Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 20, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'ExOne Co | ' | ' |
Entity Central Index Key | '0001561627 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,425,108 | ' |
Entity Public Float | ' | ' | $455.80 |
Statement_of_Consolidated_Oper
Statement of Consolidated Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Statement [Abstract] | ' | ' | ' | ||
Revenue | $39,480 | $28,657 | $15,290 | ||
Cost of sales | 23,907 | 16,514 | 11,647 | ||
Gross profit | 15,573 | 12,143 | 3,643 | ||
Operating expenses | ' | ' | ' | ||
Research and development | 5,127 | 1,930 | 1,531 | ||
Selling, general and administrative (Note 13) | 16,119 | 18,285 | 7,286 | ||
Total operating expenses | 21,246 | 20,215 | 8,817 | ||
Loss from operations | -5,673 | -8,072 | -5,174 | ||
Other expense (income) | ' | ' | ' | ||
Interest expense | 372 | 842 | 1,570 | ||
Other income - net | -98 | -221 | -158 | ||
Total other (income) expense | 274 | 621 | 1,412 | ||
Loss before income taxes | -5,947 | -8,693 | -6,586 | ||
Provision for income taxes* (Note 16) | 370 | 995 | 1,031 | ||
Net loss | -6,317 | -9,688 | -7,617 | ||
Less: Net income attributable to noncontrolling interests | 138 | 480 | 420 | ||
Net loss attributable to ExOne | -6,455 | -10,168 | -8,037 | ||
Net loss attributable to ExOne per common share (Note 2): | ' | ' | ' | ||
Basic | ($0.51) | ' | [1] | ' | [1] |
Diluted | ($0.51) | ' | [1] | ' | [1] |
Comprehensive loss: | ' | ' | ' | ||
Net loss attributable to ExOne | -6,455 | -10,168 | -8,037 | ||
Other comprehensive (loss) income : | ' | ' | ' | ||
Foreign currency translation adjustments | -178 | 46 | -107 | ||
Comprehensive loss | -6,633 | -10,122 | -8,144 | ||
Less: Comprehensive (loss) income attributable to noncontrolling interests | ' | ' | ' | ||
Comprehensive loss attributable to ExOne | ($6,633) | ($10,122) | ($8,144) | ||
[1] | Information not comparable for 2012 and 2011 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $98,445 | $2,802 |
Accounts receivable-net | 9,042 | 8,413 |
Inventories-net (Note 4) | 12,764 | 7,485 |
Prepaid expenses and other current assets (Note 5) | 3,237 | 1,543 |
Deferred income taxes (Note 16) | 60 | ' |
Total current assets | 123,548 | 20,243 |
Property and equipment-net (Note 6) (Including amounts attributable to consolidated variable interest entities of $5,567 at December 31, 2012) | 32,772 | 12,467 |
Deferred income taxes (Note 16) | ' | 178 |
Other noncurrent assets | 2,115 | 187 |
Total assets | 158,435 | 33,075 |
Current liabilities: | ' | ' |
Line of credit (Note 7) | ' | 528 |
Demand note payable to member (Note 8) | ' | 8,666 |
Current portion of long-term debt (Note 9) (Including amounts attributable to consolidated variable interest entities of $1,913 at December 31, 2012) | 127 | 2,028 |
Current portion of capital and financing leases (Note 10) | 549 | 920 |
Accounts payable | 1,748 | 2,451 |
Accrued expenses and other current liabilities (Note 11) | 5,394 | 4,436 |
Preferred unit dividends payable | ' | 1,437 |
Deferred income taxes (Note 16) | ' | 178 |
Deferred revenue and customer prepayments | 916 | 4,281 |
Total current liabilities | 8,734 | 24,925 |
Long-term debt-net of current portion (Note 9) (Including amounts attributable to consolidated variable interest entities of $3,150 at December 31, 2012) | 2,082 | 5,669 |
Capital and financing leases-net of current portion (Note 10) | 475 | 1,949 |
Deferred income taxes (Note 16) | 60 | ' |
Other noncurrent liabilities | 384 | 491 |
Total liabilities | 11,735 | 33,034 |
Contingencies and commitments (Note 15) | ' | ' |
ExOne stockholders' / members' equity (deficit): | ' | ' |
Common stock, $0.01 par value, 200,000,000 shares authorized, 14,387,608 shares issued and outstanding (Note 12) | 144 | ' |
Additional paid-in capital | 153,363 | ' |
Accumulated deficit | -6,455 | ' |
Preferred units, $1.00 par value, 18,983,602 units issued and outstanding (Note 12) | ' | 18,984 |
Common units, $1.00 par value, 10,000,000 units issued and outstanding (Note 12) | ' | 10,000 |
Members' deficit | ' | -31,355 |
Accumulated other comprehensive loss | -352 | -174 |
Total ExOne stockholders' / members' equity (deficit) | 146,700 | -2,545 |
Noncontrolling interests (Note 3) | ' | 2,586 |
Total stockholders' / members' equity | 146,700 | 41 |
Total liabilities and stockholders' / members' equity | $158,435 | $33,075 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
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 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 14,387,608 | 14,387,608 |
Common stock, shares outstanding | 14,387,608 | 14,387,608 |
Preferred units, par value | 1 | 1 |
Preferred units, issued | 18,983,602 | 18,983,602 |
Preferred units, outstanding | 18,983,602 | 18,983,602 |
Common units, par value | 1 | 1 |
Common units, issued | 10,000,000 | 10,000,000 |
Common units, outstanding | 10,000,000 | 10,000,000 |
Statement_of_Consolidated_Cash
Statement of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net loss | ($6,317) | ($9,688) | ($7,617) |
Adjustments to reconcile net loss to cash used for operations: | ' | ' | ' |
Depreciation (Note 6) | 2,372 | 1,683 | 1,170 |
Equity-based compensation (Note 13) | 711 | 7,735 | ' |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ' | ' | ' |
(Increase) decrease in accounts receivable | -671 | -7,077 | 1,240 |
Increase in inventories | -8,083 | -4,691 | -1,368 |
Increase in prepaid expenses and other assets | -4,334 | -338 | -438 |
(Decrease) increase in accounts payable | -1,100 | 1,575 | -213 |
Increase in accrued expenses and other liabilities | 937 | 1,528 | 951 |
(Decrease) increase in deferred revenue and customer prepayments | -3,707 | -404 | 3,839 |
Cash used for operating activities | -20,192 | -9,677 | -2,436 |
Investing activities | ' | ' | ' |
Capital expenditures (Note 6) | -19,311 | -1,858 | -1,080 |
Cash effect of deconsolidation of noncontrolling interests in variable interest entities (Note 3) | -2,327 | ' | ' |
Cash used for investing activities | -21,638 | -1,858 | -1,080 |
Financing activities | ' | ' | ' |
Net proceeds from issuance of common stock-initial public offering (Note 1) | 91,083 | ' | ' |
Net proceeds from issuance of common stock-secondary public offering (Note 1) | 64,948 | ' | ' |
Net change in line of credit borrowings (Note 7) | -528 | 528 | ' |
Net change in demand note payable to member (Note 8) | -9,885 | 8,629 | 3,939 |
Proceeds from long-term debt (Note 9) | ' | 1,194 | 2,398 |
Proceeds from financing leases (Note 10) | ' | 3,513 | ' |
Payments on long-term debt (Note 9) | -5,488 | -1,626 | -808 |
Payments on capital and financing leases (Note 10) | -2,162 | -437 | ' |
Payment of preferred stock dividends | -456 | ' | ' |
Deferred offering costs (Note 1) | ' | -712 | ' |
Deferred financing costs | ' | -78 | ' |
Contribution from noncontrolling interests | ' | ' | 402 |
Cash provided by financing activities | 137,512 | 11,011 | 5,931 |
Effect of exchange rate changes on cash and cash equivalents | -39 | -170 | 60 |
Net change in cash and cash equivalents | 95,643 | -694 | 2,475 |
Cash and cash equivalents at beginning of year | 2,802 | 3,496 | 1,021 |
Cash and cash equivalents at end of year | 98,445 | 2,802 | 3,496 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 310 | 407 | 174 |
Cash paid for income taxes | 1,334 | 1,354 | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' |
Property and equipment acquired through financing arrangements | 282 | 2,700 | ' |
Transfer of inventories to property and equipment for internal use | 3,338 | 2,001 | ' |
Transfer of property and equipment to inventories for sale | -534 | -336 | ' |
Conversion of preferred stock dividends payable and accrued interest to principal amounts due under the demand note payable to member (Note 8) | 1,219 | 37 | ' |
Reorganization of The Ex One Company, LLC with and into The ExOne Company (Note 1) | -2,371 | ' | ' |
Noncash effect of deconsolidation of noncontrolling interests in variable interest entities (Note 3) | -397 | ' | ' |
Preferred unit dividends declared but unpaid | ' | 1,437 | ' |
Reclassification of redeemable preferred units to preferred units (Note 12) | ' | 18,984 | ' |
Conversion of demand note payable to member to redeemable preferred units (Note 12) | ' | ' | $18,984 |
Statement_of_Changes_in_Consol
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] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [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] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | |||||||||||
Beginning Balance at Dec. 31, 2010 | ($8,277) | ' | ' | ' | $10,000 | ' | ($19,448) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($113) | ' | $1,284 | ' |
Reorganization of The Ex One Company, LLC with and into The ExOne Company (Note 1) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -7,617 | ' | ' | ' | ' | ' | -8,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 420 | ' |
Other comprehensive income | -107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -107 | ' | ' | ' |
Contribution from noncontrolling interests | 402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402 | ' |
Ending Balance at Dec. 31, 2011 | -15,599 | ' | ' | ' | 10,000 | ' | -27,485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -220 | ' | 2,106 | ' |
Reorganization of The Ex One Company, LLC with and into The ExOne Company (Note 1) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | -1,437 | ' | ' | ' | ' | ' | -1,437 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation (Note 13) | 7,735 | ' | ' | ' | ' | ' | 7,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -9,688 | ' | ' | ' | ' | ' | -10,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480 | ' |
Other comprehensive income | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ' | ' | ' |
Preferred unit reclassification (Note 12) | 18,984 | ' | 18,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending 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 (Note 1) | -2,371 | ' | -18,984 | ' | -10,000 | ' | 31,355 | ' | 190 | ' | 58 | ' | -2,619 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | -152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -152 | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock (Note 12) | ' | ' | ' | ' | ' | ' | ' | ' | -190 | ' | 20 | ' | 170 | ' | ' | ' | ' | ' | ' | ' |
Initial public offering of common stock in The ExOne Company, net of issuance costs (Note 1) | 90,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | 90,316 | ' | ' | ' | ' | ' | ' | ' |
Secondary public offering of common stock in The ExOne Company, net of issuance costs (Note 1) | 64,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | 64,937 | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation (Note 13) | 711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 711 | ' | ' | ' | ' | ' | ' | ' |
Net loss | -6,317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,455 | ' | ' | ' | 138 | ' |
Other comprehensive income | -178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -178 | ' | ' | ' |
Deconsolidation of noncontrolling interests in variable interest entities (Note 3) | -2,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,724 | ' |
Ending Balance at Dec. 31, 2013 | $146,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $144 | ' | $153,363 | ' | ($6,455) | ' | ($352) | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | |
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 2012 and 2011 in its statement of consolidated operations and comprehensive loss and concluded that there would be no difference as compared to the amounts reported, principally due to valuation allowances established against net deferred tax assets. In addition, the Company has omitted basic and diluted earnings per share for each of the respective comparative years as a result of the Reorganization, as the basis for such calculation is no longer comparable to the current year presentation. | |
The 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 Property GmbH (formerly ExOne Holding Deutschland GmbH) (Germany), 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 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. 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 ($367) were based on its pro-rata sale of shares as compared to selling stockholders, who were responsible for their pro-rata portion ($645). | |
