Protolabs Reports Financial Results for the Third Quarter of 2023

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

 

 

 

September 30,
2023

 

December 31,
2022

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

83,496

 

$

56,558

Short-term marketable securities

 

19,204

 

 

23,568

Accounts receivable, net

 

78,395

 

 

76,225

Inventory

 

13,803

 

 

13,578

Income taxes receivable

 

891

 

 

4,042

Prepaid expenses and other current assets

 

8,722

 

 

12,597

Total current assets

 

204,511

 

 

186,568

 

 

 

 

Property and equipment, net

 

243,022

 

 

257,785

Goodwill

 

273,991

 

 

273,991

Other intangible assets, net

 

26,668

 

 

31,250

Long-term marketable securities

 

12,212

 

 

26,419

Operating lease assets

 

2,737

 

 

3,844

Finance lease assets

 

16,763

 

 

17,532

Other long-term assets

 

4,341

 

 

4,779

Total assets

$

784,245

 

$

802,168

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

17,922

 

$

17,356

Accrued compensation

 

16,337

 

 

12,743

Accrued liabilities and other

 

21,027

 

 

22,384

Current operating lease liabilities

 

1,568

 

 

1,561

Current finance lease liabilities

 

16,630

 

 

17,537

Income taxes payable

 

1,144

 

 

Total current liabilities

 

74,628

 

 

71,581

 

 

 

 

Long-term operating lease liabilities

 

1,545

 

 

2,255

Long-term finance lease liabilities

 

671

 

 

Long-term deferred tax liabilities

 

17,138

 

 

26,322

Other long-term liabilities

 

5,341

 

 

4,362

 

 

 

 

Shareholders' equity

 

684,922

 

 

697,648

Total liabilities and shareholders' equity

$

784,245

 

$

802,168

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

 

Injection Molding

$

51,688

 

$

48,940

 

 

$

152,455

 

 

$

155,693

 

CNC Machining

 

52,916

 

 

47,489

 

 

 

149,317

 

 

 

141,809

 

3D Printing

 

21,622

 

 

19,823

 

 

 

63,952

 

 

 

59,458

 

Sheet Metal

 

4,291

 

 

5,219

 

 

 

12,478

 

 

 

15,066

 

Other Revenue

 

188

 

 

250

 

 

 

627

 

 

 

765

 

Total Revenue

 

130,705

 

 

121,721

 

 

 

378,829

 

 

 

372,791

 

 

 

 

 

 

 

 

 

Cost of revenue

 

71,423

 

 

68,089

 

 

 

212,648

 

 

 

205,933

 

Gross profit

 

59,282

 

 

53,632

 

 

 

166,181

 

 

 

166,858

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Marketing and sales

 

21,682

 

 

20,594

 

 

 

65,863

 

 

 

62,235

 

Research and development

 

10,105

 

 

9,309

 

 

 

30,647

 

 

 

29,316

 

General and administrative

 

17,058

 

 

16,477

 

 

 

49,713

 

 

 

49,770

 

Closure of Japan business

 

22

 

 

1,194

 

 

 

186

 

 

 

6,388

 

Total operating expenses

 

48,867

 

 

47,574

 

 

 

146,409

 

 

 

147,709

 

Income from operations

 

10,415

 

 

6,058

 

 

 

19,772

 

 

 

19,149

 

Other income (loss), net

 

320

 

 

(24

)

 

 

(1,758

)

 

 

(323

)

Income before income taxes

 

10,735

 

 

6,034

 

 

 

18,014

 

 

 

18,826

 

Provision for income taxes

 

2,781

 

 

2,083

 

 

 

7,784

 

 

 

7,223

 

Net income

$

7,954

 

$

3,951

 

 

$

10,230

 

 

$

11,603

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.31

 

$

0.14

 

 

$

0.39

 

 

$

0.42

 

Diluted

$

0.31

 

$

0.14

 

 

$

0.39

 

 

$

0.42

 

 

 

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

 

 

 

