3D Systems Corp (DDD) 2023 Q4 法說會逐字稿

Hello.

你好。

And welcome to the 3D Systems' Fourth Quarter and Full Year 2024 earnings call and webcast.

歡迎參加 3D Systems 的 2024 年第四季和全年財報電話會議和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Mick Koski, Vice President, Investor Relations.

現在我很高興將電話轉給投資者關係副總裁 Mick Koski。

Please go ahead, Mick.

請繼續，米克。

Good morning, and welcome to 3D Systems' conference call to discuss the preliminary results of the fourth quarter and full year 2023 financial results presented on today's call and included in our earnings release are unaudited.

早安，歡迎參加 3D Systems 的電話會議，討論今天電話會議上公佈的第四季度初步業績和 2023 年全年財務業績，這些業績包含在我們的收益發布中，未經審計。

The Company is in the process of completing its quarterly and year-end close process.

該公司正在完成季度和年終結帳流程。

Accordingly, actual results may differ from the anticipated results discussed today and shown in our earnings release, we're delaying the filing of our annual report on Form 10-K for the fiscal year ended December 31st, 2023, and we'll file a Form 12B-25 notification of late filing with the SEC to extend the deadline to file the Form 10-K.

因此，實際結果可能與今天討論的和我們的收益發布中顯示的預期結果有所不同，我們將推遲提交截至2023 年12 月31 日的財政年度的10-K 表格年度報告，並且我們將提交一份向 SEC 提交逾期提交的 12B-25 表格通知，以延長提交 10-K 表格的截止日期。

Our final audited financial results will be included in the Form 10-K on file.

我們最終經審計的財務結果將包含在存檔的 10-K 表格中。

With me on today's call are Dr. Jeffrey Graves, President and Chief Executive Officer; Jeff Creech, Executive Vice President and Chief Financial Officer; and Andrew Johnson, Executive Vice President, Chief Legal Officer, and Chief Corporate Development Officer.

與我一起參加今天電話會議的有總裁兼執行長 Jeffrey Graves 博士； Jeff Creech，執行副總裁兼財務長；執行副總裁、首席法務官兼首席企業發展官安德魯·約翰遜 (Andrew Johnson)。

The webcast portion of this call contains a slide presentation that we will refer to during the call.

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幻燈片簡報。

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.

那些透過電話關注並希望訪問本簡報幻燈片部分的人可以在我們網站的投資者關係部分進行操作。

Following discussion and responses to your questions reflect management's view as of today only and will include forward-looking statements as described on this slide.

以下討論和對您的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。

Actual results may differ materially and additional information about factors that could potentially impact our financial results is included in our latest 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.

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​​訊包含在我們最新的新聞稿和向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.

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。

In our press release and slides accompanying this request webcast, you will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures and Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022.

在我們的新聞稿和伴隨此請求網絡廣播的幻燈片中，您將找到有關這些非GAAP 衡量標準的其他披露，包括與可比GAAP 衡量標準的對賬，最後，除非另有說明，本次電話會議中的所有比較都將與我們同期的結果進行比較2022 年。

So with that, I'll turn the call over to our CEO, Jeff Graves, for opening remarks.

因此，我將把電話轉給我們的執行長 Jeff Graves，讓他致開幕詞。

Thanks, Mick, and good morning, everyone.

謝謝，米克，大家早安。

I'll begin this morning with a brief reflection on 2023 performance.

今天早上我將首先簡要回顧 2023 年的表現。

I'll then shift focus to 2024 and our path forward discussing not only our restructuring initiatives to take cost out of the business, but equally important, the areas that we are consciously choosing to continue to invest for future growth.

然後，我將把重點轉向 2024 年和我們的前進道路，不僅討論我們旨在降低業務成本的重組舉措，而且同樣重要的是，我們有意識地選擇繼續投資以實現未來增長的領域。

Finally, I'll wrap things up with some comments on our 2024 outlook before handing things off to our new CFO, Jeff Creek, for a deeper dive into the financials.

最後，我將以對 2024 年前景的一些評論作為總結，然後將事情交給我們的新財務長傑夫·克里克 (Jeff Creek)，以更深入地了解財務狀況。

As you may recall, Jeff joined the Company in mid-December.

您可能還記得，Jeff 於 12 月中旬加入公司。

He brings over 25 years of experience in finance, leadership and business transformation and has already hit the ground running as he led us through the year and close.

他在財務、領導力和業務轉型方面擁有超過 25 年的經驗，並在帶領我們度過這一年和結束時已經開始起步。

Welcome aboard, Jeff, it's great to have you with us before I begin discussing our recent results and forecast for the year I think it's an important time to reflect on the state of the industry and where 3D Systems is positioned within it.

歡迎加入，Jeff，很高興在我開始討論我們最近的業績和今年的預測之前與我們在一起，我認為現在是反思行業狀況以及 3D Systems 在其中所處位置的重要時刻。

I'm now on Slide 5.

我現在在幻燈片 5 上。

3D printing has been around since our founder, Chuck Hull invented the technology in the early 80s.

自從我們的創始人 Chuck Hull 在 80 年代初發明該技術以來，3D 列印就已經存在。

They very quickly prove useful as a prototyping technology, a role.

它們很快就被證明是有用的原型技術和角色。

It continues to play today.

今天繼續播放。

However, the real value of additive manufacturing is it's now more commonly called is when it began to be used to manufacture real components, not just prototype parts.

然而，積層製造的真正價值在於它現在更常被稱為是當它開始用於製造真實部件而不僅僅是原型零件時。

This evolution took over 20 years and it required advancements in the printing, hardware and software for process control, and most importantly, advancements in materials that could be printed.

這一演變歷時 20 多年，需要印刷、製程控制硬體和軟體方面的進步，最重要的是，可印刷材料的進步。

Fast-forward to today, we have the technology to manufacture an incredible range of products from orthopedic and dental implants for human beings to key components for aerospace, automotive and many other industrial markets.

快進到今天，我們擁有製造一系列令人難以置信的產品的技術，從人類的骨科和牙科植入物到航空航天、汽車和許多其他工業市場的關鍵部件。

This evolution has today provided companies with four key advantages that are not available through traditional manufacturing processes.

如今，這種演變為公司提供了傳統製造流程無法提供的四個關鍵優勢。

The first is design flexibility, which means very simply the engineers can create much more complex shapes that can't be manufactured even with the most advanced machining or casting technologies.

首先是設計靈活性，這意味著工程師可以非常簡單地創建即使使用最先進的加工或鑄造技術也無法製造的更複雜的形狀。

Importantly, these parts are made through additive techniques that are often less expensive and less wasteful than traditional methods, bringing costs down and reducing environmental impacts from manufacturing.

重要的是，這些零件是透過積層技術製造的，通常比傳統方法更便宜、更少浪費，從而降低了成本並減少了製造對環境的影響。

The second key benefit, one that's bringing many large companies industrial companies into the market more recently is what we call mass customization.

第二個關鍵好處是我們所謂的大規模定制，它最近將許多大公司、工業公司帶入市場。

This means producing large quantities of parts with each being slightly different from the prior one.

這意味著要生產大量零件，每個零件都與前一個零件略有不同。

This benefit has been and has been enabled by the improving economics of 3D printing enabled by increased printer size, speed and reliability we clearly see this in our health care business where orthopedic implants and dental products can be customized for each person's need.

這種好處已經是透過增加印表機尺寸、速度和可靠性來提高3D 列印的經濟性而實現的，我們在醫療保健業務中清楚地看到了這一點，在該業務中，骨科植入物和牙科產品可以根據每個人的需求進行客製化。

And in fact, in the orthodontic area, our technology enables the manufacture of over 1 million customized clear aligners per day.

事實上，在矯正領域，我們的技術每天可以製造超過 100 萬個客製化透明矯正器。

And soon other product such as custom printed dentures will follow at a similar scale.

很快，客製化印刷假牙等其他產品也將以類似的規模推出。

On the industrial side, the same type of applications are now in focus spanning both polymer and metal technologies.

在工業方面，相同類型的應用現在成為聚合物和金屬技術的焦點。

The third benefit is low volume, high complexity parts.

第三個好處是零件體積小、複雜度高。

Once again, printing speed, combined with new materials that are designed to meet specific application needs are key to success electronic components and those used in semiconductor equipment manufacturing are, but two of many examples.

再次強調，印刷速度與專為滿足特定應用需求而設計的新材料相結合是電子元件成功的關鍵，而用於半導體設備製造的元件只是眾多例子中的兩個。

And finally, greatly enhanced supply chain flexibility enabling production where you need it when you need, it is important, more important than ever for the you're printing replacement parts for an oil refinery out in the desert or on a ship at sea or you're reducing risk by moving production closer to the point of assembly and operations.

最後，大大增強的供應鏈靈活性，使您能夠在需要時在需要的地方進行生產，這一點比以往任何時候都更重要，因為您正在為沙漠中的煉油廠或海上的船上列印替換零件。透過將生產移至更靠近組裝和營運點的位置來降低風險。

Many new customers in the post-COVID period are evaluating the capabilities and economics of additive manufacturing and are embracing this new technology.

後疫情時期的許多新客戶正在評估積層製造的能力和經濟性，並正在接受這項新技術。

So what does all this translate to full?

那麼這一切意味著什麼呢？

While recent macro factors have slowed the investment for the entire industry in the short term, these fundamentals support an expectation of compounded annual growth averaging over 20%, which translates to an $80 billion market opportunity over the next five to seven years.

雖然近期宏觀因素短期內減緩了整個產業的投資，但這些基本面支撐了平均年複合成長率超過20%的預期，這意味著未來五到七年將有800億美元的市場機會。

So with all that as backdrop, I was asked recently by one of our directors is 3D printing, a growth industry.

因此，在所有這些背景下，我們的一位董事最近問我 3D 列印是一個成長型產業。

But given the expectation of market growth and appropriate question asked my view why don't you as investors see it in the numbers?

但考慮到市場成長的預期和適當的問題，我的觀點是，作為投資者，為什麼不從數字中看到這一點？

So there are two simple reasons.

所以有兩個簡單的原因。

One is that recent economic conditions have impacted CapEx spending by our customers in the short term, this is expected to correct itself as interest rates ultimately decline in consumer demand becomes more predictable.

一是近期的經濟狀況在短期內影響了我們客戶的資本支出，隨著利率最終下降以及消費者需求變得更加可預測，這種情況預計會自行修正。

The second is the new market entrants have emerged, particularly from China in the hardware element of the business.

第二是新的市場進入者已經出現，特別是來自中國的硬體業務。

This has created a very fragmented industry, but one that increasingly seeks to consolidate, creating the scale and breadth of technology needed to service our global customer base in their factories around the world.

這創造了一個非常分散的行業，但這個行業越來越尋求整合，創造為我們在世界各地工廠的全球客戶群提供服務所需的技術規模和廣度。

So all of this work is 3D system stand today and why should an investor be interested in our count our company, specifically in other words fundamentally in a growth industry, there are three reasons to invest in 3D Systems.

因此，今天所有這些工作都是 3D 系統，為什麼投資者會對我們公司感興趣，特別是換句話說，從根本上來說，在一個成長型產業中，投資 3D Systems 有三個原因。

First, we have the scale needed to support our global customers from a sales and service standpoint, while driving the internal efficiencies needed to sustain the R&D spend to meet our customers' application needs and almost $500 million of revenue in 2023 for one of the largest companies in the industry with strong gross margins that continue to improve even in this difficult economic climate.

首先，我們擁有從銷售和服務角度支援全球客戶所需的規模，同時提高維持研發支出所需的內部效率，以滿足客戶的應用需求，並在2023 年為最大的公司之一實現近5 億美元的收入。即使在當前困難的經濟環境下，該行業毛利率依然強勁的公司仍持續改善。

Our R&D investments support the broadest range of additive technologies in the entire industry, bringing together metal and polymer hardware platforms and an exceptional materials portfolio with intelligent cloud-based software to deliver targeted application solutions to key customers around the world.

我們的研發投資支持整個行業最廣泛的增材技術，將金屬和聚合物硬體平台以及卓越的材料組合與基於雲端的智慧軟體結合在一起，為世界各地的主要客戶提供有針對性的應用解決方案。

We have a sales and service and storage infrastructure to support our customers' manufacturing plants wherever in the world they choose.

