(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ___________ to ___________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
þ | Accelerated filer | o | ||||||||||||
Non-accelerated filer | o | |||||||||||||
Smaller reporting company | Emerging growth company |
Item | Description | Page | ||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term marketable securities | |||||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Inventory | |||||||||||
Income taxes receivable | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Long-term marketable securities | |||||||||||
Operating lease assets | |||||||||||
Finance lease assets | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation | |||||||||||
Accrued liabilities and other | |||||||||||
Current operating lease liabilities | |||||||||||
Current finance lease liabilities | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term operating lease liabilities | |||||||||||
Long-term finance lease liabilities | |||||||||||
Long-term deferred tax liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Statements of Operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Marketing and sales | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Closure of Japan business | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other (loss) income, net | ( | ( | ( | ||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Net (loss) income per share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
Shares used to compute net (loss) income per share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Comprehensive Income (Loss) (net of tax) | |||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | ( | ||||||||||||||||||||||||||||||||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | - | ( | - | - | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | |||||||||||||||||||||||||||||||
Repurchases of common stock and other | ( | ( | ( | ( | - | ( | |||||||||||||||||||||||||||||
Net income | - | - | - | - | |||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) on investments in securities | - | - | - | - | |||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | - | - | - | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | |||||||||||||||||||||||||||||||
Repurchases of common stock and other | ( | - | ( | ( | - | ( | |||||||||||||||||||||||||||||
Net loss | - | - | - | ( | - | ( | |||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | |||||||||||||||||||||||||||||||
Net unrealized gains (losses) on investments in securities | - | - | - | - | |||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | ( | ||||||||||||||||||||||||||||||||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | - | ( | - | - | ( | ||||||||||||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | |||||||||||||||||||||||||||||||
Repurchases of common stock | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Net income | - | - | - | - | |||||||||||||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | ( | ( | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on investments in securities | - | - | - | - | ( | ( | |||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common shares issued on exercise of options and other, net of shares withheld for tax obligations | - | - | - | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | |||||||||||||||||||||||||||||||
Repurchases of common stock | ( | - | ( | ( | - | ( | |||||||||||||||||||||||||||||
Net income | - | - | - | ||||||||||||||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | ( | ( | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on investments in securities | - | - | - | - | ( | ( | |||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred taxes | ( | ( | |||||||||
Interest on finance lease obligations | |||||||||||
Loss on foreign currency translation | |||||||||||
Impairments related to closure of Japan business | |||||||||||
Gain on disposal of property and equipment | ( | ||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other | ( | ||||||||||
Income taxes | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities and other | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Purchases of property, equipment and other capital assets | ( | ( | |||||||||
Proceeds from sales of property, equipment and other capital assets | |||||||||||
Purchases of marketable securities | ( | ||||||||||
Proceeds from sales of marketable securities | |||||||||||
Proceeds from call redemptions and maturities of marketable securities | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing activities | |||||||||||
