3D Systems Corp (DDD) 2021 Q1 法說會逐字稿

Hello, and welcome to the 3D Systems First Quarter 2021 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to John Nypaver. Please go ahead.

您好，歡迎參加 3D Systems 2021 年第一季電話會議和網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給約翰·尼帕弗。請繼續。

Thank you, Kevin. Good morning, and welcome to 3D Systems Conference Call. With me on the call are Dr. Jeffrey Graves, our President and Chief Executive Officer; Jagtar Narula, Chief Financial Officer; and Andrew Johnson, Executive Vice President and Chief Legal Officer.

謝謝你，凱文。早安，歡迎參加 3D Systems 電話會議。與我一起參加電話會議的是我們的總裁兼執行長 Jeffrey Graves 博士； Jagtar Narula，財務長；執行副總裁兼首席法務官安德魯‧約翰遜 (Andrew Johnson)。

The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone, who wish to access the slide portion of this presentation, may do so on the Investor Relations section of our website. For those who have accessed the streaming portion of the webcast, please be aware that there may be a few seconds delay and that you will not be able to post questions via the web.

本次電話會議的網路廣播部分包含我們將在電話會議期間參考的投影片簡報。那些在電話中關注的人如果希望訪問本簡報的幻燈片部分，可以在我們網站的投資者關係部分進行操作。對於曾造訪網路廣播串流部分的用戶，請注意，可能會有幾秒鐘的延遲，並且您將無法透過網路發布問題。

The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in last night's press release and our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

以下討論和您問題的答案僅反映管理層截至今天的觀點，並將包括本投影片中所述的前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務業績的因素的更多資​​訊包含在昨晚的新聞稿和我們向 SEC 提交的文件中，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。

During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2020.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。在我們的新聞稿和本網路廣播附帶的幻燈片（均可在我們的投資者關係網站上找到）中，您將找到有關這些非公認會計原則衡量標準的其他披露信息，包括這些衡量標準與可比公認會計原則衡量標準的調節。除非另有說明，本次電話會議中的所有比較都將與我們 2020 年可比較期間的結果進行比較。

Now I'm pleased to turn the call over to Jeff Graves, our CEO. Jeff?

現在我很高興將電話轉給我們的執行長 Jeff Graves。傑夫？

Good morning, everyone, and thank you for joining our call today.

大家早安，感謝您今天加入我們的電話會議。

Nearly 1 year ago today, I joined 3D Systems as Chief Executive Officer. My reasons for joining were very simple. First, I believe that this industry was beginning to enter an exciting growth phase driven by both maturing of the technologies as well as receptivity of the customer base to industrial-scale additive manufacturing. Second, I saw the potential for 3D Systems to be a leader in the industry, one that could not only be at the forefront of this industrial renaissance but instrumental in making it happen. As excited as I was a year ago when I arrived, those feelings are dwarfed by the enthusiasm I feel today.

大約一年前的今天，我加入 3D Systems 擔任執行長。我加入的原因非常簡單。首先，我相信，在技術成熟以及客戶群對工業規模增材製造的接受度的推動下，該行業開始進入一個令人興奮的成長階段。其次，我看到了 3D Systems 成為產業領導者的潛力，它不僅可以處於工業復興的最前沿，而且有助於實現這一目標。一年前我到達時還是很興奮，但與今天的熱情相比，這些感覺就顯得相形見絀了。

Rather than opening the call with a recap of our financial performance as I usually do, today, I'm simply going to let our Q1 results speak for themselves, with Jagtar providing more color for you in a few moments. Instead, for today's call, I want to start by offering a sincere thanks to our fantastic employees and our leadership team for their outstanding execution over the last year since my arrival.

今天，我不會像平常那樣在電話會議開始時回顧我們的財務業績，而是簡單地讓我們第一季的業績來說明一切，捷達稍後會為您提供更多資訊。相反，在今天的電話會議中，我首先要對我們出色的員工和領導團隊自我到來以來一年來的出色執行表示誠摯的謝意。

I particularly want to acknowledge the leaders of our 2 business units: Reji Puthenveetil, who leads our industrial business and has been the chief architect of our sales transformation; and Menno Ellis, who leads our health care business and has done an exceptional job of creating a true integrated approach to the medical market. Having taken on these responsibilities last summer, they have performed magnificently, making significant changes in the organization and in the underlying processes that we follow in delivering for our customers each day and doing so while facing unprecedented headwinds from the ongoing COVID crisis, the impact of which is still being felt today.

我特別要感謝我們兩個業務部門的領導者：Reji Puthenveetil，領導我們的工業業務，是我們銷售轉型的總設計師；門諾·埃利斯 (Menno Ellis) 領導我們的醫療保健業務，在為醫療市場創建真正的全面方法方面做出了出色的工作。去年夏天，他們承擔了這些職責，表現出色，對組織和我們每天為客戶提供服務所遵循的基本流程做出了重大改變，同時面臨著持續的新冠危機帶來的前所未有的阻力，時至今日，人們仍能感受到這一點。

So given that this is my 1-year anniversary, I think it's an appropriate time to ask how did we get here and much more importantly, how will we sustain this momentum going forward. Our journey started last summer by first establishing a clear strategic purpose for the company, which is to be leaders in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products. We then laid out a simple 4-stage plan which would allow us to live into this purpose. They began with reorganization of the company into 2 business units, Healthcare and Industrial solutions. We then restructured operations to gain efficiencies and began the process of divesting noncore assets. Then as these elements gained momentum, we systematically increased our focus on investing for accelerated growth and profitability. By focusing intensely on execution of our plan, by the time we entered the new year, we have returned to growth, we were profitable, we were generating cash from operations, and we're in a net cash position on the balance sheet.

因此，鑑於這是我成立一周年紀念日，我認為現在是時候問問我們是如何走到這一步的，更重要的是，我們將如何保持這種勢頭向前發展。我們的旅程始於去年夏天，首先為公司製定了明確的策略目標，即成為為需要高可靠性產品的成長市場應用提供積層製造解決方案的領導者。然後，我們制定了一個簡單的四階段計劃，使我們能夠實現這一目標。他們首先將公司重組為兩個業務部門：醫療保健和工業解決方案。然後，我們重組了營運以提高效率，並開始剝離非核心資產。然後，隨著這些要素獲得動力，我們有系統地加大了對投資的關注，以加速成長和獲利。透過專注於執行我們的計劃，當我們進入新的一年時，我們已經恢復成長，我們實現了盈利，我們從營運中產生了現金，並且我們在資產負債表上處於淨現金頭寸。

And then the real fun began as we began moving through Q1. The U.S. economy began to reopen, our new products and applications gained momentum, and our organic growth accelerated markedly. Our profitability and cash from operations increased dramatically as we leveraged our streamlined operations.

當我們開始進入第一季時，真正的樂趣開始了。美國經濟開始重新開放，我們的新產品和應用獲得動力，我們的有機成長明顯加速。由於我們利用精簡的運營，我們的獲利能力和營運現金大幅增加。

Based upon this progress and our long-term outlook, we've set a goal of sustained double-digit organic revenue growth, 50% gross margins and 20% adjusted EBITDA margins, all of which we think are attainable in the years ahead. But in an increasingly competitive industry, why should you believe in our future success? Well, in addition to delivering on our commitments, which I think we demonstrated again this quarter, what I can tell you is that there are 3 things that inspire my confidence in our future. And I believe they should inspire yours as well.

基於這項進展和我們的長期前景，我們設定了持續兩位數有機收入成長、50%毛利率和20%調整後EBITDA 利潤率的目標，我們認為所有這些在未來幾年都是可以實現的。但在競爭日益激烈的行業中，您為什麼要相信我們未來的成功？嗯，除了兌現我們的承諾（我認為我們在本季再次證明了這一點）之外，我可以告訴您的是，有三件事激發了我對未來的信心。我相信它們也應該激勵您。

First, we clearly by far have the broadest technology portfolio in the industry. It includes a full range of metal and polymer printing systems, industry-leading software platforms and an outstanding portfolio of materials for both human and industrial system applications. These capabilities, which are so vital to our customers' success, distinguish us from virtually all of our competitors. And with our ongoing R&D investments, they're stronger and better than ever.

首先，我們顯然擁有業界最廣泛的技術組合。它包括全系列的金屬和聚合物列印系統、業界領先的軟體平台以及適用於人類和工業系統應用的出色材料組合。這些能力對於我們客戶的成功至關重要，使我們在幾乎所有競爭對手中脫穎而出。透過我們持續的研發投資，它們比以往任何時候都更強大、更好。

Second, I'm convinced that we have the brightest and most creative application engineers in the industry. This group of very talented people provide exceptional value to our customers as they work hand-in-hand to introduce advanced systems and components that capitalize on additive manufacturing. These applications range from unique medical devices and personalized implants that are so vital to improving patient outcomes in health care to unique components that enable the newest generation of commercial rockets for space travel or revolutionary equipment for the manufacturer of semiconductor chips, just to name a few. And that list of new applications is growing rapidly every day.

其次，我相信我們擁有業界最聰明、最具創造力的應用工程師。這群非常有才華的人為我們的客戶提供了非凡的價值，他們攜手合作，推出利用積層製造的先進系統和組件。這些應用範圍從對改善醫療保健中的患者治療效果至關重要的獨特醫療設備和個性化植入物，到支持最新一代商業火箭進行太空旅行的獨特組件或為半導體晶片製造商提供革命性設備，僅舉幾例。新應用程式清單每天都在快速增長。

Third, as one of the largest and most experienced companies in the industry, we have the scale and the infrastructure to not only support our customers' needs when they initially implement additive manufacturing but to also sustain them over the lifetime of their equipment by providing key services and consumables that are vital to their ongoing business success.

