Proto Labs, Inc. |
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Condensed Consolidated Balance Sheets |
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(In thousands) |
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March 31, |
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December 31, |
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2020 |
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2019 |
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(Unaudited) |
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| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
91,905 |
$ |
125,225 |
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| Short-term marketable securities |
|
38,194 |
|
35,437 |
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| Accounts receivable, net |
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62,091 |
|
57,450 |
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| Inventory |
|
10,507 |
|
10,075 |
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| Prepaid expenses and other current assets |
|
9,777 |
|
8,232 |
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| Total current assets |
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212,474 |
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236,419 |
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| Property and equipment, net |
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268,001 |
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263,712 |
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| Goodwill |
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128,752 |
|
128,752 |
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| Other intangible assets, net |
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16,615 |
|
17,369 |
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| Long-term marketable securities |
|
37,077 |
|
12,960 |
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| Operating lease assets |
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10,548 |
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11,425 |
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| Other long-term assets |
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4,623 |
|
3,030 |
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| Total assets | $ |
678,090 |
$ |
673,667 |
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| Liabilities and shareholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
18,219 |
$ |
16,804 |
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| Accrued compensation |
|
12,460 |
|
15,058 |
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| Accrued liabilities and other |
|
12,950 |
|
11,057 |
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| Current operating lease liabilities |
|
3,254 |
|
3,340 |
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| Income taxes payable |
|
414 |
|
1,322 |
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| Total current liabilities |
|
47,297 |
|
47,581 |
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| Long-term operating lease liabilities |
|
7,871 |
|
8,565 |
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| Long-term deferred tax liabilities |
|
29,652 |
|
26,283 |
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| Other long-term liabilities |
|
5,530 |
|
5,448 |
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| Shareholders' equity |
|
587,740 |
|
585,790 |
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| Total liabilities and shareholders' equity | $ |
678,090 |
$ |
673,667 |
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| Proto Labs, Inc. |
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| Condensed Consolidated Statements of Operations |
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| (In thousands, except share and per share amounts) |
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| (Unaudited) |
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Three Months Ended |
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March 31, |
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2020 |
2019 |
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| Revenue | |||||||
| Injection Molding | $ |
54,776 |
$ |
55,311 |
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| CNC Machining |
|
37,885 |
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37,872 |
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| 3D Printing |
|
15,948 |
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14,480 |
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| Sheet Metal |
|
5,649 |
|
5,025 |
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| Other |
|
850 |
|
764 |
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| Total revenue |
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115,108 |
|
113,452 |
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| Cost of revenue |
|
57,008 |
|
54,592 |
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| Gross profit |
|
58,100 |
|
58,860 |
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| Operating expenses | |||||||
| Marketing and sales |
|
18,180 |
|
18,577 |
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| Research and development |
|
8,987 |
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8,013 |
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| General and administrative |
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14,108 |
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12,822 |
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| Total operating expenses |
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41,275 |
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39,412 |
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| Income from operations |
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16,825 |
|
19,448 |
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| Other income, net |
|
1,054 |
|
213 |
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| Income before income taxes |
|
17,879 |
|
19,661 |
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| Provision for income taxes |
|
3,895 |
|
4,150 |
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| Net income | $ |
13,984 |
$ |
15,511 |
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| Net income per share: | |||||||
| Basic | $ |
0.52 |
$ |
0.58 |
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| Diluted | $ |
0.52 |
$ |
0.57 |
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| Shares used to compute net income per share: | |||||||
| Basic |
|
26,776,806 |
|
26,963,366 |
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| Diluted |
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26,929,640 |
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27,177,039 |
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