<SEC-DOCUMENT>0001628280-24-050719.txt : 20250114
<SEC-HEADER>0001628280-24-050719.hdr.sgml : 20250114
<ACCEPTANCE-DATETIME>20241211132410
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-24-050719
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20241211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Proto Labs Inc
		CENTRAL INDEX KEY:			0001443669
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5540 Pioneer Creek
		CITY:			Maple Plain
		STATE:			MN
		ZIP:			55359
		BUSINESS PHONE:		763-479-7474

	MAIL ADDRESS:	
		STREET 1:		5540 Pioneer Creek
		CITY:			Maple Plain
		STATE:			MN
		ZIP:			55359
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2024 Workiva -->
<title>Document</title></head><body><div id="i72d002bb898f4a82933c879c8dc3418c_1"></div><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:60.567%"></td><td style="width:0.1%"></td></tr><tr style="height:57pt"><td colspan="3" style="padding:0 1pt"><div><img alt="logoa.jpg" src="logoa.jpg" style="height:62px;margin-bottom:5pt;vertical-align:text-bottom;width:242px"></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><img alt="logo1a.jpg" src="logo1a.jpg" style="height:58px;margin-bottom:5pt;vertical-align:text-bottom;width:128px"></div></td></tr></table></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 11, 2024</font></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Via EDGAR</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Division of Corporation Finance - Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Attention&#58; Ms. Melissa Gilmore and Mr. Kevin Woody</font></div><div><font><br></font></div><div style="padding-left:40.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:58.484%"><tr><td style="width:1.0%"></td><td style="width:7.449%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:90.351%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Proto Labs, Inc.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Form 10-K for the Year Ended December 31, 2023</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Form 8-K furnished November 1, 2024</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">File No. 001-35435</font></td></tr></table></div><div style="margin-bottom:8pt"><font><br></font></div><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To Whom it May Concern&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are writing to respond to the comment raised in the letter to Proto Labs, Inc. (the &#34;Company&#34;), dated December 3, 2024, from the staff of the Division of Corporation Finance (the &#34;Staff&#34;) of the Securities and Exchange Commission (the &#34;Commission&#34;).  The Company's response below corresponds to the caption and number of that comment (which is reproduced below in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">italics</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</font></div><div><font><br></font></div><div id="i72d002bb898f4a82933c879c8dc3418c_151"></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:53.484%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;text-decoration:underline">Form 8-K furnished November 1, 2024</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit 99.1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Additional Third Quarter 2024 Highlights</font></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:4.203%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.597%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">We note your disclosure of revenue per customer contact in your earnings release filings and investor presentations on your website which appears to be a metric.  We further note references to and discussions of changes in this metric in your 10-Q and 10-K filings.  In future filings, please provide the following disclosures for any metrics disclosed (refer to SEC Release No. 33-10751)&#58;</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.5pt">How the metric is calculated, including any estimates or assumptions underlying the metric or its calculation&#59;</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.5pt">The reasons why the metric provides useful information to investors&#59; and</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:14.5pt">How management uses the metric.</font></div></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  The Company has reviewed SEC Release No. 33-10751 and will revise the Company's disclosures regarding revenue per customer contact in future filings accordingly.  Please refer to Exhibit 1 for draft disclosures relating to the Company's revenue per customer contact, which will be reflected in future filings.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">* * * * *</font></div><div style="text-align:center"><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1</font></div></div></div><div id="i72d002bb898f4a82933c879c8dc3418c_179"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with responding to your comment, we acknowledge that the Company is responsible for the accuracy and adequacy of the disclosures in the filing, and that the Staff's comments or changes to disclosures in response to the Staff's comments do not foreclose the Commission from taking any action with respect to the filing.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We hope that this letter responds adequately to the Staff's comment.  Should you have any questions related to any of the forgoing, please feel free to reach out to me at (763) 479-7240, or my colleague Jason Frankman at (763) 479-7443.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:20.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Sincerely, </font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proto Labs, Inc.</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Daniel Schumacher</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Daniel Schumacher</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Financial Officer</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:41.666%"><tr><td style="width:1.0%"></td><td style="width:9.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.719%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Enclosure</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">cc&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Robert Bodor</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jason Frankman</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:13.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Proto Labs, Inc.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">W. Morgan Burns</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:13.5pt;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Faegre Drinker Biddle &#38; Reath LLP</font></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</font></div></div></div><div id="i72d002bb898f4a82933c879c8dc3418c_186"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 1 - Form 8-K furnished November 1, 2024</font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proto Labs, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Customer Contact Information</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">(In thousands, except customer contacts and per customer contact amounts)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Unaudited)</font></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.054%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Three Months Ended<br>September 30,</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Nine Months Ended<br>September 30,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Revenue</font></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">125,619&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">130,705&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">379,140&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">378,829&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer contacts</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,511</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,080</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43,671</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,668</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenue per customer contact </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;text-decoration:underline;top:-3.5pt;vertical-align:baseline">1</font></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,580&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,663&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,682&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,295&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;text-decoration:underline;top:-3.5pt;vertical-align:baseline">1 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Revenue per customer contact is calculated using the revenue recognized during the respective period divided by the actual number of customer contacts served during the same period.  Customer contacts are product developers, engineers, procurement and supply chain professionals and other individuals who place an order, and that order is shipped and invoiced during the period.  The Company believes revenue per customer contact is useful to investors in evaluating the underlying business trends and ongoing operating performance of the Company.</font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo1a.jpg
<TEXT>
begin 644 logo1a.jpg
M_]C_X  02D9)1@ ! 0$ 7P!?  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MP  +"  U '4! 1$ _\0 '    04! 0$              P ! @0%!@<)_\0
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logoa.jpg
<TEXT>
begin 644 logoa.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  Y -X# 2(  A$! Q$!_\0
M'0   @$% 0$             !P@&  ,$!0D" ?_$ $80  $# P,"! 0"!0D$
M"P    $" P0%!A$ !R$($@D3,4$4(E%A,G$5%B.!D3-"4F)RH;3!\!<9-$,8
M)"4F.453@J.RT?_$ !L!  (# 0$!               # @0% 08'_\0 ,Q$
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M*P0<'\]*=8W7YO9N1:J:S0=JH=5IA*QYL5+RDK*3A24X4>?35*'I;\A!=;H
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M(S_ZC>#_ &DJUHI5TJZ%.ORY*W78DQ-J7GYSB9C;9< 0XH/%2?8=CA(4/4@
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MP<VPMQV\4W(:)2E5]  %1,1!D@!)3CS,=V DE/KP"=;U8"@I*@#CGDYYTI]
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>HL-JG4NG-!F-':![64 D]H)R<9)]3[ZV^JT89__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