第三，作為業內規模最大、經驗最豐富的公司之一，我們擁有規模和基礎設施，不僅可以在客戶最初實施增材製造時滿足他們的需求，還可以透過提供關鍵技術在設備的整個生命週期內維持客戶的需求。對他們的持續業務成功至關重要的服務和消耗品。

How do we know this formula works? Well, as always, the proof's in the numbers. Today, our technologies are used to print approximately 0.75 million production components per day, 365 days a year. That equates to over 250 million components per year and climbing. This experience is invaluable as we invest more than ever into our core technologies and drive relentlessly to enable our customer success.

我們怎麼知道這個公式有效？嗯，一如既往，證據就在數字裡。如今，我們的技術每年 365 天、每天列印約 75 萬個生產組件。這相當於每年生產超過 2.5 億個零件，而且還在增加。這種經驗非常寶貴，因為我們比以往任何時候都更投入於我們的核心技術，並堅持不懈地推動我們的客戶取得成功。

In short, at 3D Systems, our goal is to inspire your confidence in us each day, first, by delivering on our near-term commitments on growth and profitability, as demonstrated in our numbers today, while setting aggressive but realistic targets for the future. As an investor, you need not invest based solely on promises about next year's growth or the one thereafter. The market for industrial scale additive manufacturing is here today. It's real and it's growing at an exciting rate, particularly as the headwinds from COVID recede. So as I said at the outset of the call, I have never been more excited about our future than I am today.

簡而言之，在3D Systems，我們的目標是每天激發您對我們的信心，首先，透過兌現我們對成長和獲利能力的近期承諾（如我們今天的數據所示），同時為未來設定積極但現實的目標。作為投資者，您不必僅基於對明年或此後成長的承諾進行投資。工業規模積層製造市場現已到來。這是真實存在的，而且正在以令人興奮的速度增長，尤其是隨著新冠疫情的不利影響消退。正如我在電話會議一開始所說的那樣，我從未像今天這樣對我們的未來感到更加興奮。

Now before I hand off to Jagtar to talk about the quarter, let me spend just a few minutes talking about the investments we're making for growth, some of which were described in our announcements last week. First, as you can see in our numbers for Q1, we're seeing rising demand for new applications, particularly in our Healthcare business. To meet this demand forecast, we are expanding our Denver, Colorado location by roughly 50%. For more than a decade, this operation has supported a range of customers from large industry-leading customers to innovative start-ups and delivering a diverse portfolio of groundbreaking precision health care applications and medical technologies. From this location, we have supported more than 100 CE-marked and FDA-cleared products. We've collaborated with surgeons to plan and guide more than 140,000 patient-specific procedures. And we've manufactured over 2 million medical device implants in our advanced manufacturing group.

現在，在我向 Jagtar 談論本季之前，讓我花幾分鐘談談我們為成長而進行的投資，其中一些投資已在我們上週的公告中進行了描述。首先，正如您在第一季的數據中看到的那樣，我們看到對新應用程式的需求不斷增長，特別是在我們的醫療保健業務中。為了滿足這項需求預測，我們正在將科羅拉多州丹佛市的辦公地點擴大約 50%。十多年來，該業務為從行業領先的大型客戶到創新新創公司等一系列客戶提供了支持，並提供了多樣化的突破性精準醫療保健應用和醫療技術組合。在此基礎上，我們為 100 多種具有 CE 標誌和 FDA 批准的產品提供支援。我們與外科醫生合作規劃和指導了超過 140,000 例患者特定手術。我們的先進製造團隊已經製造了超過 200 萬個醫療器材植入物。

Through this next phase of investment, which includes putting in place some of our most advanced metal and polymer printing systems and software tools, we'll be able to reduce time to market for new medical applications, continue expanding our product offerings and better support the holistic needs of our growing health care customer base. The scale we have now attained in our Healthcare business in Denver provides a marvelous platform for growth, allowing us to maintain our industry-leading solution offerings that target patient-specific applications in growing markets like craniomaxillofacial surgical solutions and an expanding range of orthopedic surgical aids and implants.

透過下一階段的投資，包括部署一些最先進的金屬和聚合物列印系統和軟體工具，我們將能夠縮短新醫療應用的上市時間，繼續擴大我們的產品範圍，並更好地支持我們不斷增長的醫療保健客戶群的整體需求。我們在丹佛的醫療保健業務目前所達到的規模為我們提供了一個絕佳的成長平台，使我們能夠保持行業領先的解決方案產品，這些解決方案產品針對不斷增長的市場中的患者特定應用，例如顱顏面手術解決方案和不斷擴大的骨科手術輔助設備和植入物。

In addition to supporting healthcare-specific growth, our Denver investment will expand the overall capabilities and capacity of our Application Innovation Group. As I discussed earlier, this group of application engineers is an essential element of our solutions-oriented approach to customers. With deep expertise in hardware, software and materials, this team of engineers helps customers not only demonstrate feasibility of new high-value component solutions but also design the overall workflows necessary to validate the economics of the process, gain regulatory approvals and then move into full-scale production. With expanded customer-facing engineering resources armed with a broad array of technologies and supporting infrastructure, we are well positioned to continue the strong momentum in expanded application development and early-stage manufacturing that our customers are seeking.

除了支持特定於醫療保健的成長外，我們在丹佛的投資還將擴大我們應用創新團隊的整體能力和產能。正如我之前討論的，這組應用工程師是我們以解決方案為導向的客戶方法的重要組成部分。憑藉在硬體、軟體和材料方面深厚的專業知識，工程師團隊不僅可以幫助客戶展示新的高價值組件解決方案的可行性，還可以設計必要的整體工作流程，以驗證製程的經濟性、獲得監管部門的批准，然後全面投入使用。— 規模化生產。憑藉擴大的面向客戶的工程資源以及廣泛的技術和支援基礎設施，我們處於有利位置，可以繼續保持客戶所尋求的擴展應用開發和早期製造的強勁勢頭。

In addition to our Colorado investment plans, last week, we also announced the acquisition of 2 technology companies, Allevi and Additive Works. These acquisitions have an important role to play in meeting our current and future growth objectives.

除了我們科羅拉多州的投資計畫外，上週我們還宣布收購 Allevi 和 Additive Works 兩家科技公司。這些收購在實現我們當前和未來的成長目標方面發揮著重要作用。

Let me start with the Additive Works acquisition. They are a small but extremely talented group of German software engineers and physicists that have developed unique software that simulates the key steps of the additive manufacturing workflow from setup during the component design phase through post-print processing. Their sophisticated physics-based algorithms are extremely fast and effective in optimizing the part orientation, support structure and thermal conditions during printing. The result is dramatically reduced set of times and post-processing requirements in conjunction with improved product performance yield -- and yield. Historically, much of this optimization work was done empirically, requiring highly skilled process engineers and operators to optimize the process for each new component.

讓我從收購 Additive Works 開始。他們是一個由德國軟體工程師和物理學家組成的小型但非常有才華的團隊，他們開發了獨特的軟體，可以模擬積層製造工作流程的關鍵步驟，從組件設計階段的設定到列印後處理。其複雜的基於物理的演算法在優化列印過程中的零件方向、支撐結構和熱條件方面非常快速且有效。其結果是大大減少了時間和後處理要求，同時提高了產品性能產量和產量。從歷史上看，大部分優化工作都是憑經驗完成的，需要高技能的製程工程師和操作員來優化每個新組件的製程。

The Additive Works simulation software reduces or even eliminates the need for this intensive effort, allowing for a much more rapid introduction of new components and improved economics, performance and reliability of the resulting product. The Additive Works software sold under the name, Amphyon, interfaces seamlessly with leading CAD systems as well as our 3DXpert software platform and other major print platforms, which we will continue to support. Integrating Additive Works' products and expertise into 3D Systems will further enhance our software portfolio and innovation capacity, driving accelerated adoption of additive manufacturing across the industrial and health care markets that we serve. We expect the deal will close by the third quarter paced by normal German regulatory requirements.

Additive Works 模擬軟體減少甚至消除了這種密集工作的需要，從而可以更快地引入新組件，並提高最終產品的經濟性、性能和可靠性。 Additive Works 軟體以 Amphyon 名義銷售，可與領先的 CAD 系統以及我們將繼續提供支援的 3DXpert 軟體平台和其他主要列印平台無縫連接。將 Additive Works 的產品和專業知識整合到 3D Systems 中將進一步增強我們的軟體產品組合和創新能力，推動積層製造在我們所服務的工業和醫療保健市場中的加速採用。我們預計該交易將按照德國正常監管要求的節奏在第三季完成。

Moving then to one of the areas that I'm increasingly excited about, the emerging field of regenerative medicine. I'll conclude my opening remarks today with a few comments on our acquisition of Allevi. You may remember on our last earnings call, we talked about the incredible progress our development team under Chuck Hull, working in close partnership with the wonderful folks at United Therapeutics, has made toward the printing of solid human organs. While not yet a reality, the promise of this technology is truly extraordinary, offering the hope of meeting the needs for thousands of patients who are desperately waiting on the availability of new lungs, kidneys, livers, hearts and other organs. Our commitment to this effort with United Therapeutics continues unabated.