Proceeds from exercises of stock options | |||||||||||
Purchases of shares withheld for tax obligations | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Principal repayments of finance lease obligations | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Basic - weighted-average shares outstanding: | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Employee stock options and other1 | |||||||||||||||||||||||
Diluted - weighted-average shares outstanding: | |||||||||||||||||||||||
Net (loss) income per share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
1 For the three months ended June 30, 2023, |
June 30, 2023 | December 31, 2022 | Useful Life (in years) | Weighted Average Useful Life Remaining (in years) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketing assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Non-compete agreement | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Software technology | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Software platform | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Tradenames | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Estimated Amortization Expense | ||||
Remaining 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total estimated amortization expense | $ | ||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Money market mutual fund | |||||||||||||||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
(in thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. municipal securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||
Certificates of deposit/time deposits | ( | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. municipal securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||
Certificates of deposit/time deposits | ( | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
(in thousands) | June 30, 2023 | ||||
Due in one year or less | $ | ||||
Due after one year through five years | |||||
Total marketable securities | $ | ||||
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Total inventory | $ | $ | |||||||||
Allowance for obsolescence | ( | ( | |||||||||
Inventory, net of allowance | $ | $ | |||||||||
Stock Options | Weighted- Average Exercise Price | ||||||||||
Options outstanding at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Exercised | |||||||||||
Forfeited | ( | ||||||||||
Expired | ( | ||||||||||
Options outstanding at June 30, 2023 | $ | ||||||||||
Exercisable at June 30, 2023 | $ | ||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Risk-free interest rate | |||||||||||
Expected life (years) | |||||||||||
Expected volatility | |||||||||||
Expected dividend yield | |||||||||||
Restricted Stock | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Restricted stock at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Restrictions lapsed | ( | ||||||||||
Forfeited | ( | ||||||||||
Restricted stock at June 30, 2023 | $ | ||||||||||
Performance Stock | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
Performance stock at December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Restrictions lapsed | |||||||||||
Performance change | |||||||||||
Forfeited | |||||||||||
Performance stock at June 30, 2023 | $ | ||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Risk-free interest rate | |||||||||||
Expected life (years) | |||||||||||
Expected volatility | |||||||||||
Expected dividend yield | |||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Risk-free interest rate | |||||||||||
Expected life (months) | |||||||||||
Expected volatility | |||||||||||
Expected dividend yield | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Net unrealized gains (losses) on investments in securities | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Japan | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income (Loss) from Operations: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Europe | ( | ( | ( | ( | |||||||||||||||||||
Corporate Unallocated and Japan | ( | ( | ( | ( | |||||||||||||||||||
Total Income from Operations | $ | $ | $ | $ | |||||||||||||||||||
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Total long-lived assets: | |||||||||||
United States | $ | $ | |||||||||
Europe | |||||||||||
Japan | |||||||||||
Total Long-lived Assets | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Injection Molding | $ | $ | $ | $ | |||||||||||||||||||
CNC Machining | |||||||||||||||||||||||
3D Printing | |||||||||||||||||||||||
Sheet Metal | |||||||||||||||||||||||
