0001437749-21-011560 | 10-Q | XBRL Viewer

Note 7 - Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2021

Debt Securities, Available-for-sale [Table Text Block]

	*March 31, 2021*
(in thousands)	*Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
U.S. municipal securities	$	19,281	$	51	$	(5	)	$	19,327
Corporate debt securities		20,010		78		(30	)		20,058
U.S. government agency securities		3,500		1		(2	)		3,499
Certificates of deposit/time deposits		5,395		73		-			5,468
Commercial paper		1,000		-		-			1,000
Total marketable securities	$	49,186	$	203	$	(37	)	$	49,352

Debt Securities, Held-to-maturity [Table Text Block]

	*December 31, 2020*
(in thousands)	*Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
U.S. municipal securities	$	25,003	$	83	$	(2	)	$	25,084
Corporate debt securities		42,048		211		(11	)		42,248
U.S. government agency securities		18,500		6		(10	)		18,496
Certificates of deposit/time deposits		5,395		93		-			5,488
Commercial paper		2,499		-		-			2,499
Total marketable securities	$	93,445	$	393	$	(23	)	$	93,815

Investments Classified by Contractual Maturity Date [Table Text Block]

	*March 31,*
(in thousands)	*2021*
Due in one year or less	$	19,592
Due after one year through five years		29,760
Total marketable securities	$	49,352

Note 10 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 644,356	$ 585,790
Balance	813,431	587,740
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(3,420)	(7,018)
Other comprehensive income (loss) before reclassifications	(6,842)	(2,980)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	(6,842)	(2,980)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Balance	0	0
Other comprehensive income (loss) before reclassifications	166	0
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive income (loss)	166	0
AOCI Attributable to Parent [Member]
Balance	(3,420)	(7,018)
Balance	$ (10,096)	$ (9,998)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 9 - Stock-based Compensation - Restricted Stock Options (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted stock (in shares) \| shares	307,199
Restricted stock, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 98.87
Granted (in shares) \| shares	74,411
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 187.04
Restrictions lapsed (in shares) \| shares	(30,038)
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 84.32
Forfeited (in shares) \| shares	(8,662)
Forfeited, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 100.95
Restricted stock (in shares) \| shares	342,910
Restricted stock, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 119.21

Note 5 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

(in thousands)	*Three Months Ended March 31, 2021*
Balance as of the beginning of the period	$	128,752
Goodwill acquired during the period		275,438
Foreign currency translation adjustments		(4,764	)
Balance as of the end of the period	$	399,426

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*March 31, 2021*							*December 31, 2020*							*Useful*	*Weighted Average*
(in thousands)	*Gross*		*Accumulated Amortization*			*Net*		*Gross*		*Accumulated Amortization*			*Net*		*Life (in years)*	*Useful Life Remaining (in years)*
Intangible assets with finite lives:
Marketing assets	$	930	$	(643	)	$	287	$	930	$	(620	)	$	310	10.0	3.0
Non-compete agreement		850		(264	)		586		270		(238	)		32	2.0 - 5.0	3.5
Software technology		13,229		(3,987	)		9,242		13,229		(3,645	)		9,584	10.0	7.3
Software platform		30,916		(598	)		30,318		-		-			-	10.0	9.8
Tradenames		364		(23	)		341		-		-			-	3.0	2.8
Customer relationships		12,281		(6,172	)		6,109		10,070		(5,646	)		4,424	3.0 - 9.0	2.6
Total intangible assets	$	58,570	$	(11,687	)	$	46,883	$	24,499	$	(10,149	)	$	14,350

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

(in thousands)	*Estimated Amortization Expense*
Remaining 2021	$	5,311
2022		7,082
2023		6,879
2024		4,665
2025		4,577
Thereafter		18,369
Total estimated amortization expense	$	46,883

Note 7 - Marketable Securities - Short-term and Long-term Held to Maturity Securities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Amortized Cost	$ 93,445
Unrealized Gains	393
Unrealized Losses	(23)
Fair Value	93,815
Bank Time Deposits [Member]
Amortized Cost	5,395
Unrealized Gains	93
Unrealized Losses	0
Fair Value	5,488
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	25,003
Unrealized Gains	83
Unrealized Losses	(2)
Fair Value	25,084
Corporate Debt Securities [Member]
Amortized Cost	42,048
Unrealized Gains	211
Unrealized Losses	(11)
Fair Value	42,248
US Government Agencies Debt Securities [Member]
Amortized Cost	18,500
Unrealized Gains	6
Unrealized Losses	(10)
Fair Value	18,496
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	2,499
Unrealized Gains	0
Unrealized Losses	0
Fair Value	$ 2,499

Note 11 - Income Taxes

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 11 – 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 March 31, 2021 and 2020, the Company recorded an income tax provision of $0.2 million and $3.9 million, respectively. The income tax provision is based on the estimated annual effective tax rate for the year applied to pre-tax income. The results for the three months ended March 31, 2021 reflect losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances. The effective income tax rate for the three months ended March 31, 2021 was 6.0 percent compared to 21.8 percent in the same period of the prior year. The effective tax rate decreased by 15.8 percent for the three months ended March 31, 2021 when compared to the same period in 2020, primarily due to an increase in tax benefits from the vesting of restricted stock and the exercise of stock options.

The effective income tax rate for the three months ended March 31, 2021 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 $4.9 million as of March 31, 2021 and $4.8 million as of December 31, 2020, respectively, all of which, if recognized, would affect the Company’s effective tax rate. 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.