Basic

 

26,023,830

 

 

27,505,097

 

 

 

26,296,304

 

 

 

27,512,057

 

Diluted

 

26,028,456

 

 

27,508,217

 

 

 

26,327,606

 

 

 

27,522,734

 

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

Operating activities

 

 

 

Net income

$

10,230

 

 

$

11,603

 

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

 

 

 

Depreciation and amortization

 

28,213

 

 

 

29,981

 

Stock-based compensation expense

 

11,811

 

 

 

13,335

 

Deferred taxes

 

(9,197

)

 

 

(8,920

)

Interest on finance lease obligations

 

859

 

 

 

-

 

Loss on foreign currency translation

 

3,906

 

 

 

-

 

Impairments related to closure of Japan business

 

-

 

 

 

2,842

 

Gain on disposal of property and equipment

 

(498

)

 

 

(1,174

)

Other

 

122

 

 

 

11

 

Changes in operating assets and liabilities:

 

10,600

 

 

 

3,886

 

Net cash provided by operating activities

 

56,046

 

 

 

51,564

 

 

 

 

 

Investing activities

 

 

 

Purchases of property, equipment and other capital assets

 

(9,935

)

 

 

(16,414

)

Proceeds from sales of property, equipment and other capital assets

 

693

 

 

 

3,227

 

Purchases of marketable securities

 

-

 

 

 

(45,872

)

Proceeds from sales of marketable securities

 

-

 

 

 

1,998

 

Proceeds from call redemptions and maturities of marketable securities

 

19,115

 

 

 

13,696

 

Net cash provided by (used in) investing activities

 

9,873

 

 

 

(43,365

)

 

 

 

 

Financing activities

 

 

 

Proceeds from exercises of stock options

 

1,986

 

 

 

2,311

 

Purchases of shares withheld for tax obligations

 

(1,436

)

 

 

(1,615

)

Repurchases of common stock

 

(39,053

)

 

 

(13,074

)

Principal repayments of finance lease obligations

 

(234

)

 

 

(417

)

Net cash used in financing activities

 

(38,737

)

 

 

(12,795

)

Effect of exchange rate changes on cash and cash equivalents

 

(244

)

 

 

(1,972

)

Net increase (decrease) in cash and cash equivalents

 

26,938

 

 

 

(6,568

)

Cash and cash equivalents, beginning of period

 

56,558

 

 

 

65,929

 

Cash and cash equivalents, end of period

$

83,496

 

 

$

59,361

 

 

 

 

 

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
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

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

$

7,954

 

 

$

3,951

 

 

$

10,230

 

 

$

11,603

 

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,441

 

 

 

4,907

 

 

 

11,811

 

 

 

13,335

 

Amortization expense

 

1,461

 

 

 

1,510

 

 

 

4,471

 

 

 

4,582

 

Unrealized (gain) loss on foreign currency

 

(29

)

 

 

382

 

 

 

86

 

 

 

742

 

Costs related to Japan closure activities

 

22

 

 

 

1,194

 

 

 

4,093

 

 

 

6,388

 

Total adjustments 1

 

5,895

 

 

 

7,993

 

 

 

20,461

 

 

 

25,047

 

Income tax benefits on adjustments 2

 

(633

)

 

 

(1,060

)

 

 

(931

)

 

 

(2,518

)

Non-GAAP net income

$

13,216

 

 

$

10,884

 

 

$

29,760

 

 

$

34,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

Basic

$

0.51

 

 

$

0.40

 

 

$

1.13

 

 

$

1.24

 

Diluted

$

0.51

 

 

$

0.40

 

 

$

1.13

 

 

$

1.24

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

26,023,830

 

 

 

27,505,097

 

 

 

26,296,304

 

 

 

27,512,057

 

Diluted

 

26,028,456

 

 

 

27,508,217

 

 

 

26,327,606

 

 

 

27,522,734

 

 

 

 

 

 

 

 

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
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Cost of revenue

$

805

 

 

$

902

 

