3D Systems Corp (DDD) 2022 Q1 法說會逐字稿

Good morning, and welcome to the 3D Systems Conference Call and Audio Webcast to discuss the Results of the First Quarter of 2022. My name is Kevin and I will facilitate the audio portion of today's interactive broadcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Melanie Solomon, Investor Relations. Please go ahead.

早上好，歡迎參加 3D Systems 電話會議和音頻網絡廣播，討論 2022 年第一季度的結果。我的名字是 Kevin，我將負責今天互動廣播的音頻部分。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係部的 Melanie Solomon。請繼續。

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

謝謝你，凱文。早上好，歡迎參加 3D Systems 電話會議。與我通話的還有我們的總裁兼首席執行官 Jeffrey Graves 博士、執行副總裁兼首席財務官 Jagtar Narula 和執行副總裁兼首席法務官 Andrew Johnson。

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

本次電話會議的網絡廣播部分包含我們將在電話會議期間參考的幻燈片演示。那些希望訪問本演示文稿幻燈片部分的電話關注者可以訪問我們網站的投資者關係部分。對於那些訪問了網絡廣播的流媒體部分的人，請注意可能會有幾秒鐘的延遲，並且您將無法通過網絡發布問題。

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

以下討論和對您問題的回答僅反映了管理層截至今天的觀點，並將包括本幻燈片所述的前瞻性陳述。實際結果可能大不相同。有關可能影響我們財務業績的因素的其他信息包含在昨晚的新聞稿和我們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 表格年度報告和 10-Q 表格季度報告。

During this call, we will discuss certain non-GAAP financial measures. In our press release and slides accompanying this webcast, which are both available on our Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2021.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。在我們的新聞稿和本網絡廣播隨附的幻燈片中，您可以在我們的投資者關係網站上找到有關這些非公認會計原則措施的更多披露，包括這些措施與可比較的公認會計原則措施的對賬。最後，除非另有說明，否則本次電話會議中的所有比較都將與我們 2021 年可比期間的結果相反。

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

現在，我很高興將電話轉給我們的首席執行官 Jeff Graves。傑夫?

Thanks, Melanie, and good morning, everyone. As you all know the begin of 2022 has already thrown significant challenges at the entire market. No matter what portion of the economy you serve, whether it be continued supply chain pressures, significant rise in the rate of inflation, the ongoing impact of the pandemic or the tragic circumstances that we've seen unfold with the Russian invasion of Ukraine. The operating environment has been difficult and largely unpredictable.

謝謝，梅蘭妮，大家早上好。眾所周知，2022 年初已經給整個市場帶來了重大挑戰。無論您服務於經濟的哪個部分，無論是持續的供應鏈壓力、通貨膨脹率的顯著上升、大流行的持續影響還是我們看到的俄羅斯入侵烏克蘭所帶來的悲慘情況。經營環境一直很艱難，而且在很大程度上是不可預測的。

With that said, I'm very proud of how our 3D Systems team has continued to stay focused and executing well for our customers throughout this period. Ironically, in the longer term, these same factors that make our life more difficult today are increasing our opportunities for growth in the future. As our customers continue to reevaluate their critical supply chain strategy and increasingly consider additive manufacturing as a key element in the production strategy of the future.

話雖如此，我為我們的 3D Systems 團隊在此期間如何繼續保持專注並為我們的客戶提供良好的執行感到非常自豪。具有諷刺意味的是，從長遠來看，這些使我們今天的生活更加困難的因素正在增加我們未來的增長機會。隨著我們的客戶繼續重新評估他們的關鍵供應鏈戰略，並越來越多地將增材製造視為未來生產戰略的關鍵要素。

As we've discussed on previous calls. After 2 years of hard work, we're now fully organized into our 2 core business units, Healthcare and Industrial Solutions. This structure distinguishes us from others in the industry, allowing us to execute on what we do best, namely solving the most valuable production application needs of our customers by offering the strongest and most complete portfolio of additive manufacturing technologies brought together with the most knowledgeable and creative application engineering teams in the industry.

正如我們在之前的電話中所討論的那樣。經過 2 年的努力，我們現在完全組織成我們的 2 個核心業務部門，即醫療保健和工業解決方案。這種結構將我們與業內其他公司區分開來，使我們能夠執行我們最擅長的事情，即通過提供最強大、最完整的增材製造技術組合以及最博學和最專業的技術來解決客戶最有價值的生產應用需求。行業內富有創意的應用工程團隊。

The double-digit growth in our core additive manufacturing business that we're now experiencing, even in this difficult market validates our approach, and it gives us confidence in our future. To meet the increasing demand that we're now facing, we're making key investments in new products and in our operating infrastructure, combining rigorous financial discipline with an overlay of strategic perspective on future value creation for all of our stakeholders.

即使在這個困難的市場中，我們現在正在經歷的核心增材製造業務的兩位數增長也驗證了我們的方法，它讓我們對未來充滿信心。為了滿足我們現在面臨的日益增長的需求，我們正在對新產品和我們的運營基礎設施進行關鍵投資，將嚴格的財務紀律與對所有利益相關者未來價值創造的戰略視角相結合。

Despite the challenging macro backdrop, I'm happy to say that 3D Systems has started off the year on a strong foot, and we expect 2022 to be a year of exciting growth and investment. As we continue to strengthen the company for the future. I'll keep my comments brief today. As we have our Investor Day next week, where we plan to share more detail on our vision and strategy for the future.

儘管宏觀背景充滿挑戰，但我很高興地說，3D Systems 開局強勁，我們預計 2022 年將是令人興奮的增長和投資之年。隨著我們繼續加強公司的未來。今天我將保持簡短的評論。由於我們下週將舉行投資者日，我們計劃在會上分享更多關於我們未來願景和戰略的細節。

Today, I'll share with you a few key highlights from the first quarter. On the top line, while supply chain challenges were a significant headwind. We delivered double-digit revenue growth over Q1 of last year, when adjusted for divestitures. We continue to see increased demand for our products across both businesses segment. At a business unit level, our Industrial Solutions business continue to accelerate in both Europe and the U.S., in this case, delivering growth of over 15% excluding divestitures of non-core assets.

今天，我將與您分享第一季度的幾個關鍵亮點。最重要的是，供應鏈挑戰是一個巨大的逆風。經資產剝離調整後，我們在去年第一季度實現了兩位數的收入增長。我們繼續看到兩個業務部門對我們產品的需求增加。在業務部門層面，我們的工業解決方案業務在歐洲和美國繼續加速發展，在這種情況下，不包括非核心資產的剝離，實現了超過 15% 的增長。

This continued strengthening validates our observation of increased adoption of additive solutions among the world's manufacturing community, particularly strong with the demand for high precision micro castings. This is a reflection not only of the printing technology itself, but the unique materials we've developed that enable casting of highly complex fine structures and a deep understanding of the workflow for optimum economics for these solutions.

這種持續加強驗證了我們觀察到的增材解決方案在世界製造業中的應用越來越多，尤其是對高精度微鑄件的需求強勁。這不僅反映了印刷技術本身，還反映了我們開發的獨特材料，這些材料能夠鑄造高度複雜的精細結構，並深入了解這些解決方案的最佳經濟性的工作流程。

Healthcare growth of approximately 5%, excluding divestitures, was softer than we would have initially anticipated when we started the year, being driven in part by the introduction of our new DMP 350 Dual, a high-productivity version of our well-proven metal printer, the DMP 350, which has been a mainstay for many of our Healthcare customers in recent years.

不包括資產剝離在內的醫療保健增長約 5%，低於我們年初時的最初預期，部分原因是我們推出了新的 DMP 350 Dual，這是我們久經考驗的金屬打印機的高生產力版本，DMP 350，近年來一直是我們許多醫療保健客戶的中流砥柱。

These customers are now qualifying the new dual laser system and updating their procurement plans to optimize their production workflow, which in Healthcare takes careful planning and formal approvals. These acceptance qualifications are proceeding very well, and we expect increasing sales of both our 350 platforms later this year.

這些客戶現在正在對新的雙激光系統進行認證並更新他們的採購計劃以優化他們的生產工作流程，這在醫療保健領域需要仔細規劃和正式批准。這些驗收資格進展順利，我們預計今年晚些時候我們的 350 個平台的銷售額都會增加。

In addition, COVID resurgence in the resulting postponement of optional elective procedures are particularly impactful in Healthcare as certain customers delayed capital purchases and experienced lower-than-anticipated growth rates. Given the underlying fundamentals and customer feedback on market conditions, we expect these factors to lessen as we move through the year.

此外，由於某些客戶推遲了資本購買並經歷了低於預期的增長率，因此導致可選選修程序推遲的 COVID 死灰復燃在醫療保健領域尤其具有影響力。鑑於潛在的基本面和客戶對市場狀況的反饋，我們預計這些因素會隨著我們全年的發展而減少。

To support the strong engagement and demand that we're seeing from our customers broadly, we're continuing to invest in both our product portfolio and core technologies, as well as, in our business infrastructure, including information technology, finance and accounting, investments that will enable us to efficiently scale for double-digit growth that we see ahead.

為了支持我們從廣大客戶那裡看到的強烈參與和需求，我們將繼續投資於我們的產品組合和核心技術，以及我們的業務基礎設施，包括信息技術、財務和會計、投資這將使我們能夠有效地擴大規模，實現我們預見的兩位數增長。

The fruits of these investments will become increasingly apparent as we move through the year. But even in the first quarter, we announced several new opportunities that we're really excited about for the future. First was our investment in a unique company called Enhatch, which brings to us another unique software solution for use in our Healthcare business that will further strengthen our core capabilities. More specifically, this software solution is directed at the personalized Healthcare Solutions market, for which we have a long-established market-leading position.

