PRLB - Earnings call transcript Q3 2021

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Operator

Greetings and welcome to the Protolabs Third Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Schumacher, Vice President of Investor Relations. Thank you, Dan.

You may begin.

Dan Schumacher

good and Paul you, morning everyone. Thank today Executive Officer me are Chief Rob Chief and President Protolabs’ and Officer. Bodor, Financial With John our Way, financial quarter Protolabs for morning, issued press announcing This a the September ended its third XX, XXXX. release results company’s on is the release website. The available

in a provided press addition, web presentation prepared available slide online In release. the at is address our

statements and from performance Before uncertainties on and maybe include statements information will SEC we our that measures today. and The from outcomes materially to certain our that cause on our discuss discussion with or risks many the to I results begin, financial GAAP to consistent company are release to actual could subject our Please made differ include any complete would differ statements non-GAAP that report cause website of risks press and actual could for recent and expectations. the practice. reconciliation earnings non-GAAP release future for forward-looking will everyone to guidance of presentation results and considered that filings, like we to accompanying materially adversely annual at XX-K results. Investor forward-looking section to to including and refer a Relations remind our Please refer expectations the past Form press slide relating

Rob Rob? Bodor. would I to the to like over Now, call turn

Rob Bodor

our third earnings good everyone. joining XXXX morning today Thank quarter and Dan for call. for Thanks, you conference us

trade Brexit. are we financial are resulting The Furthermore, Europe, shortages labor, changes equipment of our We in material worldwide. operating are the COVID unprecedented currently in impacting norms pandemic These are an effects results. in to environment. in factors due managing and

pressures quarter guidance Well-documented gross our were performance. was expected margin in revenue our inflationary business, shortages material range, third expectations. earnings are in resulting than our driving our lower Although labor and below within

quarterly presence revenue acquisition contributed was of XX%. due these sequentially, the Hubs But record European third first, our XD year-over-year revenue quarter organic the search the representing short-term flat performance. million, challenges nature $X outline generated are XD third our of and in transitioned to Simply I to growth third Hubs will change headwinds. Hubs broader revenue quarter quarter, year-over-year with caused of more In the quarter This decrease impacted earnings we will primarily $XXX performance revenue. growth performance. third of revenue of taking in and beyond disappointed customer address are we third million Printing. reflect actions Hubs challenges these to summarize I provided a May, We mentioned, relatively quarter online to a brand representing strong accurately the market our brand In in decline in the services temporary of we and I XX%.

XX% year-over-year. believe is million the in Although us. X, business. this year-over-year the and our growth. digital branding This the organic opportunity legacy of or quarter revenue our $XX in for revenue million growth is large generated strong results, near-term all growth revenue represents $XXX that the represents of Slide Europe, shift we Americas, largest third manufacturing customer business on right the XX% ahead of the This evolution continued of impacted with Continuing move record long-term representing revenue third of of it time demonstrates performance XX% for the Americas. our In geography, quarter, outlined the of growth by region, our quarter success

declined our currencies, the the Europe Excluding reflecting Hubs European supply constraints, Europe foreign impact manufacturing of revenue chain year-over-year, continued impacting revenue which are X% and negatively environment.

in the million third quarter. generated region $X Japan Lastly, revenue our of

shortage than earnings, our workforce. recruiting non-GAAP $X.XX. our Earnings resulted The driven of came than in by in for earnings we to lower labor greater third wage increased diluted manufacturing expectations, and inflation, As increased time below over gross share quarter we costs move reported per anticipated margins. expected

need to of address year remainder and the offset manage resulting into chain pricing the performance investing launch thoughtful labor measures, to Protolabs to may incurred not maybe taking financial internal our through growth. during several we inefficiencies are labor are impacting likely due addition, challenges, our issues X.X lower muted In These fourth seasonal season. The to in the support in through and from our in near-term Protolabs have Europe internal to automation environment, the the continue shortages the all to immediate macro changes increase near-term on benefits and and To financial XXXX. to efficiency continued operating the in investing supply for X.X of holiday systems. robotics cost reduce and actions additional inflation, revenues, quarter labor including: weakness results resources the persist our costs impact additional we R&D

are it achieve to the right we actions are these may time performance. financial improve While benefits, some take the confident the to financial

