Desktop Metal Inc (DM) 2022 Q1 法說會逐字稿

Good day and welcome to the Desktop Metal first-quarter 2022 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Desktop Metal 2022 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Jay Gentzkow. Please go ahead.

我現在想把會議交給傑·根茨科 (Jay Gentzkow)。請繼續。

Good morning and thank you for joining us as we discuss first-quarter 2022 financial results for Desktop Metal. With me today are Ric Fulop, Founder and CEO; and James Haley, CFO.

早安，感謝您加入我們，我們將討論 Desktop Metal 2022 年第一季的財務表現。今天和我在一起的有創辦人兼執行長 Ric Fulop；和首席財務官詹姆斯·哈利。

Please note that our financial results press release and presentation slides referred to on this call are available under the Events and Presentation section of our Investor Relations website. This call is also being webcast live with a link at the same website. The webcast and accompanying slides will be available for replay for 12 months following this call. The content of today's call is the property of Desktop Metal. It cannot be reproduced or transcribed without our prior consent.

請注意，本次電話會議中提到的我們的財務業績新聞稿和簡報投影片可在我們的投資者關係網站的活動和簡報部分下找到。此次電話會議也透過同一網站上的連結進行網路直播。網路廣播和隨附的幻燈片將在本次電話會議後 12 個月內重播。今天通話的內容屬於Desktop Metal 的財產。未經我們事先同意，不得複製或轉錄。

Before we begin, I'd like to refer you to our Safe Harbor disclaimer on Slide 2 of the presentation. Today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, May 10, 2022, and actual results may vary materially based on a number of risks and uncertainties. For more information about the risks that may impact Desktop Metal's business and financial results, please refer to the Risk Factors section of the annual report on Form 10-K in addition to the company's other filings with the SEC. We assume no obligation to update the forward-looking statements.

在開始之前，我想請您參閱簡報投影片 2 上的安全港免責聲明。今天的電話會議將包括前瞻性陳述。這些前瞻性陳述僅反映 Desktop Metal 截至今天（2022 年 5 月 10 日）的觀點和預期，實際結果可能會因許多風險和不確定因素而產生重大差異。有關可能影響 Desktop Metal 業務和財務業績的風險的更多信息，請參閱 10-K 表年度報告的風險因素部分以及該公司向 SEC 提交的其他文件。我們不承擔更新前瞻性陳述的義務。

Additionally, during this presentation in the following Q&A session, we may refer to our results on a non-GAAP basis. Non-GAAP measures are intended to supplement but not substitute for performance measures calculated in accordance with GAAP. Our financial results release contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures.

此外，在接下來的問答環節的示範中，我們可能會參考非 GAAP 基礎上的結果。非 GAAP 衡量標準旨在補充但不能取代根據 GAAP 計算的績效衡量標準。我們的財務業績發布包含今天要討論的財務和其他定量信息，以及 GAAP 與非 GAAP 指標的調整。

With that, it's my pleasure to turn the call over to Ric Fulop, Founder and CEO of Desktop Metal.

至此，我很高興將電話轉給 Desktop Metal 的創辦人兼執行長 Ric Fulop。

Thank you, Jay. Hi, everyone. We're very excited to host you for Desktop Metal's first-quarter 2022 financial results call. Today, I'll start with highlights of our quarterly financials, review a few exciting developments in the business to start the year, and spotlight some of the recent customer wins. I will then turn over the call to James to provide further color on the financial results of the quarter before closing with an update on our progress towards our key strategic priorities for 2022. We'll then open the call for Q&A.

謝謝你，傑伊。大家好。我們很高興接待您參加 Desktop Metal 2022 年第一季財務業績電話會議。今天，我將首先介紹我們季度財務的亮點，回顧新年伊始業務中的一些令人興奮的發展，並重點介紹最近贏得的一些客戶。然後，我將把電話轉給 James，以進一步介紹本季度的財務業績，然後在結束前介紹我們在 2022 年關鍵戰略優先事項方面取得的最新進展。然後我們將開始問答電話。

I'll begin on Slide 3 with the financial results summary. Overall, I'm pleased with the first quarter's performance as we experienced another quarter of exciting demand, resulting in topline growth. Consolidated revenue for the first-quarter 2022 was $43.7 million, representing a strong year-over-year growth of 286%. This was driven by combination of broad-based organic growth, including shipments of new products, as well as contributions from acquisitions. We're really excited about the quality of the products portfolio that we put together and the opportunity to drive consistent long-term growth.

我將從第三張投影片開始介紹財務績效摘要。總體而言，我對第一季的表現感到滿意，因為我們又經歷了一個季度令人興奮的需求，從而實現了營收成長。 2022 年第一季合併營收為 4,370 萬美元，較去年同期強勁成長 286%。這是由廣泛的有機成長（包括新產品的出貨量）以及收購的貢獻共同推動的。我們對我們整合的產品組合的品質以及推動持續長期成長的機會感到非常興奮。

Non-GAAP gross margins were 17.1% for the first-quarter 2022 versus 5.5% in the first-quarter 2021. This is an increase of over 1,150 basis points year over year. While this subtle percent of decline from the fourth quarter of '21, Q1 is seasonally the lowest revenue-contributing quarter for our business. And so overhead absorption is the key factor pulling down our margin structure.

2022 年第一季非 GAAP 毛利率為 17.1%，而 2021 年第一季為 5.5%。年成長超過 1,150 個基點。雖然與 21 年第四季相比下降幅度較小，但第一季是我們業務收入貢獻率最低的季度。因此，管理費用吸收是拉低我們利潤結構的關鍵因素。

As we continue to grow revenue throughout 2022, we expect a meaningful expansion in gross margins compared to this quarter. And we anticipate a full-year 2022 non-GAAP gross margin to expand versus 2021, and it will exceed 30%.

隨著我們在 2022 年繼續實現營收成長，我們預計毛利率將較本季大幅成長。我們預計 2022 年全年非 GAAP 毛利率將較 2021 年擴大，並將超過 30%。

It's been a strong start to the year and demand remains robust across all our full portfolio of AM technologies and solutions, therefore we are reaffirming 2022 revenue expectations of approximately $260 million, representing a 131% growth over 2021. We're also reaffirming adjusted EBITDA expectations of approximately negative 90 million while maintaining our commitment to exit the calendar year 2023 breakeven on an adjusted EBITDA basis.

今年是一個良好的開端，我們所有的增材製造技術和解決方案全系列產品組合的需求仍然強勁，因此我們重申2022 年收入預期約為2.6 億美元，比2021 年增長131%。我們也重申調整後的EBITDA我們的預期約為負 9,000 萬美元，同時維持我們在調整後 EBITDA 基礎上實現 2023 年盈虧平衡的承諾。

I'd like to take a moment to reflect on the significant progress we've made since going public and where we're today. Over the past 18 months, our team has worked diligently to develop and bring to market a range of AM 2.0 metal platforms, which includes our flagship Production System P-50. Added to that, we utilized our strong balance sheet to acquire a wide breadth of capabilities and technologies that greatly broaden our AM 2.0 portfolio and now provide us with a sustainable technology differentiation across our range of applications.

