Revenue of $121.7 million in the Third
Quarter of 2022; GAAP Earnings Per Share of $0.14, Non-GAAP
Earnings Per Share of $0.40
Proto Labs, Inc. (NYSE: PRLB), the world’s leading provider of
digital manufacturing services, today announced financial results
for the third quarter ended September 30, 2022.
Third Quarter 2022 Highlights
include:
- Revenue for the third quarter of 2022 was $121.7 million,
representing a 2.9 percent decrease compared to revenue of $125.3
million in the third quarter of 2021.
- Hubs generated $12.1 million of revenue in the third quarter,
representing year-over-year growth of 38.5 percent.
- On a GAAP basis, costs related to the closure of Japan
operations were $1.2 million in the quarter. Total costs year to
date are $6.4 million. These costs have been excluded from our
Non-GAAP results. See “Non-GAAP Financial Measures” below.
- Net income was $4.0 million, or $0.14 per diluted share.
- Non-GAAP net income was $10.9 million, or $0.40 per diluted
share.
“We experienced continued softening of our Injection Molding
business, however, we are pleased with the continued growth of our
other digital manufacturing services and Hubs business,” said Rob
Bodor, President and Chief Executive Officer. “As we face an
uncertain economic environment ahead, I am confident in our
strategy and the value we bring to market, and the ability of our
team to deliver long term revenue growth and profitability.”
Additional Third Quarter 2022 Highlights
include:
- Protolabs served 23,816 unique product developers during the
third quarter of 2022.
- Gross margin was 44.1 percent of revenue, compared to 45.2
percent of revenue in the second quarter of 2022.
- Non-GAAP gross margin was 44.8 percent of revenue, compared to
45.9 percent of revenue in the second quarter of 2022.
- EBITDA was $15.5 million, or 12.7 percent of revenue.
- Adjusted EBITDA was $22.0 million, or 18.0 percent of
revenue.
- Cash and investments balance was $113.9 million as of September
30, 2022.
“Our financial position remains strong as we produced $20.5
million in cash from operations in the quarter,” said Dan
Schumacher, Chief Financial Officer. “As we monitor the economy, we
are tightening our cost controls and will continue to focus
investments to fuel the execution of our strategy.”
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
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
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
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 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 stock-based compensation expense, amortization expense, costs
related to the Japan closure activities and transaction costs
(collectively, “non-GAAP operating margin excluding Japan”), 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, costs related to Japan closure
activities 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 third
quarter 2022 financial results and fourth quarter 2022 outlook
today, November 4, 2022 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/gfmzxbyg. 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 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)
September 30,
December 31,
2022
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
59,361
$
65,929
Short-term marketable securities
25,253
11,580
Accounts receivable, net
80,611
80,051
Inventory
14,617
13,161
Income taxes receivable
763
1,321
Prepaid expenses and other current
assets
11,752
11,450
Total current assets
192,357
183,492
Property and equipment, net
259,856
280,346
Goodwill
383,558
400,610
Other intangible assets, net
31,907
37,998
Long-term marketable securities
29,257
14,340
Operating lease assets
4,293
5,578
Finance lease assets
1,524
1,898
Other long-term assets
4,186
4,320
Total assets
$
906,938
$
928,582
Liabilities and shareholders'
equity
Current liabilities
Accounts payable
$
16,893
$
25,364
Accrued compensation
15,087
13,704
Accrued liabilities and other
25,478
11,980
Current operating lease liabilities
1,773
3,298
Current finance lease liabilities
1,484
550
Income taxes payable
5
-
Total current liabilities
60,720
