Protolabs Reports Financial Results for the Second Quarter of 2022
Record Revenue of
GAAP Earnings Per Share of
Second Quarter 2022 Highlights include:
-
Revenue for the second quarter of 2022 was
$126.9 million , representing a 3.1 percent increase compared to revenue of$123.0 million in the second quarter of 2021. -
Hubs generated
$11.3 million of revenue in the second quarter, representing year-over-year growth of 26.3 percent. -
On a GAAP basis, costs related to the closure of
Japan operations were$5.2 million in the quarter. These costs have been excluded from our Non-GAAP results. See “Non-GAAP Financial Measures” below. -
Net income was
$2.6 million , or$0.09 per diluted share. -
Non-GAAP net income was
$12.8 million , or$0.46 per diluted share.
“Protolabs performed well in the quarter amid continuing supply chain challenges in the broader manufacturing industry and macroeconomic growth concerns,” said
Additional Second Quarter 2022 Highlights include:
- Protolabs served 24,058 unique product developers during the second quarter of 2022.
- Gross margin was 45.2 percent of revenue, compared to 44.9 percent of revenue in the first quarter of 2022.
- Non-GAAP gross margin was 45.9 percent of revenue, compared to 45.7 percent of revenue in the first quarter of 2022.
-
EBITDA was
$15.1 million , or 11.9 percent of revenue. -
Adjusted EBITDA was
$24.6 million , or 19.4 percent of revenue. -
Cash and investments balance was
$110.1 million as ofJune 30, 2022 .
“We are pleased with the sequential improvements in our margins in the second quarter,” said
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
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
The company has included non-GAAP gross margin excluding
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
The company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP gross margin excluding
Conference Call
The company has scheduled a conference call to discuss its second quarter 2022 financial results and third quarter 2022 outlook today,
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
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
Condensed Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
|
|
|
||||||
2022 |
|
2021 |
||||||
(Unaudited) |
|
|
||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents |
$ |
54,666 |
$ |
65,929 |
||||
Short-term marketable securities |
|
24,379 |
|
11,580 |
||||
Accounts receivable, net |
|
82,469 |
|
80,051 |
||||
Inventory |
|
15,051 |
|
13,161 |
||||
Income taxes receivable |
|
2,627 |
|
1,321 |
||||
Prepaid expenses and other current assets |
|
11,484 |
|
11,450 |
||||
Total current assets |
|
190,676 |
|
183,492 |
||||
Property and equipment, net |
|
260,631 |
|
280,346 |
||||
|
390,354 |
|
400,610 |
|||||
Other intangible assets, net |
|
34,026 |
|
37,998 |
||||
Long-term marketable securities |
|
31,068 |
|
14,340 |
||||
