Markforged Holding Corp (MKFG) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Markforged fourth-quarter 2022 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Markforged 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Austin Bohlig, Director of Investor Relations. Thank you, Austin. You may begin.

現在我很高興向您介紹主持人，投資者關係總監 Austin Bohlig。謝謝你，奧斯汀。你可以開始了。

Good afternoon. I'm Austin Bohlig, Director of Investor Relations of Markforged Holding Corporation. Welcome to our fourth-quarter and fiscal year 2022 results conference call. We will be discussing the results announced in our earnings press release issued after market close today. With me on the call is our President and CEO, Shai Terem; and our CFO, Mark Schwartz.

下午好。我是 Markforged Holding Corporation 投資者關係總監 Austin Bohlig。歡迎來到我們的第四季度和 2022 財年業績電話會議。我們將討論今天收盤後發布的收益新聞稿中公佈的結果。與我通話的是我們的總裁兼首席執行官 Shai Terem；以及我們的首席財務官 Mark Schwartz。

Before we get started, I'd like to remind everyone that management will be making statements during this call that include estimates and other forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact should be deemed to be forward-looking statements.

在我們開始之前，我想提醒大家，管理層將在本次電話會議期間發表聲明，其中包括估計和其他前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。本次電話會議中包含的任何不是歷史事實陳述的陳述都應被視為前瞻性陳述。

These statements represent management's views as of today, March 6, 2023, and are subject to material risks and uncertainties that could cause actual results to differ materially. Markforged disclaims any intention or obligation, except as required by law to update or revise forward-looking statements.

這些陳述代表管理層截至 2023 年 3 月 6 日的觀點，並受重大風險和不確定因素的影響，可能導致實際結果出現重大差異。 Markforged 不承擔任何意圖或義務，除非法律要求更新或修改前瞻性陳述。

Also, during the course of today's call, we refer to certain non-GAAP financial measures. There is a reconciliation schedule showing the GAAP versus non-GAAP results currently available in our press release issued after market close today. It can also be found on our website at investors.markforged.com.

此外，在今天的電話會議中，我們提到了某些非 GAAP 財務指標。我們今天收市後發布的新聞稿中有一個核對時間表，顯示了 GAAP 與非 GAAP 結果目前可用。它也可以在我們的網站 investors.markforged.com 上找到。

I'll now turn the call over to Shai Terem, President and CEO of Markforged.

我現在將電話轉給 Markforged 總裁兼首席執行官 Shai Terem。

Thank you, Austin. And thank you, everyone, for joining us on our Q4 2022 earnings call. We ended the year strong, with a record quarterly revenues as demand for The Digital Forge continued to grow worldwide despite the challenging operating environment. Throughout 2022, we saw more and more manufacturers solve mission-critical metal applications on their factory floor using combinations of our metal and advanced composite solutions.

謝謝你，奧斯汀。感謝大家參加我們的 2022 年第四季度財報電話會議。儘管經營環境充滿挑戰，但由於全球對 The Digital Forge 的需求持續增長，我們以強勁的勢頭結束了這一年，季度收入創下歷史新高。在整個 2022 年，我們看到越來越多的製造商使用我們的金屬和先進複合材料解決方案的組合來解決他們工廠車間的關鍵任務金屬應用。

And with our effective cost controls, we met our earnings per share target, keeping us on our path to profitability. The long-term fundamentals of our business continue to be a powerful differentiator as we gain further momentum in our target markets.

通過我們有效的成本控制，我們實現了每股收益目標，使我們走上了盈利之路。隨著我們在目標市場獲得進一步的發展勢頭，我們業務的長期基本面仍然是一個強大的差異化因素。

Additionally, supply chain disruption has been a catalyst for growth, as manufacturers shorten their supply chains through industrial point of need production. I couldn't be more excited about our vision to make manufacturing more resilient and flexible by using The Digital Forge to address the $43 billion market opportunity available to us today.

此外，供應鏈中斷一直是增長的催化劑，因為製造商通過工業需求點生產縮短了供應鏈。我對我們的願景感到非常興奮，即通過使用 The Digital Forge 來應對當今我們可用的 430 億美元的市場機會，從而使製造業更具彈性和靈活性。

A great example of a customer harnessing the innovation of The Digital Forge is Texas-based Dixie Iron Works. They use our solution to achieve an edge in the globally competitive oil and gas industry. When Dixie needed to make an engineering change, their critical o-ring, their supplier quarter the price that would have made their products too expensive. Instead, they designed a better and less expensive version of the part using our X7 printer. And since then, expanded to a fleet of six Markforged X7 printers producing parts on-site in Texas around the clock.

位於德克薩斯州的 Dixie Iron Works 是客戶利用 The Digital Forge 創新的一個很好的例子。他們使用我們的解決方案在具有全球競爭力的石油和天然氣行業中取得優勢。當 Dixie 需要對他們的關鍵 O 形圈進行工程更改時，他們的供應商將價格降低四分之一，這會使他們的產品過於昂貴。相反，他們使用我們的 X7 打印機設計了一個更好、更便宜的零件版本。從那時起，擴展到一個由六台 Markforged X7 打印機組成的車隊，全天候在德克薩斯州現場生產零件。

Based on their early success with Markforged, Dixie expanded even further with our Metal X solution and are now producing critical steel parts with our solution instead of using traditional CNCs. This is a great example of how onshoring industrial production at the point of need can be a competitive advantage for manufacturers.

基於他們在 Markforged 方面的早期成功，Dixie 通過我們的 Metal X 解決方案進一步擴展，現在正在使用我們的解決方案生產關鍵的鋼部件，而不是使用傳統的 CNC。這是一個很好的例子，說明在需要時外包工業生產如何成為製造商的競爭優勢。

With that said, we still feel a wait-and-see mentality with our manufacturing customers, who are concerned by the macroeconomic uncertainty. As such, we have yet to realize what we see as the full growth potential of our product lineup. While we are confident that once the world gets out of this cycle, this bottleneck will open up and our growth will accelerate, we have already taken the required actions to adjust our cost base and ensure we're still on our path to profitability.

話雖如此，我們仍然對我們的製造業客戶持觀望態度，他們擔心宏觀經濟的不確定性。因此，我們尚未意識到我們所認為的產品線的全部增長潛力。雖然我們有信心，一旦世界走出這個週期，這個瓶頸就會打開，我們的增長將會加速，但我們已經採取了必要的行動來調整我們的成本基礎，並確保我們仍在盈利的道路上。

Since the second quarter of 2022, we have taken nearly $20 million out of our cost structure after giving effect to the two acquisitions completed in 2022. Notably, we reduced our costs while investing over $70 million in our innovation pipeline through M&A and R&D. And in 2023, we expect increased operational leverage, resulting in a $30 million decline in our cash burn.