The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. | |
Liquidity | |
The Company has incurred net losses of approximately $6,317, $9,688 and $7,617 for 2013, 2012 and 2011, respectively. 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. 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 will be sufficient to support the Company’s operations through January 1, 2015. | |
Use of Estimates | |
The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for inventories (including the allowance for slow moving and obsolete inventory); product warranty reserves; income taxes (including the valuation allowance on certain deferred tax assets); equity-based compensation and future cash flow estimates associated with long-lived assets for purposes of impairment testing. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Foreign Currency | |
The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based upon year end exchange rates, and are included in stockholders’ / members’ equity as a component of other comprehensive (loss) income. Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive (loss) income in the consolidated statement of operations and comprehensive loss. | |
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 63.0%, 72.8% and 70.0% of the consolidated revenue of the Company was derived from transactions outside the United States for 2013, 2012 and 2011, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the Euro and Japanese Yen. | |
Revenue Recognition | |
Revenue from the sale of 3D printing machines and micromachinery and 3D printed products and materials is recognized upon transfer of title, generally upon shipment. Revenue from the performance of production or other contract services is generally recognized when either the services are performed or the finished product is shipped. Revenue for all deliverables in a sales arrangement is recognized provided that persuasive evidence of a sales arrangement exists, both title and risk of loss have passed to the customer and collection is reasonably assured. Persuasive evidence of a sales arrangement exists upon execution of a written sales agreement or signed purchase order that constitutes a fixed and legally binding commitment between the Company and its customer. In instances where revenue recognition criteria are not met, amounts are recorded as deferred revenue and customer prepayments in the consolidated balance sheets. | |
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of machines may include materials and/or production or other contract services (including maintenance, installation or training services. The Company identifies all goods and services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on relative fair values. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). In general, revenues are separated between machines, materials and other services. The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Revenue from services are recognized at the time of performance. | |
The Company provides customers with a standard warranty on all machines generally over a period of twelve months from the date of installation at the customer’s site. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the machine. After the initial twelve month warranty period, the Company offers its customers optional maintenance service contracts. Deferred maintenance service revenue is recognized when the maintenance services are performed since the Company has historical evidence that indicates that the costs of performing the services under the contract are not incurred on a straight-line basis. | |
The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of FASB guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. | |
Shipping and handling costs billed to customers for machine sales and sales of materials are included in revenue in the consolidated statement of operations and other comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the consolidated statement of operations and comprehensive loss. | |
The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require certain amounts be prepaid prior to shipment. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. These prepayments are reported as deferred revenue and customer prepayments in the consolidated balance sheets. Production and contract services are billed in accordance with specific contract terms, generally upon performance of the related services. | |
The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2013, 2012 and 2011, revenues and any adjustments related to these contracts were not significant. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. | |
Accounts Receivable | |
Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2013 and 2012, the allowance for doubtful accounts was approximately $63 and $83, respectively. | |
Inventories | |
The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or market value. Overhead is allocated to work in progress and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical experience and current product demand. These provisions reduce the cost basis of the respective inventory and are recorded as a charge to cost of sales. At December 31, 2013 and 2012, the allowance for slow-moving and obsolete inventories was approximately $750 and $891, respectively. | |
Property and Equipment | |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to twenty-five years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives or (ii) the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets and are generally recorded in cost of sales in the statement of consolidated operations and comprehensive loss. Repairs and maintenance are charged to expense as incurred. | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. The determination of what constitutes an asset group, the associated undiscounted net cash flows, and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss was recorded by the Company during 2013, 2012 or 2011. | |
Product Warranty Reserves | |
Substantially all of the Company’s 3D printing machines and micromachinery are covered by a warranty, generally over a period of twelve months from the date of installation at the customer’s site. A liability is recorded for future warranty costs in the same period in which the related revenue is recognized. The liability is based upon anticipated parts and labor costs using historical experience. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the statement of consolidated operations and comprehensive loss in the period such a determination is made. At December 31, 2013 and 2012, product warranty reserves were approximately $943 and $556, respectively, and were included in accrued expenses and other current liabilities in the consolidated balance sheets. | |
Income Taxes | |
Prior to Reorganization, the Company was organized as a limited liability company. Under the provisions of the Internal Revenue Code and similar state provisions, the Company was taxed as a partnership and was not liable for income taxes. Instead, earnings and losses were included in the tax returns of its members. Therefore, for periods prior to Reorganization, the consolidated financial statements do not reflect a provision for U.S. federal or state income taxes. | |
The Company’s subsidiaries in Germany and Japan are taxed as corporations under the taxing regulations of Germany and Japan, respectively. As a result, the consolidated statement of operations and comprehensive loss includes a provision for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that appropriate taxing authority has completed its examination even through the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes in the consolidated statement of operations and comprehensive loss and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |
The Company recognizes deferred tax assets and liabilities for the differences between the financial statement carrying amounts and the tax basis of assets and liabilities in their respective jurisdictions using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
Derivative Financial Instruments | |
The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. | |
The Company has entered into 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. The Company has elected not to prepare and maintain the documentation required to qualify for hedge accounting treatment and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized as a component of interest expense in the statement of consolidated operations and comprehensive loss. Fair value of the interest rate swaps are reported as accrued expenses and other current liabilities in the consolidated balance sheets. The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. | |
The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. | |
There were no derivative financial instruments held by the Company at December 31, 2013. Derivative financial instruments held by the Company at December 31, 2012 were not significant. | |
Taxes on Revenue Producing Transactions | |
Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the consolidated statement of operations and comprehensive loss. | |
Research and Development | |
The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. | |
Advertising | |
Advertising costs are charged to expense as incurred, and were not significant for 2013, 2012 or 2011. | |
Defined Contribution Plan | |
The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. The Company makes matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. The Company’s matching contributions to the plan were approximately $92, $90 and $87 in 2013, 2012 and 2011, respectively. | |
Equity-Based Compensation | |
The Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense (net of estimated forfeitures) is recognized ratably over the requisite service period based on the grant date fair value. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes pricing model. The Company recognized total equity-based compensation expense of approximately $711 and $7,735 during 2013 and 2012, respectively. There was no equity-based compensation expense recognized during 2011. | |
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 | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Earnings Per Share [Abstract] | ' | ||||
Computation of Net Loss Attributable to ExOne Per Common Share | ' | ||||
Note 2. 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 2013 includes (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 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 was anti-dilutive. | |||||
The information used to compute basic and diluted net loss attributable to ExOne per common share for 2013 was as follows: | |||||
Net loss attributable to ExOne | $ | (6,455 | ) | ||
Less: Preferred stock dividends declared | (152 | ) | |||
Net loss available to ExOne common shareholders | $ | (6,607 | ) | ||
Weighted average shares outstanding (basic and diluted) | 12,838,230 | ||||
Net loss attributable to ExOne per common share: | |||||
Basic | $ | (0.51 | ) | ||
Diluted | (0.51 | ) | |||
The Company has omitted basic and diluted earnings per share for 2012 and 2011 as a result of the Reorganization of the Company (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 | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisition of Net Assets of Variable Interest Entities | ' |
Note 3. 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. These amounts, in addition to cash and cash equivalents balances ($227) held by the VIEs, represent the total cash outflows associated with the transaction. 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 | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 4. Inventories | |||||||||
Inventories consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Raw materials and components | $ | 6,253 | $ | 4,892 | |||||
Work in process | 5,957 | 2,098 | |||||||
Finished goods | 554 | 495 | |||||||
$ | 12,764 | $ | 7,485 | ||||||
At December 31, 2013 and 2012, the allowance for slow-moving and obsolete inventories was approximately $750 and $891, respectively, and has been reflected as a reduction to inventories (raw materials and components). |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
