8-K
Proto Labs Inc (PRLB)
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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): February 11, 2022
Proto Labs, Inc.
(Exact name of registrant as specified in its charter)
| Minnesota | 001-35435 | 41-1939628 |
|---|---|---|
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission File Number) | (IRS Employer<br><br> <br>Identification Number) |
| 5540 Pioneer Creek Drive<br><br> <br>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 or Rule 12b-2 of the Securities Exchange Act of 1934.
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 February 11, 2022, Proto Labs, Inc. issued a press release announcing its fourth quarter and full year 2021 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| 99.1 | Press release of Proto Labs, Inc. dated February 11, 2022. |
|---|---|
| 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: | February 11, 2022 | By: | /s/ Dan Schumacher |
| Dan Schumacher | |||
| Interim Chief Financial Officer |
ex_332580.htm
Exhibit 99.1
| 3D Printing<br><br> <br>CNC Machining<br><br> <br>Sheet Metal Fabrication<br><br> <br>Injection Molding |
|---|
Protolabs Reports Financial Results for the Fourth Quarter and Full Year 2021
Revenue of $123.6 million in the Fourth Quarter of 2021, an increase of 18% year-over-year
Record Annual Revenue of $488.1 million in 2021
MAPLE PLAIN, Minn. – February 11, 2022 – Proto Labs, Inc. (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Highlights include:
| ● | Revenue for the fourth quarter of 2021 was $123.6 million, representing a 17.5 percent increase compared to revenue of $105.2 million in the fourth quarter of 2020. |
|---|---|
| ● | Hubs generated $9.9 million of revenue in the fourth quarter, representing 13.0 percent sequential growth compared to the third quarter of 2021. |
| --- | --- |
| ● | Net income for the fourth quarter of 2021 was $11.9 million, or $0.43 per diluted share. |
| --- | --- |
| ● | Non-GAAP net income was $11.4 million, or $0.41 per diluted share. See “Non-GAAP Financial Measures” below. |
| --- | --- |
“We are pleased with the performance of our business in the fourth quarter, highlighted by strong growth and revenue above our expectations,” said Rob Bodor, President and Chief Executive Officer. “Our employees around the globe worked tirelessly in a challenging environment to finish the year strong and set us up for success in 2022.”
Full Year 2021 Highlights include:
| ● | Record annual revenue of $488.1 million in 2021, an increase of 12.4 percent over $434.4 million in 2020. |
|---|---|
| ● | Protolabs served 55,330 unique product developers during the year. |
| --- | --- |
| ● | Gross margin was 45.6 percent of revenue in 2021, compared to 50.1 percent in 2020. |
| --- | --- |
| ● | EBITDA margin was 16.5 percent of revenue in 2021, compared to 21.7 percent in 2020. |
| --- | --- |
| ● | Adjusted EBITDA margin was 18.3 percent of revenue in 2021, compared to 24.8 percent in 2020. See “Non-GAAP Financial Measures” below. |
| --- | --- |
| ● | Net income for 2021 was $33.4 million, or $1.21 per diluted share. |
| --- | --- |
| ● | Non-GAAP net income was $42.8 million, or $1.55 per diluted share. See “Non-GAAP Financial Measures” below. |
| --- | --- |
| ● | Cash and investments balance was $91.8 million as of December 31, 2021. |
| --- | --- |
“2021 was a transformative year for Protolabs. With the acquisition of Hubs and the launch of Protolabs 2.0, we are well positioned to execute on our long-term strategy to accelerate revenue growth and expand profitability,” added Rob Bodor. “We are uniquely positioned in this large and growing digital manufacturing market as the only company with industry-leading in-house digital manufacturing capabilities coupled with a premium network of manufacturing partners. We have the right strategic priorities in place to capture the opportunity ahead of us in 2022: to accelerate revenue growth, delight our customers, be the digital leader at scale, and continue to be a great place for our employees. I am excited for what we will achieve in 2022.”
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 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, 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 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 net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) 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 operating margin, non-GAAP revenue growth and Adjusted EBITDA, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the company’s management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the company’s business. Accordingly, the company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.
