Revenue of $124.2 million in the First
Quarter of 2022; GAAP Earnings Per Share of $0.19, Non-GAAP
Earnings Per Share of $0.38
Proto Labs, Inc. (“Protolabs” or the “Company”) (NYSE: PRLB),
the world’s leading provider of digital manufacturing services,
today announced financial results for the first quarter ended March
31, 2022.
First Quarter 2022 Highlights
include:
- Revenue for the first quarter of 2022 was $124.2 million,
representing a 6.9 percent increase compared to revenue of $116.1
million in the first quarter of 2021.
- Hubs generated $10.3 million of revenue in the first quarter,
representing year-over-year growth of 78.6 percent, or
approximately 38.2 percent organically. Hubs was acquired on
January 22, 2021.
- Net income was $5.1 million, or $0.19 per diluted share.
- Non-GAAP net income was $10.4 million, or $0.38 per diluted
share. See “Non-GAAP Financial Measures” below.
“Protolabs finished the first quarter strong after a slow start
in January, and we also made progress on our 2022 strategic
priorities,” said Rob Bodor, President and Chief Executive Officer.
“As an ever-increasing group of companies adopt Manufacturing 4.0,
Protolabs will continue to lead the way through focused execution
of our strategy.”
Additional First Quarter 2022 Highlights
include:
- Protolabs served 23,492 unique product developers during the
first quarter of 2022.
- Gross margin was 44.9 percent of revenue; Non-GAAP gross margin
was 45.7 percent of revenue. See “Non-GAAP Financial Measures”
below.
- EBITDA was $17.8 million, or 14.3 percent of revenue; Adjusted
EBITDA was $22.3 million, or 17.9 percent of revenue. See “Non-GAAP
Financial Measures” below.
- Cash and investments balance was $105.3 million as of March 31,
2022.
“We are pleased to report first quarter margins ahead of our
expectations,” said Dan Schumacher, Interim Chief Financial
Officer. “We remain confident in our long-term strategy and are
focused on execution. Protolabs will continue to reinforce our
sustainable, long-term competitive advantage through profitable
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 its 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 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 also included earnings before interest, taxes, depreciation and
amortization margin (“EBITDA margin”) and EBITDA margin, adjusted
for stock-based compensation expense, unrealized loss on foreign
currency, and transaction costs (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 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 gross margin, adjusted for
stock-based compensation expense and amortization expense,
(collectively, “non-GAAP gross 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
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 net income per share, non-GAAP
operating margin, non-GAAP income from operations, non-GAAP revenue
growth, non-GAAP gross profit, non-GAAP gross margin, EBITDA,
Adjusted EBITDA, EBITDA margin, 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 management and the board of directors.
Conference Call
The Company has scheduled a conference call to discuss its first
quarter 2022 financial results and second quarter 2022 outlook
today, May 6, 2022, 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/n7feufxj. 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 provider of digital
manufacturing services. The e-commerce-based company offers
injection molding, CNC machining, 3D printing, and sheet metal
fabrication to product developers, engineers, and supply chain
teams across the globe. Protolabs serves customers using in-house
production capabilities that bring unprecedented speed in tandem
with Hubs, a Protolabs Company, which serves customers through its
network of premium manufacturing partners. Together, they help
companies bring new ideas to market with the fastest and most
comprehensive digital manufacturing service in the world. 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 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. To the extent
permitted under applicable law, 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,
2022
2021
(Unaudited) Assets Current assets Cash and cash
equivalents
$
57,239
$
65,929
Short-term marketable securities
19,914
11,580
Accounts receivable, net
85,960
80,051
Inventory
14,227
13,161
Income taxes receivable
687
1,321
Prepaid expenses and other current assets
10,185
11,450
Total current assets
188,212
183,492
Property and equipment, net
270,946
280,346
Goodwill
398,319
400,610
Other intangible assets, net
36,234
37,998
Long-term marketable securities
28,196
14,340
Operating lease assets
4,800
5,578
Finance lease assets
1,773
1,898
Long-term assets held for sale
1,985
-
Other long-term assets
4,286
4,320
Total assets
$
934,751
$
928,582
Liabilities and shareholders' equity Current
liabilities Accounts payable
$
17,511
$
25,364
Accrued compensation
13,094
13,704
Accrued liabilities and other