我們擁有銷售、服務和儲存基礎設施，可以為客戶選擇在世界任何地方的製造工廠提供支援。

And we have experienced to show that it works.

我們的經驗表明它是有效的。

In one case, we have over 600 printers installed in plants in Central America, Eastern Europe and Asia, all printing in harmony to deliver custom products every day of the year.

在一個案例中，我們在中美洲、東歐和亞洲的工廠安裝了 600 多台印表機，所有印表機都協調一致地列印，以便全年每天交付客製化產品。

Last year, the single customer delivered hundreds of millions of bespoke products successfully to customers on virtually every continent.

去年，單一客戶成功向幾乎每個大陸的客戶交付了數億件客製化產品。

And now we're expanding our technology base into regenerative medicine and emerging market, of which the ability to print vascularized human tissue will change health care forever.

現在，我們正在將我們的技術基礎擴展到再生醫學和新興市場，其中列印血管化人體組織的能力將永遠改變醫療保健。

No one in the world is better positioned than we are to bring these solutions to the market, creating value for all of our stakeholders.

世界上沒有人比我們更有能力將這些解決方案推向市場，為所有利害關係人創造價值。

In the short term, we have the flexibility to adapt to economic volatility by taking out costs and to do so without stifling future growth investments needed to serve that $80 billion addressable market in the years ahead, endorsed by a strong balance sheet with a healthy cash reserve, providing headroom to execute on a strategy that delivers substantial value creation for the Horizon ahead.

短期內，我們可以靈活地透過削減成本來適應經濟波動，並且不會抑制未來幾年服務於 800 億美元目標市場所需的未來成長投資，並得到強勁的資產負債表和健康現金的支持。儲備，為執行為未來創造巨大價值的策略提供空間。

So with that backdrop in mind, let's turn to slide 6 without question 2023 proved to be a challenging year and it all centered on revenue, which remained under significant pressure all year long, far and away.

因此，考慮到這一背景，讓我們轉向幻燈片 6，毫無疑問，2023 年被證明是充滿挑戰的一年，而這一切都集中在收入上，而收入全年都承受著巨大的壓力。

The most significant impact on our year-over-year revenue decline was attributed to our dental orthodontics business.

對我們收入年減的最重大影響歸因於我們的牙科矯正業務。

This was a headwind that we had begun to experience in 2022.

這是我們在 2022 年開始經歷的逆風。

And inflation first took its toll on consumer discretionary spending pressure bill significantly in 2023 as demand in the orthodontic space tumbled in inventory spikes.

2023 年，隨著庫存激增，矯正領域的需求下降，通貨膨脹首次對消費者可自由支配支出壓力產生了顯著影響。

In the end, our full year dental orthodontics business declined 39%, making matters worse from a demand perspective last year with a broad-based macroeconomic and geopolitical uncertainties created in part by the rapid rise in interest rates used in an effort to dampen inflation.

最終，我們的全年牙科矯正業務下降了39%，從去年的需求角度來看，情況變得更糟，因為為抑制通貨膨脹而採取的利率快速上升造成了廣泛的宏觀經濟和地緣政治不確定性。

Clearly, this was necessary.

顯然，這是必要的。

This rise in rates caused many of our customers to slow their capital spending as they waited to see what the impact would be ultimately on consumer demand.

利率的上升導致我們的許多客戶放慢了資本支出，因為他們等待看看這最終會對消費者需求產生什麼影響。

And we last spoke in November, our expectation was that this delay in capital deployment would moderate during the fourth quarter following the usual seasonality patterns for our company.

我們上次談話是在 11 月份，我們的預期是，按照我們公司通常的季節性模式，資本部署的延遲將在第四季度有所緩解。

Unfortunately, this did not happen.

不幸的是，這並沒有發生。

To be clear.

要明確的是。

This was a delay in placing orders with very few cancellations as our customers remain committed to additive manufacturing as incremental capacity as needed and new products are introduced.

這是下訂單的延遲，取消訂單的情況很少，因為我們的客戶仍然致力於增材製造，根據需要增加產能並推出新產品。

Given that these concerns continue in the new year, we're assuming this trend of slow roll and purchase orders continues in 2024.

鑑於這些擔憂在新的一年中仍然存在，我們假設這種緩慢滾動和採購訂單的趨勢將在 2024 年繼續下去。

This may prove to be conservative, but for now, I think it's prudent for this reason.

這可能被證明是保守的，但就目前而言，我認為出於這個原因這是謹慎的。

We continue to take cost actions needed to drive near-term profitability and cash performance even in a static sales environment.

即使在靜態的銷售環境下，我們也會繼續採取必要的成本行動來推動近期獲利能力和現金績效。

One thing to point out while navigating this challenging top-line environment, I was very proud of our team's ability to deliver improved gross margins in 2023, having driven through selective price actions to recover inflationary costs early in the year.

需要指出的是，在應對這一充滿挑戰的營收環境時，我對我們的團隊有能力在 2023 年提高毛利率感到非常自豪，他們在年初透過有選擇的價格行動來收回通膨成本。

As the quarters past, we continue to focus on our in-sourcing of manufacturing into our newly formed centers of production excellence and to begin optimization of our extended supply chain.

與過去的幾季一樣，我們繼續專注於將製造內包到新成立的卓越生產中心，並開始優化我們的延伸供應鏈。

This led to greater efficiencies from the business throughout 2023 as reflected in our rising gross margins, and we expect it to unlock even more benefits going forward.

這導致整個 2023 年業務效率提高，毛利率不斷上升，我們預計它將在未來釋放更多效益。

The last point I'd like to acknowledge that our EBITDA performance when we first entered the year, we had a much different outlook for revenue and felt that the levels around $560 million, we could deliver at least breakeven profitability in response to our more significant revenue challenges, we took extensive actions to remove operating costs from the business.

最後一點，我想承認，當我們剛進入今年時，我們的EBITDA 表現，我們對收入的前景有很大不同，並認為在5.6 億美元左右的水平，我們至少可以實現盈虧平衡的盈利能力，以應對我們更重要的目標收入挑戰，我們採取了廣泛的行動來消除業務的營運成本。

As a result, we're seeing a reduction in core expenses, and we expect this to continue to note, these impacts were overshadowed in the fourth quarter by incremental investment in our regenerative medicine initiative and some higher than normal expenses near year end, which Jeff will detail later on Setting this aside expectation for 2020 for reductions in OpEx and continued improvement in gross margin performance, both of which lead to improved EBITDA realization.

因此，我們看到核心費用減少，我們預計這將繼續注意到，這些影響在第四季度被我們再生醫學計劃的增量投資和接近年底的一些高於正常費用的影響所掩蓋，這Jeff 稍後將詳細介紹拋開2020 年營運支出減少和毛利率表現持續改善的預期，這兩者都會導致EBITDA 實現的改善。

Let's turn to Slide 7 to delve deeper into our restructuring initiatives.

讓我們轉向幻燈片 7 來更深入地探討我們的重組計劃。

Like many of our industry peers, pressure on revenue growth in 2023 prompted significant cost reductions as a response, while we've implemented cost actions of our own.

與我們的許多行業同行一樣，2023 年收入成長的壓力促使我們大幅削減成本作為應對措施，同時我們也實施了自己的成本行動。

I'd argue our philosophy and strategy for doing so is fundamentally different as a starting point.

我認為我們的理念和策略作為出發點是根本不同的。

You just heard me talk about our strong balance sheet with healthy cash reserves and an opportunity to drive considerable improvements in working capital through inventory reduction in the year ahead, we have an ability to be very methodical and deliberate in our restructuring efforts, balancing the need for improved operating efficiencies with support for critical R&D investments needed to deliver the growth we see ahead.

您剛剛聽到我談論我們強大的資產負債表和健康的現金儲備，以及通過未來一年減少庫存來推動營運資本大幅改善的機會，我們有能力在重組工作中非常有條理和深思熟慮，平衡需求通過支持實現我們未來成長所需的關鍵研發投資來提高營運效率。

In short, we're eliminating a substantial amount of costs to better reflect the current revenue environment, but we'll never do so at the expense of starving future growth initiatives that we deem to be critical to long-term value creation that said, more simplistically, we're responding to our environment in order to thrive, not just survive our or focuses not just on preserving this year ahead, but doing so in a fashion that still unlocks enormous potential for the years ahead.

簡而言之，我們正在消除大量成本，以更好地反映當前的收入環境，但我們絕不會以犧牲我們認為對長期價值創造至關重要的未來成長計劃為代價。更簡單地說，我們正在對我們的環境做出反應，以便繁榮發展，而不僅僅是生存，或者不僅僅關注保護未來的一年，而是以一種在未來幾年仍然釋放巨大潛力的方式這樣做。

So to summarize, at the midpoint of our revenue range, you'll see us pointing to a flattish performance as the economy finds its footing.

總而言之，在我們收入範圍的中點，隨著經濟站穩腳跟，您會看到我們的業績表現持平。

Our efficiency programs and cost actions should deliver continued improvements in gross margins while decreasing our overall OpEx costs.

我們的效率計劃和成本行動應該能夠持續提高毛利率，同時降低我們的整體營運成本。

We believe this combination will result in the positive EBITDA performance this year while maintaining our critical investments for growth.

我們相信，這種組合將在今年帶來積極的 EBITDA 業績，同時保持我們對成長的關鍵投資。

An enabler of this strategy is a keen focus on portfolio optimization, which will be an ongoing of effort for us.

這項策略的推動因素是對投資組合優化的熱切關注，這將是我們持續不斷的努力。

The result may include decreasing investments in certain areas that no longer provide an acceptable return on capital, which may result in disposal of non-core assets or establishment of partnerships in certain areas while increasing investments in more attractive parts of our extensive portfolio.

結果可能包括減少對某些不再提供可接受的資本回報的領域的投資，這可能導致處置非核心資產或在某些領域建立合作夥伴關係，同時增加對我們廣泛投資組合中更具吸引力的部分的投資。

I'd like to give you an idea of some of the areas we find particularly exciting at this juncture.

我想向您介紹目前我們認為特別令人興奮的一些領域。

On Slide 8, you'll see our offering of end-to-end solutions to address the orthopedic device market.

在投影片 8 上，您將看到我們為滿足骨科器械市場需求而提供的端到端解決方案。

We have manufactured millions of medical devices within our own facilities in a far greater magnitude produced by our customers leveraging our printers, materials and software in their own facilities in the $2 billion market for CMF or craniomaxillofacial bone structures were among the leaders when it comes to supporting the full ecosystem of surgical planning guides and implants.

我們已經在自己的​​設施內製造了數以百萬計的醫療設備，其規模要大得多，這些設備是由客戶在自己的設施中利用我們的印表機、材料和軟體生產的，在價值20 億美元的CMF 或顱頜面骨結構市場中處於領先地位。支持手術規劃指南和植入物的完整生態系統。

This market is growing for us as we now expand from oncology and other planned surgeries to increasingly support trauma patients using both metal and polymeric solutions.

隨著我們現在從腫瘤學和其他計劃的手術擴展到使用金屬和聚合物解決方案越來越多地支持創傷患者，這個市場對我們來說正在不斷增長。

In the 10 billion spinal market.

在百億脊椎市場。

We have the highest adoption rate of our DMP. 300 metal printing technology to produce spinal cages and surgeons are increasingly taking advantage of additive design capability to provide enhanced patient success.

我們的 DMP 採用率最高。 300 金屬列印技術用於生產脊柱籠，外科醫生越來越多地利用增材設計功能來提高患者的成功率。

Building on the learnings from our CMF and spinal capability, we're now making significant inroads into the fast growing foot and ankle market space, which is valued at almost $4 billion today by supporting commercialization of several total ankle applications.

基於我們從 CMF 和脊椎能力中學到的知識，我們現在正在快速增長的足部和腳踝市場領域取得重大進展，透過支持多個全腳踝應用的商業化，該市場如今價值近 40 億美元。

Having now expanded our metals technology from Titanium cobalt chrome, we have the added capability to support replacement and repair of moving joints that are exposed to higher levels of fatigue over time.

現在，我們從鈦鈷鉻合金技術擴展到了金屬技術，有了額外的能力來支持更換和修復隨著時間的推移而遭受更高程度疲勞的活動關節。

This is essential as we penetrate the foot and ankle market and then expand into the $20 billion hip and knee market, which will leverage our new triple laser metal printing system.

