Protolabs Reports Financial Results for the Third Quarter of 2024
Protolabs reported Q3 2024 financial results with revenue of $125.6 million, marking a 3.9% decrease from Q3 2023. The company posted net income of $7.2 million ($0.29 per diluted share) and non-GAAP net income of $11.8 million ($0.47 per diluted share). Protolabs Network generated $25.3 million in revenue, showing an 11.6% increase year-over-year. The company served 22,511 customer contacts with revenue per customer of $5,580. For Q4 2024, Protolabs expects revenue between $115-123 million and diluted EPS between $0.10-0.18.
Protolabs ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 125,6 milioni di dollari, registrando una diminuzione del 3,9% rispetto al terzo trimestre 2023. L'azienda ha registrato un reddito netto di 7,2 milioni di dollari (0,29 dollari per azione diluita) e un reddito netto non-GAAP di 11,8 milioni di dollari (0,47 dollari per azione diluita). Protolabs Network ha generato 25,3 milioni di dollari di fatturato, mostrando un aumento dell'11,6% su base annua. L'azienda ha servito 22.511 contatti clienti con un fatturato per cliente di 5.580 dollari. Per il quarto trimestre 2024, Protolabs si aspetta un fatturato compreso tra 115 e 123 milioni di dollari e un utile per azione diluita compreso tra 0,10 e 0,18 dollari.
Protolabs reportó los resultados financieros del tercer trimestre de 2024 con ingresos de $125.6 millones, marcando una disminución del 3.9% en comparación con el tercer trimestre de 2023. La compañía publicó un ingreso neto de $7.2 millones ($0.29 por acción diluida) y un ingreso neto no-GAAP de $11.8 millones ($0.47 por acción diluida). Protolabs Network generó $25.3 millones en ingresos, mostrando un aumento del 11.6% interanual. La compañía atendió a 22,511 contactos de clientes con ingresos por cliente de $5,580. Para el cuarto trimestre de 2024, Protolabs espera ingresos entre $115 y $123 millones y un EPS diluido entre $0.10 y $0.18.
프로토랩스는 2024년 3분기 재무 결과를 보고하며 1억 2,560만 달러의 수익을 달성하였으며, 이는 2023년 3분기 대비 3.9% 감소한 수치입니다. 회사는 순이익으로 720만 달러 ($0.29의 희석 주당 금액)와 비GAAP 순이익으로 1,180만 달러 ($0.47의 희석 주당 금액)를 기록하였습니다. 프로토랩스 네트워크는 2,530만 달러의 수익을 창출하여 연간 11.6% 증가를 보였습니다. 회사는 22,511명의 고객 접점을 제공하여 고객당 수익이 5,580달러에 달했습니다. 2024년 4분기에는 1억 1,500만에서 1억 2,300만 달러 사이의 수익과 0.10에서 0.18달러 사이의 희석 EPS를 기대하고 있습니다.
Protolabs a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 125,6 millions de dollars, marquant une baisse de 3,9 % par rapport au troisième trimestre 2023. L'entreprise a affiché un bénéfice net de 7,2 millions de dollars (0,29 $ par action diluée) et un bénéfice net non-GAAP de 11,8 millions de dollars (0,47 $ par action diluée). Le réseau Protolabs a généré 25,3 millions de dollars de revenus, affichant une augmentation de 11,6 % d'une année sur l'autre. L'entreprise a servi 22 511 contacts clients avec un revenu par client de 5 580 $. Pour le quatrième trimestre 2024, Protolabs s'attend à un chiffre d'affaires compris entre 115 et 123 millions de dollars et un BPA dilué compris entre 0,10 et 0,18 $.
Protolabs hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 125,6 Millionen Dollar, was einen Rückgang von 3,9% im Vergleich zum dritten Quartal 2023 bedeutet. Das Unternehmen meldete einen Nettogewinn von 7,2 Millionen Dollar (0,29 Dollar pro verwässerter Aktie) und einen Non-GAAP-Nettogewinn von 11,8 Millionen Dollar (0,47 Dollar pro verwässerter Aktie). Das Protolabs-Netzwerk erzielte einen Umsatz von 25,3 Millionen Dollar, was einem Anstieg von 11,6% im Jahresvergleich entspricht. Das Unternehmen bediente 22.511 Kundenkontakte mit einem Umsatz pro Kunde von 5.580 Dollar. Für das vierte Quartal 2024 erwartet Protolabs einen Umsatz zwischen 115 und 123 Millionen Dollar sowie ein verwässertes EPS zwischen 0,10 und 0,18 Dollar.
