the present value of the Company’s demand note payable to member immediately prior to conversion (Note 11). As this estimate utilized unobservable inputs and required significant management judgment it was determined to be a Level 3 financial instrument in the fair value hierarchy. | |||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 18,984 | |||||||||
Realized gains (losses) | — | — | — | — | |||||||||||||
Unrealized gains (losses) | — | — | — | — | |||||||||||||
Purchases | — | — | — | — | |||||||||||||
Sales | — | — | — | — | |||||||||||||
Issuances | — | — | — | — | |||||||||||||
Settlements | — | — | — | (18,984 | ) | ||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | |||||||||
The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 115,144 | $ | 115,144 | $ | 2,802 | $ | 2,802 | |||||||||
Line of credit | — | — | 528 | 528 | |||||||||||||
Demand note payable to member | — | — | 8,666 | 8,666 | |||||||||||||
Current portion of long-term debt | 126 | 126 | 2,028 | 2,028 | |||||||||||||
Current portion of capital and financing leases | 532 | 532 | 920 | 920 | |||||||||||||
Long-term debt - net of current portion | 2,114 | 1,822 | 5,669 | 7,880 | |||||||||||||
Capital and financing leases - net of current portion | 607 | 607 | 1,949 | 1,949 | |||||||||||||
The carrying amounts of cash and cash equivalents, line of credit, demand note payable to member, current portion of long-term debt and current portion of financing leases approximate fair value due to their short-term maturities. Cash and cash equivalents are classified in Level 1; Line of credit, demand note payable to member, current portion of long-term debt, current portion of capital and financing leases, long-term debt – net of current portion and capital and financing leases – net of current portion are classified in Level 2. | |||||||||||||||||
Customer_Concentration
Customer Concentration | 9 Months Ended | |
Sep. 30, 2013 | ||
Risks And Uncertainties [Abstract] | ' | |
Customer Concentration | ' | |
Note 17. | Customer Concentration | |
During the quarters and nine months ended September 30, 2013 and 2012, the Company conducted a significant portion of its business with a limited number of customers. For the quarter and nine months ended September 30, 2013, the Company’s five most significant customers represented approximately 60.3% and 31.5% of total revenue, respectively. For the quarter and nine months ended September 30, 2012, the Company’s five most significant customers represented approximately 66.3% and 45.9% of total revenue, respectively. At September 30, 2013 and December 31, 2012, accounts receivable from the Company’s five most significant customers were approximately $4,726 and $1,671, respectively. | ||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
Note 18. | Related Party Transactions | |
The Company provides various services to several related entities under common control by the Chairman and CEO of the Company, primarily in the form of accounting, finance, information technology and human resource outsourcing, which are generally reimbursed by the related entities. The cost of these services was approximately $11 and $99 for the quarter and nine months ended September 30, 2013, respectively. The cost of these services was approximately $60 and $138 for the quarter and nine months ended September 30, 2012, respectively. In addition, the Company may purchase certain items on behalf of related parties under common control by the Chairman and CEO of the Company. Amounts due from these related entities at September 30, 2013 and December 31, 2012, were not significant. | ||
The Company receives design services and the corporate use of an airplane from related entities under common control by the Chairman and CEO of the Company. The cost of these services received was approximately $29 and $107 for the quarter and nine months ended September 30, 2013, respectively. The cost of these services received was approximately $9 and $68 for the quarter and nine months ended September 30, 2012, respectively. Amounts due to these related entities at September 30, 2013 and December 31, 2012, were not significant. | ||
In addition to the transactions identified above, in connection with the secondary public offering of shares of common stock (Note 1) of the Company completed on September 13, 2013, total associated offering costs of approximately $1,012 were incurred, a portion of which ($645) are reimbursable to the Company from other selling stockholders (each selling stockholder separately qualifying as a related party and consisting principally of entities controlled by the Chairman and CEO of the Company and other executives of the Company) based on their pro-rata participation in the offering. At September 30, 2013, these amounts are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Amounts reimbursable from selling stockholders are expected to be settled prior to December 31, 2013. | ||
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
Note 19. | Subsequent Events | |
The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. | ||
Computation_of_Net_Loss_Attrib1
Computation of Net Loss Attributable to ExOne Per Common Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Net Loss Attributable to ExOne Per Common Share | ' | ||||||||
The information used to compute basic and diluted net loss attributable to ExOne per common share was as follows: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Net loss attributable to ExOne | $ | (224 | ) | $ | (3,258 | ) | |||
Less: Preferred stock dividends declared | — | (152 | ) | ||||||