23,030
11,980
Current operating lease liabilities
2,253
3,298
Current finance lease liabilities
493
550
Income taxes payable
3,870
-
Total current liabilities
60,251
54,896
Long-term operating lease liabilities
2,514
2,245
Long-term finance lease liabilities
1,269
1,351
Long-term deferred tax liabilities
32,661
35,892
Other long-term liabilities
6,021
5,705
Shareholders' equity
832,035
828,493
Total liabilities and shareholders' equity
$
934,751
$
928,582
Proto Labs, Inc. Condensed Consolidated Statements
of Operations (In thousands, except share and per share
amounts) (Unaudited) Three Months Ended
March 31,
2022
2021
Revenue Injection Molding
$
53,398
$
56,359
CNC Machining
46,098
36,703
3D Printing
19,672
17,235
Sheet Metal
4,687
5,219
Other
313
610
Total revenue
124,168
116,126
Cost of revenue
68,364
60,796
Gross profit
55,804
55,330
Operating expenses Marketing and sales
20,586
19,480
Research and development
10,557
12,181
General and administrative
16,771
19,408
Total operating expenses
47,914
51,069
Income from operations
7,890
4,261
Other loss, net
(300
)
(313
)
Income before income taxes
7,590
3,948
Provision for income taxes
2,495
236
Net income
$
5,095
$
3,712
Net income per share: Basic
$
0.19
$
0.14
Diluted
$
0.19
$
0.13
Shares used to compute net income per share: Basic
27,502,941
27,464,136
Diluted
27,510,477
27,698,195
Proto Labs, Inc. Condensed Consolidated Statements
of Cash Flows (In thousands) (Unaudited)
Three Months Ended March 31,
2022
2021
Operating activities Net income
$
5,095
$
3,712
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
10,232
10,059
Stock-based compensation expense
4,397
5,620
Deferred taxes
(3,213
)
(69
)
Other
79
126
Changes in operating assets and liabilities
1,193
(13,023
)
Net cash provided by operating activities
17,783
6,425
Investing activities Purchases of property, equipment
and other capital assets
(3,069
)
(6,546
)
Cash used for acquisitions, net of cash acquired
-
(127,709
)
Purchases of marketable securities
(29,366
)
(8,227
)
Proceeds from sales of marketable securities
-
45,194
Proceeds from call redemptions and maturities of marketable
securities
6,600
7,155
Net cash used in investing activities
(25,835
)
(90,133
)
Financing activities Proceeds from exercises of stock
options and other
6
1,704
Purchases of shares withheld for tax obligations
(468
)
(1,994
)
Principal repayments of finance lease obligations
(139
)
(137
)
Net cash used in financing activities
(601
)
(427
)
Effect of exchange rate changes on cash and cash equivalents
(37
)
306
Net decrease in cash and cash equivalents
(8,690
)
(83,829
)
Cash and cash equivalents, beginning of period
65,929
127,603
Cash and cash equivalents, end of period
$
57,239
$
43,774
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,
2022
2021
Non-GAAP net income, adjusted for stock-based compensation expense,
amortization expense, unrealized loss on foreign currency and
transaction costs GAAP net income
$
5,095
$
3,712
Add back: Stock-based compensation expense
4,397
5,620
Amortization expense
1,545
1,543
Unrealized loss on foreign currency
89
622
Transaction costs 1
-
2,515
Total adjustments 2
6,031
10,300
Income tax benefits on adjustments 3
(682
)
(3,001
)
Non-GAAP net income
$
10,444
$
11,011
Non-GAAP net income per share: Basic
$
0.38
$
0.40
Diluted
$
0.38
$
0.40
Shares used to compute non-GAAP net income per share: Basic
27,502,941
27,464,136
Diluted
27,510,477
27,698,195
1 Transaction costs include direct costs incurred in the
Company's acquisition of Hubs, Inc. 2 Stock-based compensation
expense, amortization expense, unrealized loss on foreign currency
and transaction costs were included in the following GAAP
consolidated statement of operations categories:
Three Months Ended
March 31,
2022
2021
Cost of revenue
$
929
$
977
Marketing and sales
737
853
Research and development
629
624
General and administrative
3,647
7,224
Total operating expenses
5,013
8,701
Other (income) expense, net
89
622
Total adjustments
$
6,031
$
10,300
3 For the three-month periods ended March 31, 2022 and 2021,
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,
2022
2021
Revenue
$
124,168
$
116,126
Gross Profit
55,804
55,330
GAAP gross margin
44.9
%
47.6
%
Add back: Stock-based compensation expense
587
635
Amortization expense
342
342
Total adjustments
929
977
Non-GAAP gross profit
$
56,733
$
56,307
Non-GAAP gross margin
45.7
%
48.5
%
Proto Labs, Inc. Reconciliation of GAAP to
Non-GAAP Operating Margin (In thousands)
(Unaudited) Three Months Ended March
31,
2022
2021
Revenue
$
124,168
$
116,126
Income from operations
7,890
4,261
GAAP operating margin
6.4
%
3.7
%
Add back: Stock-based compensation expense
4,397
5,620
Amortization expense
1,545
1,543
Transaction costs 1
-
2,515
Total adjustments
5,942
9,678
Non-GAAP income from operations
$
13,832
$
13,939
Non-GAAP operating margin
11.1
%
12.0
%
1 Transaction costs include
direct costs incurred in the Company's acquisition of Hubs,
Inc.