然後轉向我越來越感興趣的領域之一，即新興的再生醫學領域。我將透過對收購 Allevi 的一些評論來結束今天的開場白。您可能還記得在我們上次的財報電話會議上，我們談到了 Chuck Hull 領導下的開發團隊與 United Therapeutics 的優秀人員密切合作，在打印實體人體器官方面取得了令人難以置信的進展。雖然尚未成為現實，但這項技術的前景確實非凡，它為滿足成千上萬迫切等待新肺、腎臟、肝臟、心臟和其他器官的患者的需求提供了希望。我們與 United Therapeutics 共同致力於這項努力的承諾依然有增無減。

As an outgrowth of this program, we also announced last quarter that given our strong technology foundation in this emerging field, we would expand our efforts pursuing additional applications for the human body such as the printing of bones, arteries and soft tissue, just to name a few. We've increased application support this year to pursue these partnerships and hope in the intermediate term to bring these extraordinary products to market.

作為該計劃的產物，我們上季度還宣布，鑑於我們在這一新興領域的強大技術基礎，我們將擴大努力，尋求人體的其他應用，例如骨骼、動脈和軟組織的印刷等一些。今年我們增加了應用支援以尋求這些合作夥伴關係，並希望在中期將這些非凡的產品推向市場。

In addition to these direct human applications, I'm very excited to announce a further expansion of our focus to include the rapidly emerging market for laboratory applications of bio printing technology. These laboratory applications are being driven by 2 major objectives: one is to study -- the study of regenerative medicine itself in a lab setting, which is increasingly of interest to researchers at major universities and renowned medical institutions around the world; the other driver and one that we believe brings substantial growth opportunities for us is with pharmaceutical laboratories who wish to utilize the unique 3-dimensional cellular structures produced by bio printing to accelerate the development of new drugs and drug therapies, some of which may eventually be optimized to accommodate an individual's unique genetic framework.

除了這些直接的人體應用之外，我非常高興地宣布我們的重點將進一步擴大，包括生物列印技術實驗室應用的快速新興市場。這些實驗室應用由兩個主要目標驅動：一是研究——在實驗室環境中研究再生醫學本身，這越來越受到世界各地主要大學和著名醫療機構的研究人員的興趣；二是研究。我們認為，另一個驅動力和為我們帶來大量增長機會的驅動力是製藥實驗室，他們希望利用生物打印產生的獨特的3 維細胞結構來加速新藥和藥物療法的開發，其中一些最終可能會成為現實。優化以適應個體獨特的遺傳框架。

In addition to drug development, bio printing offers unique advantages in the development of cosmetics and other skin care treatments and that human interactions can be directly assessed using 3-dimensional bio-printed human tissue constructs instead of relying upon simulations or animal studies, which are often less effective and bring with them difficult social issues. In short, bio printing for laboratory studies offers the potential for better, faster and safer and more humane development paths for a wide range of human applications. For all of these reasons, we are excited to expand our efforts to include these rapidly emerging laboratory applications, which we believe potentially represent a multibillion-dollar market opportunity that will become available to us over the next several years.

除了藥物開發之外，生物列印在化妝品和其他皮膚護理療法的開發中具有獨特的優勢，並且可以使用 3 維生物列印人體組織結構直接評估人類相互作用，而不是依賴模擬或動物研究。往往效率較低，並帶來棘手的社會問題。簡而言之，用於實驗室研究的生物打印為廣泛的人類應用提供了更好、更快、更安全和更人性化的發展道路的潛力。基於所有這些原因，我們很高興能夠擴大我們的努力，將這些快速新興的實驗室應用納入其中，我們相信這些應用可能代表著未來幾年我們將獲得的數十億美元的市場機會。

In support of this effort to expand our regenerative medicine focus into the lab, we were very pleased last week to announce our acquisition of Allevi, a Philadelphia-based developer of bio printing solutions comprising bio printers, biomaterials, also known as bioinks and specialized laboratory software. Allevi has established a strong technology base, brand and distribution network for this rapidly emerging market with a presence today in over 380 medical and pharmaceutical laboratories in over 40 countries. As a complete solutions provider, Allevi's business model aligns well with 3D Systems and positions us to leverage the technology we've developed for in vivo applications as well as leveraging the overall scale of our Healthcare business to meet these emerging laboratory application needs.

In support of this effort to expand our regenerative medicine focus into the lab, we were very pleased last week to announce our acquisition of Allevi, a Philadelphia-based developer of bio printing solutions comprising bio printers, biomaterials, also known as bioinks and specialized laboratory軟體. Allevi 已為這個快速新興的市場建立了強大的技術基礎、品牌和分銷網絡，目前已在 40 多個國家/地區的 380 多個醫療和製藥實驗室開展業務。作為一家完整的解決方案提供商，Allevi 的業務模式與 3D Systems 非常契合，使我們能夠利用我們為體內應用開發的技術，並利用我們醫療保健業務的整體規模來滿足這些新興的實驗室應用需求。

When viewed in totality, with the Allevi acquisition completed last week, we're now well positioned across a broad market spectrum, ranging from near-term laboratory applications, medium-term human applications and longer-term human solid organ applications in the exciting emerging field of regenerative medicine.

總體而言，隨著上週完成的 Allevi 收購，我們現在在廣泛的市場範圍內處於有利地位，從近期實驗室應用、中期人體應用到令人興奮的新興領域的長期人體實體器官應用再生醫學領域。

So to bring this full circle, let me end by saying how very proud I am of our team's performance in the first quarter of the year as we've continued to execute on our 4-phase plan that we launched last summer. More than ever, I believe that additive manufacturing will play a key role in transforming the way components can be designed and manufactured for critical applications ranging from complex space systems to the human body. With our extensive portfolio of additive manufacturing systems, material science, software and domain expertise, 3D Systems is uniquely positioned to help our customers benefit from this transformation.

因此，為了結束這個完整的循環，最後我要說的是，我對我們團隊在今年第一季的表現感到非常自豪，因為我們繼續執行去年夏天啟動的四階段計畫。我比以往任何時候都更相信積層製造將在改變從複雜空間系統到人體等關鍵應用的組件設計和製造方式方面發揮關鍵作用。憑藉我們廣泛的積層製造系統、材料科學、軟體和領域專業知識組合，3D Systems 具有獨特的優勢，可幫助我們的客戶從這項轉型中受益。

With that, let me turn the call over to Jagtar, who will now describe our first quarter results in more detail. Jagtar?

接下來，讓我將電話轉給 Jagtar，他現在將更詳細地描述我們第一季的業績。捷豹？

Thanks, Jeff. Good morning, everyone. For the first quarter, we reported revenue of $146.1 million, an increase of 7.7% compared to the first quarter of 2020. Our organic revenue growth, which excludes businesses divested in 2020 and 2021 was 16.6% in Q1 2021 versus Q1 2020. We experienced strong product revenues across the portfolio, including printers, both plastics and metals, materials and software. We believe this growth emphasizes the strategic nature of our portfolio breadth and validates our solution strategy.

謝謝，傑夫。大家，早安。第一季度，我們的營收為1.461 億美元，比2020 年第一季成長7.7%。與2020 年第一季相比，2021 年第一季的有機收入成長（不包括2020 年和2021 年剝離的業務）為16.6%。整個產品組合的產品收入強勁，包括印表機、塑膠和金屬、材料和軟體。我們相信，這種成長強調了我們產品組合廣度的策略本質，並驗證了我們的解決方案策略。

We reported a GAAP income of $0.36 per share in the first quarter of 2021 compared to a GAAP loss of $0.17 in the first quarter of 2020. Driving this improvement was a $32.9 million gain from the sale of the Cimatron and GibbsCAM software business, as well as a tax benefit of $8.9 million as a result of the favorable ruling from the IRS regarding a FIN 48 reserve.

我們報告 2021 年第一季的 GAAP 收入為 0.36 美元，而 2020 年第一季的 GAAP 虧損為 0.17 美元。推動這一改善的還有出售 Cimatron 和 GibbsCAM 軟體業務帶來的 3290 萬美元收益由於IRS 對FIN 48 準備金的有利裁決，可享有890 萬美元的稅收優惠。

Turning to non-GAAP results. We reported non-GAAP income of $0.17 per share in the first quarter of 2021 compared to a non-GAAP loss of $0.04 per share in the first quarter of 2020. The exceptional non-GAAP result reflects our strong revenue growth, combined with the restructuring and cost optimization activities that we have previously announced.

轉向非 GAAP 業績。我們報告 2021 年第一季的非 GAAP 收入為每股 0.17 美元，而 2020 年第一季的非 GAAP 虧損為每股 0.04 美元。出色的非 GAAP 業績反映了我們強勁的收入成長以及重組以及我們之前宣布的成本優化活動。

Now we will discuss revenue by market. Our Healthcare business had a strong quarter with revenue growing 38.7% year-over-year. This growth was fueled by an increase in the hardware and material sales in our dental business. The large hardware volume like we saw in Q1 may fluctuate on a quarterly basis but drives the recurring higher-margin material and services revenue, which is a focus of our long-term financial goals. Excluding dental applications, revenue from medical applications grew by 9% as we continue to see increased demand for personalized health services and advanced manufacturing of medical devices. We recently announced a planned expansion in Denver, Colorado that is intended in part to support the future growth of this business.

現在我們將按市場討論收入。我們的醫療保健業務季度表現強勁，營收年增 38.7%。這一增長是由我們牙科業務的硬體和材料銷售的成長所推動的。我們在第一季看到的大量硬體數量可能會按季度波動，但會推動經常性的高利潤材料和服務收入，這是我們長期財務目標的重點。不包括牙科應用，醫療應用收入成長了 9%，因為我們持續看到個人化健康服務和先進醫療設備製造的需求不斷增長。我們最近宣布了在科羅拉多州丹佛市的擴張計劃，部分目的是支持該業務的未來成長。

Revenue in our Industrial segment, when we exclude the businesses divested in 2020 and 2021, was up approximately 1% year-over-year as compared to year-over-year declines in prior periods. The revenue trend turnaround in our Industrial segment was across our subsegments such as jewelry and automotive with no single segment driving the results. This is a reflection of global economies continuing to recover albeit at an inconsistent pace from the pandemic-related shutdowns. We expect this inconsistency to continue in 2021. So while we see a path to full year double-digit organic revenue growth in our core business, excluding businesses divested in 2020 and 2021, macroeconomic risks such as further COVID-19 impacts, inflation concerns and supply chain shortages in certain critical components like semiconductor chips continue to create uncertainty.

