8-K
Proto Labs Inc (PRLB)
UNITED STATESSECURITIES 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): October **** 2 9 , 2020
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 October 29, 2020, Proto Labs, Inc. issued a press release announcing its third quarter 2020 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<br><br> <br>104 | Press release of Proto Labs, Inc. dated October 29, 2020<br><br> <br>Cover Page Interactive Data File (formatted as Inline XBRL) |
|---|
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: | October 29, 2020 | By: | /s/ John A. Way |
| John A. Way | |||
| Chief Financial Officer |
ex_208743.htm
Exhibit 99.1
Protolabs Reports Financial Results for the Third Quarter 2020
Third Quarter 2020 Revenue of $107.5 million
Third Quarter 2020 GAAP EPS of $0.55, Non-GAAP EPS of $0.67
MAPLE PLAIN, Minn. – October 29, 2020 – Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled, quick-turn, on-demand manufacturer, today announced financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Highlights include:
| ● | Revenue for the third quarter of 2020 was $107.5 million, representing an 8.5 percent decrease compared to revenue of $117.5 million in the third quarter of 2019, and a sequential increase of 0.9% over the second quarter of 2020. |
|---|---|
| ● | GAAP net income for the third quarter of 2020 was $14.7 million, or $0.55 per diluted share. |
| --- | --- |
| ● | Non-GAAP net income was $17.9 million, or $0.67 per diluted share in the third quarter. See “Non-GAAP Financial Measures” below. |
| --- | --- |
“We delivered third quarter revenue and non-GAAP earnings per share above expectations driven by improved productivity and disciplined cost management,” said Vicki Holt, President and Chief Executive Officer of Protolabs. “As the challenges and uncertainty of 2020 continue, we are focused on executing the areas in our control while continuing to invest in our future. Our new Protolabs 2.0 ecommerce digital manufacturing platform will go live in Europe in November, followed by a US debut in the first quarter of 2021. Our new platform will enhance our already strong customer experience and extend our position as the leader in digital manufacturing.”
Additional Third Quarter 2020 Highlights include:
| ● | Gross margin was 50.8 percent of revenue for the third quarter of 2020, up from 49.2 percent for the second quarter of 2020. |
|---|---|
| ● | Operating expenses were $37.0 million or 34.4 percent of revenue for the third quarter of 2020, down from $38.1 million or 35.8 percent of revenue in the second quarter of 2020. |
| --- | --- |
| ● | GAAP operating margin was 16.4 percent of revenue during the third quarter of 2020, up from 13.5 percent for the second quarter of 2020. |
| --- | --- |
| ● | Non-GAAP operating margin was 20.8 percent of revenue during the third quarter of 2020, compared to 17.6 percent for the second quarter of 2020. See “Non-GAAP Financial Measures” below. |
| --- | --- |
| ● | Adjusted EBITDA margins were 27.9% in the third quarter of 2020, compared to 27.5% in the third quarter of 2019. |
| --- | --- |
| ● | The company generated $29.0 million in cash from operations during the third quarter of 2020, compared to $31.0 million in second quarter 2020. |
| --- | --- |
| ● | Our cash and marketable securities balance exceeded $200.0 million at the end of the third quarter. |
| --- | --- |
“Our increased focus and execution on managing costs resulted in significant sequential margin improvement in the third quarter,” said John Way, Chief Financial Officer. “Protolabs’ digital manufacturing model continues to produce very strong cash flows even with the challenges presented in 2020, allowing us to reinvest in our business and position us to capitalize on the opportunities as the economy continues its gradual recovery.”
Non-GAAP Financial Measures
The company has included non-GAAP revenue growth 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 and unrealized (gain) loss on foreign currency (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 and amortization expense (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, and unrealized (gain) loss on foreign currency (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 third quarter 2020 financial results and financial guidance today, October 29, 2020 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 presentations will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/hpno43bk. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.