Other Revenue | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ | % | 2023 | 2022 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 122,265 | 100.0 | $ | 126,902 | 100.0 | $ | (4,637) | (3.7) | $ | 248,124 | 100.0 | $ | 251,070 | 100.0 | $ | (2,946) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | 69,142 | 56.6 | 69,480 | 54.8 | (338) | (0.5) | 141,225 | 56.9 | 137,844 | 54.9 | 3,381 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 53,123 | 43.4 | 57,422 | 45.2 | (4,299) | (7.5) | 106,899 | 43.1 | 113,226 | 45.1 | (6,327) | (5.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and sales | 21,730 | 17.8 | 21,055 | 16.6 | 675 | 3.2 | 44,181 | 17.8 | 41,641 | 16.6 | 2,540 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 9,865 | 8.1 | 9,450 | 7.4 | 415 | 4.4 | 20,542 | 8.3 | 20,007 | 8.0 | 535 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 15,822 | 12.9 | 16,522 | 13.0 | (700) | (4.2) | 32,655 | 13.2 | 33,293 | 13.3 | (638) | (1.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closure of Japan business | 98 | 0.1 | 5,194 | 4.1 | (5,096) | (98.1) | 164 | 0.1 | 5,194 | 2.1 | (5,030) | (96.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 47,515 | 38.9 | 52,221 | 41.2 | (4,706) | (9.0) | 97,542 | 39.3 | 100,135 | 39.9 | (2,593) | (2.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 5,608 | 4.6 | 5,201 | 4.1 | 407 | 7.8 | 9,357 | 3.8 | 13,091 | 5.2 | (3,734) | (28.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (loss) income, net | (3,368) | (2.8) | 1 | — | (3,369) | (336,900.0) | (2,078) | (0.8) | (299) | (0.1) | (1,779) | 595.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 2,240 | 1.8 | 5,202 | 4.1 | (2,962) | (56.9) | 7,279 | 2.9 | 12,792 | 5.1 | (5,513) | (43.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,623 | 2.1 | 2,645 | 2.1 | (22) | (0.8) | 5,003 | 2.0 | 5,140 | 2.0 | (137) | (2.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (383) | (0.3 | %) | $ | 2,557 | 2.0 | % | $ | (2,940) | (115.0) | % | $ | 2,276 | 0.9 | % | $ | 7,652 | 3.0 | % | $ | (5,376) | (70.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Stock options, restricted stock and performance stock | $ | 3,267 | $ | 3,668 | $ | 6,588 | $ | 7,674 | |||||||||||||||
Employee stock purchase plan | 408 | 363 | 782 | 754 | |||||||||||||||||||
Total stock-based compensation expense | $ | 3,675 | $ | 4,031 | $ | 7,370 | $ | 8,428 | |||||||||||||||
Cost of revenue | $ | 461 | $ | 528 | $ | 926 | $ | 1,115 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Marketing and sales | 855 | 813 | 1,548 | 1,550 | |||||||||||||||||||
Research and development | 641 | 471 | 1,213 | 1,100 | |||||||||||||||||||
General and administrative | 1,718 | 2,219 | 3,683 | 4,663 | |||||||||||||||||||
Total stock-based compensation expense | $ | 3,675 | $ | 4,031 | $ | 7,370 | $ | 8,428 | |||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | $ | % of Total Revenue | $ | % of Total Revenue | $ | % | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
United States | $ | 96,321 | 78.8 | % | $ | 100,655 | 79.3 | % | $ | (4,334) | (4.3) | % | |||||||||||||||||||||||
Europe | 25,944 | 21.2 | % | 23,391 | 18.4 | % | 2,553 | 10.9 | |||||||||||||||||||||||||||
Japan | - | — | % | 2,856 | 2.3 | % | (2,856) | (100.0) | |||||||||||||||||||||||||||
Total revenue | $ | 122,265 | 100.0 | % | $ | 126,902 | 100.0 | % | $ | (4,637) | (3.7 | %) | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | $ | % of Total Revenue | $ | % of Total Revenue | $ | % | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Injection Molding | $ | 48,819 | 39.9 | % | $ | 53,355 | 42.0 | % | $ | (4,536) | (8.5) | % | |||||||||||||||||||||||
CNC Machining | 48,297 | 39.5 | 48,222 | 38.0 | 75 | 0.2 | |||||||||||||||||||||||||||||
3D Printing | 21,005 | 17.2 | 19,963 | 15.7 | 1,042 | 5.2 | |||||||||||||||||||||||||||||
Sheet Metal | 3,939 | 3.2 | 5,160 | 4.1 | (1,221) | (23.7) | |||||||||||||||||||||||||||||
Other Revenue | 205 | 0.2 | 202 | 0.2 | 3 | 1.5 | |||||||||||||||||||||||||||||
Total Revenue | $ | 122,265 | 100.0 | % | $ | 126,902 | 100.0 | % | $ | (4,637) | (3.7) | % | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | $ | % of Total Revenue | $ | % of Total Revenue | $ | % | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
United States | $ | 194,067 | 78.2 | % | $ | 196,151 | 78.1 | % | $ | (2,084) | (1.1) | % | |||||||||||||||||||||||
Europe | 54,057 | 21.8 | % | 47,977 | 19.1 | % | 6,080 | 12.7 | |||||||||||||||||||||||||||
Japan | - | — | % | 6,942 | 2.8 | % | (6,942) | (100.0) | |||||||||||||||||||||||||||
Total revenue | $ | 248,124 | 100.0 | % | $ | 251,070 | 100.0 | % | $ | (2,946) | (1.2 | %) | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | $ | % of Total Revenue | $ | % of Total Revenue | $ | % | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Injection Molding | $ | 100,767 | 40.6 | % | $ | 106,753 | 42.5 | % | $ | (5,986) | (5.6) | % | |||||||||||||||||||||||