隨著這一年的到來，這些投資的成果將變得越來越明顯。但即使在第一季度，我們也宣布了一些我們對未來感到非常興奮的新機會。首先是我們對一家名為 Enhatch 的獨特公司的投資，它為我們帶來了另一種獨特的軟件解決方案，可用於我們的醫療保健業務，這將進一步加強我們的核心能力。更具體地說，該軟件解決方案針對個性化醫療保健解決方案市場，我們在該市場擁有長期確立的市場領先地位。

In short, through the use of artificial intelligence, the enhanced software streamlines and scales the design and delivery of patient-specific medical devices by automating the planning and design process. These efficiency increases will further the growth of personalized Healthcare Solutions, improving patient outcomes and reducing treatment costs for hospital systems.

簡而言之，通過使用人工智能，增強的軟件通過自動化規劃和設計過程來簡化和擴展患者特定醫療設備的設計和交付。這些效率提升將進一步推動個性化醫療保健解決方案的發展，改善患者治療效果並降低醫院系統的治療成本。

In addition, in the first quarter, we announced our joint venture with Dussur, the Saudi Arabian Industrial Investments Company. This venture is designed to bring additive manufacturing into the Middle East and North Africa by enabling domestic production capabilities within Saudi Arabia. We believe this investment will accelerate the adoption of production scale additive manufacturing, particularly in the oil and gas sector, utilizing our leading polymer and metal technologies and then expand to additional market sectors over time, such as Industrial, Aerospace and Healthcare.

此外，在第一季度，我們宣布與沙特阿拉伯工業投資公司 Dussur 建立合資企業。該合資企業旨在通過在沙特阿拉伯實現國內生產能力，將增材製造帶入中東和北非。我們相信，這項投資將利用我們領先的聚合物和金屬技術加速生產規模增材製造的採用，特別是在石油和天然氣領域，然後隨著時間的推移擴展到工業、航空航天和醫療保健等其他市場領域。

The partnership highlights the increasing focus of additive manufacturing by large global organizations and our opportunity in important and largely untapped market verticals such as oil and gas. This new venture is expected to begin ramping in scale in the fourth quarter of this year.

該合作夥伴關係突出了大型全球組織對增材製造的日益關注，以及我們在石油和天然氣等重要且尚未開發的垂直市場中的機會。預計這家新企業將在今年第四季度開始擴大規模。

And finally, this past quarter, we announced a very exciting new product platform, the world's first synchronous dual-laser SLA printer. It delivers up to twice the speed and 3x the throughput for cost-efficient, high-quality production manufacturing. This market-leading platform reinforces the strong position we've had for decades in stereolithography, in this case, addressing the unique requirements of production applications, while leveraging our portfolio of advanced polymeric materials and our software capability. We've begun taking orders for this new printer and are seeing strong demand in both Healthcare and Industrial markets.

最後，在上個季度，我們發布了一個非常令人興奮的新產品平台，世界上第一台同步雙激光 SLA 打印機。它為經濟高效的高質量生產製造提供高達兩倍的速度和 3 倍的吞吐量。這個市場領先的平台鞏固了我們數十年來在立體光刻方面的強大地位，在這種情況下，解決了生產應用的獨特要求，同時利用了我們的先進聚合物材料組合和我們的軟件能力。我們已經開始接受這款新打印機的訂單，並且在醫療保健和工業市場都看到了強勁的需求。

Specific to our Healthcare business, I'm very pleased by the recent 510(k) clearance from the FDA for our VSP Bolus, a solution designed for improved radiotherapy treatments. Approximately 50% of patients that are diagnosed with cancer receive radiotherapy as a part of their treatment plan. With this translates to millions of procedures worldwide each year. To help target the radiation on the desired location during a treatment, the radiotherapy provider often uses a bolus, which is a flexible material that's meant to conform to a patient's anatomy.

具體到我們的醫療保健業務，我很高興 FDA 最近獲得了我們 VSP Bolus 的 510(k) 許可，這是一種旨在改進放射治療的解決方案。大約 50% 被診斷患有癌症的患者接受放射治療作為其治療計劃的一部分。這意味著每年全球有數百萬個程序。為了在治療過程中幫助將放射線定位在所需位置，放射治療提供者通常使用丸劑，這是一種靈活的材料，旨在符合患者的解剖結構。

A poorly constructed or off-the-shelf bolus can often leave large gaps between the device and the patient's skin, which can result in insufficient or unintended dosing levels may also expose adjacent anatomy to undesired radiation. With our VSP bolus solution, 3D Systems can design and deliver boluses that are customized to a patient's specific anatomy and treatment plan, improving the effectiveness of the radiation treatment and the productivity of the treatment center.

構造不佳或現成的丸劑通常會在設備和患者皮膚之間留下大間隙，這可能導致劑量不足或意外劑量水平，也可能使相鄰解剖結構暴露於不希望的輻射。借助我們的 VSP 推註解決方案，3D Systems 可以設計和提供針對患者特定解剖結構和治療計劃定制的推注，從而提高放射治療的有效性和治療中心的生產力。

This mass customization of printed devices for Healthcare addresses both patient outcomes and provider costs, which is the fundamental goal for all of our Healthcare Solutions. We've begun marketing the bolus solutions with key customers and expect to see solid demand for this family of products in the future. This is one example of a broad trend in Healthcare toward mass customization enabled through 3D printing of patient-specific solutions. This is the key growth driver for our Healthcare business across all of our end markets.

這種用於醫療保健的印刷設備的大規模定制解決了患者的結果和提供者的成本，這是我們所有醫療保健解決方案的基本目標。我們已經開始向主要客戶推銷推註解決方案，並期望在未來看到對該系列產品的穩定需求。這是醫療保健領域通過對患者特定解決方案進行 3D 打印實現大規模定制的廣泛趨勢的一個示例。這是我們所有終端市場的醫療保健業務的主要增長動力。

In addition to the 510(k) for our new bolus product, within days of closing our acquisition of Kumovis at the end of the quarter, we were able to apply to the FDA for 510(k) clearance on the use of printed peak polymers for craniomaxillofacial reconstruction indications. We expect this solution will be the first FDA-cleared 3D-printed peak medical device.

除了我們的新丸劑產品的 510(k) 之外，在本季度末完成對 Kumovis 的收購後的幾天內，我們能夠向 FDA 申請 510(k) 許可，以使用印刷峰值聚合物用於顱頜面重建適應症。我們預計該解決方案將成為 FDA 批准的第一個 3D 打印峰值醫療設備。

Kumovis brings this advanced polymer technology to our Healthcare business, which will serve as a complement to our existing titanium implant solutions, allowing surgeons to optimize individual patient treatment plans. Customer interest in these solutions is very strong and following FDA clearance, which we expect later this year, we believe adding the Kumovis product line will further solidify 3D Systems as a leader in 3D printed craniomaxillofacial and orthopedic implants over the full range of metal and polymer grade solutions. Once these initial indications are approved by the FDA, others will undoubtedly follow driving exciting growth in the years ahead for our orthopedics business.

Kumovis 將這種先進的聚合物技術引入我們的醫療保健業務，這將作為對我們現有鈦植入物解決方案的補充，使外科醫生能夠優化個體患者的治療計劃。客戶對這些解決方案的興趣非常濃厚，在我們預計今年晚些時候獲得 FDA 批准後，我們相信添加 Kumovis 產品線將進一步鞏固 3D Systems 作為全系列金屬和聚合物 3D 打印顱頜面和骨科植入物的領導者等級解決方案。一旦這些初步適應症獲得 FDA 批准，其他人無疑將在未來幾年為我們的骨科業務帶來令人興奮的增長。

So to quickly summarize, well the first quarter is typically a seasonally slower quarter for us, it was clearly impacted by the significant headwinds I mentioned previously. We were still able to deliver solid double-digit revenue growth versus last year, again, when adjusted for divestitures. Looking ahead, we expect the remaining quarters to be even stronger following a pattern similar to the seasonality we experienced last year. Supply chain costs and inflation levels remain elevated and have clearly impacted our results. However, we're taking continued steps to mitigate their effects, which Jagtar will speak to in a few moments.

因此，快速總結一下，第一季度對我們來說通常是一個季節性較慢的季度，它顯然受到了我之前提到的重大逆風的影響。在對資產剝離進行調整後，與去年相比，我們仍然能夠實現穩定的兩位數收入增長。展望未來，我們預計剩餘季度將按照與我們去年經歷的季節性相似的模式變得更加強勁。供應鏈成本和通脹水平仍然居高不下，並明顯影響了我們的業績。然而，我們正在繼續採取措施來減輕它們的影響，Jagtar 稍後會談到這一點。

In total, we're reasonably pleased with the first quarter results, especially given the macroeconomic conditions and ongoing geopolitical events, which we hope will abate as we move through the year. Importantly, our results show that demand for additive manufacturing and production environments is resilient and continues to grow. Even in these current less-than-ideal conditions, industries are recognizing that the benefits of additive manufacturing can help protect them from the risks such as supply chain disruptions and skyrocketing costs.