當我們滲透足部和腳踝市場，然後擴展到 200 億美元的臀部和膝蓋市場時，這一點至關重要，這將利用我們新的三重雷射金屬列印系統。

Even in the difficult revenue environment of 2023.

即使在 2023 年困難的收入環境中。

Personalized Healthcare was a positive outlier.

個性化醫療保健是一個積極的異常值。

If you flip to slide 9, delivering double digit growth year over year, and we expect this trend to continue while significant element of growth will be expanded indications that I've just reviewed for you.

如果你翻到投影片 9，將實現同比兩位數的成長，我們預計這種趨勢將持續下去，而成長的重要因素將擴大我剛剛為您回顧的跡象。

Another portion will be driven by geographic expansion beyond our core markets of North America, broadening our reach to more surgeons and patients across the globe.

另一部分將由北美核心市場以外的地理擴張推動，將我們的業務範圍擴大到全球更多的外科醫生和患者。

In the aggregate, we view the opportunities in personalized medicine space and our aggressive investments in this business to yield a tripling of revenue over the next five years.

總的來說，我們認為個人化醫療領域的機會以及我們對該業務的積極投資將在未來五年內將收入增加兩倍。

Second element of our healthcare businesses, dental, historically, our largest revenue stream in this business has been orthodontics where we pioneered the 3D printing technology for clear aligners over 20 years.

我們醫療保健業務的第二個要素是牙科，從歷史上看，我們在該業務中最大的收入來源是正畸，20 多年來，我們在該領域率先採用了透明矯正器的 3D 列印技術。

Ago.

前。

Now with the mass adoption of digital digital imaging advancements in advancements in materials and printing technology, we see continued opportunity to open new dental markets for additive manufacturing, a major market is for dentures, which until now have been manufactured through machining and hand assembly for this reason, much of the manufacturing base move to Asia to access lower labor costs and lead times extended accordingly, fiber.

現在，隨著材料和列印技術進步中數位成像技術的廣泛採用，我們看到了為增材製造開闢新牙科市場的持續機會，其中一個主要市場是假牙，到目前為止，假牙一直是透過機械加工和手工組裝來製造的。出於這個原因，許多製造基地轉移到亞洲，以獲得較低的勞動力成本和相應延長的交貨時間，纖維。

Just last week, we announced the introduction of the industry's first multi-material one-piece jet adventure solution by adopting additive manufacturing production cycle time.

就在上週，我們宣布透過採用積層製造生產週期時間推出業界首款多材料一體式噴射冒險解決方案。

And even more importantly, the labor content for venture fabrication is dramatically reduced.

更重要的是，風險製造的勞動力含量大大減少。

This allows the process to move closer to patients and deliver faster and lower costs than ever before with the addressable denser market expected to exceed $2 billion by 2028.

這使得該流程能夠更貼近患者，並比以往更快、更低成本地提供服務，預計到 2028 年，可尋址的密集市場將超過 20 億美元。

This presents a tremendous opportunity for our jet adventure solution.

這為我們的噴射冒險解決方案提供了巨大的機會。

This venture combines our next-gen jet adventure piece and base materials in one printing operation delivering not only beautiful aesthetics, but exceptional break resistance, a combination never before attained in a printed single-piece denture.

這個項目將我們的下一代噴射冒險部件和基礎材料結合在一次印刷操作中，不僅具有美麗的美觀性，而且具有出色的抗斷裂性，這是印刷單件義齒中從未達到的組合。

Combining our materials with the speed of our jetting printer technology drastically accelerates production rates to deliver these virtual visually beautiful and extremely durable products to patients in a much shorter timeframe.

將我們的材料與噴射印表機技術的速度相結合，可以大大加快生產速度，從而在更短的時間內向患者提供這些虛擬的視覺美觀且極其耐用的產品。

When we introduced this product last week at the annual Dental Show in Chicago glide well, a long-time 3D Systems customer and the world's largest producer of restorative dental devices commented specifically on it citing its superior durability and aesthetics as one of our key launch customers.

當我們上週在芝加哥舉行的年度牙科展上推出該產品時，效果非常好，3D Systems 的長期客戶和全球最大的修復牙科設備生產商特別評論了該產品，稱其卓越的耐用性和美觀性是我們主要的推出客戶之一。

We're proud to have wide wells endorsement and enthusiastic embrace of this new technology as we anticipate five 10 K clearance and yet from the FDA in the second half of this year.

我們很自豪能夠獲得廣泛的認可和對這項新技術的熱情接受，因為我們預計今年下半年將有 5 個 10 K 許可獲得 FDA 批准。

Turning now to Slide 11.

現在轉到投影片 11。

In offering the broadest range of technologies, we're concentrating heavily our innovation in metals, despite pressures in other industrial markets.

儘管其他工業市場面臨壓力，但在提供最廣泛的技術時，我們仍將創新重點集中在金屬領域。

During the year, we delivered solid growth from both semiconductor capital equipment and aerospace and defense markets.

這一年，我們在半導體資本設備以及航空航太和國防市場上實現了穩健成長。

We see additive continued to generate momentum in these industries and others such as shipbuilding going forward, on the right-hand side of 11, you'll see a sample of some of the many proven solutions for different materials and applications we offer in key industries.

我們看到積層製造繼續在這些行業和其他行業（例如造船業）中產生動力，在11 的右側，您將看到我們在關鍵行業中為不同材料和應用提供的許多經過驗證的解決方案的範例。

Our technology enables the consolidation of parts accelerating time to market for our customers, industrial, with improved performance facilitated by freedom of design.

我們的技術能夠整合零件，加快工業客戶的上市時間，並透過設計自由度提高效能。

It's an overall continuation of the important contributions we can make in mitigating supply chain disruptions.

這是我們在減輕供應鏈中斷方面可以做出的重要貢獻的整體延續。

But turning to slide slide 12.

但轉向投影片 12。

Since joining 3D Systems in December 2020, we've had an intense focus on new products.

自 2020 年 12 月加入 3D Systems 以來，我們一直非常關注新產品。

While fuel these have come to market through acquisition, mostly being developed through R&D investments for the typical three-year development cycle for a new platform, we're now beginning to see the fruits of our investments, which will continue to gain momentum over the next 18 months.

雖然這些燃料是透過收購進入市場的，大部分是透過新平台典型的三年開發週期的研發投資來開發的，但我們現在開始看到我們的投資成果，這些成果將在未來繼續獲得動力。未來18 個月。

During the fourth quarter alone, we delivered nine new products, five new materials, three printer upgrades and one key accessory.

僅在第四季度，我們就交付了九種新產品、五種新材料、三項印表機升級和一項關鍵配件。

More recently, we shipped our first MJP.

最近，我們交付了第一個 MJP。

300 W jetting system, the first of our new generation of jetting printer technology.

300 W 噴射系統，是我們新一代噴射印表機技術中的第一個。

We completed validation of testing on our SLS. 300 machine and are ramping production as we move towards the second quarter of this year.

我們完成了 SLS 測試驗證。 300 台機器，隨著我們進入今年第二季度，我們正在提高產量。

Additionally, we're on track to deliver on our commitments for our newest metal printer, the DMP. three 50 triple laser system as well as our revolutionary PSLA. to 70, which combines the benefits of SLA with a high-speed projection technology and leverages the materials developed for our Figure four printing system.

此外，我們預計將兌現對最新金屬印表機 DMP 的承諾。三個 50 三重雷射系統以及我們革命性的 PSLA。到 70，它結合了 SLA 與高速投影技術的優點，並利用了為我們的四字列印系統開發的材料。

This new printing solution set was introduced in concept at the 2023 Formnext show and was met with great enthusiasm by our customers.

這項新的列印解決方案集在 2023 年 Formnext 展會上概念性地推出，並受到了客戶的熱烈歡迎。

Okay.

好的。

This is by the end of 2024, which will be a refresh of virtually our entire product portfolio and printing technology, setting the stage for an exciting 2025 and beyond.

到 2024 年底，我們幾乎整個產品組合和印刷技術都將更新，為令人興奮的 2025 年及以後奠定基礎。

And finally, let's turn to our regenerative medicine initiative on Slide 13.

最後，讓我們轉向幻燈片 13 上的再生醫學計劃。

As you've heard from me multiple times over the last few years, our regenerative medicine initiative is unparalleled strategic differentiator with technology that may not only deliver transformational growth and shareholder value for our company, but importantly, profoundly change the future of health care, leveraging our 3D printing technology leadership, regenerative medicine is structured into three distinct opportunities, human organs, non organ tissue and drug development.

正如您在過去幾年中多次從我那裡聽到的那樣，我們的再生醫學計劃是無與倫比的戰略差異化技術，不僅可以為我們公司帶來轉型增長和股東價值，而且重要的是，深刻改變醫療保健的未來，利用我們的 3D 列印技術領先地位，再生醫學分為三個不同的機會：人體器官、非器官組織和藥物開發。

In December, we announced that Harriss Currie with joined 3D Systems in the newly created role as President of regenerative medicine for us.

12 月，我們宣布 Harriss Currie 加入 3D Systems，擔任我們新成立的再生醫學總裁。

Paris will draw from his 30 years of experience in executive leadership with a focus on building emerging businesses.

Paris 將借鑒他 30 年的行政領導經驗，專注於建立新興業務。

Prior to joining us, Harris was Senior Vice President, CFO for Luminex Corporation, spending over two decades with the biotech company helping lead their growth from a start-up to more than $500 million in revenue during his tenure the creation of his role reflects the increasing maturation of our exciting new technology as we move from early stage conceptual development toward commercial application.

在加入我們之前，Harris 曾擔任Luminex Corporation 的高級副總裁兼首席財務官，在這家生物技術公司工作了二十多年，幫助該公司從新創公司成長為收入超過5 億美元的公司，他的職位的設立反映了隨著我們從早期概念開發轉向商業應用，我們令人興奮的新技術日益成熟。

Specific to our work on organs in our outstanding partnership with United Therapeutics working vigorously to produce the most complex product ever printed.

具體到我們在器官方面的工作，我們與 United Therapeutics 建立了傑出的合作夥伴關係，積極致力於生產有史以來印刷的最複雜的產品。

The human lung, something that once began as a dream is now well underway and continues to track toward our goal of human trials for 2027.

人類肺部曾經是一個夢想，現在正在順利進行，並將繼續朝著我們 2027 年人體試驗的目標邁進。

Looking back on last year, we had close to critical point in lung development during the third quarter.

回顧去年，第三季我們已經接近肺部發育的關鍵點。

Our progress validated with recognition of a $4.5 million milestone payment for the program and moving a yet another year closer to our target for human trials on the drug development front.

我們的進展得到了驗證，該計畫獲得了 450 萬美元的里程碑付款，距離我們在藥物開發方面進行人體試驗的目標又近了一年。

We're making great progress in our wholly owned subsidiary, systemic Vyyo formed in 2022, and you'll see this on slide 14.

我們的全資子公司（於 2022 年成立的系統性 Vyyo）正在取得巨大進展，您將在幻燈片 14 中看到這一點。

Page 5 shows our proprietary organ ownership platform is a novel application set, which allows pharmaceutical companies to test their drugs on vascularized cellular ice tissue chips that mimic human response to drug therapies at scale in the laboratory, we believe systemic stage BaaS platform has the potential to dramatically improve the drug discovery and development time line, particularly important, considering market research indicates that nine out of 10 drugs, they only clinical clinical trials, leading to an average of $2.6 billion invested by pharma companies per drug approved over a 12 year time horizon to establish FDA approval for each drug introduced to the market position.

第5 頁顯示我們專有的器官所有權平台是一個新穎的應用程式集，它允許製藥公司在血管化細胞冰組織晶片上測試其藥物，這些晶片在實驗室中大規模模擬人類對藥物治療的反應，我們相信系統階段BaaS 平台具有潛力顯著縮短藥物發現和開發時間線，尤其重要的是，考慮到市場研究表明十分之九的藥物僅進行臨床試驗，導致製藥公司在12 年的時間裡為每種核准的藥物平均投資26 億美元為每個引入市場的藥物建立FDA核准的視野。

We gained significant momentum and validation of our technology, and I'm pleased to announce that before the end of last year, systemic bio successfully closed their second contract with another large pharmaceutical company in total.