- Protolabs Network revenue increased 11.6% YoY to $25.3 million
- Strong cash flow from operations at $24.8 million, highest since 2020
- Gross margin improved to 45.6% from 45.4% YoY
- Healthy cash position with $117.6 million in cash and investments
- Total revenue decreased 3.9% YoY to $125.6 million
- Net income declined to $7.2 million from $8.0 million YoY
- Revenue per customer contact decreased 1.5% YoY
- Q4 2024 guidance suggests potential revenue decline
Insights
Proto Labs' Q3 2024 results reveal a mixed performance with concerning trends. Revenue declined by
The company maintains strong profitability metrics with adjusted EBITDA margin at
Total Revenue of
GAAP Earnings Per Share of
Third Quarter 2024 Financial Highlights:
-
Revenue was
, a$125.6 million 3.9% decrease compared to record revenue of in the third quarter of 2023.$130.7 million -
Revenue generated from Protolabs Network was
, a$25.3 million 11.6% increase compared to the third quarter of 2023. -
Net income was
, or$7.2 million per diluted share, compared to$0.29 , or$8.0 million per diluted share, in the third quarter of 2023.$0.31 -
Non-GAAP net income was
, or$11.8 million per diluted share, compared to$0.47 , or$13.2 million per diluted share, in the third quarter of 2023. See “Non-GAAP Financial Measures” below.$0.51 -
EBITDA was
, or$17.5 million 13.9% of revenue. See “Non-GAAP Financial Measures” below. -
Adjusted EBITDA was
, or$21.9 million 17.4% of revenue, compared to , or$23.9 million 18.3% of revenue, in the third quarter of 2023. See “Non-GAAP Financial Measures” below.
"Our disciplined approach and resilient business model drove solid financial results in the third quarter, despite continued dynamic challenges in the manufacturing sector," said Rob Bodor, President and Chief Executive Officer. "We remain committed to accelerating our growth, as highlighted by the actions we initiated at the end of the second quarter to reorganize our internal structure and better position the company for growth and value-creation over the long-term. We are committed to executing on our priorities and increasing value for our shareholders."
Dan Schumacher, Chief Financial Officer, commented: "In the third quarter, our business generated its highest quarterly operating cash flow since 2020—before the acquisition of 3D Hubs. This is a testament to the profitability of Protolabs' model against any macro backdrop, driven by our unique combined factory and network model. We will continue to invest profits to accelerate growth and create value for shareholders."
Additional Third Quarter 2024 Highlights:
-
Customer contact information
- Protolabs served 22,511 customer contacts during the quarter.
-
Revenue per customer contact decreased
1.5% year-over-year to . Year-to-date, revenue per customer contact is up$5,580 4.7% .
-
Gross margin was
45.6% of revenue, compared to45.4% of revenue in the third quarter of 2023. -
Non-GAAP gross margin was
46.2% of revenue, compared to46.0% of revenue in the third quarter of 2023. See "Non-GAAP Financial Measures" below. -
Cash flow from operations was
in the third quarter of 2024.$24.8 million -
Cash and investments balance was
as of September 30, 2024.$117.6 million
Fourth Quarter 2024 Outlook
For the fourth quarter of 2024, the Company expects to generate revenue between
The Company expects fourth quarter 2024 diluted net income per share between
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, when viewed in conjunction with the comparable GAAP 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
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
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
The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP gross margin, non-GAAP operating margin, 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 third quarter 2024 financial results and fourth quarter 2024 outlook today, November 1, 2024 at 8:30 a.m. EDT. To access the call in the
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 Protolabs Network unlocks advanced capabilities and volume pricing through its highly vetted manufacturing partners. 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 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.
