Record Revenue of $123.0 million in the
Second Quarter of 2021, an increase of 15% over the Second Quarter
of 2020
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 second quarter
ended June 30, 2021.
Second Quarter 2021 Highlights
include:
- Revenue for the second quarter of 2021 was $123.0 million,
representing a 15.5 percent increase compared to revenue of $106.6
million in the second quarter of 2020.
- Hubs generated $8.9 million of revenue in the second quarter,
representing growth of 45.6 percent over the second quarter of
2020.
- Net income for the second quarter of 2021 was $12.9 million, or
$0.47 per diluted share.
- Non-GAAP net income was $10.7 million, or $0.39 per diluted
share. See “Non-GAAP Financial Measures” below.
“During the second quarter of 2021, we experienced strong
demand, and delivered record revenues despite the challenges of
labor availability in the US. We are emerging from the pandemic
stronger than ever in the custom parts space,” said Rob Bodor,
President and Chief Executive Officer. “I want to thank the
employees of Protolabs for all that they did in the quarter, and we
are confident that the best is yet to come.”
Additional Second Quarter 2021 Highlights
include:
- Protolabs served 23,253 unique product developers during the
quarter, representing a 36.5 percent increase over the second
quarter of 2020.
- Gross margin in the second quarter of 2021 was 46.0 percent of
revenue; Non-GAAP gross margin was 46.8 percent of revenue. See
“Non-GAAP Financial Measures” below.
- EBITDA margin was 21.3 percent of revenue in the second quarter
of 2021; adjusted EBITDA margin was 18.8 percent of revenue in the
second quarter of 2021. See “Non-GAAP Financial Measures”
below.
- Cash and investments balance was $89.0 million as of June 30,
2021.
“The environment is ripe for growth and our digital
manufacturing model is leading the way,” added John Way, Chief
Financial Officer. “Our profitable business model drives a healthy
balance sheet with $89 million in cash and investments and no debt,
giving us the flexibility to continue to invest in future growth
and lead the digital custom parts space.”
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 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
second quarter 2021 financial results and third quarter 2021
outlook today, July 29, 2021 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/4ugs54z8. 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)
June 30,
December 31,
2021
2020
(Unaudited)
Assets Current assets Cash and cash equivalents
$
41,909
$
127,603
Short-term marketable securities
18,341
34,088
Accounts receivable, net
83,470
57,877
Inventory
9,111
10,862
Income taxes receivable
4,575
540
Prepaid expenses and other current assets
10,107
11,032
Total current assets
167,513
242,002
Property and equipment, net
288,495
282,666
Goodwill
407,191
128,752
Other intangible assets, net
41,674
14,350
Long-term marketable securities
28,700
59,357
Operating lease assets
8,801
9,855
Finance lease assets
2,147
2,396
Other long-term assets
4,769
4,826
Total assets
$
949,290
$
744,204
Liabilities and shareholders' equity Current
liabilities Accounts payable
$
26,038
$
18,248
Accrued compensation
14,930
11,989
Accrued liabilities and other
15,072
16,193
Current contingent consideration
2,936
-
Current operating lease liabilities
2,847
3,272
Current finance lease liabilities
554
552
Income taxes payable
40
-
Total current liabilities
62,417
50,254
Long-term contingent consideration
2,693
-
Long-term operating lease liabilities
7,097
7,586
Long-term finance lease liabilities
1,639
1,919
Long-term deferred tax liabilities
36,898
33,854
Other long-term liabilities
6,569
6,235
Shareholders' equity
831,977
644,356
Total liabilities and shareholders' equity
$
949,290
$
744,204
Proto Labs, Inc.