addition the over the eliminated across in-house e-commerce manufacture capturing our improving additive alternatives In and and and have we in both range and created address market company the digital of only costs reliable enabling ever entrepreneurs more Labs and are parts thousands have becoming far. have actual startups manufacturing approximately midsized to Furthermore, over The it ago opportunity we is the on XX% manufactured we player by digital us. and companies in Proto have XXXX, manufacturing We space growth Through provider manufacturing world’s are and of only the contract the our very focused to since largest in evolving a from is transformed of face Unlike making is to the manufacturing through us the applied manufacturing Protolabs million target customers industries. facing. that of a XXX is company long-term having services, is digital and in much for digital leading operations, engineering. are served the services, of traditional also firms the supply and the labor parts be front years of manufacturer. founding we processes, they upfront Fortune XXX process, ranging to custom customers, the others short-term, fastest hundreds of seeking to XX our remain that parts the model to results still us to traditional. digitally automation to challenges non-recurring chain in the custom our of most large

Schneider Forum best-in-class capabilities announced As Revolution Network, Forum’s industry Global implement Fourth digital recognition manufacturing of industry United Lighthouse honor the in companies to Western Procter one we the introduction & as Fortune our share this Electric. efforts Johnson, the XX & House States joins leadership, our and World Industrial manufacturing exclusive facilities World leading Digital network into only technologies. the with our XXX Economic Unilever, Johnson of White Gamble, and Economic and like recognizing Protolabs

from inducted full World our through U.S. Economic manufacturing experience because shop to transformation our to molding the a was network Our injection prototype production provider floor. the into Forum’s of a provider facility technologies connecting e-commerce

driven intrinsic is the innovation provide and day entire instead injection technology lead digital that as recognition times is or to of we and traditional months. reflection manufacturer, a molding of This capabilities the fast X X a throughout production model. As the thread our as X

cases. we manufacturing pricing Hubs of allow customer offer us as of part larger partners unprecedented capabilities premium outside internal Protolabs’ capabilities and of While Hubs’ January options and network capabilities broaden tighter lead our speed, our legacy superior much world. together and time and serve increased network manufacturing and will broaden manufacturing capabilities tolerances, envelope, our as manufacturing The to Hubs internal options offer set the times providing in model more. premium partners the broadest offerings including parts, to manufacturing in our finishing combination acquired the used of lead award of winning well more is

Looking investments in capturing forward, business make the by long-term we three will guided focused continue the on our priorities. opportunity to

create to those in and invest second, digital a offerings priorities experience employees. portfolio to needs; expand broadest class customer the customer for As to set to manufacturing; reminder, of our customer third, a world further are: of our meet first,

set the while progress revenue continuing to three this records. We have for made months year, significant priorities X on first all quarterly of

World’s As goal honored the digital the work development with be of first Leadership quarter. And in platform experience new to revamped the providing is ordering Design Americas positive. coding Achievement deliver first in and years, the coding new XXXX a our Engineering customer it fantastic over Protolabs category best-in-class in a Program X.X world we designing awards. This place to to of have recently, relates Customer user platform was response class finish the in digital done past the launched few the to continues software our a to our experience, experience. testament e-commerce teams

operational internal Protolabs has as However, our referenced earlier X.X I efficiency. impacted

performance. their teams We addressing are our software systems improve on internal our to focusing

CNC manufacturing our greatly us we flexible in and our innovation. offering Next, and expansions. well organic partner offering lead customer allows new injection internal a will to an And machining offers. in has through record launched needs. for to quarter contributed offering service These continue enhanced more in molding third offerings offering customer serve XXXX as production network time in organically, expanded acquisition invest quality revenue future the as we Hubs to

resources, to innovation drive expanded we skills. to – enhance in invest XXXX, materially and learning their with and focus and Protolabs We remote employees employees employees we to in and workforce. success challenge training continue several a our Finally, training and to content fuel invest ways. our flexible developing our development our employees continually in on support In

meaningful council leadership all team diversity of employees. a in us and a inclusion leverage diversity, way our of with for partners leadership inclusion culture workforce and create Our the our help equity to

Now, John? and at John look for our quarter. will third the provide financial outlook an quarter in-depth performance our fourth