CNC Machining | 96,401 | 38.9 | 94,320 | 37.6 | 2,081 | 2.2 | |||||||||||||||||||||||||||||
3D Printing | 42,330 | 17.1 | 39,635 | 15.8 | 2,695 | 6.8 | |||||||||||||||||||||||||||||
Sheet Metal | 8,187 | 3.3 | 9,847 | 3.9 | (1,660) | (16.9) | |||||||||||||||||||||||||||||
Other Revenue | 439 | 0.1 | 515 | 0.2 | (76) | (14.8) | |||||||||||||||||||||||||||||
Total Revenue | $ | 248,124 | 100.0 | % | $ | 251,070 | 100.0 | % | $ | (2,946) | (1.2) | % | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 31,867 | $ | 31,040 | |||||||
Net cash provided by (used in) investing activities | 7,814 | (36,516) | |||||||||
Net cash used in financing activities | (29,666) | (4,821) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (80) | (966) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 9,935 | $ | (11,263) | |||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) (1) | ||||||||||||||||||||||
April 1, 2023 through April 30, 2023 | — | $ | — | — | $ | 111,176 | ||||||||||||||||||||
May 1, 2023 through May 31, 2023 | 187,068 | $ | 31.70 | 187,068 | $ | 105,246 | ||||||||||||||||||||
June 1, 2023 through June 30, 2023 | 89,450 | $ | 33.62 | 89,450 | $ | 102,239 | ||||||||||||||||||||
276,518 | $ | 32.32 | 276,518 | $ | 102,239 |
Exhibit Number | Description of Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.INS | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Proto Labs, Inc. | ||||||||
Date: August 4, 2023 | /s/ Robert Bodor | |||||||
Robert Bodor | ||||||||
President and Chief Executive Officer (Principal Executive Officer) | ||||||||
Date: August 4, 2023 | /s/ Daniel Schumacher | |||||||
Daniel Schumacher | ||||||||
Chief Financial Officer (Principal Financial Officer) |
Date: August 4, 2023 | By: | /s/ Robert Bodor | ||||||
Robert Bodor | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: August 4, 2023 | By: | /s/ Daniel Schumacher | ||||||
Daniel Schumacher | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: August 4, 2023 | By: | /s/ Robert Bodor | ||||||
Name: | Robert Bodor | |||||||
Title: | President and Chief Executive Officer |
Date: August 4, 2023 | By: | /s/ Daniel Schumacher | ||||||
Name: | Daniel Schumacher | |||||||
Title: | Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit loss, current | $ 2,209 | $ 1,706 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 26,095,434 | 26,888,425 |
Common stock, outstanding (in shares) | 26,095,434 | 26,888,425 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statements of Operations: | ||||
Revenue | $ 122,265 | $ 126,902 | $ 248,124 | $ 251,070 |
Cost of revenue | 69,142 | 69,480 | 141,225 | 137,844 |
Gross profit | 53,123 | 57,422 | 106,899 | 113,226 |
Operating expenses | ||||
Marketing and sales | 21,730 | 21,055 | 44,181 | 41,641 |
Research and development | 9,865 | 9,450 | 20,542 | 20,007 |
General and administrative | 15,822 | 16,522 | 32,655 | 33,293 |
Closure of Japan business | 98 | 5,194 | 164 | 5,194 |
Total operating expenses | 47,515 | 52,221 | 97,542 | 100,135 |
Income from operations | 5,608 | 5,201 | 9,357 | 13,091 |
Other (loss) income, net | (3,368) | 1 | (2,078) | (299) |
Income before income taxes | 2,240 | 5,202 | 7,279 | 12,792 |
Provision for income taxes | 2,623 | 2,645 | 5,003 | 5,140 |
Net (loss) income | $ (383) | $ 2,557 | $ 2,276 | $ 7,652 |
Net (loss) income per share: | ||||
Basic (in dollars per share) | $ (0.01) | $ 0.09 | $ 0.09 | $ 0.28 |
Diluted (in dollars per share) | $ (0.01) | $ 0.09 | $ 0.09 | $ 0.28 |
Shares used to compute net (loss) income per share: | ||||
Basic (in shares) | 26,210,478 | 27,530,739 | 26,414,467 | 27,515,583 |
Diluted (in shares) | 26,210,478 | 27,536,823 | 26,445,427 | 27,524,019 |
Comprehensive Income (Loss) (net of tax) | ||||
Comprehensive income (loss) | $ 3,890 | $ (11,287) | $ 7,410 | $ (11,680) |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim Consolidated Financial Statements of Proto Labs, Inc. (Protolabs, the Company, we, us or our) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, these adjustments consist of normal, recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the audited Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on February 21, 2023. The accompanying Consolidated Balance Sheet as of December 31, 2022 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by U.S. GAAP for a full set of financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K filed on February 21, 2023 as referenced above.
