CNC Customize Parts Professional Solution & Processing Provider

Proto Labs, Inc. (PRLB)

by:QY Precision      2019-12-21
Washington, D. C. Securities and Exchange CommissionC. 20549 FORM 10-Q (Mark One)
X quarterly reports submitted under section 13, 15 (d)
Pursuant to section 1934th or section 15th, the quarterly Securities Trading Act or transition report as of March 31, 2013 (d)
Document number in the Securities Trading Act of 1934 regarding the transition period from Commission: 001-
Proto Labs, Inc. 35435(
The exact name of the registrant specified in the articles of association)Minnesota 41-1939628 (
State or other jurisdiction registered or organized)(I. R. S.
Employer identity number)
5540 pioneer Creek Avenue, Maple Leaf Plain, Minnesota (55359 (
Main executive office address)(Zip Code)(763)479-3680 (
The phone number of the registrant, including the area code)
Not applicable (
Former name, former address and previous fiscal year, if changed since the last report)
Indicate by check mark whether the registrant (1)
All reports requested in Section 13 or 15 have been submitted (d)
Securities Trading Act of 1934 within the first 12 months (
Or a short period of time required for the registrant to submit such reports), and (2)
This filing requirement has been bound for the last 90 days.
Whether X indicates by check mark whether the registrant is electronically submitted and posted on its corporate website (if any), each Interactive Data File submitted and published as required by the Reulation S-Rule 405
12 months before T (
Or in such a short time that the registrant is required to submit and publish these documents).
X whether to indicate whether the registrant is a large accelerated file manager, non-accelerated file manager by check mark
A smaller reporting company.
View the definitions of \"large accelerated file manager\", \"accelerated file manager\" and \"small Reporting Company\" in rule 12b
2 of the Trading Act.
Large accelerated file manager non-accelerated file manager
Accelerating filer x (
Do not check if there are smaller reporting companies)
Indicate whether the registrant is a shell company by check mark (
Defined in Rule 12b-
2 parts of the transaction law).
\"Yes x no\" indicates the number of outstanding shares per offering class common stock as of the latest practicable date: 25,217,056 ordinary shares with a par value of $0.
001 per share, outstanding performance in May 1, 2013.
Original laboratory company
The first part of the Directory project description page.
Financial statements 3 2.
Management\'s Discussion and Analysis of financial status and operational results 14 3.
Quantitative and qualitative disclosure of market risks
Control and Procedure 23 Part 2 1.
Legal action 24 1A.
Risk factors 24 6.
Exhibit 24 2 part 1.
Financial information 1
Prototype Laboratory of financial statements, Inc.
Consolidated Balance Sheet (
In thousands, except for share and amount per share)
March31, December 31, 2013 2012 (Unaudited)
Cash and cash equivalents of current assets $27,929 $36,759
Regular Securities 35,695 25,137 Accounts receivable, net of doubtful accounts allowance of $142 and $154 as at March 31, 2013 and December 31, 2012, respectively for 17,468 15,791 inventory 4,717 4,619 pre-paid and other flow assets 4,774 5,364 receivable income tax 3,203 1,877 Deferred income tax assets 446 609 flow assets total 94,232 90,156 Property and equipment net 45,629-45,316
Short-term securities 48,877 36,965 Other assets 262 285 assets total $189,000 $172,722 equity flow liabilities liabilities and shareholders x92 pay $5,759 $4,758 of compensation 7,468 5,995 should be the accrued liability and other 574 513 of part long-
Long-term debt 209 273 total flow liabilities 14,010 11,539 long-term debt
Long-term deferred tax liability 3,346 3,346
Other long-term debt 287 356
Long-term liabilities 728 782 Total liabilities 18,371 shareholder equity preferred shares $16,023.
001 face value, authorized 10,000,000 shares;
As of March 31, 2013 and December 31, 2012, 0 shares were issued and not issued, respectively, at $0.
001 face value, authorized 150,000,000 shares;
As of March 31, 2013 and December 31, 2012, 25,170,856 and 24,803,640 shares issued and not issued, respectively, were 26 25 Additional paid-in capital of 153,581 147,032 retained earnings of 18,857 and 10,570 cumulative other comprehensive earnings (loss)(1,835 )(928 )
Total equity of shareholders 170,629 156,699 Total liabilities and equity of shareholders $189,000 $172,722 attached notes are an integral part of these consolidated financial statements.
3 Proto Labs, Inc.
Consolidated Statement of Comprehensive Income (
In thousands, except for share and amount per share)(Unaudited)
2012 business statements for the three months ended March 31, 2013: tax income $37,313 $29,970 cost 14,034 12,243 profit 23,279 17,727 marketing and sales 5,263 4,441 R & D business cost 2,628 1,660 General and administrative 3,994 cm 3,988 Total operating expenses 11,885 10,089 business income 11,394 Other income (7,638)expense), net 3 (577 )
Income tax before Income 11,397 7,061 income tax reserve 3,110 2,279 Net income 8,287 dollars Net income per share 4,782 dollar: basic for 0 dollars. 33 $ 0.
23 Diluted $0. 32 $ 0.
22 Shares used to calculate net income per share: basic 25,014,907 20,934,948 Diluted 25,645,744 22,226,356 consolidated income $7,380 $5,240. The attached notes are an integral part of these consolidated financial statements.
4 Proto Labs, Inc.
Consolidated Statement of Cash Flow (In thousands)(Unaudited)
Operating activity net income of 2012 for the three months ended March 31, 2013 $8,287 $4,782 Adjusted to reconcile net income with net cash provided by operating activities: Depreciation and amortization of 1,734 1,328 inventory-
Excess tax benefit based on compensation fee 865 850 Deferred tax 148 stock-
Basic compensation (4,067 )
Amortization of holdingsto-
Changes in operating assets and liabilities of expired Securities 304 RMB: Accounts receivable (1,929 )(3,180 )Inventories (183 )(100 )
Pre-paid and other 393 29 Income tax 2,719 1,991 to deal with the accounts 1,115 1,344 should be the accrued liability and other 1,759 367 provided by operating activities of cash net 11,145 7,411 investment activities of purchasing property and equipment (2,548 )(8,264 )
Purchase of securities (41,088 )
Maturity income of securities 18,313 250 net cash for investment activities (25,323 )(8,014 )
The financing activity proceeds from the initial public offering, deducting the debt payment of 71,675 euros in the issuance cost (92 )(94 )
Exercise income of warrants and stock options 1,619 30 stock excess tax income-
Basic compensation 4,067 Net Cash Provided by Financing Activities 5,594 71,611 impact of exchange rate changes on cash and cash equivalents (246 )
Net increase of 536 (decrease)
Cash and cash equivalents (8,830 )
71,544 Cash and cash equivalents, beginning 36,759 8,135 Cash and cash equivalents, an integral part of these consolidated financial statements, accompanied by $27,929 $79,679.