Operating lease assets |
|
4,037 |
|
5,578 |
||||
Finance lease assets |
|
1,649 |
|
1,898 |
||||
Long-term assets held for sale |
|
1,985 |
|
- |
||||
Other long-term assets |
|
4,223 |
|
4,320 |
||||
Total assets |
$ |
918,649 |
$ |
928,582 |
||||
Liabilities and shareholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable |
$ |
15,642 |
$ |
25,364 |
||||
Accrued compensation |
|
16,687 |
|
13,704 |
||||
Accrued liabilities and other |
|
24,011 |
|
11,980 |
||||
Current operating lease liabilities |
|
2,140 |
|
3,298 |
||||
Current finance lease liabilities |
|
436 |
|
550 |
||||
Total current liabilities |
|
58,916 |
|
54,896 |
||||
Long-term operating lease liabilities |
|
1,886 |
|
2,245 |
||||
Long-term finance lease liabilities |
|
1,188 |
|
1,351 |
||||
Long-term deferred tax liabilities |
|
30,177 |
|
35,892 |
||||
Other long-term liabilities |
|
5,784 |
|
5,705 |
||||
Shareholders' equity |
|
820,698 |
|
828,493 |
||||
Total liabilities and shareholders' equity |
$ |
918,649 |
$ |
928,582 |
||||
Condensed Consolidated Statements of Operations | ||||||||||||||
(In thousands, except share and per share amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenue |
|
|
|
|
|
|
|
|||||||
Injection Molding |
$ |
53,355 |
$ |
58,168 |
$ |
106,753 |
|
$ |
114,527 |
|
||||
CNC Machining |
|
48,222 |
|
41,592 |
|
94,320 |
|
|
78,295 |
|
||||
3D Printing |
|
19,963 |
|
18,170 |
|
39,635 |
|
|
35,405 |
|
||||
Sheet Metal |
|
5,160 |
|
4,717 |
|
9,847 |
|
|
9,936 |
|
||||
Other |
|
202 |
|
401 |
|
515 |
|
|
1,011 |
|
||||
Total revenue |
|
126,902 |
|
123,048 |
|
251,070 |
|
|
239,174 |
|
||||
Cost of revenue |
|
69,480 |
|
66,423 |
|
137,844 |
|
|
127,219 |
|
||||
Gross profit |
|
57,422 |
|
56,625 |
|
113,226 |
|
|
111,955 |
|
||||
Operating expenses | ||||||||||||||
Marketing and sales |
|
21,055 |
|
21,044 |
|
41,641 |
|
|
40,524 |
|
||||
Research and development |
|
9,450 |
|
11,060 |
|
20,007 |
|
|
23,241 |
|
||||
General and administrative |
|
16,522 |
|
8,417 |
|
33,293 |
|
|
27,825 |
|
||||
Closure of |
|
5,194 |
|
- |
|
5,194 |
|
|
- |
|
||||
Total operating expenses |
|
52,221 |
|
40,521 |
|
100,135 |
|
|
91,590 |
|
||||
Income from operations |
|
5,201 |
|
16,104 |
|
13,091 |
|
|
20,365 |
|
||||
Other income (loss), net |
|
1 |
|
137 |
|
(299 |
) |
|
(176 |
) |
||||
Income before income taxes |
|
5,202 |
|
16,241 |
|
12,792 |
|
|
20,189 |
|
||||
Provision for income taxes |
|
2,645 |
|
3,326 |
|
5,140 |
|
|
3,562 |
|
||||
Net income |
$ |
2,557 |
$ |
12,915 |
$ |
7,652 |
|
$ |
16,627 |
|
||||
Net income per share: | ||||||||||||||
Basic |
$ |
0.09 |
$ |
0.47 |
$ |
0.28 |
|
$ |
0.60 |
|
||||
Diluted |
$ |
0.09 |
$ |
0.47 |
$ |
0.28 |
|
$ |
0.60 |
|
||||
Shares used to compute net income per share: | ||||||||||||||
Basic |
|
27,530,739 |
|
27,735,732 |
|
27,515,583 |
|
|
27,600,684 |
|
||||
Diluted |
|
27,536,823 |
|
27,744,870 |
|
27,524,019 |
|
