Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 20, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | XONE | ||
Entity Registrant Name | ExOne Co | ||
Entity Central Index Key | 1561627 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 14,521,137 | ||
Entity Public Float | $414.60 |
Statement_of_Consolidated_Oper
Statement of Consolidated Operations and Comprehensive Loss (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ||||
Revenue (Note 17) | $43,900 | $39,480 | $28,657 | |
Cost of sales | 33,443 | 23,907 | 16,514 | |
Gross profit | 10,457 | 15,573 | 12,143 | |
Operating expenses | ||||
Research and development | 8,178 | 5,127 | 1,930 | |
Selling, general and administrative | 24,029 | 16,119 | 18,285 | |
Total operating expenses | 32,207 | 21,246 | 20,215 | |
Loss from operations | -21,750 | -5,673 | -8,072 | |
Other (income) expense | ||||
Interest expense | 144 | 372 | 842 | |
Other income - net | -210 | -98 | -221 | |
Total other (income) expense | -66 | 274 | 621 | |
Loss before income taxes | -21,684 | -5,947 | -8,693 | |
Provision for income taxes* (Note 14) | 159 | 370 | 995 | [1] |
Net loss | -21,843 | -6,317 | -9,688 | |
Less: Net income attributable to noncontrolling interests | 138 | 480 | ||
Net loss attributable to ExOne | -21,843 | -6,455 | -10,168 | |
Net loss attributable to ExOne per common share (Note 3): | ||||
Basic | ($1.52) | ($0.51) | [1] | |
Diluted | ($1.52) | ($0.51) | [1] | |
Comprehensive loss: | ||||
Net loss | -21,843 | -6,317 | -9,688 | |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | -7,851 | -178 | 46 | |
Comprehensive loss | -29,694 | -6,495 | -9,642 | |
Less: Comprehensive (loss) income attributable to noncontrolling interests | 138 | 480 | ||
Comprehensive loss attributable to ExOne | ($29,694) | ($6,633) | ($10,122) | |
[1] | Information not comparable for 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $36,202 | $98,445 |
Accounts receivable - net | 14,238 | 9,042 |
Inventories - net (Note 5) | 17,014 | 12,764 |
Prepaid expenses and other current assets | 3,138 | 3,297 |
Total current assets | 70,592 | 123,548 |
Property and equipment - net (Note 6) | 55,298 | 32,772 |
Goodwill (Note 7) | 4,665 | 0 |
Other noncurrent assets (Note 7) | 2,875 | 2,115 |
Total assets | 133,430 | 158,435 |
Current liabilities: | ||
Current portion of long-term debt (Note 9) | 132 | 127 |
Current portion of capital and financing leases (Note 10) | 346 | 549 |
Accounts payable | 2,553 | 1,748 |
Accrued expenses and other current liabilities (Note 11) | 8,424 | 5,394 |
Deferred revenue and customer prepayments | 902 | 916 |
Total current liabilities | 12,357 | 8,734 |
Long-term debt - net of current portion (Note 9) | 1,950 | 2,082 |
Capital and financing leases - net of current portion (Note 10) | 164 | 475 |
Other noncurrent liabilities | 414 | 444 |
Total liabilities | 14,885 | 11,735 |
Contingencies and commitments (Note 12) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 14,417,803 (2014) and 14,387,608 (2013) shares issued and outstanding | 144 | 144 |
Additional paid-in capital | 154,902 | 153,363 |
Accumulated deficit | -28,298 | -6,455 |
Accumulated other comprehensive loss (Note 2) | -8,203 | -352 |
Total stockholders' equity | 118,545 | 146,700 |
Total liabilities and stockholders' equity | $133,430 | $158,435 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 14,417,803 | 14,387,608 |
Common stock, shares outstanding | 14,417,803 | 14,387,608 |
Statement_of_Consolidated_Cash
Statement of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net loss | ($21,843) | ($6,317) | ($9,688) |
Adjustments to reconcile net loss to cash used for operations: | |||
Depreciation and amortization | 4,520 | 2,372 | 1,683 |
Deferred income taxes | -131 | ||
Equity-based compensation | 1,206 | 711 | 7,735 |
Provision for bad debts | 2,391 | 152 | 40 |
Changes in fair value of contingent consideration | -185 | ||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency translation adjustments: | |||
Increase in accounts receivable | -7,162 | -823 | -7,117 |
Increase in inventories | -9,098 | -8,083 | -4,691 |
Increase in prepaid expenses and other assets | -377 | -4,334 | -338 |
(Decrease) increase in accounts payable | -97 | -1,100 | 1,575 |
Increase in accrued expenses and other liabilities | 1,861 | 937 | 1,528 |
Decrease in deferred revenue and customer prepayments | -17 | -3,707 | -404 |
Cash used for operating activities | -28,932 | -20,192 | -9,677 |
Investing activities | |||
Capital expenditures | -23,081 | -19,311 | -1,858 |
Acquisitions, net of cash acquired of $201 | -9,155 | ||
Cash effect of deconsolidation of noncontrolling interests in variable interest entities | -2,327 | ||
Cash used for investing activities | -32,236 | -21,638 | -1,858 |
Financing activities | |||
Net proceeds from issuance of common stock-initial public offering | 91,083 | ||
Net proceeds from issuance of common stock-secondary public offering | 64,948 | ||
Proceeds from exercise of employee stock options | 333 | ||
Net change in line of credit borrowings | -528 | 528 | |
Net change in demand note payable to member | -9,885 | 8,629 | |
Proceeds from long-term debt | 1,194 | ||
Proceeds from financing leases | 3,513 | ||
Payments on long-term debt | -465 | -5,488 | -1,626 |
Payments on capital and financing leases | -545 | -2,162 | -437 |
Payment of preferred stock dividends | -456 | ||
Deferred offering costs | -712 | ||
Deferred financing costs | -78 | ||
Cash (used for) provided by financing activities | -677 | 137,512 | 11,011 |
Effect of exchange rate changes on cash and cash equivalents | -398 | -39 | -170 |
Net change in cash and cash equivalents | -62,243 | 95,643 | -694 |
Cash and cash equivalents at beginning of period | 98,445 | 2,802 | 3,496 |
Cash and cash equivalents at end of period | 36,202 | 98,445 | 2,802 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 144 | 310 | 407 |
Cash paid for income taxes | 916 | 1,334 | 1,354 |
Supplemental disclosure of noncash investing and financing activities | |||
Net assets acquired through acquisitions, net of cash acquired of $201 | 9,530 | ||
Noncash consideration for acquisitions | 375 | ||
Property and equipment included in accounts payable | 819 | ||
Property and equipment acquired through financing arrangements | 89 | 282 | 2,700 |
Transfer of inventories to property and equipment for internal use | 5,344 | 3,338 | 2,001 |
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | 1,287 | 534 | 336 |
Conversion of preferred stock dividends payable and accrued interest to principal amounts due under the demand note payable to member | 1,219 | 37 | |
Noncash effect of Reorganization of The Ex One Company, LLC with and into The ExOne Company | 2,371 | ||
Noncash effect of deconsolidation of noncontrolling interests in variable interest entities | 397 | ||
Preferred unit dividends declared but unpaid | 1,437 | ||
Reclassification of redeemable preferred units to preferred units | $18,984 |
Statement_of_Consolidated_Cash1
Statement of Consolidated Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Statement of Cash Flows [Abstract] | |
Cash acquired from acquisitions | $201 |
Statement_of_Changes_in_Consol
Statement of Changes in Consolidated Stockholders' / Members' Equity (Deficit) (USD $) | Total | Prior to Reorganization [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | Members' Deficit [Member] | Members' Deficit [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | Prior to Reorganization [Member] | |||||||||||
Beginning Balance at Dec. 31, 2011 | ($15,599) | $10,000 | ($27,485) | ($220) | $2,106 | ||||||||||
Beginning Balance, Shares at Dec. 31, 2011 | 10,000,000 | ||||||||||||||
Preferred unit reclassification | 18,984 | 18,984 | |||||||||||||
Preferred unit reclassification, Shares | 18,984,000 | ||||||||||||||
Preferred stock dividends | -1,437 | -1,437 | |||||||||||||
Equity-based compensation | 7,735 | 7,735 | |||||||||||||
Net loss | -9,688 | -10,168 | 480 | ||||||||||||
Other comprehensive income (loss) | 46 | 46 | |||||||||||||
Ending Balance at Dec. 31, 2012 | 41 | 18,984 | 10,000 | -31,355 | -174 | 2,586 | |||||||||
Ending Balance, Shares at Dec. 31, 2012 | 18,984,000 | 10,000,000 | |||||||||||||
Reorganization of The Ex One Company, LLC with and into The ExOne Company | -18,984 | -10,000 | 31,355 | 190 | 58 | -2,619 | |||||||||
Reorganization of The Ex One Company, LLC with and into The ExOne Company, Shares | -18,984,000 | -10,000,000 | 190,000 | 5,800,000 | |||||||||||
Preferred stock dividends | -152 | -152 | |||||||||||||
Conversion of preferred stock to common stock | -190 | 20 | 170 | ||||||||||||
Conversion of preferred stock to common stock, Shares | -190,000 | 1,998,000 | |||||||||||||
Initial public offering of common stock in The ExOne Company, net of issuance costs | 90,371 | 55 | 90,316 | ||||||||||||
Initial public offering of common stock in The ExOne Company, net of issuance costs, Shares | 5,483,000 | ||||||||||||||
Secondary public offering of common stock in The ExOne Company, net of issuance costs | 64,948 | 11 | 64,937 | ||||||||||||
Secondary public offering of common stock in The ExOne Company, net of issuance costs, Shares | 1,106,000 | ||||||||||||||
Equity-based compensation | 711 | 711 | |||||||||||||
Net loss | -6,317 | -6,455 | 138 | ||||||||||||
Other comprehensive income (loss) | -178 | -178 | |||||||||||||
Deconsolidation of noncontrolling interests in variable interest entities | -2,724 | -2,724 | |||||||||||||
Ending Balance at Dec. 31, 2013 | 146,700 | 144 | 153,363 | -6,455 | -352 | ||||||||||
Ending Balance, Shares at Dec. 31, 2013 | 14,387,000 | ||||||||||||||
Equity-based compensation | 1,206 | 1,206 | |||||||||||||
Net loss | -21,843 | -21,843 | |||||||||||||
Other comprehensive income (loss) | -7,851 | -7,851 | |||||||||||||
Common stock issued from equity incentive plan | 333 | 333 | |||||||||||||
Common stock issued from equity incentive plan, shares | 30,000 | ||||||||||||||
Ending Balance at Dec. 31, 2014 | $118,545 | $144 | $154,902 | ($28,298) | ($8,203) | ||||||||||
Ending Balance, Shares at Dec. 31, 2014 | 14,417,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies |
Basis of Presentation and Principles of Consolidation | |
The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. | |
The Company has considered the proforma effects of its Reorganization on the provision for income taxes for 2012 in its statement of consolidated operations and comprehensive loss and concluded that there would be no difference as compared to the amounts reported, principally due to valuation allowances established against net deferred tax assets. In addition, the Company has omitted basic and diluted earnings per share for the respective comparative year as a result of the Reorganization, as the basis for such calculation is not comparable to the subsequent year’s presentation. | |
On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares were sold by the Company and 611,667 were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on February 12, 2013, the Company received net proceeds of approximately $91,996 (net of underwriting commissions). | |
On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares were sold by the Company and 1,948,400 were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on September 13, 2013, the Company received net proceeds of approximately $65,315 (net of underwriting commissions). | |
The consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States), ExOne GmbH (Germany), ExOne KK (Japan); effective in August 2013, ExOne Property GmbH (Germany); effective in March 2014, MWT — Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); effective in May 2014, ExOne Italy S.r.l (Italy) and through March 27, 2013 (see further description below), two variable interest entities (“VIEs”) in which ExOne was identified as the primary beneficiary, Lone Star Metal Fabrication, LLC (“Lone Star”) and Troy Metal Fabricating, LLC (“TMF”). Collectively, the consolidated group is referred to as the “Company”. | |
At December 31, 2012, and through March 27, 2013, ExOne leased property and equipment from Lone Star and TMF. ExOne did not have an ownership interest in Lone Star or TMF and the assets of Lone Star and TMF could only be used to settle obligations of Lone Star and TMF. ExOne was identified as the primary beneficiary of Lone Star and TMF in accordance with the guidance issued by the Financial Accounting Standards Board (“FASB”) on the consolidation of VIEs, as ExOne guaranteed certain long-term debt of both Lone Star and TMF and governed these entities through common ownership. This guidance requires certain VIEs to be consolidated when an enterprise has the power to direct the activities of the VIE that most significantly impact VIE economic performance and who has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The consolidated financial statements therefore include the accounts of Lone Star and TMF through March 27, 2013. | |
On March 27, 2013, ExOne Americas LLC acquired certain assets, including property and equipment (principally land, buildings and machinery and equipment) held by the two VIEs, and assumed all outstanding debt of such VIEs. Following this transaction, neither of the entities continued to meet the definition of a VIE with respect to ExOne, and as a result, the remaining assets and liabilities of both entities were deconsolidated following the transaction. | |
The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. | |
Liquidity | |
The Company has incurred net losses of approximately $21,843, $6,317 and $9,688 for 2014, 2013 and 2012, respectively. Prior to Reorganization the Company operated as a limited liability company and was substantially supported by the continued financial support provided by its majority member. As noted above, in connection with the completion of its initial public offering in February 2013 and secondary public offering in September 2013, the Company received total unrestricted net proceeds from the sale of its common stock of approximately $157,311. Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operations through January 1, 2016. | |
Use of Estimates | |
The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow moving and obsolete inventory); product warranty reserves; income taxes (including the valuation allowance on certain deferred tax assets); equity-based compensation; and business combinations (including fair value estimates of contingent consideration) and testing for impairment of goodwill and long-lived assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Foreign Currency | |
The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based upon year end exchange rates, and are included in stockholders’ / members’ equity (deficit) as a component of other comprehensive income (loss). Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with certain long-term intercompany transactions for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive (loss) income in the consolidated statement of operations and comprehensive loss. | |
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 51.9%, 63.0% and 72.8% of the consolidated revenue of the Company was derived from transactions outside the United States for 2014, 2013 and 2012, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the Euro and Japanese Yen. | |
Revenue Recognition | |
The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized by the Company when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) selling price is fixed or determinable and (iv) collectibility is reasonably assured. | |
The Company enters into arrangements that may provide for multiple deliverables to a customer. Sales of 3D printing machines generally include ancillary equipment, materials, installation and training services, the value of a warranty and other optional products and/or services. The Company identifies all products and services that are to be delivered separately under an arrangement and allocates revenue to each based on their relative fair value. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. | |
Certain of the Company’s arrangements for 3D printing machines contain acceptance provisions for which the Company must determine whether it can objectively demonstrate that either company-specific or customer-specific criteria identified in such provisions have been met prior to recognizing revenue on the transaction. To the extent that the Company is able to effectively demonstrate that specific criteria are met, revenue is recognized at the time of delivery (generally when title and risk and rewards of ownership have transferred to the customer), otherwise revenue is deferred until formal acceptance is provided from the customer. | |
The Company generally provides customers with a standard twelve month warranty on its 3D printing machines. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the 3D printing machine. At the time of sale, a liability is recorded (with an offset to cost of sales in the statement of operations and comprehensive loss) based upon the expected cost of replacement parts and labor to be incurred over the life of the contract period. After the initial twelve month warranty period, the Company offers its customers optional maintenance service contracts. Deferred maintenance service revenue is recognized when the maintenance services are performed since the Company has historical evidence that indicates that the costs of performing the services under the contract are not incurred on a straight-line basis. | |
The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of FASB guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. | |
Shipping and handling costs billed to customers are included in revenue in the consolidated statement of operations and other comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the consolidated statement of operations and comprehensive loss. | |
In assessing collectibility as part of the revenue recognition process, the Company considers a number of factors in its evaluation of the creditworthiness of the customer, including past due amounts, past payment history, and current economic conditions. If it is determined that collectibility cannot be reasonably assured, the Company will defer recognition of revenue until collectibility is assured. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require certain amounts be prepaid. In some circumstances, the Company may require payment in full and may require international customers to furnish letters of credit. These prepayments are reported as deferred revenue and customer prepayments in the consolidated balance sheet. For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms which typically correspond to performance of the related services. | |