總的來說，我們對第一季度的業績感到相當滿意，特別是考慮到宏觀經濟狀況和持續的地緣政治事件，我們希望隨著今年的發展，這些情況會有所緩解。重要的是，我們的研究結果表明，對增材製造和生產環境的需求具有彈性並持續增長。即使在目前這些不太理想的條件下，行業也認識到增材製造的好處可以幫助保護他們免受供應鏈中斷和成本飆升等風險的影響。

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

有了這個，讓我把電話轉給 Jagtar，他現在將更詳細地描述我們第一季度的財務業績。捷豹？

Thanks, Jeff. Good morning, everyone. Echoing Jeff, we've started off 2022 with good revenue momentum. Given the macro headwinds, I'm especially proud of our team's execution, which has once again delivered solid top line results.

謝謝，傑夫。大家，早安。呼應傑夫，我們在 2022 年開始時收入勢頭良好。鑑於宏觀逆風，我為我們團隊的執行感到特別自豪，這再次帶來了堅實的頂線結果。

I'll begin the discussion with first quarter numbers, starting with revenue. Revenue for the first quarter was $133 million, a decrease of 9% compared to the prior year. This decrease was due to the divestitures of noncore businesses. When adjusted for those divestitures, first quarter revenue increased 10% as compared to the first quarter of 2021.

我將從第一季度的數字開始討論，從收入開始。第一季度收入為 1.33 億美元，與去年同期相比下降 9%。這一減少是由於剝離了非核心業務。對這些資產剝離進行調整後，第一季度的收入與 2021 年第一季度相比增長了 10%。

The continued growth validates the transformation efforts we have guided the company through and demonstrates our ability to deliver results in a challenging environment. Our focus on providing additive manufacturing solutions for Industrial and Healthcare customers, utilizing our broad portfolio of hardware, materials and software solutions combined with applications expertise is continuing to deliver consistent double-digit revenue growth when adjusted for divestitures.

持續增長驗證了我們引導公司完成的轉型努力，並展示了我們在充滿挑戰的環境中交付成果的能力。我們專注於為工業和醫療保健客戶提供增材製造解決方案，利用我們廣泛的硬件、材料和軟件解決方案組合以及應用專業知識，在針對資產剝離進行調整後，繼續實現持續的兩位數收入增長。

In the first quarter, we had GAAP loss per share of $0.21 compared to a GAAP earnings per share of $0.36 in the first quarter of 2021. The decrease was primarily due to the gains recognized on businesses divested in 2021. We reported non-GAAP loss per share of $0.06 compared to non-GAAP earnings per share of $0.17 in the first quarter of 2021. The year-over-year decrease was primarily a result of the divestiture of profitable but noncore businesses in 2021, combined with higher spend on core investments in our business, including software, new printer development and our essential general and administrative infrastructure to support future growth.

第一季度，我們的 GAAP 每股虧損為 0.21 美元，而 2021 年第一季度的 GAAP 每股收益為 0.36 美元。下降主要是由於 2021 年剝離的業務確認的收益。我們報告了非 GAAP 虧損每股收益為 0.06 美元，而 2021 年第一季度的非公認會計準則每股收益為 0.17 美元。同比下降的主要原因是剝離了 2021 年盈利但非核心業務，以及核心投資支出增加在我們的業務中，包括軟件、新打印機開發以及我們必不可少的通用和行政基礎設施，以支持未來的增長。

In addition, we saw onetime impacts that reflect the challenging business and geopolitical environment, including negative impact from bad debt associated with our decision to exit business in Russia and an impact of FX as the dollar strengthened against other currencies, primarily the euro. Combined, the FX and Russian-related bad debt had approximately a $0.025 impact to earnings per share.

此外，我們看到了反映具有挑戰性的商業和地緣政治環境的一次性影響，包括與我們決定退出俄羅斯業務相關的壞賬的負面影響，以及美元兌其他貨幣（主要是歐元）走強導致的外匯影響。加起來，外彙和俄羅斯相關的壞賬對每股收益的影響約為 0.025 美元。

Next, let me discuss revenue by market. Our revenue growth continues to be driven by strong demand in both the Healthcare and Industrial segments. Adjusted for divestitures, revenue in the first quarter for Healthcare increased 4.6% and Industrial increased by 15.7% as compared to the first quarter last year. The rebound in Industrial began in Q4 of 2020 and continued through 2021 and into the first quarter of 2022, making the fifth consecutive quarter of year-over-year organic growth in the Industrial segment. This highlights the strength and opportunities in our Industrial segment and is a direct result of the strategic investments we have made.

接下來，讓我按市場討論收入。我們的收入增長繼續受到醫療保健和工業領域強勁需求的推動。經資產剝離調整後，第一季度醫療保健收入增長 4.6%，工業收入同比增長 15.7%。工業板塊的反彈始於 2020 年第四季度，並持續到 2021 年，一直持續到 2022 年第一季度，工業板塊連續第五個季度實現同比有機增長。這凸顯了我們工業部門的實力和機遇，是我們進行戰略投資的直接結果。

An example is our acquisition of Titan Robotics, which closed subsequent to Q1. With this acquisition, we have entered the market for large-format 3D printing systems using pellet-based extrusion. We believe our strong portfolio, including the new printers from Titan Robotics, offers ample opportunity for our Industrial business to continue growth.

一個例子是我們對 Titan Robotics 的收購，該公司在第一季度之後關閉。通過此次收購，我們進入了使用基於顆粒擠出的大幅面 3D 打印系統市場。我們相信，我們強大的產品組合，包括 Titan Robotics 的新打印機，為我們的工業業務繼續增長提供了充足的機會。

Now turning to Healthcare, our Healthcare segment growth ex-divestitures, continued in the first quarter, although at a slower pace than we would have initially anticipated, as Jeff mentioned. In particular, revenue in our non-dental segment of Healthcare, which we call Medical Devices declined approximately 12% year-over-year. This decline partially as a result of supply chain impacts for our manufacturing operations that produce end-use medical devices, customer purchase delays due to Q1 COVID resurgence that Jeff spoke about earlier and also partially as a result of device manufacturers, delaying printer purchases to qualify our new Flex and Factory 350 dual laser printers. We believe these new printers will provide strong productivity enhancements to our Healthcare customers. As a result, once customer qualification is complete, we expect robust demand for these new products.

現在轉向醫療保健，我們的醫療保健部門在第一季度繼續增長，但正如傑夫所說，儘管速度比我們最初預期的要慢。特別是，我們稱為醫療器械的非牙科醫療部門的收入同比下降了約 12%。這種下降的部分原因是我們生產最終用途醫療設備的製造業務的供應鏈受到影響，由於傑夫早些時候談到的第一季度 COVID 復甦導致客戶購買延遲，部分原因是設備製造商推遲了打印機購買資格我們新的 Flex 和 Factory 350 雙激光打印機。我們相信這些新打印機將為我們的醫療保健客戶提供強大的生產力提升。因此，一旦客戶資格認證完成，我們預計對這些新產品的需求將強勁。

Now we turn to gross profit margin. Gross profit margin for the first quarter was 40.4% compared to 44% in the prior year. Non-GAAP gross profit margin was 40.6% compared to 44% in the prior year. Gross profit margin decreased due to multiple factors, including divestitures and related Q1 product mix and inflationary pressures, particularly in freight costs. We expect gross margins to improve as we move through the year as production volumes and mix improves combined with the impact of recently announced price increases across multiple product lines.

現在我們轉向毛利率。第一季度毛利率為 40.4%，而去年同期為 44%。非美國通用會計準則毛利率為 40.6%，而去年為 44%。毛利率因多種因素而下降，包括資產剝離和相關的第一季度產品組合以及通脹壓力，尤其是在貨運成本方面。隨著產量和產品組合的改善以及最近宣布的多個產品線價格上漲的影響，我們預計毛利率將隨著我們全年的發展而提高。

GAAP operating expenses increased 16.4% to $77 million in the first quarter of 2022 compared to the same period a year ago. On a non-GAAP basis, operating expenses were $57.8 million, a 13% increase from the same period a year ago. The higher non-GAAP operating expenses reflect the impact of divestitures, offset by higher spending in targeted areas to support future growth, including research and development and general and administrative infrastructure, as well as, expenses incurred by acquired companies and the previously mentioned bad debt expense associated with our exit from Russia.

與去年同期相比，2022 年第一季度 GAAP 運營費用增長 16.4% 至 7700 萬美元。按非公認會計原則計算，運營費用為 5780 萬美元，比去年同期增長 13%。較高的非公認會計原則運營費用反映了資產剝離的影響，但被目標領域的支出增加所抵消，以支持未來增長，包括研發和一般和行政基礎設施，以及被收購公司產生的費用和前面提到的壞賬與我們離開俄羅斯有關的費用。

Adjusted EBITDA, defined as non-GAAP operating profit plus depreciation was $1.9 million in the first quarter of 2022 or 1.4% of revenue compared to $19.8 million in the first quarter of 2021 or 13.6% of revenue. The year-over-year decline in margin was primarily due to continued focus on investing in growth areas of our business and product portfolio, combined with the impact of divestitures.

調整後的 EBITDA（定義為非 GAAP 營業利潤加折舊）在 2022 年第一季度為 190 萬美元，佔收入的 1.4%，而 2021 年第一季度為 1980 萬美元，佔收入的 13.6%。利潤率同比下降的主要原因是繼續專注於投資我們業務和產品組合的增長領域，以及資產剝離的影響。

Now, let's turn to the balance sheet. We ended the quarter with $745.6 million of cash and short-term investments on hand. Our cash and short-term investments declined approximately $44 million since the end of Q4, 2021, primarily as a result of our operating loss, higher inventory levels, advanced tax payments, our investment in Enhatch and cash payments related to net share settlements on stock-based compensation. Subsequent to quarter end, we closed on our previously announced acquisitions of Titan Robotics and Kumovis for approximately $80 million in cash, net of customary closing adjustments. The acquisitions were funded with cash in our balance sheet.

