3D Systems Corp (DDD) 2025 Q1 法說會逐字稿

Greetings. Welcome to 3D Systems first-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Mick McCloskey, VP- Treasurer and Investor Relations. Thank you. You may begin.

問候。歡迎參加 3D Systems 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人、財務主管和投資者關係副總裁 Mick McCloskey。謝謝。你可以開始了。

Hello and welcome to 3D Systems first-quarter 2025 conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO; and Jeff Creech, EVP and CFO.

您好，歡迎參加 3D Systems 2025 年第一季電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Jeffrey Graves 博士；以及執行副總裁兼財務長 Jeff Creech。

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.

本次電話會議的網路直播部分包含一份幻燈片演示，我們將在通話過程中參考它。透過電話關注並希望訪問此簡報幻燈片部分的人士，可以透過我們網站的投資者關係部分進行存取。

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 our latest press release and our filings with the SEC, including our most recent annual report on Form 10-K, quarterly reports on Form 10-Q.

以下討論和對您的問題的回答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信息，包含在我們最新的新聞稿和向美國證券交易委員會提交的文件中，包括我們最近的 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, you will find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against the results for the comparable periods of 2024.

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次網路廣播的幻燈片中，您將找到有關這些非 GAAP 指標的更多揭露，包括與可比較 GAAP 指標的對帳。最後，除非另有說明，本次電話會議中的所有比較都將針對 2024 年可比較期間的結果。

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

接下來，我將把電話轉給我們的執行長 Jeff Graves 致開幕詞。

Thank you, Mick. And good morning, everyone. As usual, I'll provide some opening comments on our current operating environment, our key initiatives and priorities, and then end with a few highlights of areas I think are important to investors for the future. I'll then hand off to our CFO, Jeff Creech, to provide details on the quarter's financial results. We'll then open up the call for Q&A.

謝謝你，米克。大家早安。像往常一樣，我將就我們當前的營運環境、主要舉措和優先事項發表一些開場評論，然後最後重點介紹一些我認為對投資者未來很重要的領域。然後，我將把電話交給我們的財務長傑夫·克里奇 (Jeff Creech)，以提供本季度財務結果的詳細資訊。然後我們將開始問答環節。

So with that, let's move to slide 5. Let me start by putting the current market dynamics in perspective. Our 3D printing industry broadly is pioneering a new compelling method of manufacturing products that will take its place over time alongside traditional methods such as injection molding of polymers and casting of metals in factories around the world. This trend is exciting and it's unstoppable.

那麼，讓我們轉到投影片 5。首先，讓我來客觀地分析一下目前的市場動態。我們的 3D 列印產業正在廣泛開拓一種引人注目的新產品製造方法，隨著時間的推移，它將取代世界各地工廠中的聚合物注塑和金屬鑄造等傳統方法。這種趨勢令人興奮，而且不可阻擋。

These 3D printing technologies bring unique benefits to customers in terms of performance, cost, and dramatically shortened lead times. They also provide an effective means of reducing supply chain disruption risks as the world experienced during COVID, or even as we are going through now with the tariff landscape shifting dramatically and often on a daily basis, just look at the last 36 hours.

這些 3D 列印技術在效能、成本和大幅縮短的交貨時間方面為客戶帶來了獨特的優勢。它們還提供了一種有效的方法來降低供應鏈中斷風險，就像世界在新冠疫情期間所經歷的那樣，或者就像我們現在所經歷的那樣，關稅格局每天都在發生巨大變化，只要看看過去 36 個小時的情況就知道了。

As such, each year, 3D printing is earning its way into factories around the world. So if this trend is so prevalent, the obvious question is why are sales weak? Well, the simple answer is that capital spending by customers across most markets is virtually frozen due in large part to the uncertainty around tariffs. Speaking specifically for our customer base, with the exception of personalized healthcare, defense, and AI infrastructure to some extent, virtually, all others are waiting to see what the future demand looks like and where they will need new capacity to meet this demand cost-effectively. It's that simple. And until the situation becomes clear, I believe CapEx investments will remain somewhat anemic. So that means our sales will be impacted for some unknown period of time and consequently that we'll need to prioritize cost reduction efforts as long as this environment persists.

因此，每年 3D 列印都會進入世界各地的工廠。因此，如果這種趨勢如此普遍，那麼顯而易見的問題是，為什麼銷售會疲軟？嗯，簡單的答案是，由於關稅的不確定性，大多數市場客戶的資本支出實際上被凍結。具體到我們的客戶群，除了個人化醫療保健、國防和人工智慧基礎設施之外，幾乎所有其他客戶都在等待觀察未來的需求是什麼樣的，以及他們需要在哪裡以經濟高效的方式獲得新的產能來滿足這種需求。就這麼簡單。在情況明朗之前，我相信資本支出投資仍將保持低迷。這意味著我們的銷售將在一段未知的時間內受到影響，因此，只要這種環境持續存在，我們就需要優先考慮降低成本的努力。

To be very transparent, at 3D systems, we've resisted this pressure to some extent in order to complete our three-year journey to refresh our entire polymer and metal product lines and bring what I believe are industry leading printing solutions to market. This is a journey we started in 2022, and we've seen it through.

坦白說，在 3D 系統公司，我們在一定程度上抵制了這種壓力，以完成為期三年的更新整個聚合物和金屬產品線的旅程，並將我認為是業界領先的列印解決方案推向市場。這是我們在 2022 年開始的一段旅程，我們已經完成了它。

Over this period, our R&D investment has been held at just over 20% of revenue, reflecting the breadth of our technology portfolio, whereas our competitors that are similar in size are well below this level and declining. This sustained focus in our development programs, combined with the insourcing of our manufacturing operations, which is now virtually complete, is a much different path than others in our industry have taken. And I believe the benefits of it will be clear in the years ahead as the market ultimately rebounds.

在此期間，我們的研發投入一直保持在營收的 20% 多一點，反映了我們技術組合的廣度，而規模相似的競爭對手的研發投入卻遠低於這一水平，並且還在下降。我們對開發項目的持續關注，加上我們製造業務的內部採購（目前已基本完成），與我們行業中的其他人所走的道路截然不同。我相信，隨著市場最終反彈，它的好處將在未來幾年顯現出來。

Our technology refresh has been dramatic in scope in that it has spanned all five of our major polymer printing platforms and very importantly, our metal printing platform, which was at a critical crossroads just a few years ago. While many companies would have, and many did, bail out on metal printing at that point, given the competitive landscape and the growing threat from the Chinese, 3D Systems did not. And because we didn't, I can proudly say that our Generation 2 metal printing systems, which are just now entering the commercialization phase, offer an outstanding combination of performance, reliability, and cost that rivals any platform on the market today. Our focus for these metal systems is on markets that are most demanding, such as aerospace and defense and oil and gas, in addition to applications throughout the human body.

我們的技術更新範圍非常廣泛，涵蓋了我們所有五種主要的聚合物列印平台，而且非常重要的是，我們的金屬列印平台幾年前還處於關鍵的十字路口。儘管考慮到競爭格局和來自中國日益增長的威脅，當時許多公司都會放棄金屬列印，而且許多公司也確實放棄了，但 3D Systems 沒有這樣做。正因為我們沒有這樣做，我可以自豪地說，我們剛剛進入商業化階段的第二代金屬列印系統提供了性能、可靠性和成本的出色組合，可與當今市場上的任何平台相媲美。除了整個人體的應用之外，我們對這些金屬系統的關注重點是最苛刻的市場，例如航空航天和國防以及石油和天然氣。

Through these efforts, we positioned ourselves to not only sell great printing systems, but to provide the industry's best application support as well as the capability to produce limited quantities of parts for customers until they install their own printers or move to a contract manufacturer. It is this combination of capabilities spanning process development to full production that is unique to our company. We provide these capabilities for mature facilities in the United States, in Europe, and now via our joint venture in Saudi Arabia, which you'll hear much more about in the future. It's a business model that we've successfully executed for years in our healthcare business in areas such as titanium spinal implants, and we're now expanding into specific high-reliability industrial markets.

透過這些努力，我們不僅可以銷售優秀的列印系統，還可以提供業內最佳的應用支援以及為客戶生產有限數量零件的能力，直到他們安裝自己的印表機或轉向合約製造商。正是這種從製程開發到全面生產的能力組合，才是我們公司獨有的。我們為美國、歐洲的成熟設施提供這些功能，現在透過我們在沙烏地阿拉伯的合資企業提供這些功能，您將來會聽到更多關於此的資訊。這是我們多年來在醫療保健業務（例如鈦脊椎植入物）中成功實施的商業模式，現在我們正在擴展到特定的高可靠性工業市場。

So while it's always great to discuss our market-leading photopolymer printing systems because they're truly fantastic, I believe it's absolutely essential for a company in our industry to offer both polymer and metal printing solutions. This is needed in order to ultimately obtain the scale that's required to service key customers around the world as their production demands grow. Those companies that do not have this capability will ultimately need to develop it or acquire it in order to be successful. This is why I would not trade our position in this industry for any others today, even in the face of a challenging end market.

因此，雖然討論我們市場領先的光聚合物印刷系統總是很棒，因為它們確實很棒，但我相信對於我們行業中的一家公司來說，提供聚合物和金屬印刷解決方案是絕對必要的。這是為了最終獲得為全球主要客戶提供服務所需的規模，以滿足其生產需求的成長。那些不具備這種能力的公司最終將需要開發或獲得這種能力才能獲得成功。這就是為什麼今天即使面對充滿挑戰的終端市場，我也不會將我們在這個行業的地位交給任何其他人。

So with these investments behind us and our insourcing near complete, it's time to focus on cost in this period of economic turbulence. Last quarter, we announced a new initiative to reduce our annualized costs by over $50 million over a six-quarter period. This involved primarily a consolidation of our operating footprint and a streamlining of our back office operations.