Proto Labs, Inc. Reconciliation of GAAP Net Income
to EBITDA and Adjusted EBITDA (In thousands)
(Unaudited) Three Months Ended March
31,
2022
2021
Revenue
$
124,168
$
116,126
GAAP net income
5,095
3,712
GAAP net income margin
4.1
%
3.2
%
GAAP net income
$
5,095
$
3,712
Amortization expense
1,545
1,543
Depreciation expense
8,687
8,516
Interest income, net
(45
)
(87
)
Tax expense
2,495
236
EBITDA
17,777
13,920
EBITDA Margin
14.3
%
12.0
%
Add back: Stock-based compensation expense
4,397
5,620
Unrealized loss on foreign currency
89
622
Transaction costs 1
-
2,515
Total adjustments
4,486
8,757
Adjusted EBITDA
$
22,263
$
22,677
Adjusted EBITDA Margin
17.9
%
19.5
%
1 Transaction costs include
direct costs incurred in the Company's acquisition of Hubs,
Inc.
Proto Labs, Inc. Comparison of GAAP to Non-GAAP
Revenue Growth (In thousands) (Unaudited)
Three Months EndedMarch 31, 2022 Three Months EndedMarch
31, 2021 % GAAP ForeignCurrency1
HubsAcquisition2 Non-GAAP GAAP Change3
%ChangeOrganic4 Revenues United States
$
95,496
$
-
$
(1,049
)
$
94,447
$
91,053
4.9
%
3.7
%
Europe
24,586
1,151
(1,279
)
24,458
21,449
14.6
14.0
Japan
4,086
392
-
4,478
3,624
12.7
23.6
Total Revenue
$
124,168
$
1,543
$
(2,328
)
$
123,383
$
116,126
6.9
%
6.2
%
1 Revenue for the three-month
period ended March 31, 2022 has been recalculated using 2021
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, 2022 has been recalculated to exclude
revenue earned from the Company's acquisition of Hubs, Inc. for the
period from January 1, 2022 to January 21, 2022 to provide
information useful in evaluating the underlying business trends
excluding the impact of acquisitions. The Hubs, Inc. acquisition
occurred on January 22, 2021 and was included in 2021 revenue after
that date.
3 This column presents the
percentage change from GAAP revenue for the three-month period
ended March 31, 2021 to GAAP revenue for the three-month period
ended March 31, 2022.
4 This column presents the
percentage change from GAAP revenue for the three-month period
ended March 31, 2021 to non-GAAP revenue for the three-month period
ended March 31, 2022 (as recalculated using the foreign currency
exchange rates in effect during the three-month period ended March
31, 2021, 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
March 31,
2022
2021
Unique product developers and engineers served
23,492
22,605
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Investor Relations Contact
Protolabs Ryan Johnsrud, 612-225-4873 Manager – Investor
Relations and FP&A ryan.johnsrud@protolabs.com
Media Contact
Protolabs Brent Renneke, 763-479-7704 PR & Media Strategist
brent.renneke@protolabs.com
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