About Protolabs
Protolabs is a leading digital manufacturing source for rapid prototyping and on-demand production. The company produces custom parts and assemblies in as fast as one day with automated 3D printing, CNC machining, sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market, reduces development and production costs, and minimizes risk throughout the product life cycle. 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
Dan Schumacher, 763-479-7240
Director of Investor Relations
daniel.schumacher@protolabs.com
or
Media Contact:
Protolabs
Will Martin, 763-479-7719
Sr. Marketing Communications Manager
will.martin@protolabs.com
| Proto Labs, Inc. | ||||
|---|---|---|---|---|
| Condensed Consolidated Balance Sheets | ||||
| (In thousands) | ||||
| September 30, | December 31, | |||
| --- | --- | --- | --- | --- |
| 2020 | 2019 | |||
| (Unaudited) | **** | **** | ||
| Assets | **** | **** | **** | **** |
| Current assets | ||||
| Cash and cash equivalents | $ | 118,254 | $ | 125,225 |
| Short-term marketable securities | 30,993 | 35,437 | ||
| Accounts receivable, net | 61,250 | 57,450 | ||
| Inventory | 10,402 | 10,075 | ||
| Income taxes receivable | 16 | - | ||
| Prepaid expenses and other current assets | 10,198 | 8,232 | ||
| Total current assets | 231,113 | 236,419 | ||
| Property and equipment, net | 281,895 | 263,712 | ||
| Goodwill | 128,752 | 128,752 | ||
| Other intangible assets, net | 15,107 | 17,369 | ||
| Long-term marketable securities | 51,369 | 12,960 | ||
| Operating lease assets | 10,485 | 11,425 | ||
| Finance lease assets | 2,087 | - | ||
| Other long-term assets | 5,318 | 3,030 | ||
| Total assets | $ | 726,126 | $ | 673,667 |
| Liabilities and shareholders' equity | **** | **** | **** | **** |
| Current liabilities | ||||
| Accounts payable | $ | 15,452 | $ | 16,804 |
| Accrued compensation | 13,539 | 15,058 | ||
| Accrued liabilities and other | 19,047 | 11,057 | ||
| Current operating lease liabilities | 3,330 | 3,340 | ||
| Current finance lease liabilities | 325 | - | ||
| Income taxes payable | - | 1,322 | ||
| Total current liabilities | 51,693 | 47,581 | ||
| Long-term operating lease liabilities | 8,003 | 8,565 | ||
| Long-term finance lease liabilities | 1,758 | - | ||
| Long-term deferred tax liabilities | 32,849 | 26,283 | ||
| Other long-term liabilities | 6,002 | 5,448 | ||
| Shareholders' equity | 625,821 | 585,790 | ||
| Total liabilities and shareholders' equity | $ | 726,126 | $ | 673,667 |
| Proto Labs, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Operations | ||||||||
| (In thousands, except share and per share amounts) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | |||||||
| 2020 | 2019 | 2020 | 2019 | |||||
| Revenue | ||||||||
| Injection Molding | $ | 53,257 | $ | 55,167 | $ | 165,927 | $ | 165,935 |
| CNC Machining | 33,115 | 40,219 | 99,760 | 116,979 | ||||
| 3D Printing | 16,294 | 15,898 | 46,478 | 45,644 | ||||
| Sheet Metal | 3,988 | 5,280 | 14,306 | 15,777 | ||||
| Other | 850 | 891 | 2,716 | 2,504 | ||||
| Total revenue | 107,504 | 117,455 | 329,187 | 346,839 | ||||
| Cost of revenue | 52,861 | 57,839 | 163,988 | 168,127 | ||||
| Gross profit | 54,643 | 59,616 | 165,199 | 178,712 | ||||
| Operating expenses | ||||||||
| Marketing and sales | 16,705 | 17,604 | 51,821 | 55,466 | ||||
| Research and development | 7,915 | 8,359 | 25,550 | 24,541 | ||||
| General and administrative | 12,354 | 12,380 | 38,983 | 38,411 | ||||
| Total operating expenses | 36,974 | 38,343 | 116,354 | 118,418 | ||||
| Income from operations | 17,669 | 21,273 | 48,845 | 60,294 | ||||
| Other income, net | 728 | 228 | 2,549 | 1,566 | ||||
| Income before income taxes | 18,397 | 21,501 | 51,394 | 61,860 | ||||
| Provision for income taxes | 3,700 | 4,709 | 10,106 | 13,391 | ||||
| Net income | $ | 14,697 | $ | 16,792 | $ | 41,288 | $ | 48,469 |
| Net income per share: | ||||||||
| Basic | $ | 0.55 | $ | 0.63 | $ | 1.54 | $ | 1.80 |