Net loss available to ExOne common shareholders | $ | (224 | ) | $ | (3,410 | ) | |||
Weighted average shares outstanding (basic and diluted) | 13,534,065 | 12,316,096 | |||||||
Net loss attributable to ExOne per common share: | |||||||||
Basic | $ | (0.02 | ) | $ | (0.28 | ) | |||
Diluted | (0.02 | ) | (0.28 | ) |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and components | $ | 6,594 | $ | 4,892 | |||||
Work in process | 4,076 | 2,098 | |||||||
Finished goods | 139 | 495 | |||||||
$ | 10,809 | $ | 7,485 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||
Summary of Property and Equipment | ' | ||||||||||
Property and equipment consist of the following: | |||||||||||
September 30, | December 31, | Useful Life | |||||||||
2013 | 2012 | (in years) | |||||||||
Land | $ | 5,120 | $ | 778 | — | ||||||
Buildings and related improvements | 6,187 | 4,941 | 25 | ||||||||
Machinery and equipment | 10,694 | 9,674 | 3 - 7 | ||||||||
Other | 1,863 | 1,450 | 3 - 7 | ||||||||
23,864 | 16,843 | ||||||||||
Less: Accumulated depreciation | (4,448 | ) | (5,118 | ) | |||||||
19,416 | 11,725 | ||||||||||
Construction-in-progress | 4,551 | 742 | |||||||||
Property and equipment - net | $ | 23,967 | $ | 12,467 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
ExOne | |||||||||
Building note payable to a bank, with monthly payments of $18 including interest at 4.00% through May 2017 and subsequently, the monthly average yield on U.S. Treasury Securities plus 3.25% for the remainder of the term through May 2027. | $ | 2,240 | $ | 2,334 | |||||
Building note payable to an unrelated entity, with monthly payments including interest at 6.00% through June 2014. | — | 300 | |||||||
Lone Star Metal Fabrication, LLC | |||||||||
Building note payable to a bank, with monthly payments including interest at 7.00% through July 2014. | — | 727 | |||||||
Troy Metal Fabricating, LLC | |||||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 3.00% (3.21% at December 31, 2012) through December 2017. | — | 1,193 | |||||||
Equipment note payable to a bank, with monthly payments including interest at 4.83% through December 2016. | — | 1,056 | |||||||
Equipment line of credit to a bank, converted to term debt in January 2012; monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through December 2016. | — | 886 | |||||||
Building note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.45% (2.66% at December 31, 2012) through April 2013. Interest is fixed at 6.80% under a related interest rate swap agreement. | — | 760 | |||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through January 2014. Interest is fixed at 6.68% under a related interest rate swap agreement. | — | 228 | |||||||
Equipment note payable to a bank, with monthly payments including interest at one-month BBA LIBOR plus 2.75% (2.96% at December 31, 2012) through April 2013. | — | 213 | |||||||
2,240 | 7,697 | ||||||||
Less: Current portion of long-term debt | 126 | 2,028 | |||||||
$ | 2,114 | $ | 5,669 | ||||||
Common_Units_Preferred_Units_P1
Common Units, Preferred Units, Preferred Stock and Common Stock (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Summary of Common Stock Activity | ' | ||||
The following table summarizes common stock activity: | |||||
Common Stock | |||||
(number of shares) | |||||
Balance at December 31, 2012 | — | ||||
Conversion of common units of The Ex One Company, LLC to common stock of The ExOne Company | 5,800,000 | ||||
Conversion of preferred stock to common stock immediately prior to closing of the initial public offering of The ExOne Company | 1,998,275 | ||||
Initial public offering of common stock in The ExOne Company | 5,483,333 | ||||
Secondary public offering of common stock in The ExOne Company | 1,106,000 | ||||
Balance at September 30, 2013 | 14,387,608 | ||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Summary of Total Equity-Based Compensation Expense Recognized for All ISOs and Restricted Stock Awards | ' | ||||||||||||
The following table summarizes the total equity-based compensation expense recognized for all ISOs and restricted stock awards: | |||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||
Equity-based compensation expense recognized: | |||||||||||||
ISOs | $ | 161 | $ | 418 | |||||||||
Restricted stock | 39 | 93 | |||||||||||
Total equity-based compensation expense before income taxes | $ | 200 | $ | 511 | |||||||||
Benefit for income taxes* | — | — | |||||||||||
Total equity-based compensation expense net of income taxes | $ | 200 | $ | 511 | |||||||||
* | The benefit for income taxes from equity-based compensation has been determined to be $0 based on a full valuation allowance against net deferred tax assets for both the quarter and nine months ended September 30, 2013. In the absence of a full valuation allowance, the tax benefit derived from equity-based compensation would be approximately $34 and $85 for the quarter and nine months ended September 30, 2013, respectively. | ||||||||||||
Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option | ' | ||||||||||||
The fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||
Weighted average fair value per ISO | $ | 11.03 | |||||||||||
Volatility | 68.7 | % | |||||||||||
Average risk-free interest rate | 1.07 | % | |||||||||||
Dividend yield | 0 | % | |||||||||||
Expected term (years) | 6 | ||||||||||||
Summary of Activity for ISOs | ' | ||||||||||||
The activity for ISOs for the nine months ended September 30, 2013, was as follows: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
ISOs | Average | Average Grant | |||||||||||