因此，隨著這些投資的完成以及我們的內部採購工作接近完成，現在是時候在經濟動盪時期關注成本了。上個季度，我們宣布了一項新舉措，計劃在六個季度內將年度成本降低 5,000 多萬美元。這主要涉及整合我們的營運足跡和精簡我們的後台營運。

With ongoing sales pressures, however, we will now take the added step of aligning our overall organizational structure with the demand profile we experienced in the first quarter. While we certainly hope that this market condition is short-lived, but as the tariff situation is yet unresolved, it's prudent to assume that it will continue and to adjust our costs accordingly. These incremental cost actions, which will be completed over the next two months, will yield roughly $20 million of cost savings in the current year. Again, this is incremental to the $50 million of savings that is on track for completion by mid-2026, thus providing at least $70 million of cost savings in total.

然而，由於銷售壓力持續存在，我們現在將採取額外措施，使我們的整體組織結構與第一季的需求狀況保持一致。雖然我們當然希望這種市場狀況是短暫的，但由於關稅問題尚未解決，我們謹慎地認為這種情況將持續下去，並相應地調整我們的成本。這些增量成本行動將在未來兩個月內完成，並將在今年節省約 2,000 萬美元的成本。再次，這是預計在 2026 年中期完成的 5000 萬美元節省的增量，從而總共節省至少 7000 萬美元的成本。

From a timing standpoint, our priority is to get to a positive EBITDA situation as quickly as possible and then moving to positive operating and free cash flow performance. We believe this is highly attainable at the current sales levels once these programs are completed.

從時間角度來看，我們的首要任務是盡快實現正 EBITDA 狀況，然後轉向正營運和自由現金流表現。我們相信，一旦這些項目完成，以目前的銷售水準來看，這個目標很有可能實現。

With that introduction, let me move to a brief update on our key growth initiatives. One of the most exciting markets now opening before us is dentistry, and I've spoken to you about this on several calls. When we last spoke, we identified $1 billion of total addressable market opportunity in the United States alone, with Europe and Asia more than doubling this number. We divide this market into four parts: Straighten, protect, repair, and replace.

介紹完畢後，讓我簡單介紹一下我們主要的成長舉措。目前我們面前最令人興奮的市場之一是牙科，我已在幾次電話會議中與您談過這個問題。上次我們談話時，我們發現光是在美國就存在總計 10 億美元的潛在市場機會，而歐洲和亞洲的市場機會則是這個數字的兩倍多。我們將這個市場分為四個部分：矯正、保護、修理和更換。

The dental repair market, which we've not spoken a great deal about, has been foundational to us for many years and one in which we have a leading brand in NextDent materials. These materials are FDA and CEA approved for sale in all major markets, and they had a record sales performance in the fourth quarter of last year. While the first quarter was slightly softer, the trend is upward. And we expect it will continue, particularly as patient tooth repairs are typically not optional.

牙科修復市場，我們很少談論，但多年來一直是我們的基礎，我們在該市場擁有 NextDent 材料的領先品牌。這些資料均已獲得FDA和CEA批准在各大市場銷售，並在去年第四季創下了銷售業績紀錄。雖然第一季略有疲軟，但趨勢是上升的。我們預計這種情況將會持續下去，特別是因為患者的牙齒修復通常不是可選的。

In addition to our NextDent materials for the repair of teeth, a significant contributor today to our dental business relates to the straighten market, namely aligners, an application that's been central to our success for decades. And with last year's announced signing of the largest contract in our company's 40-year history, it will remain foundational to our dental business going forward.

除了用於修復牙齒的 NextDent 材料外，如今我們牙科業務的一個重要貢獻者是矯正市場，即矯正器，這項應用幾十年來一直是我們成功的核心。去年，我們宣布簽署了公司 40 年歷史上最大的合同，這將繼續成為我們未來牙科業務的基礎。

However, of note, due to the very concentrated nature of this customer base, we can expect more pronounced volatility in the straighten segment as the key manufacturer of these products periodically adjust their inventory levels and migrates over time to just in time material sourcing strategies to reduce overall inventory exposure. This will lead to some degree in quarter-to-quarter volatility in demand as it did in Q1. But overall, this business remains on a solid growth curve as people around the world increase their use of aligners for teeth straightening.

然而，值得注意的是，由於該客戶群非常集中，我們可以預期拉直部分將出現更明顯的波動，因為這些產品的主要製造商會定期調整其庫存水平，並隨著時間的推移轉向及時材料採購策略，以降低整體庫存風險。這將導致需求出現一定程度的季度波動，就像第一季一樣。但總體而言，隨著世界各地的人們越來越多地使用矯正器來矯正牙齒，這項業務仍保持著穩健的成長曲線。

And finally, as I've described before, an important and exciting milestone rapidly approaching for our dental business, and that's the launch of our new NextDent 300 jetting system designed specifically for the printing of monolithic dentures. Having gained FDA approval for the dentures several months ago, the launch of the full printing platform is on schedule for full release this summer. It's already in beta testing and customer feedback is very positive. This will give us full capability to address the U.S. dental market, which is estimated to be over $400 million that's several times the size of the aligner market. European certification is expected to follow next year, which will significantly add to this market size.

最後，正如我之前所描述的，我們的牙科業務即將迎來一個重要且令人興奮的里程碑，那就是推出專為列印整體假牙而設計的新型 NextDent 300 噴射系統。該假牙幾個月前就已獲得 FDA 批准，全列印平台預計將於今年夏天全面發布。它目前已進入 Beta 測試階段，客戶回饋非常積極。這將使我們完全有能力滿足美國牙科市場的需求，該市場的規模估計超過 4 億美元，是矯正器市場的幾倍。預計歐洲認證將於明年推出，將大大擴大該市場規模。

Now let's turn to some additional growth drivers in areas of strategic focus for the future. Our growth in hardware systems and service revenues in this challenging economic climate provides important early feedback on our long-term growth strategy. As we've navigated through a challenging sales environment in recent quarters, we've continued to see demand for new customer application development and specialty parts manufacturing to increase.

現在讓我們來談談未來策略重點領域的一些額外成長動力。在當前充滿挑戰的經濟環境下，我們的硬體系統和服務收入的成長為我們的長期成長策略提供了重要的早期回饋。近幾個季度，我們經歷了充滿挑戰的銷售環境，我們持續看到新客戶應用開發和專業零件製造的需求不斷增長。

With respect to industrial companies, we view our Application Innovation Group or AIG as a unique enabler that allows us to aggressively address this growing customer need. In the first quarter, the effectiveness of our AIG group was demonstrated most tangibly through the double-digit revenue growth of our metal printing platforms that they enabled, even in the face of a soft CapEx spending environment. Metal parts that are of greatest interest to our customers are typically highly complex in their design and are commonly comprised of special metal alloys for use in high-temperature, corrosive, high-stress environments, which makes them expensive.

對於工業公司，我們將應用創新集團（AIG）視為獨特的推動因素，使我們能夠積極滿足日益增長的客戶需求。在第一季度，我們 AIG 集團的效率得到了最切實的體現，即使在資本支出環境疲軟的情況下，我們的金屬印刷平台也實現了兩位數的收入成長。我們的客戶最感興趣的金屬零件通常設計非常複雜，並且通常由用於高溫、腐蝕性、高應力環境的特殊金屬合金製成，這使得它們變得昂貴。

Our application engineers work with customers through the entire design and work flow optimization process, printing test parts for validation, and in some cases, manufacturing initial production volumes as a bridge to the ultimate purchase of metal printers, software, and supporting services. This model is proving very effective for us and one that we'll expand upon in the future.

我們的應用工程師與客戶合作完成整個設計和工作流程最佳化流程，列印測試零件進行驗證，並在某些情況下製造初始生產量，作為最終購買金屬印表機、軟體和支援服務的橋樑。事實證明，這種模式對我們來說非常有效，我們將來會進一步擴展這種模式。

As an example of our technology advancement in metals that underpins this growth is the new DMP 350 Triple laser metal printing system which is now in full production. Over the last two years we've made significant strides in application capability and machine productivity in the 350, culminating in the system's ability to print the highest quality metal parts, having very low oxygen contamination. This capability, which was an outgrowth of our titanium printing requirements for human spinal implants, is attributable in part to the unique vacuum chamber design of the DMP Flex 350 printers. With this system, argon gas consumption is significantly reduced, which reduces operating costs, while yielding best-in-class oxygen levels, less than 25 parts per million, resulting in exceptionally strong high-quality high-purity parts.

作為我們在金屬領域技術進步的一個例子，支撐這一增長的是新的 DMP 350 三重雷射金屬列印系統，該系統現已全面投入生產。在過去的兩年中，我們在 350 的應用能力和機器生產力方面取得了重大進展，最終使該系統能夠列印最高品質的金屬零件，並且氧氣污染非常低。這種能力是我們對人體脊椎植入物鈦金屬列印需求的產物，部分歸功於 DMP Flex 350 印表機獨特的真空室設計。透過該系統，氬氣消耗量顯著減少，從而降低了營運成本，同時產生了一流的氧氣含量，低於每百萬分之二十五，從而產生了異常堅固的高品質高純度零件。

In addition, we recently introduced a removable print module with a larger build volume, making the DMP the most compact system in this size category in the industry. The triple laser system, with its advanced optics, offers high energy input for greater throughput at a system cost that provides a compelling return on investment for our customers. Key markets for this system are defense and aerospace, as well as AI infrastructure applications with sales spanning the U.S., Europe, the Middle East, and Asia.

此外，我們最近推出了具有更大構建體積的可拆卸列印模組，使 DMP 成為業界同尺寸類別中最緊湊的系統。三重雷射系統採用先進的光學元件，可提供高能量輸入，從而實現更高的吞吐量，並且系統成本可為我們的客戶帶來極具吸引力的投資回報。該系統的主要市場是國防和航空航天以及人工智慧基礎設施應用，銷售範圍遍及美國、歐洲、中東和亞洲。

A similar story will soon unfold for our DMP 500 Gen 2 system, which is now in operation within our AIG group and is expected to enter full commercial production in the near future. With its larger print volume and greatly enhanced laser system, it will open an even greater range of applications in the higher reliability markets around the world.