Conference Call
The company has scheduled a conference call to discuss its fourth quarter and full year 2021 financial results and first quarter 2022 outlook today, February 11, 2022 at 8:30 a.m. EST. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EST start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/cgi7nsd7. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.
About Protolabs
Protolabs is the world’s leading provider of digital manufacturing services. The e-commerce-based company offers injection molding, CNC machining, 3D printing, and sheet metal fabrication to product developers, engineers, and supply chain teams across the globe. Protolabs serves customers using in-house production capabilities that bring unprecedented speed in tandem with Hubs, a Protolabs Company, which serves customers through its network of premium manufacturing partners. Together, they help companies bring new ideas to market with the fastest and most comprehensive digital manufacturing service in the world. Visit protolabs.com for more information.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Source: Proto Labs, Inc.
Investor Relations Contact
Protolabs
Ryan Johnsrud, 612-225-4873
Manager of Investor Relations, Corporate Development and Global 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) | ||||
| December 31, | December 31, | |||
| --- | --- | --- | --- | --- |
| 2021 | 2020 | |||
| (Unaudited) | **** | **** | ||
| Assets | **** | **** | **** | **** |
| Current assets | ||||
| Cash and cash equivalents | $ | 65,929 | $ | 127,603 |
| Short-term marketable securities | 11,580 | 34,088 | ||
| Accounts receivable, net | 80,051 | 57,877 | ||
| Inventory | 13,161 | 10,862 | ||
| Income taxes receivable | 1,321 | 540 | ||
| Prepaid expenses and other current assets | 11,450 | 11,032 | ||
| Total current assets | 183,492 | 242,002 | ||
| Property and equipment, net | 280,346 | 282,666 | ||
| Goodwill | 400,610 | 128,752 | ||
| Other intangible assets, net | 37,998 | 14,350 | ||
| Long-term marketable securities | 14,340 | 59,357 | ||
| Operating lease assets | 5,578 | 9,855 | ||
| Finance lease assets | 1,898 | 2,396 | ||
| Other long-term assets | 4,320 | 4,826 | ||
| Total assets | $ | 928,582 | $ | 744,204 |
| Liabilities and shareholders' equity | **** | **** | **** | **** |
| Current liabilities | ||||
| Accounts payable | $ | 25,364 | $ | 18,248 |
| Accrued compensation | 13,704 | 11,989 | ||
| Accrued liabilities and other | 11,980 | 16,193 | ||
| Current operating lease liabilities | 3,298 | 3,272 | ||
| Current finance lease liabilities | 550 | 552 | ||
| Total current liabilities | 54,896 | 50,254 | ||
| Long-term operating lease liabilities | 2,245 | 7,586 | ||
| Long-term finance lease liabilities | 1,351 | 1,919 | ||
| Long-term deferred tax liabilities | 35,892 | 33,854 | ||
| Other long-term liabilities | 5,705 | 6,235 | ||
| Shareholders' equity | 828,493 | 644,356 | ||
| Total liabilities and shareholders' equity | $ | 928,582 | $ | 744,204 |
| Proto Labs, Inc. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Operations | ||||||||||
| (In thousands, except share and per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Year Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | |||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||
| Revenue | ||||||||||
| Injection Molding | $ | 53,905 | $ | 52,065 | $ | 226,117 | $ | 217,992 | ||
| CNC Machining | 44,858 | 31,827 | 166,811 | 131,587 | ||||||
| 3D Printing | 18,727 | 16,024 | 72,721 | 62,502 | ||||||
| Sheet Metal | 5,607 | 4,532 | 20,397 | 18,838 | ||||||
| Other | 485 | 760 | 2,052 | 3,476 | ||||||