Note 5. Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Value-added tax (VAT) receivable | $ | 1,140 | $ | — | |||||
Prepayments to suppliers | 850 | 559 | |||||||
Deferred offering costs | — | 712 | |||||||
Other | 1,247 | 272 | |||||||
$ | 3,237 | $ | 1,543 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
Note 6. Property and Equipment | |||||||||||||
Property and equipment consist of the following at December 31: | |||||||||||||
2013 | 2012 | Useful Life | |||||||||||
(in years) | |||||||||||||
Land | $ | 5,216 | $ | 778 | — | ||||||||
Buildings and related improvements | 6,377 | 4,941 | 25 | ||||||||||
Machinery and equipment | 11,452 | 9,674 | 7-Mar | ||||||||||
Other | 2,129 | 1,450 | 7-Mar | ||||||||||
25,174 | 16,843 | ||||||||||||
Less: Accumulated depreciation | (5,096 | ) | (5,118 | ) | |||||||||
20,078 | 11,725 | ||||||||||||
Construction-in-progress | 12,694 | 742 | |||||||||||
Property and equipment — net | $ | 32,772 | $ | 12,467 | |||||||||
Machinery and equipment includes leased assets of approximately $1,282 and $1,160 at December 31, 2013 and 2012, respectively. | |||||||||||||
Depreciation expense was approximately $2,372, $1,683 and $1,170 for 2013, 2012 and 2011, respectively. | |||||||||||||
At December 31, 2012, property and equipment — net, includes $5,567 in assets held by variable interest entities (Note 1). On March 27, 2013, in connection with the acquisition of certain net assets of the Lone Star and TMF variable interest entities, the Company acquired all of the property and equipment associated with the variable interest entities (Note 3). | |||||||||||||
On August 14, 2013, ExOne Property 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 and other building improvements) is estimated at approximately $21,500 (€15,615). At December 31, 2013, construction-in-progress includes total capitalized costs of approximately $10,313 (€7,491) associated with this project. |
Line_of_Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [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 $1,790 (€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 $688 (€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 December 31, 2013, interest rates were 2.59% for short-term borrowings and 6.20% for overdrafts. There is no commitment fee associated with this agreement. At December 31, 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 December 31, 2013 and 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 December 31, 2013 and 2012, the Company had transactions guaranteed by the security agreement of approximately $982 (€713) 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 | 12 Months Ended |
Dec. 31, 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 stockholder (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 | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Note 9. Long-Term Debt | |||||||||
Long-term debt consists of the following at 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. | $ | 2,209 | $ | 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 | |||||||
2,209 | 7,697 | ||||||||
Less: Current portion of long-term debt | 127 | 2,028 | |||||||
$ | 2,082 | $ | 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 3), 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. | |||||||||
At December 31, 2013, the Company identified that it was not in compliance with the annual cash flow-to-debt service ratio covenant associated with the ExOne building note payable to a bank. The Company requested and was granted a waiver related to compliance with this annual covenant as of December 31, 2013 and 2014. Related to the 2013 noncompliance, there were no cross default provisions or related impacts on other lending agreements. | |||||||||
Future maturities of long-term debt at December 31, 2013, are approximately as follows: | |||||||||
2014 | $ | 127 | |||||||
2015 | 132 | ||||||||
2016 | 138 | ||||||||
2017 | 139 | ||||||||
2018 | 143 | ||||||||
Thereafter | 1,530 | ||||||||
$ | 2,209 | ||||||||
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 statement of consolidated operations and comprehensive loss. |
Capital_and_Financing_Leases
Capital and Financing Leases | 12 Months Ended | ||||
Dec. 31, 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 $226 at December 31, 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 $468 (€340) and $853 (€646) at December 31, 2013 and 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 $330 (€239) and $553 (€418) at December 31, 2013 and 2012, respectively. | |||||
Future maturities of capital and financing leases at December 31, 2013, are approximately as follows: | |||||
2014 | $ | 549 | |||
2015 | 359 | ||||
2016 | 59 | ||||
2017 | 57 | ||||
2018 | — | ||||
Thereafter | — | ||||
$ | 1,024 | ||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Note 11. Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and related costs | $ | 1,581 | $ | 1,367 | |||||
Product warranty reserves | 943 | 556 | |||||||
Accrued license fees | 880 | 748 | |||||||
Liability for uncertain tax positions | 768 | 416 | |||||||
Accrued income taxes | — | 457 | |||||||
Other | 1,222 | 892 | |||||||
$ | 5,394 | $ | 4,436 | ||||||
Common_Units_Preferred_Units_P
Common Units, Preferred Units, Preferred Stock and Common Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Common Units, Preferred Units, Preferred Stock and Common Stock | ' | ||||
Note 12. 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 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 December 31, 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 December 31, 2013 | 14,387,608 | ||||
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Equity-Based Compensation | ' | ||||||||||||
Note 13. 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 ($18.00 per share based on the initial public offering price) 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 ($28.51 per share based on the closing price of shares on the date of grant) under the Plan to an executive of the Company. This award vests 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 for 2013: | |||||||||||||
Equity-based compensation expense recognized: | |||||||||||||
ISOs | $ | 580 | |||||||||||
Restricted stock | 131 | ||||||||||||
Total equity-based compensation expense before income taxes | $ | 711 | |||||||||||
Benefit for income taxes* | — | ||||||||||||
Total equity-based compensation expense net of income taxes | $ | 711 | |||||||||||
* | 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 2013. In the absence of a full valuation allowance, the tax benefit derived from equity-based compensation would be approximately $119 for 2013. | ||||||||||||
At December 31, 2013, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $1,332 for ISOs and $334 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 2.1 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 year ended December 31, 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 | (6,667 | ) | $ | 18 | $ | 11.03 | |||||||
Outstanding at December 31, 2013 | 173,333 | $ | 18 | $ | 11.03 | ||||||||
ISOs exercisable | — | $ | — | $ | — | ||||||||
ISOs expected to vest | 164,852 | $ | 18 | $ | 11.03 | ||||||||
At December 31, 2013, the aggregate intrinsic value of ISOs expected to vest was approximately $7,000. The weighted average remaining contractual term of ISOs expected to vest at December 31, 2013, was approximately 9.1 years. | |||||||||||||
The activity for restricted stock awards for the year ended December 31, 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 December 31, 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 $7,735 for the year ended December 31, 2012, in connection with the sale of these common units which has been recorded in selling, general and administrative expenses in the statement of consolidated operations and comprehensive 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 | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
License Agreements | ' |
Note 14. 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 $218, $57 and $682 for 2013, 2012 and 2011 respectively. License fee expenses are included in cost of sales in the consolidated statement of operations and comprehensive loss. At December 31, 2013, accrued license fees were approximately $880 and are recorded in accrued expenses and other current liabilities ($680) and other noncurrent liabilities ($200) in the 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 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 2015 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 optional 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 2013. License fee expenses, including minimum license maintenance fees and royalties, associated with the MIT Agreement for 2012 and 2011 were ($159), a reduction to cost of sales and $595, respectively. Reimbursement of qualifying patent expenses incurred by MIT were approximately $16, $50 and $11 for 2013, 2012 and 2011, respectively. Reimbursement of qualifying patent expenses incurred by MIT are recorded in selling, general and administrative expenses in the statement of consolidated operations and comprehensive loss. |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Contingencies and Commitments | ' | ||||
Note 15. 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. | |||||
The Company leases various manufacturing facilities, office and warehouse spaces, equipment and vehicles under operating lease arrangements, expiring in various years through 2019. | |||||
Future minimum lease payments of operating lease arrangements at December 31, 2013, are approximately as follows: | |||||
2014 | $ | 791 | |||
2015 | 199 | ||||
2016 | 150 | ||||
2017 | 125 | ||||
2018 | 111 | ||||
Thereafter | 1 | ||||
$ | 1,377 | ||||
Rent expense under operating lease arrangements was approximately $1,072, $984 and $1,057 for 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 16. 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 for income taxes was $370, $995 and $1,031 for 2013, 2012 and 2011, respectively. The provision for income taxes for 2013 relates entirely to the taxable income of ExOne GmbH (Germany). The benefit from deferred taxes for 2013, 2012 and 2011 was fully offset by changes in the valuation allowance for deferred taxes. | |||||||||||||
A reconciliation of the provision for income taxes at the U.S. statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. statutory rate (34.0%) | $ | (2,022 | ) | $ | (2,956 | ) | $ | (2,239 | ) | ||||
Unbenefitted limited liability company losses | — | 3,931 | 1,752 | ||||||||||
Taxes on foreign operations | (95 | ) | (164 | ) | (71 | ) | |||||||
Increase in uncertain tax positions | 323 | 146 | 249 | ||||||||||
Net change in valuation allowances | 2,029 | 8 | 1,290 | ||||||||||
Permanent differences and other | 135 | 30 | 50 | ||||||||||
Provision for income taxes | $ | 370 | $ | 995 | $ | 1,031 | |||||||
Effective tax rate | 106.2 | % | 111.5 | % | 115.7 | % | |||||||
The components of net deferred income tax assets and net deferred income tax liabilities were as follows: | |||||||||||||
December 31, | January 1, | December 31, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
(Reorganization) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Accounts receivable | $ | 23 | $ | 31 | $ | — | |||||||
Inventories | 452 | (40 | ) | (434 | ) | ||||||||
Accrued expenses and other current liabilities | 591 | 562 | 143 | ||||||||||
Deferred revenue and customer prepayments | 25 | 1,851 | 1,912 | ||||||||||
Other | (1 | ) | 10 | 250 | |||||||||
Valuation allowance | (1,030 | ) | (2,429 | ) | (2,049 | ) | |||||||
Current deferred tax assets (liabilities) | 60 | (15 | ) | (178 | ) | ||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Net operating loss carryforwards | 2,694 | 431 | 431 | ||||||||||
Tax credit carryforwards | 874 | — | — | ||||||||||
Property and equipment | 820 | 691 | 599 | ||||||||||
Other | (306 | ) | 342 | 567 | |||||||||
Valuation allowance | (4,142 | ) | (1,449 | ) | (1,419 | ) | |||||||
Noncurrent deferred tax assets (liabilities) | (60 | ) | 15 | 178 | |||||||||
Net deferred tax assets (liabilties) | $ | — | $ | — | $ | — | |||||||
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. 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. | |||||||||||||
The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance | $ | 3,468 | $ | 3,636 | |||||||||
Increase to allowances* | 2,029 | 8 | |||||||||||