Laboratory, Inc.
Notes to Consolidated Financial Statements (Unaudited)
Note 1 presentation basis of unaudited consolidated financial statements by Proto, Inc. (
Proto Labs, company, US, US or ours)
Has been prepared in accordance with the generally accepted accounting principles of the United States (U. S. GAAP)
Interim financial information and instructions on Form 10-
Articles Q and 10 of the regulationsX.
These statements are unaudited, but management believes that they reflect all adjustments required to make a fair statement of the company\'s financial position statements, operating results and cash flow during the reporting period.
These adjustments include normal recurring items, unless otherwise disclosed in this agreement.
The results of the mid-term operations do not necessarily indicate the possible results for the entire fiscal year.
Prepare financial statements as required by the United StatesS.
Recognized accounting principles require management to make estimates and assumptions affecting assets, liabilities, income, expenditures and related disclosures on the date of the financial statements and during the reporting period.
The actual results may differ significantly from those estimates.
For more information, see the audited consolidated financial statements contained in the Company\'s Annual Report on Form 10 and their notes
K submitted to the Securities and Exchange Commission for the year ended December 31, 2012 (SEC)
March 22, 2013.
As of December 31, 2012, the accompanying consolidated balance sheet was derived from audited consolidated financial statements, but did not include all disclosures requested by the United States governmentS.
A set of recognized accounting principles for a complete set of financial statements. This Form 10-
Q should be read in conjunction with the notes contained in the consolidated financial statements and forms 10 annual report of the company
As noted above, K was submitted on March 22, 2013.
Note 2: recent accounting announcement of the Financial Accounting Standards Committee on February 2013 (FASB)
Update of accounting standards (ASU)2013-
02. the amount reported to be reclassified from the accumulated other comprehensive income (ASU 2013-02).
This accounting update typically requires entities to provide information on the amounts reclassified by component from other consolidated income accrued.
In addition, the accounting update requires the entity to either be on the surface of the report showing net income, or in the notes, based on the corresponding line items of net income, to reclassify a large amount from the accumulated other consolidated income, but only the amount required to be reclassified in the United StatesS.
During the same reporting period, GAAP will be reclassified to full net income.
For other amounts not needed in the USS.
GAAP reclassifies all into net income, and entities need to cross
Reference to other disclosures requested by the United StatesS.
Provide GAAP with more details about these amounts.
The amendment applies to both listed and non-listed companies and will apply in the future.
For public entities, the amendment, starting after December 15, 2012, is valid during the fiscal year and during the transition period during these years.
The company has adopted this accounting standard since January 1, 2013.
Asus 2013 adoption-
02 has no significant impact on the company\'s financial statements.
Note 3 Net income per common stock per share Basic net income per share Weighted-
The average number of ordinary shares issued.
Net Diluted Income per share is weighted-
The average number of issued common shares increases the number of additional shares that would have been issued if potentially diluted common shares had been issued, reducing the number of shares that the company may have repurchased from the proceeds of issuance to dilute the shares.
Potential diluted shares of common stock include stock options granted under stock
Salary plan and stock promised to be purchased according to employee stock purchase plan.
Laboratory, Inc.
Notes to Consolidated Financial Statements (Unaudited)
The table below lists the calculation of basic net income per share and diluted net income: three months as of March31 ,(
In thousands, except for share and amount per share)
2013 2012 net income $8,287 $4,782 Basic buy wedding-
Average Shares issued: 25,014,907 20,934,948 impact of diluted Securities: Employee stock options, warrants and other 630,837 1,291,408 dilution weighting
Average has issued shares: cash 25,645,744 22,226,356 Net Income: Basic for 0 dollars. 33 $ 0.
23 Diluted $0. 32 $ 0.
22 Note 4 compilation of accounting standards for fair value measurement (ASC)
820. Fair Value Measurement t (ASC 820)
, Defines fair value as the exchange price the asset receives or pays for the transfer of liability (an exit price)
The principal or most favorable market for assets or liabilities in an orderly transaction between market participants on the measurement day.
ASC 820 has also established a fair value hierarchy that, when measuring fair value, needs to be classified according to observable and unobservable inputs.
There are three levels of input that can be used to measure fair value: one-level quotes for the same assets or liabilities in an active market.
Observable Inputs other than the first-class price, such as quotations for similar assets or liabilities;
Quotation of inactive market;
Or other inputs confirmed by observable or observable market data that are essentially the full term of assets or liabilities.
Unobservable inputs at level 3, which have little or no support for market activities at all, are important for the fair value of assets or liabilities.
The company\'s cash consists of bank deposits.
Cash equivalents of companies measured at fair value include money market mutual funds.
Companies use Level 1 inputs to determine the fair value of these investments.
The recurring summary of financial assets measured at fair value as of March 31, 2013 and December 31, 2012 is as follows: March 31-20, 2013 to December 31 (in thousands)
Level 1 Level 2 level 3 Level 1 Level 2 3 financial assets: Cash and cash equivalents money market mutual fund $5,206 $16,164 7 Proto Labs, Inc.
Notes to Consolidated Financial Statements (Unaudited)
Note 5 the company invests in short-term securitiesterm and long-
Municipal, corporate, commercial paper and other debt securities.
Securities are classified as holding securitiesto-
Due and recorded at amortized cost.
Maintain classification-to-
The due date is based on the company\'s ability and intention to hold these securities to the due date.
Brief information about the companyterm and long-
Regular Securities as at March 31, 2013 and December 31, 2012 are as follows: March 31, 2013 (in thousands)
Amortization costs unrealized gains unrealized losses fair value United StatesS.
Government agency securities $23,714 $8 (5 )
$23,717 corporate bond securities 23,767 (28 )
23,768 5,493 paper for commercial use (13 )5,480 U. S.
Municipal Securities 26,901 10 (14 )
26,897 deposit slip/time deposit 4,697 8 (1 )
4,704 total value of securities $84,572 $55 (61 )
$84,566 in December 31, 2012 (in thousands)
Amortization costs unrealized gains unrealized losses fair value United StatesS.
Government agency securities $23,011 $2 (4 )
23,009 corporate bonds of $14,675 in 18 (14 )
14,679 for commercial use 1,500 x97 1,500 U. S.
