Protolabs Reports Financial Results for the Second Quarter of 2022
08/05/2022 - 06:00 AM
Record Revenue of $126.9 million in the Second Quarter of 2022;
GAAP Earnings Per Share of $0.09 , Non-GAAP Earnings Per Share of $0.46
MAPLE PLAIN, Minn. --(BUSINESS WIRE)--
Proto Labs, Inc. (“Protolabs” or “the company”) (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the second quarter ended June 30, 2022 .
Second Quarter 2022 Highlights include :
Revenue for the second quarter of 2022 was $126.9 million , representing a 3.1 percent increase compared to revenue of $123.0 million in the second quarter of 2021.
Hubs generated $11.3 million of revenue in the second quarter, representing year-over-year growth of 26.3 percent.
On a GAAP basis, costs related to the closure of Japan operations were $5.2 million in the quarter. These costs have been excluded from our Non-GAAP results. See “Non-GAAP Financial Measures” below.
Net income was $2.6 million , or $0.09 per diluted share.
Non-GAAP net income was $12.8 million , or $0.46 per diluted share.
“Protolabs performed well in the quarter amid continuing supply chain challenges in the broader manufacturing industry and macroeconomic growth concerns,” said Rob Bodor , President and Chief Executive Officer. “We continue to make progress on our 2022 strategic priorities and are focused to execute on the integration of Protolabs and Hubs, bringing together two leading digital manufacturing offers to create the most comprehensive digital manufacturing offer to serve our customers.”
Additional Second Quarter 2022 Highlights include :
Protolabs served 24,058 unique product developers during the second quarter of 2022.
Gross margin was 45.2 percent of revenue, compared to 44.9 percent of revenue in the first quarter of 2022.
Non-GAAP gross margin was 45.9 percent of revenue, compared to 45.7 percent of revenue in the first quarter of 2022.
EBITDA was $15.1 million , or 11.9 percent of revenue.
Adjusted EBITDA was $24.6 million , or 19.4 percent of revenue.
Cash and investments balance was $110.1 million as of June 30, 2022 .
“We are pleased with the sequential improvements in our margins in the second quarter,” said Dan Schumacher , Chief Financial Officer. “We continue to focus on executing our strategy through disciplined investments and cost controls while delivering value to our customers and profitable growth to our shareholders.”
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 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, costs related to the Japan closure activities 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 also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, costs related to the Japan closure activities and transaction costs (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the company’s financial results.
The company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the company’s financial results.
The company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities 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 gross margin excluding Japan , adjusted for stock-based compensation expense and amortization expense in this press release to provide investors with additional information regarding the company’s financial results. The company has included non-GAAP operating margin excluding Japan , adjusted for stock-based compensation expense, amortization expense, costs related to the Japan closure activities and transaction costs (collectively, “non-GAAP operating margin excluding Japan”), 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, costs related to Japan closure activities 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 gross margin, non-GAAP gross margin excluding Japan , non-GAAP operating margin, non-GAAP operating margin excluding Japan , non-GAAP revenue growth by region and by service, and Adjusted EBITDA and Adjusted EBITDA margin, to 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 second quarter 2022 financial results and third quarter 2022 outlook today, August 5, 2022 , at 8:30 a.m. EDT . To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/bfhv9mwu . 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.
Proto Labs, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30 ,
December 31 ,
2022
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
54,666
$
65,929
Short-term marketable securities
24,379
11,580
Accounts receivable, net
82,469
80,051
Inventory
15,051
13,161
Income taxes receivable
2,627
1,321
Prepaid expenses and other current assets
11,484
11,450
Total current assets
190,676
