First Quarter 2021 Revenue of $116.1
million
Proto Labs, Inc. (NYSE: PRLB), the world’s largest ecommerce
manufacturer and supplier of on-demand prototype and production
parts, today announced financial results for the first quarter
ended March 31, 2021.
First Quarter 2021 Highlights
include:
- Revenue for the first quarter of 2021 was $116.1 million,
representing a 10.4 percent increase compared to revenue of $105.2
million in the fourth quarter of 2020.
- 3D Hubs generated $5.8 million of revenue in the period between
acquisition close (January 22, 2021) and the end of the first
quarter.
- Net income for the first quarter of 2021 was $3.7 million, or
$0.13 per diluted share.
- Non-GAAP net income was $11.0 million, or $0.40 per diluted
share. See “Non-GAAP Financial Measures” below.
“During the first quarter of 2021, we achieved two very
important milestones, the successful launch of Protolabs 2.0 and
the transformative acquisition of 3D Hubs, which will enable us to
accelerate growth,” said Rob Bodor, President and Chief Executive
Officer. “I am very pleased that we also delivered strong first
quarter financial performance within our expectations. As the
COVID-19 vaccine rollout progresses and global demand continues to
recover, our best-in-class digital manufacturing model positions us
to expand our leadership position.”
Additional First Quarter 2021 Highlights
include:
- Protolabs served 22,605 unique product developers during the
year, representing a 24.5 percent increase over the fourth quarter
of 2020.
- Gross margin in the first quarter of 2021 was 47.6 percent of
revenue; Non-GAAP gross margin was 48.5 percent of revenue. See
“Non-GAAP Financial Measures” below.
- EBITDA margin was 12.0 percent of revenue in the first quarter
of 2021; adjusted EBITDA margin was 19.5 percent of revenue in the
first quarter of 2021. See “Non-GAAP Financial Measures”
below.
- Cash and investments balance was $93.1 million as of March 31,
2021.
“We managed our financial performance very well in the first
quarter through the Protolabs 2.0 systems launch and acquisition of
3D Hubs,” added John Way, Chief Financial Officer. “Our balance
sheet remains very healthy with $93 million in cash and investments
and no debt, providing flexibility and allowing us to continue to
invest to serve our customers and drive future growth.”
Non-GAAP Financial Measures
The company has included non-GAAP revenue growth that excludes
the impact of changes in foreign currency exchange rates and
revenue earned from our acquisition of 3D Hubs (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 transaction costs (collectively, “Adjusted EBITDA”),
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
transaction costs (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 transaction costs
(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 operating margin, non-GAAP revenue
growth and Adjusted EBITDA, 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 2021 financial results and second quarter 2021 outlook
today, May 6, 2021 at 8:30 a.m. EST. 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. EST 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/p2q42oaz. 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 world’s leading digital manufacturing source
for rapid prototyping and on-demand production. The
technology-enabled company produces custom components in as fast as
1 day with automated 3D printing, CNC machining, sheet metal
fabrication, and injection molding processes. Its digital approach
to manufacturing enables accelerated time to market, reduces
manufacturing costs, and enables supply chain agility throughout
the product life cycle. Visit protolabs.com for more
information.
