0001437749-23-012663.txt : 20230505 0001437749-23-012663.hdr.sgml : 20230505 20230505060240 ACCESSION NUMBER: 0001437749-23-012663 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230505 DATE AS OF CHANGE: 20230505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Proto Labs Inc CENTRAL INDEX KEY: 0001443669 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED STRUCTURAL METAL PRODUCTS [3440] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35435 FILM NUMBER: 23891064 BUSINESS ADDRESS: STREET 1: 5540 Pioneer Creek CITY: Maple Plain STATE: MN ZIP: 55359 BUSINESS PHONE: 763-479-7474 MAIL ADDRESS: STREET 1: 5540 Pioneer Creek CITY: Maple Plain STATE: MN ZIP: 55359 8-K 1 prlb20230502_8k.htm FORM 8-K prlb20230502_8k.htm
false 0001443669 0001443669 2023-05-05 2023-05-05
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF
 
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): May 5, 2023
 
 
 
Proto Labs, Inc.
 
(Exact name of registrant as specified in its charter)
 
 
 
Minnesota
  
001-35435
  
41-1939628
(State or other jurisdiction
of incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification Number)
 
 
5540 Pioneer Creek Drive
Maple Plain, Minnesota
  
55359
(Address of principal executive offices)
  
(Zip Code)
     
Registrant’s telephone number, including area code:
  
(763) 479-3680
 
 
Not Applicable
(Former name or former address, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share
PRLB
New York Stock Exchange
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
 
On May 5, 2023, Proto Labs, Inc. issued a press release announcing its first quarter 2023 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
 
Item 9.01.
Financial Statements and Exhibits.
 
(d) Exhibits
 
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
   
Proto Labs, Inc.
  
       
         
Date:
May 5, 2023
By:
/s/ Daniel Schumacher
  
     
Daniel Schumacher
  
     
Chief Financial Officer
  
 
 
 EX-99.1 2 ex_511914.htm EXHIBIT 99.1 ex_511914.htm

Exhibit 99.1

 

image01.jpg
image02.jpg
 

 

 

Protolabs Reports Financial Results for the First Quarter of 2023

 

Revenue of $125.9 million in the First Quarter of 2023

GAAP Earnings Per Share of $0.10, Non-GAAP Earnings Per Share of $0.30

 

 

MAPLE PLAIN, Minn. – May 5, 2023 – Proto Labs, Inc. (the "Company" or "Protolabs") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the first quarter ended March 31, 2023.

 

First Quarter 2023 Highlights:

 

 

●

Revenue for the first quarter of 2023 was $125.9 million, representing a 1.4 percent increase compared to revenue of $124.2 million in the first quarter of 2022.
 

●

Revenue generated from our digital network powered by Hubs was $17.2 million in the first quarter, representing growth of 67.3 percent over the first quarter of 2022 and 16.3 percent sequential growth compared to the fourth quarter of 2022.
 

●

Net income for the first quarter of 2023 was $2.7 million, or $0.10 per diluted share.
 

●

Non-GAAP net income was $7.9 million, or $0.30 per diluted share. See “Non-GAAP Financial Measures” below.

 

“As we continue to operate in a challenging economic environment, amplified by rising interest rates and slowing manufacturing activity, I am pleased with first quarter financial results above our guidance ranges,” said Rob Bodor, President and Chief Executive Officer. “As our Protolabs and Hubs teams together build the most comprehensive offer in the digital manufacturing space, we are pleased with the growth of our digital network revenue fueled by cross selling efforts of our go-to-market teams.”

 

Additional First Quarter 2023 Highlights:

 

 

●

Protolabs served 23,287 unique product developers during the quarter.
 

●

The Company repurchased $21.1 million of shares during the quarter.
 

●

Gross margin was 42.7 percent of revenue in the first quarter of 2023.
 

●

Non-GAAP gross margin was 43.4 percent of revenue in the first quarter of 2023. See “Non-GAAP Financial Measures” below.
 

●

EBITDA was $14.1 million, or 11.2 percent of revenue, in the first quarter of 2023, compared to $17.8 million, or 14.3 percent of revenue, in the first quarter of 2022. See “Non-GAAP Financial Measures” below.
 

●

Adjusted EBITDA was $17.8 million, or 14.1% of revenue, in the first quarter of 2023, compared to $22.3 million, or 17.9% of revenue, in the first quarter of 2022. See “Non-GAAP Financial Measures” below.
 

●

Cash and investments balance was $104.7 million as of March 31, 2023.