The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2014, 2013 and 2012, revenues and any adjustments related to these contracts were not significant. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany, Italy and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. | |
Accounts Receivable | |
Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2014 and 2013, the allowance for doubtful accounts was approximately $2,431 and $63, respectively. During 2014, 2013 and 2012 the Company recorded provisions for bad debts of approximately $2,391, $152 and $40, respectively, associated with customer balances for which collectibility became uncertain as a result of deteriorating credit quality based on either customer-specific or macroeconomic factors. | |
Inventories | |
The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or market value. Overhead is allocated to work in process and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical experience and current product demand. These provisions reduce the cost basis of the respective inventories and are recorded as a charge to cost of sales. | |
Property and Equipment | |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to thirty-five years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives or (ii) the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets and are generally recorded in cost of sales in the statement of consolidated operations and comprehensive loss. Repairs and maintenance are charged to expense as incurred. | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. The determination of what constitutes an asset group, the associated undiscounted net cash flows, and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss was recorded by the Company during 2014, 2013 or 2012. | |
Goodwill | |
Goodwill represents the excess of purchase price over the fair value of identifiable net assets of acquired entities. Goodwill is not amortized; instead, it is reviewed for impairment annually or more frequently if indicators of impairment exist (a triggering event) or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, including a significant decline in an entity’s market capitalization, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows, among others. | |
Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment (an operating segment component). Based on an evaluation of its operational management and reporting structure, the Company has determined that it operates as a single operating segment, operating segment component, and reporting unit. | |
In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required however, it will continue to be evaluated at least annually as described above. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | |
Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Additionally, an assessment of the level of impact that a particular factor would have on the estimated fair value is determined using high, medium, and low weighting. | |
Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of a reporting unit to its carrying value, including goodwill (step 1). The Company determines fair value through a combination of the market approach and income approach. The market approach includes consideration of the Company’s market capitalization (as a single reporting unit entity) along with consideration of other factors that could influence the use of market capitalization as a fair value estimate, such as (i) the existence of a control premium in acquiring all of the outstanding shares of the Company, (ii) current trading multiples of comparable entities in comparison to the Company and (iii) market pricing from comparable merger and acquisition transactions. The income approach includes consideration of present value techniques, principally the use of a discounted cash flow model. The development of fair value under both approaches requires the use of significant assumptions and estimates by management. | |
In the event the estimated fair value of a reporting unit is less than the carrying value (step 1), additional analysis would be required (step 2). The additional analysis (step 2) would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations. | |
The Company completed its annual review of goodwill during the fourth quarter of 2014 proceeding directly to the two-step quantitative impairment test. The estimated fair value of the Company’s singular reporting unit was determined to be in excess of its carrying value, resulting in no impairment. | |
Contingent Consideration | |
The Company records contingent consideration resulting from a business combination at its fair value on the date of acquisition. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs within the statement of consolidated operations and comprehensive loss. Changes in the fair value of contingent consideration obligations can result from adjustments to (i) forecast revenues, profitability or a combination thereto or (ii) discount rates. These fair value measurements represent Level 3 measurements, as they are based on significant unobservable inputs. | |
Product Warranty Reserves | |
Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. At the time of sale, a liability is recorded (with an offset to cost of sales in the statement of operations and comprehensive loss) based upon the expected cost of replacement parts and labor to be incurred over the life of the contract period. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the statement of consolidated operations and comprehensive loss in the period such a determination is made. At December 31, 2014 and 2013, product warranty reserves were approximately $1,543 and $943, respectively, and were included in accrued expenses and other current liabilities in the consolidated balance sheet. | |
Income Taxes | |
Prior to Reorganization, the Company was organized as a limited liability company. Under the provisions of the Internal Revenue Code and similar state provisions, the Company was taxed as a partnership and was not liable for income taxes. Instead, earnings and losses were included in the tax returns of its members. Therefore, for periods prior to Reorganization, the consolidated financial statements do not reflect a provision for U.S. federal or state income taxes. | |
The Company’s subsidiaries in Germany, Italy and Japan are taxed as corporations under the taxing regulations of Germany, Italy and Japan, respectively. As a result, the consolidated statement of operations and comprehensive loss includes a provision for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that appropriate taxing authority has completed its examination even through the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes in the consolidated statement of operations and comprehensive loss and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |
The Company recognizes deferred tax assets and liabilities for the differences between the financial statement carrying amounts and the tax basis of assets and liabilities in their respective jurisdictions using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
Taxes on Revenue Producing Transactions | |
Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the consolidated statement of operations and comprehensive loss. | |
Research and Development | |
The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. | |
Advertising | |
Advertising costs are charged to expense as incurred, and were not significant for 2014, 2013 or 2012. | |
Defined Contribution Plan | |
The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. The Company makes discretionary matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. The Company’s matching contributions to the plan were approximately $269, $92 and $90 in 2014, 2013 and 2012, respectively. | |
Equity-Based Compensation | |
The Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense (net of estimated forfeitures) is recognized ratably over the requisite service period based on the grant date fair value. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes pricing model. The Company recognized total equity-based compensation expense of approximately $1,206, $711 and $7,735 during 2014, 2013 and 2012, respectively. | |
Recently Adopted Accounting Guidance | |
On January 1, 2014, the Company adopted FASB guidance changing the requirements of the Company’s reporting of amounts reclassified out of accumulated other comprehensive income (loss). These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income (loss) if the amount being reclassified is required to be reclassified in its entirety to net income (loss). For other amounts that are not required to be reclassified in their entirety to net income (loss) in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income (loss). Other than additional disclosure requirements, the adoption of these changes did not have a significant impact on the consolidated financial statements of the Company. | |
Recently Issued Accounting Guidance | |
In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for the Company on January 1, 2018, or January 1, 2017, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. | |
In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for the Company on December 31, 2016. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the consolidated financial statements of the Company in a given reporting period. | |
In July 2013, the FASB issued guidance clarifying the presentation of unrecognized tax benefits when a net operating loss carryforward, or similar tax loss or a tax credit carryforward exists. The amendment requires that unrecognized tax benefits be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist. This change becomes effective for the Company on January 1, 2015. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements of the Company. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | Note 2. Accumulated Other Comprehensive Loss | ||||||||||||
The following table summarizes changes in the components of accumulated other comprehensive loss: | |||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Foreign currency translation adjustments | |||||||||||||
Balance at beginning of period | $ | (352 | ) | $ | (174 | ) | $ | (220 | ) | ||||
Other comprehensive (loss) income | (7,851 | ) | (178 | ) | 46 | ||||||||
Balance at end of period | $ | (8,203 | ) | $ | (352 | ) | $ | (174 | ) | ||||
Foreign currency translation adjustments consist of (i) the effect of translation of functional currency financial statements (denominated in the Euro and Japanese Yen) to the reporting currency of the Company (U.S. Dollar) and (ii) certain long-term intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. | |||||||||||||
There were no tax impacts related to income tax rate changes and no amounts were reclassified to earnings for any of the periods presented. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Note 3. Earnings Per Share | ||||||||
The Company presents basic and diluted loss per common share amounts. Basic loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. | |||||||||
The weighted average shares outstanding for 2013 include (i) 5,800,000 common shares following the exchange of common units in the former limited liability company for common shares in the Company on a 0.58:1.00 basis in connection with the Reorganization of the Company on January 1, 2013, (ii) the issuance of 5,483,333 common shares in connection with the commencement of the initial public offering of the Company on February 6, 2013, (iii) 1,998,275 common shares following the conversion of preferred shares to common shares in the Company on a 9.5:1.0 basis in connection with the closing of the initial public offering of the Company on February 12, 2013, and (iv) the issuance of 1,106,000 common shares in connection with the commencement of the secondary public offering of the Company on September 9, 2013. | |||||||||
The weighted average shares outstanding for 2014 additionally include (i) the issuance of 5,000 shares of common stock to the independent members of the Board of Directors in the form of a stock bonus award on March 20, 2014, (ii) the annual vesting of 6,666 shares of restricted stock during 2014 and (iii) the issuance of 18,529 shares of common stock during 2014 as a result of employee exercises of incentive stock options. | |||||||||
As ExOne incurred a net loss during 2014 and 2013, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock, including incentive stock options (215,137 — 2014 and 173,333 — 2013) and unvested restricted stock issued (80,834 — 2014 and 20,000 — 2013), was anti-dilutive. | |||||||||
The information used to compute basic and diluted net loss attributable to ExOne per common share was as follows: | |||||||||
For the years ended December 31, | 2014 | 2013 | |||||||
Net loss attributable to ExOne | $ | (21,843 | ) | $ | (6,455 | ) | |||
Less: Preferred stock dividends declared | — | (152 | ) | ||||||
Net loss available to ExOne common shareholders | $ | (21,843 | ) | $ | (6,607 | ) | |||
Weighted average shares outstanding (basic and diluted) | 14,411,054 | 12,838,230 | |||||||
Net loss attributable to ExOne per common share: | |||||||||
Basic | $ | (1.52 | ) | $ | (0.51 | ) | |||
Diluted | $ | (1.52 | ) | $ | (0.51 | ) | |||
The Company has omitted basic and diluted earnings per share for 2012 as a result of the Reorganization of the Company (Note 1), as the basis for such calculation is not comparable to subsequent period presentation. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Note 4. Acquisitions | ||||||||
MAM | |||||||||
On March 3, 2014, the Company, through its wholly-owned subsidiary ExOne Americas LLC, entered into an Asset Purchase Agreement to acquire (i) substantially all the assets of Machin-A-Mation Corporation (“MAM”), a specialty machine shop located in Chesterfield, Michigan, and (ii) the real property on which the MAM business is located from Metal Links, LLC, a Michigan limited liability company. The total purchase price was approximately $4,917, which includes approximately $4,542 in cash and $375 in contingent consideration in the form of a two-year earn-out provision. The two-year earn-out provision is based on a combination of achievement of revenues and gross profit for the acquired business for which the Company assumed full achievement of both targets for each of the respective years from the date of acquisition. | |||||||||
The following table summarizes the final allocation of purchase price: | |||||||||
Accounts receivable | $ | 209 | |||||||
Inventories | 224 | ||||||||
Prepaid expenses and other current assets | 15 | ||||||||
Property and equipment | 2,998 | ||||||||
Intangible assets | 503 | ||||||||
Goodwill | 1,407 | ||||||||
Total assets | 5,356 | ||||||||
Accounts payable | 56 | ||||||||
Accrued expenses and other current liabilities | 45 | ||||||||
Long-term debt | 338 | ||||||||
Total liabilities | 439 | ||||||||
Total purchase price | $ | 4,917 | |||||||
The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | |||||||||
Amount | Economic Life | ||||||||
(in years) | |||||||||
Customer relationships | $ | 464 | 7 | ||||||
Trade name | 24 | 5 | |||||||
Noncompetition agreement | 15 | 3 | |||||||
$ | 503 | ||||||||
Of the $1,407 of goodwill generated as a result of the MAM acquisition, approximately $1,083 will be deductible for income tax purposes. Goodwill associated with the MAM acquisition relates principally to the complementary nature of the assets acquired in relation to the existing business held by the Company in Troy, Michigan, the combination of which is expected to further enhance the post-printing capabilities of ExOne. As the Company operates as a single operating segment (also a single reporting unit), there is no further assignment of goodwill to a reportable segment. | |||||||||
Immediately following the completion of the MAM acquisition, the Company elected to repay all of the long-term debt assumed as part of the transaction. Prepayment penalties associated with this repayment were not significant and no gain or loss was recorded by the Company. | |||||||||
The Company incurred total acquisition-related expenses of approximately $88 in connection with the MAM acquisition, of which $76 was recognized by the Company during 2014 (the remainder recognized during 2013). Acquisition-related expenses are expensed as incurred in accordance with FASB guidance associated with business combination activities, with amounts included in selling, general and administrative expenses in the statement of consolidated operations and comprehensive loss. | |||||||||
The results of operations and pro forma effects of the MAM acquisition are not significant relative to the Company and as such, have been omitted. | |||||||||
MWT | |||||||||
On March 6, 2014, the Company, through its wholly-owned subsidiary ExOne GmbH, entered into a Purchase and Assignment Contract to acquire all of the shares of MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (“MWT”), a pioneer in industrial-grade microwaves with design and manufacturing experience based in Elz, Germany. The total purchase price was approximately €3,500 ($4,814) which was settled in cash on the date of acquisition. | |||||||||
The following table summarizes the final allocation of purchase price: | |||||||||
Cash and cash equivalents | $ | 201 | |||||||
Accounts receivable* | 118 | ||||||||
Inventories | 476 | ||||||||
Prepaid expenses and other current assets | 29 | ||||||||
Property and equipment | 21 | ||||||||
Intangible assets | 1,704 | ||||||||
Goodwill | 3,685 | ||||||||
Total assets | 6,234 | ||||||||
Accounts payable | 128 | ||||||||
Accrued expenses and other current liabilities | 605 | ||||||||
Deferred revenue and customer prepayments* | 195 | ||||||||
Deferred income taxes | 492 | ||||||||
Total liabilities | 1,420 | ||||||||
Total purchase price | $ | 4,814 | |||||||
* | Included in accounts receivable and deferred revenue and customer prepayments were amounts due to MWT and the Company at the date of acquisition of approximately $117 and $195, respectively. These amounts were settled between the parties immediately following completion of the acquisition, resulting in no impact to the consolidated financial statements of the Company. | ||||||||
The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | |||||||||
Amount | Economic Life | ||||||||
(in years) | |||||||||
Unpatented technology | $ | 1,668 | 4 | ||||||
Trade name | 36 | 4 | |||||||
$ | 1,704 | ||||||||
None of the goodwill associated with the MWT acquisition is deductible for income tax purposes. Goodwill associated with the MWT acquisition relates principally to the complementary nature of the industrial microwave technologies acquired in relation to the existing business held by the Company in Gersthofen, Germany, the combination of which is expected to further enhance the post-printing capabilities of ExOne. As the Company operates as a single operating segment (also a single reporting unit), there is no further assignment of goodwill to a reportable segment. | |||||||||
