Note 18 - Segment Reporting

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 18 – Segment Reporting

The Company’s reportable segments are based on the internal reporting used by the Company’s CEO, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Company’s reportable segments are based upon geographic region, consisting of the United States and Europe. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs that are global in nature and that the Company does not allocate directly to its operating segments.

Revenue in the United States is derived from Injection Molding, CNC Machining, 3D Printing and Sheet Metal product lines. Revenue in Europe is derived from Injection Molding, CNC Machining, and 3D Printing product lines. Revenue in Japan is derived from Injection Molding and CNC Machining product lines. Injection Molding revenue consists of sales of custom injection molds and injection-molded parts. CNC Machining revenue consists of sales of CNC-machined and lathe-turned customer parts. 3D Printing revenue consists of sales of 3D-printed parts. Sheet Metal revenue consists of sales of fabricated sheet metal parts.

The accounting policies of the reportable segments are the same as those described in Note 2 – Summary of Significant Accounting Policies. Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between (loss) income from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments.

Revenue and income from operations by reportable segment are as follows:

	Year Ended December 31,
(in thousands)	2022		2021		2020
Revenue:
United States	$	387,399	$	384,458	$	345,708
Europe		92,770		90,399		74,796
Japan		8,229		13,241		13,891
Total revenue	$	488,398	$	488,098	$	434,395

	Year Ended December 31,
(in thousands)	2022			2021			2020
(Loss) Income from Operations:
United States	$	93,176		$	98,001		$	98,762
Europe		(130,386	)		730			11,707
Corporate Unallocated and Japan		(60,773	)		(58,389	)		(50,633	)
Total (loss) income from operations	$	(97,983	)	$	40,342		$	59,836

Total long-lived assets, expenditures for additions to long-lived assets and depreciation and amortization expense are as follows:

	December 31,		December 31,		December 31,
(in thousands)	2022		2021		2020
Long-lived assets:
United States	$	203,816	$	215,701	$	215,721
Europe		53,835		59,388		59,388
Japan		134		5,257		7,557
Total long-lived assets	$	257,785	$	280,346	$	282,666

	Year Ended December 31,
(in thousands)	2022		2021		2020
Expenditures for additions to long-lived assets:
United States	$	17,538	$	26,698	$	29,984
Europe		4,137		7,378		16,574
Japan		11		133		452
Total expenditures for additions to long-lived assets	$	21,686	$	34,209	$	47,010

	Year Ended December 31,
(in thousands)	2022		2021		2020
Depreciation and Amortization:
United States	$	31,666	$	31,642	$	25,744
Europe		6,770		7,101		5,024
Japan		989		1,745		1,826
Total depreciation and amortization	$	39,425	$	40,488	$	32,594