Proto Labs, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(In thousands) |
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(Unaudited) |
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Three Months Ended |
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March 31, |
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2020 |
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2019 |
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| Operating activities | |||||||||||
| Net income | $ |
13,984 |
|
$ |
15,511 |
|
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| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization |
|
7,958 |
|
|
7,439 |
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| Stock-based compensation expense |
|
3,033 |
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|
3,040 |
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| Deferred taxes |
|
3,392 |
|
|
379 |
|
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| Amortization of held-to-maturity securities |
|
55 |
|
|
16 |
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| Other |
|
(644 |
) |
|
236 |
|
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| Changes in operating assets and liabilities |
|
(5,368 |
) |
|
(8,619 |
) |
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| Net cash provided by operating activities |
|
22,410 |
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|
18,002 |
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| Investing activities | |||||||||||
| Purchases of property, equipment and other capital assets |
|
(13,421 |
) |
|
(12,735 |
) |
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| Cash used for acquisitions, net of cash acquired |
|
- |
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- |
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| Purchases of other assets and investments |
|
(3,000 |
) |
|
(4,000 |
) |
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| Purchases of marketable securities |
|
(37,629 |
) |
|
- |
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| Proceeds from maturities of marketable securities |
|
10,700 |
|
|
17,006 |
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| Net cash (used in) provided by investing activities |
|
(43,350 |
) |
|
271 |
|
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| Financing activities | |||||||||||
| Proceeds from exercises of stock options and other |
|
135 |
|
|
174 |
|
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| Purchases of shares withheld for tax obligations |
|
(1,048 |
) |
|
(594 |
) |
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| Repurchases of common stock |
|
(11,185 |
) |
|
(17,309 |
) |
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| Net cash used in financing activities |
|
(12,098 |
) |
|
(17,729 |
) |
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| Effect of exchange rate changes on cash and cash equivalents |
|
(282 |
) |
|
(240 |
) |
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| Net (decrease) increase in cash and cash equivalents |
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(33,320 |
) |
|
304 |
|
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| Cash and cash equivalents, beginning of period |
|
125,225 |
|
|
85,046 |
|
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| Cash and cash equivalents, end of period | $ |
91,905 |
|
$ |
85,350 |
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Protolabs Reports Financial Results for the First Quarter 2020
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