我想花點時間回顧一下我們自上市以來所取得的重大進展以及我們今天的處境。在過去 18 個月中，我們的團隊努力開發一系列 AM 2.0 金屬平台並將其推向市場，其中包括我們的旗艦生產系統 P-50。除此之外，我們利用強大的資產負債表獲得了廣泛的能力和技術，大大拓寬了我們的 AM 2.0 產品組合，現在為我們在應用範圍內提供了可持續的技術差異化。

As a result of this purposeful strategic efforts, we believe we have built the undisputed leading portfolio of pure-play AM 2.0 solutions. Today, we have 20 market-leading print platforms with a focus on high-volume production of end-use parts. Our platform supports a compelling portfolio of diverse materials, including metals, polymers, composites, sands, woods, and elastomers, amongst many others. These materials we have added help us address a growing array of end-use applications and have increased our presses in key verticals, adopting additive, such as dental, healthcare, foundries, and automotive to name a few.

透過這種有針對性的策略努力，我們相信我們已經建立了無可爭議的領先純 AM 2.0 解決方案組合。如今，我們擁有 20 個市場領先的列印平台，專注於最終用途零件的大量生產。我們的平台支援多種引人注目的材料組合，包括金屬、聚合物、複合材料、沙子、木材和彈性體等。我們添加的這些材料幫助我們解決了越來越多的最終用途應用，並增加了我們在關鍵垂直領域的壓力機，採用添加劑，例如牙科、醫療保健、鑄造廠和汽車等。

As we look at Desktop Metal's roadmap over the next few years, we've established a foundation on top of which we can continue to rapidly scale as we're currently demonstrating. Importantly, we're also now well diversified and able to capitalize on growth drivers across many industries, accelerating the adoption of additive manufacturing. This adds durability to our trajectory and will enable us to grow across industry cycles with better predictability and position. We're starting to see our vision come together to be the dominant player in AM for mass production as we progress towards our goal to capture a double-digit share of the over $100-billion additive manufacturing market by the end of the decade.

當我們審視 Desktop Metal 未來幾年的路線圖時，我們已經建立了一個基礎，在此基礎上我們可以繼續快速擴展，正如我們目前所展示的那樣。重要的是，我們現在也實現了多元化，能夠利用許多行業的成長動力，加速積層製造的採用。這增加了我們發展軌蹟的持久性，並使我們能夠以更好的可預測性和地位在整個產業週期中成長。我們開始看到我們的願景匯聚在一起，成為大規模生產增材製造領域的主導者，我們正在朝著到本世紀末在價值超過1000 億美元的增材製造市場中佔據兩位數份額的目標不斷前進。

Moving down to a few business highlights. I'm very proud of what the team accomplished to kick off 2022. We made solid progress in our production system platform as we continue to grow our install base of customers leveraging our patent pending Single Pass Jetting technology. This differentiated technology sets us apart in the industry in terms of speed and part costs. And the customer response has been fantastic. In the first quarter, we commenced shipments of the Production System P-50, with our partner, Stanley Black and Decker, and we can now report that we have Production System P-1 hardware install in China as a step towards our goal of establishing and developing hyperscale applications.

下面談談一些業務亮點。我對團隊在 2022 年開始所取得的成就感到非常自豪。隨著我們利用正在申請專利的 Single Pass Jetting 技術不斷擴大客戶安裝基礎，我們在生產系統平台方面取得了堅實的進展。這種差異化技術使我們在速度和零件成本方面在行業中脫穎而出。客戶的反應非常好。在第一季度，我們與合作夥伴 Stanley Black and Decker 開始發貨生產系統 P-50，現在我們可以報告說，我們已在中國安裝了生產系統 P-1 硬件，這是我們實現建立並開發超大規模應用程式.

We also have made excellent progress expanding our digital casting business, including the launch of our all-new S-Max Flex. Flex is a one-of-a-kind digital casting printer which, for the first time, makes it affordable for any foundry to get into digital casting. The initial response in order book for this solution has been extremely encouraging. I will provide more color on the opportunity here in the following slides.

我們在拓展數位鑄造業務方面也取得了巨大進展，包括推出全新 S-Max Flex。 Flex 是一款獨一無二的數位鑄造印表機，首次讓任何鑄造廠都能以實惠的價格進入數位鑄造領域。該解決方案的訂單簿的最初反應非常令人鼓舞。我將在下面的幻燈片中對這個機會提供更多的說明。

Finally, the launch for our Einstein series of printers under Desktop Health is going extremely well, and we're expanding production capacities for demand. These are high-performance systems designed for precision dental and healthcare applications. And the differentiated features in the Einstein series in our leading portfolio of Class 2 FDA-cleared dental materials are driving increased demand in the market. We're very happy with how this business is shaping up with terrific potential for growth in the balance of 2022.

最後，我們在 Desktop Health 下推出的 Einstein 系列印表機進展非常順利，我們正在根據需求擴大產能。這些是專為精密牙科和醫療保健應用而設計的高性能係統。我們領先的 FDA 2 類牙科材料產品組合中的 Einstein 系列的差異化功能正在推動市場需求的成長。我們對這項業務的發展感到非常滿意，在 2022 年剩餘時間裡具有巨大的成長潛力。

Turning to Slide 4, one of the biggest opportunities in front of us is the extraordinary benefits of additive manufacturing and what it brings to the supply chain. These benefits have long been associated with additive manufacturing and have now become more top of mind than ever as a result of COVID and their resulting disruptions across the global supply chain and logistic networks. But supply chain challenges cannot be solved through rapid prototyping. You need high-volume 3D printing capabilities in order to effectively and sustainably provide alternatives to conventional manufacturing.

轉向投影片 4，我們面前最大的機會之一是積層製造的非凡優勢及其對供應鏈的影響。這些好處長期以來一直與積層製造聯繫在一起，由於新冠疫情及其對全球供應鏈和物流網絡造成的干擾，這些好處現在比以往任何時候都更加受到關注。但供應鏈挑戰無法透過快速原型設計來解決。您需要大量 3D 列印能力，才能有效且永續地提供傳統製造的替代方案。

Desktop Metal is a pure play on supply chain disruption. Our unique mass production capabilities unlock the ability to drive flexibility in global supply chains in a cost-effective way, including decentralized borderless production, on-demand inventory resiliency, onshoring and localized production, and the ability to reduce dependencies on third-party suppliers. We've seen a number of recent customer wins here, where supply chain challenges are driving demand and purchase decisions.

Desktop Metal 純粹是對供應鏈中斷的解決方案。我們獨特的大規模生產能力能夠以經濟高效的方式推動全球供應鏈的靈活性，包括分散式無邊界生產、按需庫存彈性、外包和本地化生產，以及減少對第三方供應商依賴的能力。我們最近在這裡看到了許多客戶的成功，供應鏈挑戰正在推動需求和購買決策。

We have customers ranging from major manufacturers of electrical parts looking to print those components in the US. Companies experiencing significant business disruption in overseas foundries where we're helping those manufacturers restore production of those parts to the US through digital casting. And as President Biden indicated last Friday as part of his new AM Forward initiative, US-based 3D printing enables cost-effective production in our country. Our Aidro business has seen a significant uptick in orders for the 3D printed hydraulic components, as well as customers looking for alternatives to their current supplier network due to challenges and delays.

我們的客戶包括希望在美國列印這些組件的主要電氣零件製造商。在海外鑄造廠經歷嚴重業務中斷的公司，我們正在幫助這些製造商透過數位鑄造將這些零件的生產恢復到美國。正如拜登總統上週五表示，作為其新的 AM Forward 計劃的一部分，美國的 3D 列印可以在我國實現具有成本效益的生產。我們的 Aidro 業務的 3D 列印液壓組件訂單大幅增加，而且由於挑戰和延誤，客戶正在尋找當前供應商網路的替代品。

And finally, our Desktop Labs platform is expanding its capacity as many US dental practices are looking to improve turnaround times and reduce costs amid disruptions to their traditional model of working with international parts suppliers, which are now facing steep supply chains and logistic network issues. In each case in around the world, our AM 2.0 solutions are enabling companies to sidestep supply chain issues, improve environmental footprint of their products, and offer a path through flexible volume production through additive manufacturing. Even the Department of Defense recently awarded us a major award through their Defense Logistics Agency to address these issues.