Exercise Price | Date Fair | ||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2013 | — | $ | — | $ | — | ||||||||
ISOs granted | 180,000 | $ | 18 | $ | 11.03 | ||||||||
ISOs forfeited | (5,000 | ) | $ | 18 | $ | 11.03 | |||||||
Outstanding at September 30, 2013 | 175,000 | $ | 18 | $ | 11.03 | ||||||||
ISOs exercisable | — | $ | — | $ | — | ||||||||
ISOs expected to vest | 175,000 | $ | 18 | $ | 11.03 | ||||||||
Summary of Activity for Restricted Stock Awards | ' | ||||||||||||
The activity for restricted stock awards for the nine months ended September 30, 2013, was as follows: | |||||||||||||
Shares of | Weighted | ||||||||||||
Restricted | Average Grant | ||||||||||||
Stock | Date Fair | ||||||||||||
Value | |||||||||||||
Outstanding at January 1, 2013 | — | $ | — | ||||||||||
Restricted shares granted | 20,000 | $ | 23.26 | ||||||||||
Restricted shares forfeited | — | $ | — | ||||||||||
Outstanding at September 30, 2013 | 20,000 | $ | 23.26 | ||||||||||
Restricted shares vested | — | $ | — | ||||||||||
Restricted shares expected to vest | 20,000 | $ | 23.26 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities | ' | ||||||||||||
The components of net deferred income tax assets and net deferred income tax liabilities were as follows: | |||||||||||||
September 30, | January 1, | December 31, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
(Reorganization) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Accounts receivable | $ | 24 | $ | 31 | $ | — | |||||||
Inventories | 385 | (40 | ) | (434 | ) | ||||||||
Accrued expenses and other current liabilities | 578 | 562 | 143 | ||||||||||
Deferred revenue and customer prepayments | 54 | 1,851 | 1,912 | ||||||||||
Other | 134 | 10 | 250 | ||||||||||
Valuation allowance | (1,175 | ) | (2,429 | ) | (2,049 | ) | |||||||
Current deferred tax assets (liabilities) | — | (15 | ) | (178 | ) | ||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Net operating loss carryforwards | 1,039 | 431 | 431 | ||||||||||
Tax credit carryforwards | 1,164 | — | — | ||||||||||
Property and equipment | 869 | 691 | 599 | ||||||||||
Other | 16 | 342 | 567 | ||||||||||
Valuation allowance | (3,088 | ) | (1,449 | ) | (1,419 | ) | |||||||
Noncurrent deferred tax assets (liabilities) | — | 15 | 178 | ||||||||||
Net deferred tax assets (liabilities) | $ | — | $ | — | $ | — | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: | |||||||||||||||||
Level | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||
Interest rate swap liability | 2 | $ | — | $ | 13 | ||||||||||||
Summary of Changes in Fair Value of Company's Level 3 Financial Instruments | ' | ||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 18,984 | |||||||||
Realized gains (losses) | — | — | — | — | |||||||||||||
Unrealized gains (losses) | — | — | — | — | |||||||||||||
Purchases | — | — | — | — | |||||||||||||
Sales | — | — | — | — | |||||||||||||
Issuances | — | — | — | — | |||||||||||||
Settlements | — | — | — | (18,984 | ) | ||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | |||||||||
Carrying Values and Fair Values of Other Financial Instruments (Assets and Liabilities) Not Required to be Recorded at Fair Value | ' | ||||||||||||||||
The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 115,144 | $ | 115,144 | $ | 2,802 | $ | 2,802 | |||||||||
Line of credit | — | — | 528 | 528 | |||||||||||||
Demand note payable to member | — | — | 8,666 | 8,666 | |||||||||||||
Current portion of long-term debt | 126 | 126 | 2,028 | 2,028 | |||||||||||||
Current portion of capital and financing leases | 532 | 532 | 920 | 920 | |||||||||||||
Long-term debt - net of current portion | 2,114 | 1,822 | 5,669 | 7,880 | |||||||||||||
Capital and financing leases - net of current portion | 607 | 607 | 1,949 | 1,949 |
Basis_of_Presentation_Principl1
Basis of Presentation, Principles of Consolidation and Going Concern - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 09, 2013 | Sep. 13, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Basis Of Presentation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of merge with Delaware corporation | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' | ' | ' | ' |
Common stock, initial public offering commencement | ' | ' | ' | 6,095,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock price per share | $62 | ' | ' | $18 | ' | ' | ' | ' | ' | ' | ' |
Common stock, new shares sold by Company | ' | ' | ' | 5,483,333 | ' | ' | 5,483,333 | ' | ' | ' | ' |
Common stock, new shares sold by stockholder | 1,948,400 | ' | ' | 611,667 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of initial public offering | ' | ' | $91,996 | ' | ' | ' | $91,083 | ' | ' | ' | ' |
Associated offering costs | ' | ' | ' | 1,625 | ' | ' | ' | ' | ' | ' | ' |
Offering costs | ' | ' | ' | ' | 367 | ' | 367 | ' | 712 | ' | ' |
Common stock, secondary public offering commencement | 3,054,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, new shares sold by Company | 1,106,000 | ' | ' | ' | ' | ' | 1,106,000 | ' | ' | ' | ' |
Net proceeds of initial public offering | ' | 65,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | ' | ' | ' | ' | 1,012 | ' | 1,012 | ' | ' | ' | ' |
Related party transactions reimbursements from related party | ' | ' | ' | ' | ' | ' | 645 | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | -224 | -5,794 | -3,120 | -10,750 | -9,688 | -7,617 | -5,180 |
Unrestricted net proceeds from the sale of its common stock | ' | ' | ' | ' | ' | ' | $65,201 | ' | ' | ' | ' |
Computation_of_Net_Loss_Attrib2
Computation of Net Loss Attributable to ExOne Per Common Share - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | ||||