$

2,416

 

$

2,701

 

 

 

 

 

 

 

 

Marketing and sales

 

961

 

 

 

929

 

 

2,508

 

 

2,479

Research and development

 

675

 

 

 

602

 

 

1,888

 

 

1,702

General and administrative

 

3,461

 

 

 

3,984

 

 

9,471

 

 

11,035

Closure of Japan business

 

22

 

 

 

1,194

 

 

186

 

 

6,388

Total operating expenses

 

5,119

 

 

 

6,709

 

 

14,053

 

 

21,604

 

 

 

 

 

 

 

 

Other income (loss), net

 

(29

)

 

 

382

 

 

3,992

 

 

742

Total adjustments

$

5,895

 

 

$

7,993

 

$

20,461

 

$

25,047

2

For the three and nine months ended September 30, 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
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

130,705

 

 

$

121,721

 

 

$

378,829

 

 

$

372,791

 

Gross profit

 

59,282

 

 

 

53,632

 

 

 

166,181

 

 

 

166,858

 

GAAP gross margin

 

45.4

%

 

 

44.1

%

 

 

43.9

%

 

 

44.8

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

462

 

 

 

560

 

 

 

1,388

 

 

 

1,674

 

Amortization expense

 

343

 

 

 

342

 

 

 

1,028

 

 

 

1,027

 

Total adjustments

 

805

 

 

 

902

 

 

 

2,416

 

 

 

2,701

 

Non-GAAP gross profit

$

60,087

 

 

$

54,534

 

 

$

168,597

 

 

$

169,559

 

Non-GAAP gross margin

 

46.0

%

 

 

44.8

%

 

 

44.5

%

 

 

45.5

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

130,705

 

 

$

121,721

 

 

$

378,829

 

 

$

372,791

 

Revenue excluding Japan

$

130,705

 

 

$

120,434

 

 

$

378,829

 

 

$

364,562

 

Gross profit

 

59,282

 

 

 

53,632

 

 

 

166,181

 

 

 

166,858

 

GAAP gross margin

 

45.4

%

 

 

44.1

%

 

 

43.9

%

 

 

44.8

%

Less: Japan gross profit

 

-

 

 

 

47

 

 

 

-

 

 

 

3,150

 

Gross Profit excluding Japan

 

59,282

 

 

 

53,585

 

 

 

166,181

 

 

 

163,708

 

GAAP gross margin excluding Japan

 

45.4

%

 

 

44.5

%

 

 

43.9

%

 

 

44.9

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

462

 

 

 

560

 

 

 

1,388

 

 

 

1,674

 

Amortization expense

 

343

 

 

 

342

 

 

 

1,028

 

 

 

1,027

 

Less:

 

 

 

 

 

 

 

Japan stock-based compensation expense

 

-

 

 

 

13

 

 

 

-

 

 

 

61

 

Japan amortization expense

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total adjustments

 

805

 

 

 

889

 

 

 

2,416

 

 

 

2,640

 

Non-GAAP gross profit excluding Japan

$

60,087

 

 

$

54,474

 

 

$

168,597

 

 

$

166,348

 

Non-GAAP gross margin excluding Japan

 

46.0

%

 

 

45.2

%

 

 

44.5

%

 

 

45.6

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

130,705

 

 

$

121,721

 

 

$

378,829

 

 

$

372,791

 

Income from operations

 

10,415

 

 

 

6,058

 

 

 

19,772

 

 

 

19,149

 

GAAP operating margin

 

8.0

%

 

 

5.0

%

 

 

5.2

%

 

 

5.1

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,441

 

 

 

4,907

 

 

 

11,811

 

 

 

13,335

 

Amortization expense

 

1,461

 

 

 

1,510

 

 

 

4,471

 

 

 

4,582

 

Costs related to Japan closure activities

 

22

 

 

 

1,194

 

 

 

186

 

 

 

6,388

 

Total adjustments

 

5,924

 

 

 

7,611

 

 

 

16,468

 