最後，我們的桌面實驗室平台正在擴大其容量，因為許多美國牙科診所正在尋求縮短週轉時間並降低成本，因為他們與國際零件供應商合作的傳統模式受到了乾擾，而這些供應商現在正面臨嚴峻的供應鏈和物流網絡問題。在世界各地的每個案例中，我們的 AM 2.0 解決方案都使公司能夠迴避供應鏈問題，改善其產品的環境足跡，並透過積層製造提供靈活批量生產的途徑。就連國防部最近也透過國防後勤局授予我們一項重大獎項，以解決這些問題。

On the following slide, I'd like to briefly highlight one of our new print platforms offered under our ExOne brand. The S-Max Flex is a scalable large-format binder jetting system for 3D-printed sand molds and cores. The S-Max Flex democratizes access of digital casting to foundries around the world, bringing them numerous benefits of AM 2.0. Foundries can use digital casting solutions to quickly cast complex metal designs for markets such as aerospace, automotive, energy, among others.

在下一張投影片中，我想簡要介紹我們以 ExOne 品牌提供的新列印平台之一。 S-Max Flex 是一種可擴展的大幅面黏合劑噴射系統，用於 3D 列印砂模和型芯。 S-Max Flex 讓世界各地的鑄造廠能夠民主地存取數位鑄造，為他們帶來 AM 2.0 的眾多優勢。鑄造廠可以使用數位鑄造解決方案為航空航太、汽車、能源等市場快速鑄造複雜的金屬設計。

This innovative system is a result of integration efforts from our ExOne acquisition like last year. The S-Max Flex combines ExOne's market-leading sand printing expertise in process and materials, with Desktop Metal's Single Pass Jetting technology in an affordable architecture to deliver value to foundries that have long awaited an S-Max Pro but found the premium price out of reach.

這個創新系統是我們去年收購 ExOne 後進行整合努力的結果。 S-Max Flex 將ExOne 在工藝和材料方面市場領先的砂印專業知識與Desktop Metal 的Single Pass Jetting 技術以經濟實惠的架構相結合，為那些期待已久的S-Max Pro 但發現其高價的鑄造廠提供價值。抵達。

This new solution leverages industrial robotics to bring a new level of affordability, reliability, and productivity to large-format binder jetting, offering a larger and more scalable build volume with improved tolerances and higher speeds. It's rare that you go from a product launch and customers are signing contracts for equipment on the spot. We have a growing order book for the S-Max Flex. This is the view at cast point in April, and we're also expanding production of this new product to meet demand.

這種新的解決方案利用工業機器人技術，將大幅面黏合劑噴射的經濟性、可靠性和生產力提升到一個新的水平，提供更大、更可擴展的建造體積，並具有改進的公差和更高的速度。產品發表會結束後，客戶很少會當場簽署設備合約。我們的 S-Max Flex 訂單不斷增加。這是四月投產時的情況，我們也在擴大這款新產品的生產以滿足需求。

I wouldn't be surprised if the Flex becomes the world's best-selling digital casting printer by the year end. We're extremely excited about the opportunity for this class of system. With this new level of affordability, this technology is applicable to over 40,000 foundries globally, turning it into another growth driver for the company.

如果 Flex 到年底成為全球最暢銷的數位鑄造印表機，我不會感到驚訝。我們對此類系統的機會感到非常興奮。憑藉這種新的負擔能力水平，該技術適用於全球 40,000 多家代工廠，成為該公司的另一個成長動力。

Turning to Slide 6, we had a fantastic quarter of customer adoption across our brands, adding lots of new accounts as well as expanding within our existing customer base. We continue to see progress with marquee customers, and example of which are displayed on the left side of the slide, including Rolls-Royce, Microsoft, Schlumberger, and Collins Aerospace.

轉向投影片 6，我們各個品牌的客戶採用率在一個季度表現出色，增加了大量新客戶並擴大了現有客戶群。我們繼續看到大客戶的進展，幻燈片左側顯示了其中的範例，包括勞斯萊斯、微軟、斯倫貝謝和柯林斯航空航太公司。

On the right side, I want to highlight one of the customers, a really outstanding SME company called PrinterPrezz. They have been using our Shop System as well as other products like our P-1s or ETEC printers to combine benefits of metal 3D printing with their proprietary nanotechnology coatings to address the needs of medical device market, including spinal and orthopedic medical devices. The Shop System's binder jetting technology enables PrinterPrezz to meet their customer demands for high volume of printed instruments, while maintaining superior part quality and surface finish required for medical parts.

在右側，我想重點介紹一位客戶，這是一家非常出色的中小企業公司，名為 PrinterPrezz。他們一直在使用我們的Shop System 以及P-1 或ETEC 列印機等其他產品，將金屬3D 列印的優勢與其專有的奈米技術塗層相結合，以滿足醫療器械市場的需求，包括脊柱和骨科醫療器械。 Shop System 的黏合劑噴射技術使 PrinterPrezz 能夠滿足客戶對大量列印裝置的需求，同時維持醫療零件所需的卓越零件品質和表面光潔度。

Customer demand was spectacular to start the year, and we remain confident in our ability to expand our market share across the board as we see companies of all sizes in many different end markets, embracing the benefits of Additive Manufacturing 2.0.

今年年初，客戶需求非常強勁，我們對全面擴大市場份額的能力充滿信心，因為我們看到許多不同終端市場中各種規模的公司都在接受增材製造 2.0 的優勢。

I will now turn the call over to James, our CFO, to cover some financial highlights. James?

我現在將把電話轉給我們的財務長詹姆斯，以介紹一些財務亮點。詹姆士？

Thanks, Ric. Beginning on Slide 8, you will see highlights of our financial performance for the first quarter of 2022. Please note we will be referring to several financial metrics on a non-GAAP basis. Reconciliation to GAAP data is included in the filed appendix.

謝謝，里克。從投影片 8 開始，您將看到我們 2022 年第一季財務業績的亮點。請注意，我們將參考非 GAAP 基礎上的多項財務指標。提交的附錄中包含與 GAAP 資料的對帳。

Consolidated revenue for the quarter was $43.7 million, up 286% year over year from $11.3 million in the first quarter of 2021. In addition to contributions from acquisitions, we saw modest growth across our portfolio of AM technologies and particularly in our metal and dental offerings. This was offset by slightly weaker than anticipated performance from photopolymer solutions as we revamped our portfolio in Q1 with the launch of the Einstein series and began commercial shipments. But the broad demand we're seeing across the portfolio, and in particular, recently launched products, we are ramping this year, such as the Einstein series S-Max Flex and Xtreme 8K. We are confident at the growth potential of the business across the balance of 2022.

本季綜合收入為4,370 萬美元，較2021 年第一季的1,130 萬美元年增286%。除了收購的貢獻外，我們的增材製造技術組合也出現了適度增長，特別是在金屬和牙科產品方面。由於我們在第一季透過推出愛因斯坦系列並開始商業出貨來改進我們的產品組合，因此光聚合物解決方案的性能略弱於預期，從而抵消了這一影響。但我們在整個產品組合中看到了廣泛的需求，特別是最近推出的產品，我們今年正在加強努力，例如 Einstein 系列 S-Max Flex 和 Xtreme 8K。我們對 2022 年餘下時間的業務成長潛力充滿信心。

Non-GAAP gross margin increased over 1,150 basis points year over year to 17.1% from 5.5% in the first quarter of 2021. While we expected the gross margin to come down sequentially as a result of seasonally lower Q1 revenues and additional overhead from acquisitions, we did underperform relative to our internal forecast due to several factors, including a lower margin mix, increased one-time costs related to product launches for the Production System P-50 and Einstein series, and impacts from continued global supply chain and logistics disruptions, most notably higher than anticipated freight expenses.