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 SEC. 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,
2021
2020
(Unaudited) Assets Current assets Cash and cash
equivalents
$
43,774
$
127,603
Short-term marketable securities
19,592
34,088
Accounts receivable, net
74,666
57,877
Inventory
9,918
10,862
Prepaid expenses and other current assets
8,803
11,032
Income taxes receivable
1,763
540
Total current assets
158,516
242,002
Property and equipment, net
279,901
282,666
Goodwill
399,426
128,752
Other intangible assets, net
46,883
14,350
Long-term marketable securities
29,760
59,357
Operating lease assets
12,819
9,855
Financing lease assets
2,271
2,396
Other long-term assets
4,872
4,826
Total assets
$
934,448
$
744,204
Liabilities and shareholders' equity Current
liabilities Accounts payable
$
21,846
$
18,248
Accrued compensation
11,745
11,989
Accrued liabilities and other
16,705
16,193
Current contingent consideration
5,221
-
Current operating lease liabilities
2,732
3,272
Current finance lease liabilities
553
552
Income taxes payable
1,047
-
Total current liabilities
59,849
50,254
Long-term contingent consideration
4,789
-
Long-term operating lease liabilities
11,534
7,586
Long-term finance lease liabilities
1,779
1,919
Long-term deferred tax liabilities
36,899
33,854
Other long-term liabilities
6,167
6,235
Shareholders' equity
813,431
644,356
Total liabilities and shareholders' equity
$
934,448
$
744,204
Proto Labs, Inc. Condensed Consolidated
Statements of Operations (In thousands, except share and per
share amounts) (Unaudited) Three Months
Ended March 31,
2021
2020
Revenue Injection Molding
$
56,359
$
54,776
CNC Machining
36,703
37,885
3D Printing
17,235
15,948
Sheet Metal
5,219
5,649
Other
610
850
Total revenue
116,126
115,108
Cost of revenue
60,796
57,008
Gross profit
55,330
58,100
Operating expenses Marketing and sales
19,480
18,180
Research and development
12,181
8,987
General and administrative
19,408
14,108
Total operating expenses
51,069
41,275
Income from operations
4,261
16,825
Other (loss) income, net
(313
)
1,054
Income before income taxes
3,948
17,879
Provision for income taxes
236
3,895
Net income
$
3,712
$
13,984
Net income per share: Basic
$
0.14
$
0.52
Diluted
$
0.13
$
0.52
Shares used to compute net income per share: Basic
27,464,136
26,776,806
Diluted
27,698,195
26,929,640
Proto Labs, Inc. Condensed Consolidated Statements
of Cash Flows (In thousands) (Unaudited)
Three Months Ended March 31,
2021
2020
Operating activities Net income
$
3,712
$
13,984
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
10,059
7,958
Stock-based compensation expense
5,620
3,033
Deferred taxes
(69
)
3,392
Amortization of marketable securities
137
55
Realized gain on available-for-sale securities
(166
)
-
Other
155
(644
)
Changes in operating assets and liabilities
(13,023
)
(5,368
)
Net cash provided by operating activities
6,425
22,410
Investing activities Purchases of property, equipment
and other capital assets
(6,546
)
(13,421
)
Cash used for acquisitions, net of cash acquired
(127,709
)
-
Purchases of other assets and investments
-
(3,000
)
Purchases of marketable securities
(8,227
)
(37,629
)
Proceeds from sales of marketable securities
45,194
-
Proceeds from maturities of marketable securities
7,155
10,700
Net cash used in investing activities
(90,133
)
(43,350
)
Financing activities Proceeds from exercises of stock
options and other
1,704
135
Purchases of shares withheld for tax obligations
(1,994
)
(1,048
)
Repurchases of common stock
-
(11,185
)
Principal repayments of finance lease obligations
(137
)
-
Net cash used in financing activities
(427
)
(12,098
)
Effect of exchange rate changes on cash and cash equivalents
306
(282
)
Net decrease in cash and cash equivalents
(83,829
)
(33,320
)
Cash and cash equivalents, beginning of period
127,603
125,225
Cash and cash equivalents, end of period
$
43,774
$
91,905
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,
2021
2020
Non-GAAP net income, adjusted for stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency
and transaction costs GAAP net income
$
3,712
$
13,984
Add back: Stock-based compensation expense
5,620
3,033
Amortization expense