當我們排除 2020 年和 2021 年剝離的業務時，我們工業部門的營收年增約 1%，而上一時期的年減。我們的工業部門的收入趨勢改善涉及珠寶和汽車等子部門，沒有單一部門推動績效。這反映出全球經濟仍在持續復甦，儘管因疫情相關的停工而復甦的速度不一致。我們預計這種不一致現象將在2021 年繼續存在。因此，儘管我們的核心業務預計將在全年兩位數的有機收入成長（不包括2020 年和2021 年剝離的業務），但宏觀經濟風險，例如COVID-19 的進一步影響、通膨擔憂和半導體晶片等某些關鍵零件的供應鏈短缺繼續造成不確定性。

Now we turn to gross margin. Let me start my commentary on gross margin with a statement on our presentation. During the first quarter of 2021, we identified certain costs that have historically been shown as cost of products that actually related to cost of services. Our reported gross profit margins reflect an update to properly present these costs. While this resulted in a small movement of cost between products and services, the change did not affect our gross profit, bottom line results, consolidated balance sheets or statement of cash flow. For Q1 2021, we reported gross profit margin of 44% in the first quarter of 2021 compared to 42.1% in the first quarter of 2020. Non-GAAP gross profit margin was 44% compared to 42.7% in the same period last year. Gross profit increased year-over-year as a result of higher sales volume; mix, including software sales; and the impact of our cost reduction activities. We are quite pleased with our improved margin performance in Q1, especially when you consider that we divested a relatively high gross margin software business at the beginning of the year.

現在我們轉向毛利率。讓我從對我們的簡報的聲明開始我對毛利率的評論。在 2021 年第一季度，我們確定了歷史上顯示為實際與服務成本相關的產品成本的某些成本。我們報告的毛利率反映了正確列報這些成本的更新。雖然這導致產品和服務之間的成本發生小幅變動，但這項變更並未影響我們的毛利、淨利潤、合併資產負債表或現金流量表。對於 2021 年第一季度，我們報告 2021 年第一季的毛利率為 44%，而 2020 年第一季為 42.1%。非 GAAP 毛利率為 44%，而去年同期為 42.7%。由於銷量增加，毛利較去年同期成長；組合，包括軟體銷售；以及我們降低成本活動的影響。我們對第一季利潤率的提高感到非常滿意，特別是考慮到我們在年初剝離了毛利率相對較高的軟體業務。

In our last earnings call, we said we expect non-GAAP gross profit margins in the range of 40% to 44% for 2021. We continue to expect to be in that range on a full year basis.

在上次財報電話會議中，我們表示預計 2021 年非 GAAP 毛利率將在 40% 至 44% 之間。我們預計全年將繼續保持在該範圍內。

Operating expenses for the quarter were 66.2% on a GAAP basis, a decrease of 12.1% compared to the first quarter of 2020, including an 11.6% decrease in SG&A expenses and a 13.7% decrease in R&D expenses. Our non-GAAP operating expenses in the first quarter were $51.2 million, an 18.7% decrease from the first quarter of the prior year as we saw the benefits from our restructuring efforts as well as the impact of divested businesses. The primary differences between GAAP and non-GAAP operating expenses are $13.4 million and amortization of intangibles and stock-based compensation.

以公認會計準則計算，本季營運費用為 66.2%，較 2020 年第一季下降 12.1%，其中 SG&A 費用下降 11.6%，研發費用下降 13.7%。我們第一季的非 GAAP 營運費用為 5,120 萬美元，比去年第一季下降 18.7%，因為我們看到了重組工作的好處以及剝離業務的影響。 GAAP 和非 GAAP 營運費用之間的主要差異是 1,340 萬美元以及無形資產攤銷和股票薪酬。

Continuing the theme of year-over-year improvement, adjusted EBITDA, defined as non-GAAP operating profit plus depreciation, was $19.8 million or 13.6% of revenue compared to $2.2 million or 1.6% of revenue in the first quarter of 2020. The improvement is due to stronger gross margins as well as the results from our restructuring efforts. We are very pleased with the trend of our EBITDA margins over the past several quarters. Driving improvements to margins, adjusted EBITDA and revenue growth is the impetus behind targeted acquisitions like Additive Works and Allevi. While they will not be material to 2021 results, these and future acquisitions will be a key component of our long-term strategy to reach double-digit revenue growth, gross profit margins of 50% and adjusted EBITDA margins of 20%.

延續同比改善的主題，調整後 EBITDA（定義為非 GAAP 營業利潤加折舊）為 1,980 萬美元，佔收入的 13.6%，而 2020 年第一季為 220 萬美元，佔收入的 1.6%。這是由於更高的毛利率以及我們重組努力的結果。我們對過去幾季的 EBITDA 利潤率趨勢感到非常滿意。推動利潤率提高、調整後的 EBITDA 和收入成長是 Additive Works 和 Allevi 等有針對性的收購背後的推動力。雖然這些收購和未來的收購不會對 2021 年業績產生重大影響，但它們將成為我們實現兩位數營收成長、50% 毛利率和 20% 調整後 EBITDA 利潤率的長期策略的關鍵組成部分。

Now let's turn to the cash flow statement and balance sheet. Cash on hand increased $48.2 million during the first quarter. This increase was primarily driven by the net proceeds from divestitures of $54.7 million in cash generated from operations of $28.5 million offset by a debt repayment of $21.4 million and other financing and investing uses of cash, including capital expenditures. Note that our cash from operations of $28.5 million included the use of approximately $6.6 million of cash for withholding taxes related to the Cimatron sale. When factored together, it is of note that we have substantially improved cash from operations compared to the $2.3 million of cash used in operations in Q1 2020. We ended the quarter with a strengthened balance sheet with $133 million of cash and cash equivalents, no debt and nearly full capacity on our $100 million undrawn revolving credit facility.

現在我們來看看現金流量表和資產負債表。第一季庫存現金增加 4,820 萬美元。這一增長主要是由 2,850 萬美元營運產生的 5,470 萬美元現金剝離淨收益（被 2,140 萬美元債務償還以及其他融資和投資用途（包括資本支出）所抵消）所推動的。請注意，我們的 2,850 萬美元營運現金包括使用約 660 萬美元現金來支付與 Cimatron 銷售相關的預扣稅。綜合考慮後，值得注意的是，與2020 年第一季營運中使用的230 萬美元現金相比，我們的營運現金大幅增加。本季結束時，我們的資產負債表得到了加強，現金和現金等價物達到1.33 億美元，無債務我們的 1 億美元未提取循環信貸額度幾乎已滿。

As I end my prepared remarks, I would like to make a final comment about the quarter. We have made a very strong turnaround from this time last year. 3D Systems is now growing profitably, generating cash and maintaining available liquidity. Our combination of growth and profitability is unique to our industry and positions us well to continue to invest in high-growth areas that will support our long-term financial goals. Our solid financial profile makes us the partner of choice for customers that are considering a solutions provider for their most critical manufacturing processes. We are excited about the opportunity for our business and our plans to deliver against our long-term objectives.

在結束準備好的發言時，我想對本季做出最後的評論。從去年這個時候開始，我們已經實現了非常強勁的轉變。 3D Systems 目前正在實現獲利成長，產生現金並維持可用流動性。我們的成長和獲利能力的結合在我們的行業中是獨一無二的，這使我們能夠繼續投資於高成長領域，以支持我們的長期財務目標。我們穩健的財務狀況使我們成為正在考慮為其最關鍵製造流程提供解決方案的客戶的首選合作夥伴。我們對我們的業務機會以及我們實現長期目標的計劃感到興奮。

To continue to provide more detail to the investment community on our strategy, we plan to hold an Investor Day in the Denver, Colorado area on September 9. We will provide more details as we get closer to the event.

為了繼續向投資界提供有關我們策略的更多詳細信息，我們計劃於 9 月 9 日在科羅拉多州丹佛地區舉辦投資者日。隨著活動臨近，我們將提供更多詳細資訊。

With that, I'll turn the call back to Jeff. Jeff?

說完，我會把電話轉回給傑夫。傑夫？

Thanks, Jagtar. Again, I just want to say how pleased I am with our results and our return to year-over-year growth, our continued profitability improvements, the strength of our balance sheet and our strong cash generation performance. With intentional action taken on our 4-phase plan, we're reinforcing our leadership in this exciting industry. We plan to continue looking for opportunities to optimize our resources, divesting or investing as needed to support sustained exciting growth and profitability.

謝謝，捷達。我只想再說一遍，我對我們的業績、我們恢復同比增長、我們持續的盈利能力改善、我們的資產負債表的實力以及我們強勁的現金生成表現感到非常高興。透過對我們的四階段計劃採取有意識的行動，我們正在加強我們在這個令人興奮的行業的領導地位。我們計劃繼續尋找機會來優化我們的資源，根據需要進行剝離或投資，以支持持續令人興奮的成長和獲利能力。

We'll now take your questions. Kevin, let's open it up.

我們現在將回答您的問題。凱文，讓我們打開它。

(Operator Instructions) Our first question today is coming from Greg Palm from Craig-Hallum.

（操作員說明）我們今天的第一個問題來自 Craig-Hallum 的 Greg Palm。

This is actually Danny Eggerichs on for Greg today. Congrats on the good results.