現在，讓我們轉向資產負債表。本季度末，我們手頭有 7.456 億美元的現金和短期投資。自 2021 年第四季度末以來，我們的現金和短期投資減少了約 4400 萬美元，主要是由於我們的經營虧損、更高的庫存水平、預繳稅款、我們對 Enhatch 的投資以及與股票淨股份結算相關的現金支付-基於補償。在季度末之後，我們以約 8,000 萬美元現金完成了先前宣布的對 Titan Robotics 和 Kumovis 的收購，扣除了慣例的收盤調整。這些收購是用我們資產負債表上的現金資助的。

We continue to have a very strong balance sheet with ample cash to fund organic growth opportunities and potential acquisitions. We believe investments both organically and through acquisitions support our strategy of driving recurring revenue growth and higher adoption of additive manufacturing in both the Industrial and Healthcare segments.

我們繼續擁有非常強勁的資產負債表和充足的現金來為有機增長機會和潛在收購提供資金。我們相信有機投資和通過收購進行的投資支持我們推動經常性收入增長和在工業和醫療保健領域更多地採用增材製造的戰略。

Beginning last year, we provided guidance on full year non-GAAP gross profit margins. And for 2022, we have expanded our guidance to include revenue and non-GAAP operating expenses. We are narrowing our full year guidance to reflect our performance in the first quarter and expectations for the full year. Given our strong demand outlook, we now expect revenue to be within a range of $580 million and $625 million, a tightening of the range that we have reiterated a few weeks ago.

從去年開始，我們提供了全年非公認會計原則毛利率的指導。對於 2022 年，我們將指導範圍擴大到包括收入和非公認會計原則的運營費用。我們正在縮小全年指引，以反映我們在第一季度的表現和對全年的預期。鑑於我們強勁的需求前景，我們現在預計收入將在 5.8 億美元和 6.25 億美元之間，這是我們幾週前重申的收緊範圍。

We are narrowing our non-GAAP gross margin guidance to a range of 40% to 43% and our planned investment profile leads us to believe that non-GAAP operating expenses will now be between $235 million and $250 million. This 2022 guidance assumes no additional significant macroeconomic events that negatively impact our business, such as COVID-19, geopolitical events or other factors that could impact either demand or disrupt our supply chain.

我們正在將我們的非 GAAP 毛利率指導範圍縮小到 40% 至 43% 的範圍，而我們計劃的投資概況使我們相信非 GAAP 運營費用現在將在 2.35 億美元至 2.5 億美元之間。這份 2022 年指南假設沒有其他對我們的業務產生負面影響的重大宏觀經濟事件，例如 COVID-19、地緣政治事件或其他可能影響需求或破壞我們供應鏈的因素。

I'll now turn it back to Jeff to comment on our upcoming Investor Day before we take your questions. Jeff?

在我們回答您的問題之前，我現在將把它轉回給 Jeff 來評論我們即將到來的投資者日。傑夫?

Thanks, Jagtar. And before I do that, I want to thank you for your dedication and leadership and your time with us here at 3D Systems Jagtar. As we've executed on the transformational plan to refocus our business portfolio on additive manufacturing, driving improved growth and operating performance while significantly strengthening our balance sheet. Your contribution and leadership has been greatly appreciated by me and the entire 3D Systems organization, and we wish you very well in your new role.

謝謝，賈格塔。在此之前，我要感謝您的奉獻精神和領導能力以及您在 3D Systems Jagtar 與我們在一起的時間。隨著我們執行轉型計劃，將我們的業務組合重新聚焦於增材製造，推動增長和運營業績的改善，同時顯著加強我們的資產負債表。我和整個 3D Systems 組織都非常感謝您的貢獻和領導，我們祝您在新職位上一切順利。

Finally, we're thrilled to be within 1 week of our Investor Day event. We look forward to sharing more about our company vision and our plans for the future. The event will be held on Monday, May 16, in Detroit prior to the opening of the Rapid + TCT trade show, a leading additive manufacturing conference. We'll begin with lunch and spend the afternoon discussing both our Healthcare and Industrial Solutions business including more detailed presentations on key technology elements of our business and applications that are driving our growth.

最後，我們很高興能在投資者日活動的 1 週內完成。我們期待分享更多關於我們公司願景和未來計劃的信息。該活動將於 5 月 16 日星期一在底特律舉行，屆時將在領先的增材製造會議 Rapid + TCT 貿易展開幕前舉行。我們將從午餐開始，然後用下午討論我們的醫療保健和工業解決方案業務，包括更詳細地介紹我們業務的關鍵技術元素和推動我們增長的應用程序。

On Monday evening, we'll provide dinner and a very special presentation on our regenerative medicine efforts, which I think you will find fascinating. We're excited about that this will be an in-person event and look forward to having many of you there to hear from our executive team and see our products in the days to follow a Rapid, including the new SLA 750, as well as, our extrusion printers from Titan and Kumovis. Seats are filling fast, but there's still time for registration at the event. Please contact our Investor Relations folks for more information.

週一晚上，我們將提供晚餐並就我們的再生醫學工作進行非常特別的介紹，我想您會覺得這很吸引人。我們很高興這將是一場面對面的活動，並期待你們中的許多人在現場聽取我們執行團隊的意見，並在跟隨 Rapid 的日子裡看到我們的產品，包括新的 SLA 750，以及，我們來自 Titan 和 Kumovis 的擠壓打印機。席位正在快速填滿，但仍有時間在活動中註冊。請聯繫我們的投資者關係人員了解更多信息。

And with that, Kevin will open it up for questions.

有了這個，凱文將打開它的問題。

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

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

I want to start with the revenue guidance. It's still a pretty large range here. So maybe help us understand some of the assumptions that are still kind of baked into that? And more importantly, what are the, call it, levers that gets you either into the high end or lower end of the range at this point?

我想從收入指導開始。這裡的範圍仍然很大。所以也許可以幫助我們理解一些仍然存在於其中的假設？更重要的是，在這一點上，讓你進入高端或低端的槓桿是什麼？

Yes, Greg, it's a pretty simple story right now. We've got more demand than we can fill given the supply chain issues that we face. So it's really our best estimate of -- we anticipate being -- continue to be supply chain limited in hitting revenue. So it's our best guess at how that looks for the rest of the year. Given the strength of demand, we were happy to tighten it up a bit and it slightly raise the midpoint. The only reason we have the breadth of range we have right now, Greg, is supply chain issues that we can't fully quantify. We left significant revenue on the table again this quarter. It's very similar to Q4 of last year which is disappointing to us and to our customers. And we're hopeful that drops off. That would take us to the top end of our range and that -- just the easing -- general easing of supply chain. Jagtar, do you have anything else to add?

是的，格雷格，現在這是一個非常簡單的故事。鑑於我們面臨的供應鏈問題，我們的需求超出了我們的能力範圍。因此，這確實是我們對——我們預計會——繼續受到供應鏈限制以達到收入的最佳估計。所以這是我們對今年剩餘時間的最佳猜測。鑑於需求強勁，我們很高興將其收緊一點，並略微提高了中點。格雷格，我們現在擁有廣泛的範圍的唯一原因是我們無法完全量化的供應鏈問題。本季度我們再次留下了可觀的收入。這與去年第四季度非常相似，這讓我們和我們的客戶感到失望。我們希望這種情況會下降。這將把我們帶到我們範圍的頂端，而且——只是放寬——供應鏈的普遍放寬。 Jagtar，你還有什麼要補充的嗎？

No. I think you captured well. It's primarily just looking at supply chain, Greg. I'll mention we left about $7 million to $8 million of revenue on the table this quarter. Have we gotten that revenue, we would have been -- we would have had 16%, 17% growth year-over-year adjusted for divestitures. So the supply chain constraints are frustrating. Our teams are working heroic efforts to work through it. And as we see improvements there, we'll hopefully move up to the higher end of the guidance range.

不，我認為你拍得很好。格雷格，它主要只關注供應鏈。我會提到本季度我們留下了大約 700 萬到 800 萬美元的收入。如果我們獲得了那筆收入，我們本來會 - 我們會獲得 16% 和 17% 的同比增長，調整資產剝離。因此，供應鏈的限制令人沮喪。我們的團隊正在努力克服它。當我們看到那裡的改進時，我們希望能夠提升到指導範圍的高端。

Greg, what's really exciting is to see the breadth of interest in additive manufacturing for production environments. It's -- I'm sure it's true for the entire industry, certainly very true for us given our breadth of technology but customers are really aggressively looking at how they could use additive. Some will adopt some may not. But in general, the opportunities are out there to drive some real exciting growth. It's frustrating to be limited by supply chain. I'd much rather have that condition than the opposite. And I see no end in sight from a demand standpoint right now, looks very positive.

格雷格，真正令人興奮的是看到生產環境對增材製造的廣泛興趣。這是——我相信整個行業都是如此，考慮到我們的技術廣度，對我們來說當然非常正確，但客戶非常積極地研究如何使用添加劑。有些會採用有些可能不會。但總的來說，推動一些真正令人興奮的增長的機會就在那裡。受供應鏈限制令人沮喪。我寧願擁有那個條件而不是相反。從需求的角度來看，我現在看不到盡頭，看起來非常積極。

Yes, it's good. I mean, maybe digging into the supply chain discussion a little bit further. Is your sense that there are new customers that are looking at this technology as a way to either onshore or transform supply chains? I mean, that's certainly something that everybody seems to be talking about, but maybe give us a few examples if you can about what you're seeing exactly?