The Company incurred total acquisition-related expenses of approximately $143 in connection with the MWT acquisition, of which $138 was recognized by the Company during 2014 (the remainder recognized during 2013). Acquisition-related expenses are expensed as incurred in accordance with FASB guidance associated with business combination activities, with amounts included in selling, general and administrative expenses in the statement of consolidated operations and comprehensive loss. | |||||||||
The results of operations and pro forma effects of the MWT acquisition are not significant relative to the Company and as such, have been omitted. | |||||||||
Acquisition of Net Assets of VIEs | |||||||||
On March 27, 2013, ExOne Americas LLC acquired certain assets, including property and equipment (principally land, buildings and machinery and equipment) held by two VIEs of the Company, TMF and Lone Star, and assumed all outstanding debt of such VIEs. | |||||||||
Payments of approximately $1,900 and $200 were made to TMF and Lone Star, respectively, including a return of capital to the entities of approximately $1,400. As the parties subject to this transaction were determined to be under common control, property and equipment acquired in the transaction were recorded at their net carrying value on the date of acquisition (approximately $5,400) similar to a pooling-of-interests. As the VIEs were consolidated by the Company in previous periods, no material differences exist due to the change in reporting entity, and as such, no restatement of prior period financial statements on a combined basis is considered necessary. There was no gain or loss or goodwill generated as a result of this transaction, as the total purchase price was equal to the net book value of assets at the VIE level (previously consolidated by the Company). Simultaneous with the completion of this transaction, the Company also repaid all of the outstanding debt assumed from the VIEs, resulting in a payment of approximately $4,700. Subsequent to this transaction, neither TMF or Lone Star continued to meet the definition of a VIE with respect to ExOne, and as a result, the remaining assets and liabilities of both entities were deconsolidated following the transaction, resulting in a reduction to equity (through noncontrolling interest) of approximately $2,724. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 5. Inventories | ||||||||
Inventories consist of the following at December 31: | |||||||||
2014 | 2013 | ||||||||
Raw materials and components | $ | 10,838 | $ | 6,253 | |||||
Work in process | 4,221 | 5,957 | |||||||
Finished goods | 1,955 | 554 | |||||||
$ | 17,014 | $ | 12,764 | ||||||
Raw materials and components consist of consumable materials and component parts associated with 3D printing machine manufacturing and support activities. Work in process consists of 3D printing machines, subassemblies and other products in varying stages of completion. Finished goods consist of 3D printing machines and other products prepared for delivery in accordance with customer specifications. | |||||||||
At December 31, 2014 and 2013, the allowance for slow-moving and obsolete inventories was approximately $1,241 and $750, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). Included in the allowance for slow-moving and obsolete inventories at December 31, 2014, is approximately $419 associated with the Company’s laser micromachining product line which was discontinued at the end of 2014. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property and Equipment | Note 6. Property and Equipment | ||||||||||||
Property and equipment consist of the following at December 31: | |||||||||||||
2014 | 2013 | Economic Life | |||||||||||
(in years) | |||||||||||||
Land | $ | 7,154 | $ | 5,216 | N/A | ||||||||
Buildings and related improvements | 27,031 | 6,377 | 35 | ||||||||||
Machinery and equipment | 18,510 | 11,452 | 25-Mar | ||||||||||
Other | 4,935 | 2,129 | 7-Mar | ||||||||||
57,630 | 25,174 | ||||||||||||
Less: Accumulated depreciation | (7,213 | ) | (5,096 | ) | |||||||||
50,417 | 20,078 | ||||||||||||
Construction-in-progress | 4,881 | 12,694 | |||||||||||
Property and equipment — net | $ | 55,298 | $ | 32,772 | |||||||||
Machinery and equipment includes assets leased by the Company of approximately $1,057 and $1,282 at December 31, 2014 and 2013, respectively. | |||||||||||||
Machinery and equipment includes assets leased to customers under operating lease arrangements of approximately $1,371 and $261 at December 31, 2014 and 2013, respectively. The carrying value of these assets was approximately $844 and $53 at December 31, 2014 and 2013, respectively. Minimum future rentals of machinery and equipment under non-cancellable arrangements at December 31, 2014, are not significant on the basis of terms of the related contracts. | |||||||||||||
Depreciation expense was approximately $4,139, $2,372 and $1,683 for 2014, 2013 and 2012, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets | ||||||||||||
The following table details the changes in the carrying amount of goodwill: | |||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||
Acquisition of businesses | 5,092 | ||||||||||||
Foreign currency translation adjustments | (427 | ) | |||||||||||
Balance at December 31, 2014 | $ | 4,665 | |||||||||||
There were no goodwill impairment charges recorded during 2014 or accumulated impairment losses recorded at December 31, 2014. | |||||||||||||
Other intangible assets, which are included in other noncurrent assets on the accompanying consolidated balance sheet, were as follows: | |||||||||||||
December 31, 2014 | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Unpatented technology | $ | 1,474 | $ | (307 | ) | $ | 1,167 | ||||||
Customer relationships | 464 | (55 | ) | 409 | |||||||||
Trade names | 56 | (11 | ) | 45 | |||||||||
Noncompetition agreement | 15 | (4 | ) | 11 | |||||||||
$ | 2,009 | $ | (377 | ) | $ | 1,632 | |||||||
There were no intangible assets recorded by the Company at December 31, 2013. Amortization expense related to the intangible assets was approximately $381 for 2014. | |||||||||||||
Future estimated amortization expense related to the intangible assets at December 31, 2014, is approximately as follows: | |||||||||||||
2015 | $ | 453 | |||||||||||
2016 | 453 | ||||||||||||
2017 | 449 | ||||||||||||
2018 | 134 | ||||||||||||
2019 | 67 | ||||||||||||
Thereafter | 76 | ||||||||||||
$ | 1,632 | ||||||||||||
Line_of_Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Line of Credit | Note 8. Line of Credit |
The Company has a line of credit agreement which provides for short-term borrowings or cash advances (overdrafts) with a German bank collateralized by certain assets of the Company for approximately $700 (€600). At December 31, 2014, the interest rate associated with short-term borrowings or cash advances was 6.20% (additional amounts beyond available capacity would bear interest at 10.20%). The agreement has an indefinite term and is subject to cancellation by either party at any time upon repayment of short-term borrowings or cash advances. There is no commitment fee associated with this agreement. | |
At December 31, 2014, the Company identified that it was not in compliance with the annual equity ratio covenant associated with the line of credit agreement. The Company did not obtain a waiver related to compliance with this annual covenant and believes its borrowing abilities to be restricted on the basis of an event of default under the agreement. At December 31, 2014 and 2013, there were no outstanding short-term borrowings or cash advances on the line of credit. Based on the cancellable nature of the agreement, any future requests for short-term borrowings or cash advances under this arrangement would be subject to approval by the bank. Related to the 2014 noncompliance, there were no cross default provisions or related impacts on other lending agreements. | |
The Company also maintains certain agreements for transactions requiring security (letters of credit or guarantees) with a German bank. At December 31, 2014, the interest rate associated with transactions requiring security was 1.75%. At December 31, 2014 and 2013, the Company had transactions guaranteed by these agreements of approximately $1,442 (€1,186) and $982 (€713), respectively. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Note 9. Long-Term Debt | ||||||||
Long-term debt consists of the following at December 31: | |||||||||
2014 | 2013 | ||||||||
Building note payable to a bank | $ | 2,082 | $ | 2,209 | |||||
Terms of the building note payable to a bank include monthly payments of approximately $18 including interest at 4.00% through May 2017, and subsequently, the monthly average yield on U.S. Treasury Securities plus 3.25% for the remainder of the term through May 2027. | |||||||||
At December 31, 2014, the Company identified that it was not in compliance with the annual cash flow-to-debt service ratio covenant associated with the building note payable to the bank. The Company requested and was granted a waiver related to compliance with this annual covenant as of December 31, 2014 and 2015. Related to the 2014 noncompliance, there were no cross default provisions or related impacts on other lending agreements. | |||||||||
Future maturities of long-term debt at December 31, 2014, are approximately as follows: | |||||||||
2015 | $ | 132 | |||||||
2016 | 138 | ||||||||
2017 | 139 | ||||||||
2018 | 143 | ||||||||
2019 | 151 | ||||||||
Thereafter | 1,379 | ||||||||
$ | 2,082 | ||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Leases | Note 10. Leases | ||||
Capital and Financing | |||||
In November 2012, the Company entered into a sale-leaseback transaction with a bank for a 3D printing machine. Due to continuing involvement outside of the normal leaseback by the Company, this transaction has been accounted for as a financing lease. Under the terms of the agreement, the Company received proceeds of approximately $974 (€737) with repayment of the lease occurring over a three-year period beginning in January 2013. The present value of the future minimum lease payments, including an interest rate of 6.0%, was approximately $207 (€170) and $468 (€340) at December 31, 2014 and 2013, respectively. | |||||
In March 2012, the Company entered into a sale-leaseback transaction with a bank for a 3D printing machine. Due to continuing involvement outside of the normal leaseback by the Company, this transaction has been accounted for as a financing lease. Under the terms of the agreement, the Company received proceeds of approximately $985 (€739) with repayment of the lease occurring over a three-year period beginning in April 2012. The present value of the future minimum lease payments, including an interest rate of 6.0%, was approximately $60 (€49) and $330 (€239) at December 31, 2014 and 2013, respectively. | |||||
In addition, the Company leases certain other equipment and vehicles under capital lease arrangements, expiring in various years through 2019. | |||||
Future maturities of capital and financing leases at December 31, 2014, are approximately as follows: | |||||
2015 | $ | 346 | |||
2016 | 82 | ||||
2017 | 72 | ||||
2018 | 8 | ||||
2019 | 2 | ||||
Thereafter | — | ||||
$ | 510 | ||||
Operating | |||||
The Company leases various manufacturing and office facilities, machinery and other equipment and vehicles under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2020. | |||||
Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2014, are approximately as follows: | |||||
2015 | $ | 421 | |||
2016 | 338 | ||||
2017 | 275 | ||||
2018 | 180 | ||||
2019 | 45 | ||||
Thereafter | 22 | ||||
$ | 1,281 | ||||
Rent expense under operating lease arrangements was approximately $982, $1,072 and $984 for 2014, 2013 and 2012, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | Note 11. Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consist of the following at December 31: | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and related costs | $ | 2,087 | $ | 1,266 | |||||
Product warranty reserves | 1,543 | 943 | |||||||
Accrued sales commissions | 951 | 315 | |||||||
Liability for uncertain tax positions | 871 | 768 | |||||||
Accrued professional fees | 405 | 298 | |||||||
Accrued license fees | 392 | 880 | |||||||
Deferred income taxes | 306 | — | |||||||
Other | 1,869 | 924 | |||||||
$ | 8,424 | $ | 5,394 | ||||||
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 12. Contingencies and Commitments |
The Company and its subsidiaries are subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on the financial position, results of operations or cash flows of the Company. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Equity-Based Compensation | Note 13. Equity-Based Compensation | ||||||||||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||||||||||
On January 24, 2013, the Board of Directors of the Company adopted the 2013 Equity Incentive Plan (the “Plan”). In connection with the adoption of the Plan, 500,000 shares of common stock were reserved for issuance pursuant to the Plan, with automatic increases in such reserve available each year annually on January 1 from 2014 through 2023 equal to the lesser of (i) 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year or (ii) a number of shares of common stock determined by the Board of Directors, provided that the maximum number of shares authorized under the Plan will not exceed 1,992,242 shares, subject to certain adjustments. | |||||||||||||||||||||||||
The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Equity-based compensation expense recognized: | |||||||||||||||||||||||||
Incentive stock options | $ | 633 | $ | 580 | |||||||||||||||||||||
Restricted stock | 376 | 131 | |||||||||||||||||||||||
Stock bonus awards | 197 | — | |||||||||||||||||||||||
Total equity-based compensation expense before income taxes | 1,206 | 711 | |||||||||||||||||||||||
Benefit for income taxes* | — | — | |||||||||||||||||||||||
Total equity-based compensation expense net of income taxes | $ | 1,206 | $ | 711 | |||||||||||||||||||||
* | The benefit for income taxes from equity-based compensation has been determined to be $0 based on valuation allowances against net deferred tax assets for 2014 and 2013. In the absence of valuation allowances against net deferred tax assets, the tax benefit derived from equity-based compensation has been estimated to be approximately $231 and $119 for 2014 and 2013, respectively. | ||||||||||||||||||||||||
At December 31, 2014, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $1,276 for incentive stock options (“ISOs”) and $1,490 for restricted stock awards. Total future compensation expense related to unvested awards yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of approximately 2.2 years. | |||||||||||||||||||||||||
Both ISOs and restricted stock awards issued by the Company vest in one-third increments on the first, second and third anniversaries of the date of grant, respectively. Stock bonus awards issued by the Company vested immediately upon issuance. | |||||||||||||||||||||||||
The fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average fair value per ISO | $ | 9.6 | $ | 11.03 | |||||||||||||||||||||
Volatility | 67 | % | 68.7 | % | |||||||||||||||||||||
Average risk-free interest rate | 1.76 | % | 1.07 | % | |||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Expected term (years) | 6 | 6 | |||||||||||||||||||||||
Expected volatility has been estimated based on historical volatilities of certain peer group companies over the expected term of the awards, due to a lack of historical stock prices for a period at least equal to the expected term of issued awards. The average risk-free rate is based on a weighted average yield curve of risk-free interest rates consistent with the expected term of the awards. Expected dividend yield is based on historical dividend data as well as future expectations. Expected term has been calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate. | |||||||||||||||||||||||||
The activity for ISOs was as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||
ISOs | Average | Average Grant | ISOs | Average | Average Grant | ||||||||||||||||||||
Exercise Price | Date Fair | Exercise Price | Date Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Outstanding at beginning of year | 173,333 | $ | 18 | $ | 11.03 | — | $ | — | $ | — | |||||||||||||||
ISOs granted | 62,000 | $ | 15.74 | $ | 9.6 | 180,000 | $ | 18 | $ | 11.03 | |||||||||||||||
ISOs exercised | (18,529 | ) | $ | 18 | $ | 11.03 | — | $ | — | $ | — | ||||||||||||||
ISOs forfeited | (1,667 | ) | $ | 18 | $ | 11.03 | (6,667 | ) | $ | 18 | $ | 11.03 | |||||||||||||
Outstanding at end of year | 215,137 | $ | 17.35 | $ | 10.62 | 173,333 | $ | 18 | $ | 11.03 | |||||||||||||||
ISOs exercisable at end of year | 39,804 | $ | 18 | $ | 11.03 | — | $ | — | $ | — | |||||||||||||||
ISOs expected to vest at end of year | 166,638 | $ | 17.21 | $ | 10.53 | 164,852 | $ | 18 | $ | 11.03 | |||||||||||||||
At December 31, 2014, there was no intrinsic value associated with ISOs exercisable. At December 31, 2014, the aggregate intrinsic value of ISOs expected to vest was approximately $62. The weighted average remaining contractual term of ISOs expected to vest at December 31, 2014, was approximately 6.8 years. ISOs with an aggregate intrinsic value of approximately $312 were exercised by employees during 2014, resulting in proceeds to the Company from the exercise of stock options of approximately $333. The Company received no income tax benefit related to these exercises. There were no exercises during 2013. | |||||||||||||||||||||||||
The activity for restricted stock awards was as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shares of | Weighted | Shares of | Weighted | ||||||||||||||||||||||
Restricted | Average Grant | Restricted | Average Grant | ||||||||||||||||||||||
Stock | Date Fair | Stock | Date Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Outstanding at beginning of year | 20,000 | $ | 23.26 | — | $ | — | |||||||||||||||||||
Restricted shares granted | 67,500 | $ | 22.69 | 20,000 | $ | 23.26 | |||||||||||||||||||
Restricted shares vested | (6,666 | ) | $ | 23.26 | — | $ | — | ||||||||||||||||||
Restricted shares forfeited | — | $ | — | — | $ | — | |||||||||||||||||||
Outstanding at end of year | 80,834 | $ | 22.78 | 20,000 | $ | 23.26 | |||||||||||||||||||
Restricted shares expected to vest | 80,834 | $ | 22.78 | 20,000 | $ | 23.26 | |||||||||||||||||||
