Revenue of $115.6 million in the Fourth
Quarter of 2022 Record Annual Revenue of $488.4 million in
2022 Increases share repurchase authorization to $250
million
Proto Labs, Inc. (the "Company" or "Protolabs") (NYSE: PRLB),
the world’s leading provider of digital manufacturing services,
today announced financial results for the fourth quarter and full
year ended December 31, 2022.
Fourth Quarter 2022 Highlights
include:
- Revenue for the fourth quarter of 2022 was $115.6 million,
representing a 6.5 percent decrease compared to revenue of $123.6
million in the fourth quarter of 2021.
- Revenue generated from our digital network powered by Hubs was
$14.8 million in the fourth quarter, representing growth of 49.6
percent over the fourth quarter of 2021 and 22.2 percent sequential
growth compared to the third quarter of 2022.
- Net loss for the fourth quarter of 2022 was $115.1 million, or
($4.24) per diluted share, driven by a goodwill impairment charge
of $118.0 million.
- Non-GAAP net income was $7.0 million, or $0.26 per diluted
share. See “Non-GAAP Financial Measures” below.
Expanded Share Repurchase
Program:
- On February 7, 2023, Protolabs' Board of Directors approved $50
million increase to existing Share Repurchase Program, bringing the
total amount authorized under the program to $250 million.
- As of December 31, 2022, the Company has purchased $117.7
million under the program, which expires December 31, 2024.
- With the increased authorization, the Company has $132.3
million remaining to repurchase shares under the expanded
program.
“In a challenging economic environment, impacted by inflation,
slowing growth and continued supply chain challenges, our Protolabs
and Hubs teams continued to delight our customers as together we
build the most comprehensive digital manufacturing capabilities in
the world,” said Rob Bodor, President and Chief Executive Officer.
“Following the launch of several new offers in 2022 and early 2023,
we are well-positioned to extend our market differentiation with
quality internal manufacturing at speed and the expansive breadth
and depth afforded by our curated network of manufacturing
partners.”
Full Year 2022 Highlights
include:
- Record annual revenue of $488.4 million in 2022.
- Protolabs served 56,333 unique product developers during the
year.
- Gross margin was 44.1 percent of revenue in 2022, compared to
45.6 percent in 2021.
- EBITDA margin was (12.2 percent) of revenue in 2022 driven by a
fourth quarter goodwill impairment charge of $118.0 million,
compared to 16.5 percent in 2021.
- Adjusted EBITDA margin was 17.1 percent of revenue in 2022,
compared to 18.3 percent in 2021. See “Non-GAAP Financial Measures”
below.
- Net loss for 2022 was $103.5 million, or ($3.77) per diluted
share.
- Non-GAAP net income was $41.1 million, or $1.50 per diluted
share. See “Non-GAAP Financial Measures” below.
- Cash and investments balance was $106.5 million as of December
31, 2022.
“As we narrow our focus in 2023 on growth of our Injection
Molding business and accelerating growth from the integrated
Protolabs and Hubs CNC offer, we are managing expenses to enable
continued strategic investments which we expect to drive profitable
revenue growth,” said Dan Schumacher, Chief Financial Officer.
“Combined with a healthy financial position and strong cash
balance, disciplined cost management will help fuel growth of the
business while returning capital to our shareholders.”
Expanded Share Repurchase Program
Under the expanded $250 million Share Repurchase Program, shares
of the Company’s common stock may be repurchased periodically,
including in the open market or privately negotiated transactions.
The actual timing, manner, number, and value of shares repurchased
under the program will be determined by management at its
discretion and will depend on several factors, including the market
price of Proto Labs’ common stock, general market and economic
conditions, applicable requirements, and other business
considerations. The Share Repurchase Program does not obligate the
Company to acquire any particular amount of shares of the Company’s
stock.