54,896
Long-term operating lease liabilities
2,477
2,245
Long-term finance lease liabilities
-
1,351
Long-term deferred tax liabilities
26,864
35,892
Other long-term liabilities
6,031
5,705
Shareholders' equity
810,846
828,493
Total liabilities and shareholders'
equity
$
906,938
$
928,582
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,
2022
2021
2022
2021
Revenue
Injection Molding
$
48,940
$
57,685
$
155,693
$
172,212
CNC Machining
47,489
43,658
141,809
121,953
3D Printing
19,823
18,589
59,458
53,994
Sheet Metal
5,219
4,854
15,066
14,790
Other
250
556
765
1,567
Total revenue
121,721
125,342
372,791
364,516
Cost of revenue
68,089
70,018
205,933
197,237
Gross profit
53,632
55,324
166,858
167,279
Operating expenses
Marketing and sales
20,594
21,422
62,235
61,946
Research and development
9,309
10,614
29,316
33,855
General and administrative
16,477
16,361
49,770
44,186
Closure of Japan business
1,194
-
6,388
-
Total operating expenses
47,574
48,397
147,709
139,987
Income from operations
6,058
6,927
19,149
27,292
Other income (loss), net
(24)
136
(323
)
(40)
Income before income taxes
6,034
7,063
18,826
27,252
Provision for income taxes
2,083
2,228
7,223
5,790
Net income
$
3,951
$
4,835
$
11,603
$
21,462
Net income per share:
Basic
$
0.14
$
0.17
$
0.42
$
0.78
Diluted
$
0.14
$
0.17
$
0.42
$
0.77
Shares used to compute net income per
share:
Basic
27,505,097
27,713,229
27,512,057
27,638,611
Diluted
27,508,217
27,730,105
27,522,734
27,707,784
Proto Labs, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2022
2021
Operating activities
Net income
$
11,603
$
21,462
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
29,981
30,231
Stock-based compensation expense
13,335
15,539
Deferred taxes
(8,920
)
(139
)
Changes in fair value of contingent
consideration
-
(8,513
)
Impairments related to closure of Japan
business
2,842
-
Gain on disposal of property and
equipment
(1,174
)
-
Other
11
442
Changes in operating assets and
liabilities
3,886
(26,797
)
Net cash provided by operating
activities
51,564
32,225
Investing activities
Purchases of property, equipment and other
capital assets
(16,414
)
(27,956
)
Proceeds from sales of property, equipment
and other capital assets
3,227
-
Cash used for acquisitions, net of cash
acquired
-
(127,413
)
Purchases of marketable securities
(45,872
)
(15,159
)
Proceeds from sales of marketable
securities
1,998
57,089
Proceeds from call redemptions and
maturities of marketable securities
13,696
15,114
Net cash used in investing activities
(43,365
)
(98,325
)
Financing activities
Proceeds from exercises of stock options
and other
2,311
3,838
Purchases of shares withheld for tax
obligations
(1,615
)
(4,209
)
Repurchases of common stock
(13,074
)
(13,036
)
Principal repayments of finance lease
obligations
(417
)
(413
)
Net cash used in financing activities
(12,795
)
(13,820
)
Effect of exchange rate changes on cash
and cash equivalents
(1,972
)
119
Net decrease in cash and cash
equivalents
(6,568
)
(79,801
)
Cash and cash equivalents, beginning of
period
65,929
127,603
Cash and cash equivalents, end of
period
$
59,361
$
47,802
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
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Non-GAAP net income, adjusted for
stock-based compensation expense, amortization expense, unrealized
(gain) loss on foreign currency, costs related to Japan closure
activities and transaction costs
GAAP net income
$
3,951
$
4,835
$
11,603
$
21,462
Add back:
Stock-based compensation expense
4,907
4,978
13,335
15,539
Amortization expense
1,510
1,568
4,582
4,601
Unrealized (gain) loss on foreign
currency
382
121
742
341
Costs related to Japan closure
activities
1,194
-
6,388
-
Transaction costs 1
-
(730
)
-
(5,870
)
Total adjustments 2
7,993
5,937
25,047
14,611
Income tax benefits on adjustments 3
(1,060
)
(1,063
)
(2,518
)
(4,639
)
Non-GAAP net income
$
10,884
$
9,709
$
34,132
$
31,434
Non-GAAP net income per share:
Basic
$
0.40
$
0.35
$
1.24
$
1.14
Diluted
$
0.40
$
0.35
$
1.24
$
1.13
Shares used to compute non-GAAP net income
per share:
Basic
27,505,097
27,713,229
27,512,057
27,638,611
Diluted
27,508,217