Proto Labs, Inc. |
|||||
Condensed Consolidated Balance Sheets |
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(In thousands) |
|||||
|
|
|
|
||
|
September 30,
|
|
December 31,
|
||
|
(Unaudited) |
|
|
||
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
87,873 |
|
$ |
83,790 |
Short-term marketable securities |
|
12,638 |
|
|
19,013 |
Accounts receivable, net |
|
69,464 |
|
|
72,848 |
Inventory |
|
12,415 |
|
|
13,657 |
Income taxes receivable |
|
665 |
|
|
2,228 |
Prepaid expenses and other current assets |
|
10,019 |
|
|
9,124 |
Total current assets |
|
193,074 |
|
|
200,660 |
|
|
|
|
||
Property and equipment, net |
|
237,942 |
|
|
253,655 |
Goodwill |
|
273,991 |
|
|
273,991 |
Other intangible assets, net |
|
22,890 |
|
|
25,584 |
Long-term marketable securities |
|
17,120 |
|
|
8,019 |
Operating lease assets |
|
3,519 |
|
|
4,628 |
Finance lease assets |
|
759 |
|
|
960 |
Other long-term assets |
|
4,491 |
|
|
4,856 |
Total assets |
$ |
753,786 |
|
$ |
772,353 |
|
|
|
|
||
Liabilities and shareholders' equity |
|
|
|
||
Current liabilities |
|
|
|
||
Accounts payable |
$ |
15,004 |
|
$ |
15,636 |
Accrued compensation |
|
17,549 |
|
|
15,292 |
Accrued liabilities and other |
|
18,455 |
|
|
16,872 |
Current operating lease liabilities |
|
1,450 |
|
|
1,585 |
Current finance lease liabilities |
|
306 |
|
|
296 |
Income taxes payable |
|
994 |
|
|
— |
Total current liabilities |
|
53,758 |
|
|
49,681 |
|
|
|
|
||
Long-term operating lease liabilities |
|
1,979 |
|
|
3,008 |
Long-term finance lease liabilities |
|
365 |
|
|
595 |
Long-term deferred tax liabilities |
|
12,688 |
|
|
18,742 |
Other long-term liabilities |
|
5,003 |
|
|
5,032 |
|
|
|
|
||
Shareholders' equity |
|
679,993 |
|
|
695,295 |
Total liabilities and shareholders' equity |
$ |
753,786 |
|
$ |
772,353 |
|
|
|
|
||
|
|
|
|
Proto Labs, Inc. |
||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||
(In thousands, except share and per share amounts) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Revenue |
|
|
|
|
|
|
|
|||||
Injection Molding |
$ |
46,831 |
|
$ |
51,688 |
|
$ |
148,574 |
|
$ |
152,455 |
|
CNC Machining |
|
53,327 |
|
|
52,916 |
|
|
154,498 |
|
|
149,317 |
|
3D Printing |
|
21,437 |
|
|
21,622 |
|
|
64,300 |
|
|
63,952 |
|
Sheet Metal |
|
3,743 |
|
|
4,291 |
|
|
11,218 |
|
|
12,478 |
|
Other Revenue |
|
281 |
|
|
188 |
|
|
550 |
|
|
627 |
|
Total Revenue |
|
125,619 |
|
|
130,705 |
|
|
379,140 |
|
|
378,829 |
|
|
|
|
|
|
|
|
|
|||||
Cost of revenue |
|
68,389 |
|
|
71,423 |
|
|
207,897 |
|
|
212,648 |
|
Gross profit |
|
57,230 |
|
|
59,282 |
|
|
171,243 |
|
|
166,181 |
|
|
|
|
|
|
|
|
|
|||||
Operating expenses |
|
|
|
|
|
|
|
|||||
Marketing and sales |
|
22,619 |
|
|
21,682 |
|
|
69,070 |
|
|
65,863 |
|
Research and development |
|
9,772 |
|
|
10,105 |
|
|
31,600 |
|
|
30,647 |
|
General and administrative |
|
16,259 |
|
|
17,058 |
|
|
49,167 |
|
|
49,713 |
|
Closure of |
|
— |
|
|
22 |
|
|
— |
|
|
186 |
|
Total operating expenses |
|
48,650 |
|
|
48,867 |
|
|
149,837 |
|
|
146,409 |
|
Income from operations |
|
8,580 |
|
|
10,415 |
|
|
21,406 |
|
|
19,772 |
|
Other income (loss), net |
|
1,288 |
|
|
320 |
|
|
3,548 |
|
|
(1,758 |
) |
Income before income taxes |
|
9,868 |
|
|
10,735 |
|
|
