Total Revenue of $128 Million; Protolabs Network Revenue up 39% YoY to $24 Million
GAAP Earnings Per Share of $0.20, Non-GAAP Earnings Per Share of $0.40
MINNEAPOLIS — (BUSINESS WIRE) — May 3, 2024 — Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights:
- Revenue was $127.9 million, a 1.6% increase compared to the first quarter of 2023.
- Revenue generated from Protolabs Network was $23.9 million, a 38.9% increase compared to the first quarter of 2023.
- Net income was $5.3 million, or $0.20 per diluted share, compared to $2.7 million, or $0.10 per diluted share, in the first quarter of 2023.
- Non-GAAP net income was $10.4 million, or $0.40 per diluted share, compared to $7.9 million, or $0.30 per diluted share, in the first quarter of 2023. See “Non-GAAP Financial Measures” below.
- EBITDA was $15.7 million, or 12.3% of revenue. See “Non-GAAP Financial Measures” below.
- Adjusted EBITDA was $20.2 million, or 15.8% of revenue, compared to $17.8 million, or 14.1% of revenue, in the first quarter of 2023. See “Non-GAAP Financial Measures” below.
"We demonstrated strong financial and operational results in the first quarter," said Rob Bodor, President and Chief Executive Officer. "We are encouraged by our progress to-date and remain focused on driving profitable growth for the full year 2024. As we continue to execute against our strategy, we remain confident in our ability to increase the number of customers using our hybrid model and drive higher revenue per customer through larger orders in all services. We look forward to comprehensively serving our customers, driving growth and profitability, and increasing value for shareholders."
Dan Schumacher, Chief Financial Officer, commented, "Our results were driven by increased order growth relative to the beginning of the year as well as strong performance in our higher-margin Factory business. We remain committed to returning capital to shareholders as we repurchased $16.0 million of common stock in the quarter, equivalent to 85% of free cash flow."
Additional First Quarter 2024 Highlights:
-
Customer contact information
- Protolabs served 22,466 customer contacts during the quarter.
- Revenue per customer contact increased 5.3% year-over-year to $5,693.
- Gross margin was 44.9% of revenue, compared to 42.7% of revenue in the first quarter of 2023.
- Non-GAAP gross margin was 45.6% of revenue, compared to 43.4% of revenue in the first quarter of 2023. See "Non-GAAP Financial Measures" below.
- Cash flow from operations was $21.3 million in the first quarter of 2024.
- Cash and investments balance was $112.9 million as of March 31, 2024.
Second Quarter 2024 Outlook
For the second quarter of 2024, the Company expects to generate revenue between $122 million and $130 million.
The Company expects second quarter 2024 diluted net income per share between $0.11 and $0.19, and non-GAAP diluted net income per share between $0.30 and $0.38. 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 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 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 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 net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency 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 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 first quarter 2024 financial results and second quarter 2024 outlook today, May 3, 2024 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/44qaaegi/. 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) |
|||||
|
|||||
|
|
|
|
||
|
March 31,
|
|
December 31,
|
||
|
(Unaudited) |
|
|
||
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
92,804 |
|
$ |
83,790 |
Short-term marketable securities |
|
16,875 |
|
|
19,013 |
Accounts receivable, net |
|
77,849 |
|
|
72,848 |
Inventory |
|
12,823 |
|
|
13,657 |
Income taxes receivable |
|
644 |
|
|
2,228 |
Prepaid expenses and other current assets |