Sep. 09, 2013 | Sep. 30, 2013 | Sep. 13, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Conversion for common shares | ' | ' | ' | ' | ' | 0.58 |
Conversion of preferred shares into common shares | ' | ' | ' | 9.5 | ' | ' |
Common shares issuance with initial public offering | ' | 14,387,608 | 14,387,608 | ' | 5,483,333 | ' |
Common shares issuance with Secondary public offering | 1,106,000 | 1,106,000 | ' | ' | ' | ' |
Computation_of_Net_Loss_Attrib3
Computation of Net Loss Attributable to ExOne Per Common Share - Computation of Basic and Diluted Net Loss Attributable to ExOne Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||
Net loss attributable to ExOne | ($224) | ($5,932) | ($3,258) | ($11,070) | ||
Less: Preferred stock dividends declared | ' | ' | -152 | ' | ||
Net loss available to ExOne common shareholders | ($224) | ' | ($3,410) | ' | ||
Weighted average shares outstanding (basic and diluted) | 13,534,065 | ' | 12,316,096 | ' | ||
Net loss attributable to ExOne per common share: | ' | ' | ' | ' | ||
Basic | ($0.02) | ' | [1] | ($0.28) | ' | [1] |
Diluted | ($0.02) | ' | [1] | ($0.28) | ' | [1] |
[1] | Information not comparable for the quarter and nine months ended September 30, 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Acquisition_of_Net_Assets_of_V1
Acquisition of Net Assets of Variable Interest Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' | ' |
Payments to acquire assets, including property and equipment | ' | $9,822 | $1,802 |
Repayment of outstanding debt | 4,700 | 4,700 | ' |
Return of capital | ' | 1,400 | ' |
Property plant and equipment, Carrying value | ' | 5,400 | ' |
Reduction to equity through noncontrolling interest | ' | 2,724 | ' |
Troy Metal Fabricating, LLC [Member] | ' | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' | ' |
Payments to acquire assets, including property and equipment | ' | 1,900 | ' |
Lone Star Metal Fabrication, LLC [Member] | ' | ' | ' |
Schedule Of Business Acquisitions Purchase Price Allocation [Line Items] | ' | ' | ' |
Payments to acquire assets, including property and equipment | ' | $200 | ' |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and components | $6,594 | $4,892 |
Work in process | 4,076 | 2,098 |
Finished goods | 139 | 495 |
Inventories | $10,809 | $7,485 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Allowance for slow-moving and obsolete inventories | $867 | $891 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | $23,864 | $16,843 |
Less: Accumulated depreciation | -4,448 | -5,118 |
property and equipment, excluding construction-in-progress | 19,416 | 11,725 |
Construction-in-progress | 4,551 | 742 |
Property and equipment - net | 23,967 | 12,467 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | 5,120 | 778 |
Property and equipment, useful life | ' | ' |
Building and Related Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | 6,187 | 4,941 |
Property and equipment, useful life | '25 years | ' |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | 10,694 | 9,674 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | $1,863 | $1,450 |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful life | '3 years | ' |
Minimum [Member] | Other Capitalized Property Plant and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful life | '3 years | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful life | '7 years | ' |
Maximum [Member] | Other Capitalized Property Plant and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, useful life | '7 years | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 01, 2013 | Aug. 01, 2013 | Aug. 15, 2013 | Aug. 15, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Construction Services [Member] | Construction Services [Member] | Assets Held under Capital Leases [Member] | Assets Held under Capital Leases [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | Manufacturing Facility [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | USD ($) | ||||||
USD ($) | EUR (€) | NEVADA | NEVADA | |||||||||||||
sqm | USD ($) | sqft | ||||||||||||||
acre | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $23,967 | ' | $23,967 | ' | $12,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,567 |
Machinery and equipment | 23,864 | ' | 23,864 | ' | 16,843 | ' | ' | 1,264 | 1,160 | 5,120 | 778 | ' | ' | ' | ' | ' |
Depreciation expense | 589 | 453 | 1,685 | 1,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of real property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 3,000 | 1,400 | ' | ' |
Area of land agreed to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,319 | 14,319 | 1 | 17,240 | ' |
Cost for construction | ' | ' | ' | ' | ' | 16,500 | 12,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized costs | $4,551 | ' | $4,551 | ' | $742 | $1,800 | € 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Overdraft [Member] | Overdraft [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |||||||
Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit and security agreement amount | $1,750 | € 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash available for short-term borrowings or cash advances (overdrafts) | 675 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 2.52% | ' | ' | 6.20% | ' |
Outstanding overdraft amount | ' | ' | ' | ' | ' | ' | 0 | 528 | 400 | 0 | 0 |
Security agreement interest rate | 1.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions guaranteed by the security agreement | 261 | 193 | ' | ' | 757 | 573 | ' | ' | ' | ' | ' |
Short-term bank guarantee | ' | ' | $1,715 | € 1,268 | ' | ' | ' | ' | ' | ' | ' |
