Markforged Holding Corp (MKFG) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Markforged second quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Austin Bohlig. Thank you, Austin. You may begin.

您好，歡迎參加 Markforged 2023 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人奧斯汀·博利格。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 second quarter of 2023 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 acting CFO, Assaf Zipori.

午安.我是 Austin Bohlig，Markforged Holding Corporation 投資者關係總監。歡迎參加我們的 2023 年第二季業績電話會議。我們將討論今天收盤後發布的收益新聞稿中公佈的結果。與我一起參加電話會議的是我們的總裁兼執行長 Shai Terem；以及我們的代理財務長 Assaf Zipori。

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 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 facts 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，這些聲明符合 1995 年《私人證券訴訟改革法案》的安全港條款。本次電話會議中所包含的非歷史事實陳述的陳述應被視為前瞻性陳述。

These statements represent management's views as of today, August 10, 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.

這些陳述代表了截至今天（2023 年 8 月 10 日）管理階層的觀點，並受到重大風險和不確定性的影響，可能導致實際結果出現重大差異。除法律要求更新或修改前瞻性陳述外，Markforged 不承擔任何意圖或義務。

Also during the course of today's call, we refer to certain non-GAAP financial measures. There's a reconciliation schedule showing the GAAP versus non-GAAP results currently available in our press release issued after market close today, which can also be found at our website at investors.markforged.com. I'll now turn the call over to Shai Terem, President and CEO of Markforged.

在今天的電話會議中，我們也提到了某些非公認會計準則財務指標。我們今天收盤後發布的新聞稿中提供了顯示 GAAP 與非 GAAP 結果的核對錶，也可以在我們的網站 Investors.markforged.com 上找到。現在我將把電話轉給 Markforged 總裁兼執行長 Shai Terem。

Thank you, Austin, and thank you, everyone, for joining us on our Q2 2023 earnings call. I'm proud of our team performance in the second quarter as we continue to execute on our long-term strategy to grow through innovation and bring industrial production to the point of need. And not less important, we've prudently managed our costs as well, keeping us on a firm path to profitability.

謝謝 Austin，也謝謝大家參加我們的 2023 年第二季財報電話會議。我對我們團隊在第二季的表現感到自豪，因為我們繼續執行透過創新實現成長並將工業生產滿足需求的長期策略。同樣重要的是，我們也謹慎地管理成本，使我們堅定地走上獲利之路。

While we have a long journey ahead, we believe Markforged fills a critical need in the market to strengthen manufacturing resiliency and supply chains. The demand for our solution continues to grow as our customers identify more and more opportunities to cut costs, save time, and reduce physical inventories while building efficiencies to their own production lines.

雖然我們還有很長的路要走，但我們相信 Markforged 能夠滿足市場增強製造彈性和供應鏈的關鍵需求。隨著我們的客戶發現越來越多的機會來削減成本、節省時間和減少實際庫存，同時提高自己的生產線效率，對我們解決方案的需求持續成長。

With our upcoming new platforms and capabilities, we are confident in our ability to accelerate our growth in 2024. Demand for the Digital Forge continued to grow globally in Q2, even in the face of high cost of capital environment which is restricting capital expense investments. As such, while conversions to close deals are still challenging in the short term, we are confident in our longer-term growth projections, especially with our upcoming product releases.

憑藉我們即將推出的新平台和功能，我們對 2024 年加速成長的能力充滿信心。即使面臨限制資本支出投資的高資本成本環境，第二季全球對 Digital Forge 的需求仍持續成長。因此，雖然短期內完成交易的轉換仍然具有挑戰性，但我們對長期成長預測充滿信心，尤其是我們即將發布的產品。

Our latest composite printer innovation, the FX20, continues to excite our customers globally, specifically within industrial and high regulated markets like aerospace and automotive. Coupled with the growing order pipeline of our newest metal binder jetting solution, the PX100. We remain excited about our future growth prospects.