|
9,425 |
|
|
9,124 |
Total current assets |
|
210,420 |
|
|
200,660 |
|
|
|
|
||
Property and equipment, net |
|
247,798 |
|
|
253,655 |
Goodwill |
|
273,991 |
|
|
273,991 |
Other intangible assets, net |
|
24,407 |
|
|
25,584 |
Long-term marketable securities |
|
3,257 |
|
|
8,019 |
Operating lease assets |
|
4,185 |
|
|
4,628 |
Finance lease assets |
|
893 |
|
|
960 |
Other long-term assets |
|
4,852 |
|
|
4,856 |
Total assets |
$ |
769,803 |
|
$ |
772,353 |
|
|
|
|
||
Liabilities and shareholders' equity |
|
|
|
||
Current liabilities |
|
|
|
||
Accounts payable |
$ |
15,256 |
|
$ |
15,636 |
Accrued compensation |
|
16,239 |
|
|
15,292 |
Accrued liabilities and other |
|
21,216 |
|
|
16,872 |
Current operating lease liabilities |
|
1,549 |
|
|
1,585 |
Current finance lease liabilities |
|
299 |
|
|
296 |
Income taxes payable |
|
3,877 |
|
|
— |
Total current liabilities |
|
58,436 |
|
|
49,681 |
|
|
|
|
||
Long-term operating lease liabilities |
|
2,588 |
|
|
3,008 |
Long-term finance lease liabilities |
|
519 |
|
|
595 |
Long-term deferred tax liabilities |
|
16,482 |
|
|
18,742 |
Other long-term liabilities |
|
4,468 |
|
|
5,032 |
|
|
|
|
||
Shareholders' equity |
|
687,310 |
|
|
695,295 |
Total liabilities and shareholders' equity |
$ |
769,803 |
|
$ |
772,353 |
|
|
|
|
||
|
|
|
|
||
Proto Labs, Inc. Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) (Unaudited) |
|||||
|
|||||
|
|
|
|
||
|
Three Months Ended
|
||||
|
2024 |
|
2023 |
||
Revenue |
|
|
|
||
Injection Molding |
$ |
52,663 |
|
$ |
51,948 |
CNC Machining |
|
49,932 |
|
|
48,104 |
3D Printing |
|
21,582 |
|
|
21,325 |
Sheet Metal |
|
3,553 |
|
|
4,248 |
Other Revenue |
|
160 |
|
|
234 |
Total Revenue |
|
127,890 |
|
|
125,859 |
|
|
|
|
||
Cost of revenue |
|
70,423 |
|
|
72,083 |
Gross profit |
|
57,467 |
|
|
53,776 |
|
|
|
|
||
Operating expenses |
|
|
|
||
Marketing and sales |
|
23,160 |
|
|
22,451 |
Research and development |
|
11,167 |
|
|
10,677 |
General and administrative |
|
16,313 |
|
|
16,833 |
Closure of Japan business |
|
— |
|
|
66 |
Total operating expenses |
|
50,640 |
|
|
50,027 |
Income from operations |
|
6,827 |
|
|
3,749 |
Other income, net |
|
899 |
|
|
1,290 |
Income before income taxes |
|
7,726 |
|
|
5,039 |
Provision for income taxes |
|
2,458 |
|
|
2,380 |
Net income |
$ |
5,268 |
|
$ |
2,659 |
|
|
|
|
||
Net income per share: |
|
|
|
||
Basic |
$ |
0.21 |
|
$ |
0.10 |
Diluted |
$ |
0.20 |
|
$ |
0.10 |
|
|
|
|
||
Shares used to compute net income per share: |
|
|
|
||
Basic |
|
25,624,949 |
|
|
26,580,279 |
Diluted |
|
25,784,987 |
|
|
26,605,787 |
|
|
|
|
||
Proto Labs, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
|
|||||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
||||
Net income |
$ |
5,268 |
|
|
$ |
2,659 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
9,103 |
|
|
|
9,388 |
|
Stock-based compensation expense |
|
4,276 |
|
|
|
3,695 |
|
Deferred taxes |
|
(2,247 |
) |
|
|
(3,096 |
) |
Interest on finance lease obligations |
|
10 |
|
|
|
287 |
|
Gain on disposal of property and equipment |
|
(22 |
) |
|
|
— |
|
Other |
|
63 |
|
|
|
(46 |
) |
Changes in operating assets and liabilities |
|
4,887 |
|
|
|
9,691 |
|
Net cash provided by operating activities |
|
21,338 |
|
|
|
22,578 |
|
|
|
|
|
||||
Investing activities |
|
|
|
||||
Purchases of property, equipment and other capital assets |
|
(2,587 |
) |
|
|
(3,441 |
) |
Proceeds from sales of property, equipment and other capital assets |
|
22 |
|
|
|
194 |
|
Proceeds from call redemptions and maturities of marketable securities |
|
6,984 |
|
|
|
7,630 |
|
Net cash provided by investing activities |
|
4,419 |
|
|
|
4,383 |
|
|
|
|
|
||||
Financing activities |
|
|
|
||||
Purchases of shares withheld for tax obligations |
|
(533 |
) |
|
|
(401 |
) |
Repurchases of common stock |
|
(16,013 |
) |
|
|
(21,119 |
) |
Principal repayments of finance lease obligations |