|
27,741,464 |
|
||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Six Months Ended |
|||||||
|
|||||||
2022 |
|
2021 |
|||||
Operating activities | |||||||
Net income |
$ |
7,652 |
|
$ |
16,627 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization |
|
20,274 |
|
|
20,127 |
|
|
Stock-based compensation expense |
|
8,428 |
|
|
10,561 |
|
|
Deferred taxes |
|
(5,653 |
) |
|
419 |
|
|
Changes in fair value of contingent consideration |
|
- |
|
|
(7,763 |
) |
|
Impairments related to closure of |
|
1,792 |
|
|
- |
|
|
Other |
|
32 |
|
|
269 |
|
|
Changes in operating assets and liabilities |
|
(1,485 |
) |
|
(19,511 |
) |
|
Net cash provided by operating activities |
|
31,040 |
|
|
20,729 |
|
|
Investing activities | |||||||
Purchases of property, equipment and other capital assets |
|
(6,030 |
) |
|
(23,929 |
) |
|
Cash used for acquisitions, net of cash acquired |
|
- |
|
|
(127,413 |
) |
|
Purchases of marketable securities |
|
(38,882 |
) |
|
(15,159 |
) |
|
Proceeds from sales of marketable securities |
|
1,000 |
|
|
47,694 |
|
|
Proceeds from call redemptions and maturities of marketable securities |
|
7,396 |
|
|
13,725 |
|
|
Net cash used in investing activities |
|
(36,516 |
) |
|
(105,082 |
) |
|
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 |
|
(5,239 |
) |
|
(1,210 |
) |
|
Principal repayments of finance lease obligations |
|
(278 |
) |
|
(275 |
) |
|
Net cash used in financing activities |
|
(4,821 |
) |
|
(1,856 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(966 |
) |
|
515 |
|
|
Net decrease in cash and cash equivalents |
|
(11,263 |
) |
|
(85,694 |
) |
|
Cash and cash equivalents, beginning of period |
|
65,929 |
|
|
127,603 |
|
|
Cash and cash equivalents, end of period |
$ |
54,666 |
|
$ |
41,909 |
|
|
Reconciliation of GAAP to Non-GAAP Net Income per Share | |||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|||||||||||||
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 |
|||||||||||||||
GAAP net income |
$ |
2,557 |
|
$ |
12,915 |
|
$ |
7,652 |
|
$ |
16,627 |
|
|||
Add back: | |||||||||||||||
Stock-based compensation expense |
|
4,031 |
|
|
4,941 |
|
|
8,428 |
|
|
10,561 |
|
|||
Amortization expense |
|
1,527 |
|
|
1,490 |
|
|
3,072 |
|
|
3,033 |
|
|||
Unrealized (gain) loss on foreign currency |
|
271 |
|
|
(402 |
) |
|
360 |
|
|
220 |
|
|||
Costs related to |
|
5,194 |
|
|
- |
|
|
5,194 |
|
|
- |
|
|||
Transaction costs 1 |
|
- |
|
|
(7,655 |
) |
|
- |
|
|
(5,140 |
) |
|||
Total adjustments 2 |
|
11,023 |
|
|
(1,626 |
) |
|
17,054 |
|
|
8,674 |
|
|||
Income tax benefits on adjustments 3 |
|
(776 |
) |
|
(575 |
) |
|
(1,458 |
) |
|
(3,576 |
) |
|||
Non-GAAP net income |
$ |
12,804 |
|
$ |
10,714 |
|
$ |
23,248 |
|
$ |
21,725 |
|
|||
Non-GAAP net income per share: | |||||||||||||||
Basic |
$ |
0.47 |
|
$ |
0.39 |
|
$ |
0.84 |
|
$ |
0.79 |
|
|||
Diluted |
$ |
0.46 |
|
$ |
0.39 |
|
$ |
0.84 |
|
$ |