Expiration date of security agreement | ' | ' | '2013-10 | '2013-10 | ' | ' | ' | ' | ' | ' | ' |
Demand_Note_Payable_to_Member_
Demand Note Payable to Member - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Feb. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Payables And Accruals [Abstract] | ' | ' | ' |
Accrued interest on cash advances | ' | 8.00% | ' |
Credit balance outstanding on cash advances | ' | ' | $8,666 |
Additions to outstanding line of credit | ' | 1,219 | ' |
Conversion of preferred unit dividends | ' | 1,133 | ' |
Repayment of line of credit | $9,885 | ' | ' |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | $2,240 | $7,697 |
Less: Current portion of long-term debt | 126 | 2,028 |
Non-current portion | 2,114 | 5,669 |
ExOne KK [Member] | Building Note Payable to Bank through May 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 2,240 | 2,334 |
ExOne KK [Member] | Building Note Payable to Unrelated Entity through June 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 300 |
Lone Star Metal Fabrication, LLC [Member] | Building Note Payable to Bank through July 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 727 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through December 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 1,193 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 1,056 |
Troy Metal Fabricating, LLC [Member] | Equipment Line of Credit to Bank through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable | 0 | 886 |
Troy Metal Fabricating, LLC [Member] | Building Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 760 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through January 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 0 | 228 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | $0 | $213 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
ExOne KK [Member] | Building Note Payable to Bank through May 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable monthly payments | 18 | ' |
Building note payable to a bank, with monthly payment | 4.00% | ' |
Notes payable maturity | 'May 2017 | ' |
ExOne KK [Member] | Building Note Payable to Bank through May 2027 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 3.25% | ' |
Notes payable maturity | 'May 2027 | ' |
ExOne KK [Member] | Building Note Payable to Unrelated Entity through June 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payment | 6.00% | ' |
Notes payable maturity | 'June 2014 | ' |
Lone Star Metal Fabrication, LLC [Member] | Building Note Payable to Bank through July 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payment | 7.00% | ' |
Notes payable maturity | 'July 2014 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through December 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 3.00% | ' |
Building note payable to a bank, with monthly effective percentage | ' | 3.21% |
Notes payable maturity | 'December 2017 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payment | 4.83% | ' |
Notes payable maturity | 'December 2016 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Line of Credit to Bank through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 2.75% | ' |
Building note payable to a bank, with monthly effective percentage | ' | 2.96% |
Notes payable maturity | 'December 2016 | ' |
Troy Metal Fabricating, LLC [Member] | Building Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 2.45% | ' |
Building note payable to a bank, with monthly effective percentage | ' | 2.66% |
Interest rate swap | 6.80% | ' |
Notes payable maturity | 'April 2013 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through January 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 2.75% | ' |
Building note payable to a bank, with monthly effective percentage | ' | 2.96% |
Interest rate swap | 6.68% | ' |
Notes payable maturity | 'January 2014 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 2.75% | ' |
Building note payable to a bank, with monthly effective percentage | ' | 2.96% |
Notes payable maturity | 'April 2013 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 27, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Note payable to a bank | ' | $300 | ' | ' |
Repayment of outstanding debt on Lone Star and TMF | 4,700 | ' | 4,700 | ' |
Prepayment penalties charges | ' | ' | 0 | ' |
Fair value of interest rate swaps liability | ' | ' | ' | $13 |
Capital_and_Financing_Leases_A
Capital and Financing Leases - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | January 2013 [Member] | July 2012 [Member] | July 2012 [Member] | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | |
USD ($) | Related Party [Member] | Related Party [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||
USD ($) | USD ($) | ||||||||||||
Sale Leaseback Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment leasing arrangement, monthly payments | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease repayment period | ' | ' | '5 years | ' | '5 years | '3 years | '3 years | ' | ' | '3 years | '3 years | ' | ' |
Interest rate | ' | ' | 4.40% | ' | ' | 6.00% | 6.00% | ' | ' | 6.00% | 6.00% | ' | ' |
Present value of future minimum lease payments | ' | ' | 239 | ' | ' | 515 | 381 | 853 | 646 | 385 | 285 | 553 | 418 |
Proceeds from sale-leaseback transaction | ' | ' | ' | ' | 1,553 | 974 | 737 | ' | ' | 985 | 739 | ' | ' |
Cash payment for settlement of financing lease | 4,700 | 4,700 | ' | 1,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties charges | ' | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Units_Preferred_Units_P2
