$PRLB
Proto Labs Inc

2018 Q4 Form 10-K Financial Statement

#000143774919003141 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2016 Q4
Revenue $112.8M $94.20M $72.40M
YoY Change 19.75% 30.11% -1.9%
Cost Of Revenue $53.60M $41.30M $32.00M
YoY Change 29.78% 29.06% -1.54%
Gross Profit $59.20M $52.90M $40.30M
YoY Change 11.91% 31.27% -2.42%
Gross Profit Margin 52.48% 56.16% 55.66%
Selling, General & Admin $31.40M $28.30M $20.20M
YoY Change 10.95% 40.1% 2.02%
% of Gross Profit 53.04% 53.5% 50.12%
Research & Development $7.600M $5.800M $5.300M
YoY Change 31.03% 9.43% 8.16%
% of Gross Profit 12.84% 10.96% 13.15%
Depreciation & Amortization $7.300M $5.000M $4.700M
YoY Change 46.0% 6.38% 27.03%
% of Gross Profit 12.33% 9.45% 11.66%
Operating Expenses $39.00M $34.10M $25.50M
YoY Change 14.37% 33.73% 3.24%
Operating Profit $20.20M $18.80M $14.80M
YoY Change 7.45% 27.03% -10.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.400M $400.0K $100.0K
YoY Change 250.0% 300.0% -83.33%
Pretax Income $21.50M $19.20M $14.90M
YoY Change 11.98% 28.86% -13.37%
Income Tax -$1.900M $6.700M $5.600M
% Of Pretax Income -8.84% 34.9% 37.58%
Net Earnings $19.30M $14.30M $9.400M
YoY Change 34.97% 52.13% -21.67%
Net Earnings / Revenue 17.11% 15.18% 12.98%
Basic Earnings Per Share
Diluted Earnings Per Share $707.0K $525.7K $353.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.8M $94.10M $108.3M
YoY Change 40.06% -13.11% 33.87%
Cash & Equivalents $85.05M $36.71M $68.80M
Short-Term Investments $46.80M $57.40M $39.50M
Other Short-Term Assets $8.600M $6.300M $5.700M
YoY Change 36.51% 10.53% 9.62%
Inventory $10.09M $11.27M $9.310M
Prepaid Expenses
Receivables $59.16M $51.50M $34.06M
Other Receivables $5.700M $1.800M $400.0K
Total Short-Term Assets $215.4M $165.0M $157.8M
YoY Change 30.52% 4.58% 14.33%
LONG-TERM ASSETS
Property, Plant & Equipment $228.0M $166.4M $139.5M
YoY Change 36.99% 19.33% 11.16%
Goodwill $128.8M $128.5M $28.92M
YoY Change 0.19% 344.4% 0.0%
Intangibles
YoY Change
Long-Term Investments $23.60M $37.00M $84.50M
YoY Change -36.22% -56.21% 30.4%
Other Assets $3.441M $2.672M $933.0K
YoY Change 28.78% 186.39% 80.46%
Total Long-Term Assets $403.6M $353.7M $256.5M
YoY Change 14.1% 37.93% 14.99%
TOTAL ASSETS
Total Short-Term Assets $215.4M $165.0M $157.8M
Total Long-Term Assets $403.6M $353.7M $256.5M
Total Assets $619.0M $518.7M $414.2M
YoY Change 19.33% 25.23% 14.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.41M $15.88M $11.32M
YoY Change 9.67% 40.22% -17.01%
Accrued Expenses $34.80M $20.50M $12.10M
YoY Change 69.76% 69.42% -3.97%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.73M $43.76M $23.43M
YoY Change 20.52% 86.77% -10.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.592M $4.621M $3.978M
YoY Change -0.63% 16.16% 37.69%
Total Long-Term Liabilities $4.592M $4.621M $3.978M
YoY Change -0.63% 16.16% 37.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.73M $43.76M $23.43M
Total Long-Term Liabilities $4.592M $4.621M $3.978M
Total Liabilities $77.49M $57.52M $34.41M
YoY Change 34.71% 67.18% 3.05%
SHAREHOLDERS EQUITY
Retained Earnings $291.5M $224.7M $176.7M
YoY Change 29.71% 27.16% 31.87%
Common Stock $258.5M $241.8M $213.9M
YoY Change 6.94% 13.03% 7.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $541.5M $461.2M $379.8M
YoY Change
Total Liabilities & Shareholders Equity $619.0M $518.7M $414.2M
YoY Change 19.33% 25.23% 14.74%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $19.30M $14.30M $9.400M
YoY Change 34.97% 52.13% -21.67%
Depreciation, Depletion And Amortization $7.300M $5.000M $4.700M
YoY Change 46.0% 6.38% 27.03%
Cash From Operating Activities $37.90M $22.70M $19.40M
YoY Change 66.96% 17.01% -14.91%
INVESTING ACTIVITIES
Capital Expenditures -$25.20M -$8.400M -$2.600M
YoY Change 200.0% 223.08% -84.8%
Acquisitions
YoY Change
Other Investing Activities $20.40M -$104.8M -$16.80M
YoY Change -119.47% 523.81% -3.45%
Cash From Investing Activities -$4.800M -$113.4M -$19.50M
YoY Change -95.77% 481.54% -43.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.60M 7.900M 1.500M
YoY Change -234.18% 426.67% -135.71%
NET CHANGE
Cash From Operating Activities 37.90M 22.70M 19.40M
Cash From Investing Activities -4.800M -113.4M -19.50M
Cash From Financing Activities -10.60M 7.900M 1.500M
Net Change In Cash 22.50M -82.80M 1.400M
YoY Change -127.17% -6014.29% -108.75%
FREE CASH FLOW
Cash From Operating Activities $37.90M $22.70M $19.40M
Capital Expenditures -$25.20M -$8.400M -$2.600M
Free Cash Flow $63.10M $31.10M $22.00M
YoY Change 102.89% 41.36% -44.86%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, 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> &#x2014; Nature of Business</div></div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, 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; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Proto 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 style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3D</div>-printed and 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 style=" margin: 0pt; text-align: left; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt 15pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div>&nbsp;</div> <table style="margin: 0pt 10%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 1px; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: none;">&nbsp;</td> <td style="width: 16.5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: bottom; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: 1px; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: none;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-weight: bold;">Name</div></div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-weight: bold;">Location</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;">&nbsp;</td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">PL-US International LLC</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Rapid Manufacturing Group LLC</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">United States</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Proto Labs Ltd.</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">PL Euro Services Ltd.</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">PL International Holdings, UK, Ltd.</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">United Kingdom</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">PL DE Holding GmbH</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;Germany</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Proto Labs GmbH</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;Germany</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Proto Labs Eschenlohe GmbH</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;Germany</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt 0pt 0pt 18pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Proto Labs, G.K.</div> </td> <td colspan="1" style="width: 35.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Japan</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40.3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td> <td style="width: 16.5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td> </tr> </table></div>
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87719
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45
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110.59
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P3Y182D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y255D
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2800000
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3600000
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6800000
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4096000
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4233000
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3796000
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593000
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831000
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309000
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48000
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1039000
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UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
442000
CY2018 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="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; text-align: left; font-family: &quot;Times New Roman&quot;, 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; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; font-family: &quot;Times New Roman&quot;, 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></div></div></div>
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27278816
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26845071
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26564639
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26982614
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26647610
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26365173

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