非GAAP 毛利率年增超過1,150 個基點，從2021 年第一季的5.5% 增至17.1%。雖然我們預計由於第一季營收季節性下降以及收購帶來的額外管理費用，毛利率將連續下降，由於多種因素，我們的表現確實低於我們的內部預測，包括利潤率較低、與生產系統P-50 和Einstein 系列產品發布相關的一次性成本增加，以及全球供應鏈和物流持續中斷的影響，最明顯的是高於預期的運費。

Looking ahead to the balance of 2022, there are a number of factors that give us confidence on our expectation of meaningful gross margin expansion for the year, including higher expected sales volumes resulting in improved overhead absorption, a more favorable product mix, and recent product launches scaling into more mature margin profiles.

展望 2022 年，有許多因素讓我們對今年毛利率大幅增長的預期充滿信心，包括預期銷量增加導致間接費用吸收改善、更有利的產品組合以及最近的產品開始擴展到更成熟的利潤狀況。

In addition, we expect pricing updates on certain products made towards the end of Q1 will have more of an effect as we progress into Q2 in the back half of the year. As a result, we anticipate continued gross margin expansion in 2022 on an annual basis versus 2021, with non-GAAP gross margins exceeding 30% for the full year of 2022.

此外，我們預計，隨著今年下半年進入第二季度，第一季末某些產品的定價更新將產生更大的影響。因此，我們預計 2022 年毛利率將比 2021 年持續成長，2022 年全年非 GAAP 毛利率將超過 30%。

On the next slide, non-GAAP operating expenses were $52.1 million for the first quarter of 2022, representing 119% as a percentage of revenue versus 193% in the first quarter of 2021. In the quarter, operating expenses were higher than planned due to one-time professional fees and costs associated with Q1 product launches of the Production System P-50 and Einstein series. Overall, we continue to see operating expenses moderate with ongoing efforts to optimize our expense structure across the company.

在下一張投影片中，2022 年第一季的非 GAAP 營運費用為 5,210 萬美元，佔收入的 119%，而 2021 年第一季為 193%。本季度，營運費用高於計劃，原因是與生產系統P-50 和Einstein 系列第一季產品發布相關的一次性專業費用和成本。總體而言，隨著我們不斷努力優化整個公司的費用結構，我們的營運費用持續保持適度。

We are also executing our previously discussed initiatives to reduce expenses, including rationalizing the product portfolio; driving efficiencies in manufacturing, supply chain, and logistics; and consolidating our global facilities footprint. And we are focused on driving cost synergies across the portfolio of companies we have acquired through the balance of the year. We are in the early stages of these initiatives and expect continued focus and execution to have a durable impact on our expense structure. In combination with continued revenue growth, this plan will drive operating leverage and improve margins throughout the balance of 2022 and beyond.

我們也正在執行先前討論過的減少開支的舉措，包括合理化產品組合；提高製造、供應鏈和物流的效率；並鞏固我們的全球設施足跡。我們致力於在今年剩餘時間推動我們收購的公司投資組合的成本綜效。我們正處於這些舉措的早期階段，預計持續的關注和執行將對我們的費用結構產生持久的影響。結合持續的收入成長，該計劃將在 2022 年及以後的剩餘時間提高營運槓桿並提高利潤率。

Adjusted EBITDA for the first quarter of 2022 was negative $41.6 million. Adjusted EBITDA did under-perform relative to our internal forecast driven primarily by the factors that impacted gross margins, including seasonally lower Q1 sales volumes, product mix, and one-time product launch expenses as well as higher than expected operating expenses.

2022 年第一季調整後 EBITDA 為負 4,160 萬美元。調整後的 EBITDA 確實低於我們的內部預測，主要是由於影響毛利率的因素，包括第一季銷售季節性下降、產品組合、一次性產品推出費用以及高於預期的營運費用。

We remain focused on the previously detailed strategic initiatives to optimize operating expenses in order to meet our commitment on adjusted EBITDA and achieve our path to profitability. As we make progress on these initiatives as well as continuing revenue growth through the balance of 2022, we expect to realize improved absorption and operating leverage, which will lead to significant improvement in adjusted EBITDA through the end of the year.

我們仍然專注於先前詳細的策略性舉措，以優化營運費用，以履行我們對調整後 EBITDA 的承諾並實現我們的獲利之路。隨著我們在這些舉措上取得進展以及到 2022 年剩餘時間收入持續增長，我們預計吸收率和營運槓桿率將得到改善，這將導致到年底調整後 EBITDA 顯著改善。

We ended the quarter with $206.5 million in cash, cash equivalents, and short-term investments as of March 31, 2022. We also made fiscal efforts to raise our inventory balance in the first quarter of 2022, which came in at $81.9 million, up from $65.4 million of the fourth quarter of 2021. We were proactive in managing inventory levels to mitigate potential ongoing supply chain risk and ensure we have enough products to meet our quarterly targets.

截至2022 年3 月31 日，本季結束時，我們的現金、現金等價物和短期投資為2.065 億美元。我們還做出了財政努力，以提高2022 年第一季的庫存餘額，庫存餘額達到8190萬美元，年成長從 2021 年第四季的 6,540 萬美元開始。我們積極主動管理庫存水平，以減輕潛在的持續供應鏈風險，並確保我們有足夠的產品來滿足我們的季度目標。

And finally, moving to guidance. As Ric detailed, with strong first-quarter revenue contributions and robust demand across our portfolio, we are reaffirming our revenue expectations of approximately $260 million for the full-year 2022, which represents 131% year-over-year growth. We also continue to expect adjusted EBITDA of approximately negative $90 million as we anticipate a combination of increased revenue, improved gross margins, operating expense moderation, and operating leverage to drive significant improvements in adjusted EBITDA throughout the balance of 2022.

最後，轉向指導。正如 Ric 詳細介紹的那樣，憑藉第一季強勁的收入貢獻和整個產品組合的強勁需求，我們重申 2022 年全年收入預期約為 2.6 億美元，同比增長 131%。我們也繼續預期調整後 EBITDA 約為負 9,000 萬美元，因為我們預計收入增加、毛利率提高、營運費用適度和營運槓桿的結合將推動 2022 年全年調整後 EBITDA 的顯著改善。

With that, I will turn the call back over to Ric.

這樣，我會將電話轉回給里克。

Thank you, James. I'll wrap up on Slide 11. We remain focused on our strategic priorities for 2022 and driving the business to meet these commitments. Revenue was strong in the first quarter as we continue to grow the business at scale. We gained continuous market penetration in key verticals with outsized durable growth opportunities, specifically automotive, consumer electronics, dental, and healthcare. With respect to hyperscale accounts, we're engaged with several key players that we believe represent the large opportunity for our business and can deliver significant growth. And we made important technical and commercial strides with those accounts in the first quarter.