John Way

Rob. Thanks,

results of our Our on detailed XX quarter third financial presentation. Page begin

generated a in year-over-year. our favorable Starting currency million increase there in quarter at our X.X% $XXX,XXX stated, Hubs of represents additional the the or time organic XX.X% XX% growth revenue are to currencies. the of growth guidance $X.X representing range revenue, had year-over-year current few third was these detail impacting constant of with million in I $XXX.X impact performance. revenue some Rob a Changes quarter, on foreign revenue providing end factors. low in As spend and financial our quarter. factors will third

the mentioned acquisition earlier, the economic chain Rob environment. impacting served As unique strong in our outpaced quarter, driven supply services. interruptions in developers product developers up CMC and growth due by to business. driven was we was Europe XX.X% business growth our lighter mix the in and growth revenue This in legacy in growth by anticipated than XX,XXX third of We revenue The year-over-year. growth our Hubs with

Turning gross the our was margin quarter in detailed XX.X% compares below XXXX statement, the range. of to second non-GAAP in XX.X% and to quarter income guidance our of our

inflationary driving of of costs in the margins. the our labor lower driver and our operations over costs Our located are primary where gross in recruiting The markets increased personnel increased are form manufacturing wages, the time. costs higher are shortages

in In as operating addition, we obtaining a adapt also are incurring deferred inefficiencies in costs, some expected care second below quarter. cost up employees margin medical new XX.X%, our during employees from Higher third gross expectations. additional our than XX.X% with to COVID. to sequentially is due the Europe, improved are was revenues The factor personnel resulted in systems. in the our to as that contributing combined to gross labor higher lower continue Hubs margins quarter our in

to margin represented nature a and support and to improvements logistic cost through GAAP gross partners. long-term, our Hubs sold with continue Under the Hubs our the partner In to network of due partners, drive of headwind goods point the and for gross model. improvements to operations overall payments will associated our of quarter, pricing the margin manufacturing manufacturing in our the to manufacturing lower XXX the outsourced margin manufacturing accounting, costs Hubs we our For serving includes costs algorithms. expansion basis

the near-term, logistics, inflation. and we cost headwinds However, related encountering labor in material to are

in compared million million. total non-GAAP below second and XXXX of slightly quarter the $XX.X $XX to our expenses guidance million million operating Our were of to $XX range $XX.X

requires include and added XXXX. quarter R&D expense quarter of license Protolabs $X.X quarter. million, XXXX increases X.X Hubs non-GAAP $X.X million, Other the of $X.X acquisition operating expenses in in we contingent Third period of operating investment the on include third in $XX.X and operating of a acquisition. GAAP amortization of GAAP accounting The expenses in million million. impact Consistent quarterly the of marketing $X with basis the consideration a until revaluation Hubs the prior contingent sales the associated contingent the with consideration that revalued concludes. consideration and million investment from of increased costs year-over-year quarter, our

stock equity. adjustment by in contingent third The quarter portion primarily payable in was of a driven consideration fluctuations is price our the as

of revaluation impact reporting. non-GAAP the our reversed have We in the

diluted tax effective XX% primarily quarter our in up rate fully operating tax XX.X% in from the on mix and of was a tax result XX.X% net net quarter decrease year-over-year in non-GAAP non-GAAP due of share XXXX. The of the is increase resulting per in Moving presented prior jurisdictions, third to to per of taxes, quarter the earnings losses. rate The components. per in the our consisted The third compared earnings the $X.XX from non-GAAP $X.XX, prior of in following change quarter and decrease a was the Slide sequential share share to year-over-year the $X.XX reserved year XX in and earnings per representing is share.

the The our gross was than costs driver contributing legacy below the First, a the and net primary margin, our resulted per lower in in share. growth our increased labor expectations. revenue gross reduction earnings impact anticipated in of $X.XX margin our lower of business earnings

continue primarily driven a and administrative medical general personnel share costs, $X.XX increased incentive we per wage marketing As and related inflation, expenses, sales and costs impact. by including year-over-year, and compensation had

of stated, the a Rob XXXX. we part on business financial the broader As results had serve we of The and Hubs of our third per and investments range a quarter first, $X.XX better will are impact fulfill the our drive customers, to growth These our long-term negative this our investing compared needs. value. were to customers’ share acquired business shareholder investments quarter following: to which plan include in

operating during the our related are to to in with continuing of stage. the at The investment in a and losses are operating the including the per impact operate incurring issued to We result earnings, represents impact this business this $X.XX invest transaction. to scale share currently conjunction equity

represented our in required in Next, This with we and per support modernize growth our of associated cost long-term year-over-year. Protolabs investment architecture share depreciation our investment calls. was license $X.XX The have the a business. X.X systems the prior discussed impact and to

product We our been offering and has our systems improve also Protolabs our expand continue serve customers. our R&D to X.X by received to invest customers. in to well

efficiency However, our the of internal the system requires improvements operations. support to

are also expand each services. We capabilities investing our R&D of in in to our

sheet tax XX. share decrease. third a in R&D Transitioning investment the cash to on Our in the on flow increased quarter. per $X.XX increase effective rate finally, in in cash the per and in summarized generated impact a now And $XX.X the resulted unfavorable quarter. had the Slide We share operations $X.XX balance statement million from

working accounts to impacted be cash the in and Our including receipts in of balance. an by an operating our continues cash resulting flow timing payments, capital, increase receivable in increase our

