Quarterly Revenue Increases 29% Year over
Year to $42.0 Million
Quarterly Net Income Increases 32% Year over
Year to $8.9 Million
Proto Labs, Inc. (NYSE: PRLB), a leading online and
technology-enabled quick-turn manufacturer, today announced record
financial results for the third quarter ended September 30,
2013.
Highlights include:
- Revenue for the third quarter of 2013
increased to a record $42.0 million, 29 percent above revenue of
$32.5 million in the third quarter of 2012.
- The record quarterly revenue was
achieved through a 23 percent increase in the number of product
developers served, combined with an increase of 5 percent in
spending per product developer.
- Net income for the third quarter of
2013 increased to a record $8.9 million, or $0.34 per diluted
share. Non-GAAP net income, excluding the after tax expense of
stock compensation, was $9.5 million, or $0.37 per diluted share.
See “Non-GAAP Financial Measure” below.
“Our world-wide marketing and sales efforts led to a record
number of product developers selecting Proto Labs to help them
accelerate their ideas to markets. This resulted in record revenue
globally and in each of our geographic markets. As we prepare to
roll out additional services over the next few quarters, we remain
confident that our ability to offer solutions to product developers
will continue to drive our business forward,” said Proto Labs’
President and CEO Brad Cleveland.
Additional highlights include:
- Gross margin was 61.8 percent of
revenue in the third quarter of 2013 compared with 60.7 percent
during the same quarter in 2012.
- During the third quarter of 2013,
spending on research and development, including the Protoworks
initiatives, totaled $3.0 million, or 7.2 percent of revenue. This
compares to $2.6 million, or 7.9 percent of revenue during the
third quarter of 2012.
- Operating margin was 31.9 percent of
revenue during the third quarter of 2013 compared to 29.5 percent
in the third quarter of 2012.
- As measured on a year to date basis,
cash generated from operations totaled $34.9 million and
expenditures on capital equipment were $13.0 million.
Proto Labs also announced that CEO Brad Cleveland has notified
the Board of Directors of his intent to resign once the Company has
found a new CEO capable of leading the company’s continued
growth.
“I feel very fortunate to be a part of this successful
organization and I am grateful to have worked with so many talented
people through the years. I’ve been the CEO from $1 million in
revenue until today. I’ve thoroughly enjoyed the experience and
would welcome the chance to someday do it all over again in another
industry. I am confident that in the coming months we will recruit
an excellent executive with the experience required to lead Proto
Labs to even greater levels of success. I look forward to staying
with the company through the entire leadership transition period,”
concluded Mr. Cleveland.
Non-GAAP Financial Measure
The company has included non-GAAP net income, adjusted for
stock-based compensation expense in this press release to provide
investors with additional information regarding the company’s
financial results. The company has provided below a reconciliation
of non-GAAP net income, adjusted for stock-based compensation
expense, to net income, the most directly comparable measure
calculated and presented in accordance with GAAP. Non-GAAP net
income, adjusted for stock-based compensation expense, is used by
the company’s management and board of directors to understand and
evaluate operating performance and trends and provides a useful
measure for period-to-period comparisons of the company’s business.
Accordingly, the company believes that non-GAAP net income,
adjusted for stock-based compensation expense, provides 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 third
quarter financial results today, October 31 at 8:30 a.m. ET. To
access the call in the U.S. please dial 877-415-3184. Outside the
U.S. please dial 857-244-7327. Use participant code 58246380#. A
simultaneous webcast of the call will also be available on the
investor relations section of the company’s website at
www.protolabs.com/investors. An audio replay will be available for
14 days following the call on the investor relations website of
Proto Lab’s website.
About Proto Labs, Inc.Proto Labs is a leading online and
technology-enabled quick-turn manufacturer of custom parts for
prototyping and short-run production. Proto Labs provides “Real
Parts, Really Fast” to product developers worldwide. Proto Labs
utilizes computer numerical control (CNC) machining and injection
molding to manufacture custom parts for our customers. For more
information, visit protolabs.com.