謝謝你，詹姆斯。我將在投影片 11 上進行總結。我們仍然專注於 2022 年的策略重點，並推動業務履行這些承諾。隨著我們繼續大規模發展業務，第一季的營收強勁。我們在關鍵垂直領域獲得了持續的市場滲透，並擁有巨大的持久成長機會，特別是汽車、消費性電子、牙科和醫療保健。對於超大規模客戶，我們與幾個關鍵參與者進行了合作，我們相信這些參與者為我們的業務帶來了巨大的機遇，並且可以帶來顯著的成長。第一季我們在這些帳戶上取得了重要的技術和商業進步。

The one area where we fell short is expense spend in the quarter. We're making an effort between now and the end of the year to contain costs and gain cost synergies from the acquisitions we made last year. It's very important for us to make progress in our path to profitability as you saw in the previous slide from James. As a percentage of revenue, expenses are decreasing, demonstrating the operating leverage in the business. And you'll continue to see that through the rest of the year as growing revenues are paired with several proactive efforts to reduce expenses and the improvement to our gross margins take effect. We remain committed to reaching adjusted EBITDA breakeven by the end of 2023 and are confident in our path to get there.

我們的一個不足之處是本季的費用支出。從現在到今年年底，我們正在努力控製成本並從去年的收購中獲得成本協同效應。正如您在詹姆斯上一張幻燈片中看到的那樣，在盈利之路上取得進展對我們來說非常重要。費用佔收入的百分比正在下降，顯示了業務的營運槓桿。在今年剩餘的時間裡，您將繼續看到這一點，因為收入不斷增長，同時採取了多項積極主動的措施來減少開支，毛利率的改善也開始生效。我們仍致力於在 2023 年底前實現調整後 EBITDA 損益平衡，並對實現這一目標的道路充滿信心。

Managing our cash flow and working capital remains an important focus, and we expect to demonstrate progress throughout this year on specific initiatives of disciplined capital allocation, inventory management, and supply chain synergies.

管理我們的現金流量和營運資金仍然是一個重要的重點，我們預計今年將在嚴格的資本配置、庫存管理和供應鏈協同效應等具體舉措方面取得進展。

Overall, it was a great start to 2022. Revenue growth was at the top of our market, and we're confident with the demand we're seeing across the broad product portfolio to deliver topline growth and margin expansion throughout the balance of 2022.

總體而言，這是 2022 年的一個良好開端。收入成長處於市場最高水平，我們對廣泛產品組合的需求充滿信心，以在 2022 年餘下時間實現營收成長和利潤率擴張。

With that, let's open it up for questions. Operator?

說到這裡，讓我們開始提問吧。操作員？

Thank you. (Operator Instructions) Josh Sullivan, The Benchmark Company.

謝謝。 （操作員說明）Josh Sullivan，Benchmark 公司。

Good morning.

早安.

Hey, Josh.

嘿，喬許。

As far as the guidance for '22, just given the Q1 results, can you just help us with the revenue cadence through the rest of the year? Just how should we think about the various product launches driving quarter-to-quarter growth?

至於 22 年的指導，僅給出第一季的結果，您能否幫助我們了解今年剩餘時間的收入節奏？我們應該如何看待推動季度成長的各種產品發布？

I think it's going to be similar to what we described in the previous quarter, and it's ramping up that way. We have -- you launch a product and then you start to scale capacity after that. We had launch of Einstein in Q1 and now in Q2, we're making much more of that product as we go through our ramp. But we feel very good about the -- I don't know if this answers your question, but --

我認為這將與我們在上一季描述的情況類似，並且正在以這種方式加速。我們－你推出了一個產品，然後你開始擴大產能。我們在第一季推出了 Einstein，現在在第二季度，隨著我們的發展，我們正在生產更多該產品。但我們對此感覺非常好——我不知道這是否回答了你的問題，但是——

So I think the other part, Josh, is that we've talked about, typically we see about 15% of the -- 15 percentage of the revenues in Q1, Q2, and Q3 tends to be in the low 20s; Q3 tends to be down given the European shutdown, if you will, slightly sequentially. And then the balance of the revenue will be in Q4, so similar pattern to what we saw last year as well.

所以，喬希，我認為另一部分是我們已經討論過的，通常我們會看到第一季、第二季和第三季大約 15% 的收入往往在 20 多歲左右；鑑於歐洲停擺，第三季往往會略有下降（如果你願意的話）。然後收入的平衡將在第四季度出現，因此與我們去年看到的模式類似。

And then just as we think of the overhead absorption factor, where are you going to have a finer edge on expenses? Do you feel you have the sales force and channels in place you want for the long term, just where does that discipline going to emanate from?

然後，正如我們考慮間接費用吸收係數一樣，您將在哪些方面在費用上有更好的優勢？您認為您是否擁有長期所需的銷售團隊和管道，這種紀律從何而來？

Certainly, as it relates to Q1 -- quite a few factors working against us, the seasonality of it all. But also to your point on the mix, so both in terms of products and direct, indirect sales channels, where there were lower margins. So we do see that balancing out over the course of the year. And margin will be improving dramatically as revenue scale. We did also have a number of one-time items as we're launching products, and again, the global supply chain issues and logistics expenses as we're trying to launch those products.

當然，因為它與第一季有關——有很多因素對我們不利，其中所有因素都是季節性的。但也符合您對組合的觀點，因此無論是在產品還是直接、間接銷售管道方面，利潤率都較低。所以我們確實看到這一年的平衡。隨著收入規模的擴大，利潤率將大幅提高。在我們推出產品時，我們確實也有一些一次性項目，當我們試圖推出這些產品時，我們也面臨全球供應鏈問題和物流費用。

Thank you for the time.

謝謝你的時間。

Yeah.

是的。

Greg Palm, Craig-Hallum Capital Group.

帕爾姆（Greg Palm），克雷格-哈勒姆資本集團。

Yes. Good morning, everyone. Thanks for taking the questions here.

是的。大家，早安。感謝您在這裡提出問題。

Our pleasure.

我們的榮幸。

You mentioned the uptick in demand to support these onshoring projects. I thought that was an interesting comment. Can you talk about maybe certain end markets or geographies that you're most excited about and what's your product lines do you think are best suited to capitalize on this call it growing need?

您提到支持這些在岸專案的需求增加。我認為這是一個有趣的評論。您能否談談您最感興趣的某些終端市場或地區，以及您認為最適合利用這種不斷增長的需求的產品線是什麼？

It's pretty broad based both in polymer and metal. We've got -- and even in the healthcare side, on the dental side, and everything from people having difficulty sourcing components that are polymer down to folks that produce high-volume parts in different metal materials that basically would like to have more control over the supply chain and input costs. And I think that's shaping up quite well. A lot of stuff in automotive and consumer electronics, and it's across the board. It's, I would say, one area where we're benefiting.

它在聚合物和金屬中都有相當廣泛的基礎。我們已經做到了——甚至在醫療保健方面、牙科方面，從難以採購聚合物組件的人們到使用不同金屬材料生產大批量零件的人們，基本上都希望有更多的控制權供應鏈和投入成本。我認為這一切進展順利。汽車和消費性電子產品中有很多東西，而且是全面的。我想說，這是我們受益的領域之一。

We are definitely -- you probably saw what President Biden announced last week. And we think there's going to be a significant benefit to our industry, specifically to companies focused on mass production, the additive, which is really a core business where we're the leader and versus prototyping or tooling, which was what people used to do with additive before. So there's a significant tailwind that we didn't have a year ago in this area. And I think it's -- once you move supply chain from one place to another, you -- I think that becomes a durable thing. So I think our sales folks are busy supporting those customers.