On March 11, 2021, the President signed into law the ARP Act, a legislative package which is generally not significant to the Company's current tax footprint; however, the Company will continue to assess the ARP Act on an ongoing basis. Similar tax provisions and other stimulus measures have been granted either before or after March 31, 2021 by certain foreign and U.S. state jurisdictions, which the Company continues to evaluate and apply, if applicable.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 6 - Fair Value Measurements - Fair Value of Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Marketable securities	$ 49,352
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Marketable securities	22,807	$ 0
Total	22,910	55,378
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Money market mutual fund	103	55,378
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Marketable securities	26,545	0
Total	26,545	0
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Money market mutual fund	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Marketable securities		0
Total	0	0
Contingent consideration	10,010	0
Total	10,010	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Money market mutual fund	$ 0	$ 0

Note 8 - Inventory

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 8 – Inventory

Inventory consists primarily of raw materials, which are recorded at the lower of cost or market 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:

	*March 31,*			*December 31,*
(in thousands)	*2021*			*2020*
Total inventory	$	10,267		$	11,122
Allowance for obsolescence		(349	)		(260	)
Inventory, net of allowance	$	9,918		$	10,862

Note 4 - Business Combinations (Details Textual) - USD ($) $ in Thousands		3 Months Ended		11 Months Ended
	Jan. 22, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021
Payments to Acquire Businesses, Net of Cash Acquired, Total		$ 127,709	$ (0)
Acquired 3D Hubs [Member]
Business Combination, Consideration Transferred, Total	$ 294,418
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 127,709
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	863,995
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 166,709
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	52,800
Payments to Acquire Businesses, Gross	134,143
Business Combination, Contingent Consideration, Liability, Total	$ 10,300
Acquired 3D Hubs [Member] \| Forecast [Member] \| Maximum [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)				143,983
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable				$ 27,800
Payments to Acquire Businesses, Gross				$ 25,000

Note 9 - Stock-based Compensation - Assumptions Used to Estimate the Fair Value of the ESPP (Details) - Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Risk-free interest rate	0.12%	1.59%
Expected life (months) (Month)	6 months	6 months
Expected volatility	50.85%	42.63%
Expected dividend yield	0.00%	0.00%

Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5 – Goodwill and Other Intangible Assets

Goodwill at March 31, 2021 and December 31, 2020 was as follows:

(in thousands)	*Three Months Ended March 31, 2021*
Balance as of the beginning of the period	$	128,752
Goodwill acquired during the period		275,438
Foreign currency translation adjustments		(4,764	)
Balance as of the end of the period	$	399,426

Goodwill increased $275.4 million during the three months ended March 31, 2021 as a result of our acquisition of 3D Hubs. Goodwill has been allocated to the acquired 3D Hubs entities consisting of goodwill of €104.0 million in Europe and $148.8 million in the United States as of the date of the acquisition. The Euro denominated goodwill is 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. The goodwill related to the acquisition is not deductible for tax purposes.

Intangible assets other than goodwill at March 31, 2021 and December 31, 2020 were as follows:

	*March 31, 2021*							*December 31, 2020*							*Useful*	*Weighted Average*
(in thousands)	*Gross*		*Accumulated Amortization*			*Net*		*Gross*		*Accumulated Amortization*			*Net*		*Life (in years)*	*Useful Life Remaining (in years)*
Intangible assets with finite lives:
Marketing assets	$	930	$	(643	)	$	287	$	930	$	(620	)	$	310	10.0	3.0
Non-compete agreement		850		(264	)		586		270		(238	)		32	2.0 - 5.0	3.5
Software technology		13,229		(3,987	)		9,242		13,229		(3,645	)		9,584	10.0	7.3
Software platform		30,916		(598	)		30,318		-		-			-	10.0	9.8
Tradenames		364		(23	)		341		-		-			-	3.0	2.8
Customer relationships		12,281		(6,172	)		6,109		10,070		(5,646	)		4,424	3.0 - 9.0	2.6
Total intangible assets	$	58,570	$	(11,687	)	$	46,883	$	24,499	$	(10,149	)	$	14,350

Intangible assets increased $34.7 million during the three months ended March 31, 2021 as a result of our acquisition of 3D Hubs. Intangible assets have been allocated to the acquired 3D Hubs entities consisting of intangible assets of €13.1 million in Europe and $18.7 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 $0.6 million as of March 31, 2021. There was no foreign currency translation impact as of December 31, 2020. Amortization expense for intangible assets was $1.5 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively.

Estimated aggregated amortization expense based on the current carrying value of the amortizable intangible assets and current exchange rates is as follows:

(in thousands)	*Estimated Amortization Expense*
Remaining 2021	$	5,311
2022		7,082
2023		6,879
2024		4,665
2025		4,577
Thereafter		18,369
Total estimated amortization expense	$	46,883

Note 5 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands, € in Millions			3 Months Ended
	Jan. 22, 2021 USD ($)	Jan. 22, 2021 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Goodwill, Acquired During Period			$ 275,438
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)			0
Amortization of Intangible Assets, Total			1,500	$ 800
Acquired 3D Hubs [Member]
Goodwill, Acquired During Period			275,400
Finite-lived Intangible Assets Acquired			34,700
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss)			$ (600)
Acquired 3D Hubs [Member] \| Europe [Member]
Goodwill, Acquired During Period \| €		€ 104.0
Finite-lived Intangible Assets Acquired \| €		€ 13.1
Acquired 3D Hubs [Member] \| UNITED STATES
Goodwill, Acquired During Period	$ 148,800
Finite-lived Intangible Assets Acquired	$ 18,700

Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregated Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Remaining 2021	$ 5,311
2022	7,082
2023	6,879
2024	4,665
2025	4,577
Thereafter	18,369
Total estimated amortization expense	$ 46,883	$ 14,350

Note 12 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Income from Operations by Geographic Area [Table Text Block]

	*Three Months Ended March 31,*
(in thousands)	*2021*			*2020*
Income from Operations:
United States	$	22,503		$	25,089
Europe		(1,371	)		4,364
Corporate Unallocated and Japan		(16,871	)		(12,628	)
Total Income from Operations	$	4,261		$	16,825

Long-lived Assets by Geographic Areas [Table Text Block]

	*March 31,*		*December 31,*
(in thousands)	*2021*		*2020*
Total long-lived assets:
United States	$	213,434	$	215,721
Europe		59,795		59,388
Japan		6,672		7,557
Total Assets	$	279,901	$	282,666