我們的技術獲得了巨大的動力和驗證，我很高興地宣布，在去年年底之前，systemic bio 成功地與另一家大型製藥公司完成了第二份合約。

This represents collaborative contracts now with two of the top four largest pharmaceutical companies in the world and an impressive pipeline of future opportunities ahead based on the extraordinary progress made to date and in order to propel this business forward, while leveraging the strength of our core business as well as our balance sheet to invest for continued progress in regenerative medicine.

這代表著目前與世界四大製藥公司中的兩家簽訂的合作合同，以及基於迄今為止所取得的非凡進展的未來一系列令人印象深刻的機會，以推動這項業務向前發展，同時利用我們核心業務的實力以及我們的資產負債表，以投資於再生醫學的持續進步。

For 2024, we expect to invest in key regenerative products to continue our momentum and maintain the unrivaled lead.

到 2024 年，我們預計將投資關鍵的再生產品，以繼續我們的勢頭並保持無與倫比的領先地位。

We have over any 3D printing competitor in our space.

我們在我們的領域中擊敗了任何 3D 列印競爭對手。

While this is still a highly developmental area and undoubtedly some avenues will advance more quickly than others, we continue to believe that regenerative medicine offers tremendous value creation in the future.

雖然這仍然是一個高度發展的領域，毫無疑問，某些途徑將比其他途徑發展得更快，但我們仍然相信再生醫學在未來可以創造巨大的價值。

We'll be proud to update you on our progress throughout the year.

我們將很自豪地向您通報我們全年的進展。

So with that, I'll finish on Slide 15.

我將在投影片 15 上結束。

So to recap what you've heard from me this morning.

回顧一下你們今天早上從我這裡聽到的內容。

Given the current economic environment, we expect our full year revenues for 2024 to be relatively flat given the softness experienced throughout the year last year.

鑑於當前的經濟環境，考慮到去年全年的疲軟狀況，我們預計 2024 年全年營收將相對持平。

We would hope that this is a conservative position to take that.

我們希望這是一個保守的立場。

It remains prudent to say so at this time, our in sourcing, supply chain and restructuring work to date has provided a strong foundation for gross margin improvement, and we expect that to continue even in a static sales environment.

目前這樣說仍然是謹慎的，迄今為止我們在採購、供應鏈和重組方面的工作為毛利率的提高提供了堅實的基礎，我們預計即使在靜態的銷售環境下，這種情況也將持續下去。

Any volume leverage on revenue upside would further enhance this performance and finally, with stable revenue performance, expanded gross margins and carefully managed OpEx at reduced levels from 2023.

任何對收入成長的銷售槓桿都將進一步提高這一業績，並最終從 2023 年開始實現穩定的收入業績、擴大的毛利率和精心管理的營運支出降低水準。

We're committed to deliver positive adjusted EBITDA performance and operating cash flow for 2024 prudent R&D investments in our highest priority customer initiatives.

我們致力於在 2024 年為我們最優先的客戶計畫中的審慎研發投資提供積極的調整後 EBITDA 績效和營運現金流。

We believe we can deliver on an exciting top line growth and sustained profitability in the years ahead.

我們相信，我們能夠在未來幾年內實現令人興奮的收入成長和持續的獲利能力。

So with that, I'll now turn things over to Jeff.

因此，我現在將把事情交給傑夫。

Jeff?

傑夫？

Jeff, thank you very much, and I appreciate the warm welcome and good morning to everyone on the call have already met many of you on the conference circuit in January.

傑夫，非常感謝你，我很感謝大家的熱烈歡迎和早安，我已經在一月份的巡迴會議上見過你們中的許多人。

I look forward to meeting more of our investor and analyst community in the very near future.

我期待在不久的將來與更多的投資者和分析師見面。

I'll begin with Slide excuse me, slide 17 with our revenue summary for the full year 2023, we reported consolidated revenues of $488 million, down 9% from the prior year year-over-year results were primarily impacted by headwinds in our dental orthodontics business, further amplified by broader macro weakness pressuring most other markets, which was most accurately reflected in printer sales from a segment perspective, revenues in Industrial Solutions mostly held firm at $275 million with full year performance declining about 1% despite a tougher economic backdrop within Industrial and there are headwinds from the prior year in more price conscious markets such as jewelry, were largely offset by continued momentum and growth in areas such as transportation and motorsports semiconductors and aerospace and defense Healthcare Solutions delivered full year revenues of $213 million, declining approximately 18% from the prior year.

我將從幻燈片開始，請原諒，幻燈片 17 是我們 2023 年全年的收入摘要，我們報告的綜合收入為 4.88 億美元，比去年同比下降 9%，主要受到牙科行業不利因素的影響矯正業務，由於更廣泛的宏觀疲軟給大多數其他市場帶來壓力，這在印表機銷售中得到了最準確的反映，從細分市場的角度來看，工業解決方案的收入大多保持在2.75 億美元，儘管經濟背景更加嚴峻，但全年業績下降了約1%工業領域，以及珠寶等對價格更加敏感的市場，去年遇到的阻力在很大程度上被運輸和賽車運動半導體以及航空航天和國防等領域的持續動能和成長所抵銷。醫療保健解決方案全年收入為2.13 億美元，較去年同期下降約 18%。

The full year's performance was most heavily influenced by the decline in our dental orthodontics business down roughly 39% from 2022, while the remainder of our health care segment was essentially flat, although embedded in this was full year growth of 12% for our personalized health care business.

全年業績受牙科矯正業務下滑影響最大，較 2022 年下降約 39%，而我們的醫療保健業務的其餘部分基本持平，儘管其中包含個性化健康業務全年增長 12%護理業務。

Shifting to our fourth quarter performance on slide 18, we reported consolidated revenues of $114.8 million, declining approximately 14% from the fourth quarter of 2022.

轉向投影片 18 的第四季業績，我們報告的綜合收入為 1.148 億美元，較 2022 年第四季下降約 14%。

Our materials and services performed well in the quarter, growing from prior year.

我們的材料和服務在本季表現良好，較去年有所成長。

It simply was not enough to offset weakness in printer sales.

這根本不足以抵銷印表機銷售的疲軟。

Again, most significant in dental, but also felt more broadly across our remaining businesses.

同樣，這在牙科領域最為重要，但在我們的其餘業務中也有更廣泛的影響。

From a segment perspective, Industrial Solutions reported fourth-quarter revenues of approximately $64 million, a 12% decline from prior year, similar to the full year trends just mentioned, within industrial strength in markets such as aerospace and defense and semiconductor was more than offset by broader printer weakness in most other industrial end markets.

從細分市場來看，工業解決方案第四季營收約6,400萬美元，較前一年下降12%，與剛才提到的全年趨勢類似，在航空航太、國防和半導體等市場的工業實力被抵消得綽綽有餘。大多數其他工業終端市場的印表機普遍疲軟。

Healthcare Solutions reported fourth-quarter revenues of $51 million, down approximately 16% from prior year and across most markets a notable exception to this was again the personalized health care, delivering double digit growth compared to last year's fourth quarter.

醫療保健解決方案報告第四季營收為5,100 萬美元，比去年同期下降約16%，在大多數市場中，一個明顯的例外是個人化醫療保健，與去年第四季相比實現了兩位數的增長。

Now to Slide 19 for a look at our gross margin for the full year 2023, we reported gross profit margin of 40.7%.

現在看投影片 19，看看我們 2023 年全年的毛利率，我們報告的毛利率為 40.7%。

On this slide, you'll find non-GAAP gross margin.

在此幻燈片上，您將看到非 GAAP 毛利率。

Non-gaap gross margin for the year was 41.1%, a 130 basis point improvement over the prior year and primarily driven by favorable mix, operating efficiencies and the positive impact of price increases to offset inflationary pressures.

本年度非公認會計準則毛利率為 41.1%，比上年提高 130 個基點，主要得益於有利的組合、營運效率以及物價上漲抵銷通膨壓力的正面影響。

Specific to the fourth quarter, gross margin and non-GAAP gross margin were 40.4% and 41.9%, respectively, with the improvement in non-GAAP margins for the quarter, largely driven by mix.

具體到第四季度，毛利率和非 GAAP 毛利率分別為 40.4% 和 41.9%，而該季度非 GAAP 利潤率的改善主要是由混合推動的。

It's important to note that while the favorable impact of mix is more indicative of the associated short term pressures on customer CapEx deployments for printers.

值得注意的是，雖然混合的有利影響更能顯示客戶印表機資本支出部署的相關短期壓力。

We're increasingly encouraged by our in sourcing and efficiency efforts and the positive impact we expect them to drive on longer-term margin expansion, coupled with our technology roadmap for new product introduction expected throughout 2024 and beyond.

我們在採購和效率方面的努力以及我們預計它們將推動長期利潤擴張的積極影響，加上我們預計在 2024 年及以後推出新產品的技術路線圖，讓我們越來越受到鼓舞。

It's reasonable to expect continued improvement in gross margin performance on a year-over-year basis going forward.

預計未來毛利率表現將繼續同比改善是合理的。

Now let's turn to Slide 20 to finish up the P&L.

現在讓我們翻到投影片 20 來完成損益表。

Before I begin our usual readout on metrics for the year and for the quarter.

在開始我們通常的年度和季度指標解讀之前。

I want to call your attention to a specific accounting related charge or charges to GAAP in operating expenses we took during year end quarter during the fourth quarter as these are non-cash impacts and excluded from our non-GAAP metrics.

我想提請您注意我們在第四季度年末季度中收取的營運費用中與會計相關的特定費用或按公認會計原則計算的費用，因為這些是非現金影響，不包括在我們的非公認會計原則指標中。

In the aggregate, these were approximately $313 million for the full year and $298 million for the fourth quarter related to the impairment of goodwill and other assets.

總的來說，全年約 3.13 億美元，第四季約 2.98 億美元與商譽和其他資產減損相關。

Additionally, we realized a $32.2 million gain on our repurchase of 2026 convertible notes at a discount, and that's also excluded from our non-GAAP metrics for the full year 2023.

此外，我們以折扣價回購 2026 年可轉換票據，實現了 3,220 萬美元的收益，這也未包括在我們 2023 年全年的非 GAAP 指標中。

Adjusted EBITDA of negative $24.5 million declined from the prior year by $18.7 million.

調整後 EBITDA 為負 2,450 萬美元，較前一年減少 1,870 萬美元。

The decline was primarily driven by lower revenues and increased operating expenses for the year.

下降的主要原因是今年收入下降和營運費用增加。

Non-GAAP OpEx was $246.6 million for the fourth quarter 2023 adjusted EBITDA of negative $12.3 million declined in the prior year by $7.5 million, primarily driven by the same factors as noted above.

2023 年第四季的非 GAAP 營運支出為 2.466 億美元，調整後 EBITDA 為負 1,230 萬美元，較上年同期下降 750 萬美元，這主要是受到上述相同因素的推動。

For the quarter, non-GAAP OpEx was $66.1 million while we have taken considerable restructuring actions throughout 2023 have additional items in place from our November initiative.

本季度，非 GAAP 營運支出為 6,610 萬美元，同時我們在 2023 年採取了大量重組行動，並從 11 月的計劃中落實了其他項目。

Their impact to operating expense was offset by four very distinct events or circumstances had increases in our regenerative medicine R&D spend.

它們對營運費用的影響被四個截然不同的事件或情況所抵消，這些事件或情況導致我們的再生醫學研發支出增加。

We experienced a higher than normal or temporary external support fees associated with our year-end audit.

我們因年終審計而支付了高於正常或臨時的外部支援費用。

And frankly, my transition we had an accelerated investment in our IT infrastructure for modernization and systems enhancement for cyber security.

坦白說，在我的轉型過程中，我們加速了對 IT 基礎設施的投資，以實現網路安全的現代化和系統增強。

And we felt this was very important as the world gets scarier and scarier, as you're all aware, cyber security is a key issue for everyone.

我們認為，隨著世界變得越來越可怕，這一點非常重要，正如你們都知道的那樣，網路安全對每個人來說都是一個關鍵問題。

And finally, we incurred advisory and legal fees in association with December's convertible note repurchase.

最後，我們支付了與 12 月可轉換票據回購相關的諮詢和法律費用。

It's important to note as we consider kind of where we stand going into 2024.

在我們考慮 2024 年的情況時，值得注意的是。

One of the other one of the key costs that we incurred as part of my transition were some accelerated fees or rather a larger than normal fees associated with our year-end audit.