今天實際上是丹尼·埃格里奇 (Danny Eggerichs) 替格雷格 (Greg) 發言。恭喜取得好成績。

Thanks, Danny.

謝謝，丹尼。

Thanks, Danny.

謝謝，丹尼。

Obviously, health care was really good. I think you mentioned some outsized growth in dental. Maybe just in terms of mix there, was this maybe -- you said they're both strong. Was this maybe driven by better growth in printer sales or maybe materials? And how should we look at that going forward?

顯然，醫療保健確實很好。我想你提到了牙科的一些巨大增長。也許就混合而言，這可能是——你說他們都很強大。這可能是由印表機銷售或材料的更好成長所推動的嗎？我們該如何看待未來？

Yes. Danny, this is Jagtar. Good morning. So we did have very strong printer sales in the quarter. I think I mentioned that in my prepared remarks. We expect that to drive sort of the future consumable services revenue that is high profit for us. But -- so we were pleased with the high printer sales. But we saw increases in both printers and materials. Printers was just a little bit stronger.

是的。丹尼，這是捷達。早安.因此，本季我們的印表機銷售確實非常強勁。我想我在準備好的發言中提到了這一點。我們預計這將推動未來消費服務收入的成長，這對我們來說是高利潤。但是——所以我們對印表機的高銷量感到滿意。但我們看到印表機和材料都有所增加。印表機只是稍微強大一點。

Got it. And then maybe if I could just get a quick one on maybe supply chain shortages. We've seen kind of the semi chips and maybe even some resin shortage. What kind of impacts are you seeing there?

知道了。然後也許我能快速了解供應鏈短缺的情況。我們已經看到了一些半晶片，甚至可能出現了一些樹脂短缺。您在那裡看到了什麼樣的影響？

Yes, Danny, good question. We got out in front of it early. We -- with the headlines as the -- as 2020 closed, we anticipated it and got in front of it early. But yes, there's no doubt, it took a lot of work this quarter to keep from hitting us financially. So we didn't let any customers down. We shipped everything that customers wanted to take in the quarter. But it was a lot of work, Danny. And we think it is a risk going forward, just availability, supply chain, logistics. You read about semiconductor chips, but really, there's a lot of components that go into printers that are in fairly short supply. So it takes a lot of effort to stay on top of it, and we're working real hard at it.

是的，丹尼，好問題。我們很早就從前面出來了。 2020 年即將結束時，我們就如頭條新聞般預見了這一點，並提前做好準備。但是，毫無疑問，本季我們做了很多工作才避免對我們造成財務打擊。所以我們沒有讓任何客戶失望。我們在本季度運送了客戶想要的所有東西。但這是很多工作，丹尼。我們認為未來的風險在於可用性、供應鏈和物流。你讀過有關半導體晶片的文章，但實際上，印表機中使用的許多組件供應相當短缺。因此，要保持領先需要付出很大的努力，我們正在努力工作。

Our next question today is coming from Sarkis Sherbetchyan from B. Riley FBR.

今天我們的下一個問題來自 B. Riley FBR 的 Sarkis Sherbetchyan。

Just wanted to see if you can provide an update on the cost restructuring initiatives. How much is left to go in the savings program? I think last quarter, you mentioned achieving the $60 million run rate cost savings. So just want to get a sense for where we stand today. How much is left to go? And what's the timetable?

只是想看看您是否可以提供有關成本重組計劃的最新資訊。儲蓄計劃還剩多少？我想上個季度，您提到實現了 6000 萬美元的運行成本節省。所以只是想了解我們今天的處境。還剩下多少去？時間表是什麼？

Well, we're right on track with where we thought we would be this year in terms of our cost takeout efforts. So what we said was with the divestitures, we would get another -- with the divestitures having occurred right at the end of the year and beginning of this year, the target now this year was a $20 million incremental cost takeout. We're on track with that. It's going very well. The balance there is looking at investments for growth because the market is rebounding. We're very pleased with the number of new applications customers want to pursue right now on both the metals and plastics side.

嗯，就我們今年的成本削減工作而言，我們正步入預期的軌道。所以我們所說的是剝離，我們會得到另一個 - 由於剝離發生在今年年底和今年年初，今年的目標是增加 2000 萬美元的成本支出。我們正在努力做到這一點。進展順利。因為市場正在反彈，所以平衡點是尋求成長投資。我們對客戶目前希望在金屬和塑膠方面追求的新應用數量感到非常滿意。

So we are funding that growth. And so it's -- so in terms of seeing what you're seeing flow through this year is a net of those 2 factors. We'll get $20 million out of our cost structure. And we'll look to reinvest some or potentially all that savings back into the cost structure to fuel growth. But you should see a nice response in terms of revenue growth, margin performance. That's really the trade-off that we're making there. So Jagtar, do you have any more light you want to put on that?

因此，我們正在為這種增長提供資金。因此，從今年的情況來看，這是這兩個因素的綜合結果。我們將從成本結構中獲得 2000 萬美元。我們將尋求將部分或可能全部節省的資金重新投資到成本結構中，以推動成長。但你應該會看到收入成長、利潤率表現的良好反應。這確實是我們正在做的權衡。 Jagtar，還有什麼想補充的嗎？

No, I think you captured it well, Jeff. I think we are getting the $20 million out this year. I would expect OpEx going through the course of the year because that will be the next question, to be in line or marginally up where we were in Q1 as we balance taking cost out with the additional investment for the opportunities we're seeing in the market.

不，我認為你捕捉得很好，傑夫。我認為我們今年將籌集到 2000 萬美元。我預計營運支出將貫穿這一年，因為這將是下一個問題，與第一季的情況一致或略有上升，因為我們平衡了成本削減和對我們在行業中看到的機會的額外投資。市場。

I was very glad that we got the $60 million out last year and got everything restructured because it really positioned us well as the market rebounds now to leverage that reduced cost structure. And now it's really a horse race between taking further cost out of the business and investing for growth. We are determined to grow profitably. So we're not going to overspend on that and get out in front of our skiis, but we certainly are going to support the strong markets that we see right now ahead of us.

我很高興去年我們拿出了 6000 萬美元，並對一切進行了重組，因為隨著市場現在的反彈，我們確實處於有利地位，可以利用降低的成本結構。現在，這實際上是一場在進一步降低業務成本和投資成長之間的賽馬。我們決心實現獲利成長。因此，我們不會在這方面超支並在我們的滑雪場前退出，但我們肯定會支持我們現在看到的強勁市場。

Fantastic. Just one follow-up, a quick one. I think the Healthcare business is pretty -- obviously, performing pretty nicely there. Just any comments or color you can provide on the Industrial side? Which end markets do you think -- there's a nice growth opportunity here in the near term to intermediate term. And then which might be giving you some trouble?

極好的。只有一個後續行動，一個快速的後續行動。我認為醫療保健業務非常明顯，在那裡表現得非常好。您可以在工業方面提供任何評論或顏色嗎？您認為哪些終端市場在近期到中期有良好的成長機會。那麼這可能會為你帶來一些麻煩呢？

Yes. It's really interesting. There's -- you can go through each market vertical. And in automotive, clearly ignoring the semiconductor issues they have as a total industry, there's clearly a kind of a megatrend headed toward electric vehicles. So we're really pleased with our exposure there and where that's going. It's a smaller business today. But clearly, everything you read, you can tell publicly, it's a growing market, a growing business. And the lightweighting and strengthening of those cars we think is real. And the stories we hear back from customers about their utilization of additive is really encouraging for that. Aerospace clearly has lagged. It's -- it was really impacted by COVID. It's nice to see more people flying now as the U.S. at least opens up. So you would expect aerospace to lag but be a driver in the next couple of years.

是的。這真的很有趣。您可以瀏覽每個垂直市場。在汽車領域，顯然忽略了整個產業所面臨的半導體問題，顯然存在著一種朝向電動車發展的大趨勢。因此，我們對我們在那裡的曝光度和進展感到非常滿意。如今，這是一家規模較小的企業。但顯然，你讀到的所有內容，你可以公開告訴你，這是一個不斷成長的市場，一個不斷成長的業務。我們認為這些汽車的輕量化和強化是真實的。我們從客戶那裡聽到的關於他們使用添加劑的故事確實令人鼓舞。航空航天顯然已經落後了。它確實受到了新冠疫情的影響。隨著美國至少開放，現在很高興看到更多的人搭乘飛機。因此，您預計航空航天業將落後，但在未來幾年將成為推動者。

Interestingly, applications related to heat flow, heat management, thermal management, are really exciting. And I say it broadly like that because there's a lot of applications for managing heat. When you think of data centers, how do you eliminate the heat? One of the major expenditures any developed country has for energy usage is in data center cooling. And it just shows you the impact, the magnitude of heat generated there and have it dissipated as a real issue. Additive manufacturing is great at that. And when you carry it down to a system level, things that are very temperature-sensitive, so I'll give you 2 extremes. One is rocket travel, space travel with rockets. You see that competition heating up now in the commercial realm, which is really exciting, between a number of public companies getting into the space race, getting into in the commercial space travel, while space travel is enabled very nicely by additive manufacturing, both propulsion and the systems themselves.

