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Proto Labs (PRLB) Victoria M. Holt on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 8:30 am ET

Executives

William M. Dietrick - VP-Global Marketing & Head-Media Relations

Victoria M. Holt - President, Chief Executive Officer & Director

John A. Way - Chief Financial Officer

Analysts

Troy D. Jensen - Piper Jaffray & Co (Broker)

Brian P. Drab - William Blair & Co. LLC

Ben Hearnsberger - Stephens, Inc.

Robert Burleson - Canaccord Genuity, Inc.

Jim Ricchiuti - Needham & Co. LLC

Michael Roy Weisberg - Crestwood Capital Management LP

Operator

...will follow the formal presentation. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host today, Mr. Bill Dietrick. Please go ahead, sir.

William M. Dietrick - VP-Global Marketing & Head-Media Relations

Thank you, operator, and good morning, everyone. This morning, before the market open, Proto Labs issued a press release announcing its first quarter financial results for the quarter ended March 31, 2016. The release is available on the company's website at protolabs.com.

Before we get started, during the course of this conference call, the company will provide financial projections and make other statements about its business that are forward-looking and subject to many risks and uncertainties that could cause actual results to differ materially from expectations. A detailed discussion of the risks and uncertainties that affect the business is contained in the company's Annual Report filed on Form 10-K and other SEC filings, particularly under the heading Risk Factors.

Copies of these filings are available online from the SEC or on the Proto Labs' website. The company's projections and other forward-looking statements are based on factors that are subject to change, and, therefore, these statements speak only as of the date they are given. The company does not undertake to update any projection or forward-looking statement.

In addition, to supplement the GAAP numbers, we have provided revenue growth on a constant currency basis for both total revenue and revenue earned through legacy operation, adjusted consolidated statements of operations and adjusted net income and basic and diluted net income per share information on a non-GAAP basis.

The non-GAAP adjusted consolidated statements of operations and non-GAAP adjusted net income each exclude the costs of stock compensation, amortization of intangibles, and unrealized foreign currency activity.

We believe that these non-GAAP metrics provide meaningful supplemental information, are indicative of our core operating results and are helpful in assessing our historical and future performance. A table reconciling the GAAP information to the non-GAAP information is included in our financial release.

Now, I'd like to turn the call over to Vicki Holt, President and Chief Executive Officer of Proto Labs. Vicki?

Victoria M. Holt - President, Chief Executive Officer & Director

Thanks, Bill. Good morning everyone. Thank you for joining us on our first quarter conference call. Also with me today is John Way, our Chief Financial Officer.

I'll begin today with an overview of our first quarter financial performance and operational highlights. John will provide a more in-depth look at our financials during the quarter and also our outlook for second quarter revenue and earnings, then we will be happy to take your questions.

Revenue in the first quarter of 2016 totaled $72.6 million, an increase of 24% over the prior year's first quarter and within the range of guidance we provided during our Q4 call in February. Adjusting for the negative $400,000 impact of foreign currency on the quarter, revenue grew 25% on a constant currency basis.

Alphaform, the German company that we acquired in the fourth quarter of 2015, contributed $4.9 million in revenue. Excluding Alphaform, legacy revenue in the first quarter was $67.7 million, 16% above revenue in the same period of 2015.