City Securities 17,971 3 (12 )
17,962 deposit slip/time deposit 4,945 3 (1 )
4,947 total value of securities $62,102 $26 (31 )
The fair value of the United States is $62,097. S.
Government agencies and corporate bonds are mainly quoted according to the market (Level 1).
Fair value in the United StatesS.
Municipal securities, certificates of deposit and commercial bills are determined mainly by the quotation or quotation of dealers with similar securities (Level 2).
The company tests losses other than temporary losses on a quarterly basis and believes that the above-mentioned unrealized losses are temporary losses.
The company intends to hold the investment until it expires and recover the full principal.
Securities are classified by current or non-current period
It is currently based on the securities due date as of these financial statements dates.
Balance held on March 31, 2013-to-
Maturity Debt Securities calculated by contract maturity are shown in the following table, calculated at Amortized costs.
The actual due date may be different from the contract due date, as the issuer of the securities may be entitled to advance the debt without a penalty in advance.
8 Proto Labs, Inc.
Notes to Consolidated Financial Statements (Unaudited)March31, (in thousands)
2013 $35,695 to five-year maturity of $48,877 of Total Marketable securities of $84,572 or less a year Note 6 inventory is mainly composed of raw materials, using an average value at a lower cost or market record-
Cost approach, first approach-in, first-out (FIFO)cost.
The company regularly reviews whether inventory is slow
Move, damage and discontinued items and provide allowances to reduce them to recoverable quantities.
The company\'s inventory includes: March31, December31 ,(in thousands)
2013 2012 $4,393 for raw materials $4,174 $425 for in-process products 530 4,818 for total inventory 4,704 for out-of-date allowances (101 )(85 )
Stock, deducting allowance $4,717 $4,619 Note 7 Stock-
Basic compensation under 2012 Long
Regular incentive plan (2012 Plan)
As discussed in the 2012 annual report on Table 10-
K. The company has the ability to grant stock options and stock value-added rights (SARs)
Restricted stocks, stock units, other stocks-
Rewards and cash rewards.
Awards under Plan 2012 are awarded for a maximum period of ten years from the date of award.
The compensation commission may provide that the attribution or payment of any award, in addition to meeting any continuing service requirements, will depend on the achievement of specific performance measures, which the compensation commission will decide whether or not these measures have been taken.
The stock options granted under Plan 2012 and the exercise price per share of SARs shall generally not be less than the fair market price of our common stock on the date of grant.
Employee Stock Purchase Plan Company 2012 employee stock purchase plan (ESPP)
As discussed in the 2012 annual report on Table 10-
K, allows eligible employees to purchase shares of the Company\'s common stock at a discount by deducting up to 15% of eligible pay, subject to the plan restrictions.
ESPP offers six-
As of the month of May15 and November15.
At the end of each sale period, employees are able to purchase shares of the Company\'s common stock with a lower fair market value of 85% on the first trading day of the issue period or the last trading day of the issue period.
Laboratory, Inc.
Notes to Consolidated Financial Statements (Unaudited)Stock-
Stock based on compensation fee
The base compensation fee is $0.
The three months ended March 31, 2013 were 9 million and 2012 respectively.
Summary of stock options activity for the three months ended March 31, 2013 as follows: Weighted-
In December 31, 2012, the average price of stock options was $1,691,357.
11 batches of 125,325 47.
Exercise (351,216 )4.
60 have been canceled (250 )30.
As at March 31, 2013, 58 options remained at $1,465,216.
74 $491,674 in March 31, 2013.
The term of the outstanding option is generally ten years.
For employees, the option granted becomes exercisable during the attribution period, which is usually five
The one-year period starting from the first anniversary of the grant date depends on the employee\'s continued service to the company.
For directors, options are generally fully exercisable at the first anniversary of the date of grant. The weighted-
The average grant date fair value of the three-month option as at March 31, 2013 is $24. 74.
The following table provides the assumptions used in black
Valuation of option pricing model: 2013-2012
Interest-free 1. 27 % 1.
Life expectancy is 16% (years)6. 50 6.
Expected fluctuations 53. 54 % 53.
00% as at March 31, 2013 expected dividend yield for 0% 0% dollars.
7 million of the total amount of unconfirmed compensation expenses related to the unvested stock option is expected to be confirmed by weighted
Average cycle 2. 9 years.
10 Proto Labs, Inc.
Notes to Consolidated Financial Statements (Unaudited)
The following table of employee stock purchase plans is the ESPP for the three-month period from March 31, 2013, assuming fair value, 2012, respectively: threemonthendmarch31, 2013 2012 risk
Interest-free 0. 13 % 0.
Life expectancy is 16% (months)6. 0 8.
Expected fluctuations 53. 14 % 53.
00% expected dividend yield 0% 0% Note 8 additional Consolidated income (loss)
It consists entirely of foreign currency conversion adjustments.
The following table lists the cumulative changes in other consolidated income balances for the three months ended March 31, 2013 and 2012 respectively:in thousands)
2013 2012 adjustment of foreign currency conversion, deducting the balance of tax at the beginning of the period of $ (928 )$ (738 )
(2) Other comprehensive income before re-classification (907 )
458 amount re-classified from accumulated Other Consolidated Income
Other comprehensive income (907 )
458 Ending Balance $ (1,835 )$ (280 )
Note 9 Income tax companies that collect income tax in multiple jurisdictions need to use estimates to determine the provisions of income tax.
For the three months ended March 31, 2013 and 2012, the Company recorded a $3 Income tax reserve.
$1 million and $2.
3 million respectively.
Income tax provisions are based on annual estimated annual effective tax rates applicable to pre-taxtax income.
The actual income tax rate for the three months ended March 31, 2013 was 27.
3% and 32.
The same period in the previous year was 3%.
Effective income tax rates for the three months ended March 31, 2013 are different from those in the United StatesS.
The federal statutory interest rate is 35%, mainly due to the components of income, especially income related to federal R & D credit.
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the Act)
Signed into law
The bill includes extension of R & D credit in 2012 and 2013.
Since the Act was enacted in 2013, the federal portion of the 2012 R & D credit was recognized in 2013.
Therefore, in the three months ended March 31, 2013, the company received a $0 tax offer.
3 million, the conversion rate of effective income tax is reduced by 3.
0%, involving 2012 of federal R & D credit.
The company\'s total liabilities related to unconfirmed tax benefits are $0.
4 million in March 2013 and December 31, 2012, if recognized, would result in a reduction in the effective tax rate of the company.