自 2022 年第二季度以來，在 2022 年完成的兩項收購生效後，我們已經從成本結構中削減了近 2000 萬美元。值得注意的是，我們降低了成本，同時通過併購和研發在創新管道上投資了超過 7000 萬美元。到 2023 年，我們預計運營槓桿將增加，從而使我們的現金消耗減少 3000 萬美元。

While in the Americas, we're experiencing delayed purchase decisions as a result of near-term macro uncertainty, we executed on our growth strategy in both the EMEA and APAC regions in the fourth quarter of 2022, with revenues growing 36% in EMEA and 20% in APAC year over year. We anticipate that both of these regions will again achieve outsized growth in 2023. In the Americas, we are taking actions to optimize our go-to-market model to accelerate the return to growth and anticipate the benefits of onshoring in the years to come.

在美洲，由於近期的宏觀不確定性，我們正在經歷延遲的採購決策，我們在 2022 年第四季度在 EMEA 和 APAC 地區執行了我們的增長戰略，EMEA 和 EMEA 的收入增長了 36%，亞太地區同比增長 20%。我們預計這兩個地區將在 2023 年再次實現超額增長。在美洲，我們正在採取行動優化我們的上市模式，以加速恢復增長並預計未來幾年內包的好處。

In 2022, we made a meaningful progress towards achieving profitable growth. We materially expanded our addressable market organically through the introduction of the FX20 and inorganically for our acquisitions of Teton Simulation and Digital Metal. We are confident that in the next couple of years, we will see accelerated growth from our enhanced product offering and continue to build operational leverage via strong cost control until we get to profitability.

2022 年，我們在實現盈利增長方面取得了有意義的進展。我們通過引入 FX20 有機地擴展了我們的目標市場，並通過收購 Teton Simulation 和 Digital Metal 無機地擴展了我們的目標市場。我們有信心，在接下來的幾年裡，我們將通過增強的產品供應實現加速增長，並通過強有力的成本控制繼續建立運營槓桿，直到我們實現盈利。

In 2022, we began commercializing the FX20, our largest production-ready composite solution for manufacturers requiring parts of industrial strength and high temperature resistance. As we mentioned previously, demand for the FX20 has exceeded our expectations. In fact, in its first year of general availability, we received multi-system orders for the FX20 from multiple customers. We continue to ramp FX20 capacity to meet the expected levels of demand in 2023. But while demand was robust, we were short of our FX20 cost target. This shortfall resulted in a decrease of our gross margins in Q4.

2022 年，我們開始將 FX20 商業化，這是我們最大的生產就緒型複合材料解決方案，適用於需要具有工業強度和耐高溫部件的製造商。正如我們之前提到的，對 FX20 的需求超出了我們的預期。事實上，在全面上市的第一年，我們就收到了來自多個客戶的 FX20 多系統訂單。我們繼續提高 FX20 產能以滿足 2023 年的預期需求水平。但儘管需求強勁，但我們未能達到 FX20 成本目標。這種不足導致我們第四季度的毛利率下降。

We expect cost improvements in Q1 and throughout 2023, and intend to reach our production cost target in the next year. We successfully executed on our M&A strategy in 2022, acquiring two companies with products that we expect to expand our addressable market opportunity in 2023 and beyond.

我們預計第一季度和整個 2023 年的成本都會有所改善，並打算在明年實現我們的生產成本目標。我們在 2022 年成功執行了我們的併購戰略，收購了兩家公司，我們的產品有望在 2023 年及以後擴大我們的潛在市場機會。

The first, Teton Simulation enables manufacturers to have a greater confidence that their parts will meet certain specification in mission-critical applications, removing a key barrier to additive manufacturing adoption. We integrated the technology into the Digital Forge for a feature known as Simulation, and rolled out a free beta to all of our customers in Q4. The response from our customers has been positive with thousands of trial registrants to date and part simulated in our software prior to production. We expect to offer simulation as a component of a tiered SaaS subscription offering that we plan to launch in Q2 this year.

首先，Teton Simulation 使製造商更有信心，相信他們的零件將滿足關鍵任務應用中的特定規格，從而消除增材製造採用的關鍵障礙。我們將該技術集成到 Digital Forge 中以實現稱為模擬的功能，並在第四季度向我們的所有客戶推出了免費測試版。迄今為止，我們的客戶對數以千計的試用註冊者的反應是積極的，並且在生產之前在我們的軟件中進行了部分模擬。我們希望將模擬作為我們計劃在今年第二季度推出的分層 SaaS 訂閱產品的一個組成部分。

Our second acquisition, Digital Metal closed in Q3 2022, and expands our addressable market into high throughput production of precise end-use metal parts, a key long-term growth strategy. In Q1 2023, we plan to launch the TX100, which doubles the speed compared to the previous model, up to 1,000 cc per hour and build size up to 10 liters to ensure high-volume production of end-use metal parts for lower cost per part. Initial customer reaction has been positive and we expect this line to contribute to our revenue growth in 2023 and beyond.

我們的第二次收購 Digital Metal 於 2022 年第三季度完成，並將我們的目標市場擴展到精密最終用途金屬零件的高產量生產，這是一項關鍵的長期增長戰略。在 2023 年第一季度，我們計劃推出 TX100，與之前的型號相比，速度提高了一倍，每小時可達 1,000 cc，構建尺寸可達 10 升，以確保最終用途金屬零件的大批量生產，從而降低單位成本部分。最初的客戶反應是積極的，我們預計這條生產線將有助於我們在 2023 年及以後的收入增長。

A great example of our digital metal solution that has opened new markets for Markforged comes from our customer Distalmotion, a Swiss-based medical device company that manufactures cutting-edge robotic surgical systems. Serial production parts for our metal binder jetting solution are used in real life medical procedures. This is a great example of how our solution gives manufacturers the flexibility in their supply chains that is needed to make life-changing breakthroughs.

我們的數字金屬解決方案為 Markforged 開闢新市場的一個很好的例子來自我們的客戶 Distalmotion，這是一家總部位於瑞士的醫療設備公司，生產尖端的機器人手術系統。我們的金屬粘合劑噴射解決方案的批量生產部件用於現實生活中的醫療程序。這是一個很好的例子，說明我們的解決方案如何為製造商提供實現改變生活的突破所需的供應鏈靈活性。

Manufacturing has changed. We are at the inflection point as manufacturers use our Digital Forge to deliver more resilient and flexible solutions for the manufacturing shore. Supported by our robust balance sheet and strong innovation pipeline, we continue to execute on our strategy towards profitable growth and feel confident in our business fundamentals.

製造業發生了變化。隨著製造商使用我們的 Digital Forge 為製造業提供更具彈性和靈活性的解決方案，我們正處於轉折點。在我們穩健的資產負債表和強大的創新管道的支持下，我們繼續執行我們的戰略以實現盈利增長，並對我們的業務基本面充滿信心。

With that, I now turn the call over to Mark Schwartz, our CFO, who will offer more details on our financial performance and guidance for the remainder of the year.

有了這個，我現在將電話轉給我們的首席財務官 Mark Schwartz，他將提供有關我們今年剩餘時間的財務業績和指導的更多詳細信息。

Thanks, Shai. Let's turn to our financial results for the fourth quarter and the full year of 2022, as well as our guidance for fiscal year 2023.