類似的故事很快也將在我們的 DMP 500 Gen 2 系統上演，該系統目前已在我們的 AIG 集團內部運行，預計在不久的將來將進入全面商業化生產。憑藉其更大的列印量和大大增強的雷射系統，它將在全球更高可靠性的市場中開闢更廣泛的應用範圍。

Now turning to slide 7. Our personalized healthcare and medical parts manufacturing business are also key areas of strategic focus for our future. As discussed previously, we are increasing our focus in these critical areas of our portfolio, and I'm pleased to share the medical parts manufacturing and personalized healthcare grew revenues 18% and 17%, respectively, in the quarter in a year-over-year comparison.

現在翻到幻燈片 7。我們的個人化醫療保健和醫療零件製造業務也是我們未來策略重點的領域。正如之前所討論的，我們正在加大對我們產品組合中這些關鍵領域的關注，我很高興地告訴大家，本季度醫療零件製造和個性化醫療保健的收入與去年同期相比分別增長了 18% 和 17%。

Led once again by our AIG expertise, we partner closely with leading medical device manufacturers, collaborating with them from concept to commercialization of 3D printed implants and instruments within a variety of surgical specialties. Based on the growing demand we see ahead, we've increased our ability to scale this business, unlocking double-digit momentum for our FDA- and CE-approved medical implants and surgical aids manufactured in our ISO 13485-certified factories in the U.S. and Europe.

再次以我們的 AIG 專業知識為先導，我們與領先的醫療設備製造商密切合作，與他們合作從概念到商業化各種外科專業的 3D 列印植入物和器械。根據我們預見的未來不斷增長的需求，我們提高了擴大這項業務的能力，為我們在美國和歐洲通過 ISO 13485 認證的工廠生產的經 FDA 和 CE 批准的醫療植入物和手術輔助設備釋放了兩位數的增長勢頭。

In our personalized healthcare business, we tailor specific patient-specific solutions, partnering with manufacturers and healthcare providers to transform surgical outcomes for both patients and surgeons. Our multi-faceted offerings include advanced design and planning software, creating custom solutions that help translate virtual surgery into the OR, improving outcomes and the overall patient experience. Our longstanding success in the cranio-maxillofacial or CMF space was on display again in April when we announced our solutions enablement of the world's first facial implant manufactured at point-of-care within the hospital in collaboration with the University Hospital at Basel.

在我們的個人化醫療業務中，我們為患者量身定制特定的解決方案，與製造商和醫療保健提供者合作，為患者和外科醫生改變手術結果。我們多方面的產品包括先進的設計和規劃軟體，創建有助於將虛擬手術轉化為手術室的客製化解決方案，改善結果和整體患者體驗。今年 4 月，我們宣布與巴塞爾大學醫院合作，在醫院內即時護理點生產世界上第一個臉部植入物，我們的解決方案再次展現了我們在顱顏面或 CMF 領域的長期成功。

We're now expanding our focus to address new areas of the human body and into new geographies, accelerants to our growth and the nearly 250,000 patients served through our personalized healthcare solutions business.

現在，我們正在擴大關注範圍，以解決人體的新領域和新的地理問題，從而加速我們的成長，並透過我們的個人化醫療解決方案業務為近 250,000 名患者提供服務。

Before I turn things over to Jeff Creech to discuss our financials in more detail, I'd like to conclude my remarks on slide 8. Given the continuation of economic and geopolitical instabilities and the rapidly shifting tariff landscape which has so impacted our customer spending patterns, we decided to approach our outlook for the remainder of 2025 with a conservative view. This cautious approach, which we believe is prudent, considers the softer-than-expected start to the year given the pause we saw in our customers' CapEx spending since early in the year.

在我將主題交給 Jeff Creech 更詳細地討論我們的財務狀況之前，我想在第 8 張投影片上結束我的演講。鑑於經濟和地緣政治持續不穩定以及關稅格局的快速變化對我們的客戶支出模式產生了巨大影響，我們決定以保守的觀點來展望 2025 年剩餘的時間。我們認為，這種謹慎的做法是審慎的，因為考慮到今年年初以來客戶的資本支出暫停，今年的開局比預期要弱。

While we remain encouraged by the new printer and service sales growth during the first quarter, on balance, the year is off to a rough start, and we therefore need to take a more aggressive approach to reduce our cost structure. In order to do this, we'll now execute against two work streams, both focused on profitability improvements as I've described. The first is our previously announced cost actions which are on track to deliver over $50 million of annualized savings by the first half of next year. This is largely focused on footprint consolidation and back office efficiency improvements. In addition, we've decided to implement an incremental set of actions to deliver an additional $20 million of in-year savings for calendar '25. This effort will focus on resetting our organizational structure to align it with the demand environment that we currently face.

雖然我們對第一季新印表機和服務銷售的成長感到鼓舞，但總的來說，今年開局並不順利，因此我們需要採取更積極的方法來降低成本結構。為了做到這一點，我們現在將執行兩個工作流程，正如我所描述的，這兩個工作流程都專注於提高獲利能力。首先是我們先前宣布的成本行動，預計到明年上半年將實現每年超過 5,000 萬美元的節餘。這主要集中在足跡整合和後台效率的提升。此外，我們決定實施一系列漸進式措施，為 2025 年額外節省 2,000 萬美元。這項工作將專注於重置我們的組織結構，以使其與我們當前面臨的需求環境保持一致。

Our continuity in R&D investment over the last three years, combined with our insourcing and manufacturing and supply chain management, have given us a strong foundation to leverage as we now adjust our cost structure in the face of challenging market dynamics. We believe that these efforts will result in a structure and operating model that will deliver positive EBITDA performance and cash generation levels that are needed to sustain long-term investment in the future.

過去三年來，我們在研發方面的持續投入，加上我們的內部採購、製造和供應鏈管理，為我們在面對充滿挑戰的市場動態時調整成本結構奠定了堅實的基礎。我們相信，這些努力將形成一種結構和營運模式，帶來積極的 EBITDA 績效和現金產生水平，這是維持未來長期投資所必需的。

While I do not like having to pull our 2025 guidance at this point, given the current volatility stemming from the fluid tariff situation, I see no option but to do so. Hopefully, this will resolve itself in the near future. But until it does, we'll be very prudent in our planning and focus on our costs so that we can be profitable at our current revenue levels when these actions are completed.

雖然我不喜歡在此時撤回我們的 2025 年指導，但考慮到當前由流動關稅情況引起的波動，我認為別無選擇，只能這樣做。希望這個問題能在不久的將來得到解決。但在此之前，我們將非常謹慎地進行規劃並專注於成本，以便在這些行動完成時我們能夠以目前的收入水平實現盈利。

Finally, on April 1, we announced the completed sale of our Geomagic asset portfolio. The transaction delivered over $100 million of net proceeds to our balance sheet, leaving us in a strong net cash position as we now address our cost structure. As we move forward, our execution of these restructuring plans, combined with our current cash reserves, enable greater flexibility, positioning our leading portfolio of assets to transform manufacturing for a better future.

最後，我們在 4 月 1 日宣布完成 Geomagic 資產組合的出售。該交易為我們的資產負債表帶來了超過 1 億美元的淨收益，使我們在解決成本結構問題時處於強勁的淨現金狀況。隨著我們不斷前進，這些重組計畫的實施，加上我們目前的現金儲備，將實現更大的靈活性，使我們領先的資產組合能夠轉變製造業，創造更美好的未來。

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

現在我將把話題交給傑夫。傑夫？

Thank you, Jeff. And good morning, everyone. I'll begin with our revenue summary on slide 10. For the first quarter, we reported consolidated revenues of $95 million, declining 8% from prior year as growth in services and hardware systems was offset by a decline in materials. Within our segments, industrial solutions declined 7% with revenues of $53 million with the shortfall driven by material sales. Somewhat offsetting this was growth in printer sales and a continuation of success in aerospace and defense end markets. Healthcare solutions revenues of $41 million decreased 9% from the previous year as growth in services was offset by a decline in materials and essentially flat printer (inaudible).

謝謝你，傑夫。大家早安。我將從第 10 張投影片開始介紹我們的收入摘要。第一季度，我們的綜合收入為 9,500 萬美元，較上年下降 8%，因為服務和硬體系統的成長被材料價格的下降所抵消。在我們的部門中，工業解決方案下降了 7%，收入為 5,300 萬美元，缺口是由材料銷售造成的。印表機銷售量的成長以及航空航太和國防終端市場的持續成功在一定程度上抵消了這一影響。醫療保健解決方案收入為 4,100 萬美元，較上年下降 9%，因為服務收入的增長被材料收入和基本持平的印表機收入的下降所抵消（聽不清楚）。

Materials performance was primarily driven by near-term inventory adjustments in the dental orthodontics market. However, customer commentary suggests more resilient patient demand to continue supporting the business. Additionally, as Jeff mentioned earlier, personalized healthcare and parts manufacturing remain integral pieces of our strategy, and we're up 17% and 18%, respectively.

材料性能主要受到牙科正畸市場近期庫存調整的推動。然而，客戶評論表明，患者需求更具彈性，將繼續支持業務。此外，正如傑夫之前提到的，個人化醫療保健和零件製造仍然是我們策略不可或缺的一部分，我們的成長分別達到了 17% 和 18%。

Now the gross margins on slide 10. For the first quarter, we reported non-GAAP gross profit margin of 35% compared to 40% in the prior year. This decline in period-over-period margin was primarily driven by lower volumes and unfavorable price and mix. Longer term, we maintain the expectation to drive benefits to our margin profile by way of our announced cost initiatives focused on footprint consolidation, enhanced factory utilization, and inventory management, as well as logistics efficiencies.