作為我過渡的一部分，我們產生的另一個關鍵成本是一些加速費用，或者更確切地說是與年終審計相關的比正常費用更高的費用。

We are currently transitioning to a Big Four due to our increasing complexity associated with our business.

由於我們的業務日益複雜，我們目前正在向四大轉型。

I mentioned these items specifically to clarify that we view them as temporary and specific operating expenses and reiterate our expectation to reduce operating expenses in 2024.

我特別提到這些項目是為了澄清我們將其視為臨時性和特定的營運費用，並重申我們預計在 2024 年減少營運費用。

Based on the restructuring actions previously announced earnings per share, full year 2023 resulted in a fully diluted loss per share of $2.85 compared to a loss per share of $0.96 for 2022, excluding stock-based compensation and other nonrecurring charges detailed in our appendix, this resulted in non-GAAP loss per share of $0.26 compared to $0.23 for the prior year.

根據先前公佈的每股盈餘重組行動，2023 年全年的完全攤薄每股虧損為2.85 美元，而2022 年每股虧損為0.96 美元，不包括附錄中詳述的股票薪酬和其他非經常性費用，這導致非 GAAP 每股虧損 0.26 美元，而前一年為 0.23 美元。

For the fourth quarter, we reported fully diluted loss per share of $2.30 in 2023 compared to a loss per share of $0.2 in 2022.

對於第四季度，我們報告 2023 年完全攤薄每股虧損為 2.30 美元，而 2022 年每股虧損為 0.2 美元。

Non-gaap loss per share was $0.11 in 23 compared to a loss per share of $0.06 in 22.

23 年非公認會計準則每股虧損為 0.11 美元，而 22 年每股虧損為 0.06 美元。

Now let's turn to Slide 21.

現在讓我們轉向投影片 21。

For the balance sheet.

對於資產負債表。

We closed the year with $331.5 million of cash and cash equivalents on our balance sheet with no short-term investments compared to a total of $568.7 million in these same items at the end of 2020 to the year-over-year decrease was primarily driven by cash used in operations at $80.7 million, acquisitions and other investments of $29.2 million and capital expenditures of $27.2 million.

截至年底，我們的資產負債表上的現金和現金等價物為 3.315 億美元，沒有短期投資，而 2020 年底這些相同項目的現金和現金等價物總額為 5.687 億美元，同比下降的主要原因是運營中使用的現金為8,070 萬美元，收購及其他投資為2,920 萬美元，資本支出2,720 萬美元。

Additionally, this also reflects slightly over $100 million used in the repurchase of the Company's 0% 2026 convertible notes announced in December, we opportunistically repurchased $135.1 million notional value at a significant discount transaction, strengthened our overall balance sheet with the extinguishment of nearly 30% of the outstanding maturity, while leaving healthy cash reserves to invest in future growth, fund core operations and strategic optionality.

此外，這也反映出公司在12 月宣布的0% 2026 年可轉換票據回購中使用了略多於1 億美元的資金，我們機會性地以重大折扣交易回購了名義價值1.351 億美元，透過消除近30% 的資金強化了我們的整體資產負債表的到期日，同時留下健康的現金儲備來投資未來的成長、基金核心業務和策略選擇。

Looking forward, we maintain the expectation that our in-sourcing actions taken over the past two years will deliver a significant return in the form of increased gross margin and generating cash from inventory.

展望未來，我們仍然預計，過去兩年採取的內購行動將以增加毛利率和從庫存中產生現金的形式帶來顯著回報。

Our expectation of improved profitability would also return us on the path to the annual regular generator of cash flow.

我們對獲利能力提高的期望也將使我們重返每年定期產生現金流的道路。

That said, as Jeff and I mentioned throughout this morning's call, we view 2024 as a year of continued investment, and we'll continue to evaluate strategic opportunities through R&D and capital expenditures to fund our most critical growth programs.

也就是說，正如傑夫和我在今天早上的電話會議中提到的那樣，我們將2024 年視為持續投資的一年，我們將繼續透過研發和資本支出評估策略機會，為我們最關鍵的增長計劃提供資金。

We'll be doing this while keeping a very close eye on cash usage across the system and throughout the year.

我們將在這樣做的同時密切關注整個系統和全年的現金使用。

I'll conclude now on Slide 22 with our 2024 outlook.

我現在將在投影片 22 中總結我們的 2024 年展望。

As you've heard from us this morning, from current economic conditions, we view 2024 as a year of driving improved profitability while continuing to fund growth in a relatively flat revenue environment.

正如您今天早上從我們這裡聽到的，從當前的經濟狀況來看，我們認為 2024 年是推動盈利能力提高的一年，同時繼續在相對平坦的收入環境中為增長提供資金。

In that regard, we expect full year revenues in the range of $475 million to $505 million and to aid with modeling, we expect a seasonally soft start to the first quarter with revenues down sequentially and year over year.

在這方面，我們預計全年營收在 4.75 億美元至 5.05 億美元之間，為了幫助建模，我們預計第一季度將出現季節性軟啟動，收入將環比和同比下降。

However, consistent sequential improvement each quarter throughout 2020 for non-GAAP gross margins in the range of 42% to 44% as a result of our ongoing operational efficiencies and with particular strength in the second half of 2014 non-GAAP operating expense in the range of $223 million to $238 million, reflecting a reduction in costs from our previously announced restructuring activities.

然而，由於我們持續提高營運效率，2020 年每季的非GAAP 毛利率持續連續改善，在42% 至44% 範圍內，特別是2014 年下半年非GAAP 營運費用在42% 至44% 的範圍內部持續改善2.23 億美元至 2.38 億美元，反映了我們先前宣布的重組活動的成本減少。

And including incremental offsets in critical growth programs as discussed throughout this morning's call.

並將增量抵銷納入關鍵成長計劃中，正如今天上午的電話會議所討論的那樣。

Finally, adjusted EBITDA for the full year is expected to be breakeven or better as the efforts in our proved margin profile and cost reductions should drive substantial improvement to consistent profitability without the expectation of top line growth at the midpoint of our guide.

最後，全年調整後的EBITDA 預計將實現盈虧平衡或更好，因為我們在已證實的利潤狀況和成本削減方面所做的努力應會推動持續盈利能力的大幅改善，而無需預計營收增長將達到我們指南的中點。

Thank you for your time and continued support of 3D Systems.

感謝您抽出時間並繼續支持 3D Systems。

And we'll now open the line for questions.

現在我們將開通提問熱線。

Operator, please.

接線員，請說。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員說明）Troy Jensen、Cantor Fitzgerald。

Gentlemen, and thanks for taking my question and just dial up into the team that you I guess first, the U.S. I guess first thing I want to ask is just dental all in second is to grow here in 2024.

先生們，感謝您提出我的問題，並撥通了團隊，我想首先是美國，我想問的第一件事就是牙科，其次是 2024 年在這裡成長。

Yes, Troy.

是的，特洛伊。

It's certainly in the process of bottoming the ad, if you know, if you look at, you know, we've got pretty good visibility to the ultimate customer and the end market.

這肯定是在廣告觸底的過程中，如果你知道，如果你看看，你知道，我們對最終客戶和終端市場有很好的了解。

So clearly, demand is rising yet the complexity as 23 takes by was the clearing of inventory in the supply chain.

顯然，需求正在上升，但 23 所帶來的複雜性是供應鏈中的庫存清理。

So there's a lot of work done last year to clear that inventory.

因此，去年我們做了很多工作來清理庫存。

So I would tell you that it's pretty much cleared.

所以我會告訴你，一切都已經很清楚了。

And so we're I would call Q1 here bottoming and then we should see a lift going forward after that, primarily in materials and services for that for that business.

因此，我將這裡稱為第一季觸底，然後我們應該會看到此後的成長，主要是該業務的材料和服務方面。

There is a I believe there's plenty of printing printing hardware capacity in that in that supply chain.

我相信該供應鏈中有大量的印刷硬體能力。

It's more materials consumption rising now to meet rising demand.

現在更多的材料消耗正在增加，以滿足不斷增長的需求。

So I think you'll see it kind of bottom out or whether it was whether a bottom in Q4, it's bottoming in Q1 is kind of hard to tell but it's in the process clearly of turning.

所以我認為你會看到它有點觸底，或者是否在第四季度觸底，是否在第一季觸底很難說，但它正在明顯的轉變過程中。

Okay, perfect.

好的，完美。

And then sticking in dental here, I know you said you expect to get FDA approval for NexTone later this year.

然後繼續討論牙科領域，我知道您說過預計 NexTone 將於今年晚些時候獲得 FDA 批准。

Is there also insurance qualifications you guys need to before a tenant can really take now?

在租客現在可以真正獲得保險之前，你們還需要獲得保險資格嗎？

We're good to go with this is we get the five 10 K approval.

我們很高興能做到這一點，因為我們獲得了 5 個 10 K 的批准。

We're going to go choice.

我們要去選擇。

It's a fact we're putting in printing capacity to handle putting that product now.

事實上，我們現在正在投入印刷能力來處理該產品的印刷。

So we're really bullish on that new product.

所以我們非常看好這個新產品。

It's a it's a terrific looking at performing product.

這是一款性能非常出色的產品。

We've got, as always work our way through the FDA regulatory approvals, but we view that as very manageable and we should have it in the market later in the year.

一如既往，我們已經獲得 FDA 監管批准，但我們認為這是非常容易管理的，我們應該在今年稍後將其推向市場。

Okay, perfect.

好的，完美。

And last question, I'll cede the floor here.

最後一個問題，我將在這裡讓出發言權。

Can you remind us though what you're spending quarterly at regeneration?

您能否提醒我們每季在再生方面的支出是多少？

What we're spending quarterly on regenerative and I'm not trying to hedge through is a bit complicated because we spend a certain amount and we get some of that reimbursed from United Therapeutics.

我們每季在再生方面的支出有點複雜，我並不是想對沖，因為我們支出了一定金額，並且我們從聯合治療公司獲得了部分報銷。

There's some things we do on our own, especially around pharma, but but a lot of the organ work obviously is reimbursed.

有些事情是我們自己做的，特別是在製藥方面，但很多器官工作顯然是可以報銷的。

So we spent about $10 million last year of our own money.

所以去年我們自己花了大約1000萬美元。

If you take away all the noise.

如果你帶走所有的噪音。

We spent about $10 million last year of our own money on regenerative medicine, okay?

去年我們自掏腰包花了大約1000萬美元用於再生醫學，好嗎？

That are primarily the pursue the pharmaceutical market and we continue to look at the range of applications, we could be chasing dozens of them.

這主要是為了追求製藥市場，我們將繼續專注於應用範圍，我們可能會追逐數十個應用程式。

We're trying to be very disciplined about what we actually Chase and our highest priority with our own internal funding is the pharmaceutical pursuit, okay.

我們正在努力嚴格遵守我們實際追求的目標，我們自己的內部資金的最高優先事項是製藥追求，好吧。

Because I the payoff to making progress against the drug introduction time lines is enormous.

因為在藥物引進時間表上取得進展的回報是巨大的。

So and the receptivity of the pharma companies has been really encouraging.

因此，製藥公司的接受度確實令人鼓舞。

So I we landed our second contract late last year.

所以我們在去年年底簽訂了第二份合約。

As I mentioned, we've got it.

正如我所提到的，我們已經做到了。

We've got a really nice pipeline of interest coming forward, especially after the JP Morgan Healthcare Conference.

我們已經收到了一系列非常好的興趣，特別是在摩根大通醫療保健會議之後。

So things are things are looking very promising for the farmer pursues.

因此，對於農民來說，事情看起來非常有希望。

So we're clearly giving priority to that right now.

所以我們現在顯然優先考慮這一點。

And then obviously, the long work with United Therapeutics is a extremely high priority as well for the longer term.

顯然，從長遠來看，與 United Therapeutics 的長期合作也是一個極其重要的優先事項。

If I understood well, good luck going forward, and I'll just shout out here to Andrew.

如果我理解得好，祝你好運，我會在這裡向安德魯大聲喊叫。

Thanks.

謝謝。

Thanks, for that as well.

謝謝，也為此。

And thank you, Troy, for for a great job covering us.

謝謝你，特洛伊，為我們所做的出色工作。

We really appreciate it.