Restricted shares vesting during 2014 had a fair value of approximately $282. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
In May 2012, the Company’s majority member completed the sale of 300,000 common units of the former limited liability company to another existing member of the former limited liability company for $1.25 per unit. In July and August 2012, the Company’s majority member completed the sale of an additional 1,000,000 common units of the former limited liability company to two executives of the former limited liability company for $1.25 per unit. The fair value of these common units on each of the respective measurement dates was $7.20 per common unit. The Company recognized compensation expense of approximately $7,735 for the year ended December 31, 2012, in connection with the sale of these common units which has been recorded in selling, general and administrative expenses in the statement of consolidated operations and comprehensive loss. | |||||||||||||||||||||||||
Determining the fair value of the common units required complex and subjective judgments. The Company used the sale of a similar security in an arms-length transaction with unrelated parties to estimate the value of the enterprise at each of the respective measurement dates, which included assigning a value to the similar security’s rights, preferences and privileges, relative to the common units. The enterprise value was then allocated to the Company’s outstanding equity securities using a Black-Scholes option pricing model. The option pricing required certain estimates to be made, including: (i) the anticipated timing of a potential liquidity event (less than one year), (ii) volatility (65.0%) estimated based on historical volatilities of peer group companies, and (iii) a risk-free interest rate (0.2%). |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Income Taxes | Note 14. Income Taxes | ||||||||||||||||||||||||||||||||||||
Prior to Reorganization the Company was a limited liability company whereby its members were taxed on a proportionate share of the Company’s taxable income. Following the merger of The Ex One Company, LLC with and into The ExOne Company, The ExOne Company became a corporation, taxable for federal, state, local and foreign income tax purposes. On January 1, 2013, the Company recorded a net deferred tax asset of approximately $410 based on the difference between the book and tax basis of assets and liabilities as of that date. Due to a history of operating losses by the limited liability company, a valuation allowance of 100% of the initial net deferred tax asset was established. | |||||||||||||||||||||||||||||||||||||
The components of loss before taxes were as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
United States | $ | (15,683 | ) | $ | (9,675 | ) | $ | (12,634 | ) | ||||||||||||||||||||||||||||
Foreign | (6,001 | ) | 3,728 | 3,941 | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (21,684 | ) | $ | (5,947 | ) | $ | (8,693 | ) | ||||||||||||||||||||||||||||
The provision (benefit) for income taxes consisted of the following: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
United States | $ | — | $ | 20 | $ | 20 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Foreign | 290 | (151 | ) | 139 | 370 | — | 370 | 995 | — | 995 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 290 | $ | (131 | ) | $ | 159 | $ | 370 | $ | — | $ | 370 | $ | 995 | $ | — | $ | 995 | ||||||||||||||||||
The net benefit for deferred income taxes for 2014 includes approximately $54 associated with net operating loss carryforwards. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the provision for income taxes at the U.S. statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
U.S. statutory rate (34.0%) | $ | (7,373 | ) | $ | (2,022 | ) | $ | (2,956 | ) | ||||||||||||||||||||||||||||
Unbenefitted limited liability company losses | — | — | 3,931 | ||||||||||||||||||||||||||||||||||
Taxes on foreign operations | (154 | ) | (95 | ) | (164 | ) | |||||||||||||||||||||||||||||||
Increase in uncertain tax positions | 210 | 323 | 146 | ||||||||||||||||||||||||||||||||||
Net change in valuation allowances | 6,980 | 2,029 | 8 | ||||||||||||||||||||||||||||||||||
Permanent differences and other | 496 | 135 | 30 | ||||||||||||||||||||||||||||||||||
Provision for income taxes and effective tax rate | $ | 159 | $ | 370 | $ | 995 | |||||||||||||||||||||||||||||||
Effective tax rate | -0.70% | -6.20% | -11.50% | ||||||||||||||||||||||||||||||||||
The components of net deferred income tax assets and net deferred income tax liabilities were as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||||||||||||||
Accounts receivable | $ | 836 | $ | 23 | |||||||||||||||||||||||||||||||||
Inventories | 300 | 452 | |||||||||||||||||||||||||||||||||||
Property and equipment | 403 | 820 | |||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 849 | 591 | |||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | 7,375 | 2,694 | |||||||||||||||||||||||||||||||||||
Tax credit carryforwards | 765 | 874 | |||||||||||||||||||||||||||||||||||
Other | 1,012 | 266 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (11,069 | ) | (5,172 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax assets | 471 | 548 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||||||||||||||
Other | (794 | ) | (548 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (794 | ) | (548 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (323 | ) | $ | — | ||||||||||||||||||||||||||||||||
The Company has provided a valuation allowance for its net deferred tax assets as a result of the Company not generating consistent net operating profits. As such, any benefit from deferred taxes in any of the periods presented has been fully offset by changes in the valuation allowance for net deferred tax assets. The Company continues to assess its future taxable income by jurisdiction based on (i) recent historical operating results, (ii) the expected timing of reversal of temporary differences, (iii) various tax planning strategies that the Company may be able to enact in future periods, (iv) the impact of potential operating changes on the business and (v) forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that deferred tax assets are realizable based on any combination of the above factors, a reversal of existing valuation allowances may occur. | |||||||||||||||||||||||||||||||||||||
The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,172 | $ | 3,468 | |||||||||||||||||||||||||||||||||
Increase to allowances | 6,980 | 2,029 | |||||||||||||||||||||||||||||||||||
Foreign currency translation and other adjustments | (1,083 | ) | (325 | ) | |||||||||||||||||||||||||||||||||
Ending balance | $ | 11,069 | $ | 5,172 | |||||||||||||||||||||||||||||||||
The increase to allowances for 2013 includes approximately $410 associated with the allowance recorded against the initial net deferred tax asset resulting from the formation of the The ExOne Company as a corporation, taxable for federal, state, local and foreign income tax purposes on January 1, 2013. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company had approximately $3,976 and $13,429 in net operating loss carryforwards which expire in 2033 and 2034, respectively, and $765 in tax credit carryforwards which expire in 2023, to offset the future taxable income of its United States subsidiary. At December 31, 2014, the Company had approximately $2,045 in net operating loss carryforwards which expire from 2015 through 2023, to offset the future taxable income of its Japanese subsidiary. At December 31, 2014, the Company had approximately $4,214 in net operating loss carryforwards which do not expire, to offset the future taxable income of its collective German and Italian subsidiaries. | |||||||||||||||||||||||||||||||||||||
The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At December 31, 2014 and 2013, the liability for uncertain tax positions was approximately $871 and $768, respectively, and is included in accrued expenses and other current liabilities in the consolidated balance sheet. In addition, at December 31, 2014, the Company had a liability for uncertain tax positions related to its ExOne GmbH (Germany) and ExOne KK (Japan) subsidiaries of approximately $195 and $159, respectively, which were fully offset against net operating loss carryforwards of the respective subsidiaries. At December 31, 2013, the Company had a liability for uncertain tax positions related to its ExOne KK (Japan) subsidiary of approximately $93, which was fully offset against net operating loss carryforwards of this subsidiary. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 768 | $ | 416 | $ | 264 | |||||||||||||||||||||||||||||||
Increases related to current year tax positions | 210 | 323 | 146 | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (107 | ) | 29 | 6 | |||||||||||||||||||||||||||||||||
Ending balance | $ | 871 | $ | 768 | $ | 416 | |||||||||||||||||||||||||||||||
The Company includes interest and penalties related to income taxes as a component of the provision for income taxes in the consolidated statement of operations and comprehensive loss. | |||||||||||||||||||||||||||||||||||||
The Company files income tax returns in the United States (effective in 2013), Germany, Italy (effective in 2014) and Japan. The following table summarizes tax years remaining subject to examination for each of the Company’s subsidiaries at December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Jurisdiction | Tax Years | ||||||||||||||||||||||||||||||||||||
Remaining Subject | |||||||||||||||||||||||||||||||||||||
to Examination | |||||||||||||||||||||||||||||||||||||
United States | 2013-2014 | ||||||||||||||||||||||||||||||||||||
Germany | 2011-2014 | ||||||||||||||||||||||||||||||||||||
Italy | 2014 | ||||||||||||||||||||||||||||||||||||
Japan | 2005-2014 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 15. Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. | |||||||||||||||||
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||||
Level 1 | Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. | ||||||||||||||||
Level 2 | Inputs include: | ||||||||||||||||
Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||
Quoted prices for identical or similar assets or liabilities in inactive markets; | |||||||||||||||||
Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; | |||||||||||||||||
Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. | |||||||||||||||||
Level 3 | Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its consolidated financial statements, in accordance with GAAP. | |||||||||||||||||
The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: | |||||||||||||||||
Level | 2014 | 2013 | |||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||
MAM contingent consideration | 3 | $ | 190 | $ | — | ||||||||||||
The fair value of contingent consideration associated with the MAM acquisition is determined by using certain forecasts of future profitability of MAM (an unobservable input). The valuation technique utilized by the Company with respect to this instrument is a discounted cash flow model, principally based on the assumption of achievement of the profitability targets stipulated in the earn-out provision. Future expected payments have been discounted using a market interest rate assumption. | |||||||||||||||||
Terms of the earn-out provision require minimum achievement of revenues and gross profit for the year ended December 31 as follows: | |||||||||||||||||
2014* | 2015 | ||||||||||||||||
Revenue | $ | 2,490 | $ | 3,500 | |||||||||||||
Gross profit | $ | 623 | $ | 875 | |||||||||||||
* | For 2014, targets are representative of revenues and gross profit for the period from the date of acquisition (March 3, 2014) through December 31, 2014. | ||||||||||||||||
During 2014, the Company recorded net changes in the fair value of contingent consideration issued in connection with the MAM acquisition of approximately $185, with a corresponding amount recorded to selling, general and administrative expenses. Changes in contingent consideration recorded by the Company during 2014 are based on (i) revisions of estimates of revenue and gross profit for MAM for the period from acquisition (March 3, 2014) through December 31, 2014 (resulting in a credit to selling, general and administrative expenses of approximately $195), and (ii) the impact of discounting future cash payments on the associated liabilities (resulting in a charge to selling, general and administrative expense of approximately $10). | |||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||
Purchases | — | — | |||||||||||||||
Sales | — | — | |||||||||||||||
Issuances | 375 | — | |||||||||||||||
Settlements | — | — | |||||||||||||||
Realized (gains) losses | (195 | ) | — | ||||||||||||||
Unrealized (gains) losses | 10 | — | |||||||||||||||
Transfers into Level 3 | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | |||||||||||||||
Ending balance | $ | 190 | $ | — | |||||||||||||
The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 36,202 | $ | 36,202 | $ | 98,445 | $ | 98,445 | |||||||||
Current portion of long-term debt | $ | 132 | $ | 132 | $ | 127 | $ | 127 | |||||||||
Current portion of capital and financing leases | $ | 346 | $ | 346 | $ | 549 | $ | 549 | |||||||||
Long-term debt — net of current portion | $ | 1,950 | $ | 2,022 | $ | 2,082 | $ | 1,666 | |||||||||
Capital and financing leases — net of current portion | $ | 164 | $ | 164 | $ | 475 | $ | 475 | |||||||||
The carrying amounts of cash and cash equivalents, current portion of long-term debt and current portion of capital and financing leases approximate fair value due to their short-term maturities. Cash and cash equivalents are classified in Level 1; current portion of long-term debt, current portion of capital and financing leases, long-term debt — net of current portion and capital and financing leases – net of current portion are classified in Level 2. |
Customer_Concentrations
Customer Concentrations | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Customer Concentrations | Note 16. Customer Concentrations |
During 2014, 2013 and 2012, the Company conducted a significant portion of its business with a limited number of customers. For 2014, 2013 and 2012 the Company’s five most significant customers represented approximately 23.1%, 25.5% and 31.7% of total revenue, respectively. At December 31, 2014 and 2013, accounts receivable from the Company’s five most significant customers were approximately $6,326 and $5,912, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17. Related Party Transactions |
In December 2014, the Company entered into a sale agreement for a 3D printing machine with a related entity under common control by the Chairman and CEO of the Company. Total consideration for the 3D printing machine (approximately $1,000) was determined to represent an arms length selling price and was approved prior to execution by the Board of Directors of the Company. The Company recorded revenue of approximately $815 on this sale during 2014 (with the remainder deferred until 2015). During 2014, additional sales of products and/or services to related entities, both individually and in the aggregate, were not significant. | |
During 2013 and 2012, the Company provided various services to several related entities under common control by the Chairman and CEO of the Company, primarily in the form of accounting, finance, information technology and human resource outsourcing, which were reimbursed by the related entities. The cost of these services was approximately $133 and $281 for 2013 and 2012, respectively. The provision of these services was discontinued by the Company in 2013. | |
Amounts due from related entities at December 31, 2014 and 2013, were not significant. | |
In December 2014, the Company entered into a consulting arrangement with Hans J. Sack who was subsequently appointed to the Board of Directors of the Company on December 17, 2014. Total consideration under the consulting arrangement is approximately $75, of which $25 was included in selling, general and administrative expenses in the statement of consolidated operations and comprehensive loss for 2014 based on the services rendered. In connection with his appointment to the Board of Directors of the Company, approval of this arrangement under company policy for related party transactions was granted. | |
Separate from the consulting agreement described above, the Company has purchased certain raw materials and components, website design services and the corporate use of an airplane and leased office space from related entities under common control by the Chairman and CEO of the Company. The cost of these products and/or services was approximately $90, $185 and $149 for 2014, 2013 and 2012, respectively. None of the transactions met a threshold requiring review and approval by the Board of Directors of the Company. | |
Amounts due to related entities at December 31, 2014 and 2013, were not significant. | |
During 2014, the Company also received the benefit of the corporate use of an airplane from a related entity under common control by the Chairman and CEO of the Company for no consideration. The value of this benefit was not significant. |
Segment_Product_and_Geographic
Segment, Product and Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment, Product and Geographic Information | Note 18. Segment, Product and Geographic Information | ||||||||||||
The Company manages its business globally in a singular operating segment in which it develops, manufactures and markets 3D printing machines, 3D printed and other products, materials and services. Geographically, the Company conducts its business through wholly-owned subsidiaries in the United States, Germany, Italy and Japan. | |||||||||||||
Revenue by product for the year ended December 31 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
3D printing machines | $ | 22,792 | $ | 24,851 | $ | 15,668 | |||||||
3D printed and other products, materials and services | 21,108 | 14,629 | 12,989 | ||||||||||
$ | 43,900 | $ | 39,480 | $ | 28,657 | ||||||||
Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 21,115 | $ | 14,596 | $ | 7,802 | |||||||
Germany | 18,118 | 14,744 | 13,956 | ||||||||||
Japan | 4,623 | 10,140 | 6,899 | ||||||||||
Italy | 44 | — | — | ||||||||||
$ | 43,900 | $ | 39,480 | $ | 28,657 | ||||||||
Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): | |||||||||||||
2014 | 2013 | ||||||||||||
United States | $ | 20,334 | $ | 13,257 | |||||||||
Germany | 28,522 | 18,219 | |||||||||||
Japan | 4,978 | 1,296 | |||||||||||
Italy | 1,464 | — | |||||||||||
$ | 55,298 | $ | 32,772 | ||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19. Subsequent Events |