現在第 10 張投影片上顯示的是毛利率。第一季度，我們報告的非公認會計準則毛利率為 35%，去年同期為 40%。期內利潤率的下降主要是由於銷售下降以及價格和產品組合不利所致。從長遠來看，我們仍期望透過已宣布的成本計劃來提高我們的利潤率，這些計劃側重於整合足跡、提高工廠利用率和庫存管理以及物流效率。

Let's look at slide 12 for operating expense. Non-GAAP operating expense for the first quarter was $61.6 million, a $5 million improvement from the prior year driven by our cost initiatives. Looking ahead, we expect our cost management programs, inclusive of yesterday's announcement, to continue to drive a meaningful improvement in operating expense going forward.

我們來看投影片 12 的營運費用。第一季非公認會計準則營運費用為 6,160 萬美元，由於我們的成本舉措，比去年同期減少了 500 萬美元。展望未來，我們預計我們的成本管理計劃（包括昨天的公告）將繼續推動未來營運費用的顯著改善。

Turning to slide 13 to finish up the P&L. For the first quarter, adjusted EBITDA of negative $23.9 million declined from the prior year by $4 million, primarily driven by lower revenues and gross margin. Although we continued to maintain an elevated level of R&D investment in the quarter, we were pleased to see an improvement in overall operating expense driven by our cost actions. Non-GAAP loss per share was $0.21 compared to a loss per share of $0.17 in the prior year.

翻到第 13 張投影片來完成損益表。第一季度，調整後的 EBITDA 為負 2,390 萬美元，較上年下降 400 萬美元，主要原因是營收和毛利率下降。儘管本季我們繼續保持較高的研發投入水平，但我們很高興看到在成本行動的推動下，整體營運費用有所改善。非公認會計準則每股虧損為 0.21 美元，去年每股虧損為 0.17 美元。

Let's take a look at the balance sheet on slide 14. We closed the quarter with $135 million in cash and cash equivalents compared to $171 million at the end of last year with the sequential decline in cash predominantly driven by operations. However, first quarter performance includes approximately $10 million of payments to support items outside of normal quarterly operations, including examples such as accelerated inventory purchases in anticipation of potential tariff impacts, compliance requirements, and expenditures on facilities closures, among other things.

讓我們來看看投影片 14 上的資產負債表。本季末，我們的現金和現金等價物為 1.35 億美元，而去年年底為 1.71 億美元，現金環比下降主要受營運影響。然而，第一季的業績包括約 1000 萬美元的付款，用於支持正常季度運營之外的項目，例如為應對潛在關稅影響而加速的庫存採購、合規要求以及設施關閉支出等。

Immediately following the end of the first quarter, we announced the closed divestiture of Geomagic software portfolio. Gross proceeds from the sale increased cash by nearly $120 million and we expect to remit approximately $10 million to $15 million in taxes associated with the transaction.

第一季結束後，我們立即宣布徹底剝離 Geomagic 軟體產品組合。此次出售的總收益使現金增加了近 1.2 億美元，我們預計將繳納與此交易相關的約 1,000 萬至 1,500 萬美元的稅款。

Before turning to the next slide, I'd like to call out a few important items. As an interim update, accounting for the Geomagic sale proceeds and our April operation, our most recent month in global cash balance was approximately $250 million. We are currently in a net cash positive position in comparison to our outstanding unsecured convertible nodes, which are due November 2026. We are continuing to proactively analyze a range of scenarios to address this maturity that will come due in approximately 18 months. Given the prudent and opportunistic approach to materially reduce the overall balance of this maturity at a highly attractive discount over the last two years, we look forward to providing updates on our plans as we continue to move forward.

在翻到下一張投影片之前，我想先提幾個重要事項。作為臨時更新，考慮到 Geomagic 銷售收益和我們 4 月的營運情況，我們最近一個月的全球現金餘額約為 2.5 億美元。與 2026 年 11 月到期的未償還無擔保可轉換節點相比，我們目前處於淨現金正狀況。我們將繼續積極分析一系列情景，以解決大約 18 個月後到期的成熟問題。鑑於過去兩年來我們採取審慎和機會主義的方式，以極具吸引力的折扣大幅降低該期限債券的總餘額，我們期待在繼續前進的過程中提供有關我們計劃的最新信息。

For slide 15 and some closing remarks. As Jeff mentioned earlier, due to the risk of protracted weakness in customer capital investment spending, we are withdrawing our full-year guidance for 2025 as we continue to focus on delivering profitability at our current scale. We believe with our strong new product portfolio spanning all metal and polymer platforms that we are well-positioned for accelerated growth and profitability when customer spending on CapEx rebounds.

請參閱投影片 15 和一些結束語。正如 Jeff 先前提到的，由於客戶資本投資支出長期疲軟的風險，我們將撤回 2025 年全年預期，因為我們將繼續專注於在現有規模下實現盈利。我們相信，憑藉我們涵蓋所有金屬和聚合物平台的強大新產品組合，當客戶的資本支出反彈時，我們將完全有能力實現加速成長和獲利。

We thank you for your time this morning and your continued support of 3D Systems. And we will now open the line for questions. Operator?

我們感謝您今天早上抽出的時間以及對 3D Systems 的持續支持。我們現在開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Good morning, gentlemen. Thanks for taking my questions here. Let me start out with you, Dr. Graves, just to comment on aligner inventory and the movement to just in time. Can you go into that a little bit more and just kind of let us know what you think kind of the current material inventory levels are in numbers of weeks or something?

先生們，早安。感謝您在這裡回答我的問題。首先，請允許我和格雷夫斯博士就矯正器庫存和及時更新的措施進行評論。您能否更詳細地說明這一點，並讓我們知道您認為目前的材料庫存水準是多少週或什麼的？

Yes. I'll take a shot at answering that, Troy, and it's great to hear your voice. So the aligner market continues to be a growth market all in all. If you listen to the commentary by the companies that are in that space, it continues to be a growth market. It may have moderated some, but it's still a growth market and moving global. As the dominant companies there have gotten more sophisticated and larger, and as their growth rates have slowed, they're just paying a lot more attention these days to inventory and working capital. I think it's a common symptom of a maturing business where they have a more sophisticated infrastructure to manage their inventory, quite frankly. So they can move to, if not a day to day process, they can move to a much more controlled environment. And the factories around the world, the money they tie up in working capital is significant. So it's a big payoff for them.

是的。我會盡力回答這個問題，特洛伊，很高興聽到你的聲音。因此，矯正器市場總體而言仍是一個成長型市場。如果你聽聽該領域公司的評論，你會發現它仍然是一個成長型市場。它可能已經有所緩和，但它仍然是一個成長型市場並且正在走向全球。隨著主導的公司變得越來越複雜和龐大，並且隨著它們的成長率放緩，它們現在更加關注庫存和營運資本。坦白說，我認為這是成熟企業的常見症狀，他們擁有更複雜的基礎設施來管理庫存。因此，他們可以轉向，如果不是日常流程，他們可以轉向更受控制的環境。對於世界各地的工廠來說，它們在營運資本上投入的資金是巨大的。所以這對他們來說是一筆巨大的回報。

So as a supplier to them, what it means is as they go through that transition, just a lot more volatility and forecasts and things to us. So we have a great relationship with them. We talk to them on a daily or hourly basis about meeting their supply needs. It's clear that they're migrating to a more sophisticated approach to to do it. And with that, they'll be closer in matching supply with demand.

因此，作為他們的供應商，這意味著當他們經歷這種轉變時，對我們來說將面臨更多的波動、預測和其他事情。所以我們與他們的關係很好。我們每天或每小時都會與他們交談，討論如何滿足他們的供應需求。很明顯，他們正在採用更複雜的方法來實現這一目標。這樣一來，他們的供應和需求就能更加匹配。

In the past, when they were growing really fast, Troy, I think it was just make sure you always had materials on supply, quite frankly, and I'm speaking for them. But the attitude they projected was very much, look, just make sure we have all the inventory we need to make sure we keep all the manufacturing running. Now, with a more volatile economy around the world, I think it's just a more prudent way they're managing their inventory reserves and their inventories. And for us, that transitioning can be a little bit volatile.

特洛伊，過去，當他們發展得非常快的時候，我認為你只需要確保你總是有材料供應，坦白說，我代表他們發言。但他們表現出的態度是，你看，只要確保我們擁有所需的所有庫存，以確保所有製造活動都能正常運作即可。現在，隨著全球經濟更加動盪，我認為這只是他們管理庫存儲備和庫存的一種更謹慎的方式。對我們來說，這種轉變可能會有點不穩定。

So we had a very good year last year. We saw some softness in Q1, some of which was expected, some of which was a bit of a surprise. But the public commentary is their business continues to grow. And obviously, as their key supplier of materials, our business will over time grow too.

所以我們去年過得非常好。我們看到第一季出現了一些疲軟現象，其中一些是意料之中的，而另一些則有點出乎意料。但公眾的評論是他們的業務繼續增長。顯然，作為他們的主要材料供應商，我們的業務也會隨著時間的推移而成長。

So I wouldn't read too much into it. It's a symptom of growing up and becoming more sophisticated. And as a supplier, it leads you to having to be a little bit more nimble. And you can expect a little bit more volatility. We're in the early phases here of a multiyear contract. So long term, I don't worry about the business. I love it. I just want to focus on executing well. In the shorter term, there can be some quarter-to-quarter variations which are always painful, but you just move on.

所以我不會對此進行過多的解讀。這是成長和變得更加成熟的表現。作為供應商，它會讓你必須更靈活。您還可以預期會有更多波動。我們正處於多年期合約的早期階段。所以從長遠來看，我並不擔心業務。我喜歡它。我只想專注於做好執行。從短期來看，季度間可能會出現一些變化，這總是令人痛苦的，但你只需繼續前進。

Anyway, that was the story of the first quarter. I wouldn't read anything more into it than that. The aligner business is still a great one. And there'll be more and more customers in that field, by the way. I believe that it's something people are using around the world. So did somewhere in there that I answer your question, Troy?