 

 

24,305

 

Non-GAAP income from operations

$

16,339

 

 

$

13,669

 

 

$

36,240

 

 

$

43,454

 

Non-GAAP operating margin

 

12.5

%

 

 

11.2

%

 

 

9.6

%

 

 

11.7

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin Excluding Japan

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

130,705

 

 

$

121,721

 

 

$

378,829

 

 

$

372,791

 

Revenue excluding Japan

$

130,705

 

 

$

120,434

 

 

$

378,829

 

 

$

364,562

 

Income from operations

 

10,415

 

 

 

6,058

 

 

 

19,772

 

 

 

19,149

 

GAAP operating margin

 

8.0

%

 

 

5.0

%

 

 

5.2

%

 

 

5.1

%

Less: Japan (loss) income from operations

 

(7

)

 

 

(724

)

 

 

(481

)

 

 

(720

)

Income from operations excluding Japan

 

10,422

 

 

 

6,782

 

 

 

20,253

 

 

 

19,869

 

GAAP operating margin excluding Japan

 

8.0

%

 

 

5.6

%

 

 

5.3

%

 

 

5.5

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,441

 

 

 

4,907

 

 

 

11,811

 

 

 

13,335

 

Amortization expense

 

1,461

 

 

 

1,510

 

 

 

4,471

 

 

 

4,582

 

Costs related to Japan closure activities

 

22

 

 

 

1,194

 

 

 

186

 

 

 

6,388

 

Less:

 

 

 

 

 

 

 

Japan stock-based compensation expense

 

-

 

 

 

89

 

 

 

17

 

 

 

386

 

Japan amortization expense

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total adjustments

 

5,924

 

 

 

7,522

 

 

 

16,451

 

 

 

23,919

 

Non-GAAP income from operations excluding Japan

$

16,346

 

 

$

14,304

 

 

$

36,704

 

 

$

43,788

 

Non-GAAP operating margin excluding Japan

 

12.5

%

 

 

11.9

%

 

 

9.7

%

 

 

12.0

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

130,705

 

 

$

121,721

 

 

$

378,829

 

 

$

372,791

 

GAAP net income

 

7,954

 

 

 

3,951

 

 

 

10,230

 

 

 

11,603

 

GAAP net income margin

 

6.1

%

 

 

3.2

%

 

 

2.7

%

 

 

3.1

%

Add back:

 

 

 

 

 

 

 

Amortization expense

$

1,461

 

 

$

1,510

 

 

$

4,471

 

 

$

4,582

 

Depreciation expense

 

7,869

 

 

 

8,197

 

 

 

23,742

 

 

 

25,399

 

Interest income, net

 

(561

)

 

 

(265

)

 

 

(1,283

)

 

 

(459

)

Provision for income taxes

 

2,781

 

 

 

2,083

 

 

 

7,784

 

 

 

7,223

 

EBITDA

 

19,504

 

 

 

15,476

 

 

 

44,944

 

 

 

48,348

 

EBITDA Margin

 

14.9

%

 

 

12.7

%

 

 

11.9

%

 

 

13.0

%

Add back:

 

 

 

 

 

 

 

Stock-based compensation expense

 

4,441

 

 

 

4,907

 

 

 

11,811

 

 

 

13,335

 

Unrealized (gain) loss on foreign currency

 

(29

)

 

 

382

 

 

 

86

 

 

 

742

 

Costs related to Japan closure activities

 

22

 

 

 

1,194

 

 

 

4,093

 

 

 

6,388

 

Total adjustments

 

4,434

 

 

 

6,483

 

 

 

15,990

 

 

 

20,465

 

Adjusted EBITDA

$

23,938

 

 

$

21,959

 

 

$

60,934

 

 

$

68,813

 

Adjusted EBITDA Margin

 

18.3

%

 

 

18.0

%

 

 

16.1

%

 

 

18.5

%

 

 

 

 

 

 

 

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30, 2023

 

Three Months Ended
September 30, 2022

 