我們真的很感激。

Thank you.

謝謝。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

Good morning, everybody.

大家早安。

I guess just thinking back to Q4, it sounds like the vast majority of the the shortfall was more system-based CapEx driven than anything.

我想回想一下第四季度，聽起來絕大多數的短缺更多是基於系統的資本支出驅動的。

Do you have the growth rates in systems versus consumables for the quarter?

您是否了解本季系統與消耗品的成長率？

And any sort of general sense on how that trended for the full year as well?

對於全年的趨勢有什麼一般認識嗎？

Now we'll see if we can dig up a number.

現在我們來看看能否挖掘出一個數字。

I can tell you qualitatively It's Greg.

我可以定性地告訴你 這是格雷格。

If the equipment equipment was really tough last year with CapEx spending being down, we were we were quite surprised in Q4 to now see the normal seasonal lift, especially because customers, customer engagement and sales has been very high.

如果去年設備設備確實很困難，資本支出下降，那麼我們在第四季度感到非常驚訝，現在看到正常的季節性提升，特別是因為客戶、客戶參與度和銷售額都非常高。

And we have this advanced applications group and our sales organization and they are there are bursting at the seams with work to do for customer new customer applications.

我們有這個先進的應用程式團隊和我們的銷售組織，他們正在為客戶的新客戶應用程式做大量的工作。

So we were very surprised to not see that flow through it as it usually does seasonally at the end of the year by I think it just reflects customers' nervousness about what the rising interest rates are due to end demand.

因此，我們非常驚訝地沒有看到這種流動，因為它通常在年底季節性流動，我認為這只是反映了客戶對最終需求導致的利率上升的緊張情緒。

No lack of interest which is the encouraging thing.

不缺乏興趣，這是令人鼓舞的事。

I think it's more of a timing issue problem being in their 24 guidance was we know it's very hard to say when does that nervousness subside.

我認為他們的 24 小時指導中更多的是時間問題，因為我們知道很難說這種緊張感何時會消退。

And so we've modeled it as a pretty flat year this year.

因此，我們將今年視為相當平淡的一年。

And I hope that's conservative.

我希望這是保守的。

We do kind of a national number for so we don't have we don't normally break that out, but I can tell you, Greg, just qualitatively, a large shortfall in revenue was hardware driven, not materials and services.

我們有一個全國性的數字，所以我們沒有，我們通常不會打破這個數字，但我可以告訴你，格雷格，從定性上來說，收入的巨大短缺是硬體驅動的，而不是材料和服務。

Materials usage was actually pretty darn strong.

材料的使用實際上非常強大。

All year, long assist people weren't adding incremental capacity.

全年，長期協助人員都沒有增加增量容量。

Yes, that makes sense.

是的，這是有道理的。

And, you know, specific to the Q4 decline, I mean, yes, going back a long time and unable to really see that sort of sequential decline usually assumes sort of the opposite, but just the confidence level around that.

而且，你知道，具體到第四季度的下降，我的意思是，是的，回顧很長時間並且無法真正看到這種連續下降通常會假設相反的情況，但只是圍繞這一點的置信水平。

It wasn't competitive loss.

這不是競爭損失。

It wasn't share loss.

這不是股票損失。

It was more and more timing.

時機越來越成熟。

Can you just maybe go in a little bit as we go on?

當我們繼續進行時，你能稍微進去一下嗎？

Yes, we've got you schedule a visit was a big question internally that I had, Greg and I can tell you, we chase it to ground and we've got line of sight almost every printer hardware sells significance and it was not lost market share.

Yes, we've got you schedule a visit was a big question internally that I had, Greg and I can tell you, we chase it to ground and we've got line of sight almost every printer hardware sells significance and it was not lost市場占有率.

It was not a dropping in customer interest, it was strictly a slow rolling purchase orders is what I would call it on their on.

這並不是客戶興趣的下降，而是嚴格意義上的緩慢滾動的採購訂單，我將其稱為「採購訂單」。

Their part is look and we and it's not that they're short of cash.

他們的職責是外觀，而我們並不是因為他們缺錢。

I mean, most of the people we sell to are fine from a cash perspective.

我的意思是，從現金角度來看，我們銷售的大多數人沒有問題。

Balance sheet, very, very creditworthy.

資產負債表，非常非常值得信賴。

Big customers is more.

大客戶就更多了。

They weren't certain.

他們不確定。

They needed incremental capacity given where interest rates had gone.

考慮到利率的變化，他們需要增加產能。

I think everybody just wanted to see the year turnover and how in demand affected their business.

我想每個人都只是想看看當年的營業額以及需求如何影響他們的業務。

That's that's as much I can tell you but I don't I truly don't believe there was any share loss and I think it was strictly slow rolling purchase orders on our customers' part by and large.

我能告訴你的就是這些，但我真的不相信有任何份額損失，我認為我們的客戶總體上嚴格緩慢滾動採購訂單。

Got it.

知道了。

Okay.

好的。

And then last question, Jeff, did you say did you give a non-GAAP operating expense number from the quarter?

最後一個問題，傑夫，您是否說過您是否給出了本季的非公認會計準則營運費用數據？

It did a non-GAAP OpEx was about $66 million for the quarter.

該季度非 GAAP 營運支出約為 6,600 萬美元。

Okay.

好的。

With that, that strikes me as being up quite a bit relative to the levels that you saw throughout the year.

如此一來，我覺得相對於你全年看到的水平來說，這個數字已經上升了很多。

And obviously, should I maybe take into account a little bit of the restructuring and that you announced in October.

顯然，我是否應該考慮一下您在 10 月宣布的重組。

So is that right?

那麼這樣說對嗎？

And I guess what and just to be clear that restructuring you announced in October, can you just remind us just time line and how much is OpEx versus gross margin?

我猜想是什麼，為了澄清您在 10 月宣布的重組，您能否提醒我們時間表以及營運支出與毛利率是多少？

It's a very logical question, Greg.

這是一個非常合乎邏輯的問題，格雷格。

It's a good one.

這是一件好事。

So there were there were four.

所以有四個。

There were four items in OpEx in Q4, which we did not take out.

第四季的營運支出有四個項目我們沒有拿出來。

We did not exclude to a non-GAAP number because they truly, by definition more strictly one-time.

我們沒有排除非公認會計原則數字，因為根據定義，它們確實是一次性的。

But I would tell you they were they were they will show very short-term investments focused in Q4.

但我想告訴你，他們將在第四季展示非常短期的投資。

Wanted to run through those Jeff real quickly.

我想快速瀏覽一下傑夫的作品。

So we'll so I got it.

所以我們會這樣我明白了。

What we saw in the fourth quarter were were spikes higher than normal expenses and our external support fees.

我們在第四季度看到的是高於正常費用和外部支援費用的峰值。

And again, this consists of audit fees and external consulting fees that we had to make a very intentional investment in to get us to the end of the year and quite frankly, to provide some odd to provide some added assistance in the CFO and internally at a CEO transition level.

再說一次，這包括審計費和外部諮詢費，我們必須進行非常有意的投資，才能讓我們到年底，坦率地說，為首席財務官和內部人員提供一些額外的幫助。 CEO 過渡級別。

So those were very intentional for us.

所以這些對我們來說是非常有意義的。

We did make some accelerated investments in our IT infrastructure and really around, again, this concept of cyber security.

我們確實對 IT 基礎設施進行了一些加速投資，並且真正圍繞著網路安全這一概念進行了投資。

We've had a lot of conversation internally about cyber security exposure.

我們內部就網路安全暴露問題進行了很多討論。

We know that it's a very scary world out there and we know that we are in a technology business where maintaining maintaining intellectual and proprietary information is extremely important to us.

我們知道外面的世界非常可怕，我們也知道我們身處科技產業，維護知識和專有資訊對我們來說極為重要。

We need to be cognizant of what those threats are.

我們需要認識到這些威脅是什麼。

So we accelerated some of our investments in that area.

因此，我們加快了在該領域的一些投資。

We, of course, had the very distinct and legal and advisory services associated with our debt repurchase and those expenses hit in the fourth quarter.

當然，我們擁有與債務回購以及第四季度發生的費用相關的非常獨特的法律和諮詢服務。

And again, as I mentioned, some increases in our regenerative medicine R&D.

正如我所提到的，我們的再生醫學研發有所增加。

So all four of those things were higher than normal.

所以這四項指標都高於正常水準。

And with the exception of Reg NMS, would it would be considered temporary in nature.

除了 Reg NMS 之外，它本質上會被視為臨時性的嗎？

And we would expect to see them go to more moderate and in some cases be eliminated altogether, they are going to be able to add what.

我們希望看到他們變得更加溫和，在某些情況下完全消除，他們將能夠添加什麼。

Okay, good, very defensive care of it.

好吧，很好，非常有防禦性的照顧。

And we're happy to follow up with Greg on those details.

我們很高興與格雷格跟進這些細節。

But thanks for the question.

但謝謝你的提問。

It's a good one.

這是一件好事。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Thank you.

謝謝。

I just wanted to clarify one thing first, that when we say the dental orthodontics was down 39%, is that a different number than dental overall?

我只想先澄清一件事，當我們說牙科矯正下降了 39% 時，這個數字與牙科整體數字不同嗎？

Or it is it's a number for dental.

或是牙科的號碼。

It is a different number than dental overall, but it is the predominance of dental of dental if you look at it today, Brian, so it was the big driver there where the rest of dental did not suffer the same kind of impact because the rest of dental is much more reconstructive work.

這與牙科整體的數字不同，但布萊恩，如果你今天看的話，這是牙科的主導地位，所以它是那裡的主要驅動力，其他牙科沒有遭受同樣的影響，因為其他牙科牙科的工作更多的是重建工作。

What we do in the mouth.

我們在嘴裡所做的事情。

And that's really not optional spending.

這確實不是可選支出。

It's back to orthodontic work that we're involved with.

回到我們所參與的矯正工作。

It's a big number and obviously is discretionary.

這是一個很大的數字，而且顯然是可以自由裁量的。

So when when consumed when inflate with inflation spikes, consumers just put off buying.

因此，當通貨膨脹加劇而消費時，消費者就會延後購買。

And I think you can see that I'm I'm very pleased with the commentary around, hey, people are buying more of them now.

我想你可以看到我對周圍的評論非常滿意，嘿，人們現在購買更多。

It's kind of a bag of law that there was a lot of excess excess supply chain inventory to work down, and we worked through that largely in 23.

這是一種法律規定，有大量過剩的供應鏈庫存需要解決，我們在 23 年內就解決了這個問題。

I'm just curious, I think that you've been giving the dental number in the past rates, the decline or increase in the dental business overall, I don't know if you have that potentially on your fingertips for I'd just be curious what 2023 will look like for dental and for the fourth quarter for dental overall, just given that's something I think a lot of people have been tracking?

我只是很好奇，我認為您一直在提供過去費率中的牙科數據、牙科業務整體的下降或增長，我不知道您是否有可能知道這一點，因為我只是我想知道2023 年牙科以及整個牙科第四季會是什麼樣子，因為我認為這是很多人一直在追蹤的事情？

Yes.

是的。

So also performance for dental overall and 23, 32% and volumes down 30, 32%.

牙科整體業績也是如此，下降了 23%、32%，銷量下降了 30%、32%。

All of dental, all of that, all of dental was down 32%.

所有牙科、所有牙科下降了 32%。

And then we gave you the orthodontics number was down more than what we've seen 30, 39.

然後我們告訴你，矯正人數比我們看到的 30、39 下降了更多。

So yes, so the so the rest of it was up, and I'm glad you're watching the rest of it, Brian, because as we as as the industry now converted to 3D printing and I was at this Dental Show last week, it's remarkable dentures and other reconstructive items.

所以是的，所以剩下的部分已經完成，我很高興你正在觀看剩下的部分，Brian，因為我們這個行業現在已經轉向 3D 列印，而且我上週參加了這個牙科展，這是非凡的假牙和其他重建物品。

And then I'll go.

然後我就走了。

I think you'll see a much much of a broadening in that market away from orthodontics.

我認為您會看到該市場遠離正畸市場的範圍不斷擴大。

Just orthodontics for does actual growth.

正畸只是為了真正的生長。

But the rest of it, I think, has enormous growth come in and we're really excited about.

但我認為其餘部分都有巨大的成長，我們對此感到非常興奮。

That's why our focus is right, is very broad and dentistry, right?