Condensed Consolidated Statements of Operations (In
thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Revenue Injection Molding
$
58,168
$
57,894
$
114,527
$
112,670
CNC Machining
41,592
28,760
78,295
66,645
3D Printing
18,170
14,236
35,405
30,184
Sheet Metal
4,717
4,669
9,936
10,318
Other
401
1,016
1,011
1,866
Total revenue
123,048
106,575
239,174
221,683
Cost of revenue
66,423
54,119
127,219
111,127
Gross profit
56,625
52,456
111,955
110,556
Operating expenses Marketing and sales
21,044
16,936
40,524
35,116
Research and development
11,060
8,648
23,241
17,635
General and administrative
8,417
12,521
27,825
26,629
Total operating expenses
40,521
38,105
91,590
79,380
Income from operations
16,104
14,351
20,365
31,176
Other income (loss), net
137
767
(176
)
1,821
Income before income taxes
16,241
15,118
20,189
32,997
Provision for income taxes
3,326
2,511
3,562
6,406
Net income
$
12,915
$
12,607
$
16,627
$
26,591
Net income per share: Basic
$
0.47
$
0.47
$
0.60
$
1.00
Diluted
$
0.47
$
0.47
$
0.60
$
0.99
Shares used to compute net income per share: Basic
27,735,732
26,660,498
27,600,684
26,718,652
Diluted
27,744,870
26,760,866
27,741,464
26,837,938
Proto Labs, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands)
(Unaudited)
Six Months Ended
June 30,
2021
2020
Operating activities Net income
$
16,627
$
26,591
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
20,127
15,855
Stock-based compensation expense
10,561
6,672
Deferred taxes
419
5,651
Amortization of marketable securities
261
129
Realized gain on available-for-sale securities
(117
)
-
Other
125
(854
)
Changes in operating assets and liabilities
(19,511
)
(627
)
Changes in fair value of contingent consideration
(7,763
)
-
Net cash provided by operating activities
20,729
53,417
Investing activities Purchases of property, equipment
and other capital assets
(23,929
)
(33,305
)
Cash used for acquisitions, net of cash acquired
(127,413
)
-
Purchases of other assets and investments
-
(3,000
)
Purchases of marketable securities
(15,159
)
(57,212
)
Proceeds from sales of marketable securities
47,694
-
Proceeds from maturities of marketable securities
13,725
28,225
Net cash used in investing activities
(105,082
)
(65,292
)
Financing activities Proceeds from exercises of stock
options and other
3,838
2,855
Purchases of shares withheld for tax obligations
(4,209
)
(3,367
)
Repurchases of common stock
(1,210
)
(14,686
)
Principal repayments of finance lease obligations
(275
)
-
Net cash used in financing activities
(1,856
)
(15,198
)
Effect of exchange rate changes on cash and cash equivalents
515
(149
)
Net decrease in cash and cash equivalents
(85,694
)
(27,222
)
Cash and cash equivalents, beginning of period
127,603
125,225
Cash and cash equivalents, end of period
$
41,909
$
98,003
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
Six Months Ended
June 30,
June 30,
2021
2020
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
$
12,915
$
12,607
$
16,627
$
26,591
Add back: Stock-based compensation expense
4,941
3,639
10,561
6,672
Amortization expense
1,490
754
3,033
1,508
Unrealized (gain) loss on foreign currency
(402
)
(139
)
220
(936
)
Transaction costs 1
(7,655
)
-
(5,140
)
-
Total adjustments 2
(1,626
)
4,254
8,674
7,244
Income tax benefits on adjustments 3
(575
)
(987
)
(3,576
)
(1,662
)
Non-GAAP net income
$
10,714
$
15,874
$
21,725
$
32,173
Non-GAAP net income per share: Basic
$
0.39
$
0.60
$
0.79
$
1.20
Diluted
$
0.39
$
0.59
$
0.78
$
1.20
Shares used to compute non-GAAP net income per share: Basic
27,735,732
26,660,498
27,600,684
26,718,652
Diluted
27,744,870
26,760,866
27,741,464
26,837,938
1 Transaction costs include direct costs incurred in
our acquisition of Hubs, Inc. and the impact of changes in the fair
value of acquisition-related contingent consideration obligations.