|
(73 |
) |
|
|
(82 |
) |
Net cash used in financing activities |
|
(16,619 |
) |
|
|
(21,602 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(124 |
) |
|
|
134 |
|
Net increase in cash and cash equivalents |
|
9,014 |
|
|
|
5,493 |
|
Cash and cash equivalents, beginning of period |
|
83,790 |
|
|
|
56,558 |
|
Cash and cash equivalents, end of period |
$ |
92,804 |
|
|
$ |
62,051 |
|
|
|
|
|
||||
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
|
||||||
|
2024 |
|
2023 |
||||
Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities |
|
|
|
||||
GAAP net income |
$ |
5,268 |
|
|
$ |
2,659 |
|
Add back: |
|
|
|
||||
Stock-based compensation expense |
|
4,276 |
|
|
|
3,695 |
|
Amortization expense |
|
987 |
|
|
|
1,526 |
|
Unrealized (gain) loss on foreign currency |
|
237 |
|
|
|
(71 |
) |
Costs related to Japan closure activities |
|
— |
|
|
|
66 |
|
Total adjustments 1 |
|
5,500 |
|
|
|
5,216 |
|
Income tax benefits on adjustments 2 |
|
(354 |
) |
|
|
(2 |
) |
Non-GAAP net income |
$ |
10,414 |
|
|
$ |
7,873 |
|
|
|
|
|
||||
|
|
|
|
||||
Non-GAAP net income per share: |
|
|
|
||||
Basic |
$ |
0.41 |
|
|
$ |
0.30 |
|
Diluted |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
|
|
|
||||
Shares used to compute non-GAAP net income per share: |
|
|
|
||||
Basic |
|
25,624,949 |
|
|
|
26,580,279 |
|
Diluted |
|
25,784,987 |
|
|
|
26,605,787 |
|
|
|
|
|
||||
1 |
Stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency and costs related to Japan closure activities were included in the following GAAP consolidated statement of operations categories: |
Three Months Ended
|
||||||
|
2024 |
|
2023 |
|||
|
|
|
|
|||
Cost of revenue |
$ |
801 |
|
$ |
808 |
|
|
|
|
|
|||
Marketing and sales |
|
833 |
|
|
692 |
|
Research and development |
|
692 |
|
|
572 |
|
General and administrative |
|
2,937 |
|
|
3,149 |
|
Closure of Japan business |
|
— |
|
|
66 |
|
Total operating expenses |
|
4,462 |
|
|
4,479 |
|
|
|
|
|
|||
Other income (loss), net |
|
237 |
|
|
(71 |
) |
Total adjustments |
$ |
5,500 |
|
$ |
5,216 |
|
2 |
For the three months ended March 31, 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
|
|||||||
|
2024 |
|
2023 |
||||
Revenue |
$ |
127,890 |
|
|
$ |
125,859 |
|
Gross profit |
|
57,467 |
|
|
|
53,776 |
|
GAAP gross margin |
|
44.9 |
% |
|
|
42.7 |
% |
Add back: |
|
|
|
||||
Stock-based compensation expense |
|
459 |
|
|
|
466 |
|
Amortization expense |
|
342 |
|
|
|
342 |
|
Total adjustments |
|
801 |
|
|
|
808 |
|
Non-GAAP gross profit |
$ |
58,268 |
|
|
$ |
54,584 |
|
Non-GAAP gross margin |
|
45.6 |
% |
|
|
43.4 |
% |
|
|||||||
Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited) |
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Revenue |
$ |
127,890 |
|
|
$ |
125,859 |
|
Income from operations |
|
6,827 |
|
|
|
3,749 |
|
GAAP operating margin |
|
5.3 |
% |
|
|
3.0 |
% |
Add back: |
|
|
|
||||
Stock-based compensation expense |
|
4,276 |
|
|
|
3,695 |
|
Amortization expense |
|
987 |
|
|
|
1,526 |
|
Costs related to Japan closure activities |
|
— |
|
|
|
66 |
|
Total adjustments |
|
5,263 |
|
|
|
5,287 |
|
Non-GAAP income from operations |
$ |
12,090 |
|
|
$ |
9,036 |
|
Non-GAAP operating margin |
|
9.5 |
% |
|
|
7.2 |
% |
|
|
|
|
||||
Proto Labs, Inc. Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
2024 |
|
2023 |
||||
Revenue |
$ |
127,890 |
|
|
$ |
125,859 |
|
GAAP net income |
|
5,268 |
|
|
|
2,659 |
|
GAAP net income margin |
|
4.1 |
% |
|
|
2.1 |
% |
Add back: |
|
|
|
||||
Amortization expense |
$ |
987 |
|
|
$ |
1,526 |
|
Depreciation expense |
|
8,116 |
|
|
|
7,862 |
|
Interest income, net |
|
(1,112 |
) |
|
|
(350 |
) |
Provision for income taxes |
|
2,458 |
|
|
|
2,380 |
|
EBITDA |
|
15,717 |
|
|
|
14,077 |
|
EBITDA Margin |
|
12.3 |
% |
|
|
11.2 |
% |
Add back: |
|
|
|
||||
Stock-based compensation expense |
|
4,276 |
|
|
|
3,695 |
|
Unrealized (gain) loss on foreign currency |