183,492
Property and equipment, net
260,631
280,346
Goodwill
390,354
400,610
Other intangible assets, net
34,026
37,998
Long-term marketable securities
31,068
14,340
Operating lease assets
4,037
5,578
Finance lease assets
1,649
1,898
Long-term assets held for sale
1,985
-
Other long-term assets
4,223
4,320
Total assets
$
918,649
$
928,582
Liabilities and shareholders' equity
Current liabilities
Accounts payable
$
15,642
$
25,364
Accrued compensation
16,687
13,704
Accrued liabilities and other
24,011
11,980
Current operating lease liabilities
2,140
3,298
Current finance lease liabilities
436
550
Total current liabilities
58,916
54,896
Long-term operating lease liabilities
1,886
2,245
Long-term finance lease liabilities
1,188
1,351
Long-term deferred tax liabilities
30,177
35,892
Other long-term liabilities
5,784
5,705
Shareholders' equity
820,698
828,493
Total liabilities and shareholders' equity
$
918,649
$
928,582
Proto Labs, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Revenue
Injection Molding
$
53,355
$
58,168
$
106,753
$
114,527
CNC Machining
48,222
41,592
94,320
78,295
3D Printing
19,963
18,170
39,635
35,405
Sheet Metal
5,160
4,717
9,847
9,936
Other
202
401
515
1,011
Total revenue
126,902
123,048
251,070
239,174
Cost of revenue
69,480
66,423
137,844
127,219
Gross profit
57,422
56,625
113,226
111,955
Operating expenses
Marketing and sales
21,055
21,044
41,641
40,524
Research and development
9,450
11,060
20,007
23,241
General and administrative
16,522
8,417
33,293
27,825
Closure of Japan business
5,194
-
5,194
-
Total operating expenses
52,221
40,521
100,135
91,590
Income from operations
5,201
16,104
13,091
20,365
Other income (loss), net
1
137
(299
)
(176
)
Income before income taxes
5,202
16,241
12,792
20,189
Provision for income taxes
2,645
3,326
5,140
3,562
Net income
$
2,557
$
12,915
$
7,652
$
16,627
Net income per share:
Basic
$
0.09
$
0.47
$
0.28
$
0.60
Diluted
$
0.09
$
0.47
$
0.28
$
0.60
Shares used to compute net income per share:
Basic
27,530,739
27,735,732
27,515,583
27,600,684
Diluted
27,536,823
27,744,870
27,524,019
27,741,464
Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30 ,
2022
2021
Operating activities
Net income
$
7,652
$
16,627
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
20,274
20,127
Stock-based compensation expense
8,428
10,561
Deferred taxes
(5,653
)
419
Changes in fair value of contingent consideration
-
(7,763
)
Impairments related to closure of Japan business
1,792
-
Other
32
269
Changes in operating assets and liabilities
(1,485
)
(19,511
)
Net cash provided by operating activities
31,040
20,729
Investing activities
Purchases of property, equipment and other capital assets
(6,030
)
(23,929
)
Cash used for acquisitions, net of cash acquired
-
(127,413
)
Purchases of marketable securities
(38,882
)
(15,159
)
Proceeds from sales of marketable securities
1,000
47,694
Proceeds from call redemptions and maturities of marketable securities
7,396
13,725
Net cash used in investing activities
(36,516
)
(105,082
)
Financing activities
Proceeds from exercises of stock options and other
2,311
3,838
Purchases of shares withheld for tax obligations
(1,615
)
(4,209
)
Repurchases of common stock
(5,239
)
(1,210
)
Principal repayments of finance lease obligations
(278
)
(275
)
Net cash used in financing activities
(4,821
)
(1,856
)
Effect of exchange rate changes on cash and cash equivalents
(966
)
515
Net decrease in cash and cash equivalents
(11,263
)
(85,694
)
Cash and cash equivalents, beginning of period
65,929
127,603
Cash and cash equivalents, end of period
$
54,666
$
41,909
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
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Non-GAAP net income, adjusted for stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency,
costs related to Japan closure activities and transaction costs
GAAP net income
$
2,557
$
12,915
$
7,652
$
16,627
Add back:
Stock-based compensation expense
4,031
4,941
8,428
10,561
Amortization expense
1,527
1,490
3,072
3,033
Unrealized (gain) loss on foreign currency
271
(402
)
360
220
Costs related to Japan closure activities
5,194
-
5,194
-
Transaction costs 1
-
(7,655
)
-
(5,140
)
Total adjustments 2
11,023
(1,626
)
17,054
8,674
Income tax benefits on adjustments 3
(776
)
(575
)
(1,458
)
(3,576
)
Non-GAAP net income
$
12,804
$
10,714
$
23,248
$
21,725
Non-GAAP net income per share:
Basic
$
0.47
$
0.39
$
0.84
$
0.79
Diluted
$
0.46
$
0.39
$
0.84
$
0.78
Shares used to compute non-GAAP net income per share:
Basic
27,530,739
27,735,732
27,515,583
27,600,684
Diluted
27,536,823
27,744,870
27,524,019
27,741,464
1 Transaction costs include direct costs incurred in the Company's 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, costs related to Japan closure activities and transaction costs were included in the following GAAP consolidated statement of operations categories:
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Cost of revenue
$
870
$
1,011
$
1,799
$
1,988
Marketing and sales
813
929
1,550
1,782
Research and development
471
744
1,100
1,368
General and administrative
3,404
(3,908
)
7,051
3,316
Closure of Japan business
5,194
-
5,194
-
Total operating expenses
9,882
(2,235
)
14,895
6,466
Other (income) expense, net
271
(402
)
360
220
Total adjustments
$
11,023
$
(1,626
)
$
17,054
$
8,674
3 For the three- and six-month periods ended June 30, 2022 and 2021, 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
Six Months Ended
Three Months Ended
June 30 ,
June 30 ,
March 31 ,
2022
2021
2022
2021
2022
2021
Revenue
$
126,902
$
123,048
$
251,070
$
239,174
$
124,168
$
116,126
Gross Profit
57,422
56,625
113,226
111,955
55,804
55,330
GAAP gross margin
45.2
%
46.0
%
45.1
%
46.8
%
44.9
%
47.6
%
Add back:
Stock-based compensation expense
528
668
1,115
1,303
587
635
Amortization expense
342
343
684
685
342
342
Total adjustments
870
1,011
1,799
1,988
929
977
Non-GAAP gross profit
$
58,292
$
57,636
$
115,025
$
113,943
$
56,733
$
56,307
Non-GAAP gross margin
45.9
%
46.8
%
45.8
%
47.6
%
45.7
%
48.5
%
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Revenue
$
126,902
$
123,048
$
251,070
$
239,174
Revenue excluding Japan
$
124,046
$
119,999
$
244,128
$
232,501
Gross Profit
57,422
56,625
113,226
111,955
GAAP gross margin
45.2
%
46.0
%
45.1
%
46.8
%
Less: Japan gross profit
1,063
1,125
3,102
2,694
Gross Profit excluding Japan
56,359
55,500
110,124
109,261
GAAP gross margin excluding Japan
45.4
%
46.3
%
45.1
%
47.0
%
Add back:
Stock-based compensation expense
528
668
1,115
1,303
Amortization expense
342
343
684
685
Less:
Japan stock-based compensation expense
22
22
47
45
Japan amortization expense
-
-
-
-
Total adjustments
848
989
1,752
1,943
Non-GAAP gross profit excluding Japan
$
57,207
$
56,489
$
111,876
$
111,204
Non-GAAP gross margin excluding Japan
46.1
%
47.1
%
45.8
%
47.8
%
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Revenue
$
126,902
$
123,048
$
251,070
$
239,174
Income from operations
5,201
16,104
13,091
20,365
GAAP operating margin
4.1
%
13.1
%
5.2
%
8.5
%
Add back:
Stock-based compensation expense
4,031
4,941
8,428
10,561
Amortization expense
1,527
1,490
3,072
3,033
Transaction costs 1
-
(7,655
)
-
(5,140
)
Costs related to Japan closure activities
5,194
-
5,194
-
Total adjustments
10,752
(1,224
)
16,694
8,454
Non-GAAP income from operations
$
15,953
$
14,880
$
29,785
$
28,819
Non-GAAP operating margin
12.6
%
12.1
%
11.9
%
12.0
%
1 Transaction costs include direct costs incurred in the Company's 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 to Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Revenue
$
126,902
$
123,048
$
251,070
$
239,174
Revenue excluding Japan
$
124,046
$
119,999
$
244,128
$
232,501
Income from operations
5,201
16,104
13,091
20,365
GAAP operating margin
4.1
%
13.1
%
5.2
%
8.5
%
Less: Japan income from operations
(542
)
(696
)
4
(654
)
Income from operations excluding Japan
5,743
16,800
13,087
21,019
GAAP operating margin excluding Japan
4.6
%
14.0
%
5.4
%
9.0
%
Add back:
Stock-based compensation expense
4,031
4,941
8,428
10,561
Amortization expense
1,527
1,490
3,072
3,033
Transaction costs 1
-
(7,655
)
-
(5,140
)
Costs related to Japan closure activities
5,194
-
5,194
-
Less:
Japan stock-based compensation expense
147
160
297
303
Japan amortization expense
-
-
-
-
Total adjustments
10,605
(1,384
)
16,397
8,151
Non-GAAP income from operations excluding Japan
$
16,348
$
15,416
$
29,484
$
29,170
Non-GAAP operating margin excluding Japan
13.2
%
12.8
%
12.1
%
12.5
%
1 Transaction costs include direct costs incurred in the Company's 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
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Revenue
$
126,902
$
123,048
$
251,070
$
239,174
GAAP net income
2,557
12,915
7,652
16,627
GAAP net income margin
2.0
%
10.5
%
3.0
%
7.0
%
Add back:
Amortization expense
$
1,527
$
1,490
$
3,072
$
3,033
Depreciation expense
8,515
8,578
17,202
17,094
Interest income, net
(149
)
(65
)
(194
)
(152
)
Tax expense
2,645
3,326
5,140
3,562
EBITDA
15,095
26,244
32,872
40,164
EBITDA Margin
11.9
%
21.3
%
13.1
%
16.8
%
Add back:
Stock-based compensation expense
4,031
4,941
8,428
10,561
Unrealized (gain) loss on foreign currency
271
(402
)
360
220
Costs related to Japan closure activities
5,194
-
5,194
-
Transaction costs 1
-
(7,655
)
-
(5,140
)
Total adjustments
9,496
(3,116
)
13,982
5,641
Adjusted EBITDA
$
24,591
$
23,128
$
46,854
$
45,805
Adjusted EBITDA Margin
19.4
%
18.8
%
18.7
%
19.2
%
1 Transaction costs include direct costs incurred in the Company's 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 by Region
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
GAAP
Foreign
Currency1
Hubs
Acquisition
Non-GAAP
GAAP
%
Change3
% Change
Organic4
Revenues
United States
$
100,655
$
-
$
-
$
100,655
$
95,344
5.6
%
5.6
%
Europe
23,391
2,225
-
25,616
24,655
(5.1
)
3.9
Japan
2,856
524
-
3,380
3,049
(6.3
)
10.9
Total Revenue
$
126,902
$
2,749
$
-
$
129,651
$
123,048
3.1
%
5.4
%
Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
GAAP
Foreign
Currency1
Hubs
Acquisition2
Non-GAAP
GAAP
%
Change3
% Change
Organic4
Revenues
United States
$
196,151
$
-
$
(1,049
)
$
195,102
$
186,397
5.2
%
4.7
%
Europe
47,977
3,376
(1,279
)
50,074
46,104
4.1
8.6
Japan
6,942
916
-
7,858
6,673
4.0
17.8
Total Revenue
$
251,070
$
4,292
$
(2,328
)
$
253,034
$
239,174
5.0
%
5.8
%
1 Revenue for the three- and six-month periods ended June 30, 2022 has been recalculated using 2021 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 six-month period ended June 30, 2022 has been recalculated to exclude revenue earned from the Company's acquisition of Hubs, Inc. for the period from January 1, 2022 to January 21, 2022 to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. The Hubs, Inc. acquisition occurred on January 22, 2021 and was included in 2021 revenue after that date.
3 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to GAAP revenue for the three- and six-month periods ended June 30, 2022 .
4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to non-GAAP revenue for the three- and six-month periods ended June 30, 2022 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended June 30, 2021 , excluding the impact of Hubs, Inc. acquisition) 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
June 30, 2022
Three Months Ended
June 30, 2021
GAAP
Foreign
Currency1
Hubs
Acquisition
Non-GAAP
GAAP
%
Change3
% Change
Organic4
Revenues
Injection Molding
$
53,355
$
1,541
$
-
$
54,896
$
58,168
(8.3
)
%
(5.6
)
%
CNC Machining
48,222
717
-
48,939
41,592
15.9
17.7
3D Printing
19,963
490
-
20,453
18,170
9.9
12.6
Sheet Metal
5,160
-
-
5,160
4,717
9.4
9.4
Other
202
1
-
203
401
(49.6
)
(49.4
)
Total Revenue
$
126,902
$
2,749
$
-
$
129,651
$
123,048
3.1
%
5.4
%
Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
GAAP
Foreign
Currency1
Hubs
Acquisition2
Non-GAAP
GAAP
%
Change3
% Change
Organic4
Revenues
Injection Molding
$
106,753
$
2,425
$
(189
)
$
108,989
$
114,527
(6.8
)
%
(4.8
)
%
CNC Machining
94,320
1,113
(1,637
)
93,796
78,295
20.5
19.8
3D Printing
39,635
750
(408
)
39,977
35,405
11.9
12.9
Sheet Metal
9,847
-
(84
)
9,763
9,936
(0.9
)
(1.7
)
Other
515
4
(10
)
509
1,011
(49.1
)
(49.6
)
Total Revenue
$
251,070
$
4,292
$
(2,328
)
$
253,034
$
239,174
5.0
%
5.8
%
1 Revenue for the three- and six-month periods ended June 30, 2022 has been recalculated using 2021 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 six-month period ended June 30, 2022 has been recalculated to exclude revenue earned from the Company's acquisition of Hubs, Inc. for the period from January 1, 2022 to January 21, 2022 to provide information useful in evaluating the underlying business trends excluding the impact of acquisitions. The Hubs, Inc. acquisition occurred on January 22, 2021 and was included in 2021 revenue after that date.
3 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to GAAP revenue for the three- and six-month periods ended June 30, 2022 .
4 This column presents the percentage change from GAAP revenue for the three- and six-month periods ended June 30, 2021 to non-GAAP revenue for the three- and six-month periods ended June 30, 2022 (as recalculated using the foreign currency exchange rates in effect during the three-month period ended June 30, 2021 , 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
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Unique product developers and engineers served
24,058
23,253
36,878
35,065
View source version on businesswire.com : https://www.businesswire.com/news/home/20220805005030/en/
Investor Relations
Protolabs
Ryan Johnsrud , 612-225-4873
Manager – Investor Relations and FP&A
ryan.johnsrud@protolabs.com
Media
Protolabs
Brent Renneke , 763-479-7704
PR & Media Strategist
brent.renneke@protolabs.com
Source: Proto Labs, Inc.