謝謝，夏伊。讓我們來看看我們第四季度和 2022 年全年的財務業績，以及我們對 2023 財年的指導。

Please note that my comments reflect our non-GAAP results and outlook. For your reference, our earnings press release issued earlier this afternoon and posted to our Investor Relations website includes our GAAP to non-GAAP reconciliation to assist with my commentary.

請注意，我的評論反映了我們的非 GAAP 結果和展望。供您參考，我們今天下午早些時候發布並發佈在我們的投資者關係網站上的收益新聞稿包括我們的 GAAP 與非 GAAP 對賬，以協助我發表評論。

For the fourth quarter 2022, revenue increased 11% to $29.7 million, compared with revenue of $26.6 million for the fourth quarter 2021. Gross profit for the fourth quarter 2022 was $14.1 million, compared to $15.3 million in the fourth quarter of 2021. As a result, we achieved a 47.5% gross profit margin for the fourth quarter 2022, compared to 57.6% for the fourth quarter of 2021.

2022 年第四季度，收入增長 11% 至 2970 萬美元，而 2021 年第四季度的收入為 2660 萬美元。2022 年第四季度的毛利潤為 1410 萬美元，而 2021 年第四季度為 1530 萬美元。結果，我們在 2022 年第四季度實現了 47.5% 的毛利率，而 2021 年第四季度為 57.6%。

Operating expenses in the fourth quarter 2022 were $29.4 million, compared to $26.3 million for the fourth quarter 2021. Research and development expenses in the fourth quarter 2022 increased to $10.7 million, compared with $8.8 million in the fourth quarter 2021. Net loss for the fourth quarter 2022 was $13.3 million, or $0.07 per share, based on our weighted average shares outstanding for the quarter of 194.3 million shares.

2022 年第四季度運營費用為 2940 萬美元，2021 年第四季度為 2630 萬美元。2022 年第四季度研發費用增至 1070 萬美元，而 2021 年第四季度為 880 萬美元。第四季度淨虧損根據我們本季度 1.943 億股的加權平均流通股，2022 年季度為 1330 萬美元，或每股 0.07 美元。

For the fiscal year 2022, our revenue increased 11% to $101 million, compared with revenue of $91.2 million for the full year 2021. We experienced growth across hardware, consumables, and services with the EMEA and APAC regions growing 18% and 41% respectively for the year, as compared to fiscal year 2021.

在 2022 財年，我們的收入增長了 11%，達到 1.01 億美元，而 2021 年全年的收入為 9120 萬美元。我們在硬件、消耗品和服務方面實現了增長，歐洲、中東和非洲地區和亞太地區分別增長了 18% 和 41%與 2021 財年相比，這一年。

For fiscal year 2022, gross profit was $51.3 million (sic - see press release, "$50.706 million"), compared to $53.4 million (sic - see press release, "52.853 million") for fiscal year 2021, reflecting a 50.8% gross profit margin in 2022 compared to 58.5% in the prior year. We believe we will sustain our strong gross margins as a result of our cost controls and our focus on serving the demanding markets for machinery and automation, maintenance, repair, and operations, and mission-critical part production.

2022 財年的毛利潤為 5130 萬美元（原文——見新聞稿，“5070.6 萬美元”），而 2021 財年為 5340 萬美元（原文——見新聞稿，“5285.3 萬美元”），毛利潤率為 50.8% 2022 年的利潤率高於去年的 58.5%。我們相信，由於我們的成本控制以及我們專注於為機械和自動化、維護、維修和運營以及關鍵任務零件生產等要求苛刻的市場提供服務，我們將保持強勁的毛利率。

For fiscal year 2022, our operating expenses were $114.3 million (sic - see press release, "$137.79 million"). Our research and development expenses were $37.8 million in 2022 (sic - see press release, "$42.387 million"), compared with $27.5 million (sic - see press release, "$32.155 million") in 2021, as we ramped up our R&D teams consistent with our commitment to accelerate new product time to market. We remain committed to our strategy of increasing our addressable market through product innovation, with every software development, system release or additional material, thus increasing the value of our Digital Forge platform to our customers.

在 2022 財年，我們的運營費用為 1.143 億美元（原文如此——見新聞稿，“1.3779 億美元”）。我們的研發費用在 2022 年為 3780 萬美元（原文——見新聞稿，“4238.7 萬美元”），而 2021 年為 2750 萬美元（原文——見新聞稿，“3215.5 萬美元”），因為我們不斷擴大研發團隊我們致力於加快新產品上市時間。我們仍然致力於通過產品創新、每次軟件開發、系統發布或附加材料來擴大我們的潛在市場的戰略，從而增加我們的 Digital Forge 平台對我們客戶的價值。

For the fiscal year 2022, our net loss was $60.1 million or $0.32 per share based on our weighted average shares outstanding of 189.7 million shares.

在 2022 財年，我們的淨虧損為 6010 萬美元或每股 0.32 美元，基於我們 1.897 億股的加權平均流通股。

Now onto our guidance. We anticipate fiscal year 2023 revenues to be within the range of $101 million to $110 million. As we cannot predict the macro environment, this guidance assumes a continuation of the existing global economic uncertainties and challenges. As I mentioned before, we expect our strong gross margins to be sustainable, with fiscal year 2023 non-GAAP gross margin expected to be in the range of 47% to 49%. The expense disciplines we exert over our operating expenses will continue to show leverage in 2023.

現在進入我們的指導。我們預計 2023 財年的收入將在 1.01 億美元至 1.1 億美元之間。由於我們無法預測宏觀環境，本指南假設現有的全球經濟不確定性和挑戰將繼續存在。正如我之前提到的，我們預計我們強勁的毛利率將是可持續的，2023 財年非美國通用會計準則毛利率預計在 47% 至 49% 之間。我們對運營費用施加的費用紀律將在 2023 年繼續發揮作用。

We expect operating expenses to decline as a percentage of our revenue, including the impact of the two acquisitions we completed in 2022, resulting in a non-GAAP operating loss in the range of $55 million to $58 million for the full year. Finally, we expect non-GAAP EPS results for the full year to be a loss in the range of $0.27 to $0.29 per share.

我們預計運營費用佔收入的百分比將下降，包括我們在 2022 年完成的兩項收購的影響，導致全年非 GAAP 運營虧損在 5500 萬至 5800 萬美元之間。最後，我們預計全年的非 GAAP 每股收益將虧損 0.27 美元至 0.29 美元。

As Shai mentioned earlier in his remarks, since the second quarter of 2022, we have removed approximately $20 million out of our cost structure after giving effect to the two acquisitions completed in 2022. However, our cost controls are not simply the result of realizing cost synergies through M&A. We rationalize our operating expenses through a rigorous prioritization of innovation and customer-facing activities first. Regularly realigning our teams to these priorities promotes operational leverage and a focus on our most important initiatives.