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended March 31,*
(in thousands)	*2021*		*2020*
Revenue:
Injection Molding	$	56,359	$	54,776
CNC Machining		36,703		37,885
3D Printing		17,235		15,948
Sheet Metal		5,219		5,649
Other Revenue		610		850
Total revenue	$	116,126	$	115,108

Operating Segments [Member]

Notes Tables

Revenue from External Customers by Geographic Areas [Table Text Block]

	*Three Months Ended March 31,*
(in thousands)	*2021*		*2020*
Revenue:
United States	$	91,053	$	90,076
Europe		21,449		20,787
Japan		3,624		4,245
Total revenue	$	116,126	$	115,108

Note 4 - Business Combinations

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note 4 – Business Combinations

On January 22, 2021, the Company acquired all outstanding shares of 3D Hubs, Inc. (“3D Hubs”), for $294.4 million, consisting of $127.7 million in cash and 863,995 shares of the Company's common stock valued at $166.7 million on the date of close. Up to an additional $52.8 million of contingent consideration is payable after closing, subject to the satisfaction of performance-based targets during fiscal year 2021 and fiscal year 2022, consisting of up to $25.0 million in cash and up to 143,983 shares of the Company's common stock valued at $27.8 million on the date of close.

3D Hubs is based in Amsterdam, Netherlands and is a leading online manufacturing platform that provides customers with on-demand access to a global network of approximately 240 premium manufacturing partners. The acquisition enhances the Company’s customer value proposition by enabling the Company to more holistically serve customers

The fair value of the consideration paid for this acquisition has been allocated on a preliminary basis to the assets purchased and liabilities assumed based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill. The goodwill associated with the acquisition represents the strategic and growth opportunities by significantly expanding the customer offering with a network of premium manufacturing partners. The goodwill related to the acquisition is not deductible for tax purposes.

On a preliminary basis, the Company recorded a contingent consideration liability of $10.3 million as of the acquisition date representing the amounts payable to former shareholders, as outlined under the terms of the merger agreement, payable subject to the satisfaction of performance-based targets during fiscal year 2021 and fiscal year 2022, consisting of up to $25.0 million in cash and up to 143,983 shares of the Company's common stock valued at $27.8 million on the date of close. The fair value of the contingent consideration (Level 3) is determined using a Monte Carlo pricing model. Once final, subsequent changes in the fair value of the contingent consideration liabilities will be recorded in the Consolidated Statements of Comprehensive Income. Fluctuations due to foreign currency translation will be recorded in the Consolidated Statements of Shareholders’ Equity.

The results of 3D Hubs since the date of acquisition have been included with Protolabs' results. Pro forma disclosures of the consolidated results of the Company with the full year effects of 3D Hubs, as if the acquisition had occurred on January 1, 2020, have not been separately presented since the impact to the Company's results of operations was not material.

The acquisition has been accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. As of March 31, the allocation of purchase price to assets and liabilities is preliminary. The purchase price allocation will be finalized in 2021. The preliminary allocation is as follows:

(in thousands)	3D Hubs Acquisition
Assets acquired:
Current assets	$	2,497
Intangible assets		34,670
Goodwill		275,438
Other long-term assets		1,139
Total assets acquired		313,744

Liabilities assumed:
Current contingent consideration		5,372
Current liabilities		5,666
Long-term contingent consideration		4,928
Other long-term liabilities		3,360
Total liabilities assumed		19,326
Net assets acquired		294,418

Cash paid		134,143
Cash acquired		(6,434	)
Net cash consideration		127,709
Equity portion of purchase price		166,709
Total purchase consideration	$	294,418

Note 6 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	*March 31, 2021*						*December 31, 2020*
(in thousands)	*Level 1*		*Level 2*		*Level 3*		*Level 1*		*Level 2*		*Level 3*
Financial Assets:
Cash and cash equivalents
Money market mutual fund	$	103	$	-	$	-	$	55,378	$	-	$	-
Marketable securities		22,807		26,545				-		-		-
Total	$	22,910	$	26,545	$	-	$	55,378	$	-	$	-
Financial Liabilities:
Contingent consideration	$	-	$	-	$	10,010	$	-	$	-	$	-
Total	$	-	$	-	$	10,010	$	-	$	-	$	-

Note 7 - Marketable Securities - Balance of Held-to-maturity Debt Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Due in one year or less	$ 19,592
Due after one year through five years	29,760
Total marketable securities	$ 49,352

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 43,774	$ 127,603
Short-term marketable securities	19,592	34,088
Accounts receivable, net of allowance for doubtful accounts of $2,011 and $1,781 as of March 31, 2021 and December 31, 2020, respectively	74,666	57,877
Inventory	9,918	10,862
Income taxes receivable	1,763	540
Prepaid expenses and other current assets	8,803	11,032
Total current assets	158,516	242,002
Property and equipment, net	279,901	282,666
Goodwill	399,426	128,752
Other intangible assets, net	46,883	14,350
Long-term marketable securities	29,760	59,357
Operating lease assets	12,819	9,855
Finance lease assets	2,271	2,396
Other long-term assets	4,872	4,826
Total assets	934,448	744,204
Current liabilities
Accounts payable	21,846	18,248
Accrued compensation	11,745	11,989
Accrued liabilities and other	16,705	16,193
Current contingent consideration	5,221	0
Current operating lease liabilities	2,732	3,272
Current finance lease liabilities	553	552
Income taxes payable	1,047	0
Total current liabilities	59,849	50,254
Long-term contingent consideration	4,789	0
Long-term operating lease liabilities	11,534	7,586
Long-term finance lease liabilities	1,779	1,919
Long-term deferred tax liabilities	36,899	33,854
Other long-term liabilities	6,167	6,235
Total liabilities	121,017	99,848
Shareholders' equity
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of March 31, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 27,689,746 and 26,776,796 shares as of March 31, 2021 and December 31, 2020, respectively	28	27
Additional paid-in capital	456,886	284,848
Retained earnings	366,613	362,901
Accumulated other comprehensive loss	(10,096)	(3,420)
Total shareholders' equity	813,431	644,356
Total liabilities and shareholders' equity	$ 934,448	$ 744,204

