Revenue of $125 Million in the Fourth
Quarter of 2023
Record Annual Revenue of $504 Million in
2023
Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB),
the world’s leading provider of digital manufacturing services,
today announced financial results for the fourth quarter and full
year ended December 31, 2023.
Fourth Quarter 2023 Financial
Highlights:
- Revenue was $125.0 million, an 8.2% increase compared to the
fourth quarter of 2022.
- Revenue generated from Protolabs Network was $22.5 million, a
52.0% increase compared to the fourth quarter of 2022.
- Net income was $7.0 million, or $0.27 per diluted share,
compared to a net loss of $4.24 per diluted share in the fourth
quarter of 2022.
- Non-GAAP net income was $11.8 million, or $0.46 per diluted
share, compared to $7.0 million, or $0.26 per diluted share, in the
fourth quarter of 2022. See “Non-GAAP Financial Measures”
below.
- EBITDA was $18.3 million, or 14.6% of revenue. See “Non-GAAP
Financial Measures” below.
- Adjusted EBITDA was $22.3 million, or 17.8% of revenue,
compared to $14.5 million, or 12.5% of revenue, in the fourth
quarter of 2022. See “Non-GAAP Financial Measures” below.
Full Year 2023 Financial
Highlights:
- Revenue was a record $503.9 million, representing a 3.2%
increase over 2022.
- Revenue generated from Protolabs Network was $82.6 million in
2023, representing growth of 70.4% over the prior year.
- Net income was $17.2 million, or $0.66 per diluted share,
compared to a net loss of $3.77 per diluted share in 2022.
- Non-GAAP net income was $41.6 million, or $1.59 per diluted
share, compared to $41.1 million, or $1.50 per diluted share, in
2022. See “Non-GAAP Financial Measures” below.
- EBITDA was $63.2 million, or 12.6% of revenue, in 2023. See
“Non-GAAP Financial Measures” below.
- Adjusted EBITDA was $83.2 million, or 16.5% of revenue, in
2023. See “Non-GAAP Financial Measures” below.
- Cash flow from operations was $73.3 million in 2023, compared
to $62.1 million in 2022.
- The Company repurchased $44.0 million in common shares during
the year.
- Protolabs served 53,464 customer contacts during the year.
"We capped off a record year with strong fourth quarter results,
driven by consistent execution against our priorities,” said Rob
Bodor, President and Chief Executive Officer. “For the full year,
we generated revenue above $500 million for the first time in our
25-year history, while delivering improved earnings, robust cash
flow, and substantial capital returned to shareholders. We are
encouraged by our strong finish to 2023, and we believe we have the
right strategy and priorities in place to continue our momentum
throughout 2024. We remain focused on driving positive global
impact, maintaining our industry-leading financial model, and
increasing value for our shareholders."
Dan Schumacher, Chief Financial Officer, commented, "Along with
record revenue in 2023, we significantly improved profitability in
both the digital factory and the digital network. We generated an
industry-leading $73 million in cash from operations, and we paid
97% of our free cash flows to shareholders through share
repurchases."
First Quarter 2024 Outlook
The Company will continue to provide financial guidance on a
quarterly basis due to the quick-turn nature of the business and
continued uncertainty in global manufacturing.
For the first quarter of 2024, the Company expects to generate
revenue between $120 million and $128 million. This guidance
reflects a softer start to 2024, due to December 2023 and early
January 2024 order levels being lower than historical periods.
However, recent performance has been more in line with historical
trends, and our guidance assumes that will continue through the end
of March.
The Company expects first quarter 2024 diluted net income per
share between $0.09 and $0.17, and non-GAAP diluted net income per
share between $0.26 and $0.34. See "Non-GAAP Financial Measures"
below.
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, goodwill impairment and costs related to the Japan
closure activities (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, goodwill impairment and costs related to the Japan
closure activities (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, goodwill
impairment and costs related to the closure of Japan (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,
goodwill impairment and costs related to the Japan closure
activities (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, goodwill impairment and costs
related to the closure of Japan (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, the most
directly comparable measures calculated and presented in accordance
with GAAP. These non-GAAP measures are used by the Company’s
management and board of directors to understand and evaluate
operating performance and trends and provide useful measures for
period-to-period comparisons of the Company’s business.
Accordingly, the Company believes that these non-GAAP measures
provide useful information to investors and others in understanding
and evaluating operating results in the same manner as our
management and board of directors.
Conference Call
The Company has scheduled a conference call to discuss its
fourth quarter and full year 2023 financial results and first
quarter 2024 outlook today, February 9, 2024 at 8:30 a.m. EST. To
access the call in the U.S. please dial 877-709-8150 or outside the
U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m.
EST start time. No participant code is required. A simultaneous
webcast of the call and accompanying presentation will be available
via the investor relations section of the Protolabs website and the
following link: https://edge.media-server.com/mmc/p/vyeizwtx/. 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 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
(In thousands)
December 31,
2023
December 31,
2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
83,790
$
56,558
Short-term marketable securities
19,013
23,568
Accounts receivable, net
72,848
76,225
Inventory
13,657
13,578
Income taxes receivable
2,228
4,042
Prepaid expenses and other current
assets
9,124
12,597
Total current assets
200,660
186,568
Property and equipment, net
253,655
257,785
Goodwill
273,991
273,991
Other intangible assets, net
25,584
31,250
Long-term marketable securities
8,019
26,419
Operating lease assets
4,628
3,844
Finance lease assets
960
17,532
Other long-term assets
4,856
4,779
Total assets
$
772,353
$
802,168
Liabilities and shareholders'
equity
Current liabilities
Accounts payable
$
15,636
$
17,356
Accrued compensation
15,292
12,743
Accrued liabilities and other
16,872
22,384
Current operating lease liabilities
1,585
1,561
Current finance lease liabilities
296
17,537
Total current liabilities
49,681
71,581
Long-term operating lease liabilities
3,008
2,255
Long-term finance lease liabilities
595
—
Long-term deferred tax liabilities
18,742
26,322
Other long-term liabilities
5,032
4,362
Shareholders' equity
695,295
697,648
Total liabilities and shareholders'
equity
$
772,353
$
802,168
Proto Labs, Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share amounts)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
Injection Molding
$
51,486
$
44,885
$
203,941
$
200,578
CNC Machining
48,905
46,563
198,222
188,372
3D Printing
20,339
19,530
84,291
78,988
Sheet Metal
4,062
4,432
16,540
19,498
Other Revenue
256
197
883
962
Total Revenue
125,048
115,607
503,877
488,398
Cost of revenue
69,236
67,000
281,884
272,933
Gross profit
55,812
48,607
221,993
215,465
Operating expenses
Marketing and sales
21,825
20,517
87,688
82,752
Research and development
9,488
8,906
40,135
38,222
General and administrative
16,075
17,774
65,788
67,544
Goodwill impairment
—
118,008
—
118,008
Closure of Japan business
29
534
215
6,922
Total operating expenses
47,417
165,739
193,826
313,448
Income (loss) from operations
8,395
(117,132
)
28,167
(97,983
)
Other income (loss), net
1,543
429
(215
)
106
Income (loss) before income taxes
9,938
(116,703
)
27,952
(97,877
)
Provision for income taxes
2,948
(1,638
)
10,732
5,585
Net income (loss)
$
6,990
$
(115,065
)
$
17,220
$
(103,462
)
Net income (loss) per share:
Basic
$
0.27
$
(4.24
)
$
0.66
$
(3.77
)
Diluted
$
0.27
$
(4.24
)
$
0.66
$
(3.77
)
Shares used to compute net income (loss)
per share:
Basic
25,820,802
27,136,821
26,186,533
27,409,838
Diluted
25,889,004
27,136,821
26,223,498
27,409,838
Proto Labs, Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve Months Ended
December 31,
2023
2022
Operating activities
Net income (loss)
$
17,220
$
(103,462
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
37,528
39,425
Stock-based compensation expense
15,989
17,545
Deferred taxes
(7,656
)
(9,499
)
Interest on finance lease obligations
1,055
—
Loss on impairment of goodwill
—
118,008
Loss on foreign currency translation
3,906
—
Impairments related to closure of Japan
business
—
2,842
Gain on disposal of property and
equipment
(498
)
(1,211
)
Other
154
35
Changes in operating assets and
liabilities
5,576
(1,604
)
Net cash provided by operating
activities
73,274
62,079
Investing activities
Purchases of property, equipment and other
capital assets
(28,116
)
(21,686
)
Proceeds from sales of property, equipment
and other capital assets
699
4,108
Purchases of marketable securities
—
(46,872
)
Purchases of other assets and
investments
(1,000
)
—
Proceeds from sales of marketable
securities
—
1,998
Proceeds from call redemptions and
maturities of marketable securities
23,865
19,360
Net cash used in investing activities
(4,552
)
(43,092
)
Financing activities
Proceeds from exercises of stock
options
3,835
3,950
Purchases of shares withheld for tax
obligations
(1,436
)
(1,682
)
Repurchases of common stock
(43,951
)
(29,659
)
Principal repayments of finance lease
obligations
(306
)
(531
)
Net cash used in financing activities
(41,858
)
(27,922
)
Effect of exchange rate changes on cash
and cash equivalents
368
(436
)
Net increase (decrease) in cash and
cash equivalents
27,232
(9,371
)
Cash and cash equivalents, beginning of
period
56,558
65,929
Cash and cash equivalents, end of
period
$
83,790
$
56,558
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
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Non-GAAP net income (loss), adjusted for
stock-based compensation expense, amortization expense, unrealized
(gain) loss on foreign currency, goodwill impairment and costs
related to Japan closure activities
GAAP net income (loss)
$
6,990
$
(115,065
)
$
17,220
$
(103,462
)
Add back:
Stock-based compensation expense
4,178
4,210
15,989
17,545
Amortization expense
1,457
1,514
5,928
6,096
Unrealized (gain) loss on foreign
currency
(211
)
(490
)
(125
)
252
Goodwill impairment
—
118,008
—
118,008
Costs related to Japan closure
activities
29
534
4,122
6,922
Total adjustments 1
5,453
123,776
25,914
148,823
Income tax benefits on adjustments 2
(609
)
(1,753
)
(1,540
)
(4,271
)
Non-GAAP net income
$
11,834
$
6,958
$
41,594
$
41,090
Non-GAAP net income per share:
Basic
$
0.46
$
0.26
$
1.59
$
1.50
Diluted
$
0.46
$
0.26
$
1.59
$
1.50
Shares used to compute non-GAAP net income
per share:
Basic
25,820,802
27,136,821
26,186,533
27,409,838
Diluted
25,889,004
27,151,991
26,223,498
27,433,257
1
Stock-based compensation expense,
amortization expense, unrealized (gain) loss on foreign currency,
goodwill impairment and costs related to Japan closure activities
were included in the following GAAP consolidated statement of
operations categories:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Cost of revenue
$
794
$
840
$
3,210
$
3,541
Marketing and sales
916
816
3,424
3,295
Research and development
669
488
2,557
2,190
General and administrative
3,256
3,580
12,727
14,615
Goodwill impairment
-
118,008
-
118,008
Closure of Japan business
29
534
215
6,922
Total operating expenses
4,870
123,426
18,923
145,030
Other income (loss), net
(211
)
(490
)
3,781
252
Total adjustments
$
5,453
$
123,776
$
25,914
$
148,823
2
For the three and twelve months ended
December 31, 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
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
125,048
$
115,607
$
503,877
$
488,398
Gross profit
55,812
48,607
221,993
215,465
GAAP gross margin
44.6
%
42.0
%
44.1
%
44.1
%
Add back:
Stock-based compensation expense
452
498
1,840
2,172
Amortization expense
342
342
1,370
1,369
Total adjustments
794
840
3,210
3,541
Non-GAAP gross profit
$
56,606
$
49,447
$
225,203
$
219,006
Non-GAAP gross margin
45.3
%
42.8
%
44.7
%
44.8
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
125,048
$
115,607
$
503,877
$
488,398
Revenue excluding Japan
$
125,048
$
115,607
$
503,877
$
480,169
Gross profit
55,812
48,607
221,993
215,465
GAAP gross margin
44.6
%
42.0
%
44.1
%
44.1
%
Less: Japan gross profit
—
(93
)
—
3,057
Gross Profit excluding Japan
55,812
48,700
221,993
212,408
GAAP gross margin excluding Japan
44.6
%
42.1
%
44.1
%
44.2
%
Add back:
Stock-based compensation expense
452
498
1,840
2,172
Amortization expense
342
342
1,370
1,369
Less:
Japan stock-based compensation expense
—
—
—
61
Japan amortization expense
—
—
—
—
Total adjustments
794
840
3,210
3,480
Non-GAAP gross profit excluding Japan
$
56,606
$
49,540
$
225,203
$
215,888
Non-GAAP gross margin excluding Japan
45.3
%
42.9
%
44.7
%
45.0
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin
(In thousands)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
125,048
$
115,607
$
503,877
$
488,398
Income (loss) from operations
8,395
(117,132
)
28,167
(97,983
)
GAAP operating margin
6.7
%
(101.3
%)
5.6
%
(20.1
%)
Add back:
Stock-based compensation expense
4,178
4,210
15,989
17,545
Amortization expense
1,457
1,514
5,928
6,096
Goodwill impairment
—
118,008
—
118,008
Costs related to Japan closure
activities
29
534
215
6,922
Total adjustments
5,664
124,266
22,132
148,571
Non-GAAP income from operations
$
14,059
$
7,134
$
50,299
$
50,588
Non-GAAP operating margin
11.2
%
6.2
%
10.0
%
10.4
%
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Margin Excluding Japan
(In thousands)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
125,048
$
115,607
$
503,877
$
488,398
Revenue excluding Japan
$
125,048
$
115,607
$
503,877
$
480,169
Income (loss) from operations
8,395
(117,132
)
28,167
(97,983
)
GAAP operating margin
6.7
%
(101.3
%)
5.6
%
(20.1
%)
Less: Japan (loss) income from
operations
(18
)
(594
)
(499
)
(1,424
)
Income from operations excluding Japan
8,413
(116,538
)
28,666
(96,559
)
GAAP operating margin excluding Japan
6.7
%
(100.8
%)
5.7
%
(20.1
%)
Add back:
Stock-based compensation expense
4,178
4,210
15,989
17,545
Amortization expense
1,457
1,514
5,928
6,096
Goodwill impairment
—
118,008
—
118,008
Costs related to Japan closure
activities
29
534
215
6,922
Less:
Japan stock-based compensation expense
—
20
17
406
Japan amortization expense
—
—
—
—
Total adjustments
5,664
124,246
22,115
148,165
Non-GAAP income from operations excluding
Japan
$
14,077
$
7,708
$
50,781
$
51,606
Non-GAAP operating margin excluding
Japan
11.3
%
6.7
%
10.1
%
10.7
%
Proto Labs, Inc.
Reconciliation of GAAP Net
Income (Loss) to EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$
125,048
$
115,607
$
503,877
$
488,398
GAAP net income (loss)
6,990
(115,065
)
17,220
(103,462
)
GAAP net income margin
5.6
%
(99.5
%)
3.4
%
(21.2
%)
Add back:
Amortization expense
$
1,457
$
1,514
$
5,928
$
6,096
Depreciation expense
7,858
7,930
31,600
33,329
Interest income, net
(951
)
(509
)
(2,234
)
(968
)
Provision for income taxes
2,948
(1,638
)
10,732
5,585
EBITDA
18,302
(107,768
)
63,246
(59,420
)
EBITDA Margin
14.6
%
(93.2
%)
12.6
%
(12.2
%)
Add back:
Stock-based compensation expense
4,178
4,210
15,989
17,545
Unrealized (gain) loss on foreign
currency
(211
)
(490
)
(125
)
252
Goodwill impairment
—
118,008
—
118,008
Costs related to Japan closure
activities
29
534
4,122
6,922
Total adjustments
3,996
122,262
19,986
142,727
Adjusted EBITDA
$
22,298
$
14,494
$
83,232
$
83,307
Adjusted EBITDA Margin
17.8
%
12.5
%
16.5
%
17.1
%
Proto Labs, Inc.
Comparison of GAAP to Non-GAAP
Revenue Growth by Region
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2023
Three Months Ended December
31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
98,814
$
—
$
98,814
$
92,278
7.1
%
7.1
%
Europe
26,234
(1,144
)
25,090
23,329
12.5
%
7.5
%
Total revenue
$
125,048
$
(1,144
)
$
123,904
$
115,607
8.2
%
7.2
%
Twelve Months Ended
December 31, 2023
Twelve Months Ended December
31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
United States
$
396,821
$
—
$
396,821
$
387,399
2.4
%
2.4
%
Europe
107,056
167
107,223
92,770
15.4
%
15.6
%
Japan
—
—
—
8,229
(100.0
%)
(100.0
%)
Total revenue
$
503,877
$
167
$
504,044
$
488,398
3.2
%
3.2
%
1
Revenue for the three and twelve months
ended December 31, 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 twelve months ended December
31, 2022 to GAAP revenue for the twelve months ended months ended
December 31, 2023.
3
This column presents the percentage change
from GAAP revenue for the three and twelve months ended December
31, 2022 to non-GAAP revenue for the three and twelve months ended
December 31, 2023 (as recalculated using the foreign currency
exchange rates in effect during the three and twelve months ended
December 31, 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
December 31, 2023
Three Months Ended December
31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
51,486
$
(453
)
$
51,033
$
44,885
14.7
%
13.7
%
CNC Machining
48,905
(395
)
48,510
46,563
5.0
4.2
3D Printing
20,339
(268
)
20,071
19,530
4.1
2.8
Sheet Metal
4,062
(1
)
4,061
4,432
(8.3
)
(8.4
)
Other Revenue
256
(27
)
229
197
29.9
16.2
Total Revenue
$
125,048
$
(1,144
)
$
123,904
$
115,607
8.2
%
7.2
%
Twelve Months Ended
December 31, 2023
Twelve Months Ended December
31, 2022
%
Change2
% Change
Organic3
GAAP
Foreign
Currency1
Non-GAAP
GAAP
Revenues
Injection Molding
$
203,941
$
328
$
204,269
$
200,578
1.7
%
1.8
%
CNC Machining
198,222
(243
)
197,979
188,372
5.2
5.1
3D Printing
84,291
9
84,300
78,988
6.7
6.7
Sheet Metal
16,540
(10
)
16,530
19,498
(15.2
)
(15.2
)
Other Revenue
883
83
966
962
(8.2
)
0.4
Total Revenue
$
503,877
$
167
$
504,044
$
488,398
3.2
%
3.2
%
1
Revenue for the three and twelve months
ended December 31, 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 twelve months ended December
31, 2022 to GAAP revenue for the three and twelve months ended
December 31, 2023.
3
This column presents the percentage change
from GAAP revenue for the three and twelve months ended December
31, 2022 to non-GAAP revenue for the three and twelve months ended
December 31, 2023 (as recalculated using the foreign currency
exchange rates in effect during the three and twelve months ended
December 31, 2022) in order to provide a constant-currency
comparison.
Proto Labs, Inc.
Customer Contact
Information
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Customer contacts
21,879
22,205
53,464
56,333
Revenue per customer contact
$
5,715
$
5,206
$
9,425
$
8,670
Proto Labs, Inc.
Reconciliation of GAAP to
Non-GAAP Guidance
(In thousands, except per
share and per share amounts)
(Unaudited)
Q1 2024 Outlook
Low
High
GAAP diluted net income per share
$
0.09
0.17
Add back:
Stock-based compensation expense
0.14
0.14
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
$
0.26
$
0.34
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240209777634/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
Grafico Azioni Proto Labs (NYSE:PRLB)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Proto Labs (NYSE:PRLB)
Storico
Da Feb 2024 a Feb 2025
