Record Full Year 2019 Revenue of $458.7 million, an increase of 3% over 2018
MAPLE PLAIN, Minn. — (BUSINESS WIRE) — February 6, 2020 — Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled, quick-turn, on-demand manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Highlights include:
- Revenue for the fourth quarter of 2019 was $111.9 million, representing a 0.8 percent decrease compared to revenue of $112.8 million in the fourth quarter of 2018.
- The number of unique product developers and engineers served totaled 20,595 in the fourth quarter of 2019, an increase of 0.9 percent over the fourth quarter of 2018.
- Net income for the fourth quarter of 2019 was $15.2 million, or $0.56 per diluted share.
- Non-GAAP net income was $17.1 million, or $0.63 per diluted share. See “Non-GAAP Financial Measures” below.
“The fourth quarter of 2019 played out as we expected, as global macroeconomic conditions continued to weaken through the end of 2019,” said Vicki Holt, President and Chief Executive Officer. “Despite softer revenue in the fourth quarter, our world-class e-commerce digital manufacturing offer still resonates with customers, as evidenced by our three percent growth in 2019 in these tough macro conditions.”
Additional Fourth Quarter 2019 Highlights include:
- Gross margin was 50.6 percent of revenue for the fourth quarter of 2019, compared to 52.5 percent for the fourth quarter of 2018.
- Operating expenses were 33.1 percent of revenue for the fourth quarter of 2019, compared to 34.6 percent for the fourth quarter of 2018.
- GAAP operating margin was 17.5 percent of revenue during the fourth quarter of 2019, compared to 17.9 percent for the fourth quarter of 2018.
- Non-GAAP operating margin was 19.2 percent of revenue during the fourth quarter of 2019, compared to 21.2 percent for the fourth quarter of 2018. See “Non-GAAP Financial Measures” below.
- EBITDA was $27.0 million, or 24.1 percent of revenue, for the fourth quarter of 2019.
- Adjusted EBITDA was $28.3 million, or 25.3 percent of revenue, for the fourth quarter of 2019. See “Non-GAAP Financial Measures” below.
- The company generated $32.3 million in cash from operations during the fourth quarter of 2019.
- Cash and investments balance was $173.6 million at December 31, 2019.
“Protolabs continued its track record of very strong cash generation in the fourth quarter of 2019, despite revenue softness and contraction in global manufacturing activity,” said John Way, Chief Financial Officer. “Our balance sheet remains very healthy as we enter into 2020, allowing us to make strategic investments focused on long term business performance.”
Full Year 2019 Financial Highlights include:
- Revenue increased 2.9 percent to $458.7 million compared to $445.6 million in 2018.
- Protolabs served 47,774 product developers during the year, an increase of 3.9 percent over 2018.
- Net income for 2019 was $63.7 million, or $2.35 per diluted share.
- Non-GAAP net income was $75.4 million, or $2.79 per diluted share. See “Non-GAAP Financial Measures” below.
- Cash generated from operations during the year totaled $116.1 million.
- The Company repurchased $33.5 million or 326,462 shares of common stock.
“Although macroeconomic headwinds across various industries have resulted in lower than expected purchasing from our customers in 2019, Protolabs remains committed to continually improving our offer and delighting our customers,” said Holt. “As we enter 2020, we are very excited about enhancements we are making to our e-commerce platform and back-end support systems. This project, called Protolabs 2.0, will build out our systems to support our customers and our strategy for the next decade and beyond. We have an outstanding team and are well-situated strategically and financially to expand our position as the leading e-commerce, digitally enabled supplier of custom manufacturing parts and services, which will lead to long-term shareholder value creation.”
Non-GAAP Financial Measures
The company has included non-GAAP revenue growth that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics are useful in evaluating the underlying business trends and ongoing operating performance of the company.
The company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, and disposal of businesses (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the company’s financial results.
The company has included non-GAAP operating margin, adjusted for stock-based compensation expense and amortization expense (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the company’s financial results.
The company has included non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, and disposal of businesses (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the company’s financial results.
The company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP operating margin, non-GAAP revenue growth and Adjusted EBITDA, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the company’s management and board of directors to understand and evaluate operating performance and trends and provide useful measures for period-to-period comparisons of the company’s business. Accordingly, the company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors.
