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
MAPLE PLAIN, Minn.--(BUSINESS WIRE)--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:
“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:
“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 Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
% | |||||||||||||||||||
GAAP | Foreign Currency1 |
Hubs Acquisition2 |
Non-GAAP | GAAP | Change3 | % Change Organic4 |
|||||||||||||||
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 |
|
Выручка в первом квартале 2022 года составила 124,2 миллиона долларов; Прибыль на акцию по ОПБУ составила $0,19, Прибыль на акцию без учета ОПБУ - $0,38
MAPLE PLAIN, Миннесота - (BUSINESS WIRE) - Proto Labs, Inc. (“Protolabs” или “Компания”) (NYSE: PRLB), ведущий мировой поставщик услуг цифрового производства, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
Основные моменты первого квартала 2022 года включают:
“Protolabs уверенно завершила первый квартал после медленного старта в январе, и мы также добились прогресса в реализации наших стратегических приоритетов на 2022 год”, - сказал Роб Бодор, президент и главный исполнительный директор. ”По мере того, как постоянно растущая группа компаний внедряет Manufacturing 4.0, Protolabs продолжит лидировать благодаря целенаправленному осуществлению нашей стратегии".
Дополнительные основные моменты Первого квартала 2022 года включают:
“Мы рады сообщить о прибыли за первый квартал, которая превзошла наши ожидания”, - сказал Дэн Шумахер, временный финансовый директор. “Мы по-прежнему уверены в нашей долгосрочной стратегии и сосредоточены на ее реализации. Protolabs продолжит укреплять наше устойчивое, долгосрочное конкурентное преимущество за счет прибыльного роста”.
Финансовые показатели, Не относящиеся к ОПБУ
Компания включила рост выручки без учета GAAP, который исключает влияние изменений курсов иностранных валют и выручки, полученной от приобретения Хабов (в совокупности “рост выручки без учета GAAP”). Руководство считает, что эти показатели полезны для оценки основных бизнес-тенденций и текущих операционных показателей Компании.
Компания включила в этот пресс-релиз прибыль до вычета процентов, налогов, износа и амортизации (“EBITDA”) и показатель EBITDA, скорректированный с учетом расходов на компенсацию на основе акций, нереализованного убытка в иностранной валюте и операционных издержек (в совокупности “Скорректированный показатель EBITDA”), чтобы предоставить инвесторам дополнительную информацию о Компаниифинансовые результаты компании. Компания также включила в этот пресс-релиз прибыль до вычета процентов, налогов, маржи износа и амортизации (“маржа EBITDA”) и маржу EBITDA, скорректированную с учетом расходов на компенсацию на основе акций, нереализованного убытка в иностранной валюте и операционных издержек (совместно именуемых “Скорректированная маржа EBITDA”), чтобы предоставить инвесторам дополнительная информация о финансовых результатах Компании.
Компания включила операционную маржу, не связанную с GAAP, скорректированную с учетом компенсационных расходов на основе акций, расходов на амортизацию и операционных издержек (в совокупности “операционная маржа, не связанная с GAAP”), в этот пресс-релиз, чтобы предоставить инвесторам дополнительную информацию о финансовых результатах Компании.
Компания включила валовую прибыль, не относящуюся к GAAP, скорректированную с учетом компенсационных расходов на основе акций и расходов на амортизацию (совместно именуемую “валовая прибыль, не относящаяся к GAAP”), в этот пресс-релиз, чтобы предоставить инвесторам дополнительную информацию о финансовых результатах Компании.
Компания включила в этот пресс-релиз чистую прибыль, не относящуюся к GAAP, скорректированную с учетом расходов на компенсацию на основе акций, расходов на амортизацию, нереализованного убытка в иностранной валюте и операционных издержек (совместно именуемых “чистая прибыль, не относящаяся к GAAP”), чтобы предоставить инвесторам дополнительную информацию о финансовых результатах Компании.
Компания представила ниже сверку GAAP с чистой прибылью, отличной от GAAP, чистой прибылью на акцию, отличной от GAAP, операционной маржой, отличной от GAAP, доходом от операций, отличным от GAAP, ростом выручки, отличной от GAAP, валовой прибылью, отличной от GAAP, валовой прибылью, отличной от GAAP, EBITDA, скорректированной EBITDA, EBITDA рентабельность и скорректированная рентабельность по EBITDA - наиболее непосредственно сопоставимые показатели, рассчитанные и представленные в соответствии с GAAP. Эти показатели, не относящиеся к GAAP, используются руководством и советом директоров Компании для понимания и оценки операционных показателей и тенденций, а также обеспечивают полезные показатели для сравнения бизнеса Компании от периода к периоду. Соответственно, Компания считает, что эти показатели, не относящиеся к GAAP, предоставляют инвесторам и другим лицам полезную информацию для понимания и оценки операционных результатов таким же образом, как руководство и совет директоров.
Конференц-связь
Компания запланировала телефонную конференцию для обсуждения своих финансовых результатов за первый квартал 2022 года и прогнозов на второй квартал 2022 года сегодня, 6 мая 2022 года, в 8:30 утра по восточному времени. Чтобы получить доступ к вызову в США, пожалуйста, наберите 877-709-8150 или за пределами США наберите 201-689-8354 по крайней мере за пять минут до начала 8:30 утра по восточному времени. Код участника не требуется. Одновременная веб-трансляция звонка и сопровождающей презентации будет доступна через раздел по связям с инвесторами на веб-сайте Protolabs и по следующей ссылке: https://edge.media-server.com/mmc/p/n7feufxj . Повтор будет доступен в течение 14 дней после звонка в разделе по связям с инвесторами веб-сайта Protolabs.
О Protolabs
Protolabs - ведущий мировой поставщик услуг цифрового производства. Компания, основанная на электронной коммерции, предлагает услуги литья под давлением, механической обработки с ЧПУ, 3D-печати и изготовления листового металла разработчикам продуктов, инженерам и командам цепочки поставок по всему миру. Protolabs обслуживает клиентов, используя собственные производственные возможности, которые обеспечивают беспрецедентную скорость в тандеме с Hubs, компанией Protolabs, которая обслуживает клиентов через свою сеть партнеров-производителей премиум-класса. Вместе они помогают компаниям выводить новые идеи на рынок с помощью самого быстрого и комплексного сервиса цифрового производства в мире. Посещение protolabs.com для получения дополнительной информации.
Прогнозные заявления
Заявления, содержащиеся в этом пресс-релизе, касающиеся вопросов, которые не являются историческими или текущими фактами, являются “прогнозными заявлениями” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что результаты Protolabs будут существенно отличаться от тех, которые выражены или подразумеваются в таких заявлениях. Некоторые из этих и других факторов риска описаны в разделе “Факторы риска” в отчетах, поданных в Комиссию по ценным бумагам и биржам. Другие неизвестные или непредсказуемые факторы также могут оказать существенное негативное влияние на будущие результаты Protolabs. Прогнозные заявления, включенные в настоящий пресс-релиз, сделаны только на дату настоящего документа. Protolabs не может гарантировать будущие результаты, уровни активности, производительности или достижений. Соответственно, вам не следует чрезмерно полагаться на эти прогнозные заявления. В той мере, в какой это разрешено применимым законодательством, Protolabs прямо отказывается от каких-либо намерений или обязательств по обновлению любых прогнозных заявлений для отражения последующих событий или обстоятельств.
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 Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
% | |||||||||||||||||||
GAAP | Foreign Currency1 |
Hubs Acquisition2 |
Non-GAAP | GAAP | Change3 | % Change Organic4 |
|||||||||||||||
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 |
|