正如 Shai 之前在發言中提到的那樣，自 2022 年第二季度以來，在實施 2022 年完成的兩項收購後，我們已經從成本結構中削減了大約 2000 萬美元。但是，我們的成本控制不僅僅是實現成本的結果通過併購產生協同效應。我們首先通過對創新和麵向客戶的活動進行嚴格的優先排序來合理化我們的運營費用。定期根據這些優先事項調整我們的團隊可以提高運營槓桿並專注於我們最重要的計劃。

Further, in 2023, we expect to reduce our annual cash burn, excluding any potential M&A activities by $32 million or 39% to approximately $50 million. This will be realized through added gross profit from higher revenues, inventory reductions, working capital improvements, and increased yields on our cash and equivalents and short-term instruments. We expect to end 2023 with a balance of approximately $120 million in cash and equivalents and short-term investments.

此外，到 2023 年，我們預計將減少每年的現金消耗，不包括任何潛在的併購活動，減少 3200 萬美元或 39% 至約 5000 萬美元。這將通過增加收入、減少庫存、改善營運資本以及提高我們的現金和等價物以及短期工具的收益率來實現。我們預計到 2023 年底，現金及等價物和短期投資的餘額約為 1.2 億美元。

We invested heavily in 2021 and 2022 to create an infrastructure that supports our long-term innovation and go-to-market objectives for profitable growth. We continue to believe our plans are achievable, particularly given the strength of our innovation roadmap, our product portfolio, and disciplined cost controls. We are excited for the future.

我們在 2021 年和 2022 年進行了大量投資，以創建支持我們長期創新和上市目標的基礎設施，以實現盈利增長。我們仍然相信我們的計劃是可以實現的，特別是考慮到我們的創新路線圖、產品組合和嚴格的成本控制的實力。我們對未來感到興奮。

That concludes our prepared remarks today. Operator, please open up the call for questions.

我們今天準備好的發言到此結束。接線員，請打開電話詢問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

謝謝。我們現在將進行問答環節。 （操作員說明）Greg Palm，Craig-Hallum Capital Group。

Yeah. Good afternoon, everybody. Thanks for taking the questions here. I guess just starting off with the actual quarter, the geographic disparity was quite large. I'm just curious if you can go a little bit more detail on what you saw across the various geographies, specifically in EMEA, which was the real standout.

是的。大家下午好。感謝您在這裡提出問題。我想剛從實際季度開始，地域差異就相當大了。我只是想知道您是否可以更詳細地了解您在不同地區看到的情況，特別是在歐洲、中東和非洲，這是真正的佼佼者。

Sure. So as we shared, Greg, in the US, we still see the sensitivity to the SMO inflation, recession. But other than that in EMEA, I think once -- I think manufacturing there had a clear view that we would actually manufacture during the winter and energy prices went down, our customers came back into work. We also had some good changes there on the leadership, which also helped. And I think we saw very good growth there across the entire product portfolio.

當然。因此，正如我們分享的那樣，格雷格，在美國，我們仍然看到對 SMO 通脹、衰退的敏感性。但除了在歐洲、中東和非洲以外，我認為曾經——我認為那裡的製造業有一個明確的觀點，即我們實際上會在冬天生產，能源價格下降，我們的客戶又回來工作了。我們在領導層方面也有一些很好的變化，這也有所幫助。我認為我們在整個產品組合中看到了非常好的增長。

APAC, I think is usually a year after what we see in the rest of the world. And I think for them, it's still business as usual. Maybe slight, I would say, decreasing the growth there in Australia. But all in all, I think very good growth worldwide.

亞太地區，我認為通常比我們在世界其他地區看到的要晚一年。我認為對他們來說，一切照舊。也許是輕微的，我會說，降低了澳大利亞的增長。但總而言之，我認為全球增長非常好。

I'll add to that a little bit, Greg, and thanks for the question. EMEA and APAC were on plan internally for us anyway in Q4. And we anticipate both of these regions will again achieve good growth in 2023. Specifically in APAC, we're seeing success in factory automation and in automotive. I think in EMEA, it's more or less across the board. We see it in defense, in automation, in automotive, et cetera.

格雷格，我會補充一點，謝謝你提出這個問題。 EMEA 和 APAC 在第四季度為我們制定了內部計劃。我們預計這兩個地區將在 2023 年再次實現良好增長。特別是在亞太地區，我們看到了工廠自動化和汽車領域的成功。我認為在 EMEA，它或多或少是全面的。我們在國防、自動化、汽車等領域看到了它。

Yes, that's helpful. And I'm curious, specific to the FX20, this somewhat ties back into the geographic question, but can you just comment on where you're seeing the most interest, whether that be geographically, whether that's by end market or vertical? And I guess in terms of new versus existing customers, do you have any sense of maybe the breakdown of shipments last year?

是的，這很有幫助。我很好奇，具體到 FX20，這在某種程度上與地理問題有關，但你能否評論一下你最感興趣的地方，無論是地理上的，還是終端市場或垂直市場？我想就新客戶和現有客戶而言，您是否了解去年出貨量的細分情況？

Yeah. We still see very strong demand for the FX20, I would say, even better than expected. And I think because it's a very unique product that has some capabilities which are differentiated, we still see a strong demand even in the US route, with sometimes multi-system orders. Yeah, we're still a big believer that this is just the beginning with FX20 and especially as we continue to add more materials into it.

是的。我們仍然看到對 FX20 的需求非常強勁，我想說，甚至好於預期。而且我認為，因為它是一種非常獨特的產品，具有一些差異化的功能，所以即使在美國航線上，我們仍然看到強勁的需求，有時會有多系統訂單。是的，我們仍然堅信這只是 FX20 的開始，尤其是當我們繼續向其中添加更多材料時。

And just to be clear, in terms of the multi-system orders that you alluded to, were those initial multi-unit orders or were those follow-ons?

需要明確的是，就您提到的多系統訂單而言，這些訂單是最初的多單元訂單還是後續訂單？

Follow-on. So that's why we are a little bit positively surprised there. Because it's mainly going into aerospace applications, we expected the certification process to be longer. But we see some cases that it was proven fairly fast and moved into higher level of production given within the first year. So that's why we're a little bit positively surprised here.

後續。所以這就是為什麼我們在那裡有點積極驚訝。因為它主要進入航空航天應用，我們預計認證過程會更長。但我們看到一些案例，它被證明相當快，並在第一年內進入更高水平的生產。所以這就是為什麼我們在這裡有點積極的驚喜。

Okay. Makes sense. I will leave it there. Best of luck. Thanks.

好的。說得通。我會把它留在那裡。祝你好運。謝謝。

Thanks, Greg.

謝謝，格雷格。

Thank you, Greg.

謝謝你，格雷格。

Shannon Cross, Credit Suisse.

香農克羅斯，瑞士信貸。

Hi. This is Ashley Ellis on for Shannon today. Mark, could you discuss how much conservatism is baked into your revenue guide? Are you assuming that what you saw in fourth quarter will maybe play out and improve? Are you expecting a lengthening of sales cycles before things get better? And I have a follow-up.