Common Units, Preferred Units, Preferred Stock and Common Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Feb. 12, 2013 | Jan. 31, 2013 | 31-May-12 | Sep. 30, 2013 | Sep. 13, 2013 | Feb. 06, 2013 | Dec. 31, 2012 | Dec. 30, 2011 | |
Ratio | Redeemable Preferred Units [Member] | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Common units outstanding | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Number of common stock shares exchanged with common units of former liability | ' | 5,800,000 | ' | 5,800,000 | ' | ' | ' | ' |
Debt conversion agreement | ' | ' | ' | ' | ' | ' | ' | $18,984,000 |
Number of redeemable preferred units issued as per conversion agreement | ' | ' | ' | 0 | ' | ' | ' | 18,983,602 |
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | $1 |
Cumulative dividends at annual rate | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Preferred stock payment to unitholders | ' | ' | ' | '1.00 plus all accrued but unpaid dividends for each unit | ' | ' | ' | ' |
Preferred stock conversion rate to common stock | ' | ' | ' | 'Conversion rate of 9.5 preferred units for 1.0 common unit | ' | ' | ' | ' |
Preferred stock conversion rate | 9.5 | ' | ' | ' | ' | ' | ' | ' |
Conversion of common units | 1,998,275 | ' | ' | ' | ' | ' | ' | ' |
Proceeds of the offering | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Fair value of preferred units reclassified from liability to equity | ' | ' | ' | ($18,984) | ' | ' | ' | ' |
Preferred Units distributed to each partner | ' | ' | 6,000,000 | ' | ' | ' | ' | ' |
Preferred units per share | ' | ' | $1 | ' | ' | ' | ' | ' |
Number of preferred shares exchanged with common units of former liability | ' | 18,983,602 | ' | ' | ' | ' | ' | ' |
Preferred Stock, authorized | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Preferred shares outstanding | ' | ' | ' | 0 | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' |
Common stock, par value | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | 14,387,608 | 14,387,608 | 5,483,333 | ' | ' |
Common stock, shares outstanding | ' | ' | ' | 14,387,608 | 14,387,608 | ' | ' | ' |
Common_Units_Preferred_Units_P3
Common Units, Preferred Units, Preferred Stock and Common Stock - Summary of Common Stock Activity (Detail) | 1 Months Ended | 9 Months Ended | |||
Sep. 09, 2013 | Jan. 31, 2013 | Feb. 06, 2013 | Sep. 30, 2013 | Sep. 13, 2013 | |
Text Block [Abstract] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | 14,387,608 |
Conversion of common units of The Ex One Company, LLC to common stock of The ExOne Company | ' | 5,800,000 | ' | 5,800,000 | ' |
Conversion of preferred stock to common stock immediately prior to closing of the initial public offering of The ExOne Company | ' | ' | ' | 1,998,275 | ' |
Initial public offering of common stock in The ExOne Company | ' | ' | 5,483,333 | 5,483,333 | ' |
Secondary public offering of common stock in The ExOne Company | 1,106,000 | ' | ' | 1,106,000 | ' |
Ending balance | ' | ' | ' | 14,387,608 | 14,387,608 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | 31-May-12 | Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 13, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 |
Common Units [Member] | ISOs [Member] | ISOs [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Unvested ISOs [Member] | Maximum [Member] | ||||||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares of common stock | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares authorized | ' | ' | ' | 200,000,000 | 200,000,000 | ' | 200,000,000 | ' | 180,000 | ' | 10,000 | 10,000 | ' | ' | 1,992,242 |
Stock options per share | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | $18 | ' | ' | ' | ' | ' | ' |
Awards vesting during anniversaries of grand date | ' | ' | ' | ' | ' | ' | ' | ' | 'These awards vest in one-third increments on the first, second and third anniversaries of the grant date | ' | 'This award vests vest in one-third increments on the first, second and third anniversaries of the grant date | 'These awards vest in one-third increments on the first, second and third anniversaries of the grant date | ' | ' | ' |
Expire date | ' | ' | ' | ' | ' | ' | ' | ' | 6-Feb-23 | ' | ' | ' | ' | ' | ' |
Total future compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,511 | ' | ' | $373 | ' | ' |
Weighted-average remaining vesting period | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,305 | ' | ' | ' | 4,305 | ' |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 4 months 24 days | ' | ' | ' | ' | ' |
Sale of common unit | ' | 300,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit per unit | ' | 1.25 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of common stock per unit | ' | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized compensation expenses | ' | ' | ' | $5,950 | ' | $7,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility of company equity security | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs and Restricted Stock Awards (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity-based compensation expense recognized: | ' | ' | ' |
Total equity-based compensation expense before income taxes | $200 | $511 | $7,735 |
Benefit for income taxes | ' | ' | ' |
Total equity-based compensation expense net of income taxes | 200 | 511 | ' |
ISOs [Member] | ' | ' | ' |
Equity-based compensation expense recognized: | ' | ' | ' |
Total equity-based compensation expense before income taxes | 161 | 418 | ' |
Restricted Stock [Member] | ' | ' | ' |
Equity-based compensation expense recognized: | ' | ' | ' |