The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as described below. | |
On February 6, 2015, the Board of Directors authorized an aggregate award of 17,500 shares of restricted stock under the 2013 Equity Incentive Plan to certain members of the Board of Directors. These awards vest on the one year anniversary of the date of grant. Separately, on March 16, 2015, the Board of Directors authorized an award of 5,000 shares of restricted stock under the 2013 Equity Incentive Plan to an executive of the Company. These awards vest in one-third increments on the first, second and third anniversaries of the date of grant, respectively. |
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Supplemental Quarterly Financial Information | The ExOne Company and Subsidiaries | ||||||||||||||||
Supplemental Quarterly Financial Information (unaudited) | |||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Revenue | $ | 15,765 | $ | 9,649 | $ | 11,201 | $ | 7,285 | |||||||||
Gross profit | $ | 3,855 | $ | 2,487 | $ | 2,496 | $ | 1,619 | |||||||||
Net loss attributable to ExOne | $ | (7,200 | ) | $ | (4,451 | ) | $ | (4,665 | ) | $ | (5,527 | ) | |||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.50 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.38 | ) | |||||
Diluted | $ | (0.50 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.38 | ) | |||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 10,695 | $ | 11,621 | $ | 9,230 | $ | 7,934 | |||||||||
Gross profit | $ | 3,303 | $ | 5,251 | $ | 4,181 | $ | 2,838 | |||||||||
Net loss attributable to ExOne | $ | (3,197 | ) | $ | (224 | ) | $ | (1,120 | ) | $ | (1,914 | ) | |||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) | |||||
Diluted | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation |
The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. | |
The Company has considered the proforma effects of its Reorganization on the provision for income taxes for 2012 in its statement of consolidated operations and comprehensive loss and concluded that there would be no difference as compared to the amounts reported, principally due to valuation allowances established against net deferred tax assets. In addition, the Company has omitted basic and diluted earnings per share for the respective comparative year as a result of the Reorganization, as the basis for such calculation is not comparable to the subsequent year’s presentation. | |
On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares were sold by the Company and 611,667 were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on February 12, 2013, the Company received net proceeds of approximately $91,996 (net of underwriting commissions). | |
On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares were sold by the Company and 1,948,400 were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on September 13, 2013, the Company received net proceeds of approximately $65,315 (net of underwriting commissions). | |
The consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States), ExOne GmbH (Germany), ExOne KK (Japan); effective in August 2013, ExOne Property GmbH (Germany); effective in March 2014, MWT — Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); effective in May 2014, ExOne Italy S.r.l (Italy) and through March 27, 2013 (see further description below), two variable interest entities (“VIEs”) in which ExOne was identified as the primary beneficiary, Lone Star Metal Fabrication, LLC (“Lone Star”) and Troy Metal Fabricating, LLC (“TMF”). Collectively, the consolidated group is referred to as the “Company”. | |
At December 31, 2012, and through March 27, 2013, ExOne leased property and equipment from Lone Star and TMF. ExOne did not have an ownership interest in Lone Star or TMF and the assets of Lone Star and TMF could only be used to settle obligations of Lone Star and TMF. ExOne was identified as the primary beneficiary of Lone Star and TMF in accordance with the guidance issued by the Financial Accounting Standards Board (“FASB”) on the consolidation of VIEs, as ExOne guaranteed certain long-term debt of both Lone Star and TMF and governed these entities through common ownership. This guidance requires certain VIEs to be consolidated when an enterprise has the power to direct the activities of the VIE that most significantly impact VIE economic performance and who has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The consolidated financial statements therefore include the accounts of Lone Star and TMF through March 27, 2013. | |
On March 27, 2013, ExOne Americas LLC acquired certain assets, including property and equipment (principally land, buildings and machinery and equipment) held by the two VIEs, and assumed all outstanding debt of such VIEs. Following this transaction, neither of the entities continued to meet the definition of a VIE with respect to ExOne, and as a result, the remaining assets and liabilities of both entities were deconsolidated following the transaction. | |
The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. | |
Liquidity | Liquidity |
The Company has incurred net losses of approximately $21,843, $6,317 and $9,688 for 2014, 2013 and 2012, respectively. Prior to Reorganization the Company operated as a limited liability company and was substantially supported by the continued financial support provided by its majority member. As noted above, in connection with the completion of its initial public offering in February 2013 and secondary public offering in September 2013, the Company received total unrestricted net proceeds from the sale of its common stock of approximately $157,311. Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operations through January 1, 2016. | |
Use of Estimates | Use of Estimates |
The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow moving and obsolete inventory); product warranty reserves; income taxes (including the valuation allowance on certain deferred tax assets); equity-based compensation; and business combinations (including fair value estimates of contingent consideration) and testing for impairment of goodwill and long-lived assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Foreign Currency | Foreign Currency |
The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. | |
Foreign currency assets and liabilities are translated into their U.S. dollar equivalents based upon year end exchange rates, and are included in stockholders’ / members’ equity (deficit) as a component of other comprehensive income (loss). Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with certain long-term intercompany transactions for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive (loss) income in the consolidated statement of operations and comprehensive loss. | |
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 51.9%, 63.0% and 72.8% of the consolidated revenue of the Company was derived from transactions outside the United States for 2014, 2013 and 2012, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the Euro and Japanese Yen. | |
Revenue Recognition | Revenue Recognition |
The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized by the Company when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) selling price is fixed or determinable and (iv) collectibility is reasonably assured. | |
The Company enters into arrangements that may provide for multiple deliverables to a customer. Sales of 3D printing machines generally include ancillary equipment, materials, installation and training services, the value of a warranty and other optional products and/or services. The Company identifies all products and services that are to be delivered separately under an arrangement and allocates revenue to each based on their relative fair value. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. | |
Certain of the Company’s arrangements for 3D printing machines contain acceptance provisions for which the Company must determine whether it can objectively demonstrate that either company-specific or customer-specific criteria identified in such provisions have been met prior to recognizing revenue on the transaction. To the extent that the Company is able to effectively demonstrate that specific criteria are met, revenue is recognized at the time of delivery (generally when title and risk and rewards of ownership have transferred to the customer), otherwise revenue is deferred until formal acceptance is provided from the customer. | |
The Company generally provides customers with a standard twelve month warranty on its 3D printing machines. The warranty is not treated as a separate service because the warranty is an integral part of the sale of the 3D printing machine. At the time of sale, a liability is recorded (with an offset to cost of sales in the statement of operations and comprehensive loss) based upon the expected cost of replacement parts and labor to be incurred over the life of the contract period. After the initial twelve month warranty period, the Company offers its customers optional maintenance service contracts. Deferred maintenance service revenue is recognized when the maintenance services are performed since the Company has historical evidence that indicates that the costs of performing the services under the contract are not incurred on a straight-line basis. | |
The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of FASB guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. | |
Shipping and handling costs billed to customers are included in revenue in the consolidated statement of operations and other comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the consolidated statement of operations and comprehensive loss. | |
In assessing collectibility as part of the revenue recognition process, the Company considers a number of factors in its evaluation of the creditworthiness of the customer, including past due amounts, past payment history, and current economic conditions. If it is determined that collectibility cannot be reasonably assured, the Company will defer recognition of revenue until collectibility is assured. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require certain amounts be prepaid. In some circumstances, the Company may require payment in full and may require international customers to furnish letters of credit. These prepayments are reported as deferred revenue and customer prepayments in the consolidated balance sheet. For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms which typically correspond to performance of the related services. | |
The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2014, 2013 and 2012, revenues and any adjustments related to these contracts were not significant. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany, Italy and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2014 and 2013, the allowance for doubtful accounts was approximately $2,431 and $63, respectively. During 2014, 2013 and 2012 the Company recorded provisions for bad debts of approximately $2,391, $152 and $40, respectively, associated with customer balances for which collectibility became uncertain as a result of deteriorating credit quality based on either customer-specific or macroeconomic factors. | |
Inventories | Inventories |
The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or market value. Overhead is allocated to work in process and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical experience and current product demand. These provisions reduce the cost basis of the respective inventories and are recorded as a charge to cost of sales. | |
Property and Equipment | Property and Equipment |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to thirty-five years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives or (ii) the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets and are generally recorded in cost of sales in the statement of consolidated operations and comprehensive loss. Repairs and maintenance are charged to expense as incurred. | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value, with fair value determined using the best information available, which generally is a discounted cash flow model. The determination of what constitutes an asset group, the associated undiscounted net cash flows, and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss was recorded by the Company during 2014, 2013 or 2012. | |
Goodwill | Goodwill |
Goodwill represents the excess of purchase price over the fair value of identifiable net assets of acquired entities. Goodwill is not amortized; instead, it is reviewed for impairment annually or more frequently if indicators of impairment exist (a triggering event) or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, including a significant decline in an entity’s market capitalization, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows, among others. | |
Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment (an operating segment component). Based on an evaluation of its operational management and reporting structure, the Company has determined that it operates as a single operating segment, operating segment component, and reporting unit. | |
In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required however, it will continue to be evaluated at least annually as described above. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | |
Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Additionally, an assessment of the level of impact that a particular factor would have on the estimated fair value is determined using high, medium, and low weighting. | |
Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of a reporting unit to its carrying value, including goodwill (step 1). The Company determines fair value through a combination of the market approach and income approach. The market approach includes consideration of the Company’s market capitalization (as a single reporting unit entity) along with consideration of other factors that could influence the use of market capitalization as a fair value estimate, such as (i) the existence of a control premium in acquiring all of the outstanding shares of the Company, (ii) current trading multiples of comparable entities in comparison to the Company and (iii) market pricing from comparable merger and acquisition transactions. The income approach includes consideration of present value techniques, principally the use of a discounted cash flow model. The development of fair value under both approaches requires the use of significant assumptions and estimates by management. | |
In the event the estimated fair value of a reporting unit is less than the carrying value (step 1), additional analysis would be required (step 2). The additional analysis (step 2) would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations. | |
The Company completed its annual review of goodwill during the fourth quarter of 2014 proceeding directly to the two-step quantitative impairment test. The estimated fair value of the Company’s singular reporting unit was determined to be in excess of its carrying value, resulting in no impairment. | |
Contingent Consideration | Contingent Consideration |
The Company records contingent consideration resulting from a business combination at its fair value on the date of acquisition. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs within the statement of consolidated operations and comprehensive loss. Changes in the fair value of contingent consideration obligations can result from adjustments to (i) forecast revenues, profitability or a combination thereto or (ii) discount rates. These fair value measurements represent Level 3 measurements, as they are based on significant unobservable inputs. | |
Product Warranty Reserves | Product Warranty Reserves |
Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. At the time of sale, a liability is recorded (with an offset to cost of sales in the statement of operations and comprehensive loss) based upon the expected cost of replacement parts and labor to be incurred over the life of the contract period. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the statement of consolidated operations and comprehensive loss in the period such a determination is made. At December 31, 2014 and 2013, product warranty reserves were approximately $1,543 and $943, respectively, and were included in accrued expenses and other current liabilities in the consolidated balance sheet. | |
Income Taxes | Income Taxes |
Prior to Reorganization, the Company was organized as a limited liability company. Under the provisions of the Internal Revenue Code and similar state provisions, the Company was taxed as a partnership and was not liable for income taxes. Instead, earnings and losses were included in the tax returns of its members. Therefore, for periods prior to Reorganization, the consolidated financial statements do not reflect a provision for U.S. federal or state income taxes. | |
The Company’s subsidiaries in Germany, Italy and Japan are taxed as corporations under the taxing regulations of Germany, Italy and Japan, respectively. As a result, the consolidated statement of operations and comprehensive loss includes a provision for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that appropriate taxing authority has completed its examination even through the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes in the consolidated statement of operations and comprehensive loss and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |
The Company recognizes deferred tax assets and liabilities for the differences between the financial statement carrying amounts and the tax basis of assets and liabilities in their respective jurisdictions using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
Taxes on Revenue Producing Transactions | Taxes on Revenue Producing Transactions |
Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the consolidated statement of operations and comprehensive loss. | |
Research and Development | Research and Development |
The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. | |
Advertising | Advertising |
Advertising costs are charged to expense as incurred, and were not significant for 2014, 2013 or 2012. | |
Defined Contribution Plan | Defined Contribution Plan |
The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. The Company makes discretionary matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. The Company’s matching contributions to the plan were approximately $269, $92 and $90 in 2014, 2013 and 2012, respectively. | |
Equity-Based Compensation | Equity-Based Compensation |
The Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense (net of estimated forfeitures) is recognized ratably over the requisite service period based on the grant date fair value. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes pricing model. The Company recognized total equity-based compensation expense of approximately $1,206, $711 and $7,735 during 2014, 2013 and 2012, respectively. | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance |
On January 1, 2014, the Company adopted FASB guidance changing the requirements of the Company’s reporting of amounts reclassified out of accumulated other comprehensive income (loss). These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income (loss) on the respective line items in net income (loss) if the amount being reclassified is required to be reclassified in its entirety to net income (loss). For other amounts that are not required to be reclassified in their entirety to net income (loss) in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income (loss). Other than additional disclosure requirements, the adoption of these changes did not have a significant impact on the consolidated financial statements of the Company. | |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance |
In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for the Company on January 1, 2018, or January 1, 2017, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. | |
In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for the Company on December 31, 2016. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the consolidated financial statements of the Company in a given reporting period. | |
In July 2013, the FASB issued guidance clarifying the presentation of unrecognized tax benefits when a net operating loss carryforward, or similar tax loss or a tax credit carryforward exists. The amendment requires that unrecognized tax benefits be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist. This change becomes effective for the Company on January 1, 2015. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements of the Company. | |
Earnings Per Share | The Company presents basic and diluted loss per common share amounts. Basic loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to ExOne common shareholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes changes in the components of accumulated other comprehensive loss: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | ||||||||||
Foreign currency translation adjustments | |||||||||||||
Balance at beginning of period | $ | (352 | ) | $ | (174 | ) | $ | (220 | ) | ||||
Other comprehensive (loss) income | (7,851 | ) | (178 | ) | 46 | ||||||||
Balance at end of period | $ | (8,203 | ) | $ | (352 | ) | $ | (174 | ) | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Net Loss Attributable to ExOne Per Common Share | The information used to compute basic and diluted net loss attributable to ExOne per common share was as follows: | ||||||||
For the years ended December 31, | 2014 | 2013 | |||||||
Net loss attributable to ExOne | $ | (21,843 | ) | $ | (6,455 | ) | |||
Less: Preferred stock dividends declared | — | (152 | ) | ||||||
Net loss available to ExOne common shareholders | $ | (21,843 | ) | $ | (6,607 | ) | |||
Weighted average shares outstanding (basic and diluted) | 14,411,054 | 12,838,230 | |||||||
Net loss attributable to ExOne per common share: | |||||||||
Basic | $ | (1.52 | ) | $ | (0.51 | ) | |||
Diluted | $ | (1.52 | ) | $ | (0.51 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
MAM Corporation [Member] | |||||||||
Preliminary Allocation of Purchase Price | The following table summarizes the final allocation of purchase price: | ||||||||
Accounts receivable | $ | 209 | |||||||
Inventories | 224 | ||||||||
Prepaid expenses and other current assets | 15 | ||||||||
Property and equipment | 2,998 | ||||||||
Intangible assets | 503 | ||||||||
Goodwill | 1,407 | ||||||||
Total assets | 5,356 | ||||||||
Accounts payable | 56 | ||||||||
Accrued expenses and other current liabilities | 45 | ||||||||
Long-term debt | 338 | ||||||||
Total liabilities | 439 | ||||||||
Total purchase price | $ | 4,917 | |||||||
Schedule of Allocation of Purchase Price to Net Assets Acquired and Liabilities | The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | ||||||||
Amount | Economic Life | ||||||||
(in years) | |||||||||
Customer relationships | $ | 464 | 7 | ||||||
Trade name | 24 | 5 | |||||||
Noncompetition agreement | 15 | 3 | |||||||
$ | 503 | ||||||||
MWT Corporation [Member] | |||||||||
Preliminary Allocation of Purchase Price | The following table summarizes the final allocation of purchase price: | ||||||||
Cash and cash equivalents | $ | 201 | |||||||
Accounts receivable* | 118 | ||||||||
Inventories | 476 | ||||||||
Prepaid expenses and other current assets | 29 | ||||||||
Property and equipment | 21 | ||||||||
Intangible assets | 1,704 | ||||||||
Goodwill | 3,685 | ||||||||
Total assets | 6,234 | ||||||||
Accounts payable | 128 | ||||||||
Accrued expenses and other current liabilities | 605 | ||||||||
Deferred revenue and customer prepayments* | 195 | ||||||||
Deferred income taxes | 492 | ||||||||
Total liabilities | 1,420 | ||||||||
Total purchase price | $ | 4,814 | |||||||
* | Included in accounts receivable and deferred revenue and customer prepayments were amounts due to MWT and the Company at the date of acquisition of approximately $117 and $195, respectively. These amounts were settled between the parties immediately following completion of the acquisition, resulting in no impact to the consolidated financial statements of the Company. | ||||||||
Schedule of Allocation of Purchase Price to Net Assets Acquired and Liabilities | The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of the following intangible assets: | ||||||||
Amount | Economic Life | ||||||||
(in years) | |||||||||
Unpatented technology | $ | 1,668 | 4 | ||||||
Trade name | 36 | 4 | |||||||
$ | 1,704 | ||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | Inventories consist of the following at December 31: | ||||||||
2014 | 2013 | ||||||||
Raw materials and components | $ | 10,838 | $ | 6,253 | |||||
Work in process | 4,221 | 5,957 | |||||||
Finished goods | 1,955 | 554 | |||||||
$ | 17,014 | $ | 12,764 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Summary of Property and Equipment | Property and equipment consist of the following at December 31: | ||||||||||||
2014 | 2013 | Economic Life | |||||||||||
(in years) | |||||||||||||
Land | $ | 7,154 | $ | 5,216 | N/A | ||||||||
Buildings and related improvements | 27,031 | 6,377 | 35 | ||||||||||
Machinery and equipment | 18,510 | 11,452 | 25-Mar | ||||||||||
Other | 4,935 | 2,129 | 7-Mar | ||||||||||
57,630 | 25,174 | ||||||||||||
Less: Accumulated depreciation | (7,213 | ) | (5,096 | ) | |||||||||
50,417 | 20,078 | ||||||||||||
Construction-in-progress | 4,881 | 12,694 | |||||||||||
Property and equipment — net | $ | 55,298 | $ | 32,772 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | The following table details the changes in the carrying amount of goodwill: | ||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||
Acquisition of businesses | 5,092 | ||||||||||||
Foreign currency translation adjustments | (427 | ) | |||||||||||
Balance at December 31, 2014 | $ | 4,665 | |||||||||||
Schedule of Other Intangible Assets | Other intangible assets, which are included in other noncurrent assets on the accompanying consolidated balance sheet, were as follows: | ||||||||||||
December 31, 2014 | Gross | Accumulated | Net | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Unpatented technology | $ | 1,474 | $ | (307 | ) | $ | 1,167 | ||||||
Customer relationships | 464 | (55 | ) | 409 | |||||||||
Trade names | 56 | (11 | ) | 45 | |||||||||
Noncompetition agreement | 15 | (4 | ) | 11 | |||||||||
$ | 2,009 | $ | (377 | ) | $ | 1,632 | |||||||
Future estimated Amortization Expense Related to the Intangible assets | Future estimated amortization expense related to the intangible assets at December 31, 2014, is approximately as follows: | ||||||||||||
2015 | $ | 453 | |||||||||||
2016 | 453 | ||||||||||||
2017 | 449 | ||||||||||||
2018 | 134 | ||||||||||||
2019 | 67 | ||||||||||||
Thereafter | 76 | ||||||||||||
$ | 1,632 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long-Term Debt | Long-term debt consists of the following at December 31: | ||||||||
2014 | 2013 | ||||||||
Building note payable to a bank | $ | 2,082 | $ | 2,209 | |||||
Future Maturities of Long-Term Debt | Future maturities of long-term debt at December 31, 2014, are approximately as follows: | ||||||||
2015 | $ | 132 | |||||||
2016 | 138 | ||||||||
2017 | 139 | ||||||||
2018 | 143 | ||||||||
2019 | 151 | ||||||||
Thereafter | 1,379 | ||||||||
$ | 2,082 | ||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Future Maturities of Capital and Financing Leases | Future maturities of capital and financing leases at December 31, 2014, are approximately as follows: | ||||
2015 | $ | 346 | |||
2016 | 82 | ||||
2017 | 72 | ||||
2018 | 8 | ||||
2019 | 2 | ||||
Thereafter | — | ||||
$ | 510 | ||||
Future Minimum Lease Payments of Operating Lease Arrangements | Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2014, are approximately as follows: | ||||
2015 | $ | 421 | |||
2016 | 338 | ||||
2017 | 275 | ||||
2018 | 180 | ||||
2019 | 45 | ||||
Thereafter | 22 | ||||
$ | 1,281 | ||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following at December 31: | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and related costs | $ | 2,087 | $ | 1,266 | |||||
Product warranty reserves | 1,543 | 943 | |||||||
Accrued sales commissions | 951 | 315 | |||||||
Liability for uncertain tax positions | 871 | 768 | |||||||
Accrued professional fees | 405 | 298 | |||||||
Accrued license fees | 392 | 880 | |||||||
Deferred income taxes | 306 | — | |||||||
Other | 1,869 | 924 | |||||||
$ | 8,424 | $ | 5,394 | ||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Summary of Equity-Based Compensation Expense | The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Equity-based compensation expense recognized: | |||||||||||||||||||||||||
Incentive stock options | $ | 633 | $ | 580 | |||||||||||||||||||||
Restricted stock | 376 | 131 | |||||||||||||||||||||||
Stock bonus awards | 197 | — | |||||||||||||||||||||||
Total equity-based compensation expense before income taxes | 1,206 | 711 | |||||||||||||||||||||||
Benefit for income taxes* | — | — | |||||||||||||||||||||||
Total equity-based compensation expense net of income taxes | $ | 1,206 | $ | 711 | |||||||||||||||||||||
* | The benefit for income taxes from equity-based compensation has been determined to be $0 based on valuation allowances against net deferred tax assets for 2014 and 2013. In the absence of valuation allowances against net deferred tax assets, the tax benefit derived from equity-based compensation has been estimated to be approximately $231 and $119 for 2014 and 2013, respectively. | ||||||||||||||||||||||||
Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option | The fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average fair value per ISO | $ | 9.6 | $ | 11.03 | |||||||||||||||||||||
Volatility | 67 | % | 68.7 | % | |||||||||||||||||||||
Average risk-free interest rate | 1.76 | % | 1.07 | % | |||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Expected term (years) | 6 | 6 | |||||||||||||||||||||||
Summary of Activity for ISOs | The activity for ISOs was as follows: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Number of | Weighted | Weighted | ||||||||||||||||||||
ISOs | Average | Average Grant | ISOs | Average | Average Grant | ||||||||||||||||||||
Exercise Price | Date Fair | Exercise Price | Date Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Outstanding at beginning of year | 173,333 | $ | 18 | $ | 11.03 | — | $ | — | $ | — | |||||||||||||||
ISOs granted | 62,000 | $ | 15.74 | $ | 9.6 | 180,000 | $ | 18 | $ | 11.03 | |||||||||||||||
ISOs exercised | (18,529 | ) | $ | 18 | $ | 11.03 | — | $ | — | $ | — | ||||||||||||||
ISOs forfeited | (1,667 | ) | $ | 18 | $ | 11.03 | (6,667 | ) | $ | 18 | $ | 11.03 | |||||||||||||
Outstanding at end of year | 215,137 | $ | 17.35 | $ | 10.62 | 173,333 | $ | 18 | $ | 11.03 | |||||||||||||||
ISOs exercisable at end of year | 39,804 | $ | 18 | $ | 11.03 | — | $ | — | $ | — | |||||||||||||||
ISOs expected to vest at end of year | 166,638 | $ | 17.21 | $ | 10.53 | 164,852 | $ | 18 | $ | 11.03 | |||||||||||||||
Summary of Activity for Restricted Stock Awards | The activity for restricted stock awards was as follows: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shares of | Weighted | Shares of | Weighted | ||||||||||||||||||||||
Restricted | Average Grant | Restricted | Average Grant | ||||||||||||||||||||||
Stock | Date Fair | Stock | Date Fair | ||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Outstanding at beginning of year | 20,000 | $ | 23.26 | — | $ | — | |||||||||||||||||||
Restricted shares granted | 67,500 | $ | 22.69 | 20,000 | $ | 23.26 | |||||||||||||||||||
Restricted shares vested | (6,666 | ) | $ | 23.26 | — | $ | — | ||||||||||||||||||
Restricted shares forfeited | — | $ | — | — | $ | — | |||||||||||||||||||
Outstanding at end of year | 80,834 | $ | 22.78 | 20,000 | $ | 23.26 | |||||||||||||||||||
Restricted shares expected to vest | 80,834 | $ | 22.78 | 20,000 | $ | 23.26 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Loss Before Tax | The components of loss before taxes were as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
United States | $ | (15,683 | ) | $ | (9,675 | ) | $ | (12,634 | ) | ||||||||||||||||||||||||||||
Foreign | (6,001 | ) | 3,728 | 3,941 | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (21,684 | ) | $ | (5,947 | ) | $ | (8,693 | ) | ||||||||||||||||||||||||||||
Summary of Income Tax Expense Benefit | The provision (benefit) for income taxes consisted of the following: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
United States | $ | — | $ | 20 | $ | 20 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Foreign | 290 | (151 | ) | 139 | 370 | — | 370 | 995 | — | 995 | |||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 290 | $ | (131 | ) | $ | 159 | $ | 370 | $ | — | $ | 370 | $ | 995 | $ | — | $ | 995 | ||||||||||||||||||
Reconciliation of the Provision for Income Taxes | A reconciliation of the provision for income taxes at the U.S. statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
U.S. statutory rate (34.0%) | $ | (7,373 | ) | $ | (2,022 | ) | $ | (2,956 | ) | ||||||||||||||||||||||||||||
Unbenefitted limited liability company losses | — | — | 3,931 | ||||||||||||||||||||||||||||||||||
Taxes on foreign operations | (154 | ) | (95 | ) | (164 | ) | |||||||||||||||||||||||||||||||
Increase in uncertain tax positions | 210 | 323 | 146 | ||||||||||||||||||||||||||||||||||
Net change in valuation allowances | 6,980 | 2,029 | 8 | ||||||||||||||||||||||||||||||||||
Permanent differences and other | 496 | 135 | 30 | ||||||||||||||||||||||||||||||||||
Provision for income taxes and effective tax rate | $ | 159 | $ | 370 | $ | 995 | |||||||||||||||||||||||||||||||
Effective tax rate | -0.70% | -6.20% | -11.50% | ||||||||||||||||||||||||||||||||||
Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities | The components of net deferred income tax assets and net deferred income tax liabilities were as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||||||||||||||||
Accounts receivable | $ | 836 | $ | 23 | |||||||||||||||||||||||||||||||||
Inventories | 300 | 452 | |||||||||||||||||||||||||||||||||||
Property and equipment | 403 | 820 | |||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 849 | 591 | |||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | 7,375 | 2,694 | |||||||||||||||||||||||||||||||||||
Tax credit carryforwards | 765 | 874 | |||||||||||||||||||||||||||||||||||
Other | 1,012 | 266 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (11,069 | ) | (5,172 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax assets | 471 | 548 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||||||||||||||||
Other | (794 | ) | (548 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (794 | ) | (548 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (323 | ) | $ | — | ||||||||||||||||||||||||||||||||
Summary of Changes to Valuation Allowances | The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,172 | $ | 3,468 | |||||||||||||||||||||||||||||||||
Increase to allowances | 6,980 | 2,029 | |||||||||||||||||||||||||||||||||||
Foreign currency translation and other adjustments | (1,083 | ) | (325 | ) | |||||||||||||||||||||||||||||||||
Ending balance | $ | 11,069 | $ | 5,172 | |||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 768 | $ | 416 | $ | 264 | |||||||||||||||||||||||||||||||
Increases related to current year tax positions | 210 | 323 | 146 | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (107 | ) | 29 | 6 | |||||||||||||||||||||||||||||||||
Ending balance | $ | 871 | $ | 768 | $ | 416 | |||||||||||||||||||||||||||||||
Summary of Tax Years Subject to Examinations | The following table summarizes tax years remaining subject to examination for each of the Company’s subsidiaries at December 31, 2014: | ||||||||||||||||||||||||||||||||||||
Jurisdiction | Tax Years | ||||||||||||||||||||||||||||||||||||
Remaining Subject | |||||||||||||||||||||||||||||||||||||
to Examination | |||||||||||||||||||||||||||||||||||||
United States | 2013-2014 | ||||||||||||||||||||||||||||||||||||
Germany | 2011-2014 | ||||||||||||||||||||||||||||||||||||
Italy | 2014 | ||||||||||||||||||||||||||||||||||||
Japan | 2005-2014 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Liabilities Measured on Recurring Basis | The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: | ||||||||||||||||
Level | 2014 | 2013 | |||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||
MAM contingent consideration | 3 | $ | 190 | $ | — | ||||||||||||
Minimum Achievement of Revenues and Gross Profit | Terms of the earn-out provision require minimum achievement of revenues and gross profit for the year ended December 31 as follows: | ||||||||||||||||
2014* | 2015 | ||||||||||||||||
Revenue | $ | 2,490 | $ | 3,500 | |||||||||||||
Gross profit | $ | 623 | $ | 875 | |||||||||||||
* | For 2014, targets are representative of revenues and gross profit for the period from the date of acquisition (March 3, 2014) through December 31, 2014. | ||||||||||||||||
Summary of Changes in Fair Value of Company's Level 3 Financial Instruments | The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||
Purchases | — | — | |||||||||||||||
Sales | — | — | |||||||||||||||
Issuances | 375 | — | |||||||||||||||
Settlements | — | — | |||||||||||||||
Realized (gains) losses | (195 | ) | — | ||||||||||||||
Unrealized (gains) losses | 10 | — | |||||||||||||||
Transfers into Level 3 | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | |||||||||||||||