無論如何，這就是第一季的故事。我不會對此做任何進一步的解讀。牙齒矯正器業務依然出色。順便說一句，該領域的客戶將會越來越多。我相信這是世界各地的人們都在使用的東西。那麼，我是否在某處回答了你的問題，特洛伊？

Number of weeks of inventory, but that that's okay. I'll go on to the next one here --

庫存週數，但那沒關係。我將繼續講下一個--

Yeah. In terms of in terms of inventory numbers, I really can't quote a number for you. But I think it's very well-managed right now. I think they've worked through a lot of their inventory. Bring down, if you will, or leaning out. So I don't have a number for you. But I think they've worked it to where they want it to be to kind of match their growth trajectory now. So it's just full speed ahead.

是的。就庫存數量而言，我真的無法為您提供一個數字。但我認為現在管理得很好。我認為他們已經處理掉大部分庫存了。如果你願意的話，可以放低或探出身子。所以我沒有你的電話號碼。但我認為他們已經努力將其提升到他們想要的水平，以匹配他們現在的成長軌跡。所以一切進展順利。

Perfect. Very helpful. All right. So then my follow-up question, with all the cost cuts going on, I've known over the past couple years you've entered some new markets via acquisitions and acquired new technology. Does it make sense to maybe completely exit some of these new technology areas that just are nascent with respect to your revenues right now?

完美的。非常有幫助。好的。那麼我的後續問題是，隨著成本削減，我知道過去幾年你們透過收購進入了一些新市場並獲得了新技術。就你們目前的收入而言，完全退出一些剛起步的新科技領域是否有意義？

Troy, it's an excellent question to always ask, especially when sales are off. What can you, with greater assurance, really focus on? Some of the acquisitions that we did of new technology bringing in and integrating, they're clearly winners. I love our extrusion technology with the Titan platform, we're fully integrating that. The Kumovis acquisition for some of the cranial implants, great technology. We can fully integrate those, get cost out, and just keep running. Those are great.

特洛伊，這是一個很好的問題，尤其是在銷售下滑的時候。您可以更有把握地真正專注在什麼？我們進行的一些引進和整合新技術的收購顯然是成功的。我喜歡我們的 Titan 平台擠壓技術，我們正在將其完全整合。Kumovis 收購了一些顱骨植入物，這是一項很棒的技術。我們可以完全整合這些，降低成本，並繼續運作。這些都很棒。

Some of the stuff that we've moved into in regenerative medicine, I'll be candid with you, our lung program with United Therapeutics is fantastic. And if I go back three years ago, it spawned some truly novel technology that we really wanted to explore and see what the potential was of it. So everything from printing other types of human tissue to looking at the pharmaceutical market and tissue printing for those organ on a chip printing, basically, for testing of drugs. So those are exploratory efforts, largely R&D efforts to see how far we can carry the technology and to lock up some IP for the future, things like that.

我可以坦誠地告訴你們，我們在再生醫學領域取得的一些進展，我們與聯合治療公司合作的肺部治療課程非常棒。如果回顧三年前，它催生了一些真正新穎的技術，我們真的很想探索它並看看它的潛力。因此，從列印其他類型的人體組織到專注於醫藥市場以及晶片上器官的組織列印，基本上都用於藥物測試。所以這些都是探索性的努力，主要是研發努力，看看我們能將這項技術發展到什麼程度，並為未來鎖定一些智慧財產權，諸如此類。

When sales are soft, you start looking really hard at those R&D investments and say, should I rein them back or even pause them for a while and let the world kind of kind of stabilize. That's very much the mode we're in right now. So we're picking our priorities. Again, our organ program is fantastic. The partnership with United Therapeutics, the lung work, there'll be revolutionary things that come out of that in a couple of years. The spin-offs of that technology are going to slow down, undoubtedly. And then, the other benefit is we can carry some of that technology into our industrial printers. For example, very high-precision projection systems has been a real boon for the industrial space and things like electrical connectors and other applications. So we're exploiting that now, putting some of that technology into our industrial printers. We'll continue doing that.

當銷售疲軟時，你開始認真審視那些研發投資，並說，我是否應該控制它們，或暫停一段時間，讓世界穩定下來。這正是我們現在所處的模式。因此我們正在選擇我們的優先事項。再說一次，我們的管風琴節目太棒了。與 United Therapeutics 的合作以及肺部研究將在幾年內帶來革命性的成果。毫無疑問，該技術的衍生產品的發展將會放緩。另一個好處是我們可以把一些技術應用到我們的工業印表機中。例如，高精度投影系統對於工業領域以及電連接器和其他應用而言是真正的福音。因此我們現在正在利用這一點，將其中一些技術應用到我們的工業印表機中。我們將繼續這樣做。

But we're going to focus, Troy, the mantra is focus on the markets that you're absolutely certain are moving in the right direction for 3D printing. So for personalized healthcare, (inaudible), is core to our being and both the design of surgical procedures, the surgical aids, and the parts, that's great. That's fantastic business for us. We'll continue expanding throughout the body there. On the industrial side, I think you'll see us moving from a broad-based supplier for all industries, over time to a more focused supplier to the high-reliability markets. So aerospace and defense, oil and gas, AI infrastructure is great for us, that kind of stuff. So those clearly benefit from 3D printing a lot. And we've got really good technology synergies with our healthcare business. So you'll see us really focus on certain markets.

但是，特洛伊，我們要集中精力，我們的口號是集中精力於那些你絕對確定正朝著 3D 列印正確方向發展的市場。因此，對於個人化醫療保健而言，（聽不清楚）是我們生存的核心，並且對於手術程序、手術輔助設備和零件的設計都很棒。這對我們來說是一筆很棒的生意。我們將繼續擴大其在身體各處的業務。在工業方面，我認為你會看到我們隨著時間的推移從一家覆蓋所有行業的廣泛供應商轉變為更專注於高可靠性市場的供應商。因此，航空航太和國防、石油和天然氣、人工智慧基礎設施等對我們來說都很重要。因此這些顯然從 3D 列印中受益匪淺。我們的醫療保健業務與我們的醫療保健業務之間有著非常好的技術協同效應。所以你會看到我們真正專注於某些市場。

And I tried to say it in the opening script. Our business model is going to migrate over time a little bit. What we're seeing from customers, Troy, is a demand not only to demonstrate that a part can be made, but to actually then make it in some limited quantities. So we are not going to be a service bureau. But I will tell you, especially in metals, our ability to manufacture limited volumes of parts is going to grow for those high-reliability markets on a bespoke basis for certain customers to actually bridge them. Because these systems, all in all, are fairly expensive, these metal printing systems. So customers have to watch their CapEx spending. So if you can bridge them to a period where they can either decide, Okay, I'm going to buy printers or I'm going to outsource to a contract manufacturer. That's really valuable to them.

我嘗試在開場白中表達這一點。我們的商業模式會隨著時間的推移而稍微轉變。特洛伊，我們從客戶那裡看到的是，他們不僅要求證明某個零件能夠製造，而且要求實際上能夠製造有限數量的零件。所以我們不會成為一家服務機構。但我要告訴你，特別是在金屬領域，我們為某些高可靠性市場量身生產有限數量零件的能力將會增強，從而真正為這些客戶搭建橋樑。因為這些系統整體來說相當昂貴，這些金屬印刷系統。因此客戶必須關注他們的資本支出。因此，如果你可以讓他們有一個可以決定的時期，好的，我要購買印表機，或者我要外包給合約製造商。這對他們來說真的很有價值。

So in our metals business, where you don't get a lot of the consumable pull-through, we're updating the model to say, yeah, we'll demonstrate the process with your materials, which are often exotic, and we'll do some limited part manufacturing for you in order to bridge you to a higher volume future. And I think that combination is how we continue to drive gross margins up in the metals business versus the consumables, which have always been a big part of the polymer business. So a long-winded answer to your question, I hope again somewhere I addressed it.

因此，在我們的金屬業務中，您不會獲得大量的消耗品，我們正在更新模型，說，是的，我們將使用您的材料（通常很特殊）來演示該過程，我們將為您進行一些有限的零件製造，以便為您帶來更高產量的未來。我認為，這種結合是我們繼續提高金屬業務相對於消耗品業務的毛利率的方法，而消耗品業務一直是聚合物業務的重要組成部分。因此，對於您的問題，我進行了冗長的回答，我希望我再次在某個地方解決了這個問題。

Yeah. Thank you, Jeff. And good luck, guys, this year.

是的。謝謝你，傑夫。祝大家今年好運。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Good morning. Can we just maybe go back to the quarter and spend a couple minutes? I'm still a little confused. Because you held your Q4 earnings call on March 27, so you had just a handful of days left in the quarter and you guided for flattish revenues at that point, call it, $103 million which means you missed by like $9 million. I mean, are you able to break that out? I mean, were you expecting like a $9 million consumable shipment rate at the end of the quarter or what exactly sort of caused the shortfall?

早安.我們能不能回到這個季度並花幾分鐘？我還是有點困惑。因為你在 3 月 27 日召開了第四季度收益電話會議，所以本季度只剩下幾天了，而你當時預計的收入將持平，也就是 1.03 億美元，這意味著你錯過了 900 萬美元。我的意思是，你能解決這個問題嗎？我的意思是，您是否預計本季末的消耗品出貨率會達到 900 萬美元，或者究竟是什麼原因導致了短缺？

Fair question, Greg. So two factors and they both relate to either POs or shipments. On the material side, you're right. I mean, we were expecting -- and your magnitude was off, but I mean you were right. We were expecting, as always, there's quarter shipments for materials, frankly, in the aligner market. There's always plans for shipments at the end. Some of those logistics we don't control and we don't have direct control of. So some of those we prepare for and in good faith expect. But they can often slip into the new quarter. So there's a bit of materials part of that. And we have no real visibility in that until the last day of the quarter. It's often very back-end loaded.