我們肯定——你可能看到了拜登總統上周宣布的內容。我們認為這將對我們的行業帶來巨大的好處，特別是對專注於大規模生產、增材製造的公司來說，這確實是我們處於領先地位的核心業務，而不是原型設計或工具，這是人們過去所做的之前用添加劑。因此，我們在這一領域出現了一年前所沒有的顯著順風。我認為，一旦你將供應鏈從一個地方轉移到另一個地方，我認為這將成為一件持久的事情。所以我認為我們的銷售人員正在忙於為這些客戶提供支援。

Yeah, that's good. Makes sense. And then I guess, just looking back on ExOne, it's been, I don't know six months since the close, can you talk a little bit more about the development of the S-Max Flex? And just thinking more broadly in terms of synergies, what else you're most excited about in terms of the co-development of new projects, et cetera?

是的，那很好。說得通。然後我想，回顧一下 ExOne，我不知道距離結束已經過了六個月，你能多談談 S-Max Flex 的開發嗎？從協同效應的角度更廣泛地思考，在新專案的共同開發等方面，您最興奮的還有什麼？

I mean, we're really excited about the fact that we're now -- on ExOne, and it's a fantastic company. I think we've got combined some really good things in development; first one of which is S-Max Flex which makes it affordable for the first time for any foundry to be able to use this class of product, which before used to be quite expensive. There's over 40,000 foundries globally. They can benefit from this. So it's definitely a very nice product.

我的意思是，我們對現在的 ExOne 感到非常興奮，這是一家非常棒的公司。我認為我們在開發中結合了一些非常好的東西；其中第一個是 S-Max Flex，這使得任何鑄造廠第一次能夠以實惠的價格使用此類產品，而以前此類產品相當昂貴。全球有超過 40,000 家鑄造廠。他們可以從中受益。所以這絕對是一個非常好的產品。

We've got great demand, and people have been buying them on the spot since we announced it. So we're really excited and happy about that product. I would say that we plan to, over time, continually make our products more integrated and continue to -- we've taken the revenue synergies for a lot of these transactions that we've done.

我們的需求量很大，自從我們宣布以來，人們一直在當場購買。所以我們對該產品感到非常興奮和高興。我想說的是，隨著時間的推移，我們計劃不斷使我們的產品更加集成，並繼續——我們已經從我們所做的許多此類交易中獲得了收入協同效應。

And I think, over time, we will -- especially in the second half of the year, we'll take the cost synergies benefits of really becoming a more efficient organization as a whole. But I'm very happy with transactions so far.

我認為，隨著時間的推移，我們將會——特別是在今年下半年，我們將真正成為一個更有效率的組織，從而獲得成本協同效益。但到目前為止我對交易感到非常滿意。

ExOne benefits significantly from some of the software capabilities that DM has, which make these products on the metal side more turnkey and easier to install. And we will continue to make our products best in class. We're the market share leader by any way that you slice the data on the binder jet market, and we plan to continue to grow our position in the market.

ExOne 顯著受益於 DM 擁有的一些軟體功能，這使得金屬側的這些產品更加交鑰匙且更易於安裝。我們將繼續打造一流的產品。無論以何種方式劃分黏合劑噴射機市場的數據，我們都是市場份額的領導者，並且我們計劃繼續擴大我們在市場中的地位。

All right. Appreciate the color. Best of luck going forward.

好的。欣賞顏色。祝你好運。

Thank you.

謝謝。

Martin Yang, Oppenheimer & Company.

馬丁楊，奧本海默公司。

Hey, Martin.

嘿，馬丁。

Hi. Good morning. Thank you for taking my question, Ric. First question is around P-50. Can you maybe give us an update on customer engagement activities and the pipeline? And if there's any early customer feedback, if you're comfortable, please share with us.

你好。早安.謝謝你回答我的問題，里克。第一個問題是P-50左右。您能否向我們介紹一下客戶參與活動和管道的最新情況？如果有任何早期客戶回饋，如果您願意的話，請與我們分享。

Yeah, I think we're very happy with that program and continue to see significant demand. And we are going to be making announcements in the future as the year progresses, and we make -- get more instances. I don't know if every customer will let us talk about our program the way that Stanley has because usually this goes to very large companies, large companies tend to keep their plans confidential, but we'll definitely have systems in the field that we'll be able to reference. And I think we are, as you know, P-50 is a game-changing product with incredible economics and allows you to really disrupt the market. But we're going to have a judicious rollout as it's a pretty large platform and scale it appropriately.

是的，我認為我們對該計劃非常滿意，並且繼續看到巨大的需求。隨著時間的推移，我們將在未來發佈公告，並且我們將獲得更多實例。我不知道是否每個客戶都會讓我們像史丹利那樣談論我們的計劃，因為通常這會針對非常大的公司，大公司往往會對他們的計劃保密，但我們肯定會在我們的領域擁有系統就能參考了。我認為，如您所知，P-50 是一款改變遊戲規則的產品，具有令人難以置信的經濟效益，可以讓您真正顛覆市場。但我們將明智地推出它，因為它是一個相當大的平台，並適當地擴展它。

Got it. My follow-up question is regarding your inventory. Is there any certain product you want to highlight that contributed to that increase in inventory?

知道了。我的後續問題是關於你們的庫存。您想強調哪些特定產品導致了庫存增加？

Well, I think that our strategy on inventory has been that we don't want to have a situation like we had in Q3 last year where we were trying to balance things and ended up a short of parts to be able to ship product before the end of the quarter. And so, we have been trying to run our supply chain and our operations in a way that we're able to have the capacity to support the next quarter and ship the products that need to be shipped. So I would say that it's -- you could have a just-in-time inventory or you can have a just-in-case inventory, and we're leaning more towards the just-in-case inventory to make sure that we can meet our revenue targets and market share targets.

嗯，我認為我們的庫存策略是，我們不希望出現像去年第三季度那樣的情況，當時我們試圖平衡事情，但最終出現了零件短缺的情況，無法在發貨前發貨。季度末。因此，我們一直在努力以一種能夠支援下一季並運送需要運送的產品的方式來運行我們的供應鏈和營運。所以我想說，你可以有一個即時庫存，也可以有一個以防萬一庫存，我們更傾向於以防萬一庫存，以確保我們能夠滿足我們的收入目標和市場份額目標。

And then it's for select products. So we're being judicious as we're executing it. But I think that it's the more prudent way to run a company in a very complex environment like today with lockdowns in China and inability for people to get parts. We're fortunate that we don't have a significant manufacturing exposure to China. We have our production -- all of our machines are made outside of China. However, we may have suppliers that have components that are made there. So we've been pretty strategic about how we do our sourcing, having gotten beaten last Q3 so that we can make our revenue targets. And so it is a -- we called it out because it is a proactive move on our part to be able to continue to make our numbers for the balance of the year.

然後是針對選定的產品。因此，我們在執行時非常明智。但我認為，在像今天這樣非常複雜的環境中，在中國處於封鎖狀態且人們無法獲得零件的情況下，這是經營一家公司更謹慎的方式。我們很幸運，我們在中國沒有大量的製造業。我們有自己的生產——我們所有的機器都是在中國境外製造的。然而，我們可能有一些供應商在那裡生產組件。因此，我們對如何進行採購採取了非常策略性的策略，在上個第三季被擊敗後，我們才能實現收入目標。所以我們之所以這麼說，是因為這是我們的一項積極主動的舉措，以便我們能夠在今年餘下的時間裡繼續保持我們的業績。

Martin, I would add to -- that roughly two-thirds of the increase inventories in finished goods as well. So again, to Ric's point about being able to satisfy the demand over the next quarter too is key for us.