In the three months ended March 31, 2012, the unrecorded tax benefits have not been significantly adjusted, and the company expects that the total amount of unconfirmed tax benefits will not change significantly in the next 12 months.
The company confirms interest and fine in income tax expenses related to income tax matters and reports current or long-term liabilities
Periodic Income tax payable as appropriate.
Implementation of laboratory prototypes, Inc.
Notes to Consolidated Financial Statements (Unaudited)
Note 10 revenue and revenue from geographic information companies comes from its Protomold injection molding and first cut computer CNC (CNC)
Processing production line.
Total revenue by product line is as follows:in thousands)
2013 2012 profit: Protomold $26,880 $21,793 cut 10,433 8,177 annual revenue total $37,313 $29,970 billing revenue with the end user and length of the location of external customers
The living assets by geographical region are as follows:in thousands)
2013 2012 income: American 28,148 dollar 22,175 dollar international 9,165 7,795 total income 37,313 dollar 29,970 dollarsin thousands)
Long 2013 2012-
Live assets: American 38,253 dollar 37,869 the dollar 7,376 7,447
Living assets $45,629 $45,316 12 Proto Labs, Inc.
Notes to Consolidated Financial Statements (Unaudited)
Pay attention to the implementation of 2017-12-12
Monthly consolidated income statement as specified in section 11th (A)
Under the Securities Act of 1933 and Article 158 promulgated under the Act, the following are unaudited quarterly and twelve
Monthly consolidated income statement for the period from April 1, 2012 to March 31, 2013: three months as of the 12 th (
In thousands, except for the amount per share)
June 30, 2012 September 30, 2012 December 31, 2012 March 31, 2013 March 31, 2013 with report of comprehensive income data: income $29,951 $32,454 $33,616 $37,313 $133,334 cost Gross profit income of 12,239 cm 12,760 cm 12,611 cm 14,034 cm 51,644 cm 17,712 cm 19,694 cm 21,005 cm 23,279 cm 81,690 cm business cost: marketing and Sales 4,557 4,442 4,658 5,263 R & D 18,920 2,401 2,561 2,515 2,628 10,105 General and administrative 3,288 3,118 3,564 3,994 Total operating expenses 13,964 10,246 10,121 10,737 11,885 Operating income 42,989 7,466 9,573 10,268 11,394 38,701 Other income (expense)
173 314 114 604 7,639 9,887 cm 10,382 cm 11,397 cm 39,305 cm 2,493 cm 3,185 cm 2,987 cm 3,110 cm 11,775 cm 5,146 6,702 7,395 8,287 27,530 net income of $ net profit per share: basic $022 $ 0. 28 $ 0. 30 $ 0. 33 $ 1.
13 Diluted $0. 20 $ 0. 26 $ 0. 29 $ 0. 32 $ 1. 08 13 Item2.
Management\'s Discussion and Analysis of financial status and Operational Results The following discussion and analysis of our financial status and operational results should be in conjunction with our unaudited consolidated financial statements and relevant notes that appear elsewhere in the quarterly report of this form 10Q. Forward-
Statements in this report regarding non-historical or current facts are forward-looking
Statement in the sense of the Private Securities Litigation Reform Act of 1995.
In some cases, you can identify the forward
After the speech: alimmay, alimtuswill, alimtuscowould, alimtuswowould, alimtusshowould, alimtustuscinct, alimtusintend, alimtusplan, alimtusantipiate, alimtusbelieve, alimtusestimate, the negation of predictions, projects, potentials, continuation or these terms or other similar terms, though not all moving forward --
The look statement contains these words.
These statements involve known and unknown risks, uncertainties, and other factors that may lead to significant differences in our results from the results expressed or implied in these statements.
Certain and other factors in these risk factors are described in Item 1a.
Risk factors for our annual report on Form 10
Documents submitted to SEC.
Other unknown or unpredictable factors may also have a significant adverse effect on our future results.
We cannot guarantee future results, level of activity, performance or achievements.
Therefore, you should not rely too much on these advances.
Look at the report.
Finally, we expressly deny any intention or obligation to update any forwarding
A statement reflecting subsequent events or circumstances.
Overview we are leading online and technology
Fast enabled manufacturersturn CNC-
Machining and injection
Custom parts for prototyping and short diesrun production.
We offer real parts to product developers around the world, who are under increasing pressure to bring finished products to market faster than their competitors. We believe low-
Due to the inherent low efficiency of quotation and Equipment Group, batch manufacturing has always been a market with insufficient service. up and non-
Repeat engineering process required to produce custom parts.
Our know-how has eliminated most of the time.
Traditionally, we need to consume and expensive skilled labor to quote and manufacture parts at low prices, and our customers carry out almost all business with us through the Internet.
Our service goal is to use three million-
Size Computeraided design (3D CAD)
Software design products in different terminals-markets.
Our current major manufacturing services include first cut, our CNC machining service, and Protomold, our plastic injection molding service.
Main Financial Indicators and trend income the company\'s business consists of three geographical regions
It is headquartered in the United States, Europe and Japan.
The revenue from each of our business units comes from our first cuts and services provided.
The first sales revenue includes CNC-
Custom parts are processed.
Protomold\'s revenue includes sales of Customized injection molds and injection molding productsmolded parts.
Our historical and current efforts to increase revenue are aimed at gaining new customers and selling to our existing customer base through increased marketing and sales campaigns, providing additional services as the first cut service we launched in 2007, we have expanded in the international arena, such as the opening of our Japanese factory in 2009, improving the availability of our services, like our web-
Focus on the application and expand the breadth and scope of our products, such as adding more sizes and materials to our products.
During the three months ended March 31, 2013, we sold our services from our existing customer base to approximately 3,500 client companies, up 20% from the same period in 2012, during the three months ended March 31, 2013, about 700 new client companies received revenue, which is relatively consistent with the same period in 2012.
Revenue Cost, gross profit and gross profit margin costs mainly include raw materials, depreciation of equipment, wages of employees, benefits, inventory
Compensation-based, bonus-based and indirect expense allocation associated with the mold and custom part manufacturing process.
We expect revenue costs to increase in absolute US dollars, but the percentage of total revenue remains relatively unchanged.
We define gross profit as our income minus our cost of income, and we define gross profit as gross profit in percentage of income.
Our gross margin and gross margin are affected by many factors, including pricing, sales volume and manufacturing costs, costs associated with increasing production capacity. A mix between domestic and foreign sources of income and exchange rates.