|
Recent Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsThe Company did not recently adopt any accounting pronouncements that had a material impact on the Company's Consolidated Financial Statements. There are no pending accounting pronouncements that are expected to have a material impact on the Company's Consolidated Financial Statements. |
Net (Loss) Income per Common Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income per Common Share | Net (Loss) Income per Common ShareBasic net (loss) income per share is computed based on the weighted-average number of common shares outstanding. Diluted net (loss) income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied. Anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding and were 380,848 and 220,776 for the three months ended June 30, 2023 and 2022, respectively, and 407,119 and 208,840 for the six months ended June 30, 2023 and 2022, respectively. The table below sets forth the computation of basic and diluted net (loss) income per share:
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Intangible Assets, Goodwill and Other |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2023. Intangible assets other than goodwill at June 30, 2023 and December 31, 2022 were as follows:
Intangible assets allocated to the acquired Hubs entities consisted of intangible assets of €11.6 million in Europe and $16.6 million in the United States as of the date of the acquisition. The Euro denominated intangible assets are translated at the end of each period using the current exchange rates resulting in a foreign currency translation adjustment that is recorded as a component of Other Comprehensive Income. Foreign currency losses related to intangible assets were $1.5 million and $1.7 million as of June 30, 2023 and December 31, 2022, respectively. Amortization expense for intangible assets was $1.5 million for each of the three months ended June 30, 2023 and 2022 and $3.1 million for each of the six months ended June 30, 2023 and 2022, respectively. Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:
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Fair Value Measures and Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Accounting Standards Codification, Fair Value Measurement (ASC 820), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company's assets and liabilities that are required to be measured or disclosed at fair value on a recurring basis include cash and cash equivalents and marketable securities. The Company’s cash consists of bank deposits and cash equivalents consist primarily of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. The Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The following table summarizes financial assets as of June 30, 2023 and December 31, 2022 measured at fair value on a recurring basis:
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Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2023 and December 31, 2022:
Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements. The June 30, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
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Inventory |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory Inventory consists primarily of raw materials, which are recorded at the lower of cost and net realizable value using the standard cost method, which approximates first-in, first-out (FIFO) cost. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. The Company’s inventory consisted of the following as of the dates indicated:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Under the Company’s 2012 Long-Term Incentive Plan, as amended (the 2012 Plan), the Company had the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards through February 23, 2022. On July 8, 2022, the board of directors approved the Proto Labs, Inc. 2022 Long-Term Incentive Plan (the 2022 Plan), which was approved by the Company's shareholders at a Special Meeting of Shareholders on August 29, 2022. No awards were granted from February 23, 2022 to August 29, 2022. Awards outstanding under the 2012 Plan as of August 29, 2022 will continue to be subject to the terms of the 2012 Plan, but if those awards subsequently expire, are forfeited or cancelled or are settled in cash, the shares subject to those awards will become available for awards under the 2022 Plan. Under the 2022 Plan, the Company has the ability to grant stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, other stock-based awards and cash incentive awards. Awards under the 2022 Plan have a maximum term of ten years from the date of grant. The compensation committee may provide that the vesting or payment of any award will be subject to the attainment of specified performance measures in addition to the satisfaction of any continued service requirements and the compensation committee will determine whether such measures have been achieved. The per-share exercise price of stock options and SARs granted under the 2022 Plan generally may not be less than the fair market value of a share of our common stock on the date of the grant. Employee Stock Purchase Plan The Company’s 2012 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase a variable number of shares of the Company’s common stock each offering period at a discount through payroll deductions of up to 15 percent of their eligible compensation, subject to plan limitations. The ESPP provides for six-month offering periods with a single purchase period ending May 15 and November 15, respectively. At the end of each offering period, employees are able to purchase shares at 85 percent of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. Stock-Based Compensation Expense Stock-based compensation expense was $3.7 million and $4.0 million for the three months ended June 30, 2023 and 2022, respectively, and $7.4 million and $8.4 million for the six months ended June 30, 2023 and 2022. Stock Options The following table summarizes stock option activity during the six months ended June 30, 2023:
The outstanding options generally have a term of ten years. For employees, options granted become exercisable ratably over the vesting period, which is generally a period of four years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. The weighted-average grant date fair value of options that were granted during the six months ended June 30, 2023 was $16.36. The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the six months ended June 30, 2023 and 2022:
As of June 30, 2023, there was $5.3 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.8 years. Restricted Stock Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from to four years, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For the board of directors, restrictions generally lapse in full on the first anniversary of the grant date. The following table summarizes restricted stock activity during the six months ended June 30, 2023:
As of June 30, 2023, there was $25.3 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.9 years. Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 200 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s performance in the final year of the performance period and the award recipient’s continued employment. Certain PSUs granted by the Company in 2021 are based on performance conditions and the related compensation cost is based on the probability that the performance conditions will be achieved. The Company’s PSUs granted in 2020, 2022, 2023 and certain PSUs granted in 2021 are based on market conditions and the related compensation cost is based on the fair value at grant date calculated using a Monte Carlo pricing model. The following table summarizes performance stock activity during the six months ended June 30, 2023:
The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the six months ended June 30, 2023 and 2022:
As of June 30, 2023, there was $5.5 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 2.3 years. Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the six months ended June 30, 2023 and 2022:
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Accumulated Other Comprehensive Income (Loss) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is comprised of foreign currency translation adjustments and net unrealized gains (losses) on investments in securities. During the three and six months ended June 30, 2023 we recognized a $3.9 million foreign currency translation loss from the substantial completion on the closure of our Japan business. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and six months ended June 30, 2023 and 2022:
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Income Taxes |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to income tax in multiple jurisdictions and the use of estimates is required to determine the provision for income taxes. For the three months ended June 30, 2023 and 2022, the Company recorded an income tax provision of $2.6 million and $2.6 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded an income tax provision of $5.0 million and $5.1 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The effective income tax rate for the three months ended June 30, 2023 was 117.1 percent compared to 50.8 percent in the same period of the prior year. The effective tax rate increased by 66.3 percent for the three months ended June 30, 2023 when compared to the same period in 2022, primarily due to the tax impact of the foreign currency translation loss from the substantial completion on the closure of our Japan business. The effective income tax rate for the six months ended June 30, 2023 was 68.7 percent compared to 40.2 percent in the same period of the prior year. The effective tax rate increased by 28.5 percent for the six months ended June 30, 2023 when compared to the same period in 2022, primarily due to the tax impact of the foreign currency translation loss from the substantial completion on the closure of our Japan business. The effective income tax rate for the three and six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21.0 percent due to various factors, including operating in multiple state and foreign jurisdictions and tax credits for which the Company qualifies. The Company had unrecognized tax benefits totaling $3.6 million as of June 30, 2023 and $3.2 million as of December 31, 2022, respectively, that if recognized would result in a reduction of the Company’s effective tax rate. The liabilities are classified as other long-term liabilities in the accompanying consolidated balance sheets. The Company recognizes interest and penalties related to income tax matters in income tax expense and reports the liability in current or long-term income taxes payable as appropriate.
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Segment Reporting |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company’s reportable segments are based on the internal reporting used by the Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs, that the Company does not allocate directly to its operating segments. Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments. Revenue and income from operations by reportable segment for the three and six months ended June 30, 2023 and 2022 were as follows:
Total long-lived assets at June 30, 2023 and December 31, 2022 were as follows:
Revenue by product line for the three and six months ended June 30, 2023 and 2022 were as follows:
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Pay vs Performance Disclosure | ||||||
Net income | $ (383) | $ 2,659 | $ 2,557 | $ 5,095 | $ 2,276 | $ 7,652 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Net (Loss) Income per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The table below sets forth the computation of basic and diluted net (loss) income per share:
|
Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Intangible assets other than goodwill at June 30, 2023 and December 31, 2022 were as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following table summarizes financial assets as of June 30, 2023 and December 31, 2022 measured at fair value on a recurring basis:
|
Marketable Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-Sale | The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2023 and December 31, 2022:
|
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Investments Classified by Contractual Maturity Date | The June 30, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
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Inventory (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | The Company’s inventory consisted of the following as of the dates indicated:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option, Activity | The following table summarizes stock option activity during the six months ended June 30, 2023:
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Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the six months ended June 30, 2023 and 2022:
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Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock activity during the six months ended June 30, 2023:
|
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Schedule of Nonvested Performance-Based Units Activity | The following table summarizes performance stock activity during the six months ended June 30, 2023:
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Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the six months ended June 30, 2023 and 2022:
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Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table presents the assumptions used to estimate the fair value of the ESPP during the six months ended June 30, 2023 and 2022:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income (loss) balances during the three and six months ended June 30, 2023 and 2022:
|
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas | Revenue and income from operations by reportable segment for the three and six months ended June 30, 2023 and 2022 were as follows:
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Income from Operations by Geographic Area |
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Long-Lived Assets by Geographic Areas | Total long-lived assets at June 30, 2023 and December 31, 2022 were as follows:
|
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Disaggregation of Revenue | Revenue by product line for the three and six months ended June 30, 2023 and 2022 were as follows:
|
Net (Loss) Income per Common Share - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive options excluded from calculation of diluted weighted average shares outstanding (in shares) | 380,848 | 220,776 | 407,119 | 208,840 |
Goodwill and Other Intangible Assets - Narrative (Details) € in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jan. 22, 2021
EUR (€)
|
Jan. 22, 2021
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Foreign currency losses | $ 1.5 | $ 1.7 | |||||
Amortization expense for intangible assets | $ 1.5 | $ 1.5 | $ 3.1 | $ 3.1 | |||
UNITED STATES | Acquired 3D Hubs | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | $ 16.6 | ||||||
Europe | Acquired 3D Hubs | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | € | € 11.6 |
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remaining 2023 | $ 2,894 | |
2024 | 3,741 | |
2025 | 3,644 | |
2026 | 3,542 | |
2027 | 3,533 | |
Thereafter | 10,999 | |
Net | $ 28,353 | $ 31,250 |
Marketable Securities - Short-Term and Long-Term Marketable Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | $ 37,315 | $ 51,366 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,026) | (1,379) |
Fair Value | 36,289 | 49,987 |
U.S. municipal securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 12,229 | 15,574 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (293) | (417) |
Fair Value | 11,936 | 15,157 |
Corporate debt securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 4,050 | 9,578 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (93) | (205) |
Fair Value | 3,957 | 9,373 |
U.S. government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 20,787 | 25,275 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (637) | (750) |
Fair Value | 20,150 | 24,525 |
Certificates of deposit/time deposits | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cost | 249 | 939 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3) | (7) |
Fair Value | $ 246 | $ 932 |
Marketable Securities - Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | $ 19,945 | |
Due after one year through five years | 16,344 | |
Total marketable securities | $ 36,289 | $ 49,987 |
Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Total inventory | $ 14,855 | $ 13,965 |
Allowance for obsolescence | (544) | (387) |
Inventory, net of allowance | $ 14,311 | $ 13,578 |
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive loss | $ 3,906 | $ 0 | $ 3,906 | $ 0 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 2,623 | $ 2,645 | $ 5,003 | $ 5,140 | |
Effective income tax rate (in percent) | 117.10% | 50.80% | 68.70% | 40.20% | |
Effective income tax rate, increase (decrease) during period (in percent) | 66.30% | 28.50% | |||
Federal statutory rate (in percent) | 21.00% | 21.00% | |||
Unrecognized tax benefits | $ 3,600 | $ 3,600 | $ 3,200 |
Segment Reporting - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 122,265 | $ 126,902 | $ 248,124 | $ 251,070 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 122,265 | 126,902 | 248,124 | 251,070 |
Operating Segments | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 96,321 | 100,655 | 194,067 | 196,151 |
Operating Segments | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 25,944 | 23,391 | 54,057 | 47,977 |
Operating Segments | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 0 | $ 2,856 | $ 0 | $ 6,942 |
Segment Reporting - Income From Operation by Geographic Areas (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | $ 5,608 | $ 5,201 | $ 9,357 | $ 13,091 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | 5,608 | 5,201 | 9,357 | 13,091 |
Operating Segments | United States | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | 22,053 | 26,168 | 42,534 | 48,691 |
Operating Segments | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | (3,380) | (2,249) | (5,863) | (3,928) |
Operating Segments | Corporate Unallocated and Japan | ||||
Segment Reporting Information [Line Items] | ||||
Total Income from Operations | $ (13,065) | $ (18,718) | $ (27,314) | $ (31,672) |
Segment Reporting - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | $ 248,614 | $ 257,785 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 248,614 | 257,785 |
Operating Segments | United States | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 194,656 | 203,816 |
Operating Segments | Europe | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | 53,958 | 53,835 |
Operating Segments | Japan | ||
Segment Reporting Information [Line Items] | ||
Total Long-lived Assets | $ 0 | $ 134 |
Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 122,265 | $ 126,902 | $ 248,124 | $ 251,070 |
Injection Molding | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 48,819 | 53,355 | 100,767 | 106,753 |
CNC Machining | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 48,297 | 48,222 | 96,401 | 94,320 |
3D Printing | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 21,005 | 19,963 | 42,330 | 39,635 |
Sheet Metal | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,939 | 5,160 | 8,187 | 9,847 |
Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 205 | $ 202 | $ 439 | $ 515 |
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