問得好，格雷格。因此有兩個因素，它們都與採購訂單或出貨有關。從物質方面來說，你是對的。我的意思是，我們預料到了——雖然你的幅度不對，但我的意思是你是對的。坦白說，我們一如既往地預計矯正器市場會有季度材料出貨量。最後總會有出貨計畫。其中一些物流我們無法控制，也無法直接控制。因此，我們為其中一些情況做好了準備，並真誠地期待它們。但它們常常會滑入新的季度。因此，這其中有一些材料部分。直到本季的最後一天，我們才能真正看到這一點。它通常非常依賴後端負載。

On the equipment side, it's a little bit more interesting answer, probably no more satisfying. But on the equipment side, we're penetrating real production environments now, okay? Especially in metal systems or the big polymer systems where the ASPs are higher. A lot of those deals end up happening. Those POs will have the finished goods in stock and ready to go, and we're waiting on the PO to be issued. And we saw in Q1 a particular spike in POs that were re-looked at. I wouldn't say all even pushed out. I would say, that's where my comments around customers revisiting how they're spending capital.

從設備方面來看，答案可能更有趣一些，但可能不會更令人滿意。但在設備方面，我們現在正在滲透到真實的生產環境中，好嗎？特別是在金屬系統或大型聚合物系統中，ASP 較高。很多這樣的交易最終都得以實現。這些採購訂單將包含庫存成品並準備好發貨，我們正在等待採購訂單的發出。我們在第一季看到重新審視的採購訂單出現了特別的激增。我什至不會說所有人都被趕出去了。我想說的是，這就是我對客戶重新審視他們如何花費資本的評論。

I think every company that has industrial exposure, there is a broad re-look at where they want to put factories and where they want to put production capacity. So we felt the brunt of that, of people saying, hey, with good intention, we had to prepare this, we're not going to issue the PO right now. And in many cases, it just slips into the next quarter. And I think that trend will continue. In some cases, they put it back in their pocket and say, I got to re-evaluate where I want capacity, do I want it in the U.S., do I want it overseas?

我認為，每一家具有工業影響力的公司都會重新審視他們想在哪裡設立工廠以及想在哪裡投入生產能力。因此，我們感受到了這種衝擊，人們說，嘿，出於好意，我們必須做好準備，我們現在不會發出採購訂單。在許多情況下，它只是進入下個季度。我認為這種趨勢將會持續下去。在某些情況下，他們會把錢放回自己的口袋，然後說，我必須重新評估我想要的產能在哪裡，是在美國，還是在海外？

Some markets are much more predictable, like aerospace and defense, no doubt, a lot of that's headed toward the states and verticalizing their supply chain. That's great, and so we love those. Those we saw very little movement on at the end of the quarter.

一些市場更容易預測，例如航空航天和國防，毫無疑問，其中許多都流向了美國並垂直化了其供應鏈。這太棒了，所以我們喜歡它們。在本季末，我們看到這些方面幾乎沒有什麼變化。

The closer you get to a consumer-driven good or something like that, and the more extended the supply chains, the more they're really looking at where they put their factory capacity. And it's incredibly frustrating, I would tell you, and I'm sure it's frustrating for our investors. And it's an embarrassment to miss revenue like that when you're so close to the end of the quarter. But that is the reality right now which is why we're kind of saying, look, the world's going to be volatile this year, we're going to focus on cost. We're going to get our cost down. Let's assume the world doesn't get any kinder and let's just get cost out of the business and kind of right-size it for the current demand environment.

你越接近消費者驅動的商品或類似的東西，供應鏈越延伸，他們就越專注於將工廠產能放在哪裡。我想告訴你，這真是令人沮喪，而且我確信這對我們的投資者來說也是令人沮喪的。當季度末即將到來時，錯過這樣的收入是一件令人尷尬的事情。但這就是目前的現實，這就是為什麼我們會說，看，今年世界將會動盪，我們將關注成本。我們要降低成本。假設世界不會變得更友善，那麼我們就從業務中扣除成本，並根據當前的需求環境調整其規模。

So I wish we had been more accurate at the end of the last quarter. I'd like to say it was out of our hands, but it sounds like an excuse. It's the reality of the world we live in right now. And frankly, Greg, it's why we pull guidance because I don't want to put numbers out there that we can't hit.

所以我希望我們在上個季度末能夠更加準確。我想說這超出了我們的控制範圍，但這聽起來像是一個藉口。這就是我們現在所處的世界的現實。坦白說，格雷格，這就是我們撤回指導的原因，因為我不想給出我們無法達到的數字。

Are you able to quantify what the consumable or material sales were on a year-over-year basis in Q1?

您能否量化第一季消耗品或材料銷售額與去年同期相比的情況？

The material sales in Q1 in total? Is that the question, Greg --

Q1材料銷售總計是多少？這就是問題嗎，格雷格--

Well, the year-over-year revenue decline, yeah, I mean --

嗯，收入同比下降，是的，我的意思是--

Yeah. I'll be a little bit wrong, but it was in the higher single digits of millions. Not a percentage. And correct me, Jeff, if I'm wrong there. But it was in the --

是的。我可能有點錯，但這個數字肯定高達數百萬。不是百分比。如果我錯了，傑夫，請糾正我。但它是在--

So materials were actually down 23% period-over-period and we've spoken to that. Jeff did and I did as well in our comments. We did experience a fair amount of material decline in the period-over-period comparison, which was propped up in the services and printers area. And again, this gets back to the comments that Jeff made just a moment ago, right, the predictability of these sales in the markets that are becoming increasingly more unpredictable. And again, back to the dental materials area, continued inventory management that caused those numbers to go down.

因此，材料價格實際上環比下降了 23%，我們已經談到了這一點。傑夫和我在評論中都這麼說。與上一季相比，我們確實經歷了相當大的實質下滑，這主要得益於服務和印表機領域。再次，這回到傑夫剛才發表的評論，對，這些銷售在市場中的可預測性正變得越來越難以預測。再次回到牙科材料領域，持續的庫存管理導致這些數字下降。

It's interesting, Greg, and I'll get off this question in a minute, but when you look at the impact of tariffs, the bigger impact for us, and I think it's this way for a lot of companies, is not so much in the purchase components that come out of China or elsewhere. It's in logistics costs, where you're shipping stuff on a transitory basis, where you're warehousing things, stuff like that. So the desire to bring inventories down, it is a little counterintuitive. You would think people would lay in more inventory when there's a risk of tariff ahead. But when you look at the logistics costs and the effect of tariffs when you ship to one warehouse and ship to another geography, it can be really significant.

格雷格，這很有趣，我馬上就結束這個問題，但是當你看看關稅的影響時，對我們來說更大的影響，我認為對很多公司來說都是這樣的，並不在於購買來自中國或其他地方的零部件。這是物流成本，包括臨時運送物品、倉儲物品等。因此，降低庫存的慾望有點違反直覺。你可能會認為，當未來有關稅風險時，人們會儲存更多庫存。但是，當您將貨物運送到一個倉庫並運送到另一個倉庫時，物流成本和關稅的影響會非常顯著。

So when we talk to our customers about, hey, why would you bring your inventories down? Certainly, a soft economy can do that. But the unknown risk of tariffs, there's a big ripple effect on logistics costs which companies are really starting to try to manage. So to minimize that risk, they start bringing inventory levels down. And I think that was a big part of what we saw even in the aligner market. Some of it was just inventory -- obviously, it was inventory adjustments. But I think it wasn't all demand related. A lot of it was interim cost related as they ship materials around the world. So I understand that we go through the same analysis ourselves and it's really maddening.

因此，當我們與客戶交談時，嘿，為什麼要減少庫存？當然，疲軟的經濟可以做到這一點。但關稅的未知風險會對物流成本產生很大的連鎖反應，企業開始努力應對。因此，為了盡量減少風險，他們開始降低庫存水準。我認為這是我們在矯正器市場看到的一個重要部分。其中一些只是庫存——顯然，這是庫存調整。但我認為這並非全部與需求有關。其中許多是與臨時成本相關的，因為他們需要將材料運送到世界各地。所以我明白我們自己也經歷過同樣的分析，這真的令人抓狂。

Yeah. I understand. In terms of the path to profitability, I guess, when these current cost-savings programs are completed, do you have a breakeven right in mind? I think you mentioned profitability at current revenue levels that implies like $95 million, but is that the case again when you're sort of fully completed with the $70 million?

是的。我明白。就獲利途徑而言，我想，當這些目前的成本節約計劃完成後，您是否會想到實現收支平衡？我認為您提到了當前收入水平的盈利能力，這意味著 9500 萬美元，但當您完全完成 7000 萬美元時，情況是否仍然如此？

Yeah, and it's a rough number, Greg. But our goal right now is we're driving to be profitable at current revenue levels when you (inaudible) that as soon as we get all our costs take-out finished up and it's all flowing through. But we're just making this macro assessment saying, at the current revenue level, we need to be profitable and generate positive cash flow. So let's adjust our cost structure to get there. We've spent a lot of money in the last three years refreshing our portfolio and insourcing manufacturing. We're in a great position to do it. So let's focus on it and assume the world stays as it is. If they get tariffs figured out and the world turns brighter, they'll be just upside from that. So that's our goal and we're not laying out a specific date, but what I will tell you is our cost actions we're taking right now are aimed to get us there when they're all implemented at the current kind of revenue levels we're seeing, okay?

是的，這是一個粗略的數字，格雷格。但我們現在的目標是，在目前的收入水平上實現盈利，當你（聽不清楚）時，只要我們完成所有成本的扣除，所有成本都會流到帳。但我們只是做出宏觀評估，在目前的收入水準下，我們需要獲利並產生正現金流。因此，讓我們調整成本結構來實現這一目標。過去三年我們投入了大量資金更新產品組合併進行內部製造。我們處於非常有利的位置來做這件事。因此，讓我們專注於它並假設世界保持原樣。如果他們解決了關稅問題，世界就變得更光明，他們就會從中受益。這就是我們的目標，我們並沒有設定具體的日期，但我要告訴你的是，我們現在採取的成本行動旨在讓我們在目前的收入水平上實現這一目標，好嗎？

Yes. Okay. I will leave it there. Thanks.