有趣的是，與熱流、熱管理、熱管理相關的應用確實令人興奮。我這麼說是因為有很多用於管理熱量的應用。當您想到資料中心時，如何消除熱量？任何已開發國家在能源使用方面的主要支出之一是資料中心冷卻。它只是向您展示了影響、那裡產生的熱量的大小，並將其作為一個真正的問題消散。積層製造在這方面很擅長。當你把它帶到系統層級時，這些東西對溫度非常敏感，所以我會給你兩個極端。一是火箭旅行，用火箭進行太空旅行。你可以看到，商業領域的競爭現在正在升溫，這確實令人興奮，許多上市公司都參與了太空競賽，進入了商業太空旅行，而增材製造很好地實現了太空旅行，無論是推進力還是積層製造。以及系統本身。

And then another exciting application we're finding a range of applications in is semiconductor chip manufacturing. The -- when you start controlling stereo lithography and other activities to make modern semiconductor chips, control of the thermal environment, the temperature environment in a system is incredibly important. And the structures you can make with additive at very effective costs are remarkable, absolutely remarkable. So we've been very pleased with the interest level and the growth in the business of the semiconductor equipment manufacturers. So I could go on and on. But those are several that we think will both lead and trail in the opening economy.

我們發現的另一個令人興奮的應用是半導體晶片製造。當您開始控制立體光刻和其他活動來製造現代半導體晶片時，熱環境的控制，系統中的溫度環境非常重要。您可以用添加劑以非常有效的成本製造的結構是非凡的，絕對是非凡的。因此，我們對半導體設備製造商的興趣程度和業務成長感到非常滿意。所以我可以繼續說下去。但我們認為，這些都是開放經濟中既領先又落後的因素。

Our next question today is coming from Noelle Dilts from Stifel.

今天我們的下一個問題來自 Stifel 的 Noelle Dilts。

I was hoping that you could expand a little bit on some of your bio printing initiatives. And you spoke to some of the opportunities in the near term around cosmetics and I think printing on slides. Could you speak to how to think about the monetization of this over the next few years when you think it could become contributory and how to think about kind of the longer term -- kind of thinking about the longer-term ramp of that side of the business?

我希望您能稍微擴展一下您的一些生物列印計劃。您談到了近期有關化妝品的一些機會，我認為在幻燈片上列印。您能談談如何考慮未來幾年的貨幣化，當您認為它可能會做出貢獻時，以及如何考慮更長期的情況——考慮這方面的長期增長。商業？

Thanks, Noelle. It's a great question. It's -- for an emerging industry, it's always tricky to predict the timing. And I -- again, I don't want to be too aggressive in tell truth, but I got to tell you, I am so excited about the progress that we've made technically and the way the markets are evolving. Clearly, we started on the very long-term end of things, and that's the -- our engagement with United Therapeutics on the printing of human organs, that's a long-term effort that will be measured in years, not quarters.

謝謝，諾艾爾。這是一個很好的問題。對於一個新興產業來說，預測時機總是很棘手。我再次強調，我不想過於激進地說出真相，但我必須告訴你，我對我們在技術上取得的進步以及市場的發展方式感到非常興奮。顯然，我們從非常長期的目標開始，這就是——我們與 United Therapeutics 合作列印人體器官，這是一項長期的努力，將以年而不是季度來衡量。

But doing that, setting that high bar really got us involved in progressing the technology. And as we did that, we started opening up nearer-term markets, so other parts, it sounds funny to even talk about it, other parts of the human body, that you can print with bio printing and get into application. When you think about it, everyone's body is unique, everyone's body. arteries, veins, muscles, tissues, bones. And so it generically lends itself to additive manufacturing where you print things that are specialized for each human body. So we were very happy as we entered '21 to say, "Hey, let's broaden our scope and go for some near-term applications, which might be measured in fewer years, okay, to get into."

但這樣做，設定高標準確實讓我們參與了技術進步。當我們這樣做時，我們開始開放近期市場，所以其他部分，甚至談論它聽起來都很有趣，人體的其他部分，你可以用生物列印來列印並投入應用。當你想一想，每個人的身體都是獨一無二的，每個人的身體。動脈、靜脈、肌肉、組織、骨骼。因此，它通常適用於積層製造，可以列印專門針對每個人體的東西。因此，當我們進入 21 世紀時，我們非常高興地說：“嘿，讓我們擴大範圍並進行一些近期應用，這些應用可能會在更少的時間內進行測量，好吧，進入。”

So all of those are funded -- that effort is all funded internally. And I would tell you, we model a nice return on investment, but it's still measured in years to get fully FDA qualified and all of that. Progress is remarkable but it still takes a lot of time. So with that, we said, "Well, how do we run further and faster in the shorter term?" And you look at the laboratory applications, and then the Allevi acquisition came along as an opportunity for us. We are able today to print 3-dimensional tissue specimens in the lab for -- first of all, for basic studies of regenerative medicine, and that's fine. That's needed to progress the science. But I would tell you, Noelle, what I'm really excited about are the applications in the pharmaceutical industry because the testing of drugs and other skin therapies and treatments is -- relies on an enormous amount of computer simulation and then animal testing. And then they very, very carefully go into real human testing.

所以所有這些都是有資金支持的——這些努力都是由內部資助的。我想告訴你，我們建立了良好的投資回報模型，但仍然需要以年來衡量才能獲得 FDA 的完全資格以及所有這些。進展是顯著的，但仍需要很多時間。因此，我們說：“那麼，我們如何在短期內跑得更遠更快？”你看看實驗室的應用，然後收購 Allevi 對我們來說是一個機會。今天，我們能夠在實驗室中列印 3 維組織樣本，首先是為了再生醫學的基礎研究，這很好。這是科學進步所需要的。但我想告訴你，諾埃爾，我真正感興趣的是製藥業的應用，因為藥物和其他皮膚療法和治療的測試依賴大量的電腦模擬，然後是動物測試。然後他們非常非常仔細地進行真正的人體測試。

The regenerative medicine approach, bio printing gives you an opportunity to really test the effects on human tissue but in a lab setting. And I would tell you, Noelle, I believe that can be an exciting near-term market for us. It's -- we're -- through Allevi, we're now exposed to hundreds of research laboratories around the world. We can take the technology we've developed for organs and other human applications and refine it to apply it to laboratory settings, leveraging what Allevi has done in their customer base. So I would tell you I think the pharmaceutical industry and things like cosmetics and other skin care, I think that could very well be a revenue stream for us that's certainly measurable next year and can contribute in the long term to the business substantially. It can be an enormous business for us, and it will be for someone, and I feel good about our leadership role in that today. It's nascent. It's evolving, and we want to be out in front making it happen.

再生醫學方法，生物列印讓您有機會在實驗室環境中真正測試對人體組織的影響。我想告訴你，諾埃爾，我相信這對我們來說是一個令人興奮的近期市場。透過 Allevi，我們現在可以接觸到世界各地數百個研究實驗室。我們可以利用我們為器官和其他人體應用開發的技術，並對其進行改進，以將其應用於實驗室環境，利用 Allevi 在其客戶群中所做的工作。所以我想告訴你，我認為製藥業以及化妝品和其他皮膚護理等行業很可能成為我們的收入來源，明年肯定可以衡量，並且從長遠來看可以為業務做出重大貢獻。這對我們來說可能是一項巨大的業務，對某些人來說也將是一項巨大的業務，我對我們今天在這方面的領導作用感到滿意。它是新生的。它正在不斷發展，我們希望走在前面，讓它成為現實。

(Operator Instructions) Our next question today is coming from David Mizrahi from Berenberg.

（操作員說明）今天我們的下一個問題來自 Berenberg 的 David Mizrahi。

I know you guided to CapEx of greater than $300 million this year, while last year's attracted roughly $150 million. And part of this is going to support a new factory in Poland. Could you just discuss the implications for you guys or any conversations you've had? And I'll jump back in the queue.

我知道今年你們引導的資本支出超過 3 億美元，而去年吸引了約 1.5 億美元。其中一部分將用於支持波蘭的新工廠。您能談談對你們的影響或您們進行過的任何談話嗎？我會插回隊列中。

No, we really can't. We really can't. I would love to tell you about the conversations we have with individual customers, but we just can't go there. I love our customer base. We have a terrific customer base and some very long-term customers that have done very well in their industry, but we just can't talk about them. Either it's too sensitive to them as much as I would love to talk about it ourselves, we just can't do that.

不，我們真的不能。我們真的不能。我很想告訴您我們與個人客戶的對話，但我們無法做到這一點。我喜歡我們的客戶群。我們擁有出色的客戶群和一些在其行業中表現出色的長期客戶，但我們無法談論他們。要嘛這對他們太敏感，就像我很想自己談論這件事一樣，我們就是做不到。

But we're excited. I mean clearly, medical in total is growing really nicely for us, across the range of big-named health care companies and an end markets end users like surgeons. Same with dental, it's an exciting business and a dynamic business, and it's broader than you might think, and it's going very, very well. But I just, David, can't really comment on individual customers, I'm sorry.

但我們很興奮。我的意思顯然是，醫療總體對我們來說成長得非常好，包括知名醫療保健公司和外科醫生等終端市場的最終用戶。就像牙科一樣，這是一個令人興奮的行業，一個充滿活力的行業，它比你想像的更廣泛，而且進展得非常非常好。但我只是，大衛，不能對個別客戶做出真正的評論，我很抱歉。

Our next question today is coming from Paul Coster from JPMorgan.

今天我們的下一個問題來自摩根大通的保羅·科斯特。

This is Paul Chung on for Coster. So I see that you're splitting out Healthcare and industrial by operating profit in the 10-Q. Will you be kind of providing the historical data? And how should we think about the margin performance between the segments moving forward? There's quite a discrepancy today.

我是科斯特的保羅·鐘。因此，我看到您在 10 季度按營業利潤劃分了醫療保健和工業。能提供一下歷史數據嗎？我們該如何考慮未來各細分市場之間的利潤率表現？今天確實有很大的反差。

Yes. Paul, unfortunately, we won't be providing historical data so to provide that operating segment data. We, as you know, made a substantial restructuring of our business last year into these 2 verticals, health care and industrial. That required a pretty substantial rewiring of our financial systems to be able to now report by segment down from just -- not just revenue but down to operating profit, Healthcare and Industrial. We did that on a prospective basis, not a previous year basis. So we don't have the ability other than kind of Excel spreadsheets to report historical results. Going into 2022, we'll have 2021 results. So you'll be able to see year-over-year impact. So that's our plan going forward.