| Diluted | $ | 0.55 | $ | 0.62 | $ | 1.54 | $ | 1.79 |
| Shares used to compute net income per share: | ||||||||
| Basic | 26,736,709 | 26,846,030 | 26,724,715 | 26,894,420 | ||||
| Diluted | 26,886,433 | 27,005,341 | 26,861,647 | 27,072,873 |
| Proto Labs, Inc. | ||||||
|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
| Nine Months Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| September 30, | ||||||
| 2020 | 2019 | |||||
| Operating activities | **** | **** | **** | **** | **** | **** |
| Net income | $ | 41,288 | $ | 48,469 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 23,891 | 22,658 | ||||
| Stock-based compensation expense | 10,617 | 9,738 | ||||
| Deferred taxes | 6,578 | 1,599 | ||||
| Amortization of held-to-maturity securities | 202 | (5 | ) | |||
| Other | (865 | ) | (133 | ) | ||
| Changes in operating assets and liabilities | 664 | 1,453 | ||||
| Net cash provided by operating activities | 82,375 | 83,779 | ||||
| Investing activities | **** | **** | **** | **** | **** | **** |
| Purchases of property, equipment and other capital assets | (40,489 | ) | (46,151 | ) | ||
| Purchases of other assets and investments | (3,000 | ) | (4,000 | ) | ||
| Purchases of marketable securities | (90,596 | ) | (17,443 | ) | ||
| Proceeds from maturities of marketable securities | 56,428 | 54,352 | ||||
| Net cash used in investing activities | (77,657 | ) | (13,242 | ) | ||
| Financing activities | **** | **** | **** | **** | **** | **** |
| Proceeds from exercises of stock options and other | 5,674 | 2,486 | ||||
| Purchases of shares withheld for tax obligations | (3,367 | ) | (2,420 | ) | ||
| Repurchases of common stock | (14,686 | ) | (33,521 | ) | ||
| Net cash used in financing activities | (12,379 | ) | (33,455 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | 690 | (560 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (6,971 | ) | 36,522 | |||
| Cash and cash equivalents, beginning of period | 125,225 | 85,046 | ||||
| Cash and cash equivalents, end of period | $ | 118,254 | $ | 121,568 |
| Proto Labs, Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP Net Income per Share | ||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense and unrealized (gain) loss on foreign currency | ||||||||||||
| GAAP net income | $ | 14,697 | $ | 16,792 | $ | 41,288 | $ | 48,469 | ||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,945 | 3,212 | 10,617 | 9,738 | ||||||||
| Amortization expense | 754 | 859 | 2,262 | 2,593 | ||||||||
| Unrealized (gain) loss on foreign currency | (84 | ) | 449 | (1,020 | ) | 391 | ||||||
| Total adjustments ^1^ | 4,615 | 4,520 | 11,859 | 12,722 | ||||||||
| Income tax benefits on adjustments ^2^ | (1,368 | ) | (882 | ) | (3,030 | ) | (2,875 | ) | ||||
| Non-GAAP net income | $ | 17,944 | $ | 20,430 | $ | 50,117 | $ | 58,316 | ||||
| Non-GAAP net income per share: | ||||||||||||
| Basic | $ | 0.67 | $ | 0.76 | $ | 1.88 | $ | 2.17 | ||||
| Diluted | $ | 0.67 | $ | 0.76 | $ | 1.87 | $ | 2.15 | ||||
| Shares used to compute non-GAAP net income per share: | ||||||||||||
| Basic | 26,736,709 | 26,846,030 | 26,724,715 | 26,894,420 | ||||||||
| Diluted | 26,886,433 | 27,005,341 | 26,861,647 | 27,072,873 | ||||||||
| ^1^Stock-based compensation expense, amortization expense and unrealized (gain) loss on foreign currency were included in the following GAAP consolidated statement of operations categories: | ||||||||||||
| --- | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| September 30, | September 30, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Cost of revenue | $ | 989 | $ | 872 | $ | 2,788 | $ | 2,402 | ||||
| Marketing and sales | 865 | 760 | 2,233 | 1,923 | ||||||||
| Research and development | 638 | 560 | 1,766 | 1,486 | ||||||||
| General and administrative | 2,207 | 1,879 | 6,092 | 6,520 | ||||||||
| Total operating expenses | 3,710 | 3,199 | 10,091 | 9,929 | ||||||||
| Other income, net | (84 | ) | 449 | (1,020 | ) | 391 | ||||||