0.78 |
|
|||
Shares used to compute non-GAAP net income per share: | |||||||||||||||
Basic |
|
27,530,739 |
|
|
27,735,732 |
|
|
27,515,583 |
|
|
27,600,684 |
|
|||
Diluted |
|
27,536,823 |
|
|
27,744,870 |
|
|
27,524,019 |
|
|
27,741,464 |
|
|||
1 Transaction costs include direct costs incurred in the Company's acquisition of |
|||||||||||||||
2 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, costs related to |
|||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Cost of revenue |
$ |
870 |
|
$ |
1,011 |
|
$ |
1,799 |
|
$ |
1,988 |
|
|||
Marketing and sales |
|
813 |
|
|
929 |
|
|
1,550 |
|
|
1,782 |
|
|||
Research and development |
|
471 |
|
|
744 |
|
|
1,100 |
|
|
1,368 |
|
|||
General and administrative |
|
3,404 |
|
|
(3,908 |
) |
|
7,051 |
|
|
3,316 |
|
|||
Closure of |
|
5,194 |
|
|
- |
|
|
5,194 |
|
|
- |
|
|||
Total operating expenses |
|
9,882 |
|
|
(2,235 |
) |
|
14,895 |
|
|
6,466 |
|
|||
Other (income) expense, net |
|
271 |
|
|
(402 |
) |
|
360 |
|
|
220 |
|
|||
Total adjustments |
$ |
11,023 |
|
$ |
(1,626 |
) |
$ |
17,054 |
|
$ |
8,674 |
|
|||
3 For the three- and six-month periods ended |
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Gross Margin | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended |
|
Six Months Ended |
|
Three Months Ended |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||||||
Revenue |
$ |
126,902 |
|
$ |
123,048 |
|
$ |
251,070 |
|
$ |
239,174 |
|
$ |
124,168 |
|
$ |
116,126 |
|
|||||
Gross Profit |
|
57,422 |
|
|
56,625 |
|
|
113,226 |
|
|
111,955 |
|
|
55,804 |
|
|
55,330 |
|
|||||
GAAP gross margin |
|
45.2 |
% |
|
46.0 |
% |
|
45.1 |
% |
|
46.8 |
% |
|
44.9 |
% |
|
47.6 |
% |
|||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense |
|
528 |
|
|
668 |
|
|
1,115 |
|
|
1,303 |
|
|
587 |
|
|
635 |
|
|||||
Amortization expense |
|
342 |
|
|
343 |
|
|
684 |
|
|
685 |
|
|
342 |
|
|
342 |
|
|||||
Total adjustments |
|
870 |
|
|
1,011 |
|
|
1,799 |
|
|
1,988 |
|
|
929 |
|
|
977 |
|
|||||
Non-GAAP gross profit |
$ |
58,292 |
|
$ |
57,636 |
|
$ |
115,025 |
|
$ |
113,943 |
|
$ |
56,733 |
|
$ |
56,307 |
|
|||||
Non-GAAP gross margin |
|
45.9 |
% |
|
46.8 |
% |
|
45.8 |
% |
|
47.6 |
% |
|
45.7 |
% |
|
48.5 |
% |
|||||
Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan | |||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
Revenue |
$ |
126,902 |
|
$ |
123,048 |
|
$ |
251,070 |
|
$ |
239,174 |
|
|||
Revenue excluding |
$ |
124,046 |
|
$ |
119,999 |
|
$ |
244,128 |
|
$ |
232,501 |
|
|||
Gross Profit |
|
57,422 |
|
|
56,625 |
|
|
113,226 |
|
|
111,955 |
|
|||
GAAP gross margin |
|
45.2 |
% |
|
46.0 |
% |
|
45.1 |
% |
|
46.8 |
% |
|||
Less: |
|
1,063 |
|
|
1,125 |
|
|
3,102 |
|
|
2,694 |
|
|||
Gross Profit excluding |
|
56,359 |
|
|
55,500 |
|
|
110,124 |
|
|
109,261 |
|
|||
GAAP gross margin excluding |
|
45.4 |
% |
|
46.3 |
% |
|
45.1 |
% |
|
47.0 |
% |
|||
Add back: | |||||||||||||||