是的。保羅，不幸的是，我們不會提供歷史數據，因此無法提供營運部門數據。如您所知，我們去年對業務進行了重大重組，分為醫療保健和工業這兩個垂直領域。這需要對我們的財務系統進行相當大的重組，以便現在能夠按部門進行報告，不僅是收入，還包括營業利潤、醫療保健和工業。我們是在未來的基礎上這樣做的，而不是在前一年的基礎上。因此，除了 Excel 電子表格之外，我們沒有其他能力來報告歷史結果。進入 2022 年，我們將得到 2021 年的結果。因此，您將能夠看到逐年的影響。這就是我們未來的計劃。

And how does that margin performance evolve kind of through the year and into '22 and getting to your goals, longer-term goals?

利潤率表現如何在這一年中發展並進入 22 世紀並實現您的目標，即長期目標？

Yes. I would expect that if you look at our business in totality, I think as we look at EBITDA margins for the year, right, I would expect just looking at kind of where consensus revenue guidance is right now, right, if I take consensus revenue guidance for the balance of the year, I apply the midpoint of our gross margin guidance range, 40% to 44%. And I'd say OpEx will be about where we were in Q1, maybe marginally up from the investments that we're making. I think that gets us to low single -- low double-digit adjusted EBITDA margins. And I think that will be roughly split between Healthcare and Industrial, the way you saw in Q1.

是的。我預計，如果你從整體上看我們的業務，我認為當我們考慮今年的 EBITDA 利潤率時，對吧，我希望只關注目前的共識收入指導，對吧，如果我採用共識收入對於今年剩餘時間的指導，我採用了毛利率指導範圍的中點，即40% 至44%。我想說，營運支出將與我們第一季的水平相當，可能會略高於我們正在進行的投資。我認為這使我們的調整後 EBITDA 利潤率達到低兩位數。我認為這將大致分為醫療保健和工業，就像您在第一季看到的那樣。

Paul, I would just add in terms of our long-term financial model for the company, I mean we certainly see Healthcare -- Healthcare has got a great future to it. It's -- and it lends itself to kind of what's called mass customization through additive quite effectively, both on the implant side and on the dental side, really, really well. And it generally is growing faster and carries a higher margin.

保羅，我只想補充一下我們公司的長期財務模式，我的意思是我們當然看到醫療保健——醫療保健有一個美好的未來。它非常有效地透過添加劑實現所謂的大規模定制，無論是在植體方面還是在牙科方面，都非常非常好。一般來說，它的成長速度更快，利潤率更高。

So in terms of supporting our long-term financial objectives, you can see the mix between the businesses that we would expect that trend to continue. And that kind of supports our -- when you extend out, that kind of supports our longer-range targets, and we'll be talking more about that at our Investor Day in September.

因此，在支持我們的長期財務目標方面，您可以看到我們預計這種趨勢將繼續下去的業務組合。這會支持我們的——當你延長期限時，這會支持我們的長期目標，我們將在 9 月的投資者日上更多地討論這一點。

Our next question is coming from Brian Drab from William Blair.

我們的下一個問題來自威廉布萊爾的布萊恩德拉布。

And I'm sorry, I'm listening in to 2 calls simultaneously. So I'm sorry if you addressed this. But are you hearing anything from your largest customer in terms of their planned capacity expansions and the requirements of 3D Systems in 2021?

抱歉，我正在同時監聽 2 通電話。如果您解決了這個問題，我很抱歉。但是，您是否從您最大的客戶那裡聽到了關於 2021 年計劃產能擴張和 3D Systems 要求的任何消息？

Yes, Brian. Again, we don't want to talk about individual customers. They really don't allow us to. They don't want us to. But I would tell you we're very intimate with a number of our large customers, and we -- I think we understand their growth plans themselves and what they would like us to be doing and investing for, and we're excited about that. So across the board, I think all the guys we support are growing nicely, and have exciting plans. And I expect us, if we execute our business well, to be a key part of it.

是的，布萊恩。再次強調，我們不想談論個人客戶。他們確實不允許我們這樣做。他們不希望我們這樣做。但我想告訴你，我們與許多大客戶非常親密，我認為我們了解他們本身的成長計劃以及他們希望我們做什麼和投資的目的，我們對此感到興奮。所以總的來說，我認為我們支持的所有球員都成長得很好，並且都有令人興奮的計劃。我希望，如果我們能夠很好地執行我們的業務，我們將成為其中的關鍵部分。

Your next question today is coming from Wamsi Mohan from Bank of America Securities.

今天你們的下一個問題來自美國銀行證券公司的瓦姆西·莫漢 (Wamsi Mohan)。

Jeff, you mentioned that you were excited about the reopening of the economy and the impact to your business. How should we think about seasonality from here as we go through the course of the year? I know, Jagtar, you addressed sort of the OpEx side of it. But just from a revenue perspective, given the reopening and easy comps, especially next quarter, any color around how we should think about the revenue trajectory?

傑夫，您提到您對經濟的重新開放及其對您業務的影響感到興奮。當我們經歷一年的過程時，我們該如何思考季節性？我知道，Jagtar，您談到了營運支出方面的問題。但僅從收入角度來看，考慮到重新開放和簡單的比較，尤其是下個季度，我們應該如何看待收入軌跡？

And just a quick clarification. On the reclass of the segments, historically, you just gave us Q1 of '20 numbers on a restated basis. So why are you not able to give us the other quarters for 2020?

快速澄清一下。關於細分市場的重新分類，從歷史上看，您只是在重述的基礎上向我們提供了 20 年第一季的數據。那麼，為什麼你們不能向我們提供 2020 年的其他季度資訊呢？

Paul, let me take the reopening question there, Wamsi, and I'll let Jagtar answer the second question you had. In terms of revenue expectations, it is the big question. And the struggle -- we have 2 struggles. Number one, the world is much different in different locations in terms of rate of opening. The U.S. is good systematic opening. We see -- it's kind of becoming predictable now. So you see customers behaving that way and ramping up their current capacity, planning for new investments, all of that. And then you've got Europe and, on the extreme side, India, where Europe is really not opening quickly to put it that way, and then India is kind of headed the other way, you see in these tragic headlines out of India. So -- and we do some business in India. So you have to net it all out to look at revenue performance.

保羅，讓我來回答一下重新開放的問題，Wamsi，我會讓 Jagtar 回答你的第二個問題。就收入預期而言，這是一個大問題。還有鬥爭——我們有兩場鬥爭。第一，世界各地的開放率有很大不同。美國的系統性開放很好。我們看到——現在這已經變得可以預測了。所以你會看到客戶以這種方式行事，並提高他們當前的產能，規劃新的投資，所有這些。然後是歐洲，在極端的一面是印度，歐洲確實沒有迅速開放，可以這麼說，然後印度則走向了相反的方向，你可以在印度的這些悲慘頭條新聞中看到。所以——我們在印度做一些生意。因此，您必須將其全部扣除以查看收入表現。

So I want to be very careful in Q2. Again, I'm really pleased with the demand profile we see out there, and it's more of a pacing item, how fast can we -- how fast are customers comfortable placing purchase orders and ramping up their capacity. In the U.S., I'd tell you, very confident. Things look really good. Europe is much more of a flip of the coin, and then places like India are still going backwards. So it's tough. It's -- and I think that should clear up nicely in the second half of the year, but predicting Q2 is a little hard, which is why we're not giving guidance out there.

所以我想在第二季非常小心。再說一次，我對我們看到的需求狀況感到非常滿意，這更多的是一個節奏項目，我們能多快——客戶能以多快的速度下達採購訂單並提高產能。我告訴你，在美國，我非常有信心。事情看起來真的很好。歐洲更像是一枚硬幣的翻轉，而像印度這樣的地方仍在倒退。所以這很難。我認為這應該會在今年下半年得到很好的解決，但預測第二季度有點困難，這就是為什麼我們不提供指導的原因。

And on top of it, you have logistics and these short-term -- I think, short-term supply constraints, and we're managing our way through that fine. But it's a week-to-week, month-to-month foot race to make sure we have all the components we needed to build product and ship it. It's going well, but we just have to -- it just remains a risk factor for us going forward.

最重要的是，還有物流和這些短期——我認為是短期供應限制，我們正在設法解決這個問題。但這是一場每週、每月的競賽，以確保我們擁有建立產品和交付產品所需的所有組件。進展順利，但我們必須這樣做——這仍然是我們前進的一個風險因素。

So the hardest thing, frankly, to predict right now is the short term. In the long term and Jagtar went through our cost structure, that's pretty easy to predict. But The longer term -- short-term outlook on revenue is a little bit trickier. It's more full of noise. Jagtar, do you want to take the second half of Wamsi?

因此，坦白說，目前最難預測的是短期情況。從長遠來看，捷達通過了我們的成本結構，這是很容易預測的。但從長遠來看，短期收入前景有點棘手。更充滿了噪音。 Jagtar，你想拿下Wamsi的下半場嗎？

Yes. I'll address the question I think Wamsi had was on our segment revenue reporting. So we did disclose, obviously, as you know, Q1 Healthcare versus Industrial. We do have the ability to do that for other quarters. What I was addressing in that prior question was operating profit. But revenue, we certainly have, and we can make that available post this earnings call.