馬丁，我想補充一點——大約三分之二的庫存增加是製成品庫存的增加。因此，正如里克所說，能夠滿足下個季度的需求對我們來說也很關鍵。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Troy Jensen, Lake Street Capital.

（操作員說明）Troy Jensen，Lake Street Capital。

Question -- and congrats on the nice revenue results here.

問題 - 祝賀這裡取得了良好的收入成果。

Thank you, Troy.

謝謝你，特洛伊。

Hey, guys. I guess I'd like to talk a little bit about backlog entering Q2 -- a multi-part question here. I'm assuming there is a lot of business you couldn't ship, right, just because of supply chain constraints. But then also Shapeways had a statement in their 10-K that they placed like a $10-million order with you guys in Q1 and a $5-million order with you in Q2. So curious whether 10% customer in the quarter, and what does backlog look like entering Q2?

大家好。我想我想談談進入第二季的積壓——這是一個由多部分組成的問題。我假設有很多業務無法運送，對吧，只是因為供應鏈的限制。但隨後 Shapeways 在他們的 10-K 中也發表了一份聲明，他們在第一季度向你們下了 1000 萬美元的訂單，在第二季度向你們下了 500 萬美元的訂單。很好奇本季是否有 10% 的客戶，以及進入第二季的積壓情況如何？

Sure. So just for clarity, first off, Shapeways is a key customer of ours. We have a great relationship. We generally don't like to talk about any one individual customer, but I think the disclosure you're referring to, Troy, is that actually cash paid per Shapeways filings. In terms of Q1 revenue from Shapeways, it was minimal. It was under $1 million. So when you're reading there, their footnotes, if you look at the language closely, I think their note is about what was actually paid. So oftentimes when you're paying for shipments that are in arrears -- but again, the relationship is great. We continue to have a lot of exciting business.

當然。因此，為了清楚起見，首先，Shapeways 是我們的主要客戶。我們關係很好。我們通常不喜歡談論任何一個個人客戶，但我認為你所指的披露，特洛伊，是根據 Shapeways 文件實際支付的現金。就 Shapeways 第一季的營收而言，這是微乎其微的。價格不到 100 萬美元。因此，當你在那裡閱讀他們的腳註時，如果你仔細觀察語言，我認為他們的註釋是關於實際支付的金額。很多時候，當您支付拖欠的運費時——但同樣，這種關係也很好。我們繼續擁有許多令人興奮的業務。

I would say building on what James has said on backlog, I think since Q3 last year, we've been in a situation where you are pushing your sales force to hit numbers larger than your targets, and usually supply chain related that hold you from getting another $5 million to $10 million that quarter. So I think that the benefit of that is that you end up going to the next quarter with some level of momentum that as you're building those components and finishing those products, you then end up catching up and then that rolls onto the next product.

我想說的是，根據詹姆斯在積壓問題上所說的話，我認為自去年第三季度以來，我們一直處於這樣的情況：你正在推動銷售人員達到比你的目標更大的數字，並且通常與供應鏈相關，這會阻礙你該季度再獲得 500 萬至 1000 萬美元。所以我認為這樣做的好處是，你最終會帶著一定程度的動力進入下一個季度，當你建造這些組件並完成這些產品時，你最終會迎頭趕上，然後滾動到下一個產品。

We've got definitely very significant backlog on ExOne. That's just how they run their business versus a forecast-driven business. And part of what we're trying to do, over time, is going to be to turn that into a total forecast business. Also on -- we continue to have backlog on -- to the Einstein products, which are selling extremely well better than we expected. And we're increasing capacity to support that demand. And then we also continue to have backlog on Xtreme 8K, but we're trying to close those gaps. And it just happens to be that those products are selling quite well.

我們在 ExOne 上確實積壓了大量訂單。這就是他們經營業務而不是預測驅動型業務的方式。隨著時間的推移，我們正在嘗試做的部分工作是將其轉變為全面的預測業務。另外，我們繼續積壓愛因斯坦產品，這些產品的銷售情況比我們預期的要好。我們正在增加支持這項需求的能力。此外，我們也持續積壓 Xtreme 8K，但我們正在努力縮小這些差距。而且剛好這些產品賣得很好。

Okay. And then my follow up -- if we go back six, seven years ago, the Obama administration had initiatives for additives. And I think even 3D printing was part of his State of the Union Address one year. I don't know if we saw much, right, benefit from that. So what's the Biden administration doing differently here with their initiatives and other incentives? Or how can we monitor that this is having an effect?

好的。然後我的後續行動 - 如果我們回到六、七年前，歐巴馬政府就制定了添加劑倡議。我認為連 3D 列印也是他一年國情咨文的一部分。我不知道我們是否從中受益匪淺。那麼拜登政府的措施和其他激勵措施有何不同之處？或者我們如何監控這是否產生了影響？

Yeah, I think that those are great questions. I think that -- I mean the -- I don't want to speak for the administration, but I think as you know, we're significant supply chain context that's very different today than it used to be. And I think they're looking at this as a solution to address some of the reshoring that needs to happen as you come back from China.

是的，我認為這些都是很好的問題。我認為——我的意思是——我不想代表政府發言，但我認為如你所知，我們是一個重要的供應鏈環境，今天與過去有很大不同。我認為他們正在將此視為解決從中國回來後需要發生的一些回流的解決方案。

If you look at the Bipartisan Innovation Bill, there are significant line items dedicated to helping the industry do this and different types of financing and other things that are going to help SMEs. And there's commitments from defense contractors to adopt a greater percentage of goods made through modes of additive that are designed for production. Those traditions tend to be metal or, more recently, some advanced polymer components. But it is, as you know, has been happening in aerospace and in the actual space industry for some time. And now it's permeating to a broader section of the economy.

如果你看一下兩黨創新法案，你會發現有一些重要的項目致力於幫助該行業實現這一目標，以及不同類型的融資和其他將幫助中小企業的事情。國防承包商承諾採用更大比例的透過專為生產而設計的添加劑模式製造的產品。這些傳統零件往往是金屬零件，或最近是一些先進的聚合物零件。但正如您所知，這種情況在航空航天和實際航天工業中已經發生了一段時間。現在它正在滲透到更廣泛的經濟領域。

We, as a leader in what we call AM 2.0, which is ability to mass produce with additive cost-effectively versus commercial manufacturing, think will be a disproportionate beneficiary of some of these efforts. And actually at RAPID, we're going to be showcasing over 300 production parts as examples of things that you can do with additive.

作為 AM 2.0 領域的領導者，AM 2.0 能夠利用積層製造技術進行大規模生產，與商業製造相比，成本效益更高，我們認為我們將成為其中一些努力的不成比例的受益者。實際上，在 RAPID，我們將展示 300 多個生產零件，作為您可以使用積層製造的範例。

So this is very, very much not prototyping, which is what we're doing back in the Obama days of tooling. This is really mass production of parts with additive and really in new applications. So I think I'm really excited to see what they do. I mean, I think the government is somebody that can help. It's not the end-all, be-all solution for all our problems. But definitely, I think they're trying to do something here with good intentions to help the country. And we'll see if this Bipartisan Innovation Bill passes, which I think is going to help us solve not just additive issues but also issues with semi-conductor industry, resiliency, and other segments that I think are critical to national security and competitiveness of our economy. So we'll see.