Stock-based compensation expense |
|
528 |
|
|
668 |
|
|
1,115 |
|
|
1,303 |
|
|||
Amortization expense |
|
342 |
|
|
343 |
|
|
684 |
|
|
685 |
|
|||
Less: | |||||||||||||||
|
22 |
|
|
22 |
|
|
47 |
|
|
45 |
|
||||
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
Total adjustments |
|
848 |
|
|
989 |
|
|
1,752 |
|
|
1,943 |
|
|||
Non-GAAP gross profit excluding |
$ |
57,207 |
|
$ |
56,489 |
|
$ |
111,876 |
|
$ |
111,204 |
|
|||
Non-GAAP gross margin excluding |
|
46.1 |
% |
|
47.1 |
% |
|
45.8 |
% |
|
47.8 |
% |
|||
Reconciliation of GAAP to Non-GAAP Operating Margin | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Revenue |
$ |
126,902 |
|
$ |
123,048 |
|
$ |
251,070 |
|
$ |
239,174 |
|
||||
Income from operations |
|
5,201 |
|
|
16,104 |
|
|
13,091 |
|
|
20,365 |
|
||||
GAAP operating margin |
|
4.1 |
% |
|
13.1 |
% |
|
5.2 |
% |
|
8.5 |
% |
||||
Add back: | ||||||||||||||||
Stock-based compensation expense |
|
4,031 |
|
|
4,941 |
|
|
8,428 |
|
|
10,561 |
|
||||
Amortization expense |
|
1,527 |
|
|
1,490 |
|
|
3,072 |
|
|
3,033 |
|
||||
Transaction costs 1 |
|
- |
|
|
(7,655 |
) |
|
- |
|
|
(5,140 |
) |
||||
Costs related to |
|
5,194 |
|
|
- |
|
|
5,194 |
|
|
- |
|
||||
Total adjustments |
|
10,752 |
|
|
(1,224 |
) |
|
16,694 |
|
|
8,454 |
|
||||
Non-GAAP income from operations |
$ |
15,953 |
|
$ |
14,880 |
|
$ |
29,785 |
|
$ |
28,819 |
|
||||
Non-GAAP operating margin |
|
12.6 |
% |
|
12.1 |
% |
|
11.9 |
% |
|
12.0 |
% |
||||
1 Transaction costs include direct costs incurred in the Company's acquisition of |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Revenue |
$ |
126,902 |
|
$ |
123,048 |
|
$ |
251,070 |
|
$ |
239,174 |
|
||||
Revenue excluding |
$ |
124,046 |
|
$ |
119,999 |
|
$ |
244,128 |
|
$ |
232,501 |
|
||||
Income from operations |
|
5,201 |
|
|
16,104 |
|
|
13,091 |
|
|
20,365 |
|
||||
GAAP operating margin |
|
4.1 |
% |
|
13.1 |
% |
|
5.2 |
% |
|
8.5 |
% |
||||
Less: |
|
(542 |
) |
|
(696 |
) |
|
4 |
|
|
(654 |
) |
||||
Income from operations excluding |
|
5,743 |
|
|
16,800 |
|
|
13,087 |
|
|
21,019 |
|
||||
GAAP operating margin excluding |
|
4.6 |
% |
|
14.0 |
% |
|
5.4 |
% |
|
9.0 |
% |
||||
Add back: | ||||||||||||||||
Stock-based compensation expense |
|
4,031 |
|
|
4,941 |
|
|
8,428 |
|
|
10,561 |
|
||||
Amortization expense |
|
1,527 |
|
|
1,490 |
|
|
3,072 |
|
|
3,033 |
|
||||
Transaction costs 1 |
|
- |
|
|
(7,655 |
) |
|
- |
|
|
(5,140 |
) |
||||
Costs related to |
|
5,194 |
|
|
- |
|
|
5,194 |
|
|
- |
|
||||
Less: | ||||||||||||||||
|
147 |
|
|
160 |
|
|
297 |
|
|
303 |
|
|||||
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Total adjustments |
|
10,605 |
|
|
(1,384 |
) |
|
16,397 |
|
|
8,151 |
|
||||
Non-GAAP income from operations excluding |
$ |
16,348 |
|
$ |
15,416 |
|
$ |
29,484 |
|
$ |
29,170 |
|
||||
Non-GAAP operating margin excluding |
|
13.2 |
% |
|
12.8 |
% |
|
12.1 |
% |
|
12.5 |