是的。好的。我會把它留在那裡。謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning. Thanks for taking my questions. I wanted to just start by asking what are the options as you view them, as you stare down that debt maturity 18 months from now? Obviously, it's seems like it's going to be a higher rate environment than you'd like. I'm just wondering what are the options as you view them.

早安.感謝您回答我的問題。我首先想問一下，當您面臨 18 個月後的債務到期時，您認為有哪些選擇？顯然，這似乎是一個比你所希望的更高的利率環境。我只是想知道您認為有哪些選擇。

Hey Brian. It's good to hear your voice. Our current rate is zero, so it's been great debt, actually. I mean, we went to the market just at the right time a few years ago, so that was great. Unfortunately, that will come to an end and we'll do something. Whatever debt we have remaining, that'll be at a higher interest rate. We're looking at all options, Brian. We'd love to have the cash to just pay it off. If the world looks tough and we want more cash on the balance sheet, we're looking at options to roll the debt forward. So I'd say everything's on the table.

嘿，布萊恩。很高興聽到你的聲音。我們的當前利率為零，因此這實際上是一筆巨額債務。我的意思是，幾年前我們恰好在正確的時間進入了市場，所以這很棒。不幸的是，這種情況將會結束，我們會採取一些行動。無論我們還剩下多少債務，其利率都會更高。我們正在考慮所有的選擇，布萊恩。我們希望有足夠的現金來償還債務。如果世界情況嚴峻，而我們又想在資產負債表上獲得更多現金，那麼我們就會考慮延期償還債務的選擇。所以我想說一切都已擺在桌面上。

We wanted to wait to get the Geomagic sale done and the cash in the bank which we've done now. So now, we're going through a thoughtful process to say, okay, how do we want the balance sheet to look; how much debt that we want to have left, to your point, it's going to carry some interest rate; and how much of it can we just pay off; how much comfort do we have that the world's going to get kinder; how much cash we want to have remaining. So those are the variables we're going through. And we're marching down the path of assessing those options, reviewing them with the Board. And we'll make a decision in the very near future about what we do.

我們希望等待 Geomagic 銷售完成並將現金存入銀行，現在我們已經做到了。所以現在，我們正在經過深思熟慮的過程，好的，我們希望資產負債表看起來是什麼樣的；我們希望剩下多少債務，正如你所說，它將產生一定的利率；我們能償還多少？我們對世界將變得更加友善感到多麼欣慰？我們希望剩餘多少現金。這些就是我們正在經歷的變數。我們正在評估這些選擇，並與董事會一起審查它們。我們將在不久的將來決定我們的行動。

Okay. Thanks. And then can you just talk a little bit about the areas where you're going to cut costs with? And I'm speaking of the incremental plans and the costs. And how you could or -- the concern is that it could affect your growth and then it kind of relates to my first question because you need a -- I think these are probably the two biggest questions that you're thinking about.

好的。謝謝。然後能否稍微談談您要削減成本的領域？我指的是增量計劃和成本。以及您如何能夠或——擔心的是它可能會影響您的成長，然後它有點與我的第一個問題相關，因為您需要——我認為這可能是您正在考慮的兩個最大的問題。

Brian, I tell you, that's an absolutely great question because that's the debate you go through. And we have stubbornly held on to our R&D spend, particularly, for the last three years. We've been spending 20% of sales and it's been very deliberate. Our competitors have all cut back. They've all throttled back. And I understand why because current demand is soft. But I really believe, Brian, on the rebound, these new systems will sell very well. And I also believe, as I said very clearly, I think for a company to be successful, you're going to have to have polymers and metals, both, and you're going to have to have a range of polymer solutions because they're all good for different things. So I love our portfolio.

布萊恩，我告訴你，這絕對是一個好問題，因為這就是你所經歷的辯論。我們始終堅持加大研發投入，特別是過去三年。我們一直將銷售額的 20% 用於此，這是經過深思熟慮的。我們的競爭對手都已削減了規模。他們都已減速。我理解其中的原因，因為目前的需求疲軟。但布萊恩，我真的相信，這些新系統將會銷售得很好。而且我也相信，正如我非常明確地說的那樣，我認為一家公司要想成功，就必須同時擁有聚合物和金屬，而且必須擁有一系列聚合物解決方案，因為它們都適用於不同的事物。所以我喜歡我們的投資組合。

Unfortunately, it is expensive from an R&D standpoint to maintain it all and we had a big hill to climb three years ago in refreshing the whole thing, and we've done it. I mean, it's not all commercialized yet, but it's all past the point of intense spending for development. And you can never stop, but you can throttle back on the rates and just kind of maintain momentum. It's kind of like riding a bike up a hill, you got to work real hard until you get near the summit, you still got to pedal, but it takes less effort. So you can afford to take some costs out at that point. We're at that point.

不幸的是，從研發的角度來看，維護這一切的成本非常高昂，三年前我們在更新整個系統時遇到了巨大的困難，但我們做到了。我的意思是，它還沒有完全商業化，但已經過了投入大量資金進行開發的階段。你永遠無法停下來，但你可以放慢速度並保持動力。這有點像騎自行車上山，你必須非常努力才能到達山頂，你仍然需要踩踏板，但需要的力氣較少。因此，您此時可以承擔一些成本。我們正處於這一點。

I'd say the same thing with in-source manufacturing. I think it's a strategic advantage for us to be able to make our own products because of the quality control and the mix that customers want. We directly do that now predominantly here in South Carolina. And it's a great asset for us. So the art of it now is picking what we maintain investments in for growth. And I can tell you very clearly, Brian, healthcare is top of the list. We love that. It's great. Personalized healthcare, which are implants for the body, is great. The regenerative medicine program, fortunately, we have a great partnership on that help us bear the cost. That's going to be an incredible business in a few years for us, I believe. In the dental business, as you and your team saw at the lab day show in Chicago, the dental business can be a great one for us. I love it. It's a billion-dollar industry in the U.S. and we're well-positioned for it. So those all make the cut.

對於內部製造，我也有同樣的看法。我認為，由於品質控制和客戶想要的產品組合，我們能夠生產自己的產品是一種策略優勢。我們現在主要在南卡羅來納州直接這樣做。這對我們來說是一筆巨大的財富。因此，現在的藝術就是選擇我們要維持成長的投資。我可以非常清楚地告訴你，布萊恩，醫療保健是最重要的。我們喜歡這個。這很棒。個人化醫療保健，即植入人體的醫療設備，非常棒。幸運的是，我們在再生醫學課程上擁有良好的合作關係，可以幫助我們承擔成本。我相信，幾年後這對我們來說將是一項令人難以置信的業務。在牙科業務方面，正如您和您的團隊在芝加哥實驗室日展會上看到的那樣，牙科業務對我們來說是一項很棒的業務。我喜歡它。這是美國價值數十億美元的產業，我們已做好充分準備。所以這些都符合要求。

On the industrial side, aerospace and defense is something we're focused more and more on. We get a lot of requests now for parts for the Navy and for the flying Air Force for a range of purposes. Some are lightweight, high-temperature materials, some are for corrosion resistance. Lead times on these exotic system parts are outrageous through traditional means. We've told the story a fair bit now, but one of the submarines in the U.S. fleet, we were able to turn parts around in days with a very exotic alloy that goes on a submarine. We were able to turn them around in days, and their lead time through traditional methods was over a year, so getting that sub out of dry dock and back to sea. Those kind of benefits are real. They're they're extremely valuable. We're going to do more of that.

在工業方面，我們越來越關注航空航太和國防。現在，我們收到了很多為海軍和空軍提供各種用途零件的請求。有些是輕質、耐高溫材料，有些則具有耐腐蝕性。透過傳統方式，這些特殊系統部件的交付週期非常長。我們已經講了相當多的故事，但是對於美國艦隊中的一艘潛艇，我們能夠在幾天內用一種非常特殊的合金將潛艇上的零件轉過來。我們能夠在幾天內將其返工，而透過傳統方法，他們的交付週期則超過一年，因此需要將潛艇從乾船塢中取出並返回大海。這些好處是真實存在的。它們非常珍貴。我們將會做更多這樣的事。

So our metal printers have been designed for that. We're going to do more of it. And we're going to expand some part manufacturing to bridge customers until they buy systems. Because what we've been seeing, Brian, is people say, yeah, I love the process, it'll take me a while to get my capital request through. So you see a loss of months and months in a purchase order, but they still need parts. So we're able to go into limited production.

所以我們的金屬印表機就是為此而設計的。我們將會做更多這樣的事。我們將擴大一些零件的製造，為客戶提供服務，直到他們購買系統。因為我們看到，布萊恩，人們說，是的，我喜歡這個過程，我需要一段時間才能完成我的資本請求。因此，您會看到採購訂單損失了好幾個月，但他們仍然需要零件。因此我們能夠進行有限的生產。

We are not going to be a service bureau, okay? But when we've helped the customer develop a process, we're going to offer to make parts for them, in certain cases, up to a certain point where they can either buy a printer or they can move it to a contracting manufacturer they choose, so we'll help them with that. That's our business model, especially in metals.

我們不會成為服務局，好嗎？但是，當我們幫助客戶開發出一個流程時，我們會為他們提供零件製造服務，在某些情況下，他們可以購買印表機，也可以將其轉移到他們選擇的承包製造商，所以我們會幫助他們。這就是我們的商業模式，尤其是在金屬領域。

So we'll do it in aerospace and defense. We're already doing it in AI infrastructure for data centers. We'll do it in oil and gas, and our JV in Saudi Arabia is great for that, it gives us great insights into the oil and gas industry. And we're using that combined with our relationship with Baker Hughes and others to really drive penetration in those markets, those high-reliability markets. We will always continue to provide to our service bureaus and other more consumer-driven applications as needed. But more and more, it'll be a bespoke industry for us in those high-reliability markets where we are so good. We'll leverage what we've done in healthcare and into the industrial space. So again, apologize for the long-winded explanation, but you asked a very good question about focus. And I hope I've answered it in that little speech I gave you.