$XX.X We On debt our investment sheet cash free. in also our was under balance stock repurchase million repurchased program and remains million balance and XX, September our the $XX.X quarter.

to quarter million generate of Turning million X% quarter we now to our of $XXX Slide the XX%. outlook XXXX outlined fourth to expect for on XX, revenue between and the $XXX year-over-year fourth growth in representing

and the anticipates European economic fourth fourth quarter business Our our the experienced softness assumption includes continued in quarter conditions. seasonality revenue generally we in the in

on favorable compared year approximately to levels. prior foreign remain to expect $XXX,XXX an We current revenue rates currency impact assuming have the foreign at currency

or of XX% to quarter expect Turning basis we XXX margin, non-GAAP gross margin minus fourth approximately gross points. plus

as actions gross operations. as in efficiencies. lower variable of quarter quarter manufacturing of these model which with result continue results our internal the we our a to will will projection gross operating anticipate by addition performance margin Business margin fourth also to Our the is The the in gross than manufacturing inflation, material incur and we will due continued remains outsourced pay. offset to pricing line holiday in of through mix cost be raw Hubs costs third margin other mitigate wage benefits are incremental as and working the be

the uncertain XX.X% be administrative consistent fourth effective approximately anticipated total compared release recent million $XX has our lower quarter statute to selling, limitations general quarters. and result of with million expired. the $XX be of reserves, is third to of expect non-GAAP We and XX% the tax expenses in in for which The quarter position between rate the to tax fourth quarter. estimate tax the rate non-GAAP We

Rob turn the would to call back I closing like remarks. Now, to for

Rob Bodor

you, is John. our below expectations. performance our financial summary, Thank currently In

innovate financial on recognizable long-term brand World and the We to leadership and employees in our opportunity. the the The strong near-term offerings profitable we received to capitalize quarter invest actively our and working confident recognized that Forum the our has Economic am in improvement, two World Design best the manufacturing. long-term customer strategy awards and to are best and most from drive in to expand digital drive leadership growth. continue we position the maintain the industry, that while I Protolabs

speed, an digital to and manufacturing us in remarks. our position manufacturing Our prepared the evolution. scale experience lead That put concludes optimal

John Now, you your take questions. please Operator, and gladly I line? open can will the

Operator

you. you. Instructions] Thank Thank [Operator

first William your is with Drab proceed Please Our Brian from question. with Blair. question

Brian Drab

for Hi, Thanks good morning. taking my questions.

Rob Bodor

Brian. morning, Good

Brian Drab

I don’t morning. – what XD announced Printing a about in Printing but this, Good XD the is seeing now Can XX,XXX days expansion mentioned you the week industry you talk in or can few is might the your a about missed with right ago have I are know if and you that’s I missed Carolina want facility ago. in you adding that the the you the you making and about square cost think you – North that, to be giving are that’s invest feet what’s big it? how timing XXX,XXX. expanding just

like was on that? big you seems if a wondering comment I just expansion. that Thanks. So, pretty can

Rob Bodor

initial stages facility. broke that And of haven’t and even we Yes. in the really are the on ground

and XXXX more as space. And production see we the see contracted opportunity. And have tremendous transitions lot from growing facility opportunities, XD back acquisition in demand built. that been opportunities we XD and it into prototyping it’s market, that just with to So continue since essentially of nicely that in in a Printing Printing we the really have the to

year and sometime So, construct be investing XXXX. we expect facility take online so in production, order realize are to we will order greater will in for It that. to space. or news a that in With

Brian Drab

Right. running guess that, are approaching existing in to year, $XX million XD is close going mean that this – Printing I revenue about capacity do And full you I revenue capacity? facility, at you I the guess, I the are mean pretty to

Rob Bodor

projecting it completed time have we by so be facility the are and is will that to wait, We yes. the