是，很好。我的意思是，也許進一步深入探討供應鏈討論。您是否感覺到有新客戶將這項技術視為在岸或轉變供應鏈的一種方式？我的意思是，這肯定是每個人似乎都在談論的事情，但如果可以的話，也許可以給我們舉幾個例子來說明你所看到的確切內容？

Customers are very sensitive about for a variety of reasons about what they want to onshore. But in general, Greg, I can tell you, it's absolutely true. There is no doubt about it, and it's broad-based. And it's just exactly like our company is looking at our supply chain. How do we lessen the risks of supply disruptions? How do we bring closer to home and how do we save money? And our customers are doing exactly the same thing. They're looking at -- in the older days, it was performance-driven for parts. You make a part with additive, it will perform better in the system. The big driver now is on top of that is derisking the supply chain and reducing cost. And the reason that we've made the investments we have, particularly in software in the last 12 months is the rate limiting step we really believe, given the pace of the printer technology is moving at, the rate-limiting step is going to be much more in the field of materials and then software for bringing the products -- the fleets of printers into the factory.

出於各種原因，客戶對他們想要在岸購買什麼產品非常敏感。但總的來說，格雷格，我可以告訴你，這絕對是真的。毫無疑問，它的基礎廣泛。這就像我們公司正在審視我們的供應鏈一樣。我們如何降低供應中斷的風險？我們如何離家更近，我們如何省錢？我們的客戶也在做同樣的事情。他們正在研究——在過去，它是由零件的性能驅動的。您使用添加劑製作零件，它將在系統中表現更好。現在最大的驅動力是降低供應鏈的風險並降低成本。我們進行投資的原因，尤其是過去 12 個月在軟件方面的投資，是我們真正相信的限速步驟，鑑於打印機技術的發展速度，限速步驟將是更多的是在材料領域，然後是用於將產品帶入工廠的軟件——打印機隊。

So from our customer standpoint, I think we're talking a lot about how they bring fleets in efficiently. And then obviously, we're providing as many new materials as we can for printing, because that's what customers want to have. And so great demand. The technology in printers is moving forward, as it always has, very quickly, and we're qualifying multiple suppliers on all key components to make sure we can meet the demand we see. But what you see from a demand standpoint, Greg, is exactly what you'd read in the newspaper. It is -- every Industrial company, I would guess, in the world, especially in U.S. and Europe is looking at how they derisk and bring their supply chain closer to home, but do it in a cost-effective manner. The automated systems, AI applied to fleets, all of that in order to minimize the labor content. And obviously, labor costs are up -- so they've got to not only bring production in-house closer to home. They've got to drive it down, drive it down in cost by automation, which again gets back to software. So long-winded answer to your question, I hope the color is helpful.

因此，從我們客戶的角度來看，我認為我們正在談論他們如何有效地引進車隊。然後很明顯，我們提供了盡可能多的新材料用於印刷，因為這是客戶想要的。而且需求量很大。打印機技術正在向前發展，就像往常一樣，非常迅速，我們正在對所有關鍵組件的多家供應商進行資格認證，以確保我們能夠滿足我們看到的需求。但從需求的角度來看，格雷格，你看到的正是你在報紙上看到的。我猜，世界上的每一家工業公司，尤其是美國和歐洲的公司，都在研究如何將供應鏈離家更近，但要以具有成本效益的方式進行。自動化系統、人工智能應用於車隊，所有這些都是為了最大限度地減少勞動力。顯然，勞動力成本上升了——所以他們不僅要讓內部生產離家更近。他們必須降低成本，通過自動化降低成本，這又回到了軟件上。這麼囉嗦的回答你的問題，我希望顏色是有幫助的。

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

我們的下一個問題來自 William Blair 的 Brian Drab。

So there's been slowdown in volume at your largest customer. You had a record year, I think dental was up like 90% -- dental revenue for you is up like 90% in 2021. And I don't know if you said today, but we're backing into somewhere in the 20% range for the first quarter, and growth in dental revenue. And I'm just wondering, are there any adjustments you're having to make in terms of costs or production given the volumes there in -- for a dental aligners that have declined materially.

因此，您最大的客戶的交易量有所放緩。你有創紀錄的一年，我認為牙科增長了 90%——2021 年你的牙科收入增長了 90%。我不知道你今天是否說過，但我們正在回到 20% 的某個地方第一季度的範圍，以及牙科收入的增長。而且我只是想知道，鑑於那裡的數量，您是否必須在成本或生產方面進行任何調整 - 對於已大幅下降的牙齒矯正器。

Maybe I'll comment and then Jagtar can supplement as well here, Brian. Very good question. No, I would say, Brian, the demand is still very strong. It's unfortunate that things in the world have become more difficult for dental in general. I mean, things that are viewed as optional procedures. It's unfortunate that it's become a more difficult environment. But in terms of demand and demand outlook and things, it may shift a little bit over time, but it's not led to any significant changes on our part in terms of supply of product to our customers or how we're managing our supply chain. We want to make sure we're not holding them back in growth. And their numbers may fluctuate a little bit, but they take a long-term view and invest for the future, given what they've said publicly about their market share penetration and things, their growth prospects look tremendous for years and years to come. So no, no real changes to us. There may be fluctuations quarter-to-quarter, but nothing significant. It's -- we run on a pretty long-term game plan with all customers of that scale.

也許我會發表評論，然後 Jagtar 也可以在這裡補充，Brian。非常好的問題。不，我會說，布賴恩，需求仍然非常強勁。不幸的是，世界上的事情總體上對牙科來說變得更加困難。我的意思是，被視為可選程序的事情。不幸的是，它變成了一個更加困難的環境。但就需求和需求前景而言，它可能會隨著時間的推移而發生一些變化，但這並沒有導致我們在向客戶供應產品或我們如何管理供應鏈方面發生任何重大變化。我們要確保我們不會阻礙他們的增長。他們的數字可能會略有波動，但他們著眼長遠，並為未來投資，考慮到他們公開表示的市場份額滲透率和事情，他們的增長前景在未來幾年看起來都是巨大的。所以不，對我們沒有真正的改變。每個季度可能會有波動，但沒有什麼大不了的。這是 - 我們與所有這種規模的客戶制定了一個相當長期的遊戲計劃。

I'll reiterate what Jeff said. I mean, I think our customers in that market still see themselves as lightly penetrated into a big opportunity. And while they may see short-term impacts in '22, I think their stance with us is really much more focused on the long-term potential of that market and making sure they have the infrastructure to support it. And as we reiterated -- or we indicated in Greg's question, our guidance range reflects supply chain more than it does our perceptions of customer demand, and that would include the dental segment.

我將重申 Jeff 所說的話。我的意思是，我認為我們在那個市場上的客戶仍然認為自己只是輕輕地進入了一個巨大的機會。雖然他們可能會在 22 年看到短期影響，但我認為他們對我們的立場實際上更關注該市場的長期潛力，並確保他們擁有支持它的基礎設施。正如我們重申的那樣——或者我們在格雷格的問題中指出，我們的指導範圍更多地反映了供應鏈，而不是我們對客戶需求的看法，這將包括牙科部門。

So just one follow-up question on that topic. So you're not seeing in 2022. And, I guess, your guidance reflects this, any material decline in the -- in your customer spending or CapEx spending on the type of equipment that you sell?

所以只有一個關於該主題的後續問題。因此，您在 2022 年看不到。而且，我猜，您的指導反映了這一點，您的客戶支出或您銷售的設備類型的資本支出是否有任何實質性下降？

Yes, I want to be careful, Greg, to not -- not talking about information -- I'm sorry, Brian, I'm sorry. I want to make sure not to talk about sense of information to them. But I would tell you, in general, our guidance fully bakes in input from -- and obviously, that customer and all others. So we feel really good about our revenue profile this year. There'll be individual fluctuations. But by and large, it's great to have a customer that takes a long-term view and appreciates that they needed to keep their suppliers moving along, and we're very, very happy with the relationship.

是的，我要小心，格雷格，不要——不談論信息——對不起，布賴恩，對不起。我想確保不要向他們談論信息感。但我會告訴你，總的來說，我們的指導完全來自 - 顯然，該客戶和所有其他人的意見。因此，我們對今年的收入狀況感到非常滿意。會有個別波動。但總的來說，擁有一位具有長遠眼光並欣賞他們需要讓供應商繼續前進的客戶真是太好了，我們對這種關係非常非常滿意。

And then just last question. Where do you think gross margin? You said it should have improved throughout the year. Where do you think the gross margin can get to as you're exiting '22, what would be the goal?

然後只是最後一個問題。您認為毛利率在哪裡？你說它應該全年都有所改善。當您退出 22 年時，您認為毛利率可以達到什麼水平，目標是什麼？

Well, I think we mentioned in the script -- Jagtar, you correct me if I'm wrong, I think we see it rising throughout the year. The lower -- it was lower in Q1 than we would have anticipated, primarily for cost reasons with the supply chain, both labor and materials for cost reasons. Now, we're driving pricing. We see volumes continuing to rise. So we should get some economics back. But -- so I would expect it to rise throughout the year, Brian. But I think it's -- it became less realistic to say we had a shot at the very top end of the prior range. So we brought it down a point. And now, that could flip, the supply chain thing is God knows when it's going to clear, it could clear suddenly, things could happen. But I think we always want to be pretty realistic with you guys. So bringing that top end down a point was important to us. And if we -- we will hope to revise that every quarter going forward and give you our best view. Jagtar, anything else?