Our gross profit margin varies depending on the geographic market, mainly due to the cost of starting a new plant and the operational maturity of us in these markets.
We believe that over time, as our international business grows and matures, gross margin will generally be consistent across all our markets.
Operating expenses consist of market and sales, R & D and general and administrative expenses. Personnel-
Related costs are the most important component of the marketing and sales, R & D, and general and administrative expense categories.
Our recent increase in operating expenses is mainly due to the fact that in order to support our growth and expansion, we expect this trend to continue.
Our business strategy is to stay ahead of the line and technology
Fast enabled manufacturers
CNC machining and injection molding-
Custom parts for prototyping and short diesrun production.
In order to achieve our goals, we expect to continue to make significant investments in technology and personnel, resulting in increased operating costs.
Marketing and sales.
Marketing and sales expenses mainly include employee salary, benefits, commissions, inventory
Marketing programs such as salary, bonus, printing and paymentper-
Click on advertising, trade shows, direct mail and other related expenses.
As we increase the number of marketing and sales professionals and marketing plans designed to increase our customer base, we expect sales and marketing expenses to increase in the future.
R & D.
R & D expenses mainly include employee salary, welfare and inventory-
Compensation, bonuses, depreciation of equipment, external services and other related overhead costs.
All our R & D expenses have been paid.
As we seek to enhance and expand our services, we expect increased R & D costs in the future.
General and administrative.
General and administrative expenses mainly include employee wages, benefits, stocks
Remuneration, bonuses, professional service fees and other related overhead fees related to accounting, taxation and law.
We expect that, as we continue to grow and expand operations, the development of the infrastructure required to operate as a listed company, General and administrative costs will increase absolutely and as a percentage of revenue.
These fees will include increased audit and legal fees, fees for compliance with securities and other regulations, compliance with Sabans-
The cost of investor relations and higher insurance premiums. Other Income (Expense)
Net other income (expense)
Net mainly composed of foreign currency-
Related profit and loss, interest income on cash balance and investment, and interest expenditure on borrowing.
Our foreign currency
Related gains and losses will vary depending on the underlying exchange rate.
Our interest income will vary depending on our average cash balance during this period, the composition of the saleable securities portfolio and the current interest rate level.
Our interest expense will vary depending on the loan and interest rate.
The income tax clause consists of federal, state, local and foreign taxes based on the previoustax income.
As our taxable income increases, we expect the income tax to increase and our effective tax rate will remain relatively unchanged.
15 operating results the table below lists a summary of our operating results and the relevant changes during the indicated period.
The following results do not necessarily indicate the results of the future period.
As of three months, March31, change (
Thousands of dollars)
2013 2012 37,313 dollar income 100 dollar.
0% 29,970 100 dollars.
$ 0% 7,343.
5% cost income 14,034 37.
6 12,243 40.
9 1,791 14.
6 Gross profit 23,279 62.
17,727 59.
5,552 31.
3 Operating expenses: 5,263 of marketing sales.
2 4,441 14. 8 822 18.
5 Research and development 2,628 7. 0 1,660 5. 5 968 58.
3 General and administrative 3,994 10.
7 3,988 13. 3 6 0.
2 Total operating expenses 11,885 31.
10,089 33.
6 1,796 17.
8 Operating income 11,394 30.
5 7,638 25.
3,756 49.
Other income (expense)
Net month (577 )(1. 9 )580 100.
Income before tax is 11,397 30.
7,061 23.
6 4,336 61.
Income tax provision 3,110 8. 3 2,279 7. 6 831 36.
5 Net income of $8,287 22.
2% $4,782.
0% 3,505 dollars 73. 3 % Stock-
The basic compensation costs included in the above operational data report are as follows:
Thousands of dollars)
2013 2012 stock options and grants $776 $797 employee stock purchase plan 89 53 Total stock-
Based on compensation costs $865 $850 revenue costs $71 $45 Operating expenses: Marketing and Sales 150 73 R & D 173 78 General and administrative 471 654 total inventory-
Based on a comparison of $865 for the three months ended 850 and income of 2012 for the three months ended March 31, 2013, and the relevant changes for the three months ended March 31, 2013 and 2012 are as follows: 2012 changes in the three months ended March 31, 2013 (
Thousands of dollars)
$ % Of total revenue accounts for $26,880 of total revenue.
0% $21,793 72.
7% $5,087.
3% cut 10,433 28.
08,177 27.
2,256 27.
Total income 37,313 100 dollars.
0% 29,970 100 dollars.
$ 0% 7,343.
5% according to the billing location of the final customer, the income divided by geographical area is summarized as follows: 2012 changes for the three months ended March 31, 2013 (
Thousands of dollars)
Total income of $28,148 of $ in the United States.
$ 4% 22,175.
0% 5,973 dollar 26.
9% International 9,165 24.
6 7,795 26.
0 1,370 17.
Total income 37,313 100 dollars.
0% 29,970 100 dollars.
$ 0% 7,343.
5% our income increased by $7.
3 million, or 24.
5%, compared with the same period in March 31, 2013, the three months ended 2012.
This revenue growth is from 26.
US revenue grew 9%, 17.
International revenue grew by 6% per cent, 23 per cent.
Protomold revenue increased by 3%, an increase of 27.
Compared with the same period in March 31, 2013, the first cut in revenue for the three months ended 2012 increased by 6% per cent.
About $3 in our revenue growth.
1 million was due to sales of about 700 new client companies in the three months ended March 31, 2013, at about $4.
2 million is due to sales to about 3,500 existing customer companies.
According to the geographical area we operate, our revenue growth is about $2.
Sales to about $425 of new customers are about $4.
Sales of $4 million to approximately 2,600 existing customers in the United States;
About $0.
Sales to about 8 million new customers were $200, or about $0.
Sales to approximately 1 million existing customers in Europe are 700;
About $0.
Sales to about 75 new customers were 3 million, offset by a decline of about $0.
It sells 3 million pounds to about 200 existing customers in Japan.
Our revenue growth is driven primarily by the increase in sales staff and marketing activities.
Our sales staff is focused on getting new customer customers and expanding the depth and breadth to existing customer accounts.
Our marketers focus on trade shows and marketing campaigns that have proven to be able to provide the maximum number of customer leads for sales campaigns.
International income was negatively affected by $0.
3 million compared with the same period in March 31, 2013, the three months ended 2012 were due to the appreciation of the dollar against certain foreign currencies.
Compared with the same period in March 31, 2013, the impact of pricing changes on income during the three months ended 2012 was not important.
Cost of revenue, gross profit and gross profit margin of income.