Foreign currency | (325 | ) | (176 | ) | |||||||||
Ending balance | $ | 5,172 | $ | 3,468 | |||||||||
* | The increase to allowances for 2013 includes approximately $410 associated with the allowance recorded against the initial net deferred tax asset resulting from the formation of the The ExOne Company as a corporation, taxable for federal, state, local and foreign income tax purposes on January 1, 2013. | ||||||||||||
At December 31, 2013, the Company had approximately $4,897 in net operating loss carryforwards which expire in 2033 and $874 in tax credit carryforwards which expire in 2023, to offset the future taxable income of its United States subsidiary. At December 31, 2013, the Company had approximately $2,142 in net operating loss carryforwards which expire from 2014 through 2020, to offset the future taxable income of its Japanese subsidiary. At December 31, 2013, the Company had approximately $135 in net operating loss carryforwards which do not expire, to offset the future taxable income of its German property subsidiary. | |||||||||||||
The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At December 31, 2013 and 2012, the liability for uncertain tax positions was approximately $768 and $416, respectively, and is included in accrued expenses and other current liabilities in the consolidated balance sheets. In addition, at December 31, 2013 and 2012, the liability for uncertain tax positions related to the Company’s Japanese subsidiary was $93 and $94, respectively, and was fully offset against net operating loss carryforwards of this subsidiary. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 416 | $ | 264 | $ | 15 | |||||||
Increases related to current year tax positions | 323 | 146 | 249 | ||||||||||
Foreign currency | 29 | 6 | — | ||||||||||
Ending balance | $ | 768 | $ | 416 | $ | 264 | |||||||
The Company files income tax returns in the United States (effective January 1, 2013), Germany and Japan. In Germany, the Company’s 2010 through 2013 tax years remain subject to examination. In Japan, the Company’s 2005 through 2013 tax years remain subject to examination. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 17. 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 at December 31: | |||||||||||||||||
Level | 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. 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: | |||||||||||||||||
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 at December 31 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 98,445 | $ | 98,445 | $ | 2,802 | $ | 2,802 | |||||||||
Line of credit | $ | — | $ | — | $ | 528 | $ | 528 | |||||||||
Demand note payable to member | $ | — | $ | — | $ | 8,666 | $ | 8,666 | |||||||||
Current portion of long-term debt | $ | 127 | $ | 127 | $ | 2,028 | $ | 2,028 | |||||||||
Current portion of capital and financing leases | $ | 549 | $ | 549 | $ | 920 | $ | 920 | |||||||||
Long-term debt — net of current portion | $ | 2,082 | $ | 1,666 | $ | 5,669 | $ | 7,880 | |||||||||
Capital and financing leases — net of current portion | $ | 475 | $ | 475 | $ | 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. |
Segment_Product_and_Geographic
Segment, Product and Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment, Product and Geographic Information | ' | ||||||||||||
Note 18. Segment, Product and Geographic Information | |||||||||||||
The Company manages its business globally in a singular operating segment in which it develops, manufactures and markets 3D printing machines and micromachinery, printed products, materials and other services. Geographically, the Company conducts its business through wholly-owned subsidiaries in the United States, Germany and Japan. | |||||||||||||
Revenue by product for the year ended December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
3D printing machines and micromachinery | $ | 24,851 | $ | 15,668 | $ | 5,406 | |||||||
3D printed products, materials and other services | 14,629 | 12,989 | 9,884 | ||||||||||
$ | 39,480 | $ | 28,657 | $ | 15,290 | ||||||||
During 2013, 2012 and 2011, the Company conducted a significant portion of its business with a limited number of customers. For 2013, 2012 and 2011, the Company’s five most significant customers represented approximately 25.5%, 31.7% and 40.9% of total revenue, respectively. At December 31, 2013 and 2012, accounts receivable from the Company’s five most significant customers were approximately $5,912 and $1,671, respectively. | |||||||||||||
Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 14,596 | $ | 7,802 | $ | 4,587 | |||||||
Germany | 14,744 | 13,956 | 5,678 | ||||||||||
Japan | 10,140 | 6,899 | 5,025 | ||||||||||
$ | 39,480 | $ | 28,657 | $ | 15,290 | ||||||||
Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): | |||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 13,257 | $ | 9,592 | |||||||||
Germany | 18,219 | 2,550 | |||||||||||
Japan | 1,296 | 325 | |||||||||||
$ | 32,772 | $ | 12,467 | ||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 19. Related Party Transactions | |
The Company has provided 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 reimbursed by the related entities. The cost of these services was approximately $133, $281 and $210 for 2013, 2012 and 2011, respectively. In addition, the Company has purchased certain items on behalf of related parties under common control by the Chairman and CEO of the Company. This practice was discontinued by the Company in early 2013. Amounts due from these related entities at December 31, 2013 and 2012, were not significant. | |
The Company has received 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 was approximately $185, $149 and $23 for 2013, 2012 and 2011, respectively. Amounts due to these related entities at December 31, 2013 and 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) were 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. Amounts reimbursable from selling stockholders were subsequently settled with the Company. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 20. Subsequent Events | |
The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as described below. | |
On January 2, 2014, the Board of Directors authorized awards of 7,500 shares of restricted stock under the 2013 Equity Incentive Plan to three executives of the Company. These awards vest in one-third increments on the first, second and third anniversaries of the grant date, respectively. Separately, on March 20, 2014, the Board of Directors authorized awards under the Plan of 5,000 shares of restricted stock to an executive of the Company and an aggregate of 5,000 shares of stock bonus awards to members of the Board of Directors. The restricted stock award to the executive of the Company vests in one-third increments on the first, second and third anniversaries of the grant date, respectively. The stock bonus awards granted to the Board of Directors vest immediately upon issuance. | |
On March 3, 2014, ExOne Americas LLC purchased (i) substantially all the assets of Machin-A-Mation Corporation (“Machin-A-Mation”), a specialty machine shop located in Chesterfield, Michigan, and (ii) the real property on which Machin-A-Mation’s business is located for an aggregate purchase price of approximately $5,000. | |
On March 6, 2014, ExOne GmbH acquired all of the shares of MWT-Gesellschaft für Industrielle Mikrowellentechnik mbH (“MWT”), a pioneer in industrial grade microwaves with design and manufacturing experience based in Elz, Germany, for approximately $4,800. |
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Supplemental Quarterly Financial Information | ' | ||||||||||||||||
The ExOne Company and Subsidiaries (formerly The Ex One Company, LLC and Subsidiaries) | |||||||||||||||||
Supplemental Quarterly Financial Information (unaudited) | |||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 10,695 | $ | 11,621 | $ | 9,230 | $ | 7,934 | |||||||||
Gross profit | 3,303 | 5,251 | 4,181 | 2,838 | |||||||||||||
Net loss attributable to ExOne | (3,197 | ) | (224 | ) | (1,120 | ) | (1,914 | ) | |||||||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) | |||||
Diluted | (0.22 | ) | (0.02 | ) | (0.08 | ) | (0.20 | ) | |||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Revenue | $ | 12,744 | $ | 8,515 | $ | 4,676 | $ | 2,722 | |||||||||
Gross profit | 6,248 | 3,556 | 1,523 | 816 | |||||||||||||
Net income (loss) attributable to ExOne | 902 | (5,932 | ) | (3,609 | ) | (1,529 | ) | ||||||||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | N/A | ** | N/A | ** | N/A | ** | N/A | ** | |||||||||
Diluted | N/A | ** | N/A | ** | N/A | ** | N/A | ** | |||||||||
* | Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. | ||||||||||||||||
** | Information not comparable as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
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 2012 and 2011 in its statement of consolidated operations and comprehensive loss and concluded that there would be no difference as compared to the amounts reported, principally due to valuation allowances established against net deferred tax assets. In addition, the Company has omitted basic and diluted earnings per share for each of the respective comparative years as a result of the Reorganization, as the basis for such calculation is no longer comparable to the current year presentation. | |
The 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 Property GmbH (formerly ExOne Holding Deutschland GmbH) (Germany), 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 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. 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 ($367) were based on its pro-rata sale of shares as compared to selling stockholders, who were responsible for their pro-rata portion ($645). | |
The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. | |
Liquidity | ' |
Liquidity | |
The Company has incurred net losses of approximately $6,317, $9,688 and $7,617 for 2013, 2012 and 2011, respectively. 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. 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 will be sufficient to support the Company’s operations through January 1, 2015. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for inventories (including the allowance for slow moving and obsolete inventory); product warranty reserves; income taxes (including the valuation allowance on certain deferred tax assets); equity-based compensation and future cash flow estimates associated with long-lived assets for purposes of impairment testing. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Foreign Currency | ' |
Foreign Currency | |
The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based upon year end exchange rates, and are included in stockholders’ / members’ equity as a component of other comprehensive (loss) income. Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive (loss) income in the consolidated statement of operations and comprehensive loss. | |
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 63.0%, 72.8% and 70.0% of the consolidated revenue of the Company was derived from transactions outside the United States for 2013, 2012 and 2011, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the Euro and Japanese Yen. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue from the sale of 3D printing machines and micromachinery and 3D printed products and materials is recognized upon transfer of title, generally upon shipment. Revenue from the performance of production or other contract services is generally recognized when either the services are performed or the finished product is shipped. Revenue for all deliverables in a sales arrangement is recognized provided that persuasive evidence of a sales arrangement exists, both title and risk of loss have passed to the customer and collection is reasonably assured. Persuasive evidence of a sales arrangement exists upon execution of a written sales agreement or signed purchase order that constitutes a fixed and legally binding commitment between the Company and its customer. In instances where revenue recognition criteria are not met, amounts are recorded as deferred revenue and customer prepayments in the consolidated balance sheets. | |