這就是為什麼我們的重點是正確的，非常廣泛的牙科，對嗎？

And overall dental is probably down less than 32% in the fourth quarter.

第四季牙科整體銷售量可能下降不到 32%。

I imagine that the decline gets moderated.

我想下降趨勢會有所緩和。

Yes, correct.

是，對的。

Okay.

好的。

I'll follow up more on that later on one of the question I wanted to ask at the moment though, is that I noticed inventories and accounts receivables remained and when elevated going into the end of the year, I mean I guess the main driver of that is discrepancy between your expectation and actual sales, but could you comment on that?

不過，我現在想問的一個問題是，我注意到庫存和應收帳款仍然存在，並且當進入年底時增加，我的意思是我猜主要驅動因素其中一個原因是您的預期與實際銷售額之間存在差異，但您能對此發表評論嗎？

And then also, I'm just curious if the elevated inventory potentially weighs on gross margin in the near term?

另外，我只是好奇庫存增加是否可能在短期內影響毛利率？

Yes.

是的。

So actually, a simple answer on the inventory part of that, Brian, was we completed our insourcing activity last year.

所以實際上，布萊恩，關於庫存部分的一個簡單答案是我們去年完成了內包活動。

We were really aggressive about in sourcing our manufacturing.

我們在採購製造方面非常積極。

We started in 22.

我們是22號開始的。

We completed it in 23.

我們23號就完成了。

With that in-sourcing from contract manufacturers.

透過合約製造商的內購。

You have to pick up the inventory they had on hand so that that big spike in inventory from last year is was the taking on of their inventory that we now have to burn down the AP and AR balance, we generally were able to hold pricing in the marketplace.

你必須拿起他們手邊的庫存，這樣去年庫存的大幅飆升就是我們現在必須消耗掉 AP 和 AR 餘額的庫存，我們通常能夠將定價保持在市場。

We did have to extend some credit terms to some folks, especially smaller, smaller customers.

我們確實必須向一些人，特別是規模較小的客戶提供一些信貸條件。

And we've been a good payer of suppliers, some particularly since COVID to make sure we had adequate supplies.

我們一直是供應商的良好付款人，特別是自新冠疫情以來，我們一直在向供應商付款，以確保我們有足夠的供應。

So we're working all elements of working capital.

因此，我們正在利用營運資金的所有要素。

Clearly, there's a really nice ability to generate cash from net working capital this year, and we're working that aggressively.

顯然，今年從淨營運資本中產生現金的能力非常好，我們正在積極努力。

So we're done with the inventory purchases from contract manufacturers when we bring it down.

因此，當我們減少庫存時，我們就完成了從合約製造商購買庫存。

And just the last question on that topic is you said EBITDA breakeven is a target for for the year.

關於這個主題的最後一個問題是，您說 EBITDA 盈虧平衡是今年的目標。

Is it logical to make the conclusion that you'd also expect to be cash flow breakeven in 2024 it will generate will be positive and operating cash flow.

得出這樣的結論是否合乎邏輯：您也預期 2024 年現金流將實現損益平衡，它將產生正的營運現金流。

And the free cash question is just how much we end up spending on CapEx.

自由現金問題是我們最終在資本支出上花了多少錢。

We do we have our normal CapEx required for for maintenance and there's some factory improvements with the in-sourcing we have to do.

我們確實有維護所需的正常資本支出，並且我們必須透過內包進行一些工廠改進。

There's a couple of extraordinary growth areas that we have to put capital in in 2014 to grow in 25.

我們必須在 2014 年向幾個非同尋常的成長領域投入資金，以便在 25 年實現成長。

They're not huge numbers, but they will it will put pressure on CapEx.

雖然數字並不大，但它們會對資本支出帶來壓力。

So you'll probably see a you'll see positive operating cash flow this year, you'll see a slightly negative, I guess is a slightly negative free cash flow as we invest CapEx and we'll update you on that throughout the year.

因此，您可能會看到今年您會看到正的營運現金流，您會看到輕微的負數，我想隨著我們投資資本支出，自由現金流會略有負數，我們將在全年向您通報這一情況。

Yes.

是的。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, Brian.

謝謝，布萊恩。

Jacob Stephan, Lake Street.

雅各史蒂芬，湖街。

Yes, good morning, guys.

是的，早上好，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

I just want to focus more on industrial side.

我只是想更多地關注工業方面。

Yes.

是的。

I just want to focus on the industrial side of the business.

我只想專注於業務的工業方面。

We've seen more investments in kind of the aerospace market.

我們已經看到了對航空航太市場的更多投資。

So what kind of investments are you making there, if any?

那麼您在那裡進行什麼樣的投資（如果有的話）？

So and so in terms of investments, I would tell you the primary investment there you'd say really is in our cost of sales and it's our application engineers that what we see from aerospace right now is they they really they like they really do embrace polymer processing a lot, but a lot of their interest is in metal processing and the use of proven, but new materials with additive.

就投資而言，我會告訴你，你會說的主要投資實際上是我們的銷售成本，我們的應用工程師，我們現在從航空航天看到的是他們真的他們喜歡他們真的擁抱聚合物加工很多，但他們的許多興趣在於金屬加工和使用經過驗證的、但帶有添加劑的新材料。

So I'd say they're they're not as far along as developing a lot of new materials brand new chemistries for additive as a polymer scientist, but they're they're deeply in the process of evaluating existing materials on 3D printers.

所以我想說，作為一名聚合物科學家，他們並沒有開發出許多新材料、全新化學添加劑，但他們正在深入評估 3D 列印機上的現有材料。 。

So we spend a lot of investment money on our applications engineers working with customers on specific applications.

因此，我們在應用工程師與客戶就特定應用進行合作方面投入了大量資金。

And it's very interesting the driver of that there's two two camps.

非常有趣的是，有兩個兩個陣營的驅動者。

One of them is improved performance.

其中之一是性能的提高。

They want to design a park that can be machines at least not easily.

他們想要設計一個可以是機器的公園，至少不容易。

So there's the there's the performance driven designers and then we're seeing an increase in those that are motivated by risk reduction for their existing infrastructure.

因此，存在著以性能為導向的設計師，然後我們看到那些以降低現有基礎設施風險為動機的設計師增加。

So like oil and gas, we have we have a lot of interest in oil and gas because oftentimes those oil rigs or refineries are in very difficult parts of the world.

就像石油和天然氣一樣，我們對石油和天然氣很感興趣，因為這些石油鑽井平台或煉油廠通常位於世界上非常困難的地區。

And so their customers are forced to hold huge amounts of inventory to make sure they stay up and running.

因此，他們的客戶被迫持有大量庫存，以確保他們保持正常運作。

They're really interested in localized manufacturing.

他們對本地化製造非常感興趣。

They can do just-in-time production spare parts.

他們可以及時生產備件。

So we're pursuing a lot of that for the electrical infrastructure for oil and gas.

因此，我們正在為石油和天然氣的電力基礎設施尋求大量的支援。

So if you look at investments that doesn't require us to build new plants and things.

因此，如果你看看不需要我們建造新工廠和東西的投資。

There's not a lot of investment except in sales for application development for those for those folks.

除了為這些人開發應用程式的銷售之外，沒有太多投資。

So if you see an increased spending, it's around sales costs for those new industrial markets.

因此，如果您看到支出增加，則與這些新工業市場的銷售成本有關。

Does that make sense?

那有意義嗎？

Yes, yes, that's helpful.

是的，是的，這很有幫助。

And then you noticed that your U.S. or sorry, you had said that you are in source initiative is when completed in 2023, but maybe just kind of give us an overall progress update on the restructuring initiative.

然後你注意到你的美國，或者抱歉，你說過你的源計劃將於 2023 年完成，但也許只是給我們提供重組計劃的總體進展更新。

Does bill expect the majority to be completed by Q1?

法案是否預計第一季完成大部分工作？

Yes, I'd say I would say mid mid year more than Q1.

是的，我會說年中比第一季更多。

But so there's different.

但也因此有不同。

There's three the three legs of the stool are restructuring their straight headcount reductions.

凳子的三條腿正在重組他們的直接裁員。

And of course, you got to look at North America versus Europe in terms of timing there, all of the North American actions versus were completed the European stuff and progress you've got for us.

當然，你必須根據時間安排來比較北美與歐洲的情況，北美的所有行動都完成了歐洲的工作以及你為我們取得的進展。

You've got site closures, we're closing 20 of 50 sites.

網站關閉，我們將關閉 50 個網站中的 20 個。

And these are these are acquisitions that were done years ago, largely that add remaining small groups of people that we're now able to get efficiencies by closing those and consolidating the hubs, if you will, for design and manufacturing.

這些是幾年前完成的收購，主要是增加了剩餘的小部分人員，我們現在可以透過關閉這些人員並整合設計和製造中心（如果你願意的話）來提高效率。

You've got a lot of that work going on this year and the tricky part of that is wind is the wind of the accounting regulations allow you to recognize the savings.

今年你要做很多工作，其中棘手的部分是會計法規允許你認識到節省的費用。

So we're driving to specific dates this year on the site closures, which are all underway that all 20 of the 50 are underway.

因此，我們將在今年確定關閉站點的具體日期，所有 50 個站點中的 20 個都正在進行中。

It's a matter of when do they when are they completed from an accounting standpoint?

從會計的角度來看，問題是什麼時候完成？

And what credit Can you take in the year that's why there's a range on our restructuring savings, frankly, because accounting rules are really complicated.

坦白說，這一年你能獲得什麼榮譽，這就是為什麼我們的重組儲蓄有一個範圍，因為會計規則確實很複雜。

So we're just driving to get them closed, get them done, get it finished and consolidated and then of course, we have the of the efficiency gains from in-sourcing, so driving driving operational efficiencies all the way through the supply chain.

因此，我們只是努力讓它們關閉、完成、完成和整合，當然，我們也可以從內包中獲得效率效益，從而推動整個供應鏈的營運效率。

Now there's insourced.

現在有內源。

We recognized a little bit of that in Q4 and last year, but there's a lot more to come this year as we go forward.

我們在第四季度和去年就認識到了這一點，但隨著我們的前進，今年還會有更多的事情發生。

So so those hit both the OpEx line and the restructuring hits both OpEx line and the COGS line, especially in manufacturing.

因此，這些都影響了營運支出線，而重組也影響了營運支出線和銷貨成本線，特別是在製造業。

So that's that's why we see a lift this year in our gross margin in 24.

這就是我們今年毛利率上升 24 的原因。

And we'll give obviously a big swing in EBITDA by bringing OpEx down so that that qualitatively that's within those three buckets annuals, that's why you'll see the lift in both gross and EBITDA margins even in a flat sales environment.

我們將透過降低營運支出來大幅提高EBITDA，以便從品質上講，這在這三個年度範圍內，這就是為什麼即使在銷售環境持平的情況下，您也會看到毛利率和EBITDA 利潤率的提升。

Okay.

好的。

Thank you.

謝謝。

I'll turn it over.

我會把它翻過來。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Yes.

是的。

Thanks, guys.

多謝你們。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

And yes, Andy also really have enjoyed working with you over the years of work on everything share spectrum.

是的，安迪也非常享受與您多年來在所有共享頻譜方面的合作。

I have 100% U.S. Jeff, could you just maybe put a little context around the remarks you made about the China competition when you started the call to know, what are you seeing there and what rate, you know, we should be.

我有 100% 美國人傑夫，您能否在開始通話時就您對中國競爭的言論提供一些背景信息，以了解您在那裡看到了什麼以及我們應該採取什麼利率。

Yes, the industry is very interesting.

是的，這個行業很有趣。

The industry is really changing.

這個行業確實正在改變。

We've got our traditional competitors in the industry and there are smaller companies.

我們有業界的傳統競爭對手，也有規模較小的公司。

And then obviously some bigger companies and some of them, the bigger ones are owned by Lenovo, very large industrial companies.

顯然還有一些更大的公司，其中一些更大的公司是聯想旗下的，是非常大的工業公司。

So you've got that historic competitor makes it increasingly we see the emergence of Chinese players.

所以，歷史悠久的競爭對手讓我們越來越常看到中國球員的出現。

And it's very interesting because you can you can buy a lot of the key components on the market and what we see them coming into the market from primarily is on the hardware side, not as much on materials and certainly not as much on software, but that in terms of just raw hardware design and and sales, they've they've they're moving into the markets, they're moving into Europe, they're moving into the States.