Conference Call
The company has scheduled a conference call to discuss its fourth quarter and full year 2019 financial results and financial guidance today, February 6, 2020 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 presentations will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/mcknxyj8. 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 fastest digital manufacturing source for rapid prototyping and on-demand production. The technology-enabled company produces custom parts and assemblies in as fast as one day with automated 3D printing, CNC machining, sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market, reduces development and production costs, and minimizes risk throughout the product life cycle. Visit protolabs.com for more information.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
| Proto Labs, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | ||||||
| December 31, | December 31, | |||||
2019 |
2018 | |||||
| (Unaudited) | ||||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ |
125,225 |
$ |
85,046 |
||
| Short-term marketable securities |
|
35,437 |
|
46,750 |
||
| Accounts receivable, net |
|
57,450 |
|
59,155 |
||
| Inventory |
|
10,075 |
|
10,087 |
||
| Income taxes receivable |
|
- |
|
5,757 |
||
| Prepaid expenses and other current assets |
|
8,232 |
|
8,567 |
||
| Total current assets |
|
236,419 |
|
215,362 |
||
|
||||||
| Property and equipment, net |
|
263,712 |
|
228,001 |
||
| Goodwill |
|
128,752 |
|
128,752 |
||
| Other intangible assets, net |
|
17,369 |
|
19,850 |
||
| Long-term marketable securities |
|
12,960 |
|
23,579 |
||
| Operating lease assets |
|
11,425 |
|
- |
||
| Other long-term assets |
|
3,030 |
|
3,441 |
||
| Total assets | $ |
673,667 |
$ |
618,985 |
||
|
||||||
| Liabilities and shareholders' equity |
|
|||||
| Current liabilities |
|
|||||
| Accounts payable | $ |
16,804 |
$ |
17,411 |
||
| Accrued compensation |
|
15,058 |
|
18,130 |
||
| Accrued liabilities and other |
|
11,057 |
|
16,702 |
||
| Current operating lease liabilities |
|
3,340 |
|
- |
||
| Income taxes payable |
|
1,322 |
|
491 |
||
| Total current liabilities |
|
47,581 |
|
52,734 |
||
|
||||||
| Long-term operating lease liabilities |
|
8,565 |
|
- |
||
| Long-term deferred tax liabilities |
|
26,283 |
|
20,162 |
||
| Other long-term liabilities |
|
5,448 |
|
4,592 |
||
|
||||||
| Shareholders' equity |
|
585,790 |
|
541,497 |
||
| Total liabilities and shareholders' equity | $ |
673,667 |
$ |
618,985 |
||
| Proto Labs, Inc. | |||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | Year Ended |
||||||||||||
| December 31, | December 31, |
||||||||||||
2019 |
|
2018 |
2019 |
2018 |
|||||||||
| Revenue |
|
||||||||||||
| Injection Molding | $ |
51,480 |
|
$ |
53,913 |
$ |
217,415 |
$ |
210,523 |
||||
| CNC Machining |
|
38,494 |
|
|
38,157 |
|
155,473 |
|
153,521 |
||||
| 3D Printing |
|
15,708 |
|
|
13,924 |
|
61,352 |
|
53,342 |
||||
| Sheet Metal |
|
5,223 |
|
|
5,996 |
|
21,000 |
|
24,998 |
||||
| Other |
|
984 |
|
|
779 |
|
3,488 |
|
3,212 |
||||
| Total revenue |
|
111,889 |
|
|
112,769 |
|
458,728 |
|
445,596 |
||||
|
|||||||||||||
| Cost of revenue |
|
55,311 |
|
|
53,614 |
|
223,438 |
|
206,917 |
||||
| Gross profit |
|
56,578 |
|
|
59,155 |
|
235,290 |
|
238,679 |
||||
|
|||||||||||||
| Operating expenses |
|
||||||||||||
| Marketing and sales |
|
17,510 |
|
|
17,586 |
|
72,976 |
|
68,533 |
||||
| Research and development |
|
8,151 |
|
|
7,580 |
|