24,954 |
|
|
18,014 |
|
Provision for income taxes |
|
2,679 |
|
|
2,781 |
|
|
7,957 |
|
|
7,784 |
|
Net income |
$ |
7,189 |
|
$ |
7,954 |
|
$ |
16,997 |
|
$ |
10,230 |
|
|
|
|
|
|
|
|
|
|||||
Net income per share: |
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.29 |
|
$ |
0.31 |
|
$ |
0.67 |
|
$ |
0.39 |
|
Diluted |
$ |
0.29 |
|
$ |
0.31 |
|
$ |
0.67 |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|||||
Shares used to compute net income per share: |
|
|
|
|
|
|
|
|||||
Basic |
|
24,980,536 |
|
|
26,023,830 |
|
|
25,304,985 |
|
|
26,296,304 |
|
Diluted |
|
25,022,485 |
|
|
26,028,456 |
|
|
25,382,280 |
|
|
26,327,606 |
|
|
|
|
|
|
|
|
|
Proto Labs, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(In thousands) |
|||||||
(Unaudited) |
|||||||
|
|
|
|
||||
|
Nine Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net income |
$ |
16,997 |
|
|
$ |
10,230 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
26,984 |
|
|
|
28,213 |
|
Stock-based compensation expense |
|
12,716 |
|
|
|
11,811 |
|
Deferred taxes |
|
(6,140 |
) |
|
|
(9,197 |
) |
Interest on finance lease obligations |
|
26 |
|
|
|
859 |
|
Loss on impairment of equipment |
|
256 |
|
|
|
— |
|
Loss on foreign currency translation |
|
— |
|
|
|
3,906 |
|
Gain on disposal of property and equipment |
|
(24 |
) |
|
|
(498 |
) |
Other |
|
103 |
|
|
|
122 |
|
Changes in operating assets and liabilities |
|
9,617 |
|
|
|
10,600 |
|
Net cash provided by operating activities |
|
60,535 |
|
|
|
56,046 |
|
|
|
|
|
||||
Investing activities |
|
|
|
||||
Purchases of property, equipment and other capital assets |
|
(8,339 |
) |
|
|
(9,935 |
) |
Proceeds from sales of property, equipment and other capital assets |
|
34 |
|
|
|
693 |
|
Purchases of marketable securities |
|
(18,087 |
) |
|
|
— |
|
Proceeds from call redemptions and maturities of marketable securities |
|
15,709 |
|
|
|
19,115 |
|
Net cash (used in) provided by investing activities |
|
(10,683 |
) |
|
|
9,873 |
|
|
|
|
|
||||
Financing activities |
|
|
|
||||
Proceeds from exercises of stock options and employee stock purchases |
|
2,094 |
|
|
|
1,986 |
|
Purchases of shares withheld for tax obligations |
|
(1,920 |
) |
|
|
(1,436 |
) |
Repurchases of common stock |
|
(45,958 |
) |
|
|
(39,053 |
) |
Principal repayments of finance lease obligations |
|
(220 |
) |
|
|
(234 |
) |
Net cash used in financing activities |
|
(46,004 |
) |
|
|
(38,737 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
235 |
|
|
|
(244 |
) |
Net increase in cash and cash equivalents |
|
4,083 |
|
|
|
26,938 |
|
Cash and cash equivalents, beginning of period |
|
83,790 |
|
|
|
56,558 |
|
Cash and cash equivalents, end of period |
$ |
87,873 |
|
|
$ |
83,496 |
|
|
|
|
|
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
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to |
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
7,189 |
|
|
$ |
7,954 |
|
|
$ |
16,997 |
|
|
$ |
10,230 |
|
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
4,196 |
|
|
|
4,441 |
|
|
|
12,716 |
|
|
|
11,811 |
|
Amortization expense |
|
888 |
|
|
|
1,461 |
|
|
|
2,796 |
|
|
|
4,471 |
|
Unrealized (gain) loss on foreign currency |
|
174 |
|
|
|
(29 |
) |
|
|
323 |
|
|
|
86 |
|
Costs related to |