Revenue costs increased by $1.
8 million, or 14.
6%, compared with the same period in March 31, 2013, the income growth rate for the three months ended 2012 was less than 24.
The three months ended March 31, 2013 were 5% per cent compared with the same period in 2012.
The increase in revenue costs is due to an increase of $0 in raw materials and production costs.
7 million support for increased sales, equipment and facilities
Related costs increased by $0.
4 million and the increase in the number of direct labor led to an increase of $0 in personnel and related expenses. 7 million.
Gross margin and gross margin.
Gross profit increased to $23.
3 million or 62.
For the three months ended March 31, 2013, 4% of revenue came from $17.
7 million or 59.
Income of 1%, for the three months ended March 21, 2012, was offset by the above-mentioned cost of income as a result of an increase in income.
The increase in gross profit margin is mainly due to the improvement of equipment utilization rate and continuous improvement of manufacturing process and the growth rate of Order Quantity exceeding the capacity expansion of capital equipment acquisition.
Operating expenses and other income (Expense)
Net and reserve for income tax marketing and sales.
The cost of marketing and sales increased by $0.
8 million, or 18.
5%. compared with the same period in March 31, 2013, the three months ended 2012 were mainly due to an increase of $0 in personnel and related costs due to an increase in the number of people.
7 million, the cost of marketing projects increased by $0. 1 million.
The increase in marketing project costs is the result of our focus on funding projects that have proven to be the most effective in developing our business.
Marketing and sales expenses fell to 14 as a percentage of revenue.
2% for the three months ended March 31, 2013.
8% for the same period in 2012, mainly due to the fixed nature of certain marketing and sales costs, as well as the focus on effective marketing expenditures as noted earlier.
R & D.
Our R & D costs increased by $1.
0 million or 58.
3%. compared with the same period in March 31, 2013, the three months ended 2012 saw an increase of $0 in personnel and related costs due to the increase in numbers.
4 million, operating expenses increased by $0.
$0 for professional services at 2 million.
4 million serve external development.
General and administrative.
Our general and administrative expenses are $4.
The three-month period ended March 31, 2013 was unchanged from the same period in 2012.
In the three months ended March 31, 2013, we recorded a growth of $0.
The cost of professional services decreased by 3 million, and the cost of personnel and related expenses decreased by $0, offsetting this loss.
1 million and stock-
Base compensation cost of $0. 2 million.
The increase in the cost of professional services is due to the fact that we became a listed company in 2012. Other Income (Expense), net.
Other income, net increase of $0.
Due to changes in foreign currency exchange rates, the three months ended March 31, 2013 were 6 million per cent compared to the same period in 2012.
Provisions of income tax.
Our income tax has increased by $0. Between $8 million and $3.
1 million, and our actual tax rate has fallen by 5. 0% to 27.
For the three months ended March 31, 2013, $ 3%, while the income tax reserve was $2.
3 million and effective tax rate 32.
3% per cent for the three months ended March 31, 2012.
The decline in the actual tax rate is mainly due to federal R & D credit.
On January 2, 2013, the American Taxpayer Relief Act of 2012 (the Act)
Signed into law
The bill includes extension of R & D credit in 2012 and 2013.
Since the Act was enacted in 2013, the impact of 2012 R & D credit on the federal Partial effective tax rate was confirmed in first quarter of 2013.
So we recorded a $0 tax offer.
3 million, the conversion rate of effective income tax is reduced by 3.
0%, 2012 related to R & D credit.
The remaining decline in the effective tax rate is based on the nature of our operations and other insignificant fluctuations in the revenue mix earned in the domestic and foreign jurisdictions where we operate.
Liquidity and capital resource cash flows the following table summarizes cash flows for the three months ended March 31, 2013 and 2012: Three Months
Thousands of dollars)
2013 2012 Net cash provided by operating activities $11,145 Net cash used by investment activities $7,411 (25,323 )(8,014 )
Net Cash Provided by Financing Activities 5,594 71,611 Effect of exchange rate on cash and cash equivalents (246 )
Net increase of 536 (decrease)
Cash and cash equivalents $ (8,830 )
Historically, we have provided US $71,544 in liquidity sources for our operations and capital expenditures through operations, leasing financing and the use of bank loans.
On February 2012, we completed our IPO of common stock, which provided US $71.
5 million of the cash, minus the underwriting discount and Commission and the sales expenses we are due.
We have $27 in cash and cash equivalents.
9 million a decrease of $8 as at March 31, 2013.
From 8 million in December 31, 2012.
Our reduction in cash is mainly due to the investment activities described in Note 5 to the consolidated financial statements.
Cash flows from business activities are $11.
1 million per cent for the three months ended March 31, 2013.
Our net income is $8.
3 million, including non-
Includes a $1 cash charge.
Depreciation 7 million, $0.
Inventory 9 million-
Basic compensation, $0.
The amortization amount held is 3 millionto-
Expired securities and $0.
Deferred tax is 1 million, offset by $4.
1 million of the excess tax on stocks
Based on compensation.
Other cash sources for operating activities totalled $3.
9 million, which includes an increase of $2 in income tax payable.
7 million. Accrued liabilities and other increases of $1.
8 million, an increase of $1 in accounts payable.
1 million, $0 Decrease in prepaid and other expenses.
4 million, partially offset by an increase of $1 in accounts receivable.
9 million, $0 increase in inventory. 2 million.
The increase in accounts receivable, accounts payable, inventory and other business cash reflects the increase in revenue and the growth of our business.
Cash generated from operating activities is $7.
4 million per cent for the three months ended March 31, 2012.
Our net income is $4.
8 million, which includes non-cash costs of $1.
Depreciation 3 million yuan, $0.
Inventory 9 million-
Based on compensation.
Cash sources for other operating activities totaled $0.
4 million, which includes an increase of $2 in income tax payable.
Million, an increase of $1 in accounts payable.
3 million, the accrued liabilities increased by $0.
4 million, this amount was partially offset by an increase of $3 in accounts receivable.
2 million, $0 increase in inventory. 1 million.
The increase in accounts receivable reflects an increase in revenue.
Cash Flows for investment activities are $25.
€ 3 million for the three months ended March 31, 2013, including $2.
5 million for the purchase of property and equipment, $41.
The cost of buying securities was $1 million, of which $18 was partially offset.
3 million Proceeds from maturity and redemption of securities.
Cash for investment activities is $8.
For the three months ended March 31, 2012, € 0, including $8.
3 million for the purchase of property and equipment and net reduction of shortages
Regular investment of $0. 3 million.