| Total revenue | 123,582 | 105,208 | 488,098 | 434,395 | ||||||
| Cost of revenue | 68,170 | 52,580 | 265,407 | 216,568 | ||||||
| Gross profit | 55,412 | 52,628 | 222,691 | 217,827 | ||||||
| Operating expenses | ||||||||||
| Marketing and sales | 20,229 | 17,488 | 82,175 | 69,309 | ||||||
| Research and development | 10,386 | 11,390 | 44,241 | 36,940 | ||||||
| General and administrative | 11,747 | 12,759 | 55,933 | 51,742 | ||||||
| Total operating expenses | 42,362 | 41,637 | 182,349 | 157,991 | ||||||
| Income from operations | 13,050 | 10,991 | 40,342 | 59,836 | ||||||
| Other income (expense), net | (118 | ) | 560 | (158 | ) | 3,109 | ||||
| Income before income taxes | 12,932 | 11,551 | 40,184 | 62,945 | ||||||
| Provision for income taxes | 1,022 | 1,972 | 6,812 | 12,078 | ||||||
| Net income | $ | 11,910 | $ | 9,579 | $ | 33,372 | $ | 50,867 | ||
| Net income per share: | ||||||||||
| Basic | $ | 0.43 | $ | 0.36 | $ | 1.21 | $ | 1.90 | ||
| Diluted | $ | 0.43 | $ | 0.36 | $ | 1.21 | $ | 1.89 | ||
| Shares used to compute net income per share: | ||||||||||
| Basic | 27,555,357 | 26,775,279 | 27,617,627 | 26,737,425 | ||||||
| Diluted | 27,562,694 | 26,976,582 | 27,653,099 | 26,896,357 |
| Proto Labs, Inc. | ||||||
|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
| Year Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| December 31, | ||||||
| 2021 | 2020 | |||||
| Operating activities | **** | **** | **** | **** | **** | **** |
| Net income | $ | 33,372 | $ | 50,867 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 40,488 | 32,594 | ||||
| Stock-based compensation expense | 19,095 | 14,673 | ||||
| Deferred taxes | 339 | 7,577 | ||||
| Amortization of marketable securities | - | 415 | ||||
| Realized loss on available-for-sale securities | 567 | - | ||||
| Changes in fair value of contingent consideration | (13,253 | ) | - | |||
| Other | 275 | (336 | ) | |||
| Changes in operating assets and liabilities | (25,641 | ) | 1,179 | |||
| Net cash provided by operating activities | 55,242 | 106,969 | ||||
| Investing activities | **** | **** | **** | **** | **** | **** |
| Purchases of property, equipment and other capital assets | (34,209 | ) | (47,010 | ) | ||
| Cash used for acquisitions, net of cash acquired | (127,413 | ) | - | |||
| Purchases of other assets and investments | - | (3,000 | ) | |||
| Purchases of marketable securities | (16,159 | ) | (113,200 | ) | ||
| Proceeds from sales of marketable securities | 64,913 | - | ||||
| Proceeds from maturities of marketable securities | 18,204 | 67,737 | ||||
| Net cash used in investing activities | (94,664 | ) | (95,473 | ) | ||
| Financing activities | **** | **** | **** | **** | **** | **** |
| Proceeds from exercises of stock options and other | 5,862 | 7,557 | ||||
| Purchases of shares withheld for tax obligations | (4,225 | ) | (3,443 | ) | ||
| Repurchases of common stock | (23,279 | ) | (14,686 | ) | ||
| Principal repayments of finance lease obligations | (552 | ) | (154 | ) | ||
| Other | (4 | ) | - | |||
| Net cash used in financing activities | (22,198 | ) | (10,726 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | (54 | ) | 1,608 | |||
| Net (decrease) increase in cash and cash equivalents | (61,674 | ) | 2,378 | |||
| Cash and cash equivalents, beginning of period | 127,603 | 125,225 | ||||
| Cash and cash equivalents, end of period | $ | 65,929 | $ | 127,603 |
| Proto Labs, Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP Net Income per Share | ||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and transaction costs | ||||||||||||