我們最新的複合式印表機創新產品 FX20 繼續讓我們的全球客戶興奮不已，特別是在航空航太和汽車等工業和嚴格監管的市場。再加上我們最新的金屬黏合劑噴射解決方案 PX100 的訂單不斷增長。我們對未來的成長前景仍然感到興奮。

But we are not done yet. But then after years, we have been hard at work on multiple new product innovations that accelerate production at the point of need and increase our addressable market. We believe we have the go-to-market engine in place to truly scale these new innovations. I look forward to sharing this new product with you over the coming quarters.

但我們還沒完成。但多年來，我們一直在努力開發多項新產品創新，以加速按需生產並擴大我們的潛在市場。我們相信我們擁有適當的上市引擎來真正擴展這些新的創新。我期待在未來幾季與您分享這款新產品。

We are seeing manufacturers around the world reshaping their supply chains as they seek more resiliency and flexibility by investing heavily in digital transformation and industrial automation. Our customers tell us that Digital Forge is the perfect tool for their manufacturing floor and accelerates their ability to produce industrial parts on demand right where they need them.

我們看到世界各地的製造商透過大力投資數位轉型和工業自動化來尋求更大的彈性和靈活性，從而重塑其供應鏈。我們的客戶告訴我們，Digital Forge 是他們製造車間的完美工具，可提高他們在需要的地方按需生產工業零件的能力。

Just one example of these trends in action is our recent win with a tier one automotive OEM. In Q2, we completed a very important and strategic transaction with a global automotive leader to drive flexibility and cost savings by reducing the reliance on physical inventory. This sale includes over 2,000 of both advanced composite printers and metal systems as part of a multiyear strategic initiative.

這些趨勢的一個例子就是我們最近贏得了一級汽車原始設備製造商的勝利。在第二季度，我們與全球汽車領導者完成了一項非常重要的策略交易，透過減少對實體庫存的依賴來提高靈活性並節省成本。作為多年戰略計劃的一部分，本次銷售包括 2,000 多台先進複合印表機和金屬系統。

This win is a great proof-point of how our platforms of hardware materials and software, and growing distributed network of printers are uniquely positioned to proactively capitalize on the growing market opportunity or point-of-need industrial production.

這次勝利有力地證明了我們的硬體材料和軟體平台以及不斷增長的分散式印表機網路如何具有獨特的優勢，能夠主動利用不斷增長的市場機會或按需工業生產。

We beat out the competition by delivering the reliability required to print mission critical parts at scale with the advanced software needed to securely manage a fleet of this size in real-time across multiple teams of engineers and IT systems. Markforged is extremely excited about this deal, and we believe we can continue to leverage these same strengths to win similar opportunities in the future.

我們透過提供大規模列印關鍵任務零件所需的可靠性以及跨多個工程師團隊和 IT 系統安全地即時管理如此規模的機隊所需的先進軟體來擊敗競爭對手。 Markforged 對這筆交易感到非常興奮，我們相信我們可以繼續利用這些相同的優勢在未來贏得類似的機會。

Another example of how our innovations are providing value to our customers is SQP engineering, an industrial manufacturing solution provider in Perth, Australia. SQP faced challenges producing a complex cover for mining equipment systems. Traditional machining methods were not cost effective and their existing polymer 3D printer was too slow and produced part which did not perform.

我們的創新如何為客戶提供價值的另一個例子是 SQP Engineering，這是一家位於澳洲珀斯的工業製造解決方案供應商。 SQP 面臨著為採礦設備系統生產複雜蓋子的挑戰。傳統的加工方法不具有成本效益，而且他們現有的聚合物 3D 列印機速度太慢，並且生產出的零件性能不佳。

To address these issues, SQP turned to our FX20 which has significantly reduced the print time compared to their existing polymer 3D printer while vastly improving performance and surface finish, they also integrated the Markforged Metal X system to expand their additive capabilities. With these solutions SQP can now manufacture a wide range of production grade parts that cannot be machined, offering better pricing, and turnaround times.