 

 
 

 

“As customers shift their buying preferences to longer lead times and lower-priced offerings, we continue to manage the business and adapt our operations to align with demand,” said Dan Schumacher, Chief Financial Officer. “We continue to innovate and drive efficiencies to enable us to leverage our profitable operating structure and, coupled with our strong financial position in which we have no debt and generate strong operating cash flows, are well-positioned to weather economic volatility and dynamic customer preferences.”

 

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 (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 and costs related to the Japan closure activities (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 and costs related to the Japan closure activities (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 and costs related to the closure of Japan (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, stock-based compensation expense, amortization expense and costs related to the Japan closure activities (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 stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to the closure of Japan (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 first quarter 2023 financial results and second quarter 2023 outlook today, May 5, 2023 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/o8vnhfjc. 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 digital network of manufacturing partners 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.

Source: Proto Labs, Inc.

 

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

 

 
 

 

Proto Labs, Inc.

  

Condensed Consolidated Balance Sheets

  

(In thousands)

  
                 
                 
   

March 31,

    

December 31,

  
   

2023

    

2022

  
   

(Unaudited)

          

Assets

                

Current assets

                

Cash and cash equivalents

   $ 62,051     $ 56,558  

Short-term marketable securities

     22,851       23,568  

Accounts receivable, net

     77,619       76,225  

Inventory

     14,273       13,578  

Income taxes receivable

     821       4,042  

Prepaid expenses and other current assets

     11,101       12,597  

Total current assets

     188,716       186,568  
                 

Property and equipment, net

     253,616       257,785  

Goodwill

     273,991       273,991  

Other intangible assets, net

     29,869       31,250  

Long-term marketable securities

     19,824       26,419  

Operating lease assets

     3,315       3,844  

Finance lease assets

     17,266       17,532  

Other long-term assets

     4,776       4,779  

Total assets

   $ 791,373     $ 802,168  
                 

Liabilities and shareholders' equity

                

Current liabilities

                

Accounts payable

   $ 19,854     $ 17,356  

Accrued compensation

     14,695       12,743  

Accrued liabilities and other

     23,156       22,384  

Income taxes payable

     1,928       -  

Current operating lease liabilities

     1,295       1,561  

Current finance lease liabilities

     17,452       17,537  

Total current liabilities

     78,380       71,581  
                 

Long-term operating lease liabilities

     1,983       2,255  

Long-term deferred tax liabilities

     23,258       26,322  

Other long-term liabilities

     4,615       4,362  
                 

Shareholders' equity

     683,137       697,648  

Total liabilities and shareholders' equity

   $ 791,373     $ 802,168  

 

 

 
 

 

Proto Labs, Inc.

  

Condensed Consolidated Statements of Operations

  

(In thousands, except share and per share amounts)

  

(Unaudited)

  
                 
       
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Revenue

                

Injection Molding

   $ 51,948     $ 53,398  

CNC Machining

     48,104       46,098  

3D Printing

     21,325       19,672  

Sheet Metal

     4,248       4,687  

Other

     234       313  

Total revenue

     125,859       124,168  
                 

Cost of revenue

     72,083       68,364  

Gross profit

     53,776       55,804  
                 

Operating expenses

                

Marketing and sales

     22,451       20,586  

Research and development

     10,677       10,557  

General and administrative

     16,833       16,771  

Closure of Japan business

     66       -  

Total operating expenses

     50,027       47,914  

Income from operations

     3,749       7,890  

Other income (expense), net

     1,290       (300 )

Income before income taxes

     5,039       7,590  

Provision for income taxes

     2,380       2,495  

Net income

   $ 2,659     $ 5,095  
                 

Net income per share:

                

Basic

   $ 0.10     $ 0.19  

Diluted

   $ 0.10     $ 0.19  
                 

Shares used to compute net income per share:

                

Basic

     26,580,279       27,502,941  

Diluted

     26,605,787       27,510,477  

 

 

 
 

 

Proto Labs, Inc.

  

Condensed Consolidated Statements of Cash Flows

  

(In thousands)

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Operating activities

                

Net income

   $ 2,659     $ 5,095  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization

     9,388       10,232  

Stock-based compensation expense

     3,695       4,397  

Deferred taxes

     (3,096 )     (3,213 )

Interest on finance lease obligations

     287       -  

Other

     (46 )     79  

Changes in operating assets and liabilities

     9,691       1,193  

Net cash provided by operating activities

     22,578       17,783  
                 

Investing activities

                

Purchases of property, equipment and other capital assets

     (3,441 )     (3,069 )

Proceeds from sales of property, equipment and other capital assets

     194       -  

Purchases of marketable securities

     -       (29,366 )