| GAAP net income | $ | 11,910 | $ | 9,579 | $ | 33,372 | $ | 50,867 | ||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,556 | 4,056 | 19,095 | 14,673 | ||||||||
| Amortization expense | 1,552 | 754 | 6,153 | 3,016 | ||||||||
| Unrealized (gain) loss on foreign currency | 215 | (353 | ) | 556 | (1,373 | ) | ||||||
| Transaction costs ^1^ | (4,705 | ) | 427 | (10,575 | ) | 427 | ||||||
| Total adjustments ^2^ | 618 | 4,884 | 15,229 | 16,743 | ||||||||
| Income tax benefits on adjustments ^3^ | (1,150 | ) | (1,013 | ) | (5,789 | ) | (4,043 | ) | ||||
| Non-GAAP net income | $ | 11,378 | $ | 13,450 | $ | 42,812 | $ | 63,567 | ||||
| Non-GAAP net income per share: | ||||||||||||
| Basic | $ | 0.41 | $ | 0.50 | $ | 1.55 | $ | 2.38 | ||||
| Diluted | $ | 0.41 | $ | 0.50 | $ | 1.55 | $ | 2.36 | ||||
| Shares used to compute non-GAAP net income per share: | ||||||||||||
| Basic | 27,555,357 | 26,775,279 | 27,617,627 | 26,737,425 | ||||||||
| Diluted | 27,562,694 | 26,976,582 | 27,653,099 | 26,896,357 | ||||||||
| ^1^Transaction costs include direct costs incurred in our acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations. | ||||||||||||
| --- | ||||||||||||
| ^2^Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and transaction costs were included in the following GAAP consolidated statement of operations categories: | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Cost of revenue | $ | 990 | $ | 1,032 | $ | 3,964 | $ | 3,820 | ||||
| Marketing and sales | 895 | 888 | 3,736 | 3,121 | ||||||||
| Research and development | 689 | 675 | 2,833 | 2,441 | ||||||||
| General and administrative | (2,171 | ) | 2,642 | 4,140 | 8,734 | |||||||
| Total operating expenses | (587 | ) | 4,205 | 10,709 | 14,296 | |||||||
| Other (income) expense, net | 215 | (353 | ) | 556 | (1,373 | ) | ||||||
| Total adjustments | $ | 618 | $ | 4,884 | $ | 15,229 | $ | 16,743 | ||||
| ^3^For the three-month and year-ended periods ended December 31, 2021 and 2020, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. Our non-GAAP tax rates differ from our 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 Operating Margin | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenue | $ | 123,582 | $ | 105,208 | $ | 488,098 | $ | 434,395 | ||||
| Income from operations | 13,050 | 10,991 | 40,342 | 59,836 | ||||||||
| GAAP operating margin | 10.6 | % | 10.4 | % | 8.3 | % | 13.8 | % | ||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,556 | 4,056 | 19,095 | 14,673 | ||||||||
| Amortization expense | 1,552 | 754 | 6,153 | 3,016 | ||||||||
| Transaction costs^1^ | (4,705 | ) | 427 | (10,575 | ) | 427 | ||||||
| Total adjustments | 403 | 5,237 | 14,673 | 18,116 | ||||||||
| Non-GAAP income from operations | $ | 13,453 | $ | 16,228 | $ | 55,015 | $ | 77,952 | ||||
| Non-GAAP operating margin | 10.9 | % | 15.4 | % | 11.3 | % | 17.9 | % | ||||
| ^1^Transaction costs include direct costs incurred in our acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations. | ||||||||||||
| --- |
| Proto Labs, Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| GAAP net income | $ | 11,910 | $ | 9,579 | $ | 33,372 | $ | 50,867 | ||||
| Amortization expense | 1,552 | 754 | 6,153 | 3,016 | ||||||||
| Depreciation expense | 8,705 | 7,949 | 34,335 | 29,578 | ||||||||
| Interest income, net | (23 | ) | (149 | ) | (230 | ) | (1,332 | ) | ||||
| Tax expense | 1,022 | 1,972 | 6,812 | 12,078 | ||||||||
| EBITDA | 23,166 | 20,105 | 80,442 | 94,207 | ||||||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,556 | 4,056 | 19,095 | 14,673 | ||||||||
| Unrealized (gain) loss on foreign currency | 215 | (353 | ) | 556 | (1,373 | ) | ||||||
| Transaction costs^1^ | (4,705 | ) | 427 | (10,575 | ) | 427 | ||||||