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 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
goodwill impairment charges, stock-based compensation expense,
unrealized (gain) loss on foreign currency, costs related to the
Japan closure activities 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 goodwill impairment charges, stock-based
compensation expense, unrealized (gain) loss on foreign currency,
costs related to the Japan closure activities 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 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
goodwill impairment charges, stock-based compensation expense,
amortization expense, costs related to the closure of Japan, 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 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, adjusted
for goodwill impairment charges, stock-based compensation expense,
amortization expense, costs related to the Japan closure activities
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
goodwill impairment charges, stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency,
costs related to the closure of Japan, 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 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
fourth quarter and full year 2022 financial results and first
quarter 2023 outlook today, February 10, 2023 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/d3nzbm3z. 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 supply network 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)
December 31,
December 31,
2022
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
56,558
$
65,929
Short-term marketable securities
23,568
11,580
Accounts receivable, net
76,225
80,051
Inventory
13,578
13,161
Income taxes receivable
4,042
1,321
Prepaid expenses and other current
assets
12,597
11,450
Total current assets
186,568
183,492
Property and equipment, net
257,785
280,346
Goodwill
273,991
400,610
Other intangible assets, net
31,250
37,998
Long-term marketable securities
26,419
14,340
Operating lease assets
3,844
5,578
Finance lease assets
17,532
1,898
Other long-term assets
4,779
4,320
Total assets
$
802,168
$
928,582
Liabilities and shareholders'
equity
Current liabilities
Accounts payable
$
17,356
$
25,364
Accrued compensation
12,743
13,704
Accrued liabilities and other
22,384
11,980
Current operating lease liabilities
1,561
3,298
Current finance lease liabilities
17,537
550
Total current liabilities
71,581
54,896
Long-term operating lease liabilities
2,255
2,245
Long-term finance lease liabilities
-
1,351
Long-term deferred tax liabilities
26,322
35,892
Other long-term liabilities
4,362
5,705
Shareholders' equity
697,648
828,493
Total liabilities and shareholders'
equity
$
802,168
$
928,582
Proto Labs, Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share amounts)
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
Injection Molding
$
44,885
$
53,905
$
200,578
$
226,117
CNC Machining
46,563
44,858
188,372
166,811
3D Printing
19,530
18,727
78,988
72,721
Sheet Metal
4,432
5,607
19,498
20,397
Other
197
485
962
2,052
Total revenue
115,607
123,582
488,398
488,098
Cost of revenue
67,000
68,170
272,933
265,407
Gross profit
48,607
55,412
215,465
222,691
Operating expenses
Marketing and sales
20,517
20,229
82,752
82,175
Research and development
8,906
10,386
38,222
44,241
General and administrative
17,774
11,747
67,544
55,933
Goodwill impairment
118,008
-
118,008
-
Closure of Japan business
534
-
6,922
-
Total operating expenses
165,739
42,362
313,448
182,349
(Loss) income from operations
(117,132
)
13,050
(97,983
)
40,342
Other income (expense), net
429
(118
)
106
(158
)
(Loss) income before income taxes
(116,703
)
12,932
(97,877
)
40,184
Provision for income taxes
(1,638
)
1,022
5,585
6,812
Net (loss) income
$
(115,065
)
$
11,910
$
(103,462
)
$
33,372
Net (loss) income per share:
Basic
$
(4.24
)
$
0.43
$
(3.77
)
$
1.21
Diluted
$
(4.24
)
$
0.43
$
(3.77
)
$
1.21