Proceeds from call redemptions and maturities of marketable securities

     7,630       6,600  

Net cash provided by (used in) investing activities

     4,383       (25,835 )
                 

Financing activities

                

Proceeds from exercises of stock options and other

     -       6  

Purchases of shares withheld for tax obligations

     (401 )     (468 )

Repurchases of common stock

     (21,119 )     -  

Principal repayments of finance lease obligations

     (82 )     (139 )

Net cash used in financing activities

     (21,602 )     (601 )

Effect of exchange rate changes on cash and cash equivalents

     134       (37 )

Net increase (decrease) in cash and cash equivalents

     5,493       (8,690 )

Cash and cash equivalents, beginning of period

     56,558       65,929  

Cash and cash equivalents, end of period

   $ 62,051     $ 57,239  

 

 

 
 

 

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,

  
   

2023

    

2022

  

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities

                

GAAP net income

   $ 2,659     $ 5,095  

Add back:

                

Stock-based compensation expense

     3,695       4,397  

Amortization expense

     1,526       1,545  

Unrealized (gain) loss on foreign currency

     (71 )     89  

Costs related to Japan closure activities

     66       -  

Total adjustments 1

     5,216       6,031  

Income tax benefits on adjustments 2

     (2 )     (682 )

Non-GAAP net income

   $ 7,873     $ 10,444  
                 
                 

Non-GAAP net income per share:

                

Basic

   $ 0.30     $ 0.38  

Diluted

   $ 0.30     $ 0.38  
                 

Shares used to compute non-GAAP net income per share:

                

Basic

     26,580,279       27,502,941  

Diluted

     26,605,787       27,510,477  
                 
                 

1 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities were included in the following GAAP consolidated statement of operations categories:

  

 

   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  
                 

Cost of revenue

   $ 808     $ 929  
                 

Marketing and sales

     692       737  

Research and development

     572       629  

General and administrative

     3,149       3,647  

Closure of Japan business

     66       -  

Total operating expenses

     4,479       5,013  
                 

Other (income) expense, net

     (71 )     89  

Total adjustments

   $ 5,216     $ 6,031  
                 

2 For the three-month periods ended March 31, 2023 and 2022, 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,

  
   

2023

    

2022

  

Revenue

   $ 125,859     $ 124,168  

Gross Profit

     53,776       55,804  

GAAP gross margin

     42.7 %     44.9 %

Add back:

                

Stock-based compensation expense

     466       587  

Amortization expense

     342       342  

Total adjustments

     808       929  

Non-GAAP gross profit

   $ 54,584     $ 56,733  

Non-GAAP gross margin

     43.4 %     45.7 %

 

 

Proto Labs, Inc.

  

Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan

  

(In thousands)

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Revenue

   $ 125,859     $ 124,168  

Revenue excluding Japan

   $ 125,859     $ 120,082  

Gross Profit

     53,776       55,804  

GAAP gross margin

     42.7 %     44.9 %

Less: Japan gross profit

     -       2,040  

Gross Profit excluding Japan

     53,776       53,764  

GAAP gross margin excluding Japan

     42.7 %     44.8 %

Add back:

                

Stock-based compensation expense

     466       587  

Amortization expense

     342       342  

Less:

                

Japan stock-based compensation expense

     -       25  

Japan amortization expense

     -       -  

Total adjustments

     808       904  

Non-GAAP gross profit excluding Japan

   $ 54,584     $ 54,668  

Non-GAAP gross margin excluding Japan

     43.4 %     45.5 %

 

 

 
 

 

Proto Labs, Inc.

  

Reconciliation of GAAP to Non-GAAP Operating Margin

  

(In thousands)

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Revenue

   $ 125,859     $ 124,168  

Income from operations

     3,749       7,890  

GAAP operating margin

     3.0 %     6.4 %

Add back:

                

Stock-based compensation expense

     3,695       4,397  

Amortization expense

     1,526       1,545  

Costs related to Japan closure activities

     66       -  

Total adjustments

     5,287       5,942  

Non-GAAP income from operations

   $ 9,036     $ 13,832  

Non-GAAP operating margin

     7.2 %     11.1 %

 

 

Proto Labs, Inc.

  

Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan

  

(In thousands)

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Revenue

   $ 125,859     $ 124,168  

Revenue excluding Japan

   $ 125,859     $ 120,082  

Income from operations

     3,749       7,890  

GAAP operating margin

     3.0 %     6.4 %

Less: Japan (loss) income from operations

     (346 )     546  

Income from operations excluding Japan

     4,095       7,344  

GAAP operating margin excluding Japan

     3.3 %     6.1 %

Add back:

                

Stock-based compensation expense

     3,695       4,397  

Amortization expense

     1,526       1,545  

Costs related to Japan closure activities

     66       -  

Less:

                

Japan stock-based compensation expense

     10       150  

Japan amortization expense

     -       -  

Total adjustments

     5,277       5,792  

Non-GAAP income from operations excluding Japan

   $ 9,372     $ 13,136  

Non-GAAP operating margin excluding Japan

     7.4 %     10.9 %

 

 

 
 

 

Proto Labs, Inc.