好吧，我想我們在劇本中提到過—— Jagtar，如果我錯了，請糾正我，我認為我們看到它全年都在上升。較低 - 第一季度低於我們的預期，主要是出於供應鏈的成本原因，包括勞動力和材料成本原因。現在，我們正在推動定價。我們看到交易量繼續上升。所以我們應該恢復一些經濟學。但是——所以我預計它會全年上升，Brian。但我認為這是 - 說我們在先前範圍的最高端有機會變得不太現實。所以我們把它降低了一點。而現在，這可能會翻轉，供應鏈的事情是天知道什麼時候會清除，它可能會突然清除，事情可能會發生。但我認為我們總是希望對你們非常現實。因此，將高端降低一點對我們來說很重要。如果我們 - 我們希望在未來每個季度都修改它，並為您提供我們最好的觀點。捷達，還有什麼？

Yes. Brian, we obviously give guidance for the year. We don't give guidance for where we think we'll exit the year. What I'll say is, there's various moving parts that feed into gross margin. And so, the puts and takes of it is kind of what leads to our guidance range. If I look at Q1, we saw parts costs a little higher than we anticipated, and we saw freight costs higher than we anticipated. Both of those combined probably impacted gross margins by about 2 points. We've, as a result, implemented price increases that went into effect in Q2 to help solve that.

是的。布賴恩，我們顯然會為這一年提供指導。我們沒有就我們認為我們將在今年退出的地方提供指導。我要說的是，有各種活動部件會影響毛利率。因此，看跌期權是導致我們指導範圍的原因。如果我看第一季度，我們看到零件成本比我們預期的要高一點，我們看到的運費比我們預期的要高。這兩者加起來可能會影響毛利率約 2 個百分點。因此，我們實施了在第二季度生效的價格上漲，以幫助解決這個問題。

We're continuing to look for the year to see if we should expect further increases and be prepared to respond accordingly. We also have the impact of production volumes. You saw what our tremendous production volumes did in Q4 to our gross margins. As we go through the year, we obviously expect revenue Q1 is our seasonally late quarter, so we expect production volumes to increase and therefore, help on the margin side. And we expect changes in mix, as well as, we sell more software and materials. So all of those are kind of the ups and downs of gross margins, which was why we don't provide an exit guidance, we provide more of annual guidance based on where we're assuming around those ups and downs.

我們將繼續尋找這一年，看看我們是否應該期待進一步的增長，並準備好做出相應的反應。我們也有產量的影響。您看到了我們在第四季度的巨大產量對我們的毛利率的影響。隨著我們一年的過去，我們顯然預計第一季度的收入是我們的季節性後期季度，因此我們預計產量會增加，因此有助於利潤率方面。我們預計組合的變化，以及我們銷售更多的軟件和材料。所以所有這些都是毛利率的起伏，這就是為什麼我們不提供退出指導，我們根據我們對這些起伏的假設提供更多的年度指導。

(Operator Instructions) Our next question is coming from Wamsi Mohan from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的Wamsi Mohan。

This is [John] on behalf of Wamsi. I just want to talk about the guidance for OpEx. So it seems like it slightly went up at midpoint. Just wondering how should we expect this -- the OpEx to ramp throughout the year? And where is the incremental OpEx being invested into?

這是代表Wamsi的[John]。我只想談談 OpEx 的指導。所以它似乎在中點略有上升。只是想知道我們應該如何期待這一點 - 運營支出將全年增長？增加的 OpEx 投資在哪裡？

Well, I'll let Jagtar speak to the ramp, because I'm not -- it may be more of a steady-state spend, but I'll let Jagtar speak to the ramp. The increased spend is being driven by a couple of factors. And it gets down fundamentally to we see great demand going forward for additive. We want to make sure that we have the product technologies that folks need in both metal and polymer and particularly materials and software. So we continue to spend heavily on R&D. And we've got to make sure our infrastructure is -- has the robustness we need for sustain double-digit growth as we really believe going forward with the demand profile we see, we're going to be able to deliver -- we have the capability to deliver double-digit organic growth for several years here to come, and there's a certain scale of infrastructure you need to do that. So we're investing in, as we mentioned, IT, finance, all the automation, all the basic foundational infrastructure you need to be at our scale and grow at double-digits. So that's where you see the increased spending level this year driven by. And Jagtar, in terms of ramp?

好吧，我會讓 Jagtar 對坡道講話，因為我不是——這可能更像是一種穩態支出，但我會讓 Jagtar 對坡道講話。增加的支出是由幾個因素驅動的。而且它從根本上歸結為我們看到對添加劑的巨大需求。我們希望確保我們擁有人們在金屬和聚合物，特別是材料和軟件方面需要的產品技術。所以我們繼續在研發上投入巨資。我們必須確保我們的基礎設施——具有維持兩位數增長所需的穩健性，因為我們真的相信隨著我們看到的需求狀況向前發展，我們將能夠交付——我們有有能力在未來幾年內實現兩位數的有機增長，並且需要一定規模的基礎設施才能做到這一點。因此，正如我們所提到的，我們正在投資 IT、財務、所有自動化，以及您需要達到我們的規模並以兩位數增長的所有基本基礎設施。這就是你看到今年支出水平增加的地方。 Jagtar，就坡道而言？

Yes, John, we don't expect a significant ramp over the balance of the year. We -- part of the increase is the acquisitions of Titan, Kumovis, those are now fully on board in Q2. We don't expect any further ramp in them. And then outside of Titan and Kumovis, we've baked spending plans for the product development things and the infrastructure things that Jeff had talked about. And that's partially the result of the range, because we've begun that spend. But to the extent we don't hit the spend in Q2, that doesn't necessarily get pushed to Q3 or Q4. So we're really expecting it kind of flat over the 3 quarters.

是的，約翰，我們預計今年餘下時間不會出現顯著增長。我們——部分增長是對 Titan、Kumovis 的收購，這些公司現在已經在第二季度全面加入。我們預計它們不會有任何進一步的增長。然後在 Titan 和 Kumovis 之外，我們為 Jeff 談到的產品開發和基礎設施制定了支出計劃。這部分是范圍的結果，因為我們已經開始了支出。但就我們在第二季度沒有達到支出的程度而言，這並不一定會被推到第三季度或第四季度。所以我們真的期待它在 3 個季度內持平。

And if I may, for a quick follow-up. You referenced the supply chain issues. I mean, I'm just wondering what specific areas are you seeing the most impact? Is it the sourcing, the freight like logistic cost, et cetera?

如果可以的話，請快速跟進。您提到了供應鏈問題。我的意思是，我只是想知道您認為哪些特定領域的影響最大？是採購，物流成本等運費嗎？

Yes. Freight is an ongoing issue, and it's driven, I'm sure by freight utilization in general and then obviously fuel. The componentry, John, I'll tell you, I cannot give you an answer. It changes by the day. It's -- I think everybody is around the world is hand-to-mouth and a lot of componentry. So truly, I heard somebody call yesterday on one of the news networks, Whack-A-Mole, it truly is. So we've -- we're deploying excessive resources, if you will, on supply chain, working with our suppliers, qualifying new suppliers, just making sure we can meet the demand that's out there. So it is a challenge. And embedded in that our labor costs across the board from components to freight costs, things like that, that have an embedded labor content as well. So it's a challenging environment. And I'd just remind myself on the worst stage that we see, I'd rather have this problem and a lack of demand, but it is a true challenge right now, I think, for all companies.

是的。貨運是一個持續存在的問題，我敢肯定，它是由貨運利用率驅動的，然後顯然是燃料。組件，約翰，我會告訴你，我不能給你答案。它每天都在變化。這是 - 我認為世界各地的每個人都是手到嘴的，並且有很多組件。真的，我昨天聽到有人在一個新聞網絡上打了電話，Whack-A-Mole，確實如此。因此，如果您願意，我們已經在供應鏈上部署了過多的資源，與我們的供應商合作，對新供應商進行資格審查，以確保我們能夠滿足現有的需求。所以這是一個挑戰。並且嵌入到我們的勞動力成本中，從組件到貨運成本，諸如此類的東西，也具有嵌入的勞動力內容。所以這是一個充滿挑戰的環境。我只是在我們看到的最糟糕的階段提醒自己，我寧願遇到這個問題和缺乏需求，但我認為，這對所有公司來說都是一個真正的挑戰。

Yes. John, I'll just add, as Jeff said, it's component sourcing, component costs freight, we were up roughly $1 million year-over-year in freight costs. Part of that is higher freight rates, but part of it is also because of slower shipping times at sea. We've had to air ship more. We do expect, hopefully, that piece will improve as we go through the year, because we're now adjusting our model to plan for a longer shipping times, and so moving back more to see shipment, which will help our freight costs. It means higher -- slightly higher inventory levels, but we're adjusting and reacting as quickly as we could.