Brian Drab

you increasing industry on more whole this an just just Right. right. if is just and there wondering context becoming And in and marketing then the of comment could you mentioned, competitive, expense, selling

spending a kind challenge and what ago, Google So, surprising. all Google have I to years of of lot plugged with seeing pace what on come you there these. keep can of money companies is? anything Protolabs mean, AdWords molding a are it is in comment a How of in much lot of you now. back on competitive X I of and that injection into except how rapid kind had and – it’s wouldn’t

I You or that people, find talk a challenge AdWords just you your think is? headwind about etcetera. how Can big

Rob Bodor

can Maybe Yes, up. can start. John pick I

we think I four to equal our got we remember, services, those right. you right, competition, services. So, And think got as about across it’s not

our First time lead in fastest our of are winners, we absolutely across the right. all, all services, category,

we the our as can And manufacturers as We day. across in world. parts are make categories, one little in fastest the all

the and Printing times is I metal. competition longer lesser Hubs, now. lead in what think CNC Where, don’t others And space we much molding very into really well that’s like sheet and XD in are in for a a seeing to right we extent injection run protected us.

John Way

marketing our and acquisition. It impacting of sales is Yes. cost and

that search innovative customers. active. of certainly and the deploy we in solutions think new order attract continue to increased other I searches got But has over more years methods cost the to

Brian Drab

pricing this discussed materials a raw just a in my about new the And for I I then injection to if is come bit last of just if with I promised that question as some, but guess CNC. you how the raw And am environment existing more in And you the little people – particularly business spiking. is manage does And that could competitive also in this? through in they don’t know the through of have but a, and some, or then have the deal how fixed kind resulting how – the like Okay. past? and events big How have managing you challenges John, I materials. back molding, confluence I b, you I have the – you thinking pricing parts these think pricing parts of trends that are need then in experiment this? are that that you negative molds, environment? in all do this you around seen how you

Rob Bodor

lot you adds a have inflation are hit like another we right, different And materials I have as variables levels it right well the think of of are there. on playing with. head, that factor there different price

manage those are is more do absorb But and or that. temporary. it’s that delicate permanent looking think to the it balance looking as I type business art increases related how it I are a structure, our recover with are pricing those is as it at and it look related to are to as long-term and to say. it the try cost what we to ones much break down would – or more will at and cost and science of we out we probably in flex what And

John Way

up in quarter, we real. saw we in as But material labor wage Brian, described, headwinds, think brought cost increase you are addition, I and well. which headwinds the as

taking So, be enough quarter, in actions on we will didn’t And to term, taking both underestimated be I that those. take And think in will past more. longer of pricing are we those offset we for change. that order those, we this

Brian Drab

it. Got

you. Thank Okay.

Operator

you. Thank

proceed question. next comes from Paul Craig-Hallum your Our Capital. with question Greg Please with

Danny Eggerichs

today. question. Thanks taking Greg Yes. on Thanks. for Danny is Eggerichs This for the

Rob Bodor

morning. Good

Danny Eggerichs

or And to that dig that more a employees? bit platform, hoping a more manufacturing the little on by in maybe to in and specific is on a with is I level, be the to something, little or was simply and inefficiencies would it little there? like the level just that the into problem sales just adaptation bit more X.X integration Is that. on bit a a dig hoping go

Rob Bodor

Absolutely.

So, be to things And system to we we And like through customers and adapt for worked With worked And earlier very we with new customers systems, the launched there large adapt that a that X.X, our using to year. would to work to expected that, we new in the both have for launch employees And they that’s those some but that. are using made through seeing the with we well. that happy saw. we now. persist. headwind, very system. inefficiencies employees, it what And we are with of

And as real some those us some focus so we for X.X. have workflows a And that’s employees. for the than were now, of workflows you automated changed cases, less know our they in in are

head are we So, that on. addressing

the We areas in with And have business our to those we improvements. subject to where workflows working – have that areas and and the software remain. drive identified the those matter the got inefficiencies we experts, leaders are we those targeting those are specifically teams address

Danny Eggerichs

that safe Hubs the still Got operating business? it? separately from it core say to is is And

Rob Bodor

Yes.

it So is…

Danny Eggerichs

down a I the pushed think to that X.X? the working – gets bit they as improve are little line gets you