Shares used to compute net (loss) income
per share:
Basic
27,136,821
27,555,357
27,409,838
27,617,627
Diluted
27,136,821
27,562,694
27,409,838
27,653,099
Proto Labs, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Year Ended
December 31,
2022
2021
Operating activities
Net (loss) income
$
(103,462
)
$
33,372
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
39,425
40,488
Stock-based compensation expense
17,545
19,095
Deferred taxes
(9,499
)
339
Changes in fair value of contingent
consideration
-
(13,253
)
Loss on impairment of goodwill
118,008
-
Impairments related to closure of Japan
business
2,842
-
Gain on disposal of property and
equipment
(1,211
)
-
Other
35
842
Changes in operating assets and
liabilities
(1,604
)
(25,641
)
Net cash provided by operating
activities
62,079
55,242
Investing activities
Purchases of property, equipment and other
capital assets
(21,686
)
(34,209
)
Proceeds from sales of property, equipment
and other capital assets
4,108
-
Cash used for acquisitions, net of cash
acquired
-
(127,413
)
Purchases of marketable securities
(46,872
)
(16,159
)
Proceeds from sales of marketable
securities
1,998
64,913
Proceeds from call redemptions and
maturities of marketable securities
19,360
18,204
Net cash used in investing activities
(43,092
)
(94,664
)
Financing activities
Proceeds from exercises of stock options
and other
3,950
5,862
Purchases of shares withheld for tax
obligations
(1,682
)
(4,225
)
Repurchases of common stock
(29,659
)
(23,279
)
Principal repayments of finance lease
obligations
(531
)
(552
)
Other
-
(4
)
Net cash used in financing activities
(27,922
)
(22,198
)
Effect of exchange rate changes on cash
and cash equivalents
(436
)
(54
)
Net decrease in cash and cash
equivalents
(9,371
)
(61,674
)
Cash and cash equivalents, beginning of
period
65,929
127,603
Cash and cash equivalents, end of
period
$
56,558
$
65,929
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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Non-GAAP net (loss) income, adjusted for
stock-based compensation expense, amortization expense, unrealized
(gain) loss on foreign currency, goodwill impairment, costs related
to Japan closure activities and transaction costs
GAAP net (loss) income
$
(115,065
)
$
11,910
$
(103,462
)
$
33,372
Add back:
Stock-based compensation expense
4,210
3,556
17,545
19,095
Amortization expense
1,514
1,552
6,096
6,153
Unrealized (gain) loss on foreign
currency
(490
)
215
252
556
Goodwill impairment
118,008
-
118,008
-
Costs related to Japan closure
activities
534
-
6,922
-
Transaction costs 1
-
(4,705
)
-
(10,575
)
Total adjustments 2
123,776
618
148,823
15,229
Income tax benefits on adjustments 3
(1,753
)
(1,150
)
(4,271
)
(5,789
)
Non-GAAP net income
$
6,958
$
11,378
$
41,090
$
42,812
Non-GAAP net income per share:
Basic
$
0.26
$
0.41
$
1.50
$
1.55
Diluted
$
0.26
$
0.41
$
1.50
$
1.55
Shares used to compute non-GAAP net income
per share:
Basic
27,136,821
27,555,357
27,409,838
27,617,627
Diluted
27,151,991
27,562,694
27,433,257
27,653,099
1
Transaction costs include direct costs
incurred in the Company's 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,
goodwill impairment, costs related to Japan closure activities and
transaction costs were included in the following GAAP consolidated
statement of operations categories:
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Cost of revenue
$
840
$
990
$
3,541
$
3,964
Marketing and sales
816
895
3,295
3,736
Research and development
488
689
2,190
2,833
General and administrative
3,580
(2,171
)
14,615
4,140
Goodwill impairment
118,008
-
118,008
-
Closure of Japan business
534
-
6,922
-
Total operating expenses
123,426
(587
)
145,030
10,709
Other (income) expense, net
(490
)
215
252
556
Total adjustments
$
123,776
$
618
$
148,823
$
15,229
3
For the three-month and year-ended periods
ended December 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
Year Ended
Three Months Ended
December 31,
December 31,
September 30,
2022
