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Protolabs Reports Financial Results for the First Quarter of 2023

Revenue of $125.9 million in the First Quarter of 2023

GAAP Earnings Per Share of $0.10, Non-GAAP Earnings Per Share of $0.30

Proto Labs, Inc. (the "Company" or "Protolabs") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights:

  • Revenue for the first quarter of 2023 was $125.9 million, representing a 1.4 percent increase compared to revenue of $124.2 million in the first quarter of 2022.
  • Revenue generated from our digital network powered by Hubs was $17.2 million in the first quarter, representing growth of 67.3 percent over the first quarter of 2022 and 16.3 percent sequential growth compared to the fourth quarter of 2022.
  • Net income for the first quarter of 2023 was $2.7 million, or $0.10 per diluted share.
  • Non-GAAP net income was $7.9 million, or $0.30 per diluted share. See “Non-GAAP Financial Measures” below.

“As we continue to operate in a challenging economic environment, amplified by rising interest rates and slowing manufacturing activity, I am pleased with first quarter financial results above our guidance ranges,” said Rob Bodor, President and Chief Executive Officer. “As our Protolabs and Hubs teams together build the most comprehensive offer in the digital manufacturing space, we are pleased with the growth of our digital network revenue fueled by cross selling efforts of our go-to-market teams.”

Additional First Quarter 2023 Highlights:

  • Protolabs served 23,287 unique product developers during the quarter.
  • The Company repurchased $21.1 million of shares during the quarter.
  • Gross margin was 42.7 percent of revenue in the first quarter of 2023.
  • Non-GAAP gross margin was 43.4 percent of revenue in the first quarter of 2023. See “Non-GAAP Financial Measures” below.
  • EBITDA was $14.1 million, or 11.2 percent of revenue, in the first quarter of 2023, compared to $17.8 million, or 14.3 percent of revenue, in the first quarter of 2022. See “Non-GAAP Financial Measures” below.
  • Adjusted EBITDA was $17.8 million, or 14.1% of revenue, in the first quarter of 2023, compared to $22.3 million, or 17.9% of revenue, in the first quarter of 2022. See “Non-GAAP Financial Measures” below.
  • Cash and investments balance was $104.7 million as of March 31, 2023.

“As customers shift their buying preferences to longer lead times and lower-priced offerings, we continue to manage the business and adapt our operations to align with demand,” said Dan Schumacher, Chief Financial Officer. “We continue to innovate and drive efficiencies to enable us to leverage our profitable operating structure and, coupled with our strong financial position in which we have no debt and generate strong operating cash flows, are well-positioned to weather economic volatility and dynamic customer preferences.”

Non-GAAP Financial Measures

The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics are useful in evaluating the underlying business trends and ongoing operating performance of the Company.

The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency and costs related to the Japan closure activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency and costs related to the Japan closure activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense and costs related to the closure of Japan (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP gross margin excluding Japan, adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the Company’s financial results. The Company has included non-GAAP operating margin excluding Japan, stock-based compensation expense, amortization expense and costs related to the Japan closure activities (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to the closure of Japan (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP gross margin excluding Japan, non-GAAP operating margin, non-GAAP operating margin excluding Japan, non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the Company’s business. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.

Conference Call

The Company has scheduled a conference call to discuss its first quarter 2023 financial results and second quarter 2023 outlook today, May 5, 2023 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/o8vnhfjc. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the fastest and most comprehensive digital manufacturing service in the world. Our digital factories produce low-volume parts in days while our digital network of manufacturing partners powered by Hubs unlocks advanced capabilities and volume pricing at higher quantities. The result? One manufacturing source—from prototyping to production—for product developers, engineers, and supply chain teams across the globe. See what's next at protolabs.com.

Forward-Looking Statements

Statements contained in this press release 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,051

 

 

$

56,558

 

Short-term marketable securities

 

 

22,851

 

 

 

23,568

 

Accounts receivable, net

 

 

77,619

 

 

 

76,225

 

Inventory

 

 

14,273

 

 

 

13,578

 

Income taxes receivable

 

 

821

 

 

 

4,042

 

Prepaid expenses and other current assets

 

 

11,101

 

 

 

12,597

 

Total current assets

 

 

188,716

 

 

 

186,568

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

253,616

 

 

 

257,785

 

Goodwill

 

 

273,991

 

 

 

273,991

 

Other intangible assets, net

 

 