Rob Bodor

Yes, that’s right. exactly

November January. within acquisition Hubs launched then in the We So, U.S., acquisition you We right. timing. few months X.X other, did first and February. in Europe and the recall We each in the the X.X in launched of of a Hubs did in

where done have indicated a we standalone for this consistent right, that. Hubs year, our the – a integrating have that We So, as kind into operate of efficient entity at integrate got what time, with integrating we intent we period. And sure to in we that, are was make a efficient. when And that’s them, that it’s we them system. to that X.X we are into place Hubs want

got right. you it So,

Danny Eggerichs

supply one you just your something the a seen chain to so sense. looking business makes or It it. platform more and could think from this? re-shoring, Have the it’s the result of sourcing second do activity any that drive resulting Got customers on? indication you current more new environment, Maybe at of as

Rob Bodor

how Yes, side the on and business, we demand. the parts injection have molding the particularly service our about have seeing and we are of we increased talked

that attribute so exactly And lot affects. of that we a to those

Danny Eggerichs

for all That’s Thanks. it. Got me.

Operator

Thank you.

from comes Please Our Gary next question Berenberg. with question. proceed your with [indiscernible]

Unidentified Analyst

taking morning, my good Thanks Hey, questions. guys. for

Rob Bodor

morning. Good

Unidentified Analyst

you mentioned guys And do question, First know some you I investing and already automation. of robotics this. in

just is about just I cost, wondering, I this So, you What how provide am might like how technique that? can new investing it on timeline And any the then much color in, you there? different? it are thinking – you am look are might

Rob Bodor

Sure.

started labor to automation the in come software to add are that to And couple are is improve that incremental at of our going that And the additional is put exploring. that’s operations the of And described pricing, of kinds right, talked And place efficiency, margins, to forms. is needing And One So, rate help is kind about. us are And we without which our teams on scaling. efficiency the to have a right. which work One have in from are automation, our the and And these that. just already teams efficiencies floor there two doing. software of our gross things factory workflow efficiencies. from is things and we come the production, other demand is floor. we to other second helping drive. robotics scale I same and

gone to in at have we put looking are So, and of there. those place a we different number solutions

Unidentified Analyst

in this investing and combination a Okay. your for kind expansion? Carolina some facilities new then that of adding also But existing probably to more North is of

John Way

Yes.

use and the things look like in process. injection in to molding allows opportunities and research our more that robotics to operations. And in new it’s think the at us the production I in increase existing

that’s So, the is. focus where

Unidentified Analyst

it. Got

so base more impact had on the big relative might on business, of how Hubs. kind business, am Okay. the this it kind Thanks. And wondering are factors then they big a could like pretty touch guys European the what just to I are a we touch was and you you just here can other, wondering, seems then obviously estimate impacted kind can but of how I also each there? – if of on what happen little

Rob Bodor

Yes.

has demand macro softened. Europe are we saw in general, generally just and business we in seeing the think Hubs. that over softness in consistently And in period. I this organic And

Unidentified Analyst

if elaborate more in specifically have then some guys, kind $XX out if forward great. know that million you wondering of next? that am repurchases, guys you near-term are to you that did different? are kind you for you can, Okay, I of and me, release of I thinking going called is on the the be press anything And just in know for cash one no with looking I debt. I or can capital? but What you investments more plans

John Way

capital it’s allocation don’t Yes. think changes. I hard

to growth We of do will the and continue to share the support repurchases. invest business opportunistic

Unidentified Analyst

Great. Thanks guys.

Rob Bodor

you. Thank

Operator

I are you. over Robert time. back closing There turn Bodor for comments. further to the floor to questions Thank would like at no this

Rob Bodor

us Thank conference you on quarter call. for third joining our

We of our our the results. drive financial by pleased in are performance not revenue chain this actions taking to the remain with our supply and labor am are confident record improved And long-term in very I quarter presence satisfied quarter in strategy. I and shortages.

I Protolabs on day. updating to world our employees. for the for a their Have We serve also value, Furthermore, manufacturing, Protolabs. We drive long-term expand continued you tremendous of thank shareholders winning in offerings to customer I forward To continue we employees their invest shareholder great needs evolve thank the as to our next market experience for opportunity customer will manufacturing. XXXX. out class performance contract have in look our portfolio capture the to support to we in a model efforts close would want and digital quarter. to the like digital continued for our

Operator

conference. today’s concludes This

disconnect time. and may at your you for your lines You participation wonderful have a day. Thank this

Proto Labs (PRLB) 28 Oct 212021 Q3 Earnings call transcript