是的。約翰，我要補充一下，正如傑夫所說，它是組件採購，組件成本運費，我們的運費同比增長了大約 100 萬美元。部分原因是運費較高，但部分原因是海上運輸時間較慢。我們不得不空運更多。我們確實希望，隨著我們這一年的過去，這件事情會有所改善，因為我們現在正在調整我們的模型以計劃更長的運輸時間，因此更多地向後移動以查看運輸，這將有助於我們的運費成本。這意味著更高——略高的庫存水平，但我們正在盡可能快地進行調整和反應。

John, it's amazing. -- machines are made up of hundreds or thousands of components. And you -- in normal times, you don't think about that. But in supply-chain constrained times, it's -- you can be hamstrung by anything in the machine that can cause you to not ship it. So it's truly an education process every day, I think, for leadership teams at all Industrial companies right now to look around. And it is what I believe is really fundamentally driving the demand for additive manufacturing is people don't want to be left short on a component that they didn't even really realize was at risk of being in short supply. So they look at additive, it opens the door for additive. And then as you bring it in and you look at the economics, you say, maybe I should make more and more things with this process. So it's really on the one side, it's giving us a lot of growth opportunity, and that's tremendous. And that will not go backwards. That's truly once they've got this in place, it's exciting, they want to grow it. But it is an ongoing challenge in terms of delivering to demand. So it's 2 sides of the same coin.

約翰，太神奇了。 ——機器由成百上千個部件組成。而你——在正常情況下，你不會考慮這個。但在供應鏈受限的時期，您可能會被機器中任何可能導致您無法發貨的東西所束縛。因此，我認為，對於現在所有工業公司的領導團隊來說，這確實是一個每天都在進行的教育過程。我認為，真正從根本上推動增材製造需求的是人們不希望缺少一個他們甚至沒有真正意識到存在供應短缺風險的組件。所以他們著眼於添加劑，它為添加劑打開了大門。然後當你把它帶進來，你看看經濟學，你說，也許我應該用這個過程做更多的事情。所以這確實是一方面，它給了我們很多增長機會，這是巨大的。這不會倒退。這是真的，一旦他們把它落實到位，這很令人興奮，他們想要發展它。但在滿足需求方面，這是一個持續的挑戰。所以它是同一枚硬幣的兩個面。

Next question today is coming from Troy Jensen from Lake Street Capital.

今天的下一個問題來自 Lake Street Capital 的 Troy Jensen。

So I guess, Jeff, for you, maybe a couple -- I think it was 3 months ago, you talked about refreshing the product line over the next 18 months, and I think we've seen one, right, with the SLA 750. I'm just wondering if next week is going to be a big week for new product introductions.

所以我想，傑夫，對你來說，也許是一對夫婦——我想是在 3 個月前，你談到在接下來的 18 個月內更新產品線，我想我們已經看到了一個，對，SLA 750 . 我只是想知道下周是否會成為新產品推出的重要一周。

Troy, we have -- what I think is a really exciting product lineup for the next 18 months, you're going to hear regularly of new products being launched. You go through a debate internally of, well, how much do you really reveal at any one time, you talk about I can -- so you'll get a lot -- you'll get more information on Monday, and we're excited about telling you about it. It will be a little judicious because there's competitive issues and things like that. So we've got to be a little bit guarded. But I would tell you, Troy, you see a theme in the 750 release, and you particularly with your knowledge of the industry would appreciate this, is backward compatibility and forward upgrade ability is a really big deal. So like this new 750, you can buy it as a single laser system or a dual laser system. You can upgrade it in the field, it's got modularity.

特洛伊，我們有——我認為未來 18 個月的產品陣容非常令人興奮，你會定期聽到新產品推出的消息。你在內部經歷了一場辯論，嗯，你在任何時候真正透露了多少，你說我可以——所以你會得到很多——你會在星期一得到更多信息，我們很高興告訴你這件事。這會有點明智，因為存在競爭問題和類似的事情。所以我們必須有點警惕。但是我要告訴你，Troy，你在 750 版本中看到了一個主題，而你尤其以你對行業的了解會欣賞這一點，向後兼容和向前升級能力真的很重要。因此，就像這款新的 750，您可以將其作為單激光系統或雙激光系統購買。您可以在現場升級它，它具有模塊化。

That's kind of the theme that our technology folks are working toward in our new product platforms, so the customers are not stuck having to reinvest significant capital, they can do incremental investments and make sure they also have backward compatibility with products. So I'm going off on a little bit of a tangent. I will tell you as much as we can next week, and I would encourage you to please ask a lot of questions, which you always do. We'll have a 750 in the Rapid, and we'll tell you as much about the road map as we possibly can, okay?

這就是我們的技術人員在我們的新產品平台中努力實現的主題，因此客戶不必再投資大量資金，他們可以進行增量投資並確保他們也與產品具有向後兼容性。所以我要離開一點切線。下週我會盡可能多地告訴你，我會鼓勵你提出很多問題，你總是這樣做。我們將在 Rapid 中擁有 750，我們會盡可能多地告訴您有關路線圖的信息，好嗎？

Jagtar will you be at the event?

Jagtar 你會參加活動嗎？

I will not be at the event. We will have our new starting interim CFO at the event.

我不會參加活動。我們將在活動中任命新的臨時首席財務官。

Maybe one quick follow-up question. So it seems like every CEO is applauding the Biden administration and The Think Forward Initiative. So I'm just curious, Jeff, have you seen any more details? And what exactly are they going to do to incentivize adoption?

也許是一個快速的後續問題。因此，似乎每位 CEO 都在為拜登政府和“向前思考倡議”鼓掌。所以我只是好奇，傑夫，你看到更多細節了嗎？他們到底要做什麼來激勵採用？

No, it's a point of great discussion, Troy. And I would tell you, Troy it's been around long enough. I don't -- I rarely make any definitive plans based on federal actions and intent and direction. But I do think it reflects the sensitivity in Washington to the benefits of additive and what it can do for the robustness of the U.S. economy and the resiliency, reducing our dependence on overseas sources of things. I was in Washington a couple of weeks ago. And I would tell you the discussion around 3D printing additive manufacturing is on everybody's lips. It's -- there's a defense component to it.

不，這是一個很好的討論點，特洛伊。我會告訴你，特洛伊，它已經存在了足夠長的時間。我沒有——我很少根據聯邦行動、意圖和方向制定任何明確的計劃。但我確實認為這反映了華盛頓對添加劑的好處的敏感性，以及它可以為美國經濟的穩健性和彈性做些什麼，減少我們對海外資源的依賴。幾週前我在華盛頓。我會告訴你，每個人都在談論關於 3D 打印增材製造的討論。它是——它有一個防禦組件。

There's a national interest component to it, and there's a resiliency factor that we don't want to be brought down by other countries and pandemics and things like that. I think it's great. My interpretation of the bill, which is strictly the layman is that it's intended to help smaller businesses adopt additive. And so, I think in terms of driving demand for us, it's a great thing. I'm not sure that the OEMs of additive will benefit directly. I don't know that we need to benefit directly. But certainly, if it helps our customers adopt the additive, particularly small companies, helps them grow. I think it's fantastic. So I applaud what they're doing directionally. And it will be interesting to see what they are. We rarely modify plans to meet him, but it's consistent with what we're investing in anyway. So I'm all for it and great to see the sentiment in an Industrial direction there.

它有一個國家利益的組成部分，還有一個彈性因素，我們不希望被其他國家和流行病之類的事情拖垮。我認為這很棒。我對該法案的解釋，嚴格來說是外行，它旨在幫助小型企業採用添加劑。因此，我認為就推動我們的需求而言，這是一件好事。我不確定添加劑的原始設備製造商是否會直接受益。我不知道我們需要直接受益。但可以肯定的是，如果它能幫助我們的客戶採用添加劑，尤其是小公司，就能幫助他們成長。我認為這太棒了。因此，我為他們在定向上所做的事情鼓掌。看看它們是什麼會很有趣。我們很少修改與他會面的計劃，但無論如何這與我們正在投資的內容是一致的。所以我完全贊成，很高興看到那裡的工業方向的情緒。

Your next question today is coming from Kieran McCabe from Stifel.

您今天的下一個問題來自 Stifel 的 Kieran McCabe。

I guess, I just had a question, given kind of the continued resilience in demand and further adoption of additive manufacturing and you had the acquisition of Oqton back in September. I wonder if maybe you can kind of give an update or kind of a sense of conversations with customers about really using software to drive the adoption into production environments and the need for software and sort of kind of -- since the Oqton acquisition, kind of any update you could provide on that probably would have a lot of details for that next week, but anything you could kind of touch on that now, that would be great.

我想，我只是有一個問題，考慮到需求的持續彈性和增材製造的進一步採用，你在 9 月份收購了 Oqton。我想知道您是否可以提供更新或與客戶進行對話的感覺，以了解真正使用軟件來推動生產環境的採用以及對軟件的需求等等 - 自收購 Oqton 以來，您可以提供的任何更新都可能會在下週提供很多詳細信息，但是您現在可以觸及的任何內容都會很棒。

Sure. I'll make a couple of comments. And it's so important to us, quite honestly, in the future that Ben Schrauwen, the leader of Oqton, will be at our Investor Day event to talk about the Oqton software platform and where it's headed. Yes, I would tell you, for all the folks on the phone, the software is an incredibly important issue in bringing additive into production environments. Again, it did used to be to put it in a laboratory, a one-off machine. It didn't really matter as long as they wanted a machine that was easy to use and smart.

當然。我會發表一些評論。老實說，這對我們來說非常重要，未來 Oqton 的領導者 Ben Schrauwen 將在我們的投資者日活動中討論 Oqton 軟件平台及其發展方向。是的，我會告訴你，對於所有打電話的人來說，軟件對於將添加劑引入生產環境來說是一個非常重要的問題。再一次，它曾經是把它放在實驗室裡，一台一次性機器。只要他們想要一台易於使用且智能的機器，這並不重要。

But to put fleets of machines, and we're talking to guys about hundreds and thousands of printers in a factory, you had -- to avoid process variability and the use of large amounts of labor, you absolutely have to have a robust software environment to run them, a manufacturing operating system. And that operating system cannot disrupt the ongoing factory when you install it, which is what we love about Oqton. It can plug into SAP or Oracle, and then you can plug not only printers, the post-print processing, robotics, you can plug all of that in through APIs into the Oqton platform.