Note 8 - Inventory - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total inventory	$ 10,267	$ 11,122
Allowance for obsolescence	(349)	(260)
Inventory, net of allowance	$ 9,918	$ 10,862

Note 5 - Goodwill and Other Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Gross	$ 58,570	$ 24,499
Accumulated Amortization	(11,687)	(10,149)
Net	46,883	14,350
Marketing-Related Intangible Assets [Member]
Gross	930	930
Accumulated Amortization	(643)	(620)
Net	$ 287	310
Useful Life (Year)	10 years
Weighted average useful life remaining (Year)	3 years
Noncompete Agreements [Member]
Gross	$ 850	270
Accumulated Amortization	(264)	(238)
Net	$ 586	32
Weighted average useful life remaining (Year)	3 years 6 months
Noncompete Agreements [Member] \| Minimum [Member]
Useful Life (Year)	2 years
Noncompete Agreements [Member] \| Maximum [Member]
Useful Life (Year)	5 years
Computer Software, Intangible Asset [Member]
Gross	$ 13,229	13,229
Accumulated Amortization	(3,987)	(3,645)
Net	$ 9,242	9,584
Useful Life (Year)	10 years
Weighted average useful life remaining (Year)	7 years 3 months 18 days
Software Platform [Member]
Gross	$ 30,916	0
Accumulated Amortization	(598)	0
Net	$ 30,318	0
Useful Life (Year)	10 years
Weighted average useful life remaining (Year)	9 years 9 months 18 days
Trade Names [Member]
Gross	$ 364	0
Accumulated Amortization	(23)	0
Net	$ 341	0
Useful Life (Year)	3 years
Weighted average useful life remaining (Year)	2 years 9 months 18 days
Customer Relationships [Member]
Gross	$ 12,281	10,070
Accumulated Amortization	(6,172)	(5,646)
Net	$ 6,109	$ 4,424
Weighted average useful life remaining (Year)	2 years 7 months 6 days
Customer Relationships [Member] \| Minimum [Member]
Useful Life (Year)	3 years
Customer Relationships [Member] \| Maximum [Member]
Useful Life (Year)	9 years

Note 12 - Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 116,126	$ 115,108
Injection Molding (Protomold) [Member]
Revenue	56,359	54,776
CNC Machining (Firstcut) [Member]
Revenue	36,703	37,885
3D Printing (Fineline) [Member]
Revenue	17,235	15,948
Sheet Metal [Member]
Revenue	5,219	5,649
Other Products [Member]
Revenue	$ 610	$ 850

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 4 - Business Combinations (Tables)

3 Months Ended

Mar. 31, 2021

Acquired 3D Hubs [Member]

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in thousands)	3D Hubs Acquisition
Assets acquired:
Current assets	$	2,497
Intangible assets		34,670
Goodwill		275,438
Other long-term assets		1,139
Total assets acquired		313,744

Liabilities assumed:
Current contingent consideration		5,372
Current liabilities		5,666
Long-term contingent consideration		4,928
Other long-term liabilities		3,360
Total liabilities assumed		19,326
Net assets acquired		294,418

Cash paid		134,143
Cash acquired		(6,434	)
Net cash consideration		127,709
Equity portion of purchase price		166,709
Total purchase consideration	$	294,418

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2019	26,786,459
Balance at Dec. 31, 2019	$ 27	$ 268,059	$ 324,722	$ (7,018)	$ 585,790
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)	23,525
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	$ 0	(902)	0	0	(902)
Stock-based compensation expense	$ 0	3,033	0	0	3,033
Repurchases of common stock (in shares)	(161,460)
Repurchases of common stock	$ 0	(1,616)	(9,569)	0	(11,185)
Net income	0	0	13,984	0	13,984
Other comprehensive loss
Foreign currency translation adjustment	$ 0	0	0	(2,980)	(2,980)
Comprehensive (loss) income					11,004
Balance (in shares) at Dec. 31, 2019	26,786,459
Balance at Dec. 31, 2019	$ 27	268,059	324,722	(7,018)	585,790
Other comprehensive loss
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)	23,525
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	$ 0	(902)	0	0	(902)
Stock-based compensation expense	$ 0	3,033	0	0	3,033
Repurchases of common stock (in shares)	(161,460)
Repurchases of common stock	$ 0	(1,616)	(9,569)	0	(11,185)
Net income	$ 0	0	13,984	0	13,984
Balance (in shares) at Mar. 31, 2020	26,648,524
Balance at Mar. 31, 2020	$ 27	268,574	329,137	(9,998)	$ 587,740
Balance (in shares) at Dec. 31, 2020	26,776,796				26,776,796
Balance at Dec. 31, 2020	$ 27	284,848	362,901	(3,420)	$ 644,356
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)	48,955
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	$ 0	(290)	0	0	(290)
Common shares issued for 3D Hubs acquisition (in shares)	863,995
Common shares issued for 3D Hubs acquisition	$ 1	166,708	0	0	166,709
Stock-based compensation expense	$ 0	5,620	0	0	5,620
Repurchases of common stock (in shares)	0
Repurchases of common stock	$ 0	0	0	0	0
Net income	0	0	3,712	0	3,712
Other comprehensive loss
Foreign currency translation adjustment	0	0	0	(6,842)	(6,842)
Net unrealized gains (losses) on investments in securities	$ 0	0	0	166	166
Comprehensive (loss) income					$ (2,964)
Balance (in shares) at Dec. 31, 2020	26,776,796				26,776,796
Balance at Dec. 31, 2020	$ 27	284,848	362,901	(3,420)	$ 644,356
Other comprehensive loss
Common shares issued on exercise of options and other, net of shares withheld for tax obligations (in shares)	48,955
Common shares issued on exercise of options and other, net of shares withheld for tax obligations	$ 0	(290)	0	0	(290)
Stock-based compensation expense	$ 0	5,620	0	0	5,620
Repurchases of common stock (in shares)	0
Repurchases of common stock	$ 0	0	0	0	0
Net income	$ 0	0	3,712	0	$ 3,712
Balance (in shares) at Mar. 31, 2021	27,689,746				27,689,746
Balance at Mar. 31, 2021	$ 28	$ 456,886	$ 366,613	$ (10,096)	$ 813,431

Note 9 - Stock-based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model (Details) - Share-based Payment Arrangement, Option [Member]	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Risk-free interest rate		1.47%
Expected life (Year)	6 years 3 months	6 years 3 months
Expected volatility		42.40%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk-free interest rate	0.80%
Expected volatility	45.28%
Maximum [Member]
Risk-free interest rate	0.96%
Expected volatility	45.35%

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 2,011	$ 1,781
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	27,689,746	26,776,796
Common stock, shares outstanding (in shares)	27,689,746	26,776,796

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	May 05, 2021
Document Information [Line Items]
Entity Central Index Key	0001443669
Entity Registrant Name	Proto Labs Inc
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35435
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1939628
Entity Address, Address Line One	5540 Pioneer Creek Drive
Entity Address, City or Town	Maple Plain
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55359
City Area Code	763
Local Phone Number	479-3680
Title of 12(b) Security	Common Stock, Par Value $0.001 Per Share
Trading Symbol	PRLB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,689,746

Note 12 - Segment Reporting - Income From Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income from operations	$ 4,261	$ 16,825
Operating Segments [Member] \| United States Segment [Member]
Income from operations	22,503	25,089
Operating Segments [Member] \| Europe Segment [Member]
Income from operations	(1,371)	4,364
Operating Segments [Member] \| Corporate Unallocated and Japan Segment[Member]
Income from operations	$ (16,871)	$ (12,628)

Note 7 - Marketable Securities

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Investment [Text Block]

Note 7 – Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. As of March 31, 2021 the securities are categorized as available-for-sale and are recorded at fair value. As of December 31, 2020, the securities were categorized as held-to-maturity and were recorded at amortized cost, net of an allowance for credit losses. The change in categorization was a result of the sale of securities in the first quarter of 2021 in order to partially fund the acquisition of 3D Hubs and did not have a material impact on our financial statements. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of March 31, 2021 and December 31, 2020:

	*March 31, 2021*
(in thousands)	*Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
U.S. municipal securities	$	19,281	$	51	$	(5	)	$	19,327
Corporate debt securities		20,010		78		(30	)		20,058
U.S. government agency securities		3,500		1		(2	)		3,499
Certificates of deposit/time deposits		5,395		73		-			5,468
Commercial paper		1,000		-		-			1,000
Total marketable securities	$	49,186	$	203	$	(37	)	$	49,352

	*December 31, 2020*
(in thousands)	*Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
U.S. municipal securities	$	25,003	$	83	$	(2	)	$	25,084
Corporate debt securities		42,048		211		(11	)		42,248
U.S. government agency securities		18,500		6		(10	)		18,496
Certificates of deposit/time deposits		5,395		93		-			5,488
Commercial paper		2,499		-		-			2,499
Total marketable securities	$	93,445	$	393	$	(23	)	$	93,815

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).

During the first quarter of 2020, the Company adopted the FASB ASU 2016-13, Financial Instruments – Credit Losses. The Company calculated the expected credit loss for each security in its portfolio using the probability-of-default method. The Company concluded the adoption of the guidance had no material impact on its consolidated financial statements.

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 March 31, 2021 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.

	*March 31,*
(in thousands)	*2021*
Due in one year or less	$	19,592
Due after one year through five years		29,760
Total marketable securities	$	49,352

Note 4 - Business Combinations - Allocation of Purchase Price for the Acquisition of Rapid (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 22, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets acquired:
Goodwill		$ 399,426		$ 128,752
Liabilities assumed:
Net cash consideration		$ 127,709	$ (0)
Acquired 3D Hubs [Member]
Assets acquired:
Current assets	$ 2,497
Intangible assets	34,670
Goodwill	275,438
Other long-term assets	1,139
Total assets acquired	313,744
Liabilities assumed:
Current contingent consideration	5,372
Current liabilities	5,666
Long-term contingent consideration	4,928
Other long-term liabilities	3,360
Total liabilities assumed	19,326
Net assets acquired	294,418
Payments to Acquire Businesses, Gross	134,143
Cash acquired	(6,434)
Net cash consideration	127,709
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	166,709
Total purchase consideration	$ 294,418

Note 10 - Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Disclosure of Reclassification Amount [Text Block]

Note 10 – 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. The following table presents the changes in accumulated other comprehensive income (loss) balances during the three months ended March 31, 2021 and 2020:

	*Three Months Ended*
	*March 31,*
(in thousands)	*2021*			*2020*
Foreign currency translation adjustments
Balance at beginning of period	$	(3,420	)	$	(7,018	)
Other comprehensive income (loss) before reclassifications		(6,842	)		(2,980	)
Amounts reclassified from accumulated other comprehensive loss		-			-
Net current-period other comprehensive income (loss)		(6,842	)		(2,980	)
Net unrealized gains (losses) on investments in securities
Balance at beginning of period	$	-		$	-
Other comprehensive income (loss) before reclassifications		166			-
Amounts reclassified from accumulated other comprehensive loss		-			-
Net current-period other comprehensive income (loss)		166			-
Balance at end of period	$	(10,096	)	$	(9,998	)