2 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
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Cost of revenue
$
1,011
$
936
$
1,988
$
1,799
Marketing and sales
929
750
1,782
1,368
Research and development
744
607
1,368
1,128
General and administrative
(3,908
)
2,100
3,316
3,885
Total operating expenses
(2,235
)
3,457
6,466
6,381
Other (income) loss, net
(402
)
(139
)
220
(936
)
Total adjustments
$
(1,626
)
$
4,254
$
8,674
$
7,244
3 For the three and six-month periods ended June 30, 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
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Revenue
$
123,048
$
106,575
$
239,174
$
221,683
Income from operations
16,104
14,351
20,365
31,176
GAAP operating margin
13.1
%
13.5
%
8.5
%
14.1
%
Add back: Stock-based compensation expense
4,941
3,639
10,561
6,672
Amortization expense
1,490
754
3,033
1,508
Transaction costs 1
(7,655
)
-
(5,140
)
-
Total adjustments
(1,224
)
4,393
8,454
8,180
Non-GAAP income from operations
$
14,880
$
18,744
$
28,819
$
39,356
Non-GAAP operating margin
12.1
%
17.6
%
12.0
%
17.8
%
1 Transaction costs include
direct costs incurred in our acquisition of Hubs, Inc. and the
impact of changes in the fair value of acquisition-related
contingent consideration obligations.
Proto Labs, Inc. Reconciliation of
GAAP Net Income to EBITDA and Adjusted EBITDA (In
thousands) (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
GAAP net income
$
12,915
$
12,607
$
16,627
$
26,591
Amortization expense
1,490
754
3,033
1,508
Depreciation expense
8,578
7,143
17,094
14,347
Interest income, net
(65
)
(368
)
(152
)
(928
)
Tax expense
3,326
2,511
3,562
6,406
EBITDA
26,244
22,647
40,164
47,924
Add back: Stock-based compensation expense
4,941
3,639
10,561
6,672
Unrealized (gain) loss on foreign currency
(402
)
(139
)
220
(936
)
Transaction costs 1
(7,655
)
-
(5,140
)
-
Total adjustments
(3,116
)
3,500
5,641
5,736
Adjusted EBITDA
$
23,128
$
26,147
$
45,805
$
53,660
1 Transaction costs include direct costs incurred in
our acquisition of Hubs, Inc. and the impact of changes in the fair
value of acquisition-related contingent consideration obligations.
Proto Labs, Inc. Comparison of GAAP to Non-GAAP
Revenue Growth (In thousands) (Unaudited)
Three Months Ended June 30,
2021
Three Months Ended June 30,
2020
%
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
Change3
% Change Organic4
Revenues United States
$
95,344
$
-
$
(4,626
)
$
90,718
$
86,823
9.8
%
4.5
%
Europe
24,655
(1,913
)
(4,314
)
18,428
16,729
47.4
10.2
Japan
3,049
54
-
3,103
3,023
0.9
2.6
Total Revenue
$
123,048
$
(1,859
)
$
(8,940
)
$
112,249
$
106,575
15.5
%
5.3
%
Six Months Ended June 30,
2021
Six Months Ended June 30,
2020
%
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
Change3
% Change Organic4
Revenues United States
$
186,397
$
-
$
(7,783
)
$
178,614
$
176,899
5.4
%
1.0
%
Europe
46,104
(3,473
)
(6,920
)
35,711
37,516
22.9
(4.8
)
Japan
6,673
(31
)
-
6,642
7,268
(8.2
)
(8.6
)
Total Revenue
$
239,174
$
(3,504
)
$
(14,703
)
$
220,967
$
221,683
7.9
%
(0.3
)%
1 Revenue for the three and six-month periods ended June 30,
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 and six-month periods ended June 30, 2021 has been
recalculated to exclude revenue earned from our acquisition of
Hubs, Inc. 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 and six-month periods ended June 30, 2020 to GAAP revenue
for the three and six-month periods ended June 30, 2021. 4 This
column presents the percentage change from GAAP revenue for the
three and six-month periods ended June 30, 2020 to non-GAAP revenue
for the three and six-month periods ended June 30, 2021 (as
recalculated using the foreign currency exchange rates in effect
during the three- and six-month periods ended June 30, 2020,
excluding the impact of Hubs, Inc. acquisition) in order to provide
a constant-currency comparison.
Proto Labs, Inc. Product
Developer Information (Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Unique product developers and engineers served
23,253
17,037
37,501
29,703
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version on businesswire.com: https://www.businesswire.com/news/home/20210729005120/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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