Total equity-based compensation expense before income taxes | $39 | $93 | ' |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs and Restricted Stock Awards (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' |
Benefit for income taxes from equity-based compensation | ' | ' |
Valuation Allowance [Member] | ' | ' |
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' |
Benefit for income taxes from equity-based compensation | ' | 0 |
Without Valuation Allowance [Member] | ' | ' |
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' |
Benefit for income taxes from equity-based compensation | $34 | $85 |
EquityBased_Compensation_Assum
Equity-Based Compensation - Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Weighted average fair value per ISO | $11.03 |
Volatility | 68.70% |
Average risk-free interest rate | 1.07% |
Dividend yield | 0.00% |
Expected term (years) | '6 years |
EquityBased_Compensation_Summa2
Equity-Based Compensation - Summary of Activity for ISOs (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Number of ISOs, outstanding, Beginning Balance | ' |
Number of ISOs, granted | 180,000 |
Number of ISOs, forfeited | -5,000 |
Number of ISOs, outstanding, Ending Balance | 175,000 |
Number of ISOs, exercisable | ' |
Number of ISOs, expected to vest | 175,000 |
Weighted Average Exercise Price, Beginning Balance | ' |
Weighted Average Exercise Price, ISOs granted | $18 |
Weighted Average Exercise Price, ISOs forfeited | $18 |
Weighted Average Exercise Price, Ending Balance | $18 |
Weighted Average Exercise Price, ISOs exercisable | ' |
Weighted Average Exercise Price, ISOs expected to vest | $18 |
Weighted Average Grant Date Fair Value, Beginning Balance | ' |
Weighted Average Grant Date Fair Value, ISOs granted | $11.03 |
Weighted Average Grant Date Fair Value, ISOs forfeited | $11.03 |
Weighted Average Grant Date Fair Value, Ending Balance | $11.03 |
Weighted Average Grant Date Fair Value, ISOs exercisable | ' |
Weighted Average Grant Date Fair Value, ISOs expected to vest | $11.03 |
EquityBased_Compensation_Summa3
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Estimated Fair Value Of Financial Instruments [Line Items] | ' |
Number of Restricted Shares, outstanding, Beginning Balance | ' |
Number of Restricted Shares, granted | 20,000 |
Number of Restricted Shares, forfeited | ' |
Number of Restricted Shares, outstanding, Ending Balance | 20,000 |
Number of Restricted Shares, vested | ' |
Number of Restricted Shares, expected to vest | 20,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | ' |
Weighted Average Grant Date Fair Value, granted | $23.26 |
Weighted Average Grant Date Fair Value, forfeited | ' |
Weighted Average Grant Date Fair Value, Ending Balance | $23.26 |
Weighted Average Grant Date Fair Value, vested | ' |
Weighted Average Grant Date Fair Value, expected to vest | $23.26 |
License_Agreements_Additional_
License Agreements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 22, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
License And Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
License fee expenses | ' | $66 | ' | $586 | $149 | $972 | ' |
Other noncurrent liabilities | ' | 378 | ' | ' | 378 | ' | 491 |
License Agreement Terms [Member] | ' | ' | ' | ' | ' | ' | ' |
License And Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
License fee expenses | ' | 0 | ' | 530 | 0 | 912 | ' |
Accrued license fees | ' | 785 | ' | ' | 785 | ' | 1,015 |
Accrued expenses and other current liabilities | ' | 604 | ' | ' | 604 | ' | 748 |
Other noncurrent liabilities | ' | 181 | ' | ' | 181 | ' | 267 |
Terms of the MIT Agreement remain in force | 'December 31, 2016 | ' | ' | ' | ' | ' | ' |
Increase in the annual license maintenance fees due December 31, 2013 through December 31, 2016 | 50 | ' | ' | ' | ' | ' | ' |
Payment for royalties | ' | ' | 200 | ' | ' | ' | ' |
Annual license fee for extension of term beyond 2016 | 100 | ' | ' | ' | ' | ' | ' |
Reduction in accrued license fees | ' | ' | ' | ' | ' | ' | 1,500 |
Reimbursement of qualifying patent expenses | ' | 1 | ' | 4 | 4 | 26 | ' |
License Agreement Terms [Member] | Amended [Member] | ' | ' | ' | ' | ' | ' | ' |
License And Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase in the annual license maintenance fees due December 31, 2013 through December 31, 2016 | $100 | ' | ' | ' | ' | ' | ' |
License Agreement Terms [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
License And Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Patent license agreement expiration date | ' | ' | ' | ' | '2013 | ' | ' |
License Agreement Terms [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
License And Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Patent license agreement expiration date | ' | ' | ' | ' | '2021 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Net value for deferred tax assets | ' | ' | ' | ' | $410 | ||||
Percentage valuation allowance of initial net deferred tax asset | ' | ' | ' | ' | 100.00% | ||||
Provision for income taxes | 439 | [1] | -63 | [1] | 530 | [1] | 171 | [1] | ' |
Effective tax rate | 204.20% | -1.10% | 120.50% | 101.60% | ' | ||||
Effective tax rate differs from U.S. federal statutory rate | 34.00% | 34.00% | 34.00% | 34.00% | ' | ||||
Liability for uncertain tax positions | 675 | ' | 675 | ' | 416 | ||||
Japanese Subsidiary [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Net operating loss carry forwards | 460 | ' | 460 | ' | ' | ||||
Liability for uncertain tax positions | 0 | ' | 0 | ' | 94 | ||||
United States Subsidiary [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Net operating loss carry forwards | 579 | ' | 579 | ' | ' | ||||