Note 12 - Segment Reporting - Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-lived assets	$ 279,901	$ 282,666
Operating Segments [Member]
Long-lived assets	279,901	282,666
Operating Segments [Member] \| United States Segment [Member]
Long-lived assets	213,434	215,721
Operating Segments [Member] \| Europe Segment [Member]
Long-lived assets	59,795	59,388
Operating Segments [Member] \| Japan Segment [Member]
Long-lived assets	$ 6,672	$ 7,557

Note 10 - Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

	*Three Months Ended*
	*March 31,*
(in thousands)	*2021*			*2020*
Foreign currency translation adjustments
Balance at beginning of period	$	(3,420	)	$	(7,018	)
Other comprehensive income (loss) before reclassifications		(6,842	)		(2,980	)
Amounts reclassified from accumulated other comprehensive loss		-			-
Net current-period other comprehensive income (loss)		(6,842	)		(2,980	)
Net unrealized gains (losses) on investments in securities
Balance at beginning of period	$	-		$	-
Other comprehensive income (loss) before reclassifications		166			-
Amounts reclassified from accumulated other comprehensive loss		-			-
Net current-period other comprehensive income (loss)		166			-
Balance at end of period	$	(10,096	)	$	(9,998	)

Note 3 - Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*
	*March 31,*
(in thousands, except share and per share amounts)	*2021*		*2020*
Net income	$	3,712	$	13,984

Basic - weighted-average shares outstanding:		27,464,136		26,776,806
Effect of dilutive securities:
Employee stock options and other		234,059		152,834
Diluted - weighted-average shares outstanding:		27,698,195		26,929,640
Net income per share:
Basic	$	0.14	$	0.52
Diluted	$	0.13	$	0.52

Note 9 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Share-based Payment Arrangement, Option, Activity [Table Text Block]

				*Weighted-*
				*Average*
	*Stock Options*			*Exercise Price*
Options outstanding at December 31, 2020		229,531		$	86.46
Granted		25,642			169.32
Exercised		(28,991	)		58.78
Forfeited		(8,097	)		101.21
Options outstanding at March 31, 2021		218,085		$	99.34

Exercisable at March 31, 2021		100,932		$	77.31

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Three Months Ended March 31,*
	*2021*	*2020*
Risk-free interest rate	0.80% - 0.96%	1.47%
Expected life (years)	6.25	6.25
Expected volatility	45.28% - 45.35%	42.40%
Expected dividend yield	0%	0%

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

				*Weighted-*
				*Average*
				*Grant Date*
	*Restricted*			*Fair Value*
	*Stock*			*Per Share*
Restricted stock at December 31, 2020		307,199		$	98.87
Granted		74,411			187.04
Restrictions lapsed		(30,038	)		84.32
Forfeited		(8,662	)		100.95
Restricted stock at March 31, 2021		342,910		$	119.21

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

			*Weighted-*
			*Average*
			*Grant Date*
	*Performance*		*Fair Value*
	*Stock*		*Per Share*
Performance stock at December 31, 2020		19,956	$	118.66
Granted		15,078		203.64
Restrictions lapsed		-		-
Performance change		-		-
Forfeited		-		-
Performance stock at March 31, 2021		35,034	$	155.23

Schedule of Share-based Payment Award, Awards Other Than Stock Options, Valuation Assumptions [Table Text Block]

	Three Months Ended March 31,
	2021	2020
Risk-free interest rate	0.22%	1.41%
Expected life (years)	2.87	2.88
Expected volatility	51.40%	38.70%
Expected dividend yield	0%	0%

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]

	*Three Months Ended March 31,*
	*2021*	*2020*
Risk-free interest rate	0.12%	1.59%
Expected life (months)	6.00	6.00
Expected volatility	50.85%	42.63%
Expected dividend yield	0%	0%

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statements of Operations:
Revenue	$ 116,126	$ 115,108
Cost of revenue	60,796	57,008
Gross profit	55,330	58,100
Operating expenses
Marketing and sales	19,480	18,180
Research and development	12,181	8,987
General and administrative	19,408	14,108
Total operating expenses	51,069	41,275
Income from operations	4,261	16,825
Other (loss) income, net	(313)	1,054
Income before income taxes	3,948	17,879
Provision for income taxes	236	3,895
Net income	$ 3,712	$ 13,984
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.52
Diluted (in dollars per share)	$ 0.13	$ 0.52
Shares used to compute net income per share:
Basic (in shares)	27,464,136	26,776,806
Diluted (in shares)	27,698,195	26,929,640
Comprehensive (Loss) Income (net of tax)
Comprehensive (loss) income	$ (2,964)	$ 11,004

Note 1 - Basis of Presentation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – 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, 2020 as filed with the Securities and Exchange Commission (SEC) on February 19, 2021.

The accompanying Consolidated Balance Sheet as of December 31, 2020 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 Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and Notes included in the Annual Report on Form 10-K filed on February 19, 2021 as referenced above.

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ 236	$ 3,895
Effective Income Tax Rate Reconciliation, Percent, Total	6.00%	21.80%
Effective Income Tax Rate Continuing Operations Increase (Decrease) During the Period	(15.80%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Unrecognized Tax Benefits, Ending Balance	$ 4,900		$ 4,800

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 9 - Stock-based Compensation - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Options outstanding (in shares) \| shares	229,531
Options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 86.46
Granted (in shares) \| shares	25,642
Granted, weighted-average exercise price (in dollars per share) \| $ / shares	$ 169.32
Exercised (in shares) \| shares	(28,991)
Exercised, weighted-average exercise price (in dollars per share) \| $ / shares	$ 58.78
Forfeited (in shares) \| shares	(8,097)
Forfeited, weighted-average exercise price (in dollars per share) \| $ / shares	$ 101.21
Options outstanding (in shares) \| shares	218,085
Options outstanding, weighted-average exercise price (in dollars per share) \| $ / shares	$ 99.34
Options exercisable (in shares) \| shares	100,932
Options exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 77.31

Note 6 - Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 6 – 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, marketable securities and contingent consideration. The Company’s cash consists of bank deposits. The Company’s cash equivalents measured at fair value consist of money market mutual funds. The Company determines the fair value of these investments using Level 1 inputs. The Company's marketable securities consist of short-term and long-term agency, municipal, corporate and other debt securities. Fair value for the corporate debt securities is primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2). The Company's contingent consideration is owed to the former shareholders of 3D Hubs and is determined using the Monte Carlo pricing model (Level 3).