|
237 |
|
|
|
(71 |
) |
Costs related to Japan closure activities |
|
— |
|
|
|
66 |
|
Total adjustments |
|
4,513 |
|
|
|
3,690 |
|
Adjusted EBITDA |
$ |
20,230 |
|
|
$ |
17,767 |
|
Adjusted EBITDA Margin |
|
15.8 |
% |
|
|
14.1 |
% |
|
|
|
|||||
Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) |
||||||||||||||||||
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
%
|
|
% Change
|
|||||||||||
|
GAAP |
|
Foreign
|
|
Non-GAAP |
|
GAAP |
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
United States |
$ |
101,481 |
|
$ |
— |
|
|
$ |
101,481 |
|
$ |
97,746 |
|
3.8 |
% |
|
3.8 |
% |
Europe |
|
26,409 |
|
|
(907 |
) |
|
|
25,502 |
|
|
28,113 |
|
(6.1 |
%) |
|
(9.3 |
%) |
Total revenue |
$ |
127,890 |
|
$ |
(907 |
) |
|
$ |
126,983 |
|
$ |
125,859 |
|
1.6 |
% |
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1 |
Revenue for the three months ended March 31, 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 months ended March 31, 2023 to GAAP revenue for the three months ended March 31, 2024. |
3 |
This column presents the percentage change from GAAP revenue for the three months ended March 31, 2023 to non-GAAP revenue for the three months ended March 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three months ended March 31, 2023) in order to provide a constant-currency comparison. |
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| Proto Labs, Inc.
Comparison of GAAP to Non-GAAP Revenue Growth by Service Line (In thousands) (Unaudited) |
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|
|
|
|
|
|
|
|
|
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|
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|
Three Months Ended
|
|
Three Months Ended
|
|
%
|
|
% Change
|
|||||||||||
|
GAAP |
|
Foreign
|
|
Non-GAAP |
|
GAAP |
|
|
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Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Injection Molding |
$ |
52,663 |
|
$ |
(408 |
) |
|
$ |
52,255 |
|
$ |
51,948 |
|
1.4 |
% |
|
0.6 |
% |
CNC Machining |
|
49,932 |
|
|
(308 |
) |
|
|
49,624 |
|
|
48,104 |
|
3.8 |
|
|
3.2 |
|
3D Printing |
|
21,582 |
|
|
(187 |
) |
|
|
21,395 |
|
|
21,325 |
|
1.2 |
|
|
0.3 |
|
Sheet Metal |
|
3,553 |
|
|
(4 |
) |
|
|
3,549 |
|
|
4,248 |
|
(16.4 |
) |
|
(16.5 |
) |
Other Revenue |
|
160 |
|
|
— |
|
|
|
160 |
|
|
234 |
|
(31.6 |
) |
|
(31.6 |
) |
Total Revenue |
$ |
127,890 |
|
$ |
(907 |
) |
|
$ |
126,983 |
|
$ |
125,859 |
|
1.6 |
% |
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1 |
Revenue for the three months ended March 31, 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 months ended March 31, 2023 to GAAP revenue for the three months ended March 31, 2024. |
3 |
This column presents the percentage change from GAAP revenue for the three months ended March 31, 2023 to non-GAAP revenue for the three months ended March 31, 2024 (as recalculated using the foreign currency exchange rates in effect during the three months ended March 31, 2023) in order to provide a constant-currency comparison. |
|
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|
|
|
|
| Proto Labs, Inc.
Customer Contact Information (Unaudited) |
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|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended
|
||||
|
2024 |
|
2023 |
||
Customer contacts |
|
22,466 |
|
|
23,287 |
Revenue per customer contact |
$ |
5,693 |
|
$ |
5,405 |
|
|
|
|
||
Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (In thousands, except per share and per share amounts) (Unaudited) |
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|
|||||
|
|
|
|
||
|
Q2 2024 Outlook |
||||
|
Low |
|
High |
||
GAAP diluted net income per share |
$ |
0.11 |
|
|
0.19 |
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 |
$ |
0.30 |
|
$ |
0.38 |
|
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240503095196/en/
Contact:
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