2021
2022
2021
2022
2021
Revenue
$
115,607
$
123,582
$
488,398
$
488,098
$
121,721
$
125,342
Gross Profit
48,607
55,412
215,465
222,691
53,632
55,324
GAAP gross margin
42.0
%
44.8
%
44.1
%
45.6
%
44.1
%
44.1
%
Add back:
Stock-based compensation expense
498
648
2,172
2,595
560
644
Amortization expense
342
342
1,369
1,369
342
342
Total adjustments
840
990
3,541
3,964
902
986
Non-GAAP gross profit
$
49,447
$
56,402
$
219,006
$
226,655
$
54,534
$
56,310
Non-GAAP gross margin
42.8
%
45.6
%
44.8
%
46.4
%
44.8
%
44.9
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
$
115,607
$
123,582
$
488,398
$
488,098
Revenue excluding Japan
$
115,607
$
120,074
$
480,169
$
474,857
Gross Profit
48,607
55,412
215,465
222,691
GAAP gross margin
42.0
%
44.8
%
44.1
%
45.6
%
Less: Japan gross (loss) profit
(93
)
1,568
3,057
5,413
Gross Profit excluding Japan
48,700
53,844
212,408
217,278
GAAP gross margin excluding Japan
42.1
%
44.8
%
44.2
%
45.8
%
Add back:
Stock-based compensation expense
498
648
2,172
2,595
Amortization expense
342
342
1,369
1,369
Less:
Japan stock-based compensation expense
-
26
61
96
Japan amortization expense
-
-
-
-
Total adjustments
840
964
3,480
3,868
Non-GAAP gross profit excluding Japan
$
49,540
$
54,808
$
215,888
$
221,146
Non-GAAP gross margin excluding Japan
42.9
%
45.6
%
45.0
%
46.6
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
$
115,607
$
123,582
$
488,398
$
488,098
(Loss) income from operations
(117,132
)
13,050
(97,983
)
40,342
GAAP operating margin
(101.3
)%
10.6
%
(20.1
)%
8.3
%
Add back:
Stock-based compensation expense
4,210
3,556
17,545
19,095
Amortization expense
1,514
1,552
6,096
6,153
Transaction costs 1
-
(4,705
)
-
(10,575
)
Goodwill impairment
118,008
-
118,008
-
Costs related to Japan closure
activities
534
-
6,922
-
Total adjustments
124,266
403
148,571
14,673
Non-GAAP income from operations
$
7,134
$
13,453
$
50,588
$
55,015
Non-GAAP operating margin
6.2
%
10.9
%
10.4
%
11.3
%
1
Transaction costs include direct costs
incurred in the Company's 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 to
Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
$
115,607
$
123,582
$
488,398
$
488,098
Revenue excluding Japan
$
115,607
$
120,074
$
480,169
$
474,857
(Loss) income from operations
(117,132
)
13,050
(97,983
)
40,342
GAAP operating margin
(101.3
)%
10.6
%
(20.1
)%
8.3
%
Less: Japan (loss) income from
operations
(594
)
154
(1,424
)
(1,020
)
(Loss) income from operations excluding
Japan
(116,538
)
12,896
(96,559
)
41,362
GAAP operating margin excluding Japan
(100.8
)%
10.7
%
(20.1
)%
8.7
%
Add back:
Stock-based compensation expense
4,210
3,556
17,545
19,095
Amortization expense
1,514
1,552
6,096
6,153
Transaction costs 1
-
(4,705
)
-
(10,575
)
Goodwill impairment
118,008
-
118,008
-
Costs related to Japan closure
activities
534
-
6,922
-
Less:
Japan stock-based compensation expense
20
163
406
626
Japan amortization expense
-
-
-
-
Total adjustments
124,246
240
148,165
14,047
Non-GAAP income from operations excluding
Japan
$
7,708
$
13,136
$
51,606
$
55,409
Non-GAAP operating margin excluding
Japan
6.7
%
10.9
%
10.7
%
11.7
%
1
Transaction costs include direct costs
incurred in the Company's 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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
$
115,607
$
123,582
$
488,398
$
488,098
GAAP net (loss) income
(115,065
)
11,910
(103,462
)
33,372
GAAP net (loss) income margin
(99.5
)%
9.6
%
(21.2
)%
6.8
%
Add back:
Amortization expense
$
1,514
$
1,552
$
6,096
$
6,153
Depreciation expense
7,930
8,705
33,329
34,335
Interest income, net
(509
)
(23
)
(968
)
(230
)
Tax expense
(1,638
)
1,022
5,585
6,812
EBITDA
(107,768
)
23,166
(59,420
)
80,442
EBITDA Margin
(93.2
)%
18.7
%
(12.2
)%
16.5
%
Add back:
Stock-based compensation expense
4,210
3,556
17,545
19,095
Unrealized (gain) loss on foreign
currency
(490
)
215
252
556
Costs related to Japan closure
activities
534
-
6,922
-
Goodwill impairment
118,008
-
118,008
-
Transaction costs 1