所以這非常非常不是原型設計，而這正是我們在歐巴馬時代的工具製作中所做的事情。這確實是在新應用中使用添加劑大規模生產零件。所以我想我很高興看到他們所做的事情。我的意思是，我認為政府是可以提供幫助的人。這並不是我們所有問題的最終解決方案。但毫無疑問，我認為他們正試圖在這裡做一些善意的事情來幫助這個國家。我們將看看這項兩黨創新法案是否獲得通過，我認為這不僅會幫助我們解決附加問題，還會幫助我們解決半導體產業、彈性以及其他我認為對國家安全和競爭力至關重要的領域的問題。我們的經濟。所以我們拭目以待。

Okay. Well, good luck. If I could sneak one more in, Ric.

好的。好吧，祝你好運。如果我能再偷偷溜進去一次就好了，瑞克。

Yeah. Go ahead.

是的。前進。

Just curious on the convertible announcements, just on the convertible you guys announced today. Why now, I guess, would be my question. It seems like if you guys do $260 million in revenue and have this massive ramp at the end of the year and -- just hopefully sentiment would be better than two, why now, I guess, is the question.

只是對敞篷車的公告感到好奇，只是對你們今天宣布的敞篷車感到好奇。我想，為什麼現在會是我的問題。看起來，如果你們的收入達到 2.6 億美元，並在年底實現如此巨大的成長——只是希望情緒會好於兩次，我想，為什麼現在就是問題所在。

So Troy, unfortunately, because of the securities law restrictions, we cannot comment on the offering.

不幸的是，特洛伊由於證券法的限制，我們無法對此發行發表評論。

Okay. All right. Understood, guys. Congrats and good luck.

好的。好的。明白了，夥計們。恭喜你，祝你好運。

Thank you.

謝謝。

Noelle Dilts, Stifel.

諾埃爾·迪爾茨，斯蒂菲爾。

Hi, guys. Good morning. Just on the hyperscale customer in China, I was hoping you could expand on what the -- basically what the pipeline looks like in terms of adding additional hyperscale customers, how you think you may be able to scale with the customer where you have the one machine installed. If you could just expand on how you're thinking about that piece, that would be great. Thank you.

嗨，大家好。早安.就中國的超大規模客戶而言，我希望您能詳細介紹一下——基本上，在增加額外的超大規模客戶方面，管道是什麼樣子的，您認為如何能夠與您擁有的客戶一起擴展機器已安裝。如果你能擴展一下你對這篇文章的看法，那就太好了。謝謝。

Absolutely. No. We're actually working with all of them, so you will see our stuff in lots of products. And I think it's progressing at a pretty good cliff, considering the pace at which some of those things need to move with this class of companies. And I think you're going to see additive in lots of auto and consumer electronic products in the future. But just they're super confidential. These companies don't want to -- we're probably at the most that we can say right now with the disclosures.

絕對地。不會。我們實際上正在與所有這些公司合作，因此您會在許多產品中看到我們的產品。考慮到這類公司需要採取的一些措施，我認為它正在以相當好的懸崖速度發展。我認為未來你會在許多汽車和消費性電子產品中看到添加劑。但只是它們是超級機密。這些公司不想——我們現在最多只能透露這些資訊。

Okay. Got it. And then same idea. Could you just expand a little bit on dental, what you're seeing on the lab side of things? How you're thinking about just the -- how to think about growth and opportunities this year and if they might accelerate its 20 -- into 2023 --

好的。知道了。然後同樣的想法。您能否稍微擴展一下牙科方面，您在實驗室方面看到的情況？你如何思考——如何思考今年的成長和機遇，以及它們是否可能加速其 20——到 2023 年——

Absolutely.

絕對地。

As you continue to gain traction.

當你繼續獲得牽引力時。

Yeah. I mean, I couldn't be more excited about a market than what's happening in dental because if you know, the additive world is already adopted in orthodontics for tooling, for aligners. and other products. But what we're talking about here is very different. It's really the restorative parts, which is a $30-billion segment. And these are parts that are permanently in your mouth once you -- after you go to the dentist. So it's a new area of dental for printing. It's putting something that stays there for a very long time. And these are FDA Class 2 products, which are more regulatory barriers and are much more sophisticated from a chemistry and technology point of view and the throughput required to make the numbers work. And so we are super, super excited about that segment.

是的。我的意思是，我對牙科市場所發生的事情感到無比興奮，因為如果你知道的話，增材世界已經在正畸學中用於工具和矯正器。和其他產品。但我們在這裡談論的是非常不同的。這實際上是修復部分，價值 300 億美元。一旦你去看牙醫之後，這些零件就會永久地留在你的嘴裡。所以這是牙科列印的一個新領域。它把一些東西放在那裡很長時間。這些是 FDA 2 類產品，從化學和技術的角度以及使數位發揮作用所需的吞吐量來看，它們具有更多的監管障礙，並且更加複雜。所以我們對這個部分非常非常興奮。

Our view is that all $30 billion in that segment are going turn this decade and by the end of the decade will be fully made with additive. We've got an incredible platform with best-in-class products in it. Demand is growing faster than we can make the products. And we are developing lots of new applications in that space. We have several materials launches over the next year.

我們的觀點是，該領域的所有 300 億美元都將在本十年內轉向，到本世紀末將完全由積層製造。我們擁有一個令人難以置信的平台，其中包含一流的產品。需求的成長速度快於我們生產產品的速度。我們正在該領域開發許多新應用程式。明年我們將推出多種材料。

Our product Flexcera is doing extremely well and has best-in-class properties, three times the fracture resistance of previous generation products. It's got half the moisture resistance. It's got dramatically better abrasion resistance, and the customers love it. So -- and it looks -- the products look very, very good in your mouth. So it's a segment that we are excited to be part of and continue to see significant growth for the foreseeable future. And we are excited to have our 1,000-plus labs that use our technology and thousands of dental practices that we sell parts or other components to -- excited to partner with them to move the industry forward.

我們的產品 Flexcera 表現非常出色，具有一流的性能，抗斷裂性能是上一代產品的三倍。它的防潮性能只有一半。它的耐磨性顯著提高，深受顧客喜愛。所以——看起來——這些產品在你嘴裡看起來非常非常好。因此，我們很高興能夠參與這一領域，並在可預見的未來繼續看到顯著成長。我們很高興擁有 1,000 多個實驗室使用我們的技術，以及我們向其銷售零件或其他組件的數千家牙科診所 - 很高興與他們合作，推動行業向前發展。

Great. Thank you.

偉大的。謝謝。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

Yes. Just on the defense logistics award, can you provide any specifics there, size, duration -- where it potentially could go long term?

是的。就國防後勤獎而言，您能否提供任何具體細節，包括規模、持續時間——它可能長期發展到哪裡？

Not yet, but we will provide it in the future. And it's -- we're excited. This is going to enable our government to do -- to have more flexibility by having printing in primarily metal components.

還沒有，但我們將來會提供。我們很興奮。這將使我們的政府能夠透過主要在金屬部件上進行印刷來獲得更大的靈活性。

Okay. Thank you.

好的。謝謝。

This concludes the question-and-answer session. I would like to turn the conference back over to Ric Fulop for any closing remarks.

問答環節到此結束。我想將會議轉回給里克·富洛普（Ric Fulop）做總結發言。

Wonderful. I really would like to thank everybody for joining this call this morning and everyone at Desktop Metal as well for your interest in the company. And really, again, I want to thank all team DM across the world that is helping us build this great company on tremendous work through the start of the year. We're looking forward to speaking to all of you again in the second quarter call. Thank you.

精彩的。我真的要感謝大家今天早上參加這場電話會議，也感謝 Desktop Metal 的每個人對公司的興趣。真的，我要再次感謝世界各地的所有 DM 團隊，他們在今年年初透過大量工作幫助我們建立了這家偉大的公司。我們期待在第二季的電話會議中再次與大家交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。