Expiration period of net operating loss carryforwards | ' | ' | '2033 | ' | ' | ||||
Tax credit carryforwards | $1,164 | ' | $1,164 | ' | ' | ||||
Expiration period of tax credit carryforwards | ' | ' | '2023 | ' | ' | ||||
Minimum [Member] | Germany [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Tax year subject to examination | ' | ' | '2010 | ' | ' | ||||
Minimum [Member] | Japan [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Tax year subject to examination | ' | ' | '2005 | ' | ' | ||||
Minimum [Member] | Japanese Subsidiary [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Expiration period of net operating loss carryforwards | ' | ' | '2013 | ' | ' | ||||
Maximum [Member] | Germany [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Tax year subject to examination | ' | ' | '2012 | ' | ' | ||||
Maximum [Member] | Japan [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Tax year subject to examination | ' | ' | '2012 | ' | ' | ||||
Maximum [Member] | Japanese Subsidiary [Member] | ' | ' | ' | ' | ' | ||||
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ||||
Expiration period of net operating loss carryforwards | ' | ' | '2019 | ' | ' | ||||
[1] | Information not comparable for the quarter and nine months ended September 30, 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets (liabilities): | ' | ' |
Accounts receivable | $24 | ' |
Inventories | 385 | -434 |
Accrued expenses and other current liabilities | 578 | 143 |
Deferred revenue and customer prepayments | 54 | 1,912 |
Other | 134 | 250 |
Valuation allowance | -1,175 | -2,049 |
Current deferred tax assets (liabilities) | ' | -178 |
Noncurrent deferred tax assets (liabilities): | ' | ' |
Net operating loss carryforwards | 1,039 | 431 |
Tax credit carryforwards | 1,164 | ' |
Property and equipment | 869 | 599 |
Other | 16 | 567 |
Valuation allowance | -3,088 | -1,419 |
Noncurrent deferred tax assets (liabilities) | ' | 178 |
Net deferred tax assets (liabilities) | ' | ' |
Reorganization [Member] | ' | ' |
Current deferred tax assets (liabilities): | ' | ' |
Accounts receivable | ' | 31 |
Inventories | ' | -40 |
Accrued expenses and other current liabilities | ' | 562 |
Deferred revenue and customer prepayments | ' | 1,851 |
Other | ' | 10 |
Valuation allowance | ' | -2,429 |
Current deferred tax assets (liabilities) | ' | -15 |
Noncurrent deferred tax assets (liabilities): | ' | ' |
Net operating loss carryforwards | ' | 431 |
Tax credit carryforwards | ' | ' |
Property and equipment | ' | 691 |
Other | ' | 342 |
Valuation allowance | ' | -1,449 |
Noncurrent deferred tax assets (liabilities) | ' | 15 |
Net deferred tax assets (liabilities) | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Liabilities Measured on Recurring Basis (Detail) (Fair Value, Inputs, Level 2 [Member], Interest Rate Swap [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Accrued expenses and other current liabilities: | ' | ' |
Interest rate swap liability | ' | $13 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Financial Instruments (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | $18,984 |
Realized gains (losses) | ' | ' | ' | ' |
Unrealized gains (losses) | ' | ' | ' | ' |
Purchases | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Issuances | ' | ' | ' | ' |
Settlements | ' | ' | ' | -18,984 |
Transfers into Level 3 | ' | ' | ' | ' |
Transfers out of Level 3 | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Assets and Liabilities) Not Required to be Recorded at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $115,144 | $2,802 | $1,431 | $3,496 |
Line of credit | ' | 528 | ' | ' |
Current portion of long-term debt | 126 | 2,028 | ' | ' |
Current portion of capital and financing leases | 532 | 920 | ' | ' |
Long-term debt - net of current portion | 2,114 | 5,669 | ' | ' |
Capital and financing leases - net of current portion | 607 | 1,949 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 115,144 | 2,802 | ' | ' |
Line of credit | ' | 528 | ' | ' |
Demand note payable to member | ' | 8,666 | ' | ' |
Current portion of long-term debt | 126 | 2,028 | ' | ' |
Current portion of capital and financing leases | 532 | 920 | ' | ' |
Long-term debt - net of current portion | 2,114 | 5,669 | ' | ' |
Capital and financing leases - net of current portion | 607 | 1,949 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 115,144 | 2,802 | ' | ' |
Line of credit | ' | 528 | ' | ' |
Demand note payable to member | ' | 8,666 | ' | ' |
Current portion of long-term debt | 126 | 2,028 | ' | ' |
Current portion of capital and financing leases | 532 | 920 | ' | ' |
Long-term debt - net of current portion | 1,822 | 7,880 | ' | ' |
Capital and financing leases - net of current portion | $607 | $1,949 | ' | ' |
Customer_Concentrations_Additi
Customer Concentrations - Additional Information (Detail) (Five Most Significant Customers [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Customer | Customer | Customer | Customer | ||
Five Most Significant Customers [Member] | ' | ' | ' | ' | ' |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' | ' | ' |
Number of customers | 5 | 5 | 5 | 5 | ' |
Revenue concentration, by largest customer | 60.30% | 66.30% | 31.50% | 45.90% | ' |
Accounts receivable from significant customers | $4,726 | ' | $4,726 | ' | $1,671 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Revenue from services to related entities | $11 | $60 | $99 | $138 |
Payments for services received from related parties | 29 | 9 | 107 | 68 |
Total associated offering costs | ' | ' | 1,012 | ' |
Secondary public offering costs reimbursable from selling stockholders | ' | ' | $645 | ' |