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of machines may include materials and/or production or other contract services (including maintenance, installation or training services. The Company identifies all goods and services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on relative fair values. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). In general, revenues are separated between machines, materials and other services. The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Revenue from services are recognized at the time of performance. | |
The Company provides customers with a standard warranty on all machines generally over a period of twelve months from the date of installation at the customer’s site. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the machine. After the initial twelve month warranty period, the Company offers its customers optional maintenance service contracts. Deferred maintenance service revenue is recognized when the maintenance services are performed since the Company has historical evidence that indicates that the costs of performing the services under the contract are not incurred on a straight-line basis. | |
The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of FASB guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. | |
Shipping and handling costs billed to customers for machine sales and sales of materials are included in revenue in the consolidated statement of operations and other comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the consolidated statement of operations and comprehensive loss. | |
The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with machine sales, the Company may, depending upon the circumstances, require certain amounts be prepaid prior to shipment. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. These prepayments are reported as deferred revenue and customer prepayments in the consolidated balance sheets. Production and contract services are billed in accordance with specific contract terms, generally upon performance of the related services. | |
The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2013, 2012 and 2011, revenues and any adjustments related to these contracts were not significant. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2013 and 2012, the allowance for doubtful accounts was approximately $63 and $83, respectively. | |
Inventories | ' |
Inventories | |
The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or market value. Overhead is allocated to work in progress and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical experience and current product demand. These provisions reduce the cost basis of the respective inventory and are recorded as a charge to cost of sales. At December 31, 2013 and 2012, the allowance for slow-moving and obsolete inventories was approximately $750 and $891, respectively. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to twenty-five years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives or (ii) the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets and are generally recorded in cost of sales in the statement of consolidated operations and comprehensive loss. Repairs and maintenance are charged to expense as incurred. | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. The determination of what constitutes an asset group, the associated undiscounted net cash flows, and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss was recorded by the Company during 2013, 2012 or 2011. | |
Product Warranty Reserves | ' |
Product Warranty Reserves | |
Substantially all of the Company’s 3D printing machines and micromachinery are covered by a warranty, generally over a period of twelve months from the date of installation at the customer’s site. A liability is recorded for future warranty costs in the same period in which the related revenue is recognized. The liability is based upon anticipated parts and labor costs using historical experience. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the statement of consolidated operations and comprehensive loss in the period such a determination is made. At December 31, 2013 and 2012, product warranty reserves were approximately $943 and $556, respectively, and were included in accrued expenses and other current liabilities in the consolidated balance sheets. | |
Income Taxes | ' |
Income Taxes | |
Prior to Reorganization, the Company was organized as a limited liability company. Under the provisions of the Internal Revenue Code and similar state provisions, the Company was taxed as a partnership and was not liable for income taxes. Instead, earnings and losses were included in the tax returns of its members. Therefore, for periods prior to Reorganization, the consolidated financial statements do not reflect a provision for U.S. federal or state income taxes. | |
The Company’s subsidiaries in Germany and Japan are taxed as corporations under the taxing regulations of Germany and Japan, respectively. As a result, the consolidated statement of operations and comprehensive loss includes a provision for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that appropriate taxing authority has completed its examination even through the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes in the consolidated statement of operations and comprehensive loss and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |
The Company recognizes deferred tax assets and liabilities for the differences between the financial statement carrying amounts and the tax basis of assets and liabilities in their respective jurisdictions using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. | |
The Company has entered into 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. The Company has elected not to prepare and maintain the documentation required to qualify for hedge accounting treatment and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized as a component of interest expense in the statement of consolidated operations and comprehensive loss. Fair value of the interest rate swaps are reported as accrued expenses and other current liabilities in the consolidated balance sheets. The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. | |
The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. | |
There were no derivative financial instruments held by the Company at December 31, 2013. Derivative financial instruments held by the Company at December 31, 2012 were not significant. | |
Taxes on Revenue Producing Transactions | ' |
Taxes on Revenue Producing Transactions | |
Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the consolidated statement of operations and comprehensive loss. | |
Research and Development | ' |
Research and Development | |
The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. | |
Advertising | ' |
Advertising | |
Advertising costs are charged to expense as incurred, and were not significant for 2013, 2012 or 2011. | |
Defined Contribution Plan | ' |
Defined Contribution Plan | |
The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. The Company makes matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. The Company’s matching contributions to the plan were approximately $92, $90 and $87 in 2013, 2012 and 2011, respectively. | |
Equity-Based Compensation | ' |
Equity-Based Compensation | |
The Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense (net of estimated forfeitures) is recognized ratably over the requisite service period based on the grant date fair value. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes pricing model. The Company recognized total equity-based compensation expense of approximately $711 and $7,735 during 2013 and 2012, respectively. There was no equity-based compensation expense recognized during 2011. | |
Recently Adopted Accounting Guidance | ' |
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_Attrib1
Computation of Net Loss Attributable to ExOne Per Common Share (Tables) | 12 Months Ended | ||||
Dec. 31, 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 for 2013 was as follows: | |||||
Net loss attributable to ExOne | $ | (6,455 | ) | ||
Less: Preferred stock dividends declared | (152 | ) | |||
Net loss available to ExOne common shareholders | $ | (6,607 | ) | ||
Weighted average shares outstanding (basic and diluted) | 12,838,230 | ||||
Net loss attributable to ExOne per common share: | |||||
Basic | $ | (0.51 | ) | ||
Diluted | (0.51 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Raw materials and components | $ | 6,253 | $ | 4,892 | |||||
Work in process | 5,957 | 2,098 | |||||||
Finished goods | 554 | 495 | |||||||
$ | 12,764 | $ | 7,485 | ||||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Value-added tax (VAT) receivable | $ | 1,140 | $ | — | |||||
Prepayments to suppliers | 850 | 559 | |||||||
Deferred offering costs | — | 712 | |||||||
Other | 1,247 | 272 | |||||||
$ | 3,237 | $ | 1,543 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Property and Equipment | ' | ||||||||||||
Property and equipment consist of the following at December 31: | |||||||||||||
2013 | 2012 | Useful Life | |||||||||||
(in years) | |||||||||||||
Land | $ | 5,216 | $ | 778 | — | ||||||||
Buildings and related improvements | 6,377 | 4,941 | 25 | ||||||||||
Machinery and equipment | 11,452 | 9,674 | 7-Mar | ||||||||||
Other | 2,129 | 1,450 | 7-Mar | ||||||||||
25,174 | 16,843 | ||||||||||||
Less: Accumulated depreciation | (5,096 | ) | (5,118 | ) | |||||||||
20,078 | 11,725 | ||||||||||||
Construction-in-progress | 12,694 | 742 | |||||||||||
Property and equipment — net | $ | 32,772 | $ | 12,467 | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt | ' | ||||||||
Long-term debt consists of the following at 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. | $ | 2,209 | $ | 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 | |||||||
2,209 | 7,697 | ||||||||
Less: Current portion of long-term debt | 127 | 2,028 | |||||||
$ | 2,082 | $ | 5,669 | ||||||
Future Maturities of Long-Term Debt | ' | ||||||||
Future maturities of long-term debt at December 31, 2013, are approximately as follows: | |||||||||
2014 | $ | 127 | |||||||
2015 | 132 | ||||||||
2016 | 138 | ||||||||
2017 | 139 | ||||||||
2018 | 143 | ||||||||
Thereafter | 1,530 | ||||||||
$ | 2,209 |
Capital_and_Financing_Leases_T
Capital and Financing Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Future Maturities of Capital and Financing Leases | ' | ||||
Future maturities of capital and financing leases at December 31, 2013, are approximately as follows: | |||||
2014 | $ | 549 | |||
2015 | 359 | ||||
2016 | 59 | ||||
2017 | 57 | ||||
2018 | — | ||||
Thereafter | — | ||||
$ | 1,024 | ||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and related costs | $ | 1,581 | $ | 1,367 | |||||
Product warranty reserves | 943 | 556 | |||||||
Accrued license fees | 880 | 748 | |||||||
Liability for uncertain tax positions | 768 | 416 | |||||||
Accrued income taxes | — | 457 | |||||||
Other | 1,222 | 892 | |||||||
$ | 5,394 | $ | 4,436 | ||||||
Common_Units_Preferred_Units_P1
Common Units, Preferred Units, Preferred Stock and Common Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 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 December 31, 2013 | 14,387,608 | ||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 for 2013: | |||||||||||||
Equity-based compensation expense recognized: | |||||||||||||
ISOs | $ | 580 | |||||||||||
Restricted stock | 131 | ||||||||||||
Total equity-based compensation expense before income taxes | $ | 711 | |||||||||||
Benefit for income taxes* | — | ||||||||||||
Total equity-based compensation expense net of income taxes | $ | 711 | |||||||||||
* | 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 2013. In the absence of a full valuation allowance, the tax benefit derived from equity-based compensation would be approximately $119 for 2013. | ||||||||||||
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 year ended December 31, 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 | (6,667 | ) | $ | 18 | $ | 11.03 | |||||||
Outstanding at December 31, 2013 | 173,333 | $ | 18 | $ | 11.03 | ||||||||
ISOs exercisable | — | $ | — | $ | — | ||||||||
ISOs expected to vest | 164,852 | $ | 18 | $ | 11.03 | ||||||||
Summary of Activity for Restricted Stock Awards | ' | ||||||||||||
The activity for restricted stock awards for the year ended December 31, 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 December 31, 2013 | 20,000 | $ | 23.26 | ||||||||||