32,692 |
|
28,735 |
||||
| General and administrative |
|
11,355 |
|
|
13,834 |
|
49,766 |
|
52,513 |
||||
| Total operating expenses |
|
37,016 |
|
|
39,000 |
|
155,434 |
|
149,781 |
||||
| Income from operations |
|
19,562 |
|
|
20,155 |
|
79,856 |
|
88,898 |
||||
| Other income, net |
|
(229 |
) |
|
1,381 |
|
1,337 |
|
2,757 |
||||
| Income before income taxes |
|
19,333 |
|
|
21,536 |
|
81,193 |
|
91,655 |
||||
| Provision for income taxes |
|
4,147 |
|
|
2,250 |
|
17,538 |
|
15,067 |
||||
| Net income | $ |
15,186 |
|
$ |
19,286 |
$ |
63,655 |
$ |
76,588 |
||||
|
|||||||||||||
| Net income per share: |
|
||||||||||||
| Basic | $ |
0.57 |
|
$ |
0.71 |
$ |
2.37 |
$ |
2.84 |
||||
| Diluted | $ |
0.56 |
|
$ |
0.71 |
$ |
2.35 |
$ |
2.81 |
||||
|
|||||||||||||
| Shares used to compute net income per share: |
|
||||||||||||
| Basic |
|
26,777,536 |
|
|
27,040,207 |
|
26,866,985 |
|
26,982,614 |
||||
| Diluted |
|
26,945,927 |
|
|
27,311,988 |
|
27,049,423 |
|
27,278,816 |
||||
| Proto Labs, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
2019 |
2018 |
|||||||
| Operating activities | ||||||||
| Net income | $ |
63,655 |
|
$ |
76,588 |
|
||
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|||||||
| Depreciation and amortization |
|
30,864 |
|
|
26,754 |
|
||
| Stock-based compensation expense |
|
10,781 |
|
|
10,928 |
|
||
| Deferred taxes |
|
6,106 |
|
|
11,936 |
|
||
| Gain on sale of businesses |
|
- |
|
|
(671 |
) |
||
| Amortization of held-to-maturity securities |
|
5 |
|
|
374 |
|
||
| Other |
|
391 |
|
|
(619 |
) |
||
| Changes in operating assets and liabilities |
|
4,250 |
|
|
(2,361 |
) |
||
| Net cash provided by operating activities |
|
116,052 |
|
|
122,929 |
|
||
|
||||||||
| Investing activities |
|
|||||||
| Purchases of property, equipment and other capital assets |
|
(62,230 |
) |
|
(87,104 |
) |
||
| Cash used for acquisitions, net of cash acquired |
|
- |
|
|
(90 |
) |
||
| Proceeds from sale of businesses |
|
- |
|
|
284 |
|
||
| Purchases of other assets and investments |
|
(4,000 |
) |
|
(126 |
) |
||
| Purchases of marketable securities |
|
(46,403 |
) |
|
(41,384 |
) |
||
| Proceeds from maturities of marketable securities |
|
68,330 |
|
|
65,139 |
|
||
| Net cash used in investing activities |
|
(44,303 |
) |
|
(63,281 |
) |
||
|
||||||||
| Financing activities |
|
|||||||
| Payments on debt |
|
- |
|
|
(5,000 |
) |
||
| Proceeds from exercises of stock options |
|
4,391 |
|
|
8,935 |
|
||
| Purchases of shares withheld for tax obligations |
|
(2,487 |
) |
|
(2,144 |
) |
||
| Repurchases of common stock |
|
(33,521 |
) |
|
(12,229 |
) |
||
| Net cash used in financing activities |
|
(31,617 |
) |
|
(10,438 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents |
|
47 |
|
|
(871 |
) |
||
| Net increase in cash and cash equivalents |
|
40,179 |
|
|
48,339 |
|
||
| Cash and cash equivalents, beginning of period |
|
85,046 |
|
|
36,707 |
|
||
| Cash and cash equivalents, end of period | $ |
125,225 |
|
$ |
85,046 |
|
||
| 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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and disposal of businesses | ||||||||||||||||
| GAAP net income | $ |
15,186 |
|
$ |
19,286 |
|
$ |
63,655 |
|
$ |
76,588 |
|
||||
| Add back: | ||||||||||||||||
| Stock-based compensation expense |
|
1,043 |
|
|
2,942 |
|
|
10,781 |
|
|
10,928 |
|
||||
| Amortization expense |
|
889 |
|
|
862 |
|
|
3,482 |
|
|
3,233 |
|
||||
| Unrealized (gain) loss on foreign currency |
|
286 |
|
|
(527 |
) |
|
677 |
|
|
(380 |
) |
||||
| Disposal of businesses |
|
- |
|
|
- |
|
|
- |
|
|
(671 |
) |
||||
| Total adjustments 1 |
|
2,218 |
|
|
3,277 |
|
|
14,940 |
|
|
13,110 |
|
||||
| Provisional charges related to the tax effect of deemed repatriation of foreign earnings |
|
- |
|
|
(719 |
) |
|
- |
|
|
(719 |
) |
||||
| Revaluation of net deferred tax assets and liabilities |
|
- |
|
|
(496 |
) |
|
- |
|
|
(496 |
) |
||||
| Income tax benefits on adjustments 2 |
|
(350 |
) |
|
(1,086 |
) |
|
(3,225 |
) |
|
(5,660 |
) |
||||
| Non-GAAP net income | $ |
17,054 |
|
$ |
20,262 |
|
$ |
75,370 |
|
$ |
82,823 |
|
||||
| Non-GAAP net income per share: | ||||||||||||||||
| Basic | $ |
0.64 |
|
$ |
0.75 |
|
$ |
2.81 |
|
$ |
3.07 |
|
||||
| Diluted | $ |
0.63 |
|
$ |
0.74 |
|
$ |
2.79 |
|
$ |
3.04 |
|
||||
| Shares used to compute non-GAAP net income per share: | ||||||||||||||||
| Basic |
|
26,777,536 |
|
|
27,040,207 |
|
|
26,866,985 |
|
|
26,982,614 |
|
||||
| Diluted |
|
26,945,927 |
|
|
27,311,988 |
|
|
27,049,423 |
|
|
27,278,816 |
|
||||
| 1 Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and disposal of businesses were included in the following GAAP consolidated statement of operations categories: | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Cost of revenue | $ |
933 |
|
$ |
448 |
|
$ |
3,335 |
|
$ |
1,543 |
|
||||
| Marketing and sales |
|
708 |
|
|
562 |
|
|
2,631 |
|
|
1,942 |
|
||||
| Research and development |
|
365 |
|
|
407 |
|
|
1,851 |
|
|
1,517 |
|
||||
| General and administrative |
|
(74 |
) |
|
2,387 |
|
|
6,446 |
|
|
9,159 |
|
||||
| Total operating expenses |
|
999 |
|
|
3,356 |
|
|
10,928 |
|
|
12,618 |
|
||||
| Other income, net |
|
286 |
|
|
(527 |
) |
|
677 |
|
|
(1,051 |
) |
||||
| Total adjustments | $ |
2,218 |
|
$ |
3,277 |
|
$ |
14,940 |
|
$ |
13,110 |
|
||||
| 2 For the three-month and year-ended periods ended December 31, 2019 and 2018, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. Our non-GAAP tax rates differ from our GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock-based compensation activity in the quarter. | ||||||||||||||||
| Proto Labs, Inc. | ||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Operating Margin | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
December 31, |
|
December 31, |
||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
| Revenue | $ |
111,889 |
|
$ |
112,769 |
|
$ |
458,728 |
|
$ |
445,596 |
|
||||
| Income from operations |
|
19,562 |
|
|
20,155 |
|
|
79,856 |
|
|
88,898 |
|
||||
| GAAP operating margin |
|
17.5 |
% |
|
17.9 |
% |
|
17.4 |
% |
|
20.0 |
% |
||||
| Add back: |
|
|
||||||||||||||
| Stock-based compensation expense |
|
1,043 |
|
|
2,942 |
|
|
10,781 |
|
|
10,928 |
|
||||
| Amortization expense |
|
889 |
|
|
862 |
|
|
3,482 |
|
|
3,233 |
|
||||
| Total adjustments |
|
1,932 |
|
|
3,804 |
|
|
14,263 |
|
|
14,161 |
|
||||
| Non-GAAP income from operations | $ |
21,494 |
|
$ |
23,959 |
|
$ |
94,119 |
|
$ |
103,059 |
|
||||
| Non-GAAP operating margin |
|
19.2 |
% |
|
21.2 |
% |
|
20.5 |
% |
|
23.1 |
% |
||||
| Proto Labs, Inc. | ||||||||||||||||
| Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
| December 31, | December 31, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
| GAAP net income | $ |
15,186 |
|
$ |
19,286 |
|
$ |
63,655 |
|
$ |
76,588 |
|
||||
| Amortization expense |
|
889 |
|
|
862 |
|
|
3,482 |
|
|
3,233 |
|
||||
| Depreciation expense |
|
7,317 |
|
|
6,372 |
|
|
27,383 |
|
|
23,521 |
|
||||
| Interest income, net |
|
(560 |
) |
|
(641 |
) |
|
(2,095 |
) |
|
(1,704 |
) |
||||
| Tax expense |
|
4,147 |
|
|
2,250 |
|
|
17,538 |
|
|
15,067 |
|
||||
| EBITDA |
|
26,979 |
|
|
28,129 |
|
|
109,963 |
|
|
116,705 |
|
||||
| Add back: |
|
|
||||||||||||||
| Stock-based compensation expense |
|
1,043 |
|
|
2,942 |
|
|
10,781 |
|
|
10,928 |
|
||||
| Unrealized (gain) loss on foreign currency |
|
286 |
|
|
(527 |
) |
|
677 |
|
|
(380 |
) |
||||
| Disposal of businesses |
|
- |
|
|
- |
|
|
- |
|
|
(671 |
) |
||||
| Total adjustments |
|
1,329 |
|
|
2,415 |
|
|
11,458 |
|
|
9,877 |
|
||||
| Adjusted EBITDA | $ |
28,308 |
|
$ |
30,544 |
|
$ |
121,421 |
|
$ |
126,582 |
|
||||
| Proto Labs, Inc. | |||||||||||||||||||
| Comparison of GAAP to Non-GAAP Revenue Growth | |||||||||||||||||||
| (In thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended
December 31, 2019 |
Three Months
Ended December 31, 2018 |
% | % Change
Constant |
||||||||||||||||
| GAAP | Adjustments1 | Non-GAAP | GAAP | Change2 | Currencies3 | ||||||||||||||
| Revenues | |||||||||||||||||||
| United States | $ |
88,329 |
$ |
- |
|
$ |
88,329 |
$ |
89,282 |
(1.1 |
%) |
(1.1 |
%) |
||||||
| Europe |
|
19,889 |
|
385 |
|
|
20,274 |
|
19,458 |
2.2 |
% |
4.2 |
% |
||||||
| Japan |
|
3,671 |
|
(131 |
) |
|
3,540 |
|
4,029 |
(8.9 |
%) |
(12.1 |
%) |
||||||
| Total Revenue | $ |
111,889 |
$ |
254 |
|
$ |
112,143 |
$ |
112,769 |
(0.8 |
%) |
(0.6 |
%) |
||||||
| Year Ended
December 31, 2019 |
Year Ended
December 31, 2018 |
% | % Change
Constant |
||||||||||||||||
| GAAP | Adjustments1 | Non-GAAP | GAAP | Change2 | Currencies3 | ||||||||||||||
| Revenues | |||||||||||||||||||
| United States | $ |
360,205 |
$ |
- |
|
$ |
360,205 |
$ |
350,535 |
2.8 |
% |
2.8 |
% |
||||||
| Europe |
|
82,805 |
|
4,353 |
|
|
87,158 |
|
80,889 |
2.4 |
% |
7.8 |
% |
||||||
| Japan |
|
15,718 |
|
(150 |
) |
|
15,568 |
|
14,172 |
10.9 |
% |
9.9 |
% |
||||||
| Total Revenue | $ |
458,728 |
$ |
4,203 |
|
$ |
462,931 |
$ |
445,596 |
2.9 |
% |
3.9 |
% |
||||||
| 1 Revenue growth for the three-month and year-ended periods ended December 31, 2019 has been recalculated using 2018 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 growth for the three-month and year-ended periods ended December 31, 2018 to GAAP revenue growth for the three-month and year-ended periods ended December 31, 2019. | |||||||||||||||||||
| 3 This column presents the percentage change from GAAP revenue for the three-month and year-ended periods ended December 31, 2018 to non-GAAP revenue for the three-month and year-ended periods ended December 31, 2019 (as recalculated using the foreign currency exchange rates in effect during the three-month and year-ended periods ended December 31, 2018) in order to provide a constant currency comparison. | |||||||||||||||||||
| Proto Labs, Inc. | ||||||||
| Product Developer Information | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Year Ended | |||||||
| December 31, | December 31, |
|||||||
2019 |
2018 |
2019 |
2018 |
|||||
| Unique product developers and engineers served | 20,595 |
20,403 |
47,774 |
45,968 |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005125/en/
Contact:
Investor Relations Contact:
Protolabs
Dan Schumacher, 763-479-7240
Director of Investor Relations
daniel.schumacher@protolabs.com
or
Media Contact:
Protolabs
Sarah Ekenberg, 763-479-7560
Marketing Manager, PR & Media
sarah.ekenberg@protolabs.com