| Total adjustments | $ | 4,615 | $ | 4,520 | $ | 11,859 | $ | 12,722 | ||||
| ^2^For the three and nine-month periods ended September 30, 2020 and 2019, 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 | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Revenue | $ | 107,504 | $ | 117,455 | $ | 329,187 | $ | 346,839 | ||||
| Income from operations | 17,669 | 21,273 | 48,845 | 60,294 | ||||||||
| GAAP operating margin | 16.4 | % | 18.1 | % | 14.8 | % | 17.4 | % | ||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,945 | 3,212 | 10,617 | 9,738 | ||||||||
| Amortization expense | 754 | 859 | 2,262 | 2,593 | ||||||||
| Total adjustments | 4,699 | 4,071 | 12,879 | 12,331 | ||||||||
| Non-GAAP income from operations | $ | 22,368 | $ | 25,344 | $ | 61,724 | $ | 72,625 | ||||
| Non-GAAP operating margin | 20.8 | % | 21.6 | % | 18.8 | % | 20.9 | % |
| Proto Labs, Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| GAAP net income | $ | 14,697 | $ | 16,792 | $ | 41,288 | $ | 48,469 | ||||
| Amortization expense | 754 | 859 | 2,262 | 2,593 | ||||||||
| Depreciation expense | 7,282 | 6,820 | 21,629 | 20,066 | ||||||||
| Interest income, net | (255 | ) | (489 | ) | (1,183 | ) | (1,535 | ) | ||||
| Tax expense | 3,700 | 4,709 | 10,106 | 13,391 | ||||||||
| EBITDA | 26,178 | 28,691 | 74,102 | 82,984 | ||||||||
| Add back: | ||||||||||||
| Stock-based compensation expense | 3,945 | 3,212 | 10,617 | 9,738 | ||||||||
| Unrealized (gain) loss on foreign currency | (84 | ) | 449 | (1,020 | ) | 391 | ||||||
| Total adjustments | 3,861 | 3,661 | 9,597 | 10,129 | ||||||||
| Adjusted EBITDA | $ | 30,039 | $ | 32,352 | $ | 83,699 | $ | 93,113 |
| Proto Labs, Inc. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Comparison of GAAP to Non-GAAP Revenue Growth | |||||||||||||||
| (In thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | % | % Change Constant | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GAAP | Adjustments^1^ | Non-GAAP | GAAP | Change^2^ | Currencies^3^ | ||||||||||
| Revenues | |||||||||||||||
| United States | $ | 85,608 | $ | - | $ | 85,608 | $ | 92,916 | (7.9 | ) | (7.9 | ) | |||
| Europe | 18,897 | (828 | ) | 18,069 | 20,721 | (8.8 | ) | (12.8 | ) | ||||||
| Japan | 2,999 | (36 | ) | 2,963 | 3,818 | (21.5 | ) | (22.4 | ) | ||||||
| Total Revenue | $ | 107,504 | $ | (864 | ) | $ | 106,640 | $ | 117,455 | (8.5 | ) | (9.2 | ) | ||
| Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | % | % Change Constant | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GAAP | Adjustments^1^ | Non-GAAP | GAAP | Change^2^ | Currencies^3^ | ||||||||||
| Revenues | |||||||||||||||
| United States | $ | 262,507 | $ | - | $ | 262,507 | $ | 271,877 | (3.4 | ) | (3.4 | ) | |||
| Europe | 56,413 | 237 | 56,650 | 62,915 | (10.3 | ) | (10.0 | ) | |||||||
| Japan | 10,267 | (153 | ) | 10,114 | 12,047 | (14.8 | ) | (16.0 | ) | ||||||
| Total Revenue | $ | 329,187 | $ | 84 | $ | 329,271 | $ | 346,839 | (5.1 | ) | (5.1 | ) | |||
| ^1^ Revenue for the three and nine-month periods ended September 30, 2020 has been recalculated using 2019 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 and nine-month periods ended September 30, 2019 to GAAP revenue for the three and nine-month periods ended September 30, 2020. | |||||||||||||||
| ^3^ This column presents the percentage change from GAAP revenue for the three and nine-month periods ended September 30, 2019 to non-GAAP revenue for the three and nine-month periods ended September 30, 2020 (as recalculated using the foreign currency exchange rates in effect during the three- and nine-month periods ended September 30, 2019) in order to provide a constant-currency comparison. |
| Proto Labs, Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Product Developer Information | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| September 30, | September 30, | |||||||
| 2020 | 2019 | 2020 | 2019 | |||||
| Unique product developers and engineers served | 18,796 | 21,471 | 37,504 | 40,791 |