Restricted shares vested | — | $ | — | ||||||||||
Restricted shares expected to vest | 20,000 | $ | 23.26 |
Contingencies_and_Commitments_
Contingencies and Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments of Operating Lease Arrangements | ' | ||||
Future minimum lease payments of operating lease arrangements at December 31, 2013, are approximately as follows: | |||||
2014 | $ | 791 | |||
2015 | 199 | ||||
2016 | 150 | ||||
2017 | 125 | ||||
2018 | 111 | ||||
Thereafter | 1 | ||||
$ | 1,377 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of the Provision for Income Taxes | ' | ||||||||||||
A reconciliation of the provision for income taxes at the U.S. statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. statutory rate (34.0%) | $ | (2,022 | ) | $ | (2,956 | ) | $ | (2,239 | ) | ||||
Unbenefitted limited liability company losses | — | 3,931 | 1,752 | ||||||||||
Taxes on foreign operations | (95 | ) | (164 | ) | (71 | ) | |||||||
Increase in uncertain tax positions | 323 | 146 | 249 | ||||||||||
Net change in valuation allowances | 2,029 | 8 | 1,290 | ||||||||||
Permanent differences and other | 135 | 30 | 50 | ||||||||||
Provision for income taxes | $ | 370 | $ | 995 | $ | 1,031 | |||||||
Effective tax rate | 106.2 | % | 111.5 | % | 115.7 | % | |||||||
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: | |||||||||||||
December 31, | January 1, | December 31, | |||||||||||
2013 | 2013 | 2012 | |||||||||||
(Reorganization) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Accounts receivable | $ | 23 | $ | 31 | $ | — | |||||||
Inventories | 452 | (40 | ) | (434 | ) | ||||||||
Accrued expenses and other current liabilities | 591 | 562 | 143 | ||||||||||
Deferred revenue and customer prepayments | 25 | 1,851 | 1,912 | ||||||||||
Other | (1 | ) | 10 | 250 | |||||||||
Valuation allowance | (1,030 | ) | (2,429 | ) | (2,049 | ) | |||||||
Current deferred tax assets (liabilities) | 60 | (15 | ) | (178 | ) | ||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Net operating loss carryforwards | 2,694 | 431 | 431 | ||||||||||
Tax credit carryforwards | 874 | — | — | ||||||||||
Property and equipment | 820 | 691 | 599 | ||||||||||
Other | (306 | ) | 342 | 567 | |||||||||
Valuation allowance | (4,142 | ) | (1,449 | ) | (1,419 | ) | |||||||
Noncurrent deferred tax assets (liabilities) | (60 | ) | 15 | 178 | |||||||||
Net deferred tax assets (liabilties) | $ | — | $ | — | $ | — | |||||||
Summary of Changes to Valuation Allowances | ' | ||||||||||||
The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance | $ | 3,468 | $ | 3,636 | |||||||||
Increase to allowances* | 2,029 | 8 | |||||||||||
Foreign currency | (325 | ) | (176 | ) | |||||||||
Ending balance | $ | 5,172 | $ | 3,468 | |||||||||
* | The increase to allowances for 2013 includes approximately $410 associated with the allowance recorded against the initial net deferred tax asset resulting from the formation of the The ExOne Company as a corporation, taxable for federal, state, local and foreign income tax purposes on January 1, 2013. | ||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 416 | $ | 264 | $ | 15 | |||||||
Increases related to current year tax positions | 323 | 146 | 249 | ||||||||||
Foreign currency | 29 | 6 | — | ||||||||||
Ending balance | $ | 768 | $ | 416 | $ | 264 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 at December 31: | |||||||||||||||||
Level | 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: | |||||||||||||||||
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 | ' | ||||||||||||||||
The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value at December 31 were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 98,445 | $ | 98,445 | $ | 2,802 | $ | 2,802 | |||||||||
Line of credit | $ | — | $ | — | $ | 528 | $ | 528 | |||||||||
Demand note payable to member | $ | — | $ | — | $ | 8,666 | $ | 8,666 | |||||||||
Current portion of long-term debt | $ | 127 | $ | 127 | $ | 2,028 | $ | 2,028 | |||||||||
Current portion of capital and financing leases | $ | 549 | $ | 549 | $ | 920 | $ | 920 | |||||||||
Long-term debt — net of current portion | $ | 2,082 | $ | 1,666 | $ | 5,669 | $ | 7,880 | |||||||||
Capital and financing leases — net of current portion | $ | 475 | $ | 475 | $ | 1,949 | $ | 1,949 |
Segment_Product_and_Geographic1
Segment, Product and Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Revenue by Product | ' | ||||||||||||
Revenue by product for the year ended December 31 was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
3D printing machines and micromachinery | $ | 24,851 | $ | 15,668 | $ | 5,406 | |||||||
3D printed products, materials and other services | 14,629 | 12,989 | 9,884 | ||||||||||
$ | 39,480 | $ | 28,657 | $ | 15,290 | ||||||||
Geographic Information for Revenue | ' | ||||||||||||
Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 14,596 | $ | 7,802 | $ | 4,587 | |||||||
Germany | 14,744 | 13,956 | 5,678 | ||||||||||
Japan | 10,140 | 6,899 | 5,025 | ||||||||||
$ | 39,480 | $ | 28,657 | $ | 15,290 | ||||||||
Geographic Information for Long-Lived Assets | ' | ||||||||||||
Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): | |||||||||||||
2013 | 2012 | ||||||||||||
United States | $ | 13,257 | $ | 9,592 | |||||||||
Germany | 18,219 | 2,550 | |||||||||||
Japan | 1,296 | 325 | |||||||||||
$ | 32,772 | $ | 12,467 | ||||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Supplemental Quarterly Financial Information | ' | ||||||||||||||||
Supplemental Quarterly Financial Information (unaudited) | |||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 10,695 | $ | 11,621 | $ | 9,230 | $ | 7,934 | |||||||||
Gross profit | 3,303 | 5,251 | 4,181 | 2,838 | |||||||||||||
Net loss attributable to ExOne | (3,197 | ) | (224 | ) | (1,120 | ) | (1,914 | ) | |||||||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) | |||||
Diluted | (0.22 | ) | (0.02 | ) | (0.08 | ) | (0.20 | ) | |||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Revenue | $ | 12,744 | $ | 8,515 | $ | 4,676 | $ | 2,722 | |||||||||
Gross profit | 6,248 | 3,556 | 1,523 | 816 | |||||||||||||
Net income (loss) attributable to ExOne | 902 | (5,932 | ) | (3,609 | ) | (1,529 | ) | ||||||||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | N/A | ** | N/A | ** | N/A | ** | N/A | ** | |||||||||
Diluted | N/A | ** | N/A | ** | N/A | ** | N/A | ** | |||||||||
* | Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. | ||||||||||||||||
** | Information not comparable as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Sep. 13, 2013 | Sep. 09, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
DerivativeInstrument | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | $91,996,000 | ' | ' | $91,083,000 | ' | ' |
Associated offering costs | ' | ' | ' | ' | ' | ' | 1,625,000 | ' |
Offering costs | 367,000 | ' | ' | ' | ' | ' | 712,000 | ' |
Common stock, secondary public offering commencement | ' | 3,054,400 | ' | ' | ' | ' | ' | ' |
Common stock, new shares sold by Company | ' | 1,106,000 | 1,106,000 | ' | ' | 1,106,000 | ' | ' |
Net proceeds of initial public offering | 65,315,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 1,012,000 | ' | ' | ' | ' | ' | ' | ' |
Portion of sale of share | 645,000 | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | 6,317,000 | 9,688,000 | 7,617,000 |
Unrestricted net proceeds from the sale of its common stock | ' | ' | ' | ' | 157,311,000 | 64,948,000 | ' | ' |
Maturity of liquid instruments when purchased | ' | ' | ' | ' | ' | 'Three months or less | ' | ' |
Allowance for doubtful accounts | ' | ' | ' | ' | ' | 63,000 | 83,000 | ' |
Allowance for slow-moving and obsolete inventories | ' | ' | ' | ' | ' | 750,000 | 891,000 | ' |
Impairment losses | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Standard product warranty period | ' | ' | ' | ' | ' | 'Substantially all of the Company's 3D printing machines are covered by a warranty, generally over a period of twelve months from the date of installation at the customer's site. | ' | ' |
Product warranty reserves | ' | ' | ' | ' | ' | 943,000 | 556,000 | ' |
Tax benefits recognized upon settlement | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Number of derivative financial instruments | ' | ' | ' | ' | ' | 0 | ' | ' |
Advertising costs | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Percentage of contributions matched | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage of matching contributions | ' | ' | ' | ' | ' | 8.00% | ' | ' |
Contributions made to defined contribution savings plan | ' | ' | ' | ' | ' | 92,000 | 90,000 | 87,000 |
Equity-based contribution | ' | ' | ' | ' | ' | 711,000 | 7,735,000 | ' |
Impact on the consolidated financial statements | ' | ' | ' | ' | ' | $0 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term till payment is required from date of shipment | ' | ' | ' | ' | ' | '30 days | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term till payment is required from date of shipment | ' | ' | ' | ' | ' | '60 days | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | '25 years | ' | ' |
Sales Revenue, Net [Member] | Outside of United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue derived outside the United States | ' | ' | ' | ' | ' | 63.00% | 72.80% | 70.00% |
Computation_of_Net_Loss_Attrib2
Computation of Net Loss Attributable to ExOne Per Common Share - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | |||||
Sep. 09, 2013 | Feb. 12, 2013 | Dec. 31, 2013 | Sep. 13, 2013 | Feb. 06, 2013 | Jan. 02, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Conversion for common shares | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred shares into common shares | ' | ' | ' | ' | ' | ' | ' |
Common shares issuance with initial public offering | ' | ' | 14,387,608 | 14,387,608 | ' | 5,483,333 | 14,387,608 |
Common shares issuance with Secondary public offering | 1,106,000 | 1,106,000 | 1,106,000 | ' | ' | ' | ' |
Computation_of_Net_Loss_Attrib3
Computation of Net Loss Attributable to Exone Per Common Unit - Computation of Basic and Diluted Net Loss Attributable to Exone Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net loss attributable to ExOne | ($3,197) | ($224) | ($1,120) | ($1,914) | $902 | ($5,932) | ($3,609) | ($1,529) | ($6,455) | ($10,168) | ($8,037) | ||
Less: Preferred stock dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | -152 | -1,437 | ' | ||
Net loss available to ExOne common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($6,607) | ' | ' | ||
Weighted average shares outstanding (basic and diluted) | ' | ' | ' | ' | ' | ' | ' | ' | 12,838,230 | ' | ' | ||
Net loss attributable to ExOne per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ' | ' | ' | ' | ($0.51) | ' | [1] | ' | [1] |
Diluted | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ' | ' | ' | ' | ($0.51) | ' | [1] | ' | [1] |
[1] | Information not comparable for 2012 and 2011 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 $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents balances | ($98,445) | ($2,802) | ($3,496) | ($1,021) |
Payments to acquire assets, including property and equipment | 19,311 | 1,858 | 1,080 | ' |
Repayment of outstanding debt | 4,700 | ' | ' | ' |
Return of capital | 1,400 | ' | ' | ' |
Property plant and equipment, Carrying value | 5,400 | ' | ' | ' |
Reduction to equity through noncontrolling interest | 2,724 | ' | ' | ' |
VIE [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents balances | -227 | ' | ' | ' |
Troy Metal Fabricating, LLC [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Payments to acquire assets, including property and equipment | 1,900 | ' | ' | ' |
Lone Star Metal Fabrication, LLC [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Payments to acquire assets, including property and equipment | $200 | ' | ' | ' |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and components | $6,253 | $4,892 |
Work in process | 5,957 | 2,098 |
Finished goods | 554 | 495 |
Inventories | $12,764 | $7,485 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Allowance for slow-moving and obsolete inventories | $750 | $891 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' |
Value-added tax (VAT) receivable | $1,140 | ' | ' |
Prepayments to suppliers | 850 | ' | 559 |
Deferred offering costs | ' | 367 | 712 |
