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Note 13 - Segment Reporting
 6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 13 – Segment Reporting

 

The Company’s reportable segments are based on the internal reporting used by the Company’s Chief Executive Officer, who is the chief operating decision maker (CODM), to assess operating performance and make decisions about the allocation of resources. The Corporate Unallocated and Japan category includes non-reportable segments, as well as research and development and general and administrative costs that the Company does not allocate directly to its operating segments.

 

Intercompany transactions primarily relate to intercontinental activity and have been eliminated and are excluded from the reported amounts. The difference between income from operations and pre-tax income relates to foreign currency-related gains and losses and interest income on cash balances and investments, which are not allocated to business segments. 

 

Revenue and income from operations by reportable segment for the three and six months ended June 30, 2022 and 2021 were as follows:

 

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

(in thousands)

 

2022

  

2021

  

2022

  

2021

 

Revenue:

                

United States

 $100,655  $95,344  $196,151  $186,397 

Europe

  23,391   24,655   47,977   46,104 

Japan

  2,856   3,049   6,942   6,673 

Total revenue

 $126,902  $123,048  $251,070  $239,174 

 

 

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

(in thousands)

 

2022

  

2021

  

2022

  

2021

 

Income (Loss) from Operations:

                

United States

 $26,168  $26,280  $48,691  $48,783 

Europe

  (2,249)  5,063   (3,928)  3,692 

Corporate Unallocated and Japan

  (18,718)  (15,239)  (31,672)  (32,110)

Total Income from Operations

 $5,201  $16,104  $13,091  $20,365 

 

 

Total long-lived assets at  June 30, 2022 and December 31, 2021 were as follows:

 

 

  

June 30,

  

December 31,

 

(in thousands)

 2022  2021 

Total long-lived assets:

        

United States

 $205,090  $215,701 

Europe

  52,880   59,388 

Japan

  2,661   5,257 

Total Long-lived Assets

 $260,631  $280,346 

 

 

The Company's decision to exit Japan resulted in a $1.2 million impairment of fixed assets during the three and six months ended June 30, 2022. The Japan business was in operations through the second quarter of 2022 and the fixed assets are expected to be available for sale during the second half of 2022.

 

Revenue by product line for the three and six months ended June 30, 2022 and 2021 were as follows:

 

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 

(in thousands)

 

2022

  

2021

  

2022

  

2021

 

Revenue:

                

Injection Molding

 $53,355  $58,168  $106,753  $114,527 

CNC Machining

  48,222   41,592   94,320   78,295 

3D Printing

  19,963   18,170   39,635   35,405 

Sheet Metal

  5,160   4,717   9,847   9,936 

Other Revenue

  202   401   515   1,011 

Total revenue

 $126,902  $123,048  $251,070  $239,174