29,869

 

 

 

31,250

 

Long-term marketable securities

 

 

19,824

 

 

 

26,419

 

Operating lease assets

 

 

3,315

 

 

 

3,844

 

Finance lease assets

 

 

17,266

 

 

 

17,532

 

Other long-term assets

 

 

4,776

 

 

 

4,779

 

Total assets

 

$

791,373

 

 

$

802,168

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

19,854

 

 

$

17,356

 

Accrued compensation

 

 

14,695

 

 

 

12,743

 

Accrued liabilities and other

 

 

23,156

 

 

 

22,384

 

Income taxes payable

 

 

1,928

 

 

 

-

 

Current operating lease liabilities

 

 

1,295

 

 

 

1,561

 

Current finance lease liabilities

 

 

17,452

 

 

 

17,537

 

Total current liabilities

 

 

78,380

 

 

 

71,581

 

 

 

 

 

 

 

 

 

 

Long-term operating lease liabilities

 

 

1,983

 

 

 

2,255

 

Long-term deferred tax liabilities

 

 

23,258

 

 

 

26,322

 

Other long-term liabilities

 

 

4,615

 

 

 

4,362

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

683,137

 

 

 

697,648

 

Total liabilities and shareholders' equity

 

$

791,373

 

 

$

802,168

 

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

 

Injection Molding

 

$

51,948

 

 

$

53,398

 

CNC Machining

 

 

48,104

 

 

 

46,098

 

3D Printing

 

 

21,325

 

 

 

19,672

 

Sheet Metal

 

 

4,248

 

 

 

4,687

 

Other

 

 

234

 

 

 

313

 

Total revenue

 

 

125,859

 

 

 

124,168

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

72,083

 

 

 

68,364

 

Gross profit

 

 

53,776

 

 

 

55,804

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Marketing and sales

 

 

22,451

 

 

 

20,586

 

Research and development

 

 

10,677

 

 

 

10,557

 

General and administrative

 

 

16,833

 

 

 

16,771

 

Closure of Japan business

 

 

66

 

 

 

-

 

Total operating expenses

 

 

50,027

 

 

 

47,914

 

Income from operations

 

 

3,749

 

 

 

7,890

 

Other income (expense), net

 

 

1,290

 

 

 

(300

)

Income before income taxes

 

 

5,039

 

 

 

7,590

 

Provision for income taxes

 

 

2,380

 

 

 

2,495

 

Net income

 

$

2,659

 

 

$

5,095

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

0.19

 

Diluted

 

$

0.10

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

 

 

 

 

Basic

 

 

26,580,279

 

 

 

27,502,941

 

Diluted

 

 

26,605,787

 

 

 

27,510,477

 

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

2023

 

2022

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

2,659

 

 

$

5,095

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

9,388

 

 

 

10,232

 

Stock-based compensation expense

 

 

3,695

 

 

 

4,397

 

Deferred taxes

 

 

(3,096

)

 

 

(3,213

)

Interest on finance lease obligations

 

 

287

 

 

 

-

 

Other

 

 

(46

)

 

 

79

 

Changes in operating assets and liabilities

 

 

9,691

 

 

 

1,193

 

Net cash provided by operating activities

 

 

22,578

 

 

 

17,783

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of property, equipment and other capital assets

 

 

(3,441

)

 

 

(3,069

)

Proceeds from sales of property, equipment and other capital assets

 

 

194

 

 

 

-

 

Purchases of marketable securities

 

 

-

 

 

 

(29,366

)

Proceeds from call redemptions and maturities of marketable securities

 

 

7,630

 

 

 

6,600

 

Net cash provided by (used in) investing activities

 

 

4,383

 

 

 

(25,835

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Proceeds from exercises of stock options and other

 

 

-

 

 

 

6

 

Purchases of shares withheld for tax obligations

 

 

(401

)

 

 

(468

)

Repurchases of common stock

 

 

(21,119

)

 

 

-

 

Principal repayments of finance lease obligations

 

 

(82

)

 

 

(139

)

Net cash used in financing activities

 

 

(21,602

)

 

 

(601

)

Effect of exchange rate changes on cash and cash equivalents

 

 

134

 

 

 

(37

)

Net increase (decrease) in cash and cash equivalents

 

 

5,493

 

 

 

(8,690

)

Cash and cash equivalents, beginning of period

 

 

56,558

 

 

 

65,929

 

Cash and cash equivalents, end of period

 

