10-Q Filing

Proto Labs Inc CIK: 1443669 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001437749-17-017948`
Period End Date	20170930
Filing Date	20171031
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	prlb-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 68 Cash Flow Statement 62

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$442.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$568.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.80M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.65M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$68.22M	USD	Point-in-time
Short-term marketable securities	`MarketableSecuritiesCurrent`	$39.48M	USD	Point-in-time
Short-term marketable securities	`MarketableSecuritiesCurrent`	$53.20M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $568 and $442 as of September 30, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$34.06M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $568 and $442 as of September 30, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$46.28M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$9.79M	USD	Point-in-time
Inventory	`InventoryNet`	$9.31M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.28M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.70M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$445.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	26.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$157.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$234.83M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	26.63M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$139.47M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	26.50M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	26.63M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$153.51M	USD	Point-in-time
Goodwill	`Goodwill`	$28.92M	USD	Point-in-time
Goodwill	`Goodwill`	$28.92M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$2.26M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$2.65M	USD	Point-in-time
Long-term marketable securities	`MarketableSecuritiesNoncurrent`	$55.35M	USD	Point-in-time
Long-term marketable securities	`MarketableSecuritiesNoncurrent`	$84.48M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$933.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.70M	USD	Point-in-time
Total assets	`Assets`	$414.24M	USD	Point-in-time
Total assets	`Assets`	$477.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.32M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$11.37M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$7.67M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesAndOtherLiabilities`	$4.43M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesAndOtherLiabilities`	$7.46M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.80M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.76M	USD	Point-in-time
Long-term deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$7.72M	USD	Point-in-time
Long-term deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$7.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.25M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$47.73M	USD	Point-in-time
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, authorized 10,000,000 shares; issued and outstanding 0 shares as of each of September 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 26,631,444 and 26,504,868 shares as of September 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Common stock, $0.001 par value, authorized 150,000,000 shares; issued and outstanding 26,631,444 and 26,504,868 shares as of September 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$225.13M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$213.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$210.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$176.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.75M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.75M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$379.83M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$429.84M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$414.24M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$477.57M	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$250.31M	USD	3 Qtrs
Revenues	`SalesRevenueNet`	$225.70M	USD	3 Qtrs
Revenues	`SalesRevenueNet`	$78.17M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$88.11M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$38.79M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$109.36M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$99.08M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$33.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$49.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$44.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$140.95M	USD	3 Qtrs
Gross profit	`GrossProfit`	$126.62M	USD	3 Qtrs
Marketing and sales	`SellingAndMarketingExpense`	$11.79M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$34.18M	USD	3 Qtrs
Marketing and sales	`SellingAndMarketingExpense`	$41.46M	USD	3 Qtrs
Marketing and sales	`SellingAndMarketingExpense`	$13.85M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.88M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.78M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$17.11M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$10.02M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$28.40M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$10.22M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$28.26M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$87.50M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$79.69M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$27.78M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$29.95M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$53.45M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$19.37M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$46.94M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$16.94M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$291.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.78M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$625.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$2.34M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.57M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$49.28M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$19.66M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.23M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.94M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.72M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.58M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.51M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$33.34M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.22M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.98M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.50	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.41	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.45	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.27	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.45	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.49	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.40	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.26	USD	3 Qtrs
Basic - weighted-average shares outstanding: (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.60M	shares	3 Qtrs
Basic - weighted-average shares outstanding: (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.42M	shares	1 Quarter
Basic - weighted-average shares outstanding: (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.62M	shares	1 Quarter
Basic - weighted-average shares outstanding: (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.33M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.72M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.80M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.54M	shares	3 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.61M	shares	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$42.51M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$31.78M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.83M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.88M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$37.51M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$33.34M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.22M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.83M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.54M	USD	3 Qtrs
Share-based Compensation	`ShareBasedCompensation`	$2.20M	USD	1 Quarter
Share-based Compensation	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Share-based Compensation	`ShareBasedCompensation`	$5.26M	USD	3 Qtrs
Share-based Compensation	`ShareBasedCompensation`	$6.16M	USD	3 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$495.00K	USD	3 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$715.00K	USD	3 Qtrs
Loss on impairment of assets	`AssetImpairmentCharges`	$455.00K	USD	3 Qtrs
Loss on impairment of assets	`AssetImpairmentCharges`	-	USD	3 Qtrs
Amortization of held-to-maturity securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-851.00K	USD	3 Qtrs
Amortization of held-to-maturity securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-881.00K	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$1.38M	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$-21.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.68M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.63M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$188.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$203.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.11M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.15M	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.16M	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.11M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.39M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.04M	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInOtherOperatingLiabilities`	$3.13M	USD	3 Qtrs
Accrued liabilities and other	`IncreaseDecreaseInOtherOperatingLiabilities`	$6.68M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$58.14M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$59.00M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.16M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.98M	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireHeldToMaturitySecurities`	$56.21M	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireHeldToMaturitySecurities`	$20.04M	USD	3 Qtrs
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$45.91M	USD	3 Qtrs
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$34.09M	USD	3 Qtrs
Purchases of other investments	`PaymentsToAcquireOtherInvestments`	-	USD	3 Qtrs
Purchases of other investments	`PaymentsToAcquireOtherInvestments`	$514.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.62M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.29M	USD	3 Qtrs
Acquisition-related contingent consideration	`PaymentsOfMergerRelatedCostsFinancingActivities`	$400.00K	USD	3 Qtrs
Acquisition-related contingent consideration	`PaymentsOfMergerRelatedCostsFinancingActivities`	-	USD	3 Qtrs
Proceeds from exercises of stock options and other	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$4.17M	USD	3 Qtrs
Proceeds from exercises of stock options and other	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$5.75M	USD	3 Qtrs
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	3 Qtrs
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$4.41M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.34M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.77M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-58.00K	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$774.00K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$20.57M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$50.49M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$68.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$47.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$119.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$68.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$68.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$119.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$68.22M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.