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Proto Labs Reports Record Revenue And Net Income For The Fourth Quarter 2012

Non-GAAP Financial Measure

The company has included non-GAAP net income, adjusted for stock-based compensation expense in this press release to provide investors with additional information regarding the company’s financial results. The company has provided below a reconciliation of non-GAAP net income, adjusted for stock-based compensation expense, to net income, the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP net income, adjusted for stock-based compensation expense, is used by the company’s management and board of directors to understand and evaluate operating performance and trends and provides a useful measure for period-to-period comparisons of the company’s business. Accordingly, the company believes that non-GAAP net income, adjusted for stock-based compensation expense, provides 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 financial results today, February 13, at 8:30 a.m. ET. To access the call in the U.S. please dial 800-659-2032. Outside the U.S. please dial 617-614-2712. Use participant code 74470100#. A simultaneous webcast of the call will also be available on the investor relations section of the company’s website at www.protolabs.com/investors. An audio replay will be available for 14 days following the call on the investor relations website of Proto Lab’s website.

About Proto Labs, Inc.Proto Labs is a leading online and technology-enabled quick-turn manufacturer of custom parts for prototyping and short-run production. Proto Labs provides “Real Parts, Really Fast” to product developers worldwide. Proto Labs utilizes computer numerical control (CNC) machining and injection molding to manufacture custom parts for our customers. For more information, visit protolabs.com.

Forward-Looking StatementsStatements 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 Proto Labs 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 Proto Labs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Proto Labs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Proto Labs 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,
2012 2011
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 36,759 $ 8,135
Short-term marketable securities 25,137 250
Accounts receivable, net 15,791 11,533
Inventory 4,619 3,797
Other current assets   7,850   4,362  
Total current assets 90,156 28,077
 
Property and equipment, net 45,316 34,249
Long-term marketable securities 36,965 -
Other long-term assets   1,493   -  
Total assets $ 173,930 $ 62,326  
 
Liabilities, redeemable convertible stock and
shareholder's equity (deficit)
Current liabilities
Accounts payable $ 4,758 $ 4,431
Accrued compensation 5,995 4,767
Accrued liabilities and other 513 351
Current portion of long-term debt obligations   273   390  
Total current liabilities 11,539 9,939
 
Deferred tax liability 4,554 4,252
Long-term debt obligations 356 613
Other 782 871
 
Redeemable convertible preferred and common stock - 66,894
 
Shareholders' equity (deficit)   156,699   (20,243 )
Total liabilities, redeemable convertible stock and
shareholders' equity (deficit) $ 173,930 $ 62,326  
                   
               
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,

2012

2011

2012

2011
Revenues
Protomold $ 23,674 $ 19,002 $ 90,371 $ 74,090
Firstcut   9,942   6,635     35,620   24,849  
Total revenues 33,616 25,637 125,991 98,939
 
Cost of revenues   12,611   11,073     49,853   39,324  
Gross profit 21,005 14,564 76,138 59,615
 
Operating expenses
Marketing and sales 4,658 4,612 18,098 15,752
Research and development 2,515 1,584 9,137 5,222
General and administrative   3,564   3,475     13,957   11,772  
Total operating expenses   10,737   9,671     41,192   32,746  
Income from operations 10,268 4,893 34,946 26,869
Other income (expense), net   114   (132 )   23   (114 )
Income before income taxes 10,382 4,761 34,969 26,755
Provision for income taxes   2,987   1,531     10,944   8,783  
Net income 7,395 3,230 24,025 17,972
Less: dividends on redeemable preferred stock - (1,053 ) - (4,179 )
Less: undistributed earnings allocated to preferred shareholders   -   (673 )   -   (4,507 )
Net income attributable to common shareholders $ 7,395 $ 1,504   $ 24,025 $ 9,286  
 
Net income per share:
Basic $ 0.30 $ 0.12   $ 1.03 $ 0.75  
Diluted $ 0.29 $ 0.11   $ 0.98 $ 0.67  
 
Shares used to compute net income per share:
Basic 24,557,878 12,895,918 23,373,593 12,352,004
Diluted 25,359,071 14,045,402 24,443,665 13,939,072
                                     
 
Proto Labs, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
       
Year Ended
December 31,
2012 2011
 
Operating activities
Net income $ 24,025 $ 17,972
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 6,080 4,264
Stock-based compensation expense 3,039 1,130
Deferred taxes (582 ) 2,230
Excess tax benefit from stock-based compensation (6,218 ) (657 )
Loss on disposal of property and equipment 154 (10 )
Changes in operating assets and liabilities:   (1,192 )   (1,394 )
Net cash provided by operating activities   25,306     23,535  
 
Investing activities
Purchases of property and equipment (17,397 ) (19,003 )
Purchases of marketable securities (84,219 ) -
Proceeds from sale of marketable securities   22,368     500  
Net cash used in investing activities   (79,248 )   (18,503 )
 
Financing activities
Proceeds from initial public offering, net of offering costs 71,530 -
Proceeds from follow-on offering, net of offering costs 2,451 -
Payments on debt (388 ) (4,049 )
Proceeds from exercises of warrants and stock options 2,975 547
Excess tax benefit from stock-based compensation   6,218     657  
Net cash provided by (used in) financing activities   82,786     (2,845 )
Effect of exchange rate changes on cash and cash equivalents   (220 )   (153 )
Net increase in cash and cash equivalents 28,624 2,034
Cash and cash equivalents, beginning of period   8,135     6,101  
Cash and cash equivalents, end of period $ 36,759   $ 8,135  
                     
       
Proto Labs, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measure
(In thousands, except share and per share amounts)
(Unaudited)
 
Three Months Ended Year Ended
December 31, 2012 December 31, 2012
Non-GAAP net income, adjusted for stock-based compensation expense:
GAAP net income $ 7,395 $ 24,025
Add back: Stock-based compensation expense
Cost of revenue 87 335
Marketing and sales 118 418
Research and development 140 486
General and administrative   332     1,800  
Total stock-based compensation expense 677 3,039
Less: Tax benefit on stock-based compensation   (181 )   (844 )
Non-GAAP net income $ 7,891   $ 26,220  
 
Non-GAAP net income per share:
Basic $ 0.32   $ 1.12  
Diluted $ 0.31   $ 1.07  
 
Shares used to compute non-GAAP net income per share:
Basic 24,557,878 23,373,593
Diluted 25,359,071 24,443,665
                     
               
Proto Labs, Inc.
Revenue by Geography - Based on Shipping Location
(In thousands)
(Unaudited)
 
Three Months Ended Year Ended
December 31, December 31,

2012

2011

2012

2011
Revenues
Domestic
United States $ 24,979 $ 18,287 $ 94,866 $ 73,010
International
Europe 6,212 5,512 22,517 19,453
Japan 1,396 1,002 4,814 2,852
United States   1,029   836   3,794   3,624
Total international   8,637   7,350   31,125   25,929
Total revenue $ 33,616 $ 25,637 $ 125,991 $ 98,939
                                 
 
Proto Labs, Inc.
Customer Information
(In thousands, except customer amounts)
(Unaudited)
               
Year Ended December 31,
2012 2011

Number of Customers
Revenue ($)

Number of Customers
Revenue ($)
 
New Customers 2,991 $ 20,766 2,598 $ 18,401
Existing Customers 4,763   105,225 3,430   80,538
Total 7,754 $ 125,991 6,028 $ 98,939
                             

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