  

Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

  

(In thousands)

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Revenue

   $ 125,859     $ 124,168  

GAAP net income

     2,659       5,095  

GAAP net income margin

     2.1 %     4.1 %

Add back:

                

Amortization expense

   $ 1,526     $ 1,545  

Depreciation expense

     7,862       8,687  

Interest income, net

     (350 )     (45 )

Tax expense

     2,380       2,495  

EBITDA

     14,077       17,777  

EBITDA Margin

     11.2 %     14.3 %

Add back:

                

Stock-based compensation expense

     3,695       4,397  

Unrealized (gain) loss on foreign currency

     (71 )     89  

Costs related to Japan closure activities

     66       -  

Total adjustments

     3,690       4,486  

Adjusted EBITDA

   $ 17,767     $ 22,263  

Adjusted EBITDA Margin

     14.1 %     17.9 %

 

 

 
 

 

Proto Labs, Inc.

  

Comparison of GAAP to Non-GAAP Revenue Growth by Region

  

(In thousands)

  

(Unaudited)

  
                                                 
                                                 
   

Three Months Ended
March 31, 2023

    

Three Months Ended
March 31, 2022

    

%

          
   

GAAP

    

Foreign

Currency1

    

Non-GAAP

    

GAAP

   

Change2

    

% Change

Organic3

  

Revenues

                                                

United States

   $ 97,746     $ -     $ 97,746     $ 95,496       2.4

%

     2.4

%

Europe

     28,113       2,465       30,578       24,586       14.3       24.4  

Japan

     -       -       -       4,086       (100.0 )     (100.0 )

Total Revenue

   $ 125,859     $ 2,465     $ 128,324     $ 124,168       1.4

%

     3.3

%
                                                 
                                                 

1 Revenue for the three-month period ended March 31, 2023 has been recalculated using 2022 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 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to GAAP revenue for the three-month period ended March 31, 2023.

  
   

3 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to non-GAAP revenue for the three-month period ended March 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended March 31, 2022) 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
March 31, 2023

    

Three Months Ended
March 31, 2022

    

%

          
   

GAAP

    

Foreign

Currency1

    

Non-GAAP

    

GAAP

   

Change2

    

% Change

Organic3

  

Revenues

                                                

Injection Molding

   $ 51,948     $ 1,179     $ 53,127     $ 53,398       (2.7 )%     (0.5 )%

CNC Machining

     48,104       735       48,839       46,098       4.4       5.9  

3D Printing

     21,325       536       21,861       19,672       8.4       11.1  

Sheet Metal

     4,248       10       4,258       4,687       (9.4 )     (9.2 )

Other

     234       5       239       313       (25.2 )     (23.6 )

Total Revenue

   $ 125,859     $ 2,465     $ 128,324     $ 124,168       1.4

%

     3.3

%
                                                 
                                                 

1 Revenue for the three-month period ended March 31, 2023 has been recalculated using 2022 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 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to GAAP revenue for the three-month period ended March 31, 2023.

  
   

3 This column presents the percentage change from GAAP revenue for the three-month period ended March 31, 2022 to non-GAAP revenue for the three-month period ended March 31, 2023 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended March 31, 2022) in order to provide a constant-currency comparison.

  

 

 

 
 

 

Proto Labs, Inc.

  

Product Developer Information

  

(Unaudited)

  
                 
                 
   

Three Months Ended

  
   

March 31,

  
   

2023

    

2022

  

Unique product developers and engineers served

     23,287       23,492  

 

 

 
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Document And Entity Information
May 05, 2023
Document Information [Line Items]  
Entity, Registrant Name Proto Labs, Inc.
Document, Type 8-K
Document, Period End Date May 05, 2023
Entity, Incorporation, State or Country Code MN
Entity, File Number 001-35435
Entity, Tax Identification Number 41-1939628
Entity, Address, Address Line One 5540 Pioneer Creek Drive
Entity, Address, City or Town Maple Plain
Entity, Address, State or Province MN
Entity, Address, Postal Zip Code 55359
City Area Code 763
Local Phone Number 479-3680
Title of 12(b) Security Common Stock
Trading Symbol PRLB
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001443669
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