The following table summarizes financial assets as of March 31, 2021 and December 31, 2020 measured at fair value on a recurring basis:

	*March 31, 2021*						*December 31, 2020*
(in thousands)	*Level 1*		*Level 2*		*Level 3*		*Level 1*		*Level 2*		*Level 3*
Financial Assets:
Cash and cash equivalents
Money market mutual fund	$	103	$	-	$	-	$	55,378	$	-	$	-
Marketable securities		22,807		26,545				-		-		-
Total	$	22,910	$	26,545	$	-	$	55,378	$	-	$	-
Financial Liabilities:
Contingent consideration	$	-	$	-	$	10,010	$	-	$	-	$	-
Total	$	-	$	-	$	10,010	$	-	$	-	$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 2 - Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 2 – Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. The Company adopted ASU 2019-12 on January 1, 2021 and there was no material impact on the Company’s consolidated financial statements.

Note 9 - Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note 9 – Stock-Based Compensation

Under the Company’s 2012 Long-Term Incentive Plan, as amended (the 2012 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 2012 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 2012 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 $5.6 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2021:

				*Weighted-*
				*Average*
	*Stock Options*			*Exercise Price*
Options outstanding at December 31, 2020		229,531		$	86.46
Granted		25,642			169.32
Exercised		(28,991	)		58.78
Forfeited		(8,097	)		101.21
Options outstanding at March 31, 2021		218,085		$	99.34

Exercisable at March 31, 2021		100,932		$	77.31

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 from four to five years, beginning on the first anniversary of the grant date, subject to the employee’s continuing service to the Company. For directors, options generally become exercisable in full on the first anniversary of the grant date.

The weighted-average grant date fair value of options that were granted during the three months ended March 31, 2021 was $75.19.

The following table provides the assumptions used in the Black-Scholes pricing model valuation of options during the three months ended March 31, 2021 and 2020:

	*Three Months Ended March 31,*
	*2021*	*2020*
Risk-free interest rate	0.80% - 0.96%	1.47%
Expected life (years)	6.25	6.25
Expected volatility	45.28% - 45.35%	42.40%
Expected dividend yield	0%	0%

As of March 31, 2021, 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 2.9 years.

Restricted Stock

Restricted stock awards are share-settled awards and restrictions lapse ratably over the vesting period, which is generally a period from three to five years, beginning on the first anniversary of the grant date, subject to the employee's continuing service to the Company. For directors, restrictions generally lapse in full on the first anniversary of the grant date.

The following table summarizes restricted stock activity during the three months ended March 31, 2021:

				*Weighted-*
				*Average*
				*Grant Date*
	*Restricted*			*Fair Value*
	*Stock*			*Per Share*
Restricted stock at December 31, 2020		307,199		$	98.87
Granted		74,411			187.04
Restrictions lapsed		(30,038	)		84.32
Forfeited		(8,662	)		100.95
Restricted stock at March 31, 2021		342,910		$	119.21

As of March 31, 2021, there was $31.1 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 2.7 years.

Performance Stock

Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 percent and 150 percent of that target number capable of being earned and vesting at the end of a three-year performance period depending on the Company’s performance in the final year of the performance period and the award recipient’s continued employment. The Company’s PSUs granted from 2017 to 2019 and certain PSUs granted 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 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 three months ended March 31, 2021:

			*Weighted-*
			*Average*
			*Grant Date*
	*Performance*		*Fair Value*
	*Stock*		*Per Share*
Performance stock at December 31, 2020		19,956	$	118.66
Granted		15,078		203.64
Restrictions lapsed		-		-
Performance change		-		-
Forfeited		-		-
Performance stock at March 31, 2021		35,034	$	155.23

The following table provides the assumptions used in the Monte Carlo pricing model valuation of PSUs during the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021	2020
Risk-free interest rate	0.22%	1.41%
Expected life (years)	2.87	2.88
Expected volatility	51.40%	38.70%
Expected dividend yield	0%	0%

As of March 31, 2021, there was $4.1 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 2.6 years.

Employee Stock Purchase Plan

The following table presents the assumptions used to estimate the fair value of the ESPP during the three months ended March 31, 2021 and 2020:

	*Three Months Ended March 31,*
	*2021*	*2020*
Risk-free interest rate	0.12%	1.59%
Expected life (months)	6.00	6.00
Expected volatility	50.85%	42.63%
Expected dividend yield	0%	0%

Note 3 - Net Income Per Common Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – Net Income per Common Share

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net 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, restricted stock units and restricted stock 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.

The table below sets forth the computation of basic and diluted net income per share:

	*Three Months Ended*
	*March 31,*
(in thousands, except share and per share amounts)	*2021*		*2020*
Net income	$	3,712	$	13,984

Basic - weighted-average shares outstanding:		27,464,136		26,776,806
Effect of dilutive securities:
Employee stock options and other		234,059		152,834
Diluted - weighted-average shares outstanding:		27,698,195		26,929,640
Net income per share:
Basic	$	0.14	$	0.52
Diluted	$	0.13	$	0.52

Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expense	$ 5.6	$ 3.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 75.19
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	15.00%
Employee Stock Purchase Plan, Offering Period (Month)	6 months
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 5.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 10 months 24 days
Share-based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years
Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 31.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 8 months 12 days
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	5 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 4.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 7 months 6 days
Percentage of Target Number Capable of Being Earned and Vesting, Lower Limit	0.00%
Percentage of Target Number Capable of Being Earned and Vesting, Upper Limit	150.00%
Long-Term Incentive Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years