你好。今天我是香農的阿什莉·埃利斯。馬克，你能談談你的收入指南中有多少保守主義嗎？您是否認為您在第四季度看到的情況可能會發揮作用並有所改善？在情況好轉之前，您是否期望銷售週期會延長？我有一個後續行動。

Yeah, I think our guidance, Ashley -- and thanks for the question -- it reflects the uncertainty we're seeing in the market today. So I think if the economy improves, we could certainly see an improvement in our outlook. But you've heard us talk about this in the past. We want to share with you all what we're seeing. And so this reflects what we're seeing today in the market.

是的，我認為我們的指導，阿什利——感謝你提出這個問題——它反映了我們今天在市場上看到的不確定性。所以我認為，如果經濟好轉，我們的前景肯定會有所改善。但是你過去聽過我們談論過這個。我們想與您分享我們所看到的一切。因此，這反映了我們今天在市場上看到的情況。

Okay, understood. And then for gross margin guidance, I was somewhat surprised that you're guiding down for the full year, I mean, just slightly. But could you walk through the puts and takes for gross margin in 2023? Supply chain is getting better and input costs should be coming down. So what's the offset?

好的，明白了。然後對於毛利率指導，我有點驚訝你指導全年，我的意思是，只是略微。但是，您能否在 2023 年通過看跌期權和看跌期權獲得毛利率？供應鏈越來越好，投入成本應該會下降。那麼偏移量是多少？

And then should we consider 50% the new normal going forward? Or do you think you can get back to the high 50%, which, by the way, 48% is still good, but just surprised that it was just a little bit lower than what we were expecting. Thanks.

那麼我們是否應該將 50% 視為未來的新常態？或者你認為你可以回到 50% 的高位，順便說一句，48% 仍然不錯，但只是比我們預期的低一點點感到驚訝。謝謝。

Thanks, Ashley. I think, again, this reflects the reality that we're seeing today amidst the macro uncertainty. I'll answer your second question maybe first. So our long-term target and expectation continues to be gross margins returning into the 55% range, as we've said previously. So that hasn't changed for us. It's the timing of it that has changed.

謝謝，艾希禮。我認為，這再次反映了我們今天在宏觀不確定性中看到的現實。我可能會先回答你的第二個問題。因此，正如我們之前所說，我們的長期目標和預期仍然是毛利率回到 55% 的範圍內。所以這對我們來說沒有改變。它的時間已經改變了。

And in terms of the inputs and outputs on gross margin for the year -- again, we've talked about it before -- FX20, I think Shai mentioned in his prepared remarks. FX20 was a significant contributor for that, resulted in about a 4 percentage-point impact on our gross margin against where we expect the target cost of the FX20 to be for us. That will take another year or so to flatten out.

就今年毛利率的投入和產出而言——同樣，我們之前已經討論過——FX20，我想 Shai 在他準備好的發言中提到過。 FX20 對此做出了重要貢獻，導致我們的毛利率比我們預期的 FX20 目標成本高出約 4 個百分點。這將需要一年左右的時間才能趨於平緩。

I think supply chain pressures are beginning -- maybe more than beginning to be relieved. We're certainly seeing warehousing and freight costs coming down. Freight, in particular, coming back down in line. But we still continue to see a variety of challenges throughout the supply chain. While it does, and while it has been loosening up, we only need one part of a machine to continue to have a lengthy delay in order to push the delivery of that machine out.

我認為供應鏈壓力正在開始——也許不僅僅是開始緩解。我們肯定會看到倉儲和運費下降。尤其是運費，重新排隊。但我們仍然繼續看到整個供應鏈中的各種挑戰。雖然它確實如此，而且它一直在放鬆，但我們只需要一台機器的一部分繼續長時間延遲，以推動該機器的交付。

So it is still a challenge. We expect these challenges to continue to persist in 2023. Absolutely getting better, to be sure on the supply chain.

所以這仍然是一個挑戰。我們預計這些挑戰將在 2023 年繼續存在。肯定會在供應鏈上變得更好。

Okay. Thank you.

好的。謝謝。

Brian Drab, William Blair.

布賴恩·德拉布，威廉·布萊爾。

Hi. Thanks for taking my questions. So just to first be clear on the profitability target that you said you were still aiming for profitability, I think, in the next couple of years. But what more specifically are we talking about there? Is that end of 2024? And can you just remind me is that profitable on an EBITDA basis or EPS?

你好。感謝您回答我的問題。因此，首先要明確你所說的盈利目標，我認為，在未來幾年內，你仍然以盈利為目標。但我們在那裡談論的更具體是什麼？那是2024年底嗎？你能不能提醒我，是基於 EBITDA 還是 EPS 盈利？

Yes. So we've said before, and we're not moving off of that statement, Brian. So we're committed to reaching breakeven by the end of 2024. I think the fourth quarter for us, we believe, is an opportunity for us to be profitable for the quarter, certainly not for the full year of 2024, but we would expect that in future years. So that continues to be the direction we're headed.

是的。所以我們之前說過，我們不會放棄那個聲明，布賴恩。因此，我們致力於在 2024 年底前實現盈虧平衡。我認為，我們認為第四季度是我們在本季度盈利的機會，當然不是 2024 年全年，但我們預計在未來幾年。所以這仍然是我們前進的方向。

Again, we talk about it all the time. We've had good cost controls in place for some number of quarters now, really since we came public. And we feel like we can manage through any significant changes in the macro environment to continue to meet that target.

同樣，我們一直在談論它。自從我們上市以來，我們已經在幾個季度內實施了良好的成本控制。我們覺得我們可以應對宏觀環境的任何重大變化，以繼續實現這一目標。

Okay. And then can we talk a little bit more about gross margin and just so -- with the goal here of trying to understand where the sources of improvement could come from. The company was -- running at like 58% gross margin and then going into 2022. And then 2022, originally, you're expecting 56%. So it's supply chain, it's the cost of the FX20. If you could bridge from that original 56% expectation for this year to the 47%, 48%-level we're at now, how much is supply chain? How much is FX20, et cetera?

好的。然後我們能不能多談談毛利率等等——我們的目標是試圖了解改進的來源可能來自哪裡。該公司 - 以大約 58% 的毛利率運行，然後進入 2022 年。然後是 2022 年，最初，你期望 56%。所以這是供應鏈，這是 FX20 的成本。如果你能從今年最初的 56% 預期過渡到我們現在的 47%、48% 水平，供應鏈有多少？ FX20 等的價格是多少？

Yeah, Brian, this is Shai. Thanks for the question. Look, I think as you can see on our product portfolio, we are moving upstream into more and more, I would say, heavier solution that can help our customers to do real industrial production in the point of need. And these solutions are heavier, and they're more expensive. And then new product introduction from that perspective is a little bit more heavier on our balance sheet and from -- it takes time until we get to the normalized cost of them. I would say the FX20 is a little bit longer than we expected, but we already see the light. I think we took the right action there.