Other | 1,247 | ' | 272 |
Prepaid expenses and other current assets | $3,237 | ' | $1,543 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | $25,174 | $16,843 |
Less: Accumulated depreciation | -5,096 | -5,118 |
Property and equipment, excluding construction-in-progress | 20,078 | 11,725 |
Construction-in-progress | 12,694 | 742 |
Property and equipment - net | 32,772 | 12,467 |
Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '3 years | ' |
Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '25 years | ' |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | 5,216 | 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 | 6,377 | 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 | 11,452 | 9,674 |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '3 years | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '7 years | ' |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross property and equipment before accumulated depreciation | $2,129 | $1,450 |
Other [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '3 years | ' |
Other [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life | '7 years | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Construction Services [Member] | Construction Services [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Machinery and equipment | ' | ' | ' | ' | ' | $1,282 | $1,160 |
Depreciation expense | 2,372 | 1,683 | 1,170 | ' | ' | ' | ' |
Property and equipment, net | ' | 5,567 | ' | ' | ' | ' | ' |
Cost for construction | ' | ' | ' | 21,500 | 15,615 | ' | ' |
Capitalized costs | $12,694 | $742 | ' | $10,313 | € 7,491 | ' | ' |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | EUR (€) | Security Agreement [Member] | Security Agreement [Member] | Security Agreement [Member] | Security Agreement [Member] | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Overdraft [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit and security agreement amount | $1,790 | € 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash available for short-term borrowings or cash advances (overdrafts) | 688 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 1.75% | ' | ' | ' | 2.59% | 2.59% | ' | ' | 6.20% |
Credit facility, outstanding amount | ' | ' | ' | ' | 982 | 713 | 757 | 573 | 0 | 0 | 528 | 400 | ' |
Charge for unused amounts | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [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 | ' |
Description on 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. | ' |
Repayment of line of credit | $9,885 | ' | ' |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long term debt | $2,209 | $7,697 |
Less: Current portion of long-term debt | 127 | 2,028 |
Non-current portion | 2,082 | 5,669 |
Ex One [Member] | Building Note Payable to Bank through May 2027 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | 2,209 | 2,334 |
Ex One [Member] | Building Note Payable to Unrelated Entity through June 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | ' | 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 | ' | 727 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through December 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | ' | 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 | ' | 1,056 |
Troy Metal Fabricating, LLC [Member] | Equipment Line of Credit to Bank Converted to Term Debt in January 2012 through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable | ' | 886 |
Troy Metal Fabricating, LLC [Member] | Building Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | ' | 760 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through January 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | ' | 228 |
Troy Metal Fabricating, LLC [Member] | Equipment Note Payable to Bank through April 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable to a bank | ' | $213 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Ex One [Member] | Building Note Payable to Bank through May 2027 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable monthly payments | 18 | ' |
Building note payable to a bank, with monthly payments variable interest rate description | 'the monthly average yield on U.S. Treasury Securities | ' |
Building note payable to a bank, with monthly payments basis spread | 3.25% | ' |
Building note payable to a bank, with monthly payments interest rate | 4.00% | ' |
Notes payable maturity | 'May 2017 | ' |
Notes payable maturity | 'May 2027 | ' |
Ex One [Member] | Building Note Payable to Unrelated Entity through June 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments interest rate | 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 payments interest rate | 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 variable interest rate description | 'one-month BBA LIBOR | ' |
Building note payable to a bank, with monthly payments basis spread | 3.00% | ' |
Building note payable to a bank, with monthly payments effective interest rate 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 payments interest rate | 4.83% | ' |
Notes payable maturity | 'December 2016 | ' |
Troy Metal Fabricating, LLC [Member] | Equipment Line of Credit to Bank Converted to Term Debt in January 2012 through December 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Building note payable to a bank, with monthly payments variable interest rate description | 'one-month BBA LIBOR | ' |
Building note payable to a bank, with monthly payments basis spread | 2.75% | ' |
Building note payable to a bank, with monthly payments effective interest rate 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 variable interest rate description | 'one-month BBA LIBOR | ' |
Building note payable to a bank, with monthly payments basis spread | 2.45% | ' |
Building note payable to a bank, with monthly payments effective interest rate 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 variable interest rate description | 'one-month BBA LIBOR | ' |
Building note payable to a bank, with monthly payments basis spread | 2.75% | ' |
Building note payable to a bank, with monthly payments effective interest rate 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 variable interest rate description | 'one-month BBA LIBOR | ' |
Building note payable to a bank, with monthly payments basis spread | 2.75% | ' |
Building note payable to a bank, with monthly payments effective interest rate percentage | ' | 2.96% |
Notes payable maturity | 'April 2013 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 14, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Lone Star Metal Fabrication, LLC [Member] | Lone Star Metal Fabrication, LLC [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt instrument redemption description | ' | 'On February 14, 2013, the Company repaid $300 to retire its building note payable to an unrelated entity. | ' | ' | ' |
Payment on note payable | $300 | ' | ' | ' | ' |
Prepayment penalties charges | 0 | ' | 0 | ' | ' |
Debt instrument description | ' | ' | ' | 'On March 27, 2013, in connection with the acquisition of certain net assets of the Lone Star and TMF VIEs, the Company assumed and repaid all amounts outstanding on Lone Star and TMF debt (approximately $4,700). | ' |
Repayment of outstanding debt on Lone Star and TMF | ' | 4,700 | 4,700 | ' | ' |
Fair value of interest rate swaps liability | ' | ' | ' | ' | $13 |
LongTerm_Debt_Future_Maturitie
Long-Term Debt - Future Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $127 | ' |
2015 | 132 | ' |
2016 | 138 | ' |
2017 | 139 | ' |
2018 | 143 | ' |
Thereafter | 1,530 | ' |
Long term debt | $2,209 | $7,697 |
Capital_and_Financing_Leases_A
Capital and Financing Leases - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 14, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | July 2012 [Member] | July 2012 [Member] | January 2013 [Member] | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | |
Related Party [Member] | Related Party [Member] | USD ($) | 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 | '3 years | '3 years | ' | ' |
Interest rate | ' | ' | ' | ' | 4.40% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | ' | ' |
Present value of future minimum lease payments | ' | ' | ' | ' | 226 | 468 | 340 | 853 | 646 | 330 | 239 | 553 | 418 |
Proceeds from sale-leaseback transaction | ' | ' | ' | 1,553 | ' | 974 | 737 | ' | ' | 985 | 739 | ' | ' |
Repayment start date | ' | ' | ' | ' | ' | '2013-01 | '2013-01 | ' | ' | '2012-04 | '2012-04 | ' | ' |
Cash payment for settlement of financing lease | ' | 4,700 | 1,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties charges | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_and_Financing_Leases_F
Capital and Financing Leases - Future Maturities of Capital and Financing Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $549 |
2015 | 359 |
2016 | 59 |
2017 | 57 |
2018 | ' |
Thereafter | ' |
Future maturities of financing leases, total | $1,024 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued payroll and related costs | $1,581 | $1,367 |
Product warranty reserves | 943 | 556 |
Accrued license fees | 880 | 748 |
Liability for uncertain tax positions | 768 | 416 |
Accrued income taxes | ' | 457 |
Other | 1,222 | 892 |
Accrued expenses and other current liabilities | $5,394 | $4,436 |
Common_Units_Preferred_Units_P2
Common Units, Preferred Units, Preferred Stock and Common Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Feb. 12, 2013 | Jan. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 13, 2013 | Jan. 02, 2013 | Dec. 30, 2011 |
Ratio | Redeemable Preferred Units [Member] | |||||||
Other Ownership Interests [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' |
Common units outstanding | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' |
Number of common stock shares exchanged with common units of former liability | ' | 5,800,000 | ' | ' | ' | ' | ' | ' |
Debt conversion agreement | ' | ' | ' | ' | ' | ' | ' | $18,984 |
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 sold 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, shares outstanding | ' | ' | ' | 0 | ' | ' | ' | ' |
Preferred stock, authorized | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 200,000,000 | 200,000,000 | 200,000,000 | ' | ' |
Common stock, par value | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' |
Common stock, shares issued | ' | ' | ' | 14,387,608 | 14,387,608 | 14,387,608 | 5,483,333 | ' |
Common stock, shares outstanding | ' | ' | ' | 14,387,608 | 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) | 0 Months Ended | 12 Months Ended | ||||
Sep. 09, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 13, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 14,387,608 | 14,387,608 | 14,387,608 |
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 | 5,483,333 | ' | ' |
Secondary public offering of common stock in The ExOne Company | 1,106,000 | 1,106,000 | ' | 1,106,000 | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jan. 24, 2013 | 31-May-12 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 13, 2013 | Dec. 31, 2013 | Jan. 24, 2013 | Dec. 31, 2013 | Mar. 11, 2013 | Jan. 24, 2013 | Dec. 31, 2013 | Jan. 24, 2013 |
Executives | Common Units [Member] | ISOs [Member] | ISOs [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [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 |
Closing price of shares on the date of grant | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | $18 | ' | $28.51 | $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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,332 | ' | ' | $334 | ' |
Weighted-average remaining vesting period | ' | ' | ' | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 1 month 6 days | ' | ' | ' | ' |
Sale of common unit | ' | 300,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit price per unit | ' | 1.25 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of common stock per unit | ' | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized compensation expenses | ' | ' | ' | $711 | $7,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of executives, additional common units sold | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Equity-based compensation expense recognized: | ' |
Total equity-based compensation expense before income taxes | $711 |
Total equity-based compensation expense net of income taxes | 711 |