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
4,093 |
|
Total adjustments 1 |
|
5,258 |
|
|
|
5,895 |
|
|
|
15,835 |
|
|
|
20,461 |
|
Income tax benefits on adjustments 2 |
|
(627 |
) |
|
|
(633 |
) |
|
|
(1,066 |
) |
|
|
(931 |
) |
Non-GAAP net income |
$ |
11,820 |
|
|
$ |
13,216 |
|
|
$ |
31,766 |
|
|
$ |
29,760 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.47 |
|
|
$ |
0.51 |
|
|
$ |
1.26 |
|
|
$ |
1.13 |
|
Diluted |
$ |
0.47 |
|
|
$ |
0.51 |
|
|
$ |
1.25 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
||||||||
Shares used to compute non-GAAP net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
24,980,536 |
|
|
|
26,023,830 |
|
|
|
25,304,985 |
|
|
|
26,296,304 |
|
Diluted |
|
25,022,485 |
|
|
|
26,028,456 |
|
|
|
25,382,280 |
|
|
|
26,327,606 |
|
|
|
|
|
|
|
|
|
1 |
Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to |
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|||||
Cost of revenue |
$ |
817 |
|
$ |
805 |
|
|
$ |
2,428 |
|
$ |
2,416 |
|
|
|
|
|
|
|
|
|||||
Marketing and sales |
|
727 |
|
|
961 |
|
|
|
2,378 |
|
|
2,508 |
Research and development |
|
671 |
|
|
675 |
|
|
|
2,031 |
|
|
1,888 |
General and administrative |
|
2,869 |
|
|
3,461 |
|
|
|
8,675 |
|
|
9,471 |
Closure of |
|
— |
|
|
22 |
|
|
|
— |
|
|
186 |
Total operating expenses |
|
4,267 |
|
|
5,119 |
|
|
|
13,084 |
|
|
14,053 |
|
|
|
|
|
|
|
|
|||||
Other income (loss), net |
|
174 |
|
|
(29 |
) |
|
|
323 |
|
|
3,992 |
Total adjustments |
$ |
5,258 |
|
$ |
5,895 |
|
|
$ |
15,835 |
|
$ |
20,461 |
|
|
|
|
|
|
|
|
2 | For the three and nine months ended September 30, 2024 and 2023, 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
125,619 |
|
|
$ |
130,705 |
|
|
$ |
379,140 |
|
|
$ |
378,829 |
|
Gross profit |
|
57,230 |
|
|
|
59,282 |
|
|
|
171,243 |
|
|
|
166,181 |
|
GAAP gross margin |
|
45.6 |
% |
|
|
45.4 |
% |
|
|
45.2 |
% |
|
|
43.9 |
% |
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
474 |
|
|
|
462 |
|
|
|
1,401 |
|
|
|
1,388 |
|
Amortization expense |
|
343 |
|
|
|
343 |
|
|
|
1,027 |
|
|
|
1,028 |
|
Total adjustments |
|
817 |
|
|
|
805 |
|
|
|
2,428 |
|
|
|
2,416 |
|
Non-GAAP gross profit |
$ |
58,047 |
|
|
$ |
60,087 |
|
|
$ |
173,671 |
|
|
$ |
168,597 |
|
Non-GAAP gross margin |
|
46.2 |
% |
|
|
46.0 |
% |
|
|
45.8 |
% |
|
|
44.5 |
% |
|
|
|
|
|
|
|
|
Proto Labs, Inc. |
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Operating Margin |
|||||||||||||||
(In thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
125,619 |
|
|
$ |
130,705 |
|
|
$ |
379,140 |
|
|
$ |
378,829 |
|
Income from operations |
|
8,580 |
|
|
|
10,415 |
|
|
|
21,406 |
|
|
|
19,772 |
|
GAAP operating margin |
|
6.8 |
% |
|
|
8.0 |
% |
|
|
5.6 |
% |
|
|
5.2 |
% |
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
4,196 |
|
|
|
4,441 |
|
|
|
12,716 |
|
|
|
11,811 |
|
Amortization expense |
|
888 |
|
|
|
1,461 |
|
|
|
2,796 |
|
|
|
4,471 |
|
Costs related to |
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
186 |
|
Total adjustments |
|
5,084 |
|
|
|
5,924 |
|
|
|
15,512 |
|
|
|
16,468 |
|
Non-GAAP income from operations |
$ |
13,664 |
|
|
$ |
16,339 |
|
|
$ |
36,918 |
|
|
$ |
36,240 |
|
Non-GAAP operating margin |
|
10.9 |
% |
|
|
12.5 |
% |
|
|
9.7 |
% |
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