1,543
754
Unrealized (gain) loss on foreign currency
622
(797
)
Transaction costs
2,515
-
Total adjustments 1
10,300
2,990
Income tax benefits on adjustments 2
(3,001
)
(675
)
Non-GAAP net income
$
11,011
$
16,299
Non-GAAP net income per share: Basic
$
0.40
$
0.61
Diluted
$
0.40
$
0.61
Shares used to compute non-GAAP net income per share: Basic
27,464,136
26,776,806
Diluted
27,698,195
26,929,640
1 Stock-based compensation expense, amortization
expense, unrealized (gain) loss on foreign currency and transaction
costs were included in the following GAAP consolidated statement of
operations categories:
Three Months Ended March 31,
2021
2020
Cost of revenue
$
977
$
863
Marketing and sales
853
618
Research and development
624
521
General and administrative
7,224
1,785
Total operating expenses
8,701
2,924
Other income, net
622
(797
)
Total adjustments
$
10,300
$
2,990
2 For the three-month periods ended March 31, 2021 and 2020,
income tax effects were calculated using the effective tax rate for
the relevant jurisdictions. Our non-GAAP tax rates differ from our
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 Operating Margin (In thousands)
(Unaudited) Three Months Ended March
31,
2021
2020
Revenue
$
116,126
$
115,108
Income from operations
4,261
16,825
GAAP operating margin
3.7
%
14.6
%
Add back: Stock-based compensation expense
5,620
3,033
Amortization expense
1,543
754
Transaction costs
2,515
-
Total adjustments
9,678
3,787
Non-GAAP income from operations
$
13,939
$
20,612
Non-GAAP operating margin
12.0
%
17.9
%
Proto Labs, Inc. Reconciliation of GAAP Net Income
to EBITDA and Adjusted EBITDA (In thousands)
(Unaudited) Three Months Ended March
31,
2021
2020
GAAP net income
$
3,712
$
13,984
Amortization expense
1,543
754
Depreciation expense
8,516
7,204
Interest income, net
(87
)
(560
)
Tax expense
236
3,895
EBITDA
13,920
25,277
EBITDA Margin
12.0
%
22.0
%
Add back: Stock-based compensation expense
5,620
3,033
Unrealized (gain) loss on foreign currency
622
(797
)
Transaction costs
2,515
-
Total adjustments
8,757
2,236
Adjusted EBITDA
$
22,677
$
27,513
Adjusted EBITDA Margin
19.5
%
23.9
%
Proto Labs, Inc. Comparison of GAAP to Non-GAAP
Revenue Growth (In thousands) (Unaudited)
Three Months EndedMarch 31, 2021 Three Months EndedMarch
31, 2020 GAAP ForeignCurrency1 3D
HubsAcquisition2 Non-GAAP GAAP % Change3
% ChangeOrganic4 Revenues United States
$
91,053
$
-
$
(3,157
)
$
87,896
$
90,076
1.1
%
(2.4
)%
Europe
21,449
(1,560
)
(2,606
)
17,283
20,787
3.2
(16.9
)
Japan
3,624
(85
)
-
3,539
4,245
(14.6
)
(16.6
)
Total Revenue
$
116,126
$
(1,645
)
$
(5,763
)
$
108,718
$
115,108
0.9
%
(5.6
)%
1 Revenue for the three-month period ended March 31, 2021
has been recalculated using 2020 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 Revenue for the
three-month period ended March 31, 2021 has been recalculated to
exclude revenue earned from our acquisition of 3D Hubs to provide
information useful in evaluating the underlying business trends
excluding the impact of acquisitions. 3 This column presents the
percentage change from GAAP revenue for the three-month period
ended March 31, 2020 to GAAP revenue for the three-month period
ended March 31, 2021. 4 This column presents the percentage change
from GAAP revenue for the three-month period ended March 31, 2020
to non-GAAP revenue for the three-month period ended March 31, 2021
(as recalculated using the foreign currency exchange rates in
effect during the three-month period ended March 31, 2020,
excluding the impact of 3D Hubs acquisition) in order to provide a
constant-currency comparison.
Proto Labs, Inc.
Product Developer Information (Unaudited)
Three Months Ended March 31,
2021
2020
Unique product developers and engineers served
22,605
20,876
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version on businesswire.com: https://www.businesswire.com/news/home/20210506005278/en/
Investor Relations Contact Protolabs Dan Schumacher,
763-479-7240 Vice President of Investor Relations
daniel.schumacher@protolabs.com
Media Contact Protolabs Brent Renneke, 763-479-7704 PR
& Media Strategist brent.renneke@protolabs.com
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