因此我們將在航空航太和國防領域進行這項工作。我們已經在資料中心的人工智慧基礎設施中這樣做了。我們將在石油和天然氣領域開展業務，我們在沙烏地阿拉伯的合資企業非常適合此目的，它讓我們對石油和天然氣行業有了深入的了解。我們將利用這一點，結合我們與貝克休斯和其他公司的關係，真正推動這些市場，即高可靠性市場的滲透。我們將始終根據需要繼續向我們的服務機構和其他更多消費者驅動的應用程式提供服務。但在我們擅長的高可靠性市場中，它將越來越成為一個客製化產業。我們將充分利用我們在醫療保健和工業領域的成就。所以，再次為冗長的解釋道歉，但你問了一個關於焦點的非常好的問題。我希望我在剛才的簡短演講中已經回答了這個問題。

That was all very helpful. I just think in the modeling, it would help us if you could give us any sense for costs. And I don't know if you said this, the costs coming out of SG&A and the incremental plan or costs coming out of cost of goods. That was a good description of the growth opportunities, and I know it's sensitive to talk about, where cuts are going to happen. But I'm concerned like are you going to be able to maintain the reseller channel, the marketing, the sales, and everything to drive growth and how do you strike that balance. But we can discuss later too, but any more comments on that would be helpful. But I'll pass it on and --

這一切都非常有幫助。我只是認為，在建模中，如果您能給我們任何有關成本的信息，這將對我們有所幫助。我不知道您是否說過這一點，這些成本來自銷售、一般和行政費用以及增量計劃，或來自商品成本。這是對成長機會的良好描述，我知道談論削減在哪裡是比較敏感的。但我擔心您是否能夠維持經銷商通路、行銷、銷售以及推動成長的一切，以及如何實現這種平衡。但我們也可以稍後討論，但對此的任何評論都會有所幫助。但我會把它傳遞下去--

It's going to be fairly evenly split between cost of goods and OpEx, Brian. And the devil is in the details there, as you pointed out. So we'll come back to that in the future with you, okay?

它將相當均勻地分配在商品成本和運營成本之間，布萊恩。正如您所指出的，魔鬼就藏在細節中。所以我們以後再跟你討論這個問題，好嗎？

Sounds good, yeah. Thank you very much.

聽起來不錯，是的。非常感謝。

Alex Valero, Loop Capital Markets.

亞歷克斯·瓦萊羅（Alex Valero），Loop Capital Markets。

Hey guys. Thank you for taking my questions. This is Alek, on for Ananda. So you mentioned AI infrastructure. Can you elaborate what areas you are currently involved in and can you provide any color on any potential future AI infrastructure areas where you think you can play a meaningful role?

嘿，大家好。感謝您回答我的問題。這是阿列克 (Alek)，代表阿南達 (Ananda)。所以你提到了人工智慧基礎設施。您能否詳細說明您目前涉及的領域，並能否提供一些您認為可以發揮重要作用的未來人工智慧基礎設施領域的資訊？

Yeah. So there's two areas you can think of for AI infrastructure, actually, three. One of them is in making chips, okay? So the semiconductor equipment manufacturers. The folks that make the equipment to print the chips, they're involved in that very expensive machinery, and for a very good reason. The precision in making a chip, it has to be extremely high and the machine has to be extremely stable. And so one of the attributes of it is getting heat out of it and to make sure it's thermally stable, okay, extremely and obviously structurally stable. So we can make basically collections of components that are normally (inaudible) that are welded together. We can make them in single printings. We can also make hollow structures that allow heat to be removed very quickly from the platform where the chips printed on.

是的。因此，對於人工智慧基礎設施，你可以想到兩個領域，實際上是三個。其中之一就是製造晶片，好嗎？半導體設備製造商也是如此。製造晶片印刷設備的人們參與了這種非常昂貴的機器的生產，這是有充分理由的。製造晶片的精度必須非常高，機器必須非常穩定。因此，它的一個特性就是散發熱量，確保其熱穩定性，顯然是結構極為穩定。因此，我們可以將通常（聽不清楚）焊接在一起的組件集合起來。我們可以將它們進行單次印刷。我們也可以製作空心結構，以便從印刷晶片的平台上快速散熱。

So in the end, we can make very stable platforms to print chips on and with fewer part counts so you get some cost out, you get higher performance, it's perfect for 3D printing. We've been at that for several years to work our way in, and now is the time. So I love that business. It's hard to work your way in and we're there on the chip-making side.

所以最終，我們可以製造非常穩定的平台來列印晶片，並且零件數量更少，從而節省成本，獲得更高的性能，非常適合 3D 列印。我們已經為此努力了好幾年，現在是時候了。所以我熱愛這個行業。要進入這個領域非常困難，但我們卻在晶片製造方面有所建樹。

The interesting second area that's opening up right now is as people are building these massive data centers, getting heat out of them is a huge challenge. Because of the electronics, getting heat out is an enormous challenge. We can print pure copper or high purity copper with some strengthening agents in order to, with exotic shapes, get heat out of the data center more effectively, very simply. So whether it's a GPU or the entire data center, we can get heat out much more effectively. So you'll see copper printing, primarily, for that as a growth area for us in the future.

目前正在開放的第二個有趣的領域是，當人們建造這些大型資料中心時，從中散發熱量是一個巨大的挑戰。由於電子設備的原因，散熱是一項巨大的挑戰。我們可以列印純銅或高純度銅，並加入一些強化劑，以便透過奇特的形狀，更有效率、更簡單地將資料中心的熱量散發出去。因此，無論是 GPU 還是整個資料中心，我們都可以更有效地散熱。因此，您會看到銅印刷是我們未來的主要成長領域。

And then you've got the whole electricity supply question from people like General Electric and others that are having to put in capacity to supply the massive amounts of energy needed by data centers. 3D printing has a key role to play in those machines, those turbines, whether it's for turbine blades or other infrastructure and the turbine has to be cooled. 3D printing has been there for some time and will continue to grow. So there's three areas in AI infrastructure we're very excited about: Chips, data centers, and energy production.

然後，通用電氣等公司提出了整個電力供應問題，他們必須投入產能來供應資料中心所需的大量能源。3D 列印在這些機器、渦輪機中發揮關鍵作用，無論是用於渦輪葉片還是其他基礎設施，而且渦輪機都必須冷卻。3D 列印已經存在了一段時間並且將繼續發展。因此，我們對人工智慧基礎設施中的三個領域非常感興趣：晶片、資料中心和能源生產。

Really helpful. Just a quick follow-up kind of on a similar note, removing the impact of macro, what areas would you identify as being the greatest opportunity for you at the moment?

真的很有幫助。只是想快速跟進類似的情況，消除宏觀的影響，您認為哪些領域目前對您來說是最大的機會？

Well, the most stable areas are the most predictive, it's the best to be in right now, aerospace and defense is great, okay? And we've historically had a smaller presence there. Metals for us has been instrumental in getting into that business in a bigger way. And it'll be an investment area for growth for us because we are a U.S. company, we have our full capability here in the states as we want to exercise it for the U.S. Defense Department and others. We also have facilities in Europe for the European aerospace business as well up in Belgium. So we have great capability locally to handle sensitive data, to manufacture parts, develop processes, and ultimately, to sell printers. So aerospace defense is a big area.

嗯，最穩定的領域是最具預測性的，現在是最好的，航空航天和國防很棒，好嗎？從歷史上看，我們在那裡的存在規模較小。金屬對於我們更大規模地進軍這項業務起到了重要作用。這將成為我們的一個成長投資領域，因為我們是一家美國公司，我們在美國擁有全部能力，我們希望為美國國防部和其他機構提供這些能力。我們在歐洲以及比利時也設有用於歐洲航空航天業務的設施。因此，我們在本地擁有強大的能力來處理敏感資料、製造零件、開發流程，並最終銷售印表機。因此，航空航天防禦是一個很大的領域。

Again, AI infrastructure tends to be a very regional business when it comes to data centers and energy production. So I like that area very much. It's good. Oil and gas, clearly, oil and gas needs are going to go on for decades to come. We've made a lot of inroads there. So those industries aren't as affected by tariffs and we like them very much. And the same would apply to our polymer systems in those same industries.

再次，當涉及到資料中心和能源生產時，人工智慧基礎設施往往是一個非常區域性的業務。所以我非常喜歡那個地區。很好。石油和天然氣，顯然，未來幾十年對石油和天然氣的需求將持續下去。我們在那裡已經取得了許多進展。因此這些產業不會受到關稅的影響，我們非常看好它們。這同樣適用於我們在同一產業中的聚合物系統。

The closer you get to the consumer, the more extended you get on supply chains. Those are less exciting right now because of the tariff volatility. And we just have to see where people want to put capital. Once they make those decisions, it can be great markets. But in the short term, many customers are pausing or reducing their CapEx spend, waiting to see where all this discussion goes in the world. Okay?

你離消費者越近，你的供應鏈就越延伸。由於關稅波動，這些現在不那麼令人興奮。我們只需要看看人們想把資本投入到哪裡。一旦他們做出這些決定，市場就會變得巨大。但在短期內，許多客戶正在暫停或減少其資本支出，等待觀察全球的討論走向。好的？

That was really helpful. Thank you.

這真的很有幫助。謝謝。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Jeff Graves for any closing comments.

謝謝。我們的問答環節已經結束。現在我想把發言權交還給傑夫·格雷夫斯，請他發表最後評論。

I just want to thank you all for participating in the call today. We look forward to updating you once again at the close of the second quarter. Thanks, operator, and that'll be the end.

我只想感謝大家今天參加電話會議。我們期待在第二季結束時再次向您更新最新情況。謝謝接線員，就這樣結束了。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。