$

62,051

 

 

$

57,239

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Net Income per Share

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities

 

 

 

 

 

 

 

 

GAAP net income

 

$

2,659

 

 

$

5,095

 

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

3,695

 

 

 

4,397

 

Amortization expense

 

 

1,526

 

 

 

1,545

 

Unrealized (gain) loss on foreign currency

 

 

(71

)

 

 

89

 

Costs related to Japan closure activities

 

 

66

 

 

 

-

 

Total adjustments 1

 

 

5,216

 

 

 

6,031

 

Income tax benefits on adjustments 2

 

 

(2

)

 

 

(682

)

Non-GAAP net income

 

$

7,873

 

 

$

10,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.38

 

Diluted

 

$

0.30

 

 

$

0.38

 

 

 

 

 

 

 

 

 

 

Shares used to compute non-GAAP net income per share:

 

 

 

 

 

 

 

 

Basic

 

 

26,580,279

 

 

 

27,502,941

 

Diluted

 

 

26,605,787

 

 

 

27,510,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities were included in the following GAAP consolidated statement of operations categories:

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

808

 

 

$

929

 

 

 

 

 

 

 

 

 

 

Marketing and sales

 

 

692

 

 

 

737

 

Research and development

 

 

572

 

 

 

629

 

General and administrative

 

 

3,149

 

 

 

3,647

 

Closure of Japan business

 

 

66

 

 

 

-

 

Total operating expenses

 

 

4,479

 

 

 

5,013

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

 

(71

)

 

 

89

 

Total adjustments

 

$

5,216

 

 

$

6,031

 

 

 

 

 

 

 

 

 

 

2 For the three-month periods ended March 31, 2023 and 2022, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter.

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Revenue

 

$

125,859

 

 

$

124,168

 

Gross Profit

 

 

53,776

 

 

 

55,804

 

GAAP gross margin

 

 

42.7

%

 

 

44.9

%

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

466

 

 

 

587

 

Amortization expense

 

 

342

 

 

 

342

 

Total adjustments

 

 

808

 

 

 

929

 

Non-GAAP gross profit

 

$

54,584

 

 

$

56,733

 

Non-GAAP gross margin

 

 

43.4

%

 

 

45.7

%

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Revenue

 

$

125,859

 

 

$

124,168

 

Revenue excluding Japan

 

$

125,859

 

 

$

120,082

 

Gross Profit

 

 

53,776

 

 

 

55,804

 

GAAP gross margin

 

 

42.7

%

 

 

44.9

%

Less: Japan gross profit

 

 

-

 

 

 

2,040

 

Gross Profit excluding Japan

 

 

53,776

 

 

 

53,764

 

GAAP gross margin excluding Japan

 

 

42.7

%

 

 

44.8

%

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

466

 

 

 

587

 

Amortization expense

 

 

342

 

 

 

342

 

Less:

 

 

 

 

 

 

 

 

Japan stock-based compensation expense

 

 

-

 

 

 

25

 

Japan amortization expense

 

 

-

 

 

 

-

 

Total adjustments

 

 

808

 

 

 

904

 

Non-GAAP gross profit excluding Japan

 

$

54,584

 

 

$

54,668

 

Non-GAAP gross margin excluding Japan

 

 

43.4

%

 

 

45.5

%

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Revenue

 

$

125,859

 

 

$

124,168

 

Income from operations

 

 

3,749

 

 

 

7,890

 

GAAP operating margin

 

 

3.0

%

 

 

6.4

%

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

3,695

 

 

 

4,397

 

Amortization expense

 

 

1,526

 

 

 

1,545

 

Costs related to Japan closure activities

 

 

66

 

 

 

-

 

Total adjustments

 

 

5,287

 

 

 

5,942

 

Non-GAAP income from operations

 

$

9,036

 

 

$

13,832

 

Non-GAAP operating margin

 

 

7.2

%

 

 

11.1

%

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Revenue

 

$

125,859

 

 

$

124,168

 

Revenue excluding Japan

 

$

125,859

 

 

$

120,082

 

Income from operations

 

 

3,749

 

 

 

7,890

 

GAAP operating margin

 

 

3.0

%

 

 

6.4

%

Less: Japan (loss) income from operations

 

 

(346

)

 

 

546

 

Income from operations excluding Japan

 

 

4,095

 

 

 

7,344

 

GAAP operating margin excluding Japan

 

 