這非常有趣，因為你可以在市場上購買很多關鍵組件，我們看到它們進入市場的主要是硬體方面，而不是材料方面，當然也不是軟體方面，但是就原始硬體設計和銷售而言，他們正在進入市場，他們正在進入歐洲，他們正在進入美國。

It's definitely happening.

這肯定正在發生。

And then they just like not to not to generalize too much, but they're competing on price with hardware.

然後他們只是不想過度概括，但他們正在與硬體進行價格競爭。

The ways the strategically the way we compete with that is on not only the hardware technology, the bringing together of materials and software and servicing the customer well because they often struggle with that.

我們與之競爭的策略方式不僅在於硬體技術，還在於將材料和軟體結合在一起，並為客戶提供良好的服務，因為他們經常在這方面遇到困難。

So so broad-based, we're seeing a lot more interest from China on the hardware side.

基礎如此廣泛，我們看到中國對硬體方面有更多的興趣。

And if you own it, it does make it a challenge when you strictly look at the hardware itself.

如果你擁有它，當你嚴格審視硬體本身時，它確實會成為一個挑戰。

So part of the pressure on R & D spend is to make sure that technologically we stay ahead in our core markets that we stay ahead.

因此，研發支出的部分壓力是確保我們在核心市場上保持技術領先。

I mean, I'm not talking about regenerative medicine.

我的意思是，我不是說再生醫學。

I know clearly, we're head on that, but it's our core industrial and even health care markets, make sure we stay ahead on hardware, software and materials and then make sure we are we have the scale enough to service customers from a sales and service standpoint.

我清楚地知道，我們正在迎頭趕上，但這是我們的核心工業甚至醫療保健市場，確保我們在硬體、軟體和材料方面保持領先，然後確保我們有足夠的規模來為客戶提供銷售服務和服務立場。

So while I will comment that we have sufficient scale to do it it.

因此，雖然我會評論說我們有足夠的規模來做到這一點。

We spend a lot of money servicing customers.

我們花了很多錢為客戶提供服務。

And that's where when you talk about consolidation, the industry scale helps it really helps you more economically spread the cost.

這就是當你談論整合時，行業規模確實可以幫助你更經濟地分攤成本。

So so that's the full landscape around China.

這就是中國各地的全部景觀。

I'm glad you asked the question, and I see just a quick follow-up there as they need stood like they've been present in the way that you've described that in the past, followed at the consumer's slash workshop level.

我很高興你問了這個問題，我看到了一個快速的後續行動，因為他們需要像你過去描述的那樣存在，然後在消費者的斜杠研討會層面上進行跟進。

But the same kind of approach is it now you're seeing it move up into sort of into the bread and butter market.

但同樣的方法現在你看到它進入了麵包和黃油市場。

I guess one more questions asked about the legislation.

我想還有一個關於立法的問題。

Is it both prototyping and production in auto?

汽車中的原型設計和生產都是如此嗎？

And I guess just sort of where like context around that?

我想這就是周圍的背景吧？

Yes, sure.

是的，當然。

No real good questions.

沒有真正的好問題。

So so clearly, it's more industrial and healthcare.

很明顯，它更多的是工業和醫療保健。

And I'm very glad to have a healthcare business because with all the regulatory environment and the quality concerns, everything else, healthcare is the most difficult market for them to penetrate as is aerospace and defense.

我很高興擁有醫療保健業務，因為考慮到所有監管環境和品質問題以及其他一切，醫療保健是他們最難滲透的市場，航空航太和國防也是如此。

So I think those are probably the last markets at a production level that would be exposed to that.

所以我認為這些可能是生產水準上最後會受到影響的市場。

And again, talking about production applications, they're going to work their way.

再說一次，談到生產應用程序，他們將按照自己的方式工作。

And again, I'm sorry for the broad-brush commentary, but working their way into the other industrial markets, particularly industries that produce consumer products.

再次，我對粗略的評論感到抱歉，但他們正努力進入其他工業市場，特別是生產消費品的行業。

You know where quality is important, but it's started.

您知道品質在哪裡很重要，但它已經開始了。

It's not a differentiator or things like that they're working oriented into those kind of consumer-driven markets, which again, we have lighter exposure on broadly, but it's still important because that, you know, that trend will continue and it's one, we have to set ourselves up for initial prototyping, clearly easier market, lower risk for them to get into it.

這不是一個差異化因素或類似的事情，他們正在面向消費者驅動的市場，同樣，我們對廣泛的曝光較少，但這仍然很重要，因為你知道，這種趨勢將繼續下去，這是一個，我們必須為最初的原型設計做好準備，顯然市場更容易，他們進入的風險更低。

But it is definitely they're definitely working on the industrial markets now beginning with the easier ones are working their way up to the harder ones.

但可以肯定的是，他們現在肯定正在工業市場上工作，從較容易的市場開始逐步朝向較困難的市場發展。

So hopefully, it answers both parts of your question.

希望它能回答您問題的兩部分。

Yes, I absolutely appreciate the context of the denial of time there.

是的，我絕對欣賞那裡拒絕時間的背景。

See, I'll leave it there and just get you guys on the part of it.

看，我會把它留在那裡，讓你們參與其中。

So I will look forward to talking to you.

因此，我期待與您交談。

I know there's always things.

我知道總是有一些事情。

James Ricchiuti, Needham & Co.

詹姆斯‧里基烏蒂 (James Ricchiuti)，李約瑟公司

Good morning.

早安.

Most of my questions have been answered, but just wanted to follow up to see if I can get a little bit more color on the decline in the industrial business, which at a quarterly level that looks like the lowest quarter of the year and you talk about areas where in the businesses held up better, I think aerospace defense, semi, yes.

我的大部分問題已經得到解答，但只是想跟進一下，看看我是否能對工業業務的下滑有更多的了解，從季度來看，工業業務看起來像是一年中最低的季度，你說關於業務表現較好的領域，我認為航空航太國防、半成品，是的。

What areas really particular were weak in the in the quarter and did that was it more pronounced in any one geography?

本季哪些領域真正表現疲軟？這種情況在任何一個地區都更為明顯嗎？

Jim, I'll try to answer all of those.

吉姆，我會盡力回答所有這些問題。

It was pretty equal between the U.S. and Europe, where most of our sales are in US and Europe.

美國和歐洲的情況相當平等，我們的大部分銷售額都在美國和歐洲。

So it was pretty equally split there.

所以那裡的人數相當均等。

And because I think the central banks in both parts of the world that are raising interest rates, it was much more consumer market driven consumer end market driven.

因為我認為世界兩個地區的央行都在升息，這比較是消費者市場驅動的，也是消費者終端市場驅動的。

So you look at all of our customers and industrial customers, big industrial companies and customers on the industrial side, but they miss some of them serve consumer markets.

所以你看看我們所有的客戶和工業客戶、大型工業公司和工業方面的客戶，但他們錯過了其中一些服務消費者市場的客戶。

And I think that concerns you and that they all had was with this rapid rise in interest rates where consumers are going to be able to buy as much and do they need the capacity.

我認為您和他們都擔心利率的快速上升，消費者將能夠購買盡可能多的商品，並且他們是否需要足夠的容量。

So it's not like they canceled orders, but they just again, I keep using the phrase a slow roll POs.

所以這並不是說他們取消了訂單，而是他們再次，我繼續使用“慢速滾動採購訂單”這個短語。

So you can call and say where's the POS next week next week, that's really discount.

所以你可以打電話說下週下週哪裡有POS，那真是折扣。

So they weren't can't pull.

所以他們並不是拉不動。

I would say they are all coming.

我想說他們都會來。

I believe we'll continue to see a slow roll until that they're convinced that the consumers are going to go away and the closer you get to specialized equipment like semiconductor equipment manufacturer, very strong for us we've been working in that market for a long time.

我相信我們將繼續看到緩慢的發展，直到他們相信消費者將會消失，並且你離像半導體設備製造商這樣的專業設備越來越近，這對我們來說非常強大，我們一直在這個市場上工作許久。

So people that are putting in semiconductor equipment, heavy industrial equipment that that business we've made strong that no doubt about it defense and aerospace remains strong.

因此，那些投入半導體設備、重工業設備的人們，我們已經使這些業務變得強大，毫無疑問，國防和航空航天仍然很強大。

It was as you go closer to convince companies that make consumer products, those are the ones that were hesitant on the CapEx spend.

當你更接近說服那些生產消費品的公司時，那些在資本支出上猶豫不決的公司。

And with all of that said, industrial hung in there better than healthcare last year.

儘管如此，去年工業領域的表現比醫療保健領域表現更好。

But again, health care was dominated by by dental being off due to orthodontics.

但同樣，醫療保健主要是由於矯正導致的牙齒脫落。

And then again, they had a lot.

話又說回來，他們有很多。

They had a lot of capacity in printers themselves.

他們本身的印表機容量很大。

So you saw some roll off and printers even in health care.

所以你甚至在醫療保健領域也看到了一些捲軸和印表機。

But industrial, we've almost offset the decline by new customers coming in.

但在工業領域，我們幾乎已經透過新客戶的到來抵消了下降的影響。

So while we didn't see an uptick, we didn't see as much of a decline on the industrial side either so that if there's a ray of sunshine in there somewhere it's probably that might disappoint was we Q4 is usually a very strong quarter and clearly it was not we did not see the lift.

因此，雖然我們沒有看到成長，但我們也沒有看到工業方面出現如此多的下降，因此，如果某處有一絲陽光，那麼可能會令人失望，因為我們在第四季度通常是一個非常強勁的季度顯然，我們沒有看到電梯。

We usually see people just hung onto their purchase orders.

我們通常看到人們只是堅持他們的採購訂單。

And just last question for me is just on the non-GAAP OpEx.

我的最後一個問題是關於非 GAAP 營運支出。

What you're guiding for in 24 seemed to suggest a pretty healthy step down in Q1, but I don't know if that's going to be more back-end loaded with some of the restructuring actions you're taking?

您在 24 月的指導似乎表明第一季會出現相當健康的下降，但我不知道您正在採取的一些重組行動是否會在後端增加更多負擔？

Yes, Jim, I would say it's probably a little bit more back-end loaded.

是的，吉姆，我想說它可能有更多的後端負載。

We took a lot of action quickly in North America when we launched this in terms of the headcount component, the tricky part is now the site closures, which again are split between US and Europe.

當我們在員工人數方面推出此計劃時，我們在北美迅速採取了很多行動，現在棘手的部分是網站關閉，這些網站再次在美國和歐洲之間劃分。

The site closures take a little bit more time.

網站關閉需要更多時間。

And then the accounting resolution isn't it isn't done until you're out of the facility basically.

然後，會計解決方案不是在您基本上離開設施之前才完成。

So so we've got to be a little careful.

所以我們必須要小心一點。

So you see a range of OpEx in our guidance.

因此，您在我們的指南中看到了一系列營運支出。

And again, I'd like to think we'll do better than that.

再說一次，我想我們會做得更好。

But it's we tried to be realistic about timing because I do think you'll see a big, a big hit in the first half, which is good, but a lot of the benefits will start flowing through until the second half.

但我們試圖在時間安排上保持現實，因為我確實認為你會在上半場看到一個巨大的打擊，這很好，但許多好處將在下半場開始顯現。

Got it.

知道了。

Thanks.

謝謝。

Thank you.

謝謝。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over to Dr. Graves for closing comments.

我想請格雷夫斯博士發表最後評論。

Thanks, Kevin, and thank you all very much.

謝謝凱文，非常感謝大家。

I know we went beyond time, but I wanted to field questions because I know it's a volatile time for our company and for the industry.

我知道我們已經超越了時間，但我想提出問題，因為我知道對於我們公司和整個行業來說，這是一個動盪的時期。

So thank you very much for hanging in there and out and asking the questions you did.

非常感謝您堅持不懈地提出問題。

I appreciate joining.

我很高興加入。

We are a we are cautiously optimistic about 24 we look forward to the year ahead.

我們對24我們持謹慎樂觀的態度，我們對未來的一年充滿期待。

We'll look forward to updating you each quarter on progress.

我們期待每季向您通報最新進展。

Thanks very much for calling.

非常感謝您的來電。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。