%

Change 2

 

% Change

Organic 3

 

GAAP

 

Foreign

Currency 1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

103,940

 

$

-

 

 

$

103,940

 

$

98,970

 

5.0

%

 

5.0

%

Europe

 

26,765

 

 

(1,666

)

 

 

25,099

 

 

21,464

 

24.7

%

 

16.9

%

Japan

 

-

 

 

-

 

 

 

-

 

 

1,287

 

(100.0

%)

 

(100.0

%)

Total revenue

$

130,705

 

$

(1,666

)

 

$

129,039

 

$

121,721

 

7.4

%

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended
September 30, 2023

 

Nine Months Ended
September 30, 2022

 

%

Change 2

 

% Change

Organic 3

 

GAAP

 

Foreign

Currency 1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

United States

$

298,007

 

$

-

 

$

298,007

 

$

295,121

 

1.0

%

 

1.0

%

Europe

 

80,822

 

 

1,311

 

 

82,133

 

 

69,441

 

16.4

%

 

18.3

%

Japan

 

-

 

 

-

 

 

-

 

 

8,229

 

(100.0

%)

 

(100.0

%)

Total revenue

$

378,829

 

$

1,311

 

$

380,140

 

$

372,791

 

1.6

%

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and nine months ended September 30, 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 and nine months ended September 30, 2022 to GAAP revenue for the three and nine months ended September 30, 2023.

 

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2022 to non-GAAP revenue for the three and nine months ended September 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 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
September 30, 2023

 

Three Months Ended

September 30, 2022

 

%

Change 2

 

% Change

Organic 3

 

GAAP

 

Foreign

Currency 1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

51,688

 

$

(655

)

 

$

51,033

 

$

48,940

 

5.6

%

 

4.3

%

CNC Machining

 

52,916

 

 

(708

)

 

 

52,208

 

 

47,489

 

11.4

 

 

9.9

 

3D Printing

 

21,622

 

 

(390

)

 

 

21,232

 

 

19,823

 

9.1

 

 

7.1

 

Sheet Metal

 

4,291

 

 

(20

)

 

 

4,271

 

 

5,219

 

(17.8

)

 

(18.2

)

Other Revenue

 

188

 

 

107

 

 

 

295

 

 

250

 

(24.8

)

 

18.0

 

Total Revenue

$

130,705

 

$

(1,666

)

 

$

129,039

 

$

121,721

 

7.4

%

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended
September 30, 2023

 

Nine Months Ended
September 30, 2022

 

%

Change 2

 

% Change

Organic 3

 

GAAP

 

Foreign

Currency 1

 

Non-GAAP

 

GAAP

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Injection Molding

$

152,455

 

$

781

 

 

$

153,236

 

$

155,693

 

(2.1

)%

 

(1.6

)%

CNC Machining

 

149,317

 

 

152

 

 

 

149,469

 

 

141,809

 

5.3

 

 

5.4

 

3D Printing

 

63,952

 

 

277

 

 

 

64,229

 

 

59,458

 

7.6

 

 

8.0

 

Sheet Metal

 

12,478

 

 

(9

)

 

 

12,469

 

 

15,066

 

(17.2

)

 

(17.2

)

Other Revenue

 

627

 

 

110

 

 

 

737

 

 

765

 

(18.0

)

 

(3.7

)

Total Revenue

$

378,829

 

$

1,311

 

 

$

380,140

 

$

372,791

 

1.6

%

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

1

Revenue for the three and nine months ended September 30, 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 and nine months ended September 30, 2022 to GAAP revenue for the three and nine months ended September 30, 2023.

 

 

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2022 to non-GAAP revenue for the three and nine months ended September 30, 2023 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2022) in order to provide a constant-currency comparison.

 

 

 

Proto Labs, Inc.

Product Developer Information

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2023

 

2022

 

2023

 

2022

Unique product developers and engineers served

23,080

 

23,816

 

45,668

 

47,793

 

 

 

 

 

 

 

 





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