是的。我將解決我認為 Wamsi 提出的有關我們部門收入報告的問題。因此，正如您所知，我們顯然確實揭露了第一季的醫療保健與工業。我們確實有能力為其他地區做到這一點。我在上一個問題中討論的是營業利潤。但我們當然有收入，而且我們可以在本次財報電話會議後提供這些收入。

Next question today is coming from Ananda Baruah from Loop Capital Markets.

今天的下一個問題來自 Loop Capital Markets 的 Ananda Baruah。

Congrats on solid execution. Just real quick, what -- how should we think about opportunity for the divestitures going forward and then cash use now that it's starting to collect?

祝賀紮實的執行力。很快，我們應該如何考慮未來剝離的機會，以及現在開始收集的現金使用情況？

No, great questions. It's clearly, we started down this path on divestitures. Having defined the purpose of the company, we looked at what's outside our envelope. And we did -- we felt great. We did a couple of them very late last year, right as we rounded the curve into 2021. That work is still ongoing. We're still considering what is -- what do we want to hang on to, what do we want to divest, what fits within that core package. I don't really want to talk more about it because it's, obviously, a very sensitive topic. But yes, we're not finished, and we continue to work on that. You'll hear more about it in the coming months and quarters.

不，很好的問題。很明顯，我們開始走這條剝離之路。明確了公司的宗旨後，我們檢視了公司範圍之外的內容。我們做到了——我們感覺很棒。去年年底，就在我們即將進入 2021 年的時候，我們做了其中的幾項工作。這項工作仍在進行中。我們仍在考慮什麼是——我們想要保留什麼，我們想要剝離什麼，什麼適合該核心包。我真的不想多談論它，因為顯然這是一個非常敏感的話題。但是，是的，我們還沒有完成，我們將繼續努力。在接下來的幾個月和幾個季度中，您將聽到更多相關資訊。

In terms of what we're going to do with the cash, I feel great. We've got nice cash on the balance sheet. We're generating good operating cash flow. We've got no debt. I feel really good about our investment opportunities now, and they should continue to expand.

就我們將如何使用現金而言，我感覺很好。我們的資產負債表上有大量現金。我們正在產生良好的營運現金流。我們沒有債務。我現在對我們的投資機會感覺非常好，而且應該繼續擴大。

In terms of priorities, clearly, we're now on the hunt for smart investments across our business. So it could be technology investments like we did last quarter that make printing more efficient or move us into a new market with regenerative medicine. That was an example. I would love to do more in health care. I would love to do more -- some more in our core technologies, although I have to tell you, we're in really good shape organically on that as well.

顯然，就優先事項而言，我們現在正在整個業務中尋找明智的投資。因此，像我們上個季度所做的那樣，技術投資可能會提高列印效率，或使我們進入再生醫學的新市場。這是一個例子。我很想在醫療保健方面做更多的事情。我很樂意在我們的核心技術方面做更多的事情，儘管我必須告訴你，我們在這方面的有機狀態也非常好。

So I love the Additive Works addition from a software standpoint. It was incremental to what we had the capability to do internally, which was great. Those are the kind of opportunities we look at. They are -- they're smallish niche-y kind of technology opportunities that really don't shift the needle in a given year materially but they make a huge difference in the long term. So they open up new markets, they bring new technologies. So we'll continue to look for those and fairly aggressively. I would tell you, there's no lack of opportunity. You just have to look at getting a good return on the investment for our shareholders.

因此，從軟體的角度來看，我喜歡 Additive Works 的附加功能。這是我們內部能力的增量，這很棒。這些就是我們所關注的機會。它們是——它們是小型的、利基的技術機會，實際上不會在某一年發生實質性的改變，但從長遠來看，它們會產生巨大的變化。所以他們開拓新市場，帶來新技術。因此，我們將繼續相當積極地尋找這些內容。我告訴你，不缺機會。您只需考慮為我們的股東獲得良好的投資回報。

Yes, I'll just add a little more color on top of the potential use of cash and M&A that Jeff mentioned in technology investments. I would also say you'll see increased use for CapEx. I think our CapEx has been light for the last year now. We'll be increasing CapEx as we make investments in our business. We talked about the expansion in Denver. That and other areas of investment will get CapEx up closer to the 4% to 5% of revenue that we talked about in the last earnings call. We'll still have some cash for restructuring activities as we continue to restructure our business and reduce costs.

是的，我將在傑夫在技術投資中提到的現金和併購的潛在用途之上添加更多色彩。我還想說，您會看到資本支出的使用增加。我認為去年我們的資本支出很輕。當我們對業務進行投資時，我們將增加資本支出。我們討論了丹佛的擴張。該領域和其他領域的投資將使資本支出接近我們在上次財報電話會議中談到的收入的 4% 至 5%。隨著我們繼續重組業務並降低成本，我們仍將有一些現金用於重組活動。

And then finally, I'd also say we'll probably have some inventory builds going into Q2 and maybe later this year. right? We are seeing increasing demand. We talked about supply chain concerns and wanted to make sure that we had sort of adequate product or components to meet in demand. So we will probably be investing in inventory for the balance of the year.

最後，我還想說，我們可能會在第二季甚至今年稍後建立一些庫存。正確的？我們看到需求不斷增加。我們討論了供應鏈問題，並希望確保我們有足夠的產品或組件來滿足需求。因此，我們可能會在今年剩餘的時間裡對庫存進行投資。

(Operator Instructions) Our next question is coming from Troy Jensen from Lake Street Capital.

（操作員說明）我們的下一個問題來自 Lake Street Capital 的 Troy Jensen。

Gentlemen, congrats on the nice results.

先生們，恭喜取得的好成績。

Thanks, Troy.

謝謝，特洛伊。

Jeff, just quick for you. I guess one new trend we've seen is a high-temperature DLP. I think of Stratasys -- excuse me, 3D Systems when it comes to SLA and DLP technologies, could you just remind us, update us on what your strategy is to do more in high-temp DLP? Or maybe you have and I'm just not aware of it.

傑夫，快點給你。我想我們看到的一個新趨勢是高溫 DLP。當談到 SLA 和 DLP 技術時，我想到了 Stratasys - 對不起，3D Systems，您能否提醒我們，告訴我們您在高溫 DLP 方面採取更多措施的最新戰略？或者也許你已經知道了，但我只是沒有意識到。

Well, we're -- number one, Troy, we've really increased our investment internally on new materials for both SLA and DLP. It's -- we were playing a bit of catch-up there, and we've got some really exciting materials coming out this year, actually quite a lot. So in terms of developing new materials for our current platforms and our next-generation platform, which we haven't talked about yet, but that will be coming soon, we want to make sure the materials pipeline is really strong. It's really hard to start getting the payback on those platforms. As you know, from your experience, it's really hard to get to payback on the platforms until you have good materials flow through. Plus customer adoption has helped tremendously by having a good portfolio of materials. So we're trying to get out in front of the materials question on those, and we then have some next-generation platforms coming along that we'll talk more about in the fall.

嗯，第一，特洛伊，我們確實增加了對 SLA 和 DLP 新材料的內部投資。我們在那裡做了一些追趕，今年我們推出了一些非常令人興奮的材料，實際上數量很多。因此，在為我們目前的平台和下一代平台開發新材料方面，我們還沒有討論過，但很快就會到來，我們希望確保材料管道確實強大。在這些平台上開始獲得回報確實很難。如您所知，根據您的經驗，除非您有良好的材料流通，否則很難在平台上獲得回報。此外，良好的材料組合也為客戶的採用帶來了巨大幫助。因此，我們正在努力解決這些問題的材料問題，然後我們將推出一些下一代平台，我們將在秋季更多地討論這些平台。

If I can piggyback a follow-up just on that trend of materials. How about composites displacing metals? Are you doing a lot more? Can we expect to see more of that composite materials from you?

如果我能跟進材料趨勢的話。複合材料取代金屬怎麼樣？你還做很多事嗎？我們可以期待從你們那裡看到更多這種複合材料嗎？

Yes. I think -- Troy, I think composites have a really nice role to play. And we're looking at it from a number of angles, both the material systems themselves and, obviously, the combination of matrix and fiber and what you do there as well as the printing technology, just the printing hardware, how do you print -- how do you best print composite structures. I mean there's a lot of exciting work going on, and so we can progress some of it internally. Some of it, we're looking at through partnerships and acquisitions. But I think there's -- you put your finger on it. There's a really nice evolving niche between classical polymer technology and metals technology for lightweight, strong, stiff materials of composites. So it will be a factor, and we're excited about it.

是的。我認為——特洛伊，我認為複合材料可以發揮非常好的作用。我們從多個角度來看待它，包括材料系統本身，顯然還有基質和纖維的組合以及你在那裡所做的事情以及打印技術，只是打印硬件，你如何打印 - - 如何最好地打印複合結構。我的意思是，有很多令人興奮的工作正在進行，因此我們可以在內部取得一些進展。其中一些，我們正在透過合作夥伴關係和收購來尋求。但我認為有——你把手指放在上面。對於輕質、堅固、堅硬的複合材料，經典聚合物技術和金屬技術之間存在著一個非常好的不斷發展的利基市場。所以這將是一個因素，我們對此感到興奮。

We've reached end of our question-and-answer session. I'd like to turn the floor back over to John Nypaver for any further closing comments. .

我們的問答環節已經結束。我想將發言權交還給約翰·尼帕弗（John Nypaver），以徵求更多的結束語。 。

Thank you for joining us today and for your continued support of 3D Systems. A replay of this webcast will be available after the call on the Investor Relations section of our website. Have a good day.

感謝您今天加入我們並感謝您對 3D Systems 的持續支持。電話會議結束後，我們網站的投資者關係部分將提供該網路廣播的重播。祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。