Cash flows from fund-raising activities were $5.
6 million of the three months ended March 31, 2013, including stock Excess tax benefits
Basic compensation of $4.
$1 million and $1.
Earnings from stock options fell by $6 million.
1 million for debt payment.
Cash generated from financing activities was $71.
For the three months ended March 31, 2012, $6 million, mainly $71.
7 million of our common stock IPO fell by $0.
1 million for debt payment. Off-
We have not made any balance sheet arrangements since our establishment
Balance sheet arrangements, including the use of structural financing, special-purpose entities or variable-interest entities.
The use of key accounting policies and estimates we have adopted various accounting policies to prepare consolidated financial statements in accordance with generally accepted accounting principles in the United States (U. S. GAAP).
We discuss our most important accounting policy here.
Prepare consolidated financial statements as required by the United StatesS.
GAAP requires us to make estimates and assumptions that affect the amount reported in the consolidated financial statements and accompanying notes.
Our estimates and assumptions, including estimates and assumptions related to revenue recognition, suspicious account allowance, inventory valuation, inventory
In most cases, pay and income taxes are updated on a quarterly basis.
We estimate the book value of certain assets and liabilities based on historical experience and various other assumptions that we believe are reasonable in this case.
In many cases, we can use different accounting policies and estimates reasonably.
In some cases, changes in accounting estimates are likely to occur over a period of time.
Management has discussed the development, selection and disclosure of these estimates with the audit committee of our board of directors.
Under different assumptions or conditions, our actual results may differ significantly from those estimates.
We believe that the following important accounting policies will affect the more important judgments we use in preparing consolidated financial statements.
Revenue recognition we confirm according to ASC 605, Revenue (ASC 605)
, Indicating that income has been realized or can be realized and obtained when all of the following criteria are met :(1)
There is convincing evidence of an arrangement ,(2)
Delivery has occurred or services have been provided ,(3)
The buyer\'s price is fixed or determinable and (4)
The collectability is reasonably guaranteed.
Revenue is usually confirmed in the case of ownership transfer and loss risk, which is for us when the parts are shipped.
Suspicious account allowance we carry Accounts receivable with the invoice amount minus the suspicious account allowance.
We regularly evaluate our accounts receivable and establish a provision for suspicious accounts based on specific customer conditions and credit conditions, combined with written records
And collection.
If payment is not received within the period agreed in the invoice, the accounts receivable are deemed to have expired.
Accounts receivable are canceled after all collection efforts have been made.
So far, we have not received any letters.
The amount of accounts receivable is very different from the reserved amount.
We believe that appropriate reserves have been established, but they may not indicate future writing. offs.
As of March 31, 2013 and December 31, 2012, our suspicious account allowance was $0.
$1 million and $0.
2 million respectively.
Due to the strengthening of the credit policy and the improvement of account age, our suspicious account allowance as a percentage of accounts receivable has decreased.
We also document the reserve for estimated product returns and allowances during the relevant revenue record period.
This provision based on the current total income is mainly based on historical sales returns.
Inventory valuation and stock reserve inventory are mainly composed of raw materials, which are recorded at a lower cost or market, using an average value
Cost approach, first approach-in, first-
Cost, that is, first out.
We check regularly if inventory is slow
Move, damage and discontinued items and provide reserves to reduce these items to recoverable quantities.
Our scrap stock allowance is $0.
Each of 1 million persons as at March 31, 2013 and December 31, 2012. Stock-
We decided on our stock-
Compensation for stock compensation based on ASC 718 (ASC 718)
, This requires measurement and confirmation of the compensation fee for all shares
Basic payment rewards paid to employees and non-employees
Employee Directors calculated at fair value on the award date.
Determining the appropriate fair value model and calculating the fair value granted by stock options requires a highly subjective assumption to be entered.
We use black.
Our Scholes option pricing model for stock option reward value. Stock-
Basic compensation costs are important for our consolidated financial statements and are calculated using our best estimates, which involve inherent uncertainty and management judgment.
Important estimates include our expected duration, stock price volatility, and penalties.
If different estimates and assumptions are used, the valuation of our common stock may be significantly different
Basic compensation costs may be significantly affected. 20 The Black-
The Scholes option pricing model requires input such as risk.
Free rate, expected term, expected volatility and expected dividend yield.
We are risk-based
Free rates we use in black
Scholes option pricing model under zero coupon ticketS.
Treasury instruments with a maturity date similar to the reward expectation period are being valued.
Weighted representation of expected terms-
Our stock options are expected to expire within the average term.
The expected period is based on the observed and expected time
Exercise of options for employees and non-employees
Directors of employees and taking into account the impact of the post
Confiscation of attribution awards.
Because we are a private company, our stock market is limited from the beginning to the end of the IPO on February 2012, we estimate the volatility of our common stock based on the volatility of the peer groups of comparable listed companies that have access to historical information.
In the foreseeable future, we have never paid nor expected to pay any cash dividends, so we have used zero expected dividend yields in the option pricing model.
In order to properly attribute the cost of compensation, we need to estimate in advance
Attribution forfeiture at the time of award, and if actual forfeiture is different from these estimates, these estimates are modified in the subsequent period.
We use historical data to estimate
Confiscation and recording of inventory
Compensation fee based only on the reward of the expected attribution.
If our actual confiscation rate is significantly different from our estimates
The cost based on compensation may be significantly different from the cost recorded.
We allocate inventory.
Compensation fee based on direct
Line base during the necessary service period.
Our income tax rate is based on ASC 740, income tax (ASC 740).
Under this method, according to the difference between the book amount of the financial statements and the tax base of assets and liabilities, the company uses the expected difference year to effectively formulate the tax rate to determine the tax assets and liabilities affecting the taxable income.
The tax consequences of most of the events identified in the financial statements for this year are included in the determination of the current payable income tax.
However, due to the different Recognition and Measurement of assets, liabilities and equity, income, expenses, profit and loss by tax laws and financial accounting standards, there is a difference between the amount of taxable income for one year and the pre-tax financial income and the tax basis of assets or liabilities and the amount reported in the financial statements.
Because we assume that the reported amount of assets and liabilities will be recovered and settled separately, the difference between the tax base of an asset or liability and the amount it reports in the balance sheet will result in the amount reported for settlement or recovery of the relevant liability in the next few years, generating Deferred tax assets or liabilities.
ASC 740 also clarified the accounting treatment of income tax uncertainties identified in the financial statements of the enterprise, defining a standard, that is, the personal tax position must satisfy the benefit of any part of the position in order to be confirmed in the financial statements of the enterprise.