Ending balance | $ | 190 | $ | — | |||||||||||||
Carrying Values and Fair Values of Other Financial Instruments | The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Cash and cash equivalents | $ | 36,202 | $ | 36,202 | $ | 98,445 | $ | 98,445 | |||||||||
Current portion of long-term debt | $ | 132 | $ | 132 | $ | 127 | $ | 127 | |||||||||
Current portion of capital and financing leases | $ | 346 | $ | 346 | $ | 549 | $ | 549 | |||||||||
Long-term debt — net of current portion | $ | 1,950 | $ | 2,022 | $ | 2,082 | $ | 1,666 | |||||||||
Capital and financing leases — net of current portion | $ | 164 | $ | 164 | $ | 475 | $ | 475 |
Segment_Product_and_Geographic1
Segment, Product and Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Revenue by Product | Revenue by product for the year ended December 31 was as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
3D printing machines | $ | 22,792 | $ | 24,851 | $ | 15,668 | |||||||
3D printed and other products, materials and services | 21,108 | 14,629 | 12,989 | ||||||||||
$ | 43,900 | $ | 39,480 | $ | 28,657 | ||||||||
Geographic Information for Revenue | Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 21,115 | $ | 14,596 | $ | 7,802 | |||||||
Germany | 18,118 | 14,744 | 13,956 | ||||||||||
Japan | 4,623 | 10,140 | 6,899 | ||||||||||
Italy | 44 | — | — | ||||||||||
$ | 43,900 | $ | 39,480 | $ | 28,657 | ||||||||
Geographic Information for Long-Lived Assets | Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): | ||||||||||||
2014 | 2013 | ||||||||||||
United States | $ | 20,334 | $ | 13,257 | |||||||||
Germany | 28,522 | 18,219 | |||||||||||
Japan | 4,978 | 1,296 | |||||||||||
Italy | 1,464 | — | |||||||||||
$ | 55,298 | $ | 32,772 | ||||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Supplemental Quarterly Financial Information | Supplemental Quarterly Financial Information (unaudited) | ||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Revenue | $ | 15,765 | $ | 9,649 | $ | 11,201 | $ | 7,285 | |||||||||
Gross profit | $ | 3,855 | $ | 2,487 | $ | 2,496 | $ | 1,619 | |||||||||
Net loss attributable to ExOne | $ | (7,200 | ) | $ | (4,451 | ) | $ | (4,665 | ) | $ | (5,527 | ) | |||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.50 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.38 | ) | |||||
Diluted | $ | (0.50 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (0.38 | ) | |||||
For the Quarter Ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 10,695 | $ | 11,621 | $ | 9,230 | $ | 7,934 | |||||||||
Gross profit | $ | 3,303 | $ | 5,251 | $ | 4,181 | $ | 2,838 | |||||||||
Net loss attributable to ExOne | $ | (3,197 | ) | $ | (224 | ) | $ | (1,120 | ) | $ | (1,914 | ) | |||||
Net loss attributable to ExOne per common share*: | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) | |||||
Diluted | $ | (0.22 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.20 | ) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Feb. 06, 2013 | Sep. 13, 2013 | Sep. 09, 2013 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Date of incorporation | 1-Jan-13 | |||||||
State of incorporation | Delaware | |||||||
Net proceeds of initial public offering | $91,083,000 | |||||||
Net proceeds of secondary public offering | 157,311,000 | 64,948,000 | ||||||
Net income (loss) | -21,843,000 | -6,317,000 | -9,688,000 | |||||
Maturity of liquid instruments when purchased | Three months or less | |||||||
Allowance for doubtful accounts | 2,431,000 | 63,000 | ||||||
Provision for bad debts | 2,391,000 | 152,000 | 40,000 | |||||
Impairment losses | 0 | 0 | 0 | |||||
Standard product warranty period | Substantially all of the Companybs 3D printing machines are covered by a standard twelve month warranty. At the time of sale, a liability is recorded (with an offset to cost of sales in the statement of operations and comprehensive loss) based upon the expected cost of replacement parts and labor to be incurred over the life of the contract period. | |||||||
Product warranty reserves | 1,543,000 | 943,000 | ||||||
Tax benefits recognized upon settlement | 50.00% | |||||||
Advertising costs | 0 | 0 | 0 | |||||
Percentage of contributions matched | 50.00% | |||||||
Percentage of matching contributions | 8.00% | |||||||
Contributions made to defined contribution savings plan | 269,000 | 92,000 | 90,000 | |||||
Equity-based contribution | 1,206,000 | 711,000 | 7,735,000 | |||||
Impact on the consolidated financial statements | 0 | |||||||
Minimum [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Term till payment is required from date of shipment | 30 days | |||||||
Estimated useful lives | 3 years | |||||||
Maximum [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Term till payment is required from date of shipment | 60 days | |||||||
Estimated useful lives | 35 years | |||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Outside of United States [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Percentage of revenue derived outside the United States | 51.90% | 63.00% | 72.80% | |||||
IPO [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Common stock, new issuances | 6,095,000 | |||||||
Common stock price per share | $18 | |||||||
Common stock, new shares sold by Company | 5,483,333 | |||||||
Common stock, new shares sold by stockholder | 611,667 | |||||||
Net proceeds of initial public offering | 91,996,000 | |||||||
Secondary Public Offering [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Common stock, new issuances | 3,054,400 | |||||||
Common stock price per share | $62 | |||||||
Common stock, new shares sold by Company | 1,106,000 | |||||||
Common stock, new shares sold by stockholder | 1,948,400 | |||||||
Net proceeds of secondary public offering | $65,315,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Balance at beginning of period | ($352) | ($174) | ($220) |
Other comprehensive (loss) income | -7,851 | -178 | 46 |
Balance at end of period | ($8,203) | ($352) | ($174) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | |||
Accumulated other comprehensive loss, tax | $0 | $0 | $0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $0 | $0 | $0 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 20, 2014 | Mar. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Sep. 09, 2013 | |
Net Income Loss Per Common Share [Line Items] | |||||||
Conversion ratio of common units in former limited liability company into common shares | 0.58 | ||||||
Common stock issued in exchange of common units,re-organization | 5,800,000 | ||||||
Restricted stock, vested | 6,666 | ||||||
Common stock issued | 5,000 | ||||||
Common stock issued related to employee stock option exercises | 18,529 | ||||||
Incentive Stock Option [Member] | |||||||
Net Income Loss Per Common Share [Line Items] | |||||||
Potential shares of anti-dilutive common stock | 215,137 | 173,333 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Net Income Loss Per Common Share [Line Items] | |||||||
Potential shares of anti-dilutive common stock | 80,834 | 20,000 | |||||
IPO [Member] | |||||||
Net Income Loss Per Common Share [Line Items] | |||||||
Conversion ratio of preferred shares into common shares | 9.5:1.0 | ||||||
Shares Issued upon conversion of preferred stock | 1,998,275 | ||||||
New common shares issuances | 5,483,333 | ||||||
Secondary Public Offering [Member] | |||||||
Net Income Loss Per Common Share [Line Items] | |||||||
New common shares issuances | 1,106,000 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Net Loss Attributable to Exone Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ||||||||||||
Net loss attributable to ExOne | ($7,200) | ($4,451) | ($4,665) | ($5,527) | ($3,197) | ($224) | ($1,120) | ($1,914) | ($21,843) | ($6,455) | ($10,168) | |
Less: Preferred stock dividends declared | -152 | -1,437 | ||||||||||
Net loss available to ExOne common shareholders | ($21,843) | ($6,607) | ||||||||||
Weighted average shares outstanding (basic and diluted) | 14,411,054 | 12,838,230 | ||||||||||
Net loss attributable to ExOne per common share: | ||||||||||||
Basic | ($0.50) | ($0.31) | ($0.32) | ($0.38) | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ($1.52) | ($0.51) | [1] | |
Diluted | ($0.50) | ($0.31) | ($0.32) | ($0.38) | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ($1.52) | ($0.51) | [1] | |
[1] | Information not comparable for 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 03, 2014 | Dec. 31, 2014 | Mar. 03, 2014 | Mar. 06, 2014 | Dec. 31, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 27, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | |
USD ($) | USD ($) | USD ($) | MAM Corporation [Member] | MAM Corporation [Member] | MAM Corporation [Member] | MWT Corporation [Member] | MWT Corporation [Member] | MWT Corporation [Member] | MWT Corporation [Member] | Troy Metal Fabricating, LLC [Member] | Lone Star Metal Fabrication, LLC [Member] | Troy Metal Fabricating LLC and Lone Star Metal Fabrication LLC [Member] | Troy Metal Fabricating LLC and Lone Star Metal Fabrication LLC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase price | $4,917,000 | $4,814,000 | € 3,500,000 | |||||||||||
Purchase price in cash | 4,542,000 | |||||||||||||
Purchase price in contingent consideration | 375,000 | |||||||||||||
Number of year for earn out provision | 2 years | |||||||||||||
Goodwill | 4,665,000 | 0 | 1,407,000 | 3,685,000 | 0 | |||||||||
Goodwill deductible for income tax purpose | 1,083,000 | |||||||||||||
Assignment of goodwill | 0 | 0 | ||||||||||||
Gain or loss on extinguishment of debt | 0 | |||||||||||||
Acquisition-related expenses | 88,000 | 76,000 | 143,000 | 138,000 | ||||||||||
Payments to acquire assets, including property and equipment | 23,081,000 | 19,311,000 | 1,858,000 | 1,900,000 | 200,000 | |||||||||
Repayment of outstanding debt | 4,700,000 | |||||||||||||
Return of capital | 1,400,000 | |||||||||||||
Property plant and equipment, Carrying value | 2,998,000 | 21,000 | 5,400,000 | |||||||||||
Reduction to equity through noncontrolling interest | $2,724,000 | $2,724,000 |
Acquisitions_Preliminary_Alloc
Acquisitions - Preliminary Allocation of Purchase Price (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 03, 2014 | Mar. 06, 2014 | Mar. 06, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | MAM Corporation [Member] | MWT Corporation [Member] | MWT Corporation [Member] |
USD ($) | USD ($) | EUR (€) | |||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $201 | ||||
Accounts receivable | 209 | 118 | |||
Inventories | 224 | 476 | |||
Prepaid expenses and other current assets | 15 | 29 | |||
Property and equipment | 2,998 | 21 | |||
Intangible assets | 503 | 1,704 | |||
Goodwill | 4,665 | 0 | 1,407 | 3,685 | |
Total assets | 5,356 | 6,234 | |||
Accounts payable | 56 | 128 | |||
Accrued expenses and other current liabilities | 45 | 605 | |||
Deferred revenue and customer prepayments | 195 | ||||
Long-term debt | 338 | ||||
Deferred income taxes | 492 | ||||
Total liabilities | 439 | 1,420 | |||
Total purchase price | $4,917 | $4,814 | € 3,500 |
Acquisitions_Preliminary_Alloc1
Acquisitions - Preliminary Allocation of Purchase Price (Parenthetical) (Detail) (MWT Corporation [Member], USD $) | Mar. 06, 2014 |
In Thousands, unless otherwise specified | |
MWT Corporation [Member] | |
Business Acquisition [Line Items] | |
Accounts receivable | $117 |
Deferred revenue and customer prepayments | $195 |
Acquisitions_Schedule_of_Alloc
Acquisitions - Schedule of Allocation of Purchase Price to Net Assets Acquired and Liabilities (Detail) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 03, 2014 | Mar. 04, 2014 |
MAM Corporation [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | $503 | |
MAM Corporation [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | 464 | |
Economic Life | 7 years | |
MAM Corporation [Member] | Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | 24 | |
Economic Life | 5 years | |
MAM Corporation [Member] | Noncompetition Agreement [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | 15 | |
Economic Life | 3 years | |
MWT Corporation [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | 1,704 | |
MWT Corporation [Member] | Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | 36 | |
Economic Life | 4 years | |
MWT Corporation [Member] | Unpatented Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair value of intangible assets acquired | $1,668 | |
Economic Life | 4 years |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and components | $10,838 | $6,253 |
Work in process | 4,221 | 5,957 |
Finished goods | 1,955 | 554 |
Inventories | $17,014 | $12,764 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Allowance for slow-moving and obsolete inventories | $1,241 | $750 |
Laser Micromachining Product [Member] | ||
Inventory [Line Items] | ||
Allowance for slow-moving and obsolete inventories | $419 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $57,630 | $25,174 |
Less: Accumulated depreciation | -7,213 | -5,096 |
Property and equipment, excluding construction-in-progress | 50,417 | 20,078 |
Construction-in-progress | 4,881 | 12,694 |
Property and equipment - net | 55,298 | 32,772 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 35 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | 7,154 | 5,216 |
Building and Related Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | 27,031 | 6,377 |
Property and equipment, Economic Life | 35 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | 18,510 | 11,452 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 25 years | |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $4,935 | $2,129 |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 7 years |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $4,139 | $2,372 | $1,683 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Machinery and equipment | 1,057 | 1,282 | |
Machinery and equipment | 1,371 | 261 | |
Carrying value of assets | $844 | $53 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill beginning balance | $0 |
Acquisition of businesses | 5,092 |
Foreign currency translation adjustments | -427 |
Goodwill ending balance | $4,665 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Liability Disclosure [Abstract] | ||
Goodwill impairment charges | $0 | |
Goodwill impairment losses | 0 | |
Intangible assets | 0 | |
Amortization of intangible assets | $381,000 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Asset [Line Items] | |
Gross Carrying Amount | $2,009 |
Accumulated Amortization | -377 |
Finite lived intangible asset net | 1,632 |
Unpatented Technology [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Gross Carrying Amount | 1,474 |
Accumulated Amortization | -307 |
Finite lived intangible asset net | 1,167 |
Customer Relationships [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Gross Carrying Amount | 464 |
Accumulated Amortization | -55 |
Finite lived intangible asset net | 409 |
Trade Names [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Gross Carrying Amount | 56 |
Accumulated Amortization | -11 |
Finite lived intangible asset net | 45 |
Noncompete Agreements [Member] | |
Goodwill And Other Intangible Asset [Line Items] | |
Gross Carrying Amount | 15 |
Accumulated Amortization | -4 |
Finite lived intangible asset net | $11 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to the Intangible assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net [Abstract] | |
2015 | $453 |
2016 | 453 |
2017 | 449 |
2018 | 134 |
2019 | 67 |
Thereafter | 76 |
Finite lived intangible asset net | $1,632 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | EUR (€) | Security Agreement [Member] | Short-Term Borrowings [Member] | Short-Term Borrowings [Member] | Cash Advances [Member] | Cash Advances [Member] | Short-Term Borrowings or Cash Advances [Member] | Short-Term Borrowings or Cash Advances [Member] | Compensating Cash Balance [Member] | Compensating Cash Balance [Member] | Compensating Cash Balance [Member] | Compensating Cash Balance [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Additional Borrowing Loans Member | Security Agreement [Member] | Security Agreement [Member] | Security Agreement [Member] | Security Agreement [Member] | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit and security agreement amount | $700,000 | € 600,000 | |||||||||||
Interest rate | 1.75% | 6.20% | 10.20% | ||||||||||
Commitment fee | 0 | ||||||||||||
Credit facility, outstanding amount | $0 | $0 | $0 | $0 | $1,442,000 | € 1,186,000 | $982,000 | € 713,000 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (Building Note Payable To Bank [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Building Note Payable To Bank [Member] | ||
Debt Instrument [Line Items] | ||
Note payable to a bank | $2,082 | $2,209 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (Building Note Payable To Bank [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Building Note Payable To Bank [Member] | |
Debt Instrument [Line Items] | |
Notes payable monthly payments | $18 |
Building note payable to a bank, with monthly payments interest rate | 4.00% |
Building note payable to a bank, with monthly payments basis spread | 3.25% |
Notes payable maturity | 2017-05 |
Notes payable maturity | 2027-05 |
LongTerm_Debt_Future_Maturitie
Long-Term Debt - Future Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $132 |
2016 | 138 |
2017 | 139 |
2018 | 143 |
2019 | 151 |
Thereafter | 1,379 |
Long term debt | $2,082 |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | November 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | March 2012 [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||
Sale Leaseback Transaction [Line Items] | |||||||||||
Proceeds from sale-leaseback transaction | $974 | € 737 | $985 | € 739 | |||||||
Lease repayment period | 3 years | 3 years | 3 years | 3 years | |||||||
Interest rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||
Present value of future minimum lease payments | 207 | 170 | 468 | 340 | 60 | 49 | 330 | 239 | |||
Repayment start date | 2013-01 | 2013-01 | 2012-04 | 2012-04 | |||||||
Rent expense under operating lease | $982 | $1,072 | $984 |
Leases_Future_Maturities_of_Ca
Leases - Future Maturities of Capital and Financing Leases (Detail) (USD $) | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $346 |
2016 | 82 |
2017 | 72 |
2018 | 8 |
2019 | 2 |
Thereafter | 0 |
Future maturities of financing leases, total | $510 |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments of Operating Lease Arrangements (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $421 |
2016 | 338 |
2017 | 275 |
2018 | 180 |
2019 | 45 |
Thereafter | 22 |
Future minimum lease payments of operating lease, Total | $1,281 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Payables and Accruals [Abstract] | ||||
Accrued payroll and related costs | $2,087 | $1,266 | ||
