Proto Labs Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
Contents
Table of Contents
| Page | ||
|---|---|---|
| PART I | ||
| Item 1. | Business | 5 |
| Item 1A. | Risk Factors | 15 |
| Item 1B. | Unresolved Staff Comments | 26 |
| Item 1C. | Cybersecurity | 26 |
| Item 2. | Properties | 27 |
| Item 3. | Legal Proceedings | 28 |
| Item 4. | Mine Safety Disclosures | 28 |
| PART II | ||
| Item 5. | Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 28 |
| Item 6. | [Reserved] | 30 |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 43 |
| Item 8. | Financial Statements and Supplementary Data | 44 |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 75 |
| Item 9A. | Controls and Procedures | 75 |
| Item 9B. | Other Information | 75 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 75 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 76 |
| Item 11. | Executive Compensation | 76 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 76 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 77 |
| Item 14. | Principal Accountant Fees and Services | 77 |
| PART IV | ||
| Item 15. | Exhibits and Financial Statement Schedules | 78 |
Special Note Regarding Forward Looking Statements
Statements contained in this Annual Report on Form 10-K regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve known and unknown risks, uncertainties and other factors which may cause our results to be materially different than those expressed or implied in such statements. In particular, some of the risks associated with our business include:
the level of competition in our industry and our ability to compete;
our ability to respond to changes in our industry;
our ability to effectively grow our business and manage our growth;
our ability to continue to sell to existing and new customers;
our ability to meet product developers’ and engineers’ needs and expectations regarding lead time, breadth of manufacturing processes, price and specifications for quality;
the adoption rate of e-commerce and 3D CAD software by product developers and engineers;
our ability to process a large volume of designs and identify significant opportunities in our business;
our ability to maintain and enhance our brand;
our ability to successfully identify, complete and integrate acquisitions or other strategic transactions;
our ability to complete and successfully launch updates to our systems;
the loss of key personnel or failure to attract and retain additional personnel;
system interruptions at our operating facilities;
possible unauthorized access to customers’ confidential information stored in our systems; and
our ability to protect our intellectual property and not infringe on others’ intellectual property.
Certain of these factors and others are described in the discussion on risk factors that appear in Part I, Item 1A. “Risk Factors” of this Annual Report on Form 10-K and uncertainties are detailed in this and other reports and filings with the Securities and Exchange Commission (SEC). Other unknown or unpredictable factors also could have material adverse effects on our future results. We cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, except as required by law, we expressly disclaim any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.