3.3

%

 

 

6.1

%

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

3,695

 

 

 

4,397

 

Amortization expense

 

 

1,526

 

 

 

1,545

 

Costs related to Japan closure activities

 

 

66

 

 

 

-

 

Less:

 

 

 

 

 

 

 

 

Japan stock-based compensation expense

 

 

10

 

 

 

150

 

Japan amortization expense

 

 

-

 

 

 

-

 

Total adjustments

 

 

5,277

 

 

 

5,792

 

Non-GAAP income from operations excluding Japan

 

$

9,372

 

 

$

13,136

 

Non-GAAP operating margin excluding Japan

 

 

7.4

%

 

 

10.9

%

 

Proto Labs, Inc.

Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

2023

 

2022

Revenue

 

$

125,859

 

 

$

124,168

 

GAAP net income

 

 

2,659

 

 

 

5,095

 

GAAP net income margin

 

 

2.1

%

 

 

4.1

%

Add back:

 

 

 

 

 

 

 

 

Amortization expense

 

$

1,526

 

 

$

1,545

 

Depreciation expense

 

 

7,862

 

 

 

8,687

 

Interest income, net

 

 

(350

)

 

 

(45

)

Tax expense

 

 

2,380

 

 

 

2,495

 

EBITDA

 

 

14,077

 

 

 

17,777

 

EBITDA Margin

 

 

11.2

%

 

 

14.3

%

Add back:

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

3,695

 

 

 

4,397

 

Unrealized (gain) loss on foreign currency

 

 

(71

)

 

 

89

 

Costs related to Japan closure activities

 

 

66

 

 

 

-

 

Total adjustments

 

 

3,690

 

 

 

4,486

 

Adjusted EBITDA

 

$

17,767

 

 

$

22,263

 

Adjusted EBITDA Margin

 

 

14.1

%

 

 

17.9

%

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31, 2023

 

Three Months Ended

March 31, 2022

 

%

 

 

 

 

 

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

Change2

 

% Change

Organic3

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

97,746

 

 

$

-

 

 

$

97,746

 

 

$

95,496

 

 

 

2.4

%

 

 

2.4

%

Europe

 

 

28,113

 

 

 

2,465

 

 

 

30,578

 

 

 

24,586

 

 

 

14.3

 

 

 

24.4

 

Japan

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,086

 

 

 

(100.0

)

 

 

(100.0

)

Total Revenue

 

$

125,859

 

 

$

2,465

 

 

$

128,324

 

 

$

124,168

 

 

 

1.4

%

 

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Revenue for the three-month period ended March 31, 2023 has been recalculated using 2022 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

 

 

 

2 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to GAAP revenue for the three-month period ended March 31, 2023.

 

 

 

3 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to non-GAAP revenue for the three-month period ended March 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended March 31, 2022) in order to provide a constant-currency comparison.

 

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

March 31, 2023

 

Three Months Ended

March 31, 2022

 

%

 

 

 

 

 

 

GAAP

 

Foreign

Currency1

 

Non-GAAP

 

GAAP

 

Change2

 

% Change

Organic3

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

 

$

51,948

 

 

$

1,179

 

 

$

53,127

 

 

$

53,398

 

 

 

(2.7

)%

 

 

(0.5

)%

CNC Machining

 

 

48,104

 

 

 

735

 

 

 

48,839

 

 

 

46,098

 

 

 

4.4

 

 

 

5.9

 

3D Printing

 

 

21,325

 

 

 

536

 

 

 

21,861

 

 

 

19,672

 

 

 

8.4

 

 

 

11.1

 

Sheet Metal

 

 

4,248

 

 

 

10

 

 

 

4,258

 

 

 

4,687

 

 

 

(9.4

)

 

 

(9.2

)

Other

 

 

234

 

 

 

5

 

 

 

239

 

 

 

313

 

 

 

(25.2

)

 

 

(23.6

)

Total Revenue

 

$

125,859

 

 

$

2,465

 

 

$

128,324

 

 

$

124,168

 

 

 

1.4

%

 

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Revenue for the three-month period ended March 31, 2023 has been recalculated using 2022 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

 

 

2 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to GAAP revenue for the three-month period ended March 31, 2023.

 

 

3 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to non-GAAP revenue for the three-month period ended March 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended March 31, 2022) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Product Developer Information

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

Unique product developers and engineers served

 

 

23,287

 

 

 

23,492

 

 

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