Proto Labs, Inc. |
|||||||||||||||
Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA |
|||||||||||||||
(In thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
125,619 |
|
|
$ |
130,705 |
|
|
$ |
379,140 |
|
|
$ |
378,829 |
|
GAAP net income |
|
7,189 |
|
|
|
7,954 |
|
|
|
16,997 |
|
|
|
10,230 |
|
GAAP net income margin |
|
5.7 |
% |
|
|
6.1 |
% |
|
|
4.5 |
% |
|
|
2.7 |
% |
Add back: |
|
|
|
|
|
|
|
||||||||
Amortization expense |
$ |
888 |
|
|
$ |
1,461 |
|
|
$ |
2,796 |
|
|
$ |
4,471 |
|
Depreciation expense |
|
8,021 |
|
|
|
7,869 |
|
|
|
24,188 |
|
|
|
23,742 |
|
Interest income, net |
|
(1,287 |
) |
|
|
(561 |
) |
|
|
(3,548 |
) |
|
|
(1,283 |
) |
Provision for income taxes |
|
2,679 |
|
|
|
2,781 |
|
|
|
7,957 |
|
|
|
7,784 |
|
EBITDA |
|
17,490 |
|
|
|
19,504 |
|
|
|
48,390 |
|
|
|
44,944 |
|
EBITDA Margin |
|
13.9 |
% |
|
|
14.9 |
% |
|
|
12.8 |
% |
|
|
11.9 |
% |
Add back: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
4,196 |
|
|
|
4,441 |
|
|
|
12,716 |
|
|
|
11,811 |
|
Unrealized (gain) loss on foreign currency |
|
174 |
|
|
|
(29 |
) |
|
|
323 |
|
|
|
86 |
|
Costs related to |
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
4,093 |
|
Total adjustments |
|
4,370 |
|
|
|
4,434 |
|
|
|
13,039 |
|
|
|
15,990 |
|
Adjusted EBITDA |
$ |
21,860 |
|
|
$ |
23,938 |
|
|
$ |
61,429 |
|
|
$ |
60,934 |
|
Adjusted EBITDA Margin |
|
17.4 |
% |
|
|
18.3 |
% |
|
|
16.2 |
% |
|
|
16.1 |
% |
|
|
|
|
|
|
|
|
Proto Labs, Inc. |
||||||||||||||||||
Comparison of GAAP to Non-GAAP Revenue Growth by Region |
||||||||||||||||||
(In thousands) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
% Change2 |
|
% Change Organic3 |
|||||||||||
|
GAAP |
|
Foreign Currency1 |
|
Non-GAAP |
|
GAAP |
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
99,571 |
|
$ |
— |
|
|
$ |
99,571 |
|
$ |
103,940 |
|
(4.2 |
%) |
|
(4.2 |
%) |
|
|
26,048 |
|
|
(474 |
) |
|
|
25,574 |
|
|
26,765 |
|
(2.7 |
%) |
|
(4.4 |
%) |
Total revenue |
$ |
125,619 |
|
$ |
(474 |
) |
|
$ |
125,145 |
|
$ |
130,705 |
|
(3.9 |
%) |
|
(4.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
|
% Change2 |
|
% Change Organic3 |
|||||||||||
|
GAAP |
|
Foreign Currency1 |
|
Non-GAAP |
|
GAAP |
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
$ |
299,593 |
|
$ |
— |
|
|
$ |
299,593 |
|
$ |
298,007 |
|
0.5 |
% |
|
0.5 |
% |
|
|
79,547 |
|
|
(1,357 |
) |
|
|
78,190 |
|
|
80,822 |
|
(1.6 |
%) |
|
(3.3 |
%) |
Total revenue |
$ |
379,140 |
|
$ |
(1,357 |
) |
|
$ |
377,783 |
|
$ |
378,829 |
|
0.1 |
% |
|
(0.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
1 | Revenue for the three and nine months ended September 30, 2024 has been recalculated using 2023 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, 2023 to GAAP revenue for the three and nine months ended September 30, 2024. |
|
3 | This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2023 to non-GAAP revenue for the three and nine months ended September 30, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2023) 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
|
|
Three Months Ended
|
|
% Change2 |
|
% Change Organic3 |
|||||||||||
|
GAAP |
|
Foreign Currency1 |
|
Non-GAAP |
|
GAAP |
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Injection Molding |