Note 12 - Segment Reporting - Revenue From Operations by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 116,126	$ 115,108
Operating Segments [Member]
Revenue	116,126	115,108
Operating Segments [Member] \| United States Segment [Member]
Revenue	91,053	90,076
Operating Segments [Member] \| Europe Segment [Member]
Revenue	21,449	20,787
Operating Segments [Member] \| Japan Segment [Member]
Revenue	$ 3,624	$ 4,245

- Definition

+ References

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 3,712	$ 13,984
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,059	7,958
Stock-based compensation expense	5,620	3,033
Deferred taxes	(69)	3,392
Amortization of marketable securities	137	55
Realized gain on available-sale-securities	(166)	0
Other	155	(644)
Changes in operating assets and liabilities:
Accounts receivable	(14,558)	(5,084)
Inventories	917	(537)
Prepaid expenses and other	2,696	(1,240)
Income taxes	(183)	(841)
Accounts payable	669	1,739
Accrued liabilities and other	(2,564)	595
Net cash provided by operating activities	6,425	22,410
Investing activities
Purchases of property, equipment and other capital assets	(6,546)	(13,421)
Cash used for acquisitions, net of cash acquired	(127,709)	0
Purchases of other assets and investments	0	(3,000)
Purchases of marketable securities	(8,227)	(37,629)
Proceeds from sales of marketable securities	45,194	0
Proceeds from maturities of marketable securities	7,155	10,700
Net cash used in investing activities	(90,133)	(43,350)
Financing activities
Proceeds from exercises of stock options	1,704	135
Purchases of shares withheld for tax obligations	(1,994)	(1,048)
Repurchases of common stock	0	(11,185)
Principal repayments of finance lease obligations	(137)	0
Net cash used in financing activities	(427)	(12,098)
Effect of exchange rate changes on cash and cash equivalents	306	(282)
Net decrease in cash and cash equivalents	(83,829)	(33,320)
Cash and cash equivalents, beginning of period	127,603	125,225
Cash and cash equivalents, end of period	$ 43,774	$ 91,905

Note 3 - Net Income Per Common Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 3,712	$ 13,984
Basic - weighted-average shares outstanding: (in shares)	27,464,136	26,776,806
Employee stock options and other (in shares)	234,059	152,834
Diluted - weighted-average shares outstanding: (in shares)	27,698,195	26,929,640
Basic (in dollars per share)	$ 0.14	$ 0.52
Diluted (in dollars per share)	$ 0.13	$ 0.52

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Note 8 - Inventory (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*March 31,*			*December 31,*
(in thousands)	*2021*			*2020*
Total inventory	$	10,267		$	11,122
Allowance for obsolescence		(349	)		(260	)
Inventory, net of allowance	$	9,918		$	10,862

Note 9 - Stock-based Compensation - Performance Stock (Details) - Performance Shares [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Performance stock (in shares) \| shares	19,956
Restricted stock, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 118.66
Granted (in shares) \| shares	15,078
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 203.64
Restrictions lapsed (in shares) \| shares	0
Restrictions lapsed, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0
Performance change (in shares) \| shares	0
Performance change, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0
Forfeited (in shares) \| shares	0
Forfeited, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0
Performance stock (in shares) \| shares	35,034
Restricted stock, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 155.23

Note 9 - Stock-based Compensation - Assumptions Used in the Valuation of Performance Stock (Details) - Performance Shares [Member]	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Risk-free interest rate	0.22%	1.41%
Expected life (Year)	2 years 10 months 13 days	2 years 10 months 17 days
Expected volatility	51.40%	38.70%
Expected dividend yield	0.00%	0.00%

Note 12 - Segment Reporting

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 12 – 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 months ended March 31, 2021 and 2020 were as follows:

	*Three Months Ended March 31,*
(in thousands)	*2021*		*2020*
Revenue:
United States	$	91,053	$	90,076
Europe		21,449		20,787
Japan		3,624		4,245
Total revenue	$	116,126	$	115,108

	*Three Months Ended March 31,*
(in thousands)	*2021*			*2020*
Income from Operations:
United States	$	22,503		$	25,089
Europe		(1,371	)		4,364
Corporate Unallocated and Japan		(16,871	)		(12,628	)
Total Income from Operations	$	4,261		$	16,825

Total long-lived assets at March 31, 2021 and December 31, 2020 were as follows:

	*March 31,*		*December 31,*
(in thousands)	*2021*		*2020*
Total long-lived assets:
United States	$	213,434	$	215,721
Europe		59,795		59,388
Japan		6,672		7,557
Total Assets	$	279,901	$	282,666

Revenue by product line for the three months ended March 31, 2021 and 2020 were as follows:

	*Three Months Ended March 31,*
(in thousands)	*2021*		*2020*
Revenue:
Injection Molding	$	56,359	$	54,776
CNC Machining		36,703		37,885
3D Printing		17,235		15,948
Sheet Metal		5,219		5,649
Other Revenue		610		850
Total revenue	$	116,126	$	115,108

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Note 5 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Goodwill	$ 128,752
Goodwill, Acquired During Period	275,438
Foreign currency translation adjustments	(4,764)
Goodwill	$ 399,426

Note 7 - Marketable Securities - Short-term and Long-term Available for Sale Securities (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Amortized Cost	$ 49,186
Unrealized Gains	203
Unrealized Losses	(37)
Fair Value	49,352
Bank Time Deposits [Member]
Amortized Cost	5,395
Unrealized Gains	73
Unrealized Losses	0
Fair Value	5,468
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	19,281
Unrealized Gains	51
Unrealized Losses	(5)
Fair Value	19,327
Corporate Debt Securities [Member]
Amortized Cost	20,010
Unrealized Gains	78
Unrealized Losses	(30)
Fair Value	20,058
US Government Agencies Debt Securities [Member]
Amortized Cost	3,500
Unrealized Gains	1
Unrealized Losses	(2)
Fair Value	3,499
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	1,000
Unrealized Gains	0
Unrealized Losses	0
Fair Value	$ 1,000