為了解決這些問題，SQP 轉向我們的FX20，與現有的聚合物3D 列印機相比，它顯著縮短了列印時間，同時大大提高了性能和表面光潔度，他們還整合了Markforged Metal X 系統以擴展其增材製造能力。借助這些解決方案，SQP 現在可以製造各種無法機械加工的生產級零件，從而提供更好的定價和周轉時間。

The company plans to use the FX20 and Metal X systems to expand into the medical, aviation, and agriculture sectors. While we continue to grow, we target the $43 billion market opportunity to make supply chains more resilient and flexible. We remain mindful of our operational efficiencies in driving margin expansion in pursuit of profitable, sustainable growth.

該公司計劃利用 FX20 和 Metal X 系統擴展到醫療、航空和農業領域。在我們不斷發展的同時，我們的目標是 430 億美元的市場機會，使供應鏈更具彈性和靈活性。我們仍專注於推動利潤擴張以追求獲利、永續成長的營運效率。

NON-GAAP gross margins are tracking towards the upper end of our 2023 guidance, while we remain on track to achieve full production scale for the FX20. We continue to remain focused on our operating expenses, which were down 11% year-over-year on a non-GAAP basis, and on finding additional working capital efficiencies.

非 GAAP 毛利率正在接近我們 2023 年指導的上限，同時我們仍有望實現 FX20 的全面生產規模。我們繼續關注營運支出（按非公認會計準則計算，營運支出較去年同期下降 11%），並繼續關注如何提高營運資本效率。

Capital management is key, and we remain committed to achieving profitability with a healthy balance sheet and without dependency on external funding. The second half of 2023 is shaping up to be super exciting for us as we plan multiple new product introductions which further enhance our current platform and should contribute to our accelerated growth in 2024.

資本管理是關鍵，我們仍然致力於透過健康的資產負債表來獲利，並且不依賴外部資金。 2023 年下半年對我們來說將是非常令人興奮的，因為我們計劃推出多種新產品，這將進一步增強我們目前的平台，並應有助於我們在 2024 年的加速成長。

I can't wait to welcome you to our Fall Investor Day in our new headquarters where we'll get a chance to showcase some of our products and meet the people who are working tirelessly every day to accelerate the adoption of the industrial production right at the point of need. With that I now turn the call over to Assaf Zipori, our acting CFO, who will offer more details on our financial performance and guidance for the remainder of the year.

我迫不及待地歡迎您參加我們在新總部舉行的秋季投資者日，我們將有機會展示我們的一些產品，並與每天不知疲倦地工作以加速工業生產採用的人們見面。需要的點。現在，我將電話轉給我們的代理財務長 Assaf Zipori，他將提供有關我們今年剩餘時間的財務表現和指導的更多詳細資訊。

Thank you, Shai, and good evening, everyone. I will be covering our financial results for the second quarter of 2023. 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 and non-GAAP reconciliation to assist with my commentary.

謝謝你，Shai，大家晚上好。我將介紹我們 2023 年第二季的財務業績。請注意，我的評論反映了我們的非 GAAP 業績和前景。為了供您參考，我們今天下午早些時候發布並發佈在投資者關係網站上的收益新聞稿包括我們的公認會計原則和非公認會計原則對賬，以協助我的評論。

So let's begin. We had another quarter of growth with revenue reaching $25.4 million, representing a 5% increase compared to $24.2 million in the second quarter of 2022. We also generated a gross profit margin of 48.3% compared to 53.8% in the second quarter of 2022.

那麼就讓我們開始吧。我們又實現了一個季度的成長，營收達到2,540 萬美元，與2022 年第二季的2,420 萬美元相比成長了5%。我們的毛利率也達到了48.3%，而2022 年第二季為53.8 %。

These results are consistent with our operational plan and remain among the highest for publicly traded companies in our space. As we have discussed in the past, gross margins were impacted as we continue to ramp up the production of FX20. However, we are confident that gross margins will start to gradually expand to historical levels that are above 50% in '24 and beyond.