In addition, the ASC 740 provides a measurement guide
Confirmation, classification, interest and penalties, interim accounting, disclosure and transition.
For information on the most recent accounting statements, see Note 2 of Part I consolidated financial statements, item 1 of the quarterly report in form 10Q. 21 Item3.
Due to our foreign business, we have income and expenses, assets and liabilities denominated in foreign currency.
Our staff are located in Europe and Japan.
So part of our salary and operating expenses is paid and incurred in pounds, euros and yen.
Our operating results and cash flow are adversely affected. S.
The dollar depreciated against other foreign currencies.
We do not use any forward contracts or money loans to hedge against foreign exchange risks.
Foreign currency risk can be quantified by estimating the cash flow changes caused by the unfavorable change in the 10% foreign exchange rate assumed.
We believe that this change will not have a significant impact on our operational results. 22 Item4.
Control and procedure evaluation of disclosure controls and procedures our management, with the participation of our chief executive officer and CFO, assessed the effectiveness of the design and operation of our disclosure controls and procedures (
Defined in Rule 13a-15(e)
According to the Securities Trading Act of 1934 (Exchange Act))
As of the end of the reporting period.
Based on this assessment, the chief executive officer and the chief financial officer concluded that our disclosure controls and procedures were valid and provided reasonable assurance as of the end of the period covered by this quarterly report, that is, the information that we need to disclose in the reports submitted or submitted under the Transaction Law is recorded, processed, and accurately summarized and reported within the time limit specified in the departmental rules and forms, and accumulate and communicate to our management, including our chief executive officer and chief financial officer as appropriate, in order to make timely decisions on required disclosures.
Changes in internal control of financial reports we have no changes in internal control of financial reports (
Such terms are defined in Rule 13a15(f)
Under the transaction act)
During the period under review, there was a significant or rather likely significant impact on our internal control of financial reporting. 23 PART II.
Other information 1
Legal proceedings, from time to time we are subject to various legal proceedings and claims that arise in the normal course of our business activities.
While the outcome of the proceedings and claims cannot be predicted with certainty, as of the date of these financial statements, we do not consider us to be a party to any proceedings, if it is not for us, reasonable expectations will have a significant adverse impact on our business. Item1A.
Risk factors have not changed significantly from the risk factors we previously disclosed in Item 1a of Part I.
Risk Factors in our Annual Report on Form 10
The year ending December 31, 2012. Item6.
As part of this report, the following documents are submitted: Annex number description of Annex 3. 1 (1)
Proto Labs, Inc. revised and restated the Articles of Association for the third time3. 2 (2)
Reordered-
Law of Proto Labs, Inc. 10. 1 (3)Form of U. S.
Resignation Agreement 10.
Form 31 of the UK severance agreement.
1 Certification of the chief executive under section 302nd of the Sabans actOxley Act 31.
2 Certification of chief financial officer under section 302nd of the Sabans actOxley Act 32.
1 * certified chief executive officer and chief financial officer under section 906th of the Sabans Act-Oxley Act 101.
INS * 101.
SCH * document 101 of the classification extension model for XBRL.
CAL * XBRL classification extends the calculation of the link Library document 101.
DEF * XBRL classification extension definition Linkbase document 101.
Linkbase document 101, lab * XBRL classification extension tag.
Previous * XBRL classification extension demo link Library document (1)
Previously submitted as Annex 3.
Company Registration Statement on Form S-21/A (File No. 333-175745)
, Submitted to the Commission on February 13, 2012 and incorporated in this reference. (2)
Previously submitted as Annex 3.
Form S-4 of the company registration statement1/A (File No. 333-175745)
, Submitted to the Commission on February 13, 2012 and incorporated in this reference. (3)
Previously submitted as Exhibit 99.
Form 8-1 to company
K, submitted to the Commission on March 1, 2013, and cited in this document.
* Certification provided in Annex 32.
1 This agreement is deemed to be submitted with the report of this quarter Form 10-
Q. For the purposes of the amended Article of the Securities Trading Act of 1934, it is not considered an illegal transaction.
These certifications will not be deemed to refer to any documents submitted in reference to the revised 1933 Securities Act or the amended 1934 Securities Trading Act, except for the extent to which the registrant specifically contains it by reference.
* The user of this data is informed that under S-regulation 406th T
T, these interactive data documents are deemed to have not been submitted for Section 11 or 12 of the Securities Act of 1933 or section 11 or other purposes of the Securities Trading Act of 1934 or as part of a registration statement or prospectus under these terms, no responsibility.
24 according to the requirements of the Securities Trading Act of 1934, the registrant officially authorized the signatory to sign this report on its behalf.
Original laboratory company
Date: May 8, 2013/s/Bradley.
Bradley, Cleveland.
President and Chief Executive of Cleveland (
Chief Executive Officer)
Date: May 8, 2013/s/John R. Judd John R.
Chief Financial Officer (
Chief Financial Officer)25 Exhibit 10.
This is an agreement (
Agreement of the company)
As of March 15, 2013 (
Effective date of renewal fee)
Companies registered in the UK and Wales with company number 05366160 (The Groupon company)
And J. ohn t. UMELTY (x93 Executive x94)
A person living in England, England. R ECITALS A.
The company employs executives under the letter of offer dated June 29, 2005 (
Letter of appointment for the offer). B.
Executives are also on the staff side.
Disclosure and invention transfer agreement with Proto Labs, Inc.
The parent company of Proto Labs Limited, dated March 15, 2013 (the x93 Non-
NDA)
Annex A to this agreement. C.
Executive and prototype Labs
A client of an original laboratory company. Non-
Competition Agreement of July 29, 2008 (thex93 Non-
Competition Agreement)
Annex B to this agreement. D.
Executive and prototype Labs
Date: party to the option agreement of December 21, 2010; May7, 2012;
February 15, 2013 (
Collectively referred to as the selection agreement)
, Each offering executives the option to buy a certain number of shares in Proto Labs, Inc. x92s stock (x93 Shares x94)
Under the applicable option agreement and under the Proto Labs, Inc.
2000 and 2012 Long
Regular incentive plan (the x93 Plan x94). E.
It is desirable for the best interests of the company, and its affiliates and their respective shareholders will continue to receive the benefits of executive services and focus on the affairs of the company and its affiliates, at the time of the executive\'s departure, certain severance payments and benefits were determined to leave the company in certain circumstances. F.
For the above reasons, the company and the executive wish to enter into this agreement.
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