% |
||||
1 Transaction costs include direct costs incurred in the Company's acquisition of |
||||||||||||||||
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
|
Six Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Revenue |
$ |
126,902 |
|
$ |
123,048 |
|
$ |
251,070 |
|
$ |
239,174 |
|
||||
GAAP net income |
|
2,557 |
|
|
12,915 |
|
|
7,652 |
|
|
16,627 |
|
||||
GAAP net income margin |
|
2.0 |
% |
|
10.5 |
% |
|
3.0 |
% |
|
7.0 |
% |
||||
Add back: | ||||||||||||||||
Amortization expense |
$ |
1,527 |
|
$ |
1,490 |
|
$ |
3,072 |
|
$ |
3,033 |
|
||||
Depreciation expense |
|
8,515 |
|
|
8,578 |
|
|
17,202 |
|
|
17,094 |
|
||||
Interest income, net |
|
(149 |
) |
|
(65 |
) |
|
(194 |
) |
|
(152 |
) |
||||
Tax expense |
|
2,645 |
|
|
3,326 |
|
|
5,140 |
|
|
3,562 |
|
||||
EBITDA |
|
15,095 |
|
|
26,244 |
|
|
32,872 |
|
|
40,164 |
|
||||
EBITDA Margin |
|
11.9 |
% |
|
21.3 |
% |
|
13.1 |
% |
|
16.8 |
% |
||||
Add back: | ||||||||||||||||
Stock-based compensation expense |
|
4,031 |
|
|
4,941 |
|
|
8,428 |
|
|
10,561 |
|
||||
Unrealized (gain) loss on foreign currency |
|
271 |
|
|
(402 |
) |
|
360 |
|
|
220 |
|
||||
Costs related to |
|
5,194 |
|
|
- |
|
|
5,194 |
|
|
- |
|
||||
Transaction costs 1 |
|
- |
|
|
(7,655 |
) |
|
- |
|
|
(5,140 |
) |
||||
Total adjustments |
|
9,496 |
|
|
(3,116 |
) |
|
13,982 |
|
|
5,641 |
|
||||
Adjusted EBITDA |
$ |
24,591 |
|
$ |
23,128 |
|
$ |
46,854 |
|
$ |
45,805 |
|
||||
Adjusted EBITDA Margin |
|
19.4 |
% |
|
18.8 |
% |
|
18.7 |
% |
|
19.2 |
% |
||||
1 Transaction costs include direct costs incurred in the Company's acquisition of |
||||||||||||||||
Comparison of GAAP to Non-GAAP Revenue Growth by Region | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Three Months Ended
|
|
Three Months Ended
|
|
|
|
|
|||||||||||||||||||
GAAP |
|
Foreign Currency1 |
|
Hubs Acquisition |
|
Non-GAAP |
|
GAAP |
|
% Change3 |
|
|
% Change Organic4 |
||||||||||||
Revenues | |||||||||||||||||||||||||
$ |
100,655 |
$ |
- |
$ |
- |
|
$ |
100,655 |
$ |
95,344 |
5.6 |
|
% |
5.6 |
% |
||||||||||
|
23,391 |
|
2,225 |
|
- |
|
|
25,616 |
|
24,655 |
(5.1 |
) |
3.9 |
||||||||||||
|
2,856 |
|
524 |
|
- |
|
|
3,380 |
|
3,049 |
(6.3 |
) |
10.9 |
||||||||||||
Total Revenue |
$ |
126,902 |
$ |
2,749 |
$ |
- |
|
$ |
129,651 |
$ |
123,048 |
3.1 |
|
% |
5.4 |
% |
|||||||||
Six Months Ended
|
|
Six Months Ended
|
|
|
|
|
|||||||||||||||||||
GAAP |
|
Foreign Currency1 |
|
Hubs Acquisition2 |
|
Non-GAAP |
|
GAAP |
|
% Change3 |
|
|
% Change Organic4 |
||||||||||||
Revenues | |||||||||||||||||||||||||
$ |
196,151 |
$ |
- |
$ |
(1,049 |
) |
$ |
195,102 |
$ |
186,397 |
5.2 |
|
% |
4.7 |
% |
||||||||||
|
47,977 |
|
3,376 |
|
(1,279 |
) |
|
50,074 |
|
46,104 |
4.1 |
|
8.6 |
||||||||||||
|
6,942 |
|
916 |
|
- |
|
|
7,858 |
|
6,673 |
4.0 |
|
17.8 |
||||||||||||
Total Revenue |
$ |
251,070 |
$ |
4,292 |
$ |
(2,328 |
) |
$ |
253,034 |
$ |
239,174 |
5.0 |