這些結果與我們的營運計劃一致，並且仍然是我們領域上市公司中最高的。正如我們過去所討論的，隨著我們繼續提高 FX20 的產量，毛利率受到了影響。然而，我們有信心毛利率將在 2024 年及以後逐漸擴大至 50% 以上的歷史水準。

Our operating expenses were $26.6 million for the second quarter of 2023, down from $30 million in the second quarter of 2022. This improvement in operating expenses is based on actions we took, which reflect our commitment to incremental efficiencies and focus on execution.

2023 年第二季我們的營運費用為 2,660 萬美元，低於 2022 年第二季的 3,000 萬美元。營運費用的改善是基於我們採取的行動，這些行動反映了我們對提高效率和注重執行的承諾。

Net loss for the second quarter of '23 was $12.5 million or a loss of $0.06 per share based on our weighted average shares outstanding for the quarter of $196.4 million. Our net cash used in operating activities in the first half of '23 decreased by $10.9 million or approximately 26% from the first half of '22. We expect our cash utilization to continue to decrease over the coming quarters as a result of higher revenue, prudent OpEx spend, and working capital efficiencies.

2023 年第二季的淨虧損為 1,250 萬美元，根據該季度已發行加權平均股數 1.964 億美元計算，每股虧損 0.06 美元。 23 年上半年我們用於經營活動的淨現金比 22 年上半年減少了 1,090 萬美元，約 26%。由於收入增加、謹慎的營運支出和營運資本效率，我們預計未來幾季的現金利用率將繼續下降。

Now moving on to our guidance. Our results for the first half of the year are in line with our expectations. The uncertain macro environment and relatively high cost of capital continue to weigh on our customers' purchasing behavior. Therefore, we are maintaining our revenue guidance to be within the range of $101 million to $110 million.

現在繼續我們的指導。我們上半年的業績符合我們的預期。不確定的宏觀環境和相對較高的資金成本繼續影響客戶的購買行為。因此，我們將收入指引維持在 1.01 億美元至 1.1 億美元之間。

In accordance with similar seasonality of our industry, we anticipate Q3 revenue to be mostly in line with Q2. We expect revenue to see the typical end of year ramp in Q4. Considering our strong execution in the first half of the year, we now believe that there is more opportunity for gross margins to be within the mid to upper range of our guidance of 47% to 49% for the year.

根據我們行業的類似季節性，我們預計第三季營收將與第二季基本一致。我們預計第四季的營收將出現年底典型的成長。考慮到我們上半年的強勁執行力，我們現在認為今年毛利率有更多機會處於我們指導的 47% 至 49% 的中上範圍內。

We plan to continue the disciplined approach to operating expenses as we progress through 2023. We expect operating expenses to decline as a percentage of revenue as well as in absolute terms year over year, resulting in a lower expected operating loss in the range of $54 million to $57 million.

我們計劃在 2023 年繼續嚴格管理營運費用。我們預計營運費用佔收入的百分比以及絕對值將逐年下降，從而導致預期營運損失降低至 5,400 萬美元左右至 5,700 萬美元。

Accordingly, our EPS loss per share is expected to be between $0.25 and $0.27 per share. We are confident that our accomplishments to date, ongoing focus on execution, and commitment to consistently release new innovative technologies puts us on the right path to profitability.

因此，我們的每股 EPS 損失預計在每股 0.25 美元至 0.27 美元之間。我們相信，我們迄今為止所取得的成就、對執行的持續關注以及對不斷發布新創新技術的承諾使我們走上了盈利的正確道路。

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

我們今天準備好的演講到此結束。接線員，請撥打電話詢問問題。

(Operator Instructions) Greg Palm, Craig Hallum.