ISOs [Member] | ' |
Equity-based compensation expense recognized: | ' |
Total equity-based compensation expense before income taxes | 580 |
Restricted Stock [Member] | ' |
Equity-based compensation expense recognized: | ' |
Total equity-based compensation expense before income taxes | $131 |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs and Restricted Stock Awards (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Valuation Allowance [Member] | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' |
Benefit for income taxes from equity-based compensation | $0 |
Without Valuation Allowance [Member] | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' |
Benefit for income taxes from equity-based compensation | $119 |
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 $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of ISOs, outstanding, Beginning Balance | ' |
Number of ISOs, granted | 180,000 |
Number of ISOs, forfeited | -6,667 |
Number of ISOs, outstanding, Ending Balance | 173,333 |
Number of ISOs, exercisable | ' |
Number of ISOs, expected to vest | 164,852 |
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 $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
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 $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 22, 2013 | Dec. 31, 2013 | Jan. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | License Agreement Terms [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | |||||||
Amended [Member] | |||||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License fee expenses | $218 | $57 | $682 | $0 | $159 | $595 | ' | ' | ' | ' | ' |
Accrued license fees | ' | ' | ' | 880 | 1,015 | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 5,394 | 4,436 | ' | 680 | 748 | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | 384 | 491 | ' | 200 | 267 | ' | ' | ' | ' | ' | ' |
Patent license agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | '2021 |
Terms of the MIT Agreement remain in force | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' |
Increase in the annual license maintenance fees due December 31, 2013 through December 31, 2016 | ' | ' | ' | ' | ' | ' | 50 | ' | 100 | ' | ' |
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 | ' | ' | ' | $16 | $50 | $11 | ' | ' | ' | ' | ' |
Contingencies_and_Commitments_1
Contingencies and Commitments - Future Minimum Lease Payments of Operating Lease Arrangements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $791 |
2015 | 199 |
2016 | 150 |
2017 | 125 |
2018 | 111 |
Thereafter | 1 |
Operating Leases, Future Minimum Payments Due, Total | $1,377 |
Contingencies_and_Commitments_2
Contingencies and Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $1,072 | $984 | $1,057 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Deferred tax assets, net | ' | $410 | ' |
Percentage of valuation allowance of initial net deferred tax asset | 100.00% | ' | ' |
Provision for income taxes | 370 | 995 | 1,031 |
U.S. statutory rate | 34.00% | 34.00% | 34.00% |
Liability for uncertain tax positions | 768 | 416 | ' |
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 | ' | ' |
Maximum [Member] | Germany [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Tax year subject to examination | '2013 | ' | ' |
Maximum [Member] | Japan [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Tax year subject to examination | '2013 | ' | ' |
Japanese Subsidiary [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 2,142 | ' | ' |
Liability for uncertain tax positions | 93 | 94 | ' |
Japanese Subsidiary [Member] | Minimum [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Expiration period of net operating loss carryforwards | '2014 | ' | ' |
Japanese Subsidiary [Member] | Maximum [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Expiration period of net operating loss carryforwards | '2020 | ' | ' |
United States Subsidiary [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 4,897 | ' | ' |
Expiration period of net operating loss carryforwards | '2033 | ' | ' |
Tax credit carryforwards | 874 | ' | ' |
Expiration period of tax credit carryforwards | '2023 | ' | ' |
German Property Subsidiary [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 135 | ' | ' |
ExOne GmbH [Member] | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' |
Provision for income taxes | $370 | $995 | $1,031 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. statutory rate (34.0%) | ($2,022) | ($2,956) | ($2,239) |
Unbenefitted limited liability company losses | ' | 3,931 | 1,752 |
Taxes on foreign operations | -95 | -164 | -71 |
Increase in uncertain tax positions | 323 | 146 | 249 |
Net change in valuation allowances | 2,029 | 8 | 1,290 |
Permanent differences and other | 135 | 30 | 50 |
Provision for income taxes and effective tax rate | $370 | $995 | $1,031 |
Effective tax rate | 106.20% | 111.50% | 115.70% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. statutory rate | 34.00% | 34.00% | 34.00% |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 |
In Thousands, unless otherwise specified | Reorganization [Member] | ||
Current deferred tax assets (liabilities): | ' | ' | ' |
Accounts receivable | $23 | ' | $31 |
Inventories | 452 | -434 | -40 |
Accrued expenses and other current liabilities | 591 | 143 | 562 |
Deferred revenue and customer prepayments | 25 | 1,912 | 1,851 |
Other | -1 | 250 | 10 |
Valuation allowance | -1,030 | -2,049 | -2,429 |
Current deferred tax assets (liabilities) | 60 | -178 | -15 |
Noncurrent deferred tax assets (liabilities): | ' | ' | ' |
Net operating loss carryforwards | 2,694 | 431 | 431 |
Tax credit carryforwards | 874 | ' | ' |
Property and equipment | 820 | 599 | 691 |
Other | -306 | 567 | 342 |
Valuation allowance | -4,142 | -1,419 | -1,449 |
Noncurrent deferred tax assets (liabilities) | -60 | 178 | 15 |
Net deferred tax assets (liabilities) | ' | ' | ' |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes to Valuation Allowances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning balance | $3,468 | $3,636 |
Increase to allowances | 2,029 | 8 |
Foreign currency | -325 | -176 |
Ending balance | $5,172 | $3,468 |
Income_Taxes_Summary_of_Change1
Income Taxes - Summary of Changes to Valuation Allowances (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Increase to allowances | $410 |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $416 | $264 | $15 |
Increases related to current year tax positions | 323 | 146 | 249 |
Foreign currency | 29 | 6 | ' |
Ending balance | $768 | $416 | $264 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Liabilities Measured on Recurring Basis (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [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 (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $98,445 | $2,802 | $3,496 | $1,021 |
Line of credit | ' | 528 | ' | ' |
Demand note payable to member | ' | 8,666 | ' | ' |
Current portion of long-term debt | 127 | 2,028 | ' | ' |
Current portion of capital and financing leases | 549 | 920 | ' | ' |
Long-term debt-net of current portion | 2,082 | 5,669 | ' | ' |
Capital and financing leases-net of current portion | 475 | 1,949 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 98,445 | 2,802 | ' | ' |
Line of credit | ' | 528 | ' | ' |
Demand note payable to member | ' | 8,666 | ' | ' |
Current portion of long-term debt | 127 | 2,028 | ' | ' |
Current portion of capital and financing leases | 549 | 920 | ' | ' |
Long-term debt-net of current portion | 2,082 | 5,669 | ' | ' |
Capital and financing leases-net of current portion | 475 | 1,949 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 98,445 | 2,802 | ' | ' |
Line of credit | ' | 528 | ' | ' |
Demand note payable to member | ' | 8,666 | ' | ' |
Current portion of long-term debt | 127 | 2,028 | ' | ' |
Current portion of capital and financing leases | 549 | 920 | ' | ' |
Long-term debt-net of current portion | 1,666 | 7,880 | ' | ' |
Capital and financing leases-net of current portion | $475 | $1,949 | ' | ' |
Segment_Product_and_Geographic2
Segment, Product and Geographic Information - Revenue By Product (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $10,695 | $11,621 | $9,230 | $7,934 | $12,744 | $8,515 | $4,676 | $2,722 | $39,480 | $28,657 | $15,290 |
Printing Machines and Micromachinery [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 24,851 | 15,668 | 5,406 |
Printed Products Materials and Other Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $14,629 | $12,989 | $9,884 |
Segment_Product_and_Geographic3
Segment, Product and Geographic Information - Additional Information (Detail) (Five Most Significant Customers [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Customer | Customer | Customer | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Accounts receivable from significant customers | 5,912 | 1,671 | ' |
Sales Revenue, Net [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Number of customers | 5 | 5 | 5 |
Revenue concentration, by largest customer | 25.50% | 31.70% | 40.90% |
Segment_Product_and_Geographic4
Segment, Product and Geographic Information - Geographic Information for Revenue (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $10,695 | $11,621 | $9,230 | $7,934 | $12,744 | $8,515 | $4,676 | $2,722 | $39,480 | $28,657 | $15,290 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,596 | 7,802 | 4,587 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,744 | 13,956 | 5,678 |
Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $10,140 | $6,899 | $5,025 |
Segment_Product_and_Geographic5
Segment, Product and Geographic Information - Geographic Information for Long-Lived Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $32,772 | $12,467 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 13,257 | 9,592 |
Germany [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | 18,219 | 2,550 |
Japan [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived assets | $1,296 | $325 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Revenue from services to related entities | ' | $133 | $281 | $210 |
Payments for services received from related parties | ' | 185 | 149 | 23 |
Total associated offering costs | 1,012 | ' | ' | ' |
Secondary public offering costs reimbursable from selling stockholders | $645 | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2012 | Mar. 20, 2014 | Jan. 02, 2014 | Mar. 06, 2014 | Mar. 03, 2014 | Mar. 20, 2014 | Jan. 02, 2014 | Mar. 20, 2014 |
In Thousands, except Share data, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Stock Bonus Awards [Member] | |||
Executive Officer [Member] | Executive Officer [Member] | Subsequent Event [Member] | ||||||||
Board of Directors [Member] | ||||||||||
Number of Shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ' | ' | ' | ' | 5,000 | 7,500 | 5,000 |
Number of executives | ' | ' | ' | 1 | 3 | ' | ' | ' | ' | ' |
Awards vest increment | ' | ' | ' | ' | ' | ' | ' | 'The restricted stock award to the executive of the Company vests in one-third increments on the first, second and third anniversaries of the grant date, respectively. | 'These awards vest in one-third increments on the first, second and third anniversaries of the grant date. | 'The stock bonus awards granted to the Board of Directors vest immediately upon issuance |
Number of Shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ' | ' | ' | ' | 5,000 | 7,500 | 5,000 |
Aggregate amount for purchase | ' | ' | ' | ' | ' | $4,800 | $5,000 | ' | ' | ' |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Information -Summary of Supplemental Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | $10,695 | $11,621 | $9,230 | $7,934 | $12,744 | $8,515 | $4,676 | $2,722 | $39,480 | $28,657 | $15,290 | ||
Gross profit | 3,303 | 5,251 | 4,181 | 2,838 | 6,248 | 3,556 | 1,523 | 816 | 15,573 | 12,143 | 3,643 | ||
Net income (loss) attributable to ExOne | ($3,197) | ($224) | ($1,120) | ($1,914) | $902 | ($5,932) | ($3,609) | ($1,529) | ($6,455) | ($10,168) | ($8,037) | ||
Net loss attributable to ExOne per common share*: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ' | ' | ' | ' | ($0.51) | ' | [1] | ' | [1] |
Diluted | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ' | ' | ' | ' | ($0.51) | ' | [1] | ' | [1] |
[1] | Information not comparable for 2012 and 2011 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |