Proto Labs, Inc. |
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Reconciliation of GAAP to Non-GAAP Net Income per Share |
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(In thousands, except share and per share amounts) |
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(Unaudited) |
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Three Months Ended |
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|
March 31, |
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|
2020 |
2019 |
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| Non-GAAP net income, adjusted for stock-based compensation expense, | |||||||||
| amortization expense and unrealized (gain) loss on foreign currency | |||||||||
| GAAP net income | $ |
13,984 |
|
$ |
15,511 |
|
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| Add back: | |||||||||
| Stock-based compensation expense |
|
3,033 |
|
|
3,040 |
|
|||
| Amortization expense |
|
754 |
|
|
871 |
|
|||
| Unrealized (gain) loss on foreign currency |
|
(797 |
) |
|
247 |
|
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| Total adjustments 1 |
|
2,990 |
|
|
4,158 |
|
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| Income tax benefits on adjustments 2 |
|
(675 |
) |
|
(919 |
) |
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| Non-GAAP net income | $ |
16,299 |
|
$ |
18,750 |
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| Non-GAAP net income per share: | |||||||||
| Basic | $ |
0.61 |
|
$ |
0.70 |
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| Diluted | $ |
0.61 |
|
$ |
0.69 |
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| Shares used to compute non-GAAP net income per share: | |||||||||
| Basic |
|
26,776,806 |
|
|
26,963,366 |
|
|||
| Diluted |
|
26,929,640 |
|
|
27,177,039 |
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| 1 Stock-based compensation expense, amortization expense and unrealized (gain) loss on foreign currency were included in the following GAAP consolidated statement of operations categories: | |||||||||
| Three Months Ended |
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| March 31, |
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| 2020 |
2019 |
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| Cost of revenue | $ |
863 |
|
$ |
733 |
|
|||
| Marketing and sales |
|
618 |
|
|
549 |
|
|||
| Research and development |
|
521 |
|
|
423 |
|
|||
| General and administrative |
|
1,785 |
|
|
2,206 |
|
|||
| Total operating expenses |
|
2,924 |
|
|
3,178 |
|
|||
| Other income, net |
|
(797 |
) |
|
247 |
|
|||
| Total adjustments | $ |
2,990 |
|
$ |
4,158 |
|
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| 2 For the three-month periods ended March 31, 2020 and 2019, 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. | |||||||||
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Protolabs Reports Financial Results for the First Quarter 2020
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