|
% |
5.8 |
% |
|||||||||
1 Revenue for the three- and six-month periods ended |
|||||||||||||||||||||||||
2 Revenue for the six-month period ended |
|||||||||||||||||||||||||
3 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended |
|||||||||||||||||||||||||
4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended |
|||||||||||||||||||||||||
Comparison of GAAP to Non-GAAP Revenue Growth by Service Line | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended
|
|
Three Months Ended
|
|
|
|
|||||||||||||||||||
GAAP |
|
Foreign Currency1 |
|
Hubs Acquisition |
|
Non-GAAP |
|
GAAP |
|
% Change3 |
|
% Change Organic4 |
||||||||||||
Revenues | ||||||||||||||||||||||||
Injection Molding |
$ |
53,355 |
$ |
1,541 |
$ |
- |
|
$ |
54,896 |
$ |
58,168 |
(8.3 |
) |
% |
(5.6 |
) |
% |
|||||||
CNC Machining |
|
48,222 |
|
717 |
|
- |
|
|
48,939 |
|
41,592 |
15.9 |
|
17.7 |
|
|||||||||
3D Printing |
|
19,963 |
|
490 |
|
- |
|
|
20,453 |
|
18,170 |
9.9 |
|
12.6 |
|
|||||||||
Sheet Metal |
|
5,160 |
|
- |
|
- |
|
|
5,160 |
|
4,717 |
9.4 |
|
9.4 |
|
|||||||||
Other |
|
202 |
|
1 |
|
- |
|
|
203 |
|
401 |
(49.6 |
) |
(49.4 |
) |
|||||||||
Total Revenue |
$ |
126,902 |
$ |
2,749 |
$ |
- |
|
$ |
129,651 |
$ |
123,048 |
3.1 |
|
% |
5.4 |
|
% |
|||||||
Six Months Ended
|
|
Six Months Ended
|
|
|
|
|||||||||||||||||||
GAAP |
|
Foreign Currency1 |
|
Hubs Acquisition2 |
|
Non-GAAP |
|
GAAP |
|
% Change3 |
|
% Change Organic4 |
||||||||||||
Revenues | ||||||||||||||||||||||||
Injection Molding |
$ |
106,753 |
$ |
2,425 |
$ |
(189 |
) |
$ |
108,989 |
$ |
114,527 |
(6.8 |
) |
% |
(4.8 |
) |
% |
|||||||
CNC Machining |
|
94,320 |
|
1,113 |
|
(1,637 |
) |
|
93,796 |
|
78,295 |
20.5 |
|
19.8 |
|
|||||||||
3D Printing |
|
39,635 |
|
750 |
|
(408 |
) |
|
39,977 |
|
35,405 |
11.9 |
|
12.9 |
|
|||||||||
Sheet Metal |
|
9,847 |
|
- |
|
(84 |
) |
|
9,763 |
|
9,936 |
(0.9 |
) |
(1.7 |
) |
|||||||||
Other |
|
515 |
|
4 |
|
(10 |
) |
|
509 |
|
1,011 |
(49.1 |
) |
(49.6 |
) |
|||||||||
Total Revenue |
$ |
251,070 |
$ |
4,292 |
$ |
(2,328 |
) |
$ |
253,034 |
$ |
239,174 |
5.0 |
|
% |
5.8 |
|
% |
|||||||
1 Revenue for the three- and six-month periods ended |
||||||||||||||||||||||||
2 Revenue for the six-month period ended |
||||||||||||||||||||||||
3 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended |
||||||||||||||||||||||||
4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended |
||||||||||||||||||||||||
Product Developer Information | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||
|
|
|
|||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
Unique product developers and engineers served |
24,058 |
23,253 |
36,878 |
35,065 |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005030/en/
Investor Relations
Protolabs
Manager – Investor Relations and FP&A
ryan.johnsrud@protolabs.com
Media
Protolabs
PR & Media Strategist
brent.renneke@protolabs.com
Source: