$PRLB
Proto Labs Inc

2017 Form 10-K Financial Statement

#000143774918003222 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $344.5M $72.40M $298.1M
YoY Change 15.58% -1.9% 12.85%
Cost Of Revenue $150.6M $32.00M $131.1M
YoY Change 14.89% -1.54% 19.52%
Gross Profit $193.8M $40.30M $166.9M
YoY Change 16.12% -2.42% 8.12%
Gross Profit Margin 56.27% 55.66% 56.01%
Selling, General & Admin $98.06M $20.20M $82.78M
YoY Change 18.45% 2.02% 20.14%
% of Gross Profit 50.59% 50.12% 49.59%
Research & Development $23.60M $5.300M $22.39M
YoY Change 5.41% 8.16% 22.01%
% of Gross Profit 12.17% 13.15% 13.41%
Depreciation & Amortization $18.47M $4.700M $17.49M
YoY Change 5.66% 27.03% 23.78%
% of Gross Profit 9.53% 11.66% 10.47%
Operating Expenses $121.6M $25.50M $105.2M
YoY Change 15.64% 3.24% 20.53%
Operating Profit $72.23M $14.80M $61.77M
YoY Change 16.93% -10.84% -8.02%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.209M $100.0K $2.454M
YoY Change -9.98% -83.33% 244.66%
Pretax Income $74.44M $14.90M $64.22M
YoY Change 15.9% -13.37% -5.36%
Income Tax $22.66M $5.600M $21.51M
% Of Pretax Income 30.44% 37.58% 33.5%
Net Earnings $51.78M $9.400M $42.71M
YoY Change 21.24% -21.67% -8.18%
Net Earnings / Revenue 15.03% 12.98% 14.33%
Basic Earnings Per Share $1.94 $1.62
Diluted Earnings Per Share $1.93 $353.4K $1.61
COMMON SHARES
Basic Shares Outstanding 26.65M 26.37M
Diluted Shares Outstanding 26.85M 26.56M

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.10M $108.3M $108.3M
YoY Change -13.11% 33.87% 33.87%
Cash & Equivalents $36.70M $68.80M $68.80M
Short-Term Investments $57.40M $39.50M $39.50M
Other Short-Term Assets $6.300M $5.700M $5.700M
YoY Change 10.53% 9.62% 9.62%
Inventory $11.30M $9.310M $9.300M
Prepaid Expenses
Receivables $51.50M $34.06M $34.10M
Other Receivables $1.800M $400.0K $400.0K
Total Short-Term Assets $165.0M $157.8M $157.8M
YoY Change 4.56% 14.33% 14.35%
LONG-TERM ASSETS
Property, Plant & Equipment $166.4M $139.5M $139.5M
YoY Change 19.28% 11.16% 11.16%
Goodwill $28.92M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $37.00M $84.50M $84.50M
YoY Change -56.21% 30.4% 30.4%
Other Assets $2.700M $933.0K $900.0K
YoY Change 200.0% 80.46% 80.0%
Total Long-Term Assets $353.7M $256.5M $256.4M
YoY Change 37.95% 14.99% 14.98%
TOTAL ASSETS
Total Short-Term Assets $165.0M $157.8M $157.8M
Total Long-Term Assets $353.7M $256.5M $256.4M
Total Assets $518.7M $414.2M $414.2M
YoY Change 25.23% 14.74% 14.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.90M $11.32M $11.30M
YoY Change 40.71% -17.01% -16.91%
Accrued Expenses $20.50M $12.10M $12.10M
YoY Change 69.42% -3.97% -3.97%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.80M $23.43M $23.40M
YoY Change 87.18% -10.8% -11.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.800M $3.978M $4.000M
YoY Change 70.0% 37.69% 37.93%
Total Long-Term Liabilities $6.800M $3.978M $4.000M
YoY Change 70.0% 37.69% 37.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.80M $23.43M $23.40M
Total Long-Term Liabilities $6.800M $3.978M $4.000M
Total Liabilities $57.50M $34.41M $34.40M
YoY Change 67.15% 3.05% 2.99%
SHAREHOLDERS EQUITY
Retained Earnings $176.7M
YoY Change 31.87%
Common Stock $213.9M
YoY Change 7.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $461.2M $379.8M $379.8M
YoY Change
Total Liabilities & Shareholders Equity $518.7M $414.2M $414.2M
YoY Change 25.23% 14.74% 14.74%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $51.78M $9.400M $42.71M
YoY Change 21.24% -21.67% -8.18%
Depreciation, Depletion And Amortization $18.47M $4.700M $17.49M
YoY Change 5.66% 27.03% 23.78%
Cash From Operating Activities $81.75M $19.40M $77.50M
YoY Change 5.48% -14.91% 20.91%
INVESTING ACTIVITIES
Capital Expenditures $32.64M -$2.600M $33.62M
YoY Change -2.92% -84.8% -24.22%
Acquisitions $110.5M
YoY Change
Other Investing Activities -$91.30M -$16.80M -$27.10M
YoY Change 236.9% -3.45% 41.15%
Cash From Investing Activities -$124.0M -$19.50M -$60.76M
YoY Change 104.06% -43.64% -4.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.410M $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $9.192M 1.500M 5.315M
YoY Change 72.94% -135.71% 13.11%
NET CHANGE
Cash From Operating Activities $81.75M 19.40M 77.50M
Cash From Investing Activities -$124.0M -19.50M -60.76M
Cash From Financing Activities $9.192M 1.500M 5.315M
Net Change In Cash -$33.04M 1.400M 22.06M
YoY Change -249.76% -108.75% 324.13%
FREE CASH FLOW
Cash From Operating Activities $81.75M $19.40M $77.50M
Capital Expenditures $32.64M -$2.600M $33.62M
Free Cash Flow $49.11M $22.00M $43.88M
YoY Change 11.92% -44.86% 122.37%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2014; Nature of Business</div></div></div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Organization and business</div></div></div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 7.5pt; text-align: left; text-indent: 22.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Labs, Inc. and its subsidiaries (Proto Labs, the Company, we, us, or our) is an e-commerce driven digital manufacturer of quick-turn, on-demand&nbsp;injection-molded, computer numerical control (CNC) machined, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3D</div>-printed and <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">sheet metal-fabricated custom parts for prototyping and short-run production. The Company&#x2019;s customers are product developers and engineers throughout the world who require a faster and less expensive way to obtain low volumes of parts. The Company&#x2019;s proprietary technology eliminates most of the time-consuming and expensive skilled labor conventionally required to quote and manufacture parts in low volumes, and its customers conduct nearly all of their business with the Company over the Internet. The Company targets its product lines to the millions of product developers and engineers who use <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-dimensional (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3D</div>)&nbsp;computer-aided design (CAD) software to design products across a diverse range of end-markets. The Company has established operations in the United States, Europe and Japan, which the Company believes are among the largest geographic markets where these product developers and engineers are located. The Company&#x2019;s primary manufacturing product lines currently include Injection Molding, CNC Machining, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3D</div> Printing and Sheet Metal. Proto Labs, Inc. is located in Maple Plain, Minnesota. The Company&#x2019;s subsidiaries are:</div></div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt 21.5%; text-indent: 0px; font-size: 10pt; min-width: 700px;"> <tr> <td style="width: 3%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> </td> <td style="width: 40%; vertical-align: top; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Name</div></div> </td> <td style="width: 17%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> </td> <td style="width: 4%; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> </td> <td style="width: 36%; vertical-align: top; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Location</div></div> </td> </tr> <tr> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;">&nbsp;</td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL-US International LLC</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Rapid Manufacturing Group LLC</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Rapid Sheet Metal LLC</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">NH Rapid Machining LLC</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Rapid Wire and Cable LLC</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs Ltd.</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL Euro Services Ltd.</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL International UK LLP</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td colspan="2" style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL International Holdings, UK, Ltd.</div> </td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs Distribution, Ltd.</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL DE Holding GmbH</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Germany</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs GmbH</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Germany</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs Eschenlohe GmbH</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Germany</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">PL Finland Oy</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Finland</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs AB</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Sweden</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="width: 3%; vertical-align: top;">&nbsp;</td> <td style="width: 40%; vertical-align: top;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Proto Labs, G.K.</div> </td> <td style="width: 17%; vertical-align: top;">&nbsp;</td> <td style="width: 4%; vertical-align: top;">&nbsp;</td> <td style="width: 36%; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Japan</div> </td> </tr> <tr> <td style="width: 3%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">&nbsp;</td> <td style="width: 40%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">&nbsp;</td> <td style="width: 17%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">&nbsp;</td> <td style="width: 4%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">&nbsp;</td> <td style="width: 36%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">&nbsp;</td> </tr> </table></div>
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NetCashProvidedByUsedInFinancingActivities
9192000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5315000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-123975000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60755000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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NetCashProvidedByUsedInOperatingActivities
81748000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77499000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
64096000
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NetIncomeLoss
51778000
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NetIncomeLoss
42707000
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NetIncomeLoss
46514000
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OperatingExpenses
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingLeasesFutureMinimumPaymentsDueCurrent
4322000
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OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1948000
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1975000
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2026000
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OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2508000
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2672000
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5519000
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-5541000
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3978000
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153000
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OtherNoncashIncomeExpense
1541000
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OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
2209000
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OtherNonoperatingIncomeExpense
2454000
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OtherNonoperatingIncomeExpense
712000
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PaymentsForRepurchaseOfCommonStock
4410000
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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PaymentsOfMergerRelatedCostsFinancingActivities
CY2016 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
400000
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PaymentsOfMergerRelatedCostsFinancingActivities
1400000
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PaymentsToAcquireBusinessesNetOfCashAcquired
CY2015 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5032000
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20037000
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PaymentsToAcquireHeldToMaturitySecurities
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PaymentsToAcquireHeldToMaturitySecurities
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PaymentsToAcquireOtherInvestments
8742000
CY2016 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
CY2015 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
32635000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33616000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
44362000
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0.001
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10000000
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10000000
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0
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0
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0
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PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
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5000000
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ProceedsFromIssuanceOfDebt
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ProceedsFromIssuanceOfDebt
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8602000
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5715000
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6251000
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47972000
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ProceedsFromSaleAndMaturityOfMarketableSecurities
62176000
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ProceedsFromSaleAndMaturityOfMarketableSecurities
52193000
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240622000
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197233000
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166440000
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125475000
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RepaymentsOfLongTermDebt
CY2016 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2015 us-gaap Repayments Of Long Term Debt
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152000
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23560000
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ResearchAndDevelopmentExpense
22388000
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ResearchAndDevelopmentExpense
18350000
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224697000
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176703000
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344490000
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298055000
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56856000
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46131000
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39188000
CY2015 us-gaap Share Based Compensation
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6082000
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P5Y
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0
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7000000
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18600000
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26519
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
87719
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
43371
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110335
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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117480
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20700000
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998987
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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766042
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
569639
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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399055
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26.49
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36.52
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45
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
51.13
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14.36
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
16.65
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
35.93
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
51.72
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
61.41
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
61.02
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
67.36
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57.99
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
69.06
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P10Y
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14600000
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y73D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y73D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2800000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3600000
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2800000
CY2017Q4 us-gaap Short Term Borrowings
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5000000
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
316761
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
226164
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
187313
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6254000
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5715000
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8604000
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4413000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
461215000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
379833000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
265539000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
327645000
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
26500000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4233000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3796000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2769000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
831000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1077000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
48000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
170000
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
442000
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
220000
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Accounting estimates</div></div></div> <div style=" margin: 0pt 7.5pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 7.5pt; text-align: left; text-indent: 22.5pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26845071
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26564639
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26320284
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26647610
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26365173
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26005858

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