$ |
46,831 |
|
$ |
(198 |
) |
|
$ |
46,633 |
|
$ |
51,688 |
|
(9.4 |
)% |
|
(9.8 |
)% |
CNC Machining |
|
53,327 |
|
|
(160 |
) |
|
|
53,167 |
|
|
52,916 |
|
0.8 |
|
|
0.5 |
|
3D Printing |
|
21,437 |
|
|
(108 |
) |
|
|
21,329 |
|
|
21,622 |
|
(0.9 |
) |
|
(1.4 |
) |
Sheet Metal |
|
3,743 |
|
|
(4 |
) |
|
|
3,739 |
|
|
4,291 |
|
(12.8 |
) |
|
(12.9 |
) |
Other Revenue |
|
281 |
|
|
(4 |
) |
|
|
277 |
|
|
188 |
|
49.5 |
|
|
47.3 |
|
Total Revenue |
$ |
125,619 |
|
$ |
(474 |
) |
|
$ |
125,145 |
|
$ |
130,705 |
|
(3.9 |
%) |
|
(4.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
|
% Change2 |
|
% Change Organic3 |
|||||||||||
|
GAAP |
|
Foreign Currency1 |
|
Non-GAAP |
|
GAAP |
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Injection Molding |
$ |
148,574 |
|
$ |
(666 |
) |
|
$ |
147,908 |
|
$ |
152,455 |
|
(2.5 |
)% |
|
(3.0 |
)% |
CNC Machining |
|
154,498 |
|
|
(378 |
) |
|
|
154,120 |
|
|
149,317 |
|
3.5 |
|
|
3.2 |
|
3D Printing |
|
64,300 |
|
|
(315 |
) |
|
|
63,985 |
|
|
63,952 |
|
0.5 |
|
|
0.1 |
|
Sheet Metal |
|
11,218 |
|
|
9 |
|
|
|
11,227 |
|
|
12,478 |
|
(10.1 |
) |
|
(10.0 |
) |
Other Revenue |
|
550 |
|
|
(7 |
) |
|
|
543 |
|
|
627 |
|
(12.3 |
) |
|
(13.4 |
) |
Total Revenue |
$ |
379,140 |
|
$ |
(1,357 |
) |
|
$ |
377,783 |
|
$ |
378,829 |
|
0.1 |
% |
|
(0.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Revenue for the three and nine months ended September 30, 2024 has been recalculated using 2023 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, 2023 to GAAP revenue for the three and nine months ended September 30, 2024. |
|
3 |
This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2023 to non-GAAP revenue for the three and nine months ended September 30, 2024 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2023) in order to provide a constant-currency comparison. |
Proto Labs, Inc. |
|||||||||||
Customer Contact Information |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Customer contacts |
|
22,511 |
|
|
23,080 |
|
|
43,671 |
|
|
45,668 |
Revenue per customer contact |
$ |
5,580 |
|
$ |
5,663 |
|
$ |
8,682 |
|
$ |
8,295 |
|
|
|
|
|
|
|
|
Proto Labs, Inc. |
|||||
Reconciliation of GAAP to Non-GAAP Guidance |
|||||
(In thousands, except per share and per share amounts) |
|||||
(Unaudited) |
|||||
|
|
|
|
||
|
Q4 2024 Outlook |
||||
|
Low |
|
High |
||
GAAP diluted net income per share |
$ |
0.10 |
|
$ |
0.18 |
Add back: |
|
|
|
||
Stock-based compensation expense |
|
0.15 |
|
|
0.15 |
Amortization expense |
|
0.03 |
|
|
0.03 |
Unrealized (gain) loss on foreign currency |
|
0.00 |
|
|
0.00 |
Total adjustments |
|
0.18 |
|
|
0.18 |
Non-GAAP diluted net income per share |
$ |
0.28 |
|
$ |
0.36 |
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101186790/en/
Investor Relations Contacts:
Protolabs
Ryan Johnsrud, 612-225-4873
Manager – Investor Relations and FP&A
ryan.johnsrud@protolabs.com
Gateway Group, Inc.
949-574-3860
PRLB@gateway-grp.com
Media Contact:
Protolabs
Brent Renneke, 763-479-7704
Marketing Communications Manager
brent.renneke@protolabs.com
Source: Proto Labs, Inc.
FAQ
What was Protolabs (PRLB) revenue in Q3 2024?
What is Protolabs (PRLB) Q4 2024 revenue guidance?
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