27,730,105
27,522,734
27,707,784
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,
costs related to Japan closure activities and transaction costs
were included in the following GAAP consolidated statement of
operations categories:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Cost of revenue
$
902
$
986
$
2,701
$
2,974
Marketing and sales
929
1,059
2,479
2,841
Research and development
602
776
1,702
2,144
General and administrative
3,984
2,995
11,035
6,311
Closure of Japan business
1,194
-
6,388
-
Total operating expenses
6,709
4,830
21,604
11,296
Other (income) expense, net
382
121
742
341
Total adjustments
$
7,993
$
5,937
$
25,047
$
14,611
3 For the three- and nine-month periods
ended September 30, 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
Nine Months Ended
Three Months Ended
September 30,
September 30,
June 30,
2022
2021
2022
2021
2022
2021
Revenue
$
121,721
$
125,342
$
372,791
$
364,516
$
126,902
$
123,048
Gross Profit
53,632
55,324
166,858
167,279
57,422
56,625
GAAP gross margin
44.1
%
44.1
%
44.8
%
45.9
%
45.2
%
46.0
%
Add back:
Stock-based compensation expense
560
644
1,674
1,947
528
668
Amortization expense
342
342
1,027
1,027
342
343
Total adjustments
902
986
2,701
2,974
870
1,011
Non-GAAP gross profit
$
54,534
$
56,310
$
169,559
$
170,253
$
58,292
$
57,636
Non-GAAP gross margin
44.8
%
44.9
%
45.5
%
46.7
%
45.9
%
46.8
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenue
$
121,721
$
125,342
$
372,791
$
364,516
Revenue excluding Japan
$
120,434
$
122,282
$
364,562
$
354,783
Gross Profit
53,632
55,324
166,858
167,279
GAAP gross margin
44.1
%
44.1
%
44.8
%
45.9
%
Less: Japan gross profit
47
1,151
3,150
3,845
Gross Profit excluding Japan
53,585
54,173
163,708
163,434
GAAP gross margin excluding Japan
44.5
%
44.3
%
44.9
%
46.1
%
Add back:
Stock-based compensation expense
560
644
1,674
1,947
Amortization expense
342
342
1,027
1,027
Less:
Japan stock-based compensation expense
13
26
61
70
Japan amortization expense
-
-
-
-
Total adjustments
889
960
2,640
2,904
Non-GAAP gross profit excluding Japan
$
54,474
$
55,133
$
166,348
$
166,338
Non-GAAP gross margin excluding Japan
45.2
%
45.1
%
45.6
%
46.9
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenue
$
121,721
$
125,342
$
372,791
$
364,516
Income from operations
6,058
6,927
19,149
27,292
GAAP operating margin
5.0
%
5.5
%
5.1
%
7.5
%
Add back:
Stock-based compensation expense
4,907
4,978
13,335
15,539
Amortization expense
1,510
1,568
4,582
4,601
Transaction costs 1
-
(730
)
-
(5,870
)
Costs related to Japan closure
activities
1,194
-
6,388
-
Total adjustments
7,611
5,816
24,305
14,270
Non-GAAP income from operations
$
13,669
$
12,743
$
43,454
$
41,562
Non-GAAP operating margin
11.2
%
10.2
%
11.7
%
11.4
%
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
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenue
$
121,721
$
125,342
$
372,791
$
364,516
Revenue excluding Japan
$
120,434
$
122,282
$
364,562
$
354,783
Income from operations
6,058
6,927
19,149
27,292
GAAP operating margin
5.0
%
5.5
%
5.1
%
7.5
%
Less: Japan income from operations
(724
)
(521
)
(720
)
(1,174
)
Income from operations excluding Japan
6,782
7,448
19,869
28,466
GAAP operating margin excluding Japan
5.6
%
6.1
%
5.5
%
8.0
%
Add back:
Stock-based compensation expense
4,907
4,978
13,335
15,539
Amortization expense
1,510
1,568
4,582
4,601
Transaction costs 1
-
(730
)
-
(5,870
)
Costs related to Japan closure
activities
1,194
-
6,388
-
Less:
Japan stock-based compensation expense
89
160
386
464
Japan amortization expense
-
-
-
-
Total adjustments
7,522
5,656
23,919
13,806
Non-GAAP income from operations excluding
Japan
$
14,304
$
13,104
$
43,788
$
42,272
Non-GAAP operating margin excluding
Japan
11.9
%
10.7
%
12.0
%
11.9
%
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
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenue
$
121,721
$
125,342
$
372,791
$
364,516
GAAP net income
3,951
4,835
11,603
21,462
GAAP net income margin
3.2
%
3.9
%
3.1
%
5.9
%
Add back:
Amortization expense
$
1,510
$
1,568
$
4,582
$
4,601
Depreciation expense
8,197
8,536
25,399
25,630
Interest income, net
(265
)
(55