| Total adjustments | (934 | ) | 4,130 | 9,076 | 13,727 | |||||||
| Adjusted EBITDA | $ | 22,232 | $ | 24,235 | $ | 89,518 | $ | 107,934 | ||||
| ^1^Transaction costs include direct costs incurred in our acquisition of Hubs, Inc. and the impact of changes in the fair value of acquisition-related contingent consideration obligations. | ||||||||||||
| --- |
| Proto Labs, Inc. | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Comparison of GAAP to Non-GAAP Revenue Growth | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | % | **** | **** | **** | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| GAAP | Foreign Currency^1^ | Hubs Acquisition^2^ | Non-GAAP | GAAP | Change^3^ | % Change Organic^4^ | ||||||||||||
| Revenues | ||||||||||||||||||
| United States | $ | 97,934 | $ | - | $ | (5,109 | ) | $ | 92,825 | $ | 83,201 | 17.7 | % | 11.6 | % | |||
| Europe | 22,140 | 294 | (4,784 | ) | 17,650 | 18,383 | 20.4 | (4.0 | ) | |||||||||
| Japan | 3,508 | 310 | - | 3,818 | 3,624 | (3.2 | ) | 5.4 | ||||||||||
| Total Revenue | $ | 123,582 | $ | 604 | $ | (9,893 | ) | $ | 114,293 | $ | 105,208 | 17.5 | % | 8.6 | % | |||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | % | **** | **** | **** | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GAAP | Foreign Currency^1^ | Hubs Acquisition^2^ | Non-GAAP | GAAP | Change^3^ | % Change Organic^4^ | ||||||||||||
| Revenues | ||||||||||||||||||
| United States | $ | 384,458 | $ | - | $ | (17,621 | ) | $ | 366,837 | $ | 345,708 | 11.2 | % | 6.1 | % | |||
| Europe | 90,399 | (3,692 | ) | (15,726 | ) | 70,981 | 74,796 | 20.9 | (5.1 | ) | ||||||||
| Japan | 13,241 | 393 | - | 13,634 | 13,891 | (4.7 | ) | (1.9 | ) | |||||||||
| Total Revenue | $ | 488,098 | $ | (3,299 | ) | $ | (33,347 | ) | $ | 451,452 | $ | 434,395 | 12.4 | % | 3.9 | % | ||
| ^1^ Revenue for the three-month and year-ended periods ended December 31, 2021 has been recalculated using 2020 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 and year-ended periods ended December 31, 2021 has been recalculated to exclude revenue earned from our acquisition of Hubs, Inc. to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. | ||||||||||||||||||
| ^3^ This column presents the percentage change from GAAP revenue for the three-month and year-ended periods ended December 31, 2020 to GAAP revenue for the three-month and year-ended periods ended December 31, 2021. | ||||||||||||||||||
| ^4^ This column presents the percentage change from GAAP revenue for the three-month and year-ended periods ended December 31, 2020 to non-GAAP revenue for the three-month and year-ended periods ended December 31, 2021 (as recalculated using the foreign currency exchange rates in effect during the three-month and year-ended periods ended December 31, 2020, excluding the impact of Hubs, Inc. acquisition) in order to provide a constant-currency comparison. |
| Proto Labs, Inc. | |||||||
|---|---|---|---|---|---|---|---|
| Product Developer Information | |||||||
| (Unaudited) | |||||||
| Three Months Ended | Year Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| December 31, | December 31, | ||||||
| 2021 | 2020 | 2021 | 2020^(1)^ | ||||
| Unique product developers and engineers served | 23,376 | 18,157 | 55,330 | 43,808 | |||
| ^(1)^The unique product developers and engineers served for the year ended December 31, 2020 has been restated to include unique product developers and engineers who purchased injection molding parts only. Historically we included only those developers who purchased injection molds in our metric. | |||||||
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