-
(4,705
)
-
(10,575
)
Total adjustments
122,262
(934
)
142,727
9,076
Adjusted EBITDA
$
14,494
$
22,232
$
83,307
$
89,518
Adjusted EBITDA Margin
12.5
%
18.0
%
17.1
%
18.3
%
1
Transaction costs include direct costs
incurred in the Company's 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 by Region
(In thousands)
(Unaudited)
Three Months Ended December
31, 2022
Three Months Ended December
31, 2021
GAAP
Foreign Currency1
Hubs Acquisition
Non-GAAP
GAAP
% Change3
% Change Organic4
Revenues
United States
$
92,278
$
-
$
-
$
92,278
$
97,934
(5.8)
%
(5.8
)%
Europe
23,329
3,216
-
26,545
22,140
5.4
19.9
Japan
-
-
-
-
3,508
(100.0
)
(100.0
)
Total Revenue
$
115,607
$
3,216
$
-
$
118,823
$
123,582
(6.5
)%
(3.9
)%
Year Ended December 31,
2022
Year Ended December 31,
2021
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
% Change3
% Change Organic4
Revenues
United States
$
387,399
$
-
$
(1,049
)
$
386,350
$
384,458
0.8
%
0.5
%
Europe
92,770
10,381
(1,279
)
101,872
90,399
2.6
12.7
Japan
8,229
1,226
-
9,455
13,241
(37.9
)
(28.6
)
Total Revenue
$
488,398
$
11,607
$
(2,328
)
$
497,677
$
488,098
0.1
%
2.0
%
1 Revenue for the three-month and
year-ended periods ended December 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 year-ended period ended
December 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 and year-ended periods
ended December 31, 2021 to GAAP revenue for the three-month and
year-ended periods ended December 31, 2022.
4 This column presents the percentage
change from GAAP revenue for the three-month and year-ended periods
ended December 31, 2021 to non-GAAP revenue for the three-month and
year-ended periods ended December 31, 2022 (as recalculated using
the foreign currency exchange rates in effect during the
three-month and year-ended periods ended December 31, 2021,
excluding the impact of Hubs, Inc. acquisition) 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 December
31, 2022
Three Months Ended December
31, 2021
GAAP
Foreign Currency1
Hubs Acquisition
Non-GAAP
GAAP
% Change3
% Change Organic4
Revenues
Injection Molding
$
44,885
$
1,383
$
-
$
46,268
$
53,905
(16.7
)%
(14.2
)%
CNC Machining
46,563
1,083
-
47,646
44,858
3.8
6.2
3D Printing
19,530
726
-
20,256
18,727
4.3
8.2
Sheet Metal
4,432
24
-
4,456
5,607
(21.0
)
(20.5
)
Other
197
-
-
197
485
(59.4
)
(59.4
)
Total Revenue
$
115,607
$
3,216
$
-
$
118,823
$
123,582
(6.5
)%
(3.9
)%
Year Ended December 31,
2022
Year Ended December 31,
2021
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
% Change3
% Change Organic4
Revenues
Injection Molding
$
200,578
$
5,485
$
(189
)
$
205,874
$
226,117
(11.3
)%
(9.0
)%
CNC Machining
188,372
3,776
(1,637
)
190,511
166,811
12.9
14.2
3D Printing
78,988
2,279
(408
)
80,859
72,721
8.6
11.2
Sheet Metal
19,498
63
(84
)
19,477
20,397
(4.4
)
(4.5
)
Other
962
4
(10
)
956
2,052
(53.1
)
(53.4
)
Total Revenue
$
488,398
$
11,607
$
(2,328
)
$
497,677
$
488,098
0.1
%
2.0
%
1 Revenue for the three-month and
year-ended periods ended December 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 year-ended period ended
December 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 and year-ended periods
ended December 31, 2021 to GAAP revenue for the three-month and
year-ended periods ended December 31, 2022.
4 This column presents the percentage
change from GAAP revenue for the three-month and year-ended periods
ended December 31, 2021 to non-GAAP revenue for the three-month and
year-ended periods ended December 31, 2022 (as recalculated using
the foreign currency exchange rates in effect during the
three-month and year-ended periods ended December 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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Unique product developers and engineers
served
22,205
23,376
56,333
55,330
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230210005085/en/
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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