)
(459
)
(207
)
Tax expense
2,083
2,228
7,223
5,790
EBITDA
15,476
17,112
48,348
57,276
EBITDA Margin
12.7
%
13.7
%
13.0
%
15.7
%
Add back:
Stock-based compensation expense
4,907
4,978
13,335
15,539
Unrealized (gain) loss on foreign
currency
382
121
742
341
Costs related to Japan closure
activities
1,194
-
6,388
-
Transaction costs 1
-
(730
)
-
(5,870
)
Total adjustments
6,483
4,369
20,465
10,010
Adjusted EBITDA
$
21,959
$
21,481
$
68,813
$
67,286
Adjusted EBITDA Margin
18.0
%
17.1
%
18.5
%
18.5
%
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 September
30, 2022
Three Months Ended September
30, 2021
%
%
GAAP
Foreign Currency1
Hubs Acquisition
Non-GAAP
GAAP
Change3
Change Organic4
Revenues
United States
$
98,970
$
-
$
-
$
98,970
$
100,127
(1.2
)%
(1.2
)%
Europe
21,464
3,789
-
25,253
22,155
(3.1
)
14.0
Japan
1,287
310
-
1,597
3,060
(57.9
)
(47.8
)
Total Revenue
$
121,721
$
4,099
$
-
$
125,820
$
125,342
(2.9
)%
0.4
%
Nine Months Ended September
30, 2022
Nine Months Ended September
30, 2021
%
%
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
Change3
Change Organic4
Revenues
United States
$
295,121
$
-
$
(1,049
)
$
294,072
$
286,524
3.0
%
2.6
%
Europe
69,441
7,165
(1,279
)
75,327
68,259
1.7
10.4
Japan
8,229
1,226
-
9,455
9,733
(15.5
)
(2.9
)
Total Revenue
$
372,791
$
8,391
$
(2,328
)
$
378,854
$
364,516
2.3
%
3.9
%
1 Revenue for the three- and nine-month
periods ended September 30, 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 nine-month period ended
September 30, 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- and nine-month periods
ended September 30, 2021 to GAAP revenue for the three- and
nine-month periods ended September 30, 2022.
4 This column presents the percentage
change from GAAP revenue for the three- and nine-month periods
ended September 30, 2021 to non-GAAP revenue for the three- and
nine-month periods ended September 30, 2022 (as recalculated using
the foreign currency exchange rates in effect during the three- and
nine-month periods ended September 30, 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 September
30, 2022
Three Months Ended September
30, 2021
%
%
GAAP
Foreign Currency1
Hubs Acquisition
Non-GAAP
GAAP
Change3
Change Organic4
Revenues
Injection Molding
$
48,940
$
1,677
$
-
$
50,617
$
57,685
(15.2
)%
(12.3
)%
CNC Machining
47,489
1,580
-
49,069
43,658
8.8
12.4
3D Printing
19,823
803
-
20,626
18,589
6.6
11.0
Sheet Metal
5,219
39
-
5,258
4,854
7.5
8.3
Other
250
-
-
250
556
(55.0
)
(55.0
)
Total Revenue
$
121,721
$
4,099
$
-
$
125,820
$
125,342
(2.9
)%
0.4
%
Nine Months Ended September
30, 2022
Nine Months Ended September
30, 2021
%
%
GAAP
Foreign Currency1
Hubs Acquisition2
Non-GAAP
GAAP
Change3
Change Organic4
Revenues
Injection Molding
$
155,693
$
4,102
$
(189
)
$
159,606
$
172,212
(9.6
)%
(7.3
)%
CNC Machining
141,809
2,693
(1,637
)
142,865
121,953
16.3
17.1
3D Printing
59,458
1,553
(408
)
60,603
53,994
10.1
12.2
Sheet Metal
15,066
39
(84
)
15,021
14,790
1.9
1.6
Other
765
4
(10
)
759
1,567
(51.2
)
(51.6
)
Total Revenue
$
372,791
$
8,391
$
(2,328
)
$
378,854
$
364,516
2.3
%
3.9
%
1 Revenue for the three- and nine-month
periods ended September 30, 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 nine-month period ended
September 30, 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- and nine-month periods
ended September 30, 2021 to GAAP revenue for the three- and
nine-month periods ended September 30, 2022.
4 This column presents the percentage
change from GAAP revenue for the three- and nine-month periods
ended September 30, 2021 to non-GAAP revenue for the three- and
nine-month periods ended September 30, 2022 (as recalculated using
the foreign currency exchange rates in effect during the three- and
nine-month periods ended September 30, 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
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Unique product developers and engineers
served
23,816
23,457
47,793
46,687
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221104005157/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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