但是要放置成群的機器，我們正在與工廠中的成百上千台打印機進行討論，你必須——為了避免過程可變性和使用大量勞動力，你絕對必須擁有一個強大的軟件環境運行它們，一個製造操作系統。當您安裝該操作系統時，它不會破壞正在進行的工廠，這就是我們喜歡 Oqton 的地方。它可以插入 SAP 或 Oracle，然後您不僅可以插入打印機、打印後處理、機器人技術，還可以通過 API 將所有這些插入 Oqton 平台。

So customer interest in that platform, I would tell you has been enormous. We're in dialogue with companies every day about it -- large companies. I think it's a new field, so everybody is trying to learn what it can do, what they need to do with it, but interest has been quite high. So I'm very pleased with that. And I think it will help -- Oqton will help our entire industry continue to meet this increased demand for additive and production which is why we set it up as a separate somewhat independent firewall business is we wanted to help the entire industry and the entire customer base adopt additive manufacturing. So you'll hear from the leader of that business next week in person, and we've staked out a fair bit of time on the agenda for software discussion. I think you'll find it quite interesting.

因此，我會告訴您，客戶對該平台的興趣是巨大的。我們每天都在與公司對話——大公司。我認為這是一個新領域，所以每個人都在努力了解它能做什麼，他們需要用它做什麼，但興趣一直很高。所以我對此非常滿意。我認為這會有所幫助——Oqton 將幫助我們整個行業繼續滿足對增材和生產不斷增長的需求，這就是為什麼我們將其設置為獨立的防火牆業務的原因，我們希望幫助整個行業和整個客戶底座採用增材製造。因此，您將在下週親自聽到該業務的領導者的消息，我們已經在軟件討論議程上投入了相當多的時間。我想你會覺得這很有趣。

Next question today is coming from Jared Maymon from Berenberg.

今天的下一個問題來自貝倫貝格的 Jared Maymon。

So thanks for the -- a lot of commentary around the supply side that's been helpful, but I did just want to ask a couple of questions on demand. So I've been hearing from some other companies that they're seeing orders slowing, and it sounds like it's mainly in some cases, due to like inflation, interest rates and interest rates rising and the geopolitical risks, just generally increasing uncertainty. So they're either -- it sounds like, in some cases, slowing or stalling or delaying their CapEx decisions, so -- or CapEx orders.

所以感謝 - 很多關於供應方面的評論很有幫助，但我只是想根據需要問幾個問題。所以我從其他一些公司那裡聽到他們看到訂單放緩，這聽起來主要是在某些情況下，由於通貨膨脹、利率和利率上升以及地緣政治風險，總體上增加了不確定性。所以他們要么 - 在某些情況下，聽起來像是在放慢或拖延或延遲他們的資本支出決策，所以 - 或資本支出訂單。

So I'm wondering, are you seeing any of this? Or is there any indication that you might start to see some of this and customers making that shift in the coming months? And then on the flip side, I'm curious if you think this could actually be a bit of a tailwind for additive and you guys, because in some cases, it can be a little more cost-effective and easier to ramp up and ramp down more quickly.

所以我想知道，你看到這些了嗎？還是有任何跡象表明您可能會開始看到其中的一些以及客戶在未來幾個月內做出這種轉變？然後另一方面，我很好奇你是否認為這實際上可能對添加劑和你們來說有點順風，因為在某些情況下，它可能更具成本效益並且更容易提升和提升下降得更快。

Yes. And I've already gone on about the benefits and the positive drivers that we see based on all these difficulties in the environment. And those are true and they're profound. They are big drivers. The only real risk, and I'd say we have not seen it manifest itself at all. But in just my opinion, the only real risk is with this rise inflation and the corresponding rise by the Fed and interest rates, it starts tiptoeing toward recessionary pressures. And if our customers finally believe that a recession is coming, everybody starts looking in detail of their CapEx spending.

是的。基於環境中的所有這些困難，我已經繼續討論了我們看到的好處和積極的驅動因素。這些都是真實的，而且意義深遠。他們是大司機。唯一真正的風險，我想說我們根本沒有看到它表現出來。但在我看來，唯一真正的風險是隨著通脹的上升以及美聯儲和利率的相應上升，它開始悄悄地走向衰退壓力。如果我們的客戶最終相信經濟衰退即將到來，每個人都會開始仔細查看他們的資本支出支出。

So eventually that could become a headwind -- right now, there's no headwinds. There's no sign of that happening right now. I would tell you, in our company, it's demand is very high, especially exploring new ways of bringing this into production. And it's driven by everything we've talked about and the risk of extended supply chains -- supply chain disruption, pandemic. All of that on the negative side in the future would really only be, I think, if the entire economy slowed down to the point where Industrial firms started really looking at how much new capacity they needed to add, I still think there'll be an underlying tremendous driver to bring it closer to home, whatever that capacity is and to make it more robust.

所以最終這可能會成為逆風——現在，沒有逆風。目前沒有任何跡象表明會發生這種情況。我會告訴你，在我們公司，它的需求非常高，尤其是在探索將其投入生產的新方法。它是由我們所討論的一切以及供應鏈擴展的風險驅動的——供應鏈中斷、大流行。我認為，如果整個經濟放緩到工業公司開始真正考慮他們需要增加多少新產能的程度，那麼所有這一切對未來的負面影響，我仍然認為會有一個潛在的巨大驅動力，讓它離家更近，無論容量是多少，並使其更強大。

At the same time, offsetting that could be a slowdown in the general economy. Again, we see no evidence of that in our demand profile right now. But if I were to speculate, that's the one thing that could affect, I think, the whole Industrial sector.

與此同時，抵消這一影響可能會導致整體經濟放緩。同樣，我們現在在我們的需求概況中沒有看到這方面的證據。但如果我推測，我認為這是可能影響整個工業部門的一件事。

Jagtar, if you have any other view.

Jagtar，如果您有其他看法。

The only thing I'd add, Jared, is obviously, I can't predict what the economy is going to do in Q4 of this year or Q1 of next year. But looking with shorter term, I mean, I'm quite pleased with where our pipeline looks sits right now for Q2. So that would seem to indicate that demand is still out there is still strong.

賈里德，我唯一要補充的是，我無法預測今年第四季度或明年第一季度的經濟走勢。但從短期來看，我的意思是，我對我們第二季度的管道現在所處的位置感到非常滿意。因此，這似乎表明需求仍然強勁。

And then just as kind of a follow-up. So I'm just curious, have you guys seen any shift? Or is it pretty steady from a sequential utilization standpoint and then subsequently consumables from Q4 to Q1? And then any sort of outlook on that remaining steady, increasing or decreasing for the rest of the year?

然後就像一種後續行動。所以我很好奇，你們有沒有看到任何變化？或者從順序利用率的角度來看，它是否相當穩定，然後是從第四季度到第一季度的消耗品？然後對今年剩餘時間保持穩定，增加或減少的任何展望？

Jagtar, do you want to comment on the individual element?

Jagtar，你想評論個別元素嗎？

Yes. So consumables -- Q1 is typically lower than Q4. It's easier to do year-over-year number. I'll give you some numbers that are adjusted for divestitures. So materials revenue was up about 11% or 12% year-over-year. I think we felt pretty good about that. Printers were up -- or systems -- product revenue was up closer to 22%, 23% year-over-year. So printer sales were quite strong, which bodes well for future materials revenue. I like it when I see materials growing strong, but printer is growing even stronger, because that means there's going to be follow-on materials revenue in the future.

是的。所以消耗品——第一季度通常低於第四季度。做年復一年的數字更容易。我會給你一些根據資產剝離調整的數字。因此，材料收入同比增長約 11% 或 12%。我認為我們對此感覺很好。打印機或系統產品收入增長接近 22%，同比增長 23%。所以打印機銷售相當強勁，這對未來的材料收入來說是個好兆頭。當我看到材料增長強勁時，我喜歡它，但打印機變得更強大，因為這意味著未來會有後續的材料收入。

And again, Jared, we'll try to give you a little bit more color on our -- on the size of our installed base and our growth outlook next Monday. When we talk, it's really impressive numbers, quite frankly, the scale of it. So it's interesting. I think we're among the first learning of how to sell and manage large fleets of machines, and especially mixed fleets, not only metal and polymer, but our machines and those from elsewhere in the industry. So fascinating times, we'll share some more insight on that on Monday.

再一次，賈里德，我們將嘗試在下週一為您提供更多關於我們的安裝基礎規模和增長前景的信息。當我們談論時，這真的是令人印象深刻的數字，坦率地說，它的規模。所以很有趣。我認為我們是最早學習如何銷售和管理大型機器車隊的人之一，尤其是混合車隊，不僅是金屬和聚合物，還有我們的機器和業內其他地方的機器。如此迷人的時刻，我們將在周一分享更多關於這一點的見解。

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

我們的問答環節結束了。我想將發言權轉回 Graves 博士，以獲取進一步的結束意見。

So thank you all for joining our call this morning. We hope to see you next week in Detroit and to updating you again on our progress next quarter. Thanks, and have a great day.

感謝大家今天早上加入我們的電話會議。我們希望下週在底特律見到您，並再次向您介紹我們下個季度的進展情況。謝謝，祝你有美好的一天。

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

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。