Product warranty reserves | 1,543 | 943 | ||
Accrued sales commissions | 951 | 315 | ||
Liability for uncertain tax positions | 871 | 768 | 416 | 264 |
Accrued professional fees | 405 | 298 | ||
Accrued license fees | 392 | 880 | ||
Deferred income taxes | 306 | 0 | ||
Other | 1,869 | 924 | ||
Accrued expenses and other current liabilities | $8,424 | $5,394 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | ||
31-May-12 | Aug. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2013 | |
Executives | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares authorized | 200,000,000 | 200,000,000 | ||||
Weighted-average remaining vesting period | 2 years 2 months 12 days | |||||
Proceeds from exercise of stock options | $333,000 | |||||
Number of stock exercise | 18,529 | |||||
Sale of common unit | 300,000 | 1,000,000 | ||||
Common unit price per unit | $1.25 | $1.25 | ||||
Fair value of common stock per unit | $7.20 | $7.20 | ||||
Recognized compensation expenses | 1,206,000 | 711,000 | 7,735,000 | |||
Number of executives, additional common units sold | 2 | |||||
Risk free interest rate | 0.20% | |||||
Common Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Volatility of company equity security | 65.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total future compensation expense | 1,490,000 | |||||
ISOs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total future compensation expense | 1,276,000 | |||||
Intrinsic value | 0 | |||||
Aggregate intrinsic value | 62,000 | |||||
Weighted average remaining contractual term | 6 years 9 months 18 days | |||||
Intrinsic value of ISOs exercised by employee | 312,000 | |||||
Proceeds from exercise of stock options | 333,000 | |||||
Income tax benefit | $0 | |||||
Number of stock exercise | 0 | |||||
2013 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 500,000 | |||||
Percentage of outstanding shares of common stock | 3.00% | |||||
2013 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares authorized | 1,992,242 |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity-based compensation expense recognized: | ||
Total equity-based compensation expense before income taxes | $1,206,000 | $711,000 |
Benefit for income taxes | 0 | 0 |
Total equity-based compensation expense net of income taxes | 1,206,000 | 711,000 |
ISOs [Member] | ||
Equity-based compensation expense recognized: | ||
Total equity-based compensation expense before income taxes | 633,000 | 580,000 |
Restricted Stock [Member] | ||
Equity-based compensation expense recognized: | ||
Total equity-based compensation expense before income taxes | 376,000 | 131,000 |
Stock Bonus Awards [Member] | ||
Equity-based compensation expense recognized: | ||
Total equity-based compensation expense before income taxes | $197,000 |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Benefit for income taxes from equity-based compensation | $0 | $0 |
Without Valuation Allowance [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Benefit for income taxes from equity-based compensation | $231,000 | $119,000 |
EquityBased_Compensation_Assum
Equity-Based Compensation - Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average fair value per ISO | $9.60 | $11.03 |
Volatility | 67.00% | 68.70% |
Average risk-free interest rate | 1.76% | 1.07% |
Dividend yield | 0.00% | 0.00% |
Expected term (years) | 6 years | 6 years |
EquityBased_Compensation_Summa2
Equity-Based Compensation - Summary of Activity for ISOs (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of ISOs, outstanding, Beginning Balance | 173,333 | |
Number of ISOs, granted | 62,000 | 180,000 |
Number of ISOs, exercised | -18,529 | |
Number of ISOs, forfeited | -1,667 | -6,667 |
Number of ISOs, outstanding, Ending Balance | 215,137 | 173,333 |
Number of ISOs, exercisable | 39,804 | |
Number of ISOs, expected to vest, net of forfeitures | 166,638 | 164,852 |
Weighted Average Exercise Price, Beginning Balance | $18 | |
Weighted Average Exercise Price, ISOs granted | $15.74 | $18 |
Weighted Average Exercise Price, ISOs exercised | $18 | |
Weighted Average Exercise Price, ISOs forfeited | $18 | $18 |
Weighted Average Exercise Price, Ending Balance | $17.35 | $18 |
Weighted Average Exercise Price, ISOs exercisable | $18 | |
Weighted Average Exercise Price, ISOs expected to vest, net of forfeitures | $17.21 | $18 |
Weighted Average Grant Date Fair Value, Beginning Balance | $11.03 | |
Weighted Average Grant Date Fair Value, ISOs granted | $9.60 | $11.03 |
Weighted Average Grant Date Fair Value, ISOs exercised | $11.03 | |
Weighted Average Grant Date Fair Value, ISOs forfeited | $11.03 | $11.03 |
Weighted Average Grant Date Fair Value, Ending Balance | $10.62 | $11.03 |
Weighted Average Grant Date Fair Value, ISOs exercisable | $11.03 | |
Weighted Average Grant Date Fair Value, ISOs expected to vest, net of forfeitures | $10.53 | $11.03 |
EquityBased_Compensation_Summa3
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Shares, outstanding, Beginning Balance | 20,000 | |
Number of Restricted Shares, granted | 67,500 | 20,000 |
Number of Restricted Shares, vested | -6,666 | |
Number of Restricted Shares, forfeited | ||
Number of Restricted Shares, outstanding, Ending Balance | 80,834 | 20,000 |
Number of Restricted Shares, expected to vest | 80,834 | 20,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $23.26 | |
Weighted Average Grant Date Fair Value, granted | $22.69 | $23.26 |
Weighted Average Grant Date Fair Value, vested | $23.26 | |
Weighted Average Grant Date Fair Value, forfeited | ||
Weighted Average Grant Date Fair Value, Ending Balance | $22.78 | $23.26 |
Weighted Average Grant Date Fair Value, expected to vest | $22.78 | $23.26 |
EquityBased_Compensation_Summa4
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Parenthetical) (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of restricted shares vesting | $282 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2013 | Dec. 31, 2011 |
Schedule Of Income Taxes [Line Items] | |||||
Deferred tax assets, net | $471 | $548 | $410 | ||
Percentage of valuation allowance of initial net deferred tax asset | 100.00% | ||||
Net operating loss carryforwards | 54 | ||||
U.S. statutory rate | 34.00% | 34.00% | 34.00% | ||
Increase to allowances | 410 | ||||
Liability for uncertain tax positions | 871 | 768 | 416 | 264 | |
Germany [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Liability for uncertain tax positions | 195 | ||||
Subsidiaries [Member] | Japan [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Liability for uncertain tax positions | 159 | 93 | |||
Subsidiaries [Member] | 2033 [Member] | United States [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 3,976 | ||||
Expiration period of net operating loss carryforwards | 2033 | ||||
Tax credit carryforwards | 765 | ||||
Expiration period of tax credit carryforwards | 2023 | ||||
Subsidiaries [Member] | 2033 [Member] | Japan [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 2,045 | ||||
Subsidiaries [Member] | 2033 [Member] | Germany And Italy [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 4,214 | ||||
Subsidiaries [Member] | 2034 [Member] | United States [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Net operating loss carryforwards | $13,429 | ||||
Expiration period of net operating loss carryforwards | 2034 | ||||
Subsidiaries [Member] | Earliest Tax Year [Member] | Japan [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Expiration period of net operating loss carryforwards | 2015 | ||||
Subsidiaries [Member] | Latest Tax Year [Member] | Japan [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Expiration period of net operating loss carryforwards | 2023 |
Income_Taxes_Schedule_of_Loss_
Income Taxes - Schedule of Loss Before Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($15,683) | ($9,675) | ($12,634) |
Foreign | -6,001 | 3,728 | 3,941 |
Loss before income taxes | ($21,684) | ($5,947) | ($8,693) |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of IncomeTax Expense Benefit (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||||
United States | $0 | $0 | $0 | |
Foreign | 290 | 370 | 995 | |
Provision (benefit) for income taxes | 290 | 370 | 995 | |
United States | 20 | |||
Foreign | -151 | |||
Provision (benefit) for income taxes | -131 | |||
United States | 20 | |||
Foreign | 139 | 370 | 995 | |
Provision (benefit) for income taxes | $159 | $370 | $995 | [1] |
[1] | Information not comparable for 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||||
U.S. statutory rate (34.0%) | ($7,373) | ($2,022) | ($2,956) | |
Unbenefitted limited liability company losses | 3,931 | |||
Taxes on foreign operations | -154 | -95 | -164 | |
Increase in uncertain tax positions | 210 | 323 | 146 | |
Net change in valuation allowances | 6,980 | 2,029 | 8 | |
Permanent differences and other | 496 | 135 | 30 | |
Provision (benefit) for income taxes | $159 | $370 | $995 | [1] |
Effective tax rate | -0.70% | -6.20% | -11.50% | |
[1] | Information not comparable for 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory rate | 34.00% | 34.00% | 34.00% |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2013 |
In Thousands, unless otherwise specified | |||
Deferred tax assets | |||
Accounts receivable | $836 | $23 | |
Inventories | 300 | 452 | |
Property and equipment | 403 | 820 | |
Accrued expenses and other current liabilities | 849 | 591 | |
Net operating loss carryforwards | 7,375 | 2,694 | |
Tax credit carryforwards | 765 | 874 | |
Other | 1,012 | 266 | |
Valuation allowance | -11,069 | -5,172 | |
Total deferred tax assets | 471 | 548 | 410 |
Deferred tax liabilities | |||
Other | -794 | -548 | |
Total deferred tax liabilities | -794 | -548 | |
Net deferred tax liabilities | ($323) |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes to Valuation Allowances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $5,172 | $3,468 |
Increase to allowances | 6,980 | 2,029 |
Foreign currency translation and other adjustments | -1,083 | -325 |
Ending balance | $11,069 | $5,172 |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $768 | $416 | $264 |
Increases related to current year tax positions | 210 | 323 | 146 |
Foreign currency translation adjustments | -107 | 29 | 6 |
Ending balance | $871 | $768 | $416 |
Income_Taxes_Summary_of_Tax_Ye
Income Taxes - Summary of Tax Year Subject to Examinations (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Earliest Tax Year [Member] | United States [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2013 |
Earliest Tax Year [Member] | Germany [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2011 |
Earliest Tax Year [Member] | Italy [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2014 |
Earliest Tax Year [Member] | Japan [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2005 |
Latest Tax Year [Member] | United States [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2014 |
Latest Tax Year [Member] | Germany [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2014 |
Latest Tax Year [Member] | Japan [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2014 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Liabilities Measured on Recurring Basis (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Accrued expenses and other current liabilities, MAM contingent consideration | $190 |
Fair_Value_Measurements_Minimu
Fair Value Measurements - Minimum Achievement of Revenues and Gross Profit (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Earn Out Of Required Minimum Achievement Of Revenues And Gross Profit [Line Items] | |||||||||||
Revenue | $15,765 | $9,649 | $11,201 | $7,285 | $10,695 | $11,621 | $9,230 | $7,934 | $43,900 | $39,480 | $28,657 |
Gross profit | 3,855 | 2,487 | 2,496 | 1,619 | 3,303 | 5,251 | 4,181 | 2,838 | 10,457 | 15,573 | 12,143 |
Earn Out Provision 2014 [Member] | Minimum [Member] | |||||||||||
Schedule Of Earn Out Of Required Minimum Achievement Of Revenues And Gross Profit [Line Items] | |||||||||||
Revenue | 2,490 | ||||||||||
Gross profit | 623 | ||||||||||
Earn Out Provision 2015 [Member] | Minimum [Member] | |||||||||||
Schedule Of Earn Out Of Required Minimum Achievement Of Revenues And Gross Profit [Line Items] | |||||||||||
Revenue | 3,500 | ||||||||||
Gross profit | $875 |
Fair_Value_Measurements_Minimu1
Fair Value Measurements - Minimum Achievement of Revenues and Gross Profit (Parenthetical) (Detail) (MAM Corporation [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
MAM Corporation [Member] | |
Schedule Of Earn Out Of Required Minimum Achievement Of Revenues And Gross Profit [Line Items] | |
Date of acquisition | 3-Mar-14 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Fair Value Measurements Disclosure [Line Items] | |
Changes in fair value of contingent consideration | ($185) |
MAM Corporation [Member] | |
Fair Value Measurements Disclosure [Line Items] | |
Changes in fair value of contingent consideration | 185 |
MAM Corporation [Member] | Selling, General and Administrative Expenses [Member] | |
Fair Value Measurements Disclosure [Line Items] | |
Revisions of estimates of revenue and gross profit | 195 |
Impact of discounting future cash payments on the associated liabilities | $10 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Financial Instruments (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Purchases | $0 | $0 |
Sales | 0 | 0 |
Issuances | 375 | |
Settlements | 0 | 0 |
Realized (gains) losses | -195 | |
Unrealized (gains) losses | 10 | |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | $190 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $36,202 | $98,445 | $2,802 | $3,496 |
Current portion of long-term debt | 132 | 127 | ||
Current portion of capital and financing leases | 346 | 549 | ||
Long-term debt - net of current portion | 1,950 | 2,082 | ||
Capital and financing leases - net of current portion | 164 | 475 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 36,202 | 98,445 | ||
Current portion of long-term debt | 132 | 127 | ||
Current portion of capital and financing leases | 346 | 549 | ||
Long-term debt - net of current portion | 1,950 | 2,082 | ||
Capital and financing leases - net of current portion | 164 | 475 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 36,202 | 98,445 | ||
Current portion of long-term debt | 132 | 127 | ||
Current portion of capital and financing leases | 346 | 549 | ||
Long-term debt - net of current portion | 2,022 | 1,666 | ||
Capital and financing leases - net of current portion | $164 | $475 |
Customer_Concentrations_Additi
Customer Concentrations - Additional Information (Detail) (Five Most Significant Customers [Member], USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | Customer | Customer | Customer | Customer | |
Revenue, Major Customer [Line Items] | |||||
Accounts receivable from significant customers | 6,326 | 5,912 | 6,326 | 5,912 | |
Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Number of customers | 5 | 5 | 5 | 5 | 5 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue concentration, by most significant customers | 23.10% | 25.50% | 31.70% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Other Related Party Transactions [Line Items] | |||
Revenue | $133 | $281 | |
Payments for services received from related parties | 90 | 185 | 149 |
Consulting [Member] | Hans J. Sack [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Consulting arrangement consideration amount | 75 | ||
Consulting [Member] | Hans J. Sack [Member] | Selling, General and Administrative Expenses [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Consulting arrangement consideration amount | 25 | ||
3D Printing Machines [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Consideration for printing machine | 1,000 | ||
Revenue | $815 |
Segment_Product_and_Geographic2
Segment, Product and Geographic Information - Revenue by Product (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $15,765 | $9,649 | $11,201 | $7,285 | $10,695 | $11,621 | $9,230 | $7,934 | $43,900 | $39,480 | $28,657 |
3D Printing Machines [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 22,792 | 24,851 | 15,668 | ||||||||
3D Printed and Other Products, Materials and Services [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $21,108 | $14,629 | $12,989 |
Segment_Product_and_Geographic3
Segment, Product and Geographic Information - Geographic Information for Revenue (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $15,765 | $9,649 | $11,201 | $7,285 | $10,695 | $11,621 | $9,230 | $7,934 | $43,900 | $39,480 | $28,657 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 21,115 | 14,596 | 7,802 | ||||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 18,118 | 14,744 | 13,956 | ||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 4,623 | 10,140 | 6,899 | ||||||||
Italy [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $44 |
Segment_Product_and_Geographic4
Segment, Product and Geographic Information - Geographic Information for Long-Lived Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $55,298 | $32,772 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 20,334 | 13,257 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 28,522 | 18,219 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,978 | 1,296 |
Italy [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $1,464 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 16, 2015 | Feb. 06, 2015 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares authorized | 67,500 | 20,000 | ||
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vest increment | These awards vest in one-third increments on the first, second and third anniversaries of the date of grant | These awards vest on the one year anniversary of the date of grant. | ||
Subsequent Event [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares authorized | 5,000 | 17,500 |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Information - Summary of Supplemental Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenue | $15,765 | $9,649 | $11,201 | $7,285 | $10,695 | $11,621 | $9,230 | $7,934 | $43,900 | $39,480 | $28,657 | |
Gross profit | 3,855 | 2,487 | 2,496 | 1,619 | 3,303 | 5,251 | 4,181 | 2,838 | 10,457 | 15,573 | 12,143 | |
Net loss attributable to ExOne | ($7,200) | ($4,451) | ($4,665) | ($5,527) | ($3,197) | ($224) | ($1,120) | ($1,914) | ($21,843) | ($6,455) | ($10,168) | |
Net loss attributable to ExOne per common share*: | ||||||||||||
Basic | ($0.50) | ($0.31) | ($0.32) | ($0.38) | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ($1.52) | ($0.51) | [1] | |
Diluted | ($0.50) | ($0.31) | ($0.32) | ($0.38) | ($0.22) | ($0.02) | ($0.08) | ($0.20) | ($1.52) | ($0.51) | [1] | |
[1] | Information not comparable for 2012 as a result of the Reorganization of the Company as a corporation on January 1, 2013 (Note 1). |