是的，布賴恩，這是夏伊。謝謝你的問題。看，我認為正如你在我們的產品組合中看到的那樣，我們正在向上游移動到越來越多的，我想說的，更重的解決方案，可以幫助我們的客戶在需要時進行真正的工業生產。這些解決方案更重，也更昂貴。然後，從這個角度來看，新產品的推出在我們的資產負債表上要重一些，而且——我們需要時間才能達到它們的標準化成本。我會說 FX20 比我們預期的要長一點，但我們已經看到了曙光。我認為我們在那裡採取了正確的行動。

And do you see that we are launching a new product now with the PX100, which is a very, very fat binder jetting solution for metal parts, can do up to 1,000 cc per hour. This also -- this is over $0.5 million solution that we believe would have some impact during 2023. But for both of them, we are already working behind the scenes to ensure that we go back, as Mark suggested, to the 55%-plus gross margin in 2024.

你看到我們現在正在推出一款新產品 PX100，這是一種非常非常豐富的金屬部件粘合劑噴射解決方案，每小時可以達到 1,000 cc。這也是 - 這是超過 50 萬美元的解決方案，我們相信它會在 2023 年產生一些影響。但是對於他們兩個，我們已經在幕後工作以確保我們回到 55% 以上，正如馬克建議的那樣2024 年的毛利率。

Hey, Brian, I'll give you maybe two more concrete data points in support of Shai's comments. So maybe to answer your question specifically, of that 8% delta between 56% and 48%, I think you can divide that almost equally between FX20 and a combination of supply chain and inflation and inflationary pressures that we've seen.

嘿，Brian，我可能會再給你兩個具體的數據點來支持 Shai 的評論。因此，也許要具體回答你的問題，在 56% 和 48% 之間的 8% 增量中，我認為你可以將其幾乎平均分配給 FX20 以及我們所看到的供應鍊和通貨膨脹以及通貨膨脹壓力的組合。

And in terms of 2023, yes, we expect cost improvements on the FX20. We are continuing to expect the global supply chain pressures will -- but that, there will still be some pressure and will continue to act as a headwind, even if it's more modestly than previously. As an example, Q1, we didn't talk about this in our prepared remarks, but we're expecting our margins to be flat to maybe slightly down in Q1 of this year, due to lower revenues that we typically see in Q1.

就 2023 年而言，是的，我們預計 FX20 的成本會有所改善。我們繼續預計全球供應鏈壓力將會——但是，仍然會有一些壓力，並將繼續作為逆風，即使它比以前更溫和。例如，第一季度，我們沒有在準備好的評論中談論這個，但我們預計今年第一季度我們的利潤率將持平甚至可能略有下降，因為我們通常在第一季度看到較低的收入。

As you know, seasonality in this business is significant. Q1 is often 20% to 25% below the previous Q4. But having said that, we expect this to be the trough and that our cost improvements will translate into improved gross margins sequentially throughout 2023 and then beyond.

如您所知，這項業務的季節性很重要。 Q1 通常比之前的 Q4 低 20% 到 25%。但話雖如此，我們預計這將是低谷，我們的成本改善將在整個 2023 年及以後依次轉化為毛利率的提高。

Okay, thanks to both of you. That's very helpful.

好的，謝謝你們倆。這很有幫助。

Thanks, Brian.

謝謝，布萊恩。

Thank you, Brian.

謝謝你，布萊恩。

Troy Jensen, Lake Street Capital Markets.

特洛伊詹森，湖街資本市場。

Hey, gentlemen, congrats on the good fourth quarter here.

嘿，先生們，祝賀第四節的精彩表現。

Thanks, Troy.

謝謝，特洛伊。

Thank you, Troy.

謝謝你，特洛伊。

Hey, Shai, I want to ask you a little bit about metals specifically. I always thought of you as the carbon-reinforced fiber company, the Mark Two or the X7. But how successful has Metal X been? I kind of want to tie this all into Digital Metal here. So your channel sales, how effective is your channel at selling metal products? Can you talk about maybe the metals that are currently qualified on the Digital Metal platform also?

嘿，Shai，我想問你一些關於金屬的問題。我一直認為您是碳纖維增強纖維公司、Mark Two 或 X7。但是 Metal X 有多成功呢？我有點想在這裡將這一切與數字金屬聯繫起來。那麼您的渠道銷售，您的渠道在銷售金屬產品方面的效果如何？你能談談目前在數字金屬平台上合格的金屬嗎？

Sure. I would say our focus is on industrial production, Troy, as we discussed before. And usually in industrial production, we are trying to replace metal parts. Some of these parts may be replaced with advanced composites and some of them will have to be metal steel, especially if they need to go through very high temperatures or very high strength that you cannot get with advanced composites.

當然。正如我們之前討論的那樣，我想說我們的重點是工業生產，特洛伊。而且通常在工業生產中，我們都在嘗試更換金屬零件。其中一些零件可能會被高級複合材料取代，而其中一些零件必須是金屬鋼，尤其是當它們需要承受非常高的溫度或非常高的強度時，這是高級複合材料無法達到的。

Of this, still the majority of our solution today is in the advanced composites. So still most of our customer come with the metal problem and we are able to solve it with advanced composite. But as you can see from our broad portfolio, metal is still very, very important part of it. And with the PX100, we intend to increase materially our solution and application into the metal side of it, especially when you talk about high volume production in hundreds or thousands of parts that you need to produce in a very reliable way, and still need to be very, very precise with minor CNC work after that for post-processing.

其中，我們今天的大部分解決方案仍然是先進的複合材料。所以我們的大多數客戶仍然遇到金屬問題，我們能夠用先進的複合材料解決它。但正如您從我們廣泛的產品組合中看到的那樣，金屬仍然是其中非常非常重要的一部分。通過 PX100，我們打算實質性地增加我們在金屬方面的解決方案和應用，特別是當您談論需要以非常可靠的方式生產成百上千個零件的大批量生產時，並且仍然需要在進行後期處理之後，通過較小的 CNC 工作非常非常精確。

So metal is still very, very important. It's a very big element of our solution. And because we are going right into the manufacturing floor, sometimes advanced composites is the best solution. Sometimes it's metals.

所以金屬仍然非常非常重要。這是我們解決方案的一個非常重要的元素。因為我們直接進入製造車間，所以有時先進的複合材料是最好的解決方案。有時是金屬。

Hey, Shai, can you remind me, I didn't see it on your new investor slides, but does Digital Metal had its own furnace too or you just work with partners?

嘿，Shai，你能提醒我一下嗎，我沒有在你的新投資者幻燈片上看到它，但是 Digital Metal 是否也有自己的熔爐，或者你只是與合作夥伴合作？

We work with partners on that front. We currently produce and develop the printing technology and some of the work before and after the print for the preparation of the powder, et cetera. And the center is the pocket.

我們在這方面與合作夥伴合作。我們目前生產和開發印刷技術以及印刷前後的一些工作，例如粉末的製備等。中間是口袋。

Okay, perfect. Then switching gears to just a follow-up on FX20. Is it currently just two materials that are qualified on the platform?

好的，完美。然後切換到 FX20 的跟進。目前平台上合格的材料是不是只有兩種？

No, we have more than that. We have some of the Onyx materials. We have the ULTEM. We have continuous Fiber. And we will continue to add more materials. (multiple speakers)

不，我們不止於此。我們有一些 Onyx 材料。我們有 ULTEM。我們有連續纖維。我們將繼續添加更多材料。 （多個揚聲器）

I guess, I guess, something in high-temp specifically outside of ULTEM?

我猜，我猜，是在 ULTEM 之外的高溫環境？

You will please allow me to share with you, the -- but I can tell you that we did not stop releasing new materials into the FX20, because it's a hard chamber and has a lot of potential. So some of them will be high-temp materials.

請允許我與您分享，但我可以告訴您，我們並沒有停止向 FX20 中釋放新材料，因為它是一個硬室並且具有很大的潛力。所以其中一些將是高溫材料。

Okay. Understood. Good luck, guys.

好的。明白了。祝大家好運。

Thanks, Troy.

謝謝，特洛伊。

Thank you so much, Troy.

非常感謝你，特洛伊。

Jim Suva, Citigroup.

吉姆蘇瓦，花旗集團。

Thank you. On your prepared comments, you mentioned some gross margin challenges associated with the rollout. I believe you said it was the FX20. Can you help us understand why was that? Was that like you had to expedite the end product for shipping or parts were in shortage and you had to go to the extra market, scalpel market or secondary market? Or was it like reworking or acceptances or installations or what were the challenges with the FX20?

謝謝。在您準備好的評論中，您提到了與推出相關的一些毛利率挑戰。我相信你說的是 FX20。你能幫助我們理解這是為什麼嗎？這是否就像您必須加快最終產品的運輸速度或零件短缺，您必須去額外的市場、手術刀市場或二級市場？還是像返工、驗收或安裝，或者 FX20 面臨的挑戰是什麼？

Yeah. Thanks for the question. I think first, there's definitely the combination because in the beginning of 2022, supply chain was still a big challenge. And even just to get the parts, we had to go through bidding wars and pay a lot more than usual for the parts.

是的。謝謝你的問題。我認為首先，肯定有組合，因為在 2022 年初，供應鏈仍然是一個很大的挑戰。即使只是為了獲得零件，我們也必須經歷競價戰，並為零件支付比平時高得多的價格。

But I think more than that, usually in the new product introduction, it takes time until you stabilize the product and that's why you produce in smaller batches. And using the smaller batches, you don't get the scale -- you don't get the scale and the cost efficiency, which we expect to see building up through 2023. So I think that's the majority of it, I would say, going into 2023. But we already see the light from that perspective.

但我認為不止於此，通常在新產品推出時，需要時間才能穩定產品，這就是為什麼要小批量生產。使用較小的批次，你得不到規模——你得不到規模和成本效率，我們希望在 2023 年之前看到這一點。所以我認為這就是其中的大部分，我想說，進入 2023 年。但我們已經從那個角度看到了曙光。

Yeah. Just to add a little bit, maybe more color to that, Jim. And thanks for the question. I think number one, inflation hit us to a greater degree than we expected. We mentioned middle of last year -- and this is tempered somewhat -- but we were paying $100 square part that should cost us $10. Some of that has absolutely come back down, but we're nowhere near our target on material costs yet. And to that point a little bit further, when you're buying materials for production at a certain cost, you have to bleed through all of those materials before you reach a lower material cost on the next procurement cycle.

是的。只是為了添加一點，也許更多的顏色，吉姆。謝謝你的提問。我認為第一，通貨膨脹對我們的打擊程度超出了我們的預期。我們提到了去年年中——這有點緩和了——但我們支付了 100 美元的平方部分，這應該花費我們 10 美元。其中一些已經完全回落，但我們離材料成本的目標還差得很遠。更進一步說，當你以一定的成本購買生產材料時，你必須在下一個採購週期達到較低的材料成本之前消耗掉所有這些材料。

And then the second is labor isn't where we want it to be yet. The cost of labor has increased due to inflation over the last year or 18 months as we were thinking through this late last year. And we're not as efficient yet in our labor as we need to be. And there's path forward in both of those cases, but it's going to take us some time to get there.

然後第二個是勞動力還沒有達到我們想要的水平。正如我們在去年年底考慮的那樣，由於過去一年或 18 個月的通貨膨脹，勞動力成本有所增加。我們的工作效率還沒有達到我們需要的水平。在這兩種情況下都有前進的道路，但我們需要一些時間才能到達那裡。

Thank you. And then the reason I asked that question about the FX20 rollout is as we look ahead to -- on your slide deck number 10 about the PX100, the rollout of that. I'm just wondering your full year sales and margin guidance, does it include similar inefficiencies of the rollout and the ramp as expected? Or is it expected to have a smoother rollout just so we can monitor it as it rolls out in 2023 for the PX100?

謝謝。然後我問這個關於 FX20 推出的問題的原因是我們期待 - 在你的第 10 個幻燈片上關於 PX100 的推出。我只是想知道你的全年銷售和利潤指導，它是否包括與預期類似的推出和坡道的低效率？還是預計它會更順利地推出，以便我們可以在 2023 年為 PX100 推出時對其進行監控？

So yes, we are anticipating similar, but I also would expect to answer your question both ways that it should be smoother for us, because the unit volumes are expected to be lower in that product early on. So I think just how we procure materials for that will be a little bit different than we do for other product rollouts.

所以是的，我們期待類似的，但我也希望以兩種方式回答你的問題，這對我們來說應該更順利，因為該產品的單位數量預計會在早期降低。所以我認為我們為此採購材料的方式與我們為其他產品推出採購材料的方式略有不同。

Great. And my last question is, I see you're giving quarterly guidance as well as full year guidance. Is that due to better visibility, more supply chain, being able to calibrate it better, or helping investor expectations be more aligned with how you see them? I'm just kind of curious about the slight change of giving additional details, which I'm sure the investing community will appreciate.

偉大的。我的最後一個問題是，我看到你正在提供季度指導和全年指導。這是因為更好的可見性、更多的供應鏈、能夠更好地校準它，還是幫助投資者的期望與您的看法更加一致？我只是對提供更多細節的細微變化感到好奇，我相信投資界會對此表示讚賞。

Yeah. Thanks, Jim. So we continue to be focused on annual and really even the long term, you've heard us talk -- both Shai and I about this long-term journey that we're undertaking and still in the early innings. So we focus on annual. And I think to your point, we've given a little bit of color maybe on gross margin and some other areas on the quarter. But our intent and our go-forward plan is to really focus on the year.

是的。謝謝，吉姆。所以我們繼續關注年度甚至長期，你已經聽到我們談論 - Shai 和我都在談論我們正在進行的這個長期旅程，但仍處於早期階段。所以我們專注於年度。我認為就你的觀點而言，我們可能在本季度的毛利率和其他一些領域給出了一些顏色。但我們的意圖和我們的前進計劃是真正關注這一年。

I think maybe I'll take that a step further. When we think about this current year of 2023 and then beyond, we mentioned getting back to a 55%-plus gross margin. We also think that we will get back to 25%-plus year-over-year growth. Given the demand and the interest we see from not only our existing products, but from the new products that we've shared with customers, as well as this paradigm shift we're seeing in manufacturers increasingly seeking to be more resilient, increasingly seeking more reliable supply chains -- as we've said, we're very excited about the outlook. We just want to get past this current level of uncertainty in the marketplace.

我想也許我會更進一步。當我們考慮 2023 年及以後的今年時，我們提到要回到 55% 以上的毛利率。我們還認為我們將恢復到 25% 以上的同比增長。鑑於我們不僅從現有產品中看到的需求和興趣，而且從我們與客戶分享的新產品中看到的需求和興趣，以及我們在製造商中看到的這種範式轉變，我們越來越尋求更具彈性，越來越尋求更多可靠的供應鏈——正如我們所說，我們對前景感到非常興奮。我們只是想克服目前市場上的不確定性水平。

Great. And my last part is, you mentioned profitability 2024. I think to be clear, you fully said breakeven end of 2024, not the full year. And is that on an operating income adjusted or EBITDA or EPS? Or how do you actually define the breakeven 2024 comment?

偉大的。我的最後一部分是，你提到了 2024 年的盈利能力。我想明確地說，你完全說了 2024 年底的盈虧平衡，而不是全年。那是基於調整後的營業收入還是 EBITDA 或 EPS？或者您實際上如何定義盈虧平衡點 2024 評論？

We'll look at that as Q4, not for the full year, as you said. That's correct. And we're looking at it on a non-GAAP basis.

正如您所說，我們會將其視為第四季度，而不是全年。這是正確的。我們正在非 GAAP 的基礎上看待它。

Great. Thank you so much for the details. That's appreciated.

偉大的。非常感謝您提供詳細信息。非常感謝。

Yeah. Thanks, Jim.

是的。謝謝，吉姆。

Thank you.

謝謝。

Noelle Dilts, Stifel.

諾艾爾·迪爾茨，Stifel。

Hi guys. Good afternoon.

嗨，大家好。下午好。

Hi, Noelle.

嗨，諾艾爾。

Hi. I recognize that the trends in your expected EBITDA and cash flow will move hand in hand. But any additional thoughts or guidance you can give us on how you're thinking about managing cash as you move through 2023? And how you're thinking about where you'd like the balance to be as you move toward the end of the year? Thanks.

你好。我認識到您預期的 EBITDA 和現金流的趨勢將齊頭並進。但是，您可以就 2023 年如何管理現金給我們任何其他想法或指導嗎？在臨近年底時，您是如何考慮平衡的？謝謝。

Sure. So Noelle, first, thank you for the question. I think as you can see, we are still very confident about the fundamentals. And we don't think they are changing, maybe even for the better with all the insurance coming back and manufacturing needs to build more resilience into it. And I think we're part of the solution.

當然。 Noelle，首先，謝謝你提出這個問題。我認為正如你所看到的，我們對基本面仍然非常有信心。而且我們不認為它們正在改變，甚至可能隨著所有保險的回歸而變得更好，製造業需要在其中建立更多的彈性。我認為我們是解決方案的一部分。

With that, there is still uncertainty around yes, I know this inflation, recession. And we already took the right adjustment to our cost basis to ensure that we will get to the breakeven point in the end of 2024 as we discussed before. We shared before that we believe we'll get with a very strong balance sheet. And as you can see from some of the comments that Mark shared before, we're looking to reduce materially the cash burn during this year. So if we're finishing this year with about [$168 million], we are currently expecting about $15 million burn rate this year versus about $120 million last year.

這樣一來，仍然存在不確定性，是的，我知道這種通貨膨脹和經濟衰退。我們已經對我們的成本基礎進行了正確的調整，以確保我們將在 2024 年底達到我們之前討論的盈虧平衡點。我們之前分享過，我們相信我們會獲得非常強勁的資產負債表。正如您從 Mark 之前分享的一些評論中看到的那樣，我們希望在今年大幅減少現金消耗。因此，如果我們今年以約 [1.68 億美元]結束，我們目前預計今年的燃燒率約為 1500 萬美元，而去年約為 1.2 億美元。

So it's significant reduction in the cash burn. And we believe this will continue once we will be able to meet the full potential of the growth with our new product portfolio.

所以它顯著減少了現金消耗。我們相信，一旦我們能夠通過我們的新產品組合充分發揮增長潛力，這種情況將繼續下去。

Okay, great. Thanks. And then just in terms of your R&D investments, anything you can highlight in terms of priorities or things you're excited about for 2023, whether that's on the software front, materials, hardware? Any thoughts on how you're prioritizing investments? Thanks.

好的，太好了。謝謝。然後就您的研發投資而言，您可以在優先事項或 2023 年令您興奮的事情方面強調任何事情，無論是在軟件、材料還是硬件方面？關於您如何確定投資的優先順序有什麼想法嗎？謝謝。

Sure. This is a great question. Thank you so much. So as you can see over the last two years or so, we own more than doubled, I think, our R&D investment. And if you take M&A to it, we're even more than that. And the outcome of it is a very strong pipeline of innovation.

當然。這是一個很好的問題。太感謝了。因此，正如您在過去兩年左右看到的那樣，我認為我們的研發投資增加了一倍多。如果你對它進行併購，我們甚至不止於此。它的結果是一條非常強大的創新渠道。

You can see that we are starting the year already with launching the PX100 and launching simulation and putting it into a tier size model with software and service into our customers. But we believe it's only the beginning. And you can probably assume if we invest more in R&D, our product portfolio innovation pipeline is accelerating. And we shared before publicly that we intend to release a new product almost every year. So it's coming.

你可以看到，我們已經在今年開始推出 PX100 並啟動模擬，並將其放入一個層級模型中，為我們的客戶提供軟件和服務。但我們相信這僅僅是個開始。你可能會假設，如果我們在研發方面投入更多，我們的產品組合創新渠道就會加速。我們之前曾公開表示，我們打算幾乎每年發布一款新產品。所以它來了。

So we are very, very excited when we see what we have coming this year and in 2024 about our ability to really help our customers to move real production to the point of need on every manufacturing for wherever they are.

因此，當我們看到今年和 2024 年的成果時，我們非常非常興奮，因為我們有能力真正幫助我們的客戶將實際生產轉移到無論他們身在何處的每個製造業的需要點。

Thanks very much.

非常感謝。

Thank you, Noelle.

謝謝你，諾艾爾。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Shai Terem for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Shai Terem，請他發表任何結束評論。

Thank you very much everyone for joining us, and looking forward to a great year.

非常感謝大家加入我們，並期待著美好的一年。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。