Desktop Metal Inc (DM) 2021 Q3 法說會逐字稿

Greetings and welcome to the Desktop Metal third-quarter 2021 financial results conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Desktop Metal 2021 年第三季財務業績電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Jay Gentzkow, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給東道主投資者關係副總裁 Jay Gentzkow 先生。請繼續。

Thank you, and thanks to everyone for joining today's call. With me today are Ric Fulop, CEO, Chairman, and Founder of Desktop Metal; and James Haley, CFO of Desktop Metal. Please note that our financial results press release and presentation slides referred to on this call are available under the Events and Presentations section of our Investor Relations website. This call is also being webcast live with a link at the same Investor Relations website.

謝謝大家，也謝謝大家參加今天的電話會議。今天與我在一起的有 Desktop Metal 執行長、董事長兼創辦人 Ric Fulop；和 James Haley，Desktop Metal 財務長。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投資者關係網站上的連結進行網路直播。

The webcast and the accompanying slides will be available for replay for 12 months following the call. The content of today's call is the property of Desktop Metal. It cannot be reproduced or transcribed without our prior consent.

網路廣播和隨附的幻燈片將在電話會議後 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 would 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, November 15, 2021, and actual results may vary materially based on a number of risks and uncertainties.

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（2021 年 11 月 15 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。

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 as amended in addition to the company's other filings with the SEC. We assume no obligation to update the forward-looking statements.

有關可能影響 Desktop Metal 業務和財務業績的風險的更多信息，請參閱經修訂的 10-K 表格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 and the following Q&A session, we may refer to non-GAAP measures including EBITDA, adjusted EBITDA and non-GAAP gross profit. These 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 a reconciliation of the GAAP to non-GAAP measures.

此外，在本次示範和隨後的問答環節中，我們可能會參考非 GAAP 衡量標準，包括 EBITDA、調整後 EBITDA 和非 GAAP 毛利。這些衡量標準旨在補充但不能取代根據公認會計準則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 指標的調節表。

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

至此，我很高興將電話轉給 Desktop Metal 執行長兼創辦人 Ric Fulop。

Thank you, Jay, and good afternoon, everyone, and thank you for joining us today. I want to kick off the call by welcoming the talented ExOne team to Desktop Metal. As you know, we completed the acquisition of ExOne last week, and we're thrilled at the opportunities ahead for the combined company.

謝謝傑伊，大家下午好，謝謝您今天加入我們。我想透過歡迎才華洋溢的 ExOne 團隊來到 Desktop Metal 來開始這次電話會議。如您所知，我們上週完成了對 ExOne 的收購，我們對合併後公司未來的機會感到非常興奮。

Today, I will highlight a few financial and business developments for the third quarter and will provide an overall business strategy update. I will then turn the call over to James to walk through the third-quarter financial results in more detail and our outlook for the balance of the year before opening it up for Q&A.

今天，我將重點介紹第三季的一些財務和業務發展，並將提供整體業務策略更新。然後，我將把電話轉給詹姆斯，讓他更詳細地介紹第三季的財務業績以及我們對今年剩餘時間的展望，然後再進行問答。

Let's start on slide 3. Revenue for the third-quarter 2021 was $25.4 million, representing sequential quarterly growth of 34% and more than 900% growth year over year. Revenue growth was driven by a combination of strong performance in our core metals business as well as contribution from recent acquisitions. We also saw continued gross margin expansion as non-GAAP gross margins increased 27% in Q3, up more than 180 basis points sequentially.

讓我們從投影片 3 開始。2021 年第三季的營收為 2,540 萬美元，季增 34%，年成長超過 900%。營收成長得益於我們核心金屬業務的強勁表現以及最近收購的貢獻。我們也看到毛利率持續擴張，第三季非 GAAP 毛利率成長了 27%，比上一季增加了 180 個基點以上。

With some great developments in the business this quarter, we're seeing strong momentum in commercial opportunities with a number of Fortune 500 companies across our volume production platforms, including the Production System P-50. We continue to aggressively develop these opportunities against the backdrop of P-50 progressing towards initial commercial shipments. We're completing final procurement and have started production of the initial P-50 builds targeted for shipments this quarter.

隨著本季業務的一些重大發展，我們在我們的批量生產平台（包括生產系統 P-50）上看到了與許多財富 500 強公司的商業機會的強勁勢頭。在 P-50 逐步實現首次商業出貨的背景下，我們將繼續積極開發這些機會。我們正在完成最終採購，並已開始生產最初的 P-50 型號，預計本季出貨。

While supply chain challenges are impacting us across the business, we have our best people focused on getting P-50 out, and we're confident enough, in both our rollout progress and the demand, to increase our manufacturing capacity with a new facility dedicated to P-50 production. After the significant development cycle of this product, we're excited to begin shipments to customers. We look forward to updating you on this milestone as well as other customer use cases for this game-changing platform.

雖然供應鏈挑戰正在影響我們整個業務，但我們擁有最優秀的人員專注於生產 P-50，而且我們對推出進度和需求都有足夠的信心，透過專門的新設施來提高我們的製造能力到P -50 的生產。經過該產品的重要開發週期後，我們很高興開始向客戶發貨。我們期待向您通報這一里程碑以及這個改變遊戲規則的平台的其他客戶用例的最新情況。

We successfully closed our acquisition of ExOne and this landmark transaction cements our leadership in area-wide additive manufacturing technologies for mass production. We also made two small acquisitions in Meta Additive and Aidro that dovetail nicely to our core metals business in the traditional print platforms that ExOne brings to the portfolio. We'll speak to each of these in a bit more detail later on the call.

我們成功完成了對 ExOne 的收購，這項具有里程碑意義的交易鞏固了我們在大規模生產領域增材製造技術方面的領導地位。我們也對 Meta Additive 和 Aidro 進行了兩項小型收購，這些收購與 ExOne 帶來的傳統印刷平台中的核心金屬業務非常吻合。我們將在稍後的電話會議上更詳細地討論其中的每一個。

We unveiled our strategic relationship with Shapeways last week. We're excited to make our product portfolio and broad range of materials available through their digital manufacturing platform to businesses that may not be ready to purchase full systems or that need overflow manufacturing capacity on demand.

上週我們公佈了與 Shapeways 的策略關係。我們很高興能夠透過他們的數位製造平台向那些可能尚未準備好購買完整系統或需要按需溢出製造能力的企業提供我們的產品組合和廣泛的材料。

And finally, we launched a new initiative under Desktop Health to build out our dental and biofabrication parts platform. This is a key element to our strategy to attack these markets, and I'll go into further detail later in the presentation.

最後，我們在 Desktop Health 下啟動了一項新計劃，以建立我們的牙科和生物製造零件平台。這是我們進攻這些市場的策略的關鍵要素，我將在稍後的演示中詳細介紹。

Before diving into some of these highlights, I want to address our performance in the third quarter, where we encountered some headwinds that prevented us from achieving the results we had targeted when the quarter began. Global supply chain and logistics disruptions did have an effect towards the end of the quarter. Our team has done a great job adapting to the current environment, but these issues did impact our ability to ship some of our products in quantities we expected, especially our photopolymer platform such as the Xtreme8K.

在深入探討其中一些亮點之前，我想先談談我們在第三季的表現，我們遇到了一些阻力，使我們無法實現本季開始時的目標結果。全球供應鏈和物流中斷確實對本季末產生了影響。我們的團隊在適應當前環境方面做得很好，但這些問題確實影響了我們按預期數量交付某些產品的能力，特別是我們的光聚合物平台，例如 Xtreme8K。

Ultimately, while we didn't execute to our plan for the quarter, we're in a good position to drive very strong sequential growth in the fourth quarter and end the year strong. And James will speak more to our full-year guidance during this section.

最終，雖然我們沒有執行本季的計劃，但我們處於有利位置，可以在第四季度推動非常強勁的連續成長，並在年底實現強勁成長。詹姆斯將在本節中更多地談論我們的全年指導。

On slide 4, I want to spend a few moments reviewing our acquisition of ExOne, which strengthens our competitive stance in many areas. Together, we offer an unparalleled product portfolio across speed, cost, resolution, and part size. And we're particularly thrilled with the opportunity to combine excellent sand printing expertise with our low-cost architectures to make digital casting more accessible and grow that market. Our combined material size efforts will allow us to introduce new materials to our customers at a faster rate.

在投影片 4 上，我想花一些時間回顧我們對 ExOne 的收購，這增強了我們在許多領域的競爭地位。我們共同提供速度、成本、解析度和零件尺寸方面無與倫比的產品組合。我們特別高興有機會將出色的砂印專業知識與我們的低成本架構相結合，使數位鑄造更容易實現並擴大該市場。我們在材料尺寸方面的全面努力將使我們能夠以更快的速度向客戶推出新材料。

We look forward to leveraging our complementary go-to-market activities to drive outsized growth while seizing on opportunities to flip ExOne's business to a more turnkey built to forecast model, which we believe will accelerate growth and the conversion of ExOne's robust backlog, which sat at $57 million at the end of Q3.

我們期待利用我們互補的上市活動來推動超額成長，同時抓住機會將 ExOne 的業務轉變為更統包的預測模型，我們相信這將加速增長和 ExOne 強勁積壓訂單的轉換，第三季末為5700萬美元。

Next, on slide 5, I'd like to review two other tuck-ins that in conjunction with ExOne reflect our strategy around printers, materials, and killer apps. In materials, we're excited to announce the addition of our next-generation binder technology focused on reducing part shrinkage through our acquisition of Meta Additive. Meta has developed non-sacrificial binders that use organometallics and particles of functional build material to bind and infiltrate the powder bed simultaneously during the binder jetting process. This binder IP has the potential to revolutionize binder jetting by extending the technology to markets that require larger part sizes and a broader palette of materials.

接下來，在投影片 5 上，我想回顧另外兩個內容，它們與 ExOne 一起反映了我們圍繞印表機、材料和殺手級應用程式的策略。在材料方面，我們很高興地宣布，透過收購 Meta Additive，我們增加了下一代黏合劑技術，專注於減少零件收縮。 Meta 開發了非犧牲性黏合劑，它使用有機金屬和功能性建造材料顆粒在黏合劑噴射過程中同時黏合和滲透粉末床。此黏合劑 IP 有潛力透過將該技術擴展到需要更大零件尺寸和更廣泛材料的市場來徹底改變黏合劑噴射。

We look forward to developing and qualifying Meta's functional binders on our high-speed binder jetting platforms to enable customers to print larger parts with faster turnaround times, improved tolerances, and even greater productivity.

我們期待在我們的高速黏合劑噴射平台上開發和鑑定 Meta 的功能性黏合劑，使客戶能夠以更快的周轉時間、改進的公差和更高的生產率來列印更大的零件。

On the right-side of the slide, I'd also like to highlight Aidro, a leader in additive manufacturing of next-generation manifolds, hydraulics, and fluid power systems. In metals, we view those use cases as killer apps for additives, and we have added Aidro to serve as a foundation to deliver customers a differentiated offering in this market, where Aidro was an early adopter of AM with world-class design expertise and know-how. We're excited to work with their talented team to leverage a combination of Desktop Metal's and ExOne's print platforms to produce fluid power systems and manifolds optimized for AM.

在投影片的右側，我還想重點介紹 Aidro，它是下一代歧管、液壓和流體動力系統增材製造的領導者。在金屬領域，我們將這些用例視為添加劑的殺手級應用，我們添加了Aidro 作為在該市場為客戶提供差異化產品的基礎，Aidro 是增材製造的早期採用者，擁有世界一流的設計專業知識和了解-如何。我們很高興與他們才華橫溢的團隊合作，利用 Desktop Metal 和 ExOne 列印平台的組合來生產針對積層製造優化的流體動力系統和歧管。

Turning to slide 6, as a management team, we remain laser-focused on achieving double-digit share of additive by the end of the decade. This call guides our strategy across both organic product development and M&A activities, and we're working towards it by expanding the serviceable portion of our addressable market as well as bringing AM into new applications not accessible to legacy AM processes offered by our peers.

轉向幻燈片 6，作為管理團隊，我們仍然專注於在本世紀末實現兩位數的添加劑份額。這次電話會議指導了我們在有機產品開發和併購活動方面的策略，我們正在透過擴大我們的目標市場的可用部分以及將增材製造引入同行提供的傳統增材製造流程無法訪問的新應用程序來實現這一目標。

EnvisionTEC, for example, has opened up the polymer AM market with its pioneering area-wide photopolymer platforms in digital casting solutions, which we have reinforced with our acquisition of ExOne and its industry-leading S-Max platform. We've introduced Forust, a process for 3D printing end-use wood parts in production, extending AM to applications including home furnishings and luxury interiors. We've added biofabrication capabilities through Beacon Bio, which were in advanced stages of R&D and have the potential to enable new killer apps such as eardrum repair and other soft tissue cases.

例如，EnvisionTEC 憑藉其在數位鑄造解決方案中開創性的全區域光聚合物平台開闢了聚合物增材製造市場，我們透過收購 ExOne 及其業界領先的 S-Max 平台進一步加強了這一市場。我們推出了 Forust，這是一種在生產中 3D 列印最終用途木質部件的工藝，將增材製造擴展到家居裝飾和豪華內飾等應用。我們透過 Beacon Bio 增加了生物製造能力，該能力處於研發的後期階段，有潛力實現耳膜修復和其他軟組織病例等新的殺手級應用。

Finally, dental is a $30 billion opportunity that has been largely unserved by AM, particularly in non-orthodontic applications. We believe this market can reach over 75% penetration of digital AMR flows. And we have introduced materials and made investments towards a parts strategy to address this opportunity. Each of this development is consistent with the strategic pillars of our business and has unlocked opportunities for our technology that we capitalize on to deliver outsized growth in the long term.

最後，牙科是一個價值 300 億美元的機會，但積層製造基本上沒有提供服務，特別是在非正畸應用中。我們相信這個市場的數位 AMR 流量滲透率可以達到 75% 以上。我們引入了材料並對零件策略進行了投資來抓住這個機會。每項發展都與我們業務的策略支柱一致，並為我們的技術釋放了機會，我們可以利用這些機會實現長期的大幅成長。

Turning now to slide 7, you can see the full portfolio of additive manufacturing 2.0 solutions we have built to achieve long-term success. At the top, we're focused on area-wide print platforms that can support a step-function improvement in throughput up to 100 times legacy additive manufacturing processes. Our goal here is to help customers use additive manufacturing and production volumes cost effectively versus commercial manufacturing.

現在轉到投影片 7，您可以看到我們為實現長期成功而建造的完整積層製造 2.0 解決方案組合。在頂部，我們專注於區域範圍的列印平台，該平台可以支援吞吐量的階躍函數改進，最高可達傳統增材製造流程的 100 倍。我們的目標是幫助客戶比商業製造更經濟高效地使用積層製造和大量生產。

Critically, Desktop Metal's proprietary printing technologies achieved superior economics and throughput while also enabling surface finish accuracy and material properties required for end-use parts. And we provide these platforms alongside proprietary software and sintering solutions that make additive easier to adopt for businesses of all sizes.

至關重要的是，Desktop Metal 的專有列印技術實現了卓越的經濟性和吞吐量，同時也實現了最終使用零件所需的表面光潔度精度和材料特性。我們提供這些平台以及專有軟體和燒結解決方案，使各種規模的企業更容易採用積層製造。

Partnering these advantages with an extensive and growing materials library translates into support for a broad range of production applications across verticals, allowing us to diversify our end markets and customer base. We're super confident in these platforms and believe they can generate significant revenue scale in the near term and will serve as a foundation for us to achieve double-digit share of additive in the long term.

將這些優勢與廣泛且不斷增長的材料庫相結合，可以轉化為對跨垂直領域廣泛生產應用的支持，使我們能夠實現終端市場和客戶群的多元化。我們對這些平台非常有信心，並相信它們可以在短期內產生可觀的收入規模，並將為我們長期實現兩位數的添加劑份額奠定基礎。

Turning to slide 8, I want to set the context for a new initiative we launched in Q3 under Desktop Health. Many of you will recognize our additive manufacturing 2.0 strategy slide, which we've shown on nearly every quarterly update call. We're focused on three primary areas. First, we want to be a leader in print platforms for mass production that use area-wide technologies that improve in performance over time, benefiting from Moore's Law, allowing us to continually increase our competitiveness versus conventional manufacturing.

轉向投影片 8，我想為我們在第三季在「桌面健康」下推出的一項新舉措設定背景。你們中的許多人都會認識我們的增材製造 2.0 戰略幻燈片，我們幾乎在每個季度更新電話會議上都會展示幻燈片。我們專注於三個主要領域。首先，我們希望成為大規模生產列印平台的領導者，這些平台使用廣泛的技術，隨著時間的推移，性能會不斷提高，受益於摩爾定律，使我們能夠不斷提高相對於傳統製造的競爭力。

Second, we want to vertically integrate into high-margin consumable revenue streams by owning a broad materials portfolio with best-in-class properties. Developing printers and materials together allows us to offer integrated solutions that can reliably yield high-performance parts for our customers.

其次，我們希望透過擁有具有一流性能的廣泛材料組合，垂直整合到高利潤的消耗品收入流中。共同開發印表機和材料使我們能夠提供整合解決方案，能夠可靠地為客戶生產高性能零件。

And third, we're focused on developing killer apps for additive. For most of these applications, we plan on being a technology provider with a high-margin recurring revenue stream through consumables. But there are some applications where a large portion of the profit pool accrues to the application provider. For these segments, we believe the best way to maximize value of our technology assets is to provide an end-to-end solution that includes printing and providing high-margin end-use parts to customers.

第三，我們專注於開發增材殺手級應用程式。對於大多數這些應用程序，我們計劃成為透過消耗品提供高利潤經常性收入流的技術提供者。但在某些應用程式中，很大一部分利潤歸應用程式提供者所有。對於這些細分市場，我們認為實現技術資產價值最大化的最佳方法是提供端到端解決方案，其中包括列印和向客戶提供高利潤的最終用途零件。

Turning to slide 9, we see dental and biofabrication as important emerging killer apps for additive because parts are unique to the patient. These are huge markets with only a few percentages of parts printed today. The traditional production methods include labor and resource intensive conventional manufacturing processes.

轉向幻燈片 9，我們將牙科和生物製造視為重要的新興添加劑殺手級應用，因為零件對患者而言是獨一無二的。這些都是龐大的市場，但目前印刷的零件只有一小部分。傳統的生產方法包括勞動力和資源密集的傳統製造流程。

As a result, this market is poised to tilt rapidly towards additive. We're already well positioned as a technology provider in both dental and biofabrication with a thriving business selling differentiated solutions across printers and materials.

因此，這個市場將迅速向添加劑傾斜。作為牙科和生物製造領域的技術提供商，我們已經處於有利地位，銷售跨印表機和材料的差異化解決方案的業務蓬勃發展。

Now we're also launching a new parts platform to vertically integrate into design in parts production capabilities that will allow us to provide a more comprehensive end-to-end offering that can accelerate adoption of 3D printing in dental and biofabrication. For dental, specifically, these efforts are critical to make chairside printing successful at scale and drive value creation for Desktop Metal. We believe that our strategy as a consolidator can enable an industry-leading additive-focused business that provides printers, materials, and end-use parts for dental and biofabrication customers with additive manufacturing at its core.

現在，我們還推出了一個新的零件平台，可垂直整合到零件生產能力的設計中，這將使我們能夠提供更全面的端到端產品，從而加速 3D 列印在牙科和生物製造領域的採用。特別是對於牙科而言，這些努力對於實現椅旁列印的大規模成功並推動桌面金屬的價值創造至關重要。我們相信，我們作為整合者的策略可以實現業界領先的以增材為中心的業務，以增材製造為核心，為牙科和生物製造客戶提供印表機、材料和最終用途零件。

Today, we're seeing real results from the steps we've taken to position the dental business to execute this strategy. And through our acquisition of Beacon Bio, we have five fabrication materials in advanced R&D in a long-term plan to implement biofabrication solutions under this initiative. We've staffed this opportunity with leaders from the industry in an effort led by Lou Azzara, former CEO of Dental Solutions Group (sic - see press release, "Dental Services Group").

今天，我們為牙科業務定位以執行此策略所採取的步驟看到了實際成果。透過收購 Beacon Bio，我們在長期計劃中擁有五種先進研發的製造材料，以實施該計劃下的生物製造解決方案。在 Dental Solutions Group 前執行長 Lou Azzara 的帶領下，我們為這個機會配備了來自業界的領導者（原文如此 - 請參閱新聞稿，「牙科服務集團」）。

Our goal is to form a global platform underneath Desktop Health, able to accelerate the transition of additive manufacturing while maximizing wallet share in this segment. We've acquired our initial targets under this strategy and will be rapidly digitizing these properties with our proprietary additive manufacturing solutions to increase their profitability and product capabilities. The long-term opportunity for dental and biofabrication is just starting to hit the uptake of the S-curve, and we believe our strategy to drive adoption through our new platform positions us to capture a significant share of this massive opportunity.

我們的目標是在 Desktop Health 下形成一個全球平台，能夠加速積層製造的轉型，同時最大限度地提高該領域的錢包份額。我們已經根據該策略實現了初步目標，並將利用我們專有的積層製造解決方案快速將這些資產數位化，以提高其獲利能力和產品能力。牙科和生物製造的長期機會才剛開始觸及 S 曲線，我們相信，透過新平台推動採用的策略使我們能夠在這一巨大機會中佔據重要份額。

And finally, on slide 10, I'd like to wrap up my section by reiterating that we've built Desktop Metal with durable competitive advantages in order to accomplish our mission of double-digit share in the additive manufacturing market by the end of this decade.

最後，在投影片 10 上，我想透過重申我們已經建立了具有持久競爭優勢的 Desktop Metal 來結束我的部分，以便在本年底之前完成我們在增材製造市場中實現兩位數份額的使命十年。

We have the fastest print platforms in the market, supported by proprietary software and sintering capabilities that enable adoption for customers of all sizes. Our comprehensive and growing material portfolio enables a more diverse array of applications for our customer space. We focus on killer apps, providing end-to-end solutions, including design and parts production to deliver high-margin use cases for additive. We have a world-class go-to-market organization with complementary indirect and direct channels as well as robust global service and support capabilities.

我們擁有市場上最快的列印平台，並由專有軟體和燒結功能提供支援，可供各種規模的客戶採用。我們全面且不斷成長的材料組合為我們的客戶空間提供了更多樣化的應用。我們專注於殺手級應用程序，提供端到端解決方案，包括設計和零件生產，以提供高利潤的積層製造用例。我們擁有世界一流的市場進入組織，具有互補的間接和直接管道以及強大的全球服務和支援能力。

And finally, our vertical integration in materials not only enables reliable high-performance parts for customers, but also creates high-margin recurring revenue stream for consumables for our business. This is the blueprint for how we will win in the marketplace. And we look forward to updating you on how these competitive differentiation leads to continued market share gains and consistent financial outperformance for years to come.

最後，我們在材料方面的垂直整合不僅為客戶提供了可靠的高性能零件，而且還為我們的業務消耗品創造了高利潤的經常性收入流。這是我們如何贏得市場的藍圖。我們期待向您介紹這些競爭差異化如何在未來幾年帶來持續的市場佔有率成長和持續的財務表現。

I will now turn the call over to our CFO, James Haley, to share third-quarter financial highlights. James?

我現在將把電話轉給我們的財務長 James Haley，分享第三季的財務亮點。詹姆士？

Thanks, Ric. Beginning on slide 12, you will see a summary of our financial performance for the third quarter 2021. 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 12 開始，您將看到我們 2021 年第三季財務業績的摘要。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 revenues for the quarter was $25.4 million, up 34% sequentially from the second quarter 2021. Revenue strength was driven by our core metals business and contributions from acquisitions, but partially offset by weakness in the polymers business. Like many other companies, the global supply chain and logistics network presented challenges, specifically in the EnvisionTEC business, which impacted our quarterly results. While third-quarter revenue growth was less robust than previous quarters, we are poised to rightsize performance and return to growth expectations we have set for the business in the fourth quarter.

該季度的合併收入為 2,540 萬美元，比 2021 年第二季連續成長 34%。收入強勁是由我們的核心金屬業務和收購貢獻推動的，但部分被聚合物業務的疲軟所抵消。與許多其他公司一樣，全球供應鏈和物流網絡提出了挑戰，特別是在 EnvisionTEC 業務中，這影響了我們的季度業績。儘管第三季營收成長不如前幾季強勁，但我們準備調整業績規模並恢復我們為第四季業務設定的成長預期。

We delivered another quarter of non-GAAP gross margin expansion. Non-GAAP gross margin increased over 180 basis points sequentially to 27% for the quarter. Gross margin strength was primarily driven by operating leverage as revenue continued to scale across overhead costs as well as product mix towards higher ASP sales such as our metal systems.

我們的非公認會計準則毛利率又實現了一個季度的成長。本季非 GAAP 毛利率季增 180 個基點至 27%。毛利率的強勁主要是由營運槓桿推動的，因為收入持續擴大，涵蓋間接成本以及產品組合，以實現更高的平均售價銷售（例如我們的金屬系統）。

Adjusted EBITDA for the third quarter of 2021 was negative $26 million versus negative $15.5 million in the third quarter of 2020. The year-over-year adjusted EBITDA decline was primarily due to increased expenses related to operating as a public company, investments in our core business, and loss contributions from acquisitions. We ended the quarter with $423.9 million in cash, cash equivalents, and short-term investments as of September 30, 2021. Note, this excludes the impact of the acquisition of ExOne, which includes a deal consideration in cash of approximately $67 million, excluding transaction fees.

2021 年第三季調整後 EBITDA 為負 2,600 萬美元，而 2020 年第三季為負 1,550 萬美元。調整後 EBITDA 同比下降主要是由於與上市公司營運、核心業務投資相關的費用增加業務以及收購造成的損失。截至 2021 年 9 月 30 日，本季末我們的現金、現金等價物和短期投資為 4.239 億美元。請注意，這不包括收購 ExOne 的影響，其中包括約 6,700 萬美元的現金交易對價，不包括交易費用。

And finally, moving to our guidance on slide 13. We are revising our full-year 2021 revenue and adjusted EBITDA outlook to take into account our third-quarter performance, our expectations for the fourth quarter, and anticipated contributions from recent acquisitions. Note, the full-year 2021 outlook excludes any impacts from the ExOne acquisition. We now expect to generate total revenue in the range of $92 million to $102 million for the full year 2021, representing 459% to 519% growth over full year 2020.

最後，轉向幻燈片 13 中的指導。我們正在修訂 2021 年全年收入並調整 EBITDA 前景，以考慮到我們第三季度的業績、對第四季度的預期以及最近收購的預期貢獻。請注意，2021 年全年展望不包括 ExOne 收購的任何影響。目前，我們預計 2021 年全年總收入將在 9,200 萬美元至 1.02 億美元之間，較 2020 年全年增長 459% 至 519%。

This updated revenue range includes between $36 million to $46 million in expected fourth-quarter 2021 revenue, which implies 43% to 82% sequential growth over the third quarter 2021. For the full year 2021, for our core Desktop Metal and EnvisionTEC businesses excluding contributions from recent acquisitions, we expect to generate revenue in the range of $75 million to $85 million. Also, please note this updated guidance does not rely on meaningful revenue from the P-50 system.

更新後的營收範圍包括 2021 年第四季的預期營收 3,600 萬至4,600 萬美元，這意味著2021 年第三季環比成長43% 至82%。2021 年全年，我們的核心Desktop Metal 和EnvisionTEC 業務（不包括貢獻）透過最近的收購，我們預計將產生 7,500 萬至 8,500 萬美元的收入。另請注意，此更新指南並不依賴 P-50 系統的有意義的收入。

We also updated our adjusted EBITDA outlook, now in the range of negative $80 million to $90 million, again, excluding the effects of acquiring ExOne. This updated figure takes into account third-quarter 2021 performance and increased operating losses from recent acquisitions completed since our second-quarter 2021 financial results call on August 11, 2021. With that, I will turn the call back over to Ric.

我們也更新了調整後的 EBITDA 前景，目前再次處於負 8,000 萬美元至 9,000 萬美元的範圍內，不包括收購 ExOne 的影響。此更新數據考慮了2021 年第三季的業績以及自2021 年8 月11 日召開的2021 年第二季財務業績電話會議以來最近完成的收購增加的營運虧損。這樣，我將把電話轉回給Ric。

Thank you, James. To conclude, I'd like to reiterate our vision of accelerating adoption of additive manufacturing 2.0 on our way to achieving double-digit share of the additive market by the end of this decade. As we near the end of 2021, we're probably better positioned with the right portfolio of differentiated additive manufacturing solutions to drive consistent growth through 2022 and over the long term. I remain as excited as ever about the momentum of our business and our opportunity to deliver value to all of our stakeholders.

謝謝你，詹姆斯。最後，我想重申我們的願景，即加速採用增材製造 2.0，以期在本十年末實現增材製造市場兩位數份額。隨著 2021 年底的臨近，我們可能會更好地定位於正確的差異化積層製造解決方案組合，以推動 2022 年和長期的持續成長。我對我們業務的發展勢頭以及為所有利益相關者創造價值的機會一如既往地感到興奮。

With that, I will now open up the call for questions. Operator?

現在，我將開始提問。操作員？

(Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

（操作員說明）Greg Palm，Craig-Hallum Capital Group。

All right. Yes, thanks for taking the questions here. I guess just starting off on the shortfall in the quarter. Any way to quantify the revenue impact from whether it was supply chains or some of these logistical challenges that you ran into?

好的。是的，感謝您在這裡提出問題。我想這只是從本季的短缺開始。有什麼方法可以量化您遇到的供應鏈或物流挑戰對收入的影響嗎？

Hey, Greg, thanks for the question. So definitely, Q3 definitely fell short a little bit. Really, we had some supply chain issues; we had some logistics issues as well.

嘿，格雷格，謝謝你的提問。所以可以肯定的是，第三季肯定有點落後。確實，我們遇到了一些供應鏈問題；我們也遇到了一些物流問題。

I would say the encouraging item for us is that on the metal side, we did see sequential growth from Q2 to Q3. However, in the polymer, it was much weaker than we expected. And that is really where we had more of the supply chain issues was specifically on the polymer side.

我想說對我們來說令人鼓舞的是，在金屬方面，我們確實看到了從第二季到第三季的連續成長。然而，在聚合物中，它比我們預期的要弱得多。這確實是我們遇到更多供應鏈問題的地方，特別是在聚合物方面。

And are you -- I guess I'm specifically trying to figure out if it was material, as in 10% of revenue that couldn't get shipped or something more of that. (multiple speakers) Can you try [to get them]?

我想我是專門想弄清楚這是否是實質性的，例如 10% 的收入無法發貨或更多。 （多名發言者）你能嘗試[得到它們]嗎？

Yes, Greg, we had some parts that we're expecting towards the end of the quarter that we didn't end up receiving and weren't able to ship some of our products, for example, Xtreme8K. We just had a lot of them waiting for components that should have been in house on time. But we have made tries in receiving those and hopefully we will continue to catch up on that throughout this quarter.

是的，Greg，我們預計在本季度末有一些零件，但我們最終沒有收到，也無法發貨我們的一些產品，例如 Xtreme8K。我們只是讓很多人在等待本應按時送達的組件。但我們已經嘗試接收這些訊息，希望我們能夠在整個季度繼續趕上這一點。

Yes, and so the other thing I would certainly say. I mean, this revenue growth is the journey for us, and we continue to project a strong Q4 to end the year. And we really expect to have great sequential growth between Q3 and Q4 here. But certainly, Q3 was less than our expectations but we do believe the long-term growth pieces is intact.

是的，所以我肯定會說另一件事。我的意思是，這種收入成長是我們的旅程，我們繼續預計第四季將在年底​​實現強勁成長。我們確實預計第三季和第四季之間將出現巨大的連續成長。但可以肯定的是，第三季的業績低於我們的預期，但我們確實相信長期成長部分完好無損。

Yes, okay. Fair enough. And I guess my follow-up specifically on kind of the implied guide for Q4. Is there any P-50 contribution that's baked into the guide? And I guess it's excluding ExOne, but how much ExOne contribution do you expect in Q4?

是的，好的。很公平。我想我的後續行動特別是關於第四季的隱含指南。指南中是否包含任何 P-50 的貢獻？我猜它不包括 ExOne，但您預計 ExOne 在第四季度的貢獻是多少？

Sure. So, first on the ExOne side, so that transaction just closed Friday. As you know, one of the challenges we are evaluating are any other purchase accounting implications. If you just looked at sort of their prior guidance and what they've actually delivered Q3, that would yield Q4 results somewhere in the 20-ish neighborhood. And then we still have to determine how much of it would be sort of post-acquisition and any implications for the purchase accounting I mentioned.

當然。首先是 ExOne 方面，該交易於週五結束。如您所知，我們正在評估的挑戰之一是任何其他採購會計影響。如果你只看他們之前的指導以及他們在第三季度實際交付的內容，那麼第四季度的結果將在 20 左右左右。然後我們仍然需要確定其中有多少是收購後的，以及對我提到的購買會計的任何影響。

And then in terms of your question about P-50. At this point, there's no P-50 in our revenue forecast. We still plan to ship by the end of this year, but any associated revenue at this point will be deferred until next year. So we won't start to see the benefits of P-50 until Q1.

然後就你關於 P-50 的問題而言。目前，我們的收入預測中沒有 P-50。我們仍計劃在今年年底前發貨，但此時的任何相關收入都將推遲到明年。因此，直到第一季我們才會開始看到 P-50 的優勢。

Got it. Okay, all right. I'll leave it there. Thanks.

知道了。好吧，好吧。我會把它留在那裡。謝謝。

Ashley Ellis, Cross Research.

阿什利·埃利斯，交叉研究。

On the supply chain, I'm wondering, what are your expectations for fourth quarter? It seems like you lowered full year. So while the parts came in, I guess after the quarter closed, it doesn't seem like you're necessarily recouping that revenue in fourth quarter. So do you expect to still kind of struggle with the supply? And then what are you doing to ensure that you do have enough supply for the P-50?

在供應鏈方面，我想知道您對第四季的期望是什麼？看來你降低了全年。因此，雖然零件進來了，但我想在季度結束後，您似乎不一定能在第四季度收回收入。那麼您預計供應仍會遇到困難嗎？那麼你們會採取什麼措施來確保 P-50 有足夠的供應呢？

And then I have a follow-up. Thank you.

然後我有一個後續行動。謝謝。

So for Q4 here, I mean, certainly, we're still expecting pretty substantial growth. The challenge for us is we're starting with a lower base from Q3. In terms of the specific supply chain, one of the challenges we have had is on the logistics side of things. I think we're very encouraged that margins have continued to expand despite the fact that we have had to expedite some freight along the way.

因此，對於第四季度，我的意思是，當然，我們仍然預計會有相當可觀的成長。我們面臨的挑戰是我們從第三季的較低基數開始。就具體的供應鏈而言，我們面臨的挑戰之一是物流方面。我認為我們對利潤率持續擴大感到非常鼓舞，儘管我們必須加快一些貨運速度。

But really Q4, steep growth there and we believe that we are on track for further growth in Q4 here. But as Ric alluded to on the Xtreme8K, we had some specific product challenges there, which honestly delayed the launch of the product into Q4. So it's not as you just get the product in. Now, we've got the parts. We're assembling them. We're going through all the various testing and validation and hope to ship that product in the fourth quarter here.

但實際上第四季度，那裡出現了急劇增長，我們相信我們預計在第四季度實現進一步增長。但正如 Ric 在 Xtreme8K 上提到的那樣，我們在那裡遇到了一些特定的產品挑戰，這確實將產品的發布推遲到了第四季度。所以這並不是說你只要拿到產品就可以了。現在，我們已經拿到零件了。我們正在組裝它們。我們正在經歷所有各種測試和驗證，並希望在第四季度在這裡發貨該產品。

Okay, that makes sense. And then for the P-50 with your new site that triples capacity, I'm wondering, do you expect to be at full capacity sometime during 2022? Or will it be a slower ramp for the P-50 and maybe more meaningful in 2023? (multiple speakers) I'm sorry, (inaudible).

好吧，這是有道理的。然後，對於 P-50 以及您的新站點，容量增加了三倍，我想知道，您是否預計在 2022 年的某個時候達到滿載？或者 P-50 的升級速度會更慢，也許在 2023 年更有意義？ （多個發言者）對不起，（聽不清楚）。

I mean, any product you start to ramp gradually. Although we have plans to grow to significant capacity as the year progresses. So, the first couple are in production right now. And as we start to ramp and get systems in the field, that number will continue to increase on a monthly basis, and we'll be delivering more and more product as the year progresses next year.

我的意思是，任何你開始逐漸增加的產品。儘管我們計劃隨著時間的推移擴大產能。所以，第一對現在正在製作中。隨著我們開始擴大規模並在現場部署系統，這個數字將繼續每月增加，隨著明年的進展，我們將提供越來越多的產品。

Okay. And are you feeling okay with components, or could that also be a challenge?

好的。您對組件感覺還好嗎？或者這也可能是一個挑戰？

I mean, that is a significant product with lots of parts. We've got a lot of good people in supply chain working on it and we are putting our best people on it. So we've got parts in house, but beyond the first few systems, we could run into trouble.

我的意思是，這是一個有很多零件的重要產品。我們供應鏈中有很多優秀的人才致力於這份工作，並且我們正在投入最優秀的人才。所以我們已經有了內部零件，但除了最初的幾個系統之外，我們可能會遇到麻煩。

Fortunately, a lot of those parts that are mechanical, I think you could fab in sort of a short run capabilities, but there are components that you could get surprised by. So we're trying to do our best and be creative as we try to resolve these challenges. But so far, I don't see it as an impediment from shipping; it just adds a lot more work to our teams to work around some of these logistic issues.

幸運的是，許多零件都是機械零件，我認為您可以以短期生產能力進行製造，但有些零件可能會讓您感到驚訝。因此，我們在努力解決這些挑戰時盡最大努力並發揮創造力。但到目前為止，我並不認為它是運輸的障礙；它只是為我們的團隊增加了更多的工作來解決其中一些後勤問題。

Right, understood. Good luck. Thank you.

對了，明白了。祝你好運。謝謝。

Thanks.

謝謝。

Okay.

好的。

Noelle Dilts, Stifel.

諾埃爾·迪爾茨，斯蒂菲爾。

Hi, good afternoon. I was hoping that you could just provide us with a bit of an update on the pipeline for P-50 in terms of orders, which you've talked about in the past. And basically, if you could also touch on what kind of gave you the confidence to expand the manufacturing capacity there, that would be great. Thank you.

嗨，下午好。我希望您能為我們提供有關 P-50 訂單方面的一些最新信息，您過去曾談到過這一點。基本上，如果您還可以談談是什麼讓您有信心擴大那裡的製造能力，那就太好了。謝謝。

We have a significant pipeline for P-50, keeps developing is with several large Fortune 500 companies for large applications and that is moving at a pretty good clip. We're putting capacity hopefully when we need it, so we feel very good about it. We've got applications with OEMs that are significant number of units and that's what we're doing.

我們擁有重要的 P-50 研發管線，並與多家財富 500 強公司一起持續開發大型應用，並且進展非常順利。我們希望在需要的時候投入產能，所以我們對此感覺非常好。我們已經向 OEM 提供了大量的應用程序，這就是我們正在做的事情。

Okay. And then given the ExOne deal, and you've been pretty active on the acquisition front. Could you speak to how you're thinking about M&A heading into 2022 and sort of what the pipeline looks like at this point in terms of companies that you're engaging with? Thanks.

好的。然後考慮到 ExOne 交易，您在收購方面一直非常活躍。您能否談談您對進入 2022 年的併購有何看法，以及目前與您合作的公司的管道情況如何？謝謝。

Okay. So I think we have an M&A strategy that continues to -- it really hasn't changed. It's really centered on three areas.

好的。所以我認為我們的併購策略一直在持續——它確實沒有改變。它實際上集中在三個領域。

Print platforms that are area wide that provide improvements over time as -- that basically are dependent -- benefit from Moore's Law. Vertical integration into the consumables that are systems utilized. And then finally, the ability to have impact on killer apps and we look at the profit pool on these applications and really focus on what is the maximum way to get share and maximize value and leverage long-run.

隨著時間的推移，廣泛的列印平台可以提供改進——基本上是相互依賴的——受益於摩爾定律。垂直整合到所使用的系統消耗品。最後，對殺手級應用程式產生影響的能力，我們著眼於這些應用程式的利潤池，並真正專注於獲得份額、最大化價值和長期槓桿作用的最大方式。

So we've had a consistent strategy that companies that we've been going after are the same companies that we had on our target list since before we were a public company. And we had segmented the market; basically at the time, it was $12 billion size market. We've segmented it in a there's sort of $2 billion worth of businesses that are very attractive and another $10 billion that are not -- you wouldn't want to own. And so we're focusing on that $2 billion which is going to grow faster than the market and have a strategic leverage point for us to gain share long run.

因此，我們有一個一致的策略，即我們一直在追尋的公司與我們成為上市公司之前就在我們的目標名單上的公司是同一家公司。我們對市場進行了細分；基本上當時的市場規模為 120 億美元。我們將其細分為：價值 20 億美元的企業非常有吸引力，另外 100 億美元的企業則不是——你不會想擁有的。因此，我們將重點放在那 20 億美元上，它的成長速度將快於市場，並且具有戰略槓桿點，可以讓我們獲得長期份額。

Thank you.

謝謝。

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員說明）馬丁楊，奧本海默。

Hi, good afternoon. Thank you for taking my question. Now that you have made more detailed announcement regarding your partnership with Shapeways, can you maybe talk about what's the nature and structure of your commercial deal? And where should we expect the commercial agreement of $20 million to fall on your income statement?

嗨，下午好。感謝您回答我的問題。既然您已經就與 Shapeways 的合作關係做出了更詳細的公告，您能否談談您的商業交易的性質和結構？我們預計 2000 萬美元的商業協議應該落在您的損益表中的什麼位置？

Yes, we had set some amount of revenue that hit in Q3; [a bounce] may hit in Q4. And I would say it's still too early to tell where the bulk of it is going to be, what quarter. We have a lot of work to do for point of view. First, there's some strategic things that we're doing because the two companies.

是的，我們已經設定了第三季的一定收入；第四季可能會出現[反彈]。我想說，現在判斷大部分資金將在哪裡、哪個季度還為時過早。我們在觀點方面還有很多工作要做。首先，我們兩家公司正在做一些策略性的事情。

I think one of the great things about this deal is that it's going to provide DM with a capability to have all of our technologies and materials available in a solution that's easily accessible for people that aren't ready to buy equipment. And then, in the long run, we have a lot of work to do to fully execute it. You have to deliver, install, procure, launch in their process a lot of these material. So I think this is going to continue for some time. But it is a strategic partnership for us.

我認為這筆交易的一大好處是，它將為 DM 提供一種能力，讓那些還沒有準備好購買設備的人可以輕鬆獲得我們所有的技術和材料。然後，從長遠來看，我們還有很多工作要做才能充分執行它。你必須在他們的過程中交付、安裝、採購、啟動大量這些材料。所以我認為這種情況將持續一段時間。但這對我們來說是戰略夥伴關係。

And there are some things that we haven't fully announced yet that we're doing with them that we think are very exciting and that will be very well received by the market. So you should note that Shapeways has been a long-time customer of the company through the EnvisionTEC side and also now through ExOne as well. So there's quite a bit of business between the companies; and it has been for the years.

我們還沒有完全宣布我們正在與他們一起做一些我們認為非常令人興奮並且會受到市場歡迎的事情。因此，您應該注意到，Shapeways 一直是該公司透過 EnvisionTEC 的長期客戶，現在也透過 ExOne 成為該公司的長期客戶。所以公司之間有相當多的業務；多年來一直如此。

That's great to know. (multiple speakers)

很高興知道。 （多個發言者）

Just to [add] there. (multiple speakers)

只是為了[添加]那裡。 （多個發言者）

Go ahead.

前進。

We do not expect to receive the full $20 million in calendar year 2021 from a rev rec standpoint. To Ric's point, we'll see how that [flip] pans out, but it's meant to be a long-term relationship.

從收入記錄的角度來看，我們預計不會在 2021 日曆年收到全額 2000 萬美元。就里克的觀點而言，我們將會看到這種[翻轉]的結果如何，但這意味著這是一種長期的關係。

Got it. Yes, thanks for the clarification. And looking maybe at your pipeline, are there any other similar commercial agreements like the one you have with Shapeways which you already secured but have not announced?

知道了。是的，謝謝您的澄清。看看您的管道，是否還有其他類似的商業協議，例如您與 Shapeways 簽訂的協議，您已經獲得但尚未宣布？

Well, if we haven't announced it, we usually let our customers do the announcements. In this case, it was had to put something on the filings. But a lot of the deals in large systems are large number of deals. So if somebody's taking a product to go in production with technology like ours, that would certainly be the case. And in those cases in particular, customers are sensitive to that getting out before they announce a product, or before something's shipping or has started production. So if we can talk about it or they're okay with us talking about it, we would talk about it. But we let our customers do the PR in those cases.

好吧，如果我們沒有宣布，我們通常會讓我們的客戶來宣布。在這種情況下，必須在備案中添加一些內容。但大型系統中的許多交易都是大量交易。因此，如果有人使用像我們這樣的技術來生產產品，情況肯定會如此。尤其是在這些情況下，客戶對於在宣布產品之前、或在產品發貨或開始生產之前退出非常敏感。因此，如果我們可以談論它，或者他們同意我們談論它，我們就會談論它。但在這些情況下，我們會讓客戶做公關。

I mean, the one thing where you had gotten lucky, we have numerous strategic relationships --.

我的意思是，你很幸運的一件事是，我們有許多戰略關係——。

Several service bureaus that are customers; it's not just Shapeways. But I would say, we have a strategic partnership with Shapeways; doesn't preclude us from working with other people as well.

作為客戶的多個服務局；不僅僅是Shapeways。但我想說的是，我們與 Shapeways 建立了策略夥伴關係；也不妨礙我們與其他人合作。

Got it. Thanks for the clarification.

知道了。感謝您的澄清。

(Operator Instructions) There are no further questions. This concludes our question-and-answer session. I'd like to turn the conference back over to Ric Fulop for any closing remarks.

（操作員說明）沒有其他問題。我們的問答環節到此結束。我想將會議轉回給里克·富洛普（Ric Fulop）做總結發言。

All right. I want to thank everybody for joining the call today. As always, I especially want to thank all of our employees, including the new ExOne team, for their continued dedication to advancing our vision of additive manufacturing for mass production. We look forward to speaking with you again at the year-end call. Thank you.

好的。我要感謝大家今天加入電話會議。像往常一樣，我要特別感謝我們所有的員工，包括新的 ExOne 團隊，他們持續致力於推進我們的積層製造批量生產願景。我們期待在年終電話會議上再次與您交談。謝謝。

Thank you very much.

非常感謝。

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。