Forward-Looking StatementsStatements 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 Proto Labs 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 SEC. Other unknown
or unpredictable factors also could have material adverse effects
on Proto Labs’ future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Proto Labs cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Proto
Labs 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)
September 30, December 31, 2013
2012 (Unaudited)
Assets Current assets Cash and cash equivalents $ 39,382 $
36,759 Short-term marketable securities 33,647 25,137 Accounts
receivable, net 18,016 15,791 Inventory 4,966 4,619 Other current
assets 8,302 7,850 Total current assets 104,313
90,156 Property and equipment, net 52,378 45,316 Long-term
marketable securities 59,441 36,965 Other long-term assets
247 285 Total assets $ 216,379 $ 172,722
Liabilities and shareholders' equity Current liabilities
Accounts payable $ 6,340 $ 4,758 Accrued compensation 6,848 5,995
Accrued liabilities and other 1,149 513 Current portion of
long-term debt obligations 195 273 Total current
liabilities 14,532 11,539 Deferred tax liabilities 3,345
3,346 Long-term debt obligations 206 356 Other long-term
liabilities 699 782 Shareholders' equity 197,597
156,699 Total liabilities and shareholders' equity $ 216,379
$ 172,722
Proto Labs, Inc. Condensed Consolidated Statements of
Operations (In thousands, except share and per share
amounts) (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013
2012
2013
2012
Revenues Protomold $ 29,534 $ 23,458 $ 84,338 $ 66,697 Firstcut
12,474 8,996
34,732 25,678 Total
revenues 42,008 32,454 119,070 92,375 Cost of revenues
16,053 12,760
44,983 37,242 Gross profit
25,955 19,694 74,087 55,133 Operating expenses Marketing and
sales 5,409 4,442 16,222 13,440 Research and development 3,026
2,561 8,405 6,622 General and administrative
4,118 3,118
12,035 10,394 Total
operating expenses
12,553
10,121 36,662
30,456 Income from operations 13,402 9,573
37,425 24,677 Other income (expense), net
31
314 149
(90 ) Income before income taxes 13,433
9,887 37,574 24,587 Provision for income taxes
4,561 3,185
11,804 7,957 Net income
$ 8,872 $ 6,702
$ 25,770 $
16,630 Net income per share: Basic
$ 0.35 $ 0.28
$ 1.03 $ 0.72
Diluted
$ 0.34 $
0.26 $ 1.00 $
0.68 Shares used to compute net income
per share: Basic 25,384,940 24,052,409 25,121,941 22,975,950
Diluted 26,002,240 25,312,643 25,794,950 24,356,785
Proto Labs, Inc. Condensed Consolidated Statements of
Cash Flows (In thousands) (Unaudited)
Nine Months Ended September 30,
2013 2012 Operating activities Net
income $ 25,770 $ 16,630 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 5,528 4,380 Stock-based compensation expense 2,595
2,362 Deferred taxes (61 ) - Excess tax benefit from stock-based
compensation (8,198 ) (2,635 ) Amortization of held-to-maturity
securities 1,007 173 Loss on disposal of property and equipment 111
- Changes in operating assets and liabilities:
8,148 (1,476 )
Net cash provided by operating activities
34,900 19,434
Investing activities Purchases of property and equipment
(12,976 ) (14,435 ) Purchases of marketable securities (82,657 )
(61,568 ) Proceeds from maturities of marketable securities
50,663 10,290 Net
cash used in investing activities
(44,970
) (65,713 )
Financing activities Proceeds from initial public offering,
net of offering costs - 71,530 Payments on debt (211 ) (289 )
Proceeds from exercises of warrants and stock options 4,635 728
Excess tax benefit from stock-based compensation
8,198 2,635 Net cash
provided by financing activities
12,622
74,604 Effect of exchange rate changes
on cash and cash equivalents
71
(170 ) Net increase in cash and cash
equivalents 2,623 28,155
Cash and cash equivalents,
beginning of period 36,759
8,135 Cash and cash equivalents, end of
period $ 39,382 $
36,290
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measure (In
thousands, except share and per share amounts)
(Unaudited) Three Months
Ended Nine Months Ended September 30,
2013 September 30, 2013 Non-GAAP net
income, adjusted for stock-based compensation expense: GAAP net
income $ 8,872 $ 25,770 Add back: Stock-based compensation expense
Cost of revenue 89 233 Marketing and sales 154 455 Research and
development 201 555 General and administrative
415 1,352 Total
stock-based compensation expense 859 2,595 Less: Tax benefit on
stock-based compensation
(216 )
(624 ) Non-GAAP net income
$ 9,515 $
27,741 Non-GAAP net income per share:
Basic
$ 0.37 $
1.10 Diluted
$ 0.37
$ 1.08 Shares used
to compute non-GAAP net income per share: Basic 25,384,940
25,121,941 Diluted 26,002,240 25,794,950
Proto
Labs, Inc. Revenue by Geography - Based on Shipping
Location (In thousands) (Unaudited)
Three Months Ended Nine
Months Ended September 30,
September 30,
2013
2012
2013
2012
Revenues Domestic United States $ 30,561 $ 24,807 $ 88,816 $ 69,887
International Europe 8,556 5,771 21,860 16,305 Japan 1,588 1,101
4,253 3,418 United States
1,303
775 4,141
2,765 Total international
11,447
7,647 30,254
22,488 Total revenue
$
42,008 $ 32,454
$ 119,070 $
92,375
Proto Labs, Inc. Customer Information (In
thousands, except customer amounts) (Unaudited)
Nine Months Ended September 30,
2013 2012 Number of Revenue ($)
Number of Revenue ($) Customers
Customers New customers 2,261 $ 14,636 2,251 $ 13,564
Existing customers
5,315 104,434
4,394 78,811 Total
7,576 $ 119,070
6,645 $ 92,375
Proto
Labs, Inc. Product Developer Information
(Unaudited) Three Months
Ended Nine Months Ended September 30,
September 30, 2013 2012 2013
2012 Unique product developers served
7,308 5,928 13,421
11,126
Proto Labs, Inc.Investor Relations:Jack Judd,
763-479-7408jack.judd@protolabs.comorMedia Relations:Bill Dietrick,
763-479-7664bill.dietrick@protolabs.com
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