（操作員說明）Greg Palm、Craig Hallum。

This is Danny Aguirre John for Greg today. Thanks for taking the questions. I wanted to touch first on maybe just more of what you're seeing out in the market. You've got peers talking about lower visibility, sales cycles lengthening, and maybe some customer push-outs.

我是今天格雷格的丹尼·阿吉雷·約翰。感謝您提出問題。我想先談談您在市場上看到的更多內容。同行們都在談論可見度降低、銷售週期延長，甚至可能還有一些客戶流失。

Maybe I'll tie more into the revenue guidance as well. So on a flatter Q3 arm sequentially, that leaves a broad range for Q4. So I guess what are you seeing out there right now? What needs to go right or wrong for Q4 to get to the top or end of that fiscal year guidance range?

也許我也會更專注於收入指導。因此，在 Q3 臂依序變得平坦的情況下，這為 Q4 留下了廣闊的範圍。所以我猜你現在在外面看到什麼？第四季需要做哪些事情才能達到該財政年度指引範圍的頂部或底部？

Thank you. I think in general, we continue to see that the cost of capital is higher than previous years. And with that decision making on investment in capital equipment it takes longer. With that, we do see that our pipeline is increasing materially year over year. And we agree we also see sales like a (technical difficulty), but we don't see the deals disappear.

謝謝。我認為總的來說，我們繼續看到資本成本高於前幾年。而對於資本設備投資的決策則需要更長的時間。由此，我們確實看到我們的管道逐年大幅增加。我們同意我們也看到銷售（技術困難），但我們沒有看到交易消失。

So we feel actually very good about what's coming. And especially with the environment continue to improve -- based on some of the deals we saw especially on the strategic side, it's definitely improving. So we are very optimistic about that side. And I think currently we are predicting the traditional seasonality for us between the second half and the first half. So we expect to grow more in the second half of the year versus the first half as we usually do.

所以我們對即將發生的事情實際上感覺非常好。尤其是隨著環境不斷改善——根據我們看到的一些交易，特別是在策略方面，情況肯定在改善。所以我們對這方面非常樂觀。我認為目前我們正在預測下半年和上半年之間的傳統季節性。因此，我們預計下半年的成長將高於上半年，就像我們通常所做的那樣。

Got it. Maybe one on gross margin. I know last quarter a big talking point was the FX20 production costs improving. Did you see that trend continue into the quarter? Is there more to go on that? How should we look at that?

知道了。也許是毛利率。我知道上個季度的一個熱門話題是 FX20 生產成本的改善。您是否認為這種趨勢會持續到本季？還有更多的事情要做嗎？我們該如何看待呢？

I think it's fairly stable. With that, as we said in the call, we are taking the right actions to go back to the 50%-plus gross margins in '24. So it's on track based on what we see and we're in the right direction.

我認為還是比較穩定的。因此，正如我們在電話會議中所說，我們正在採取正確的行動，力爭在 2024 年恢復到 50% 以上的毛利率。因此，根據我們所看到的情況，它正在步入正軌，而且我們正朝著正確的方向前進。

Okay. And then just one last one on PX100. We're supposed to start shipping in Q3, Q4. Have those started shipping yet? Kind of early feedback. Have you got on that system -- if they have or early betas or what?

好的。然後是 PX100 上的最後一張。我們應該在第三季、第四季開始出貨。那些已經開始出貨了嗎？早期的反饋。您是否已使用該系統 - 如果他們有早期測試版或其他什麼？

We have not started shipping them yet. We still expect to ship them in the second half of the year. And there's a lot of excitement. We were able to successfully build a good book of orders for this system. And as we said before, I don't think it's going to be material from a revenue perspective in 2023, but definitely in 2024.

我們還沒有開始運送它們。我們仍預計在下半年出貨。還有很多令人興奮的事情。我們能夠成功地為這個系統建立一本很好的訂單簿。正如我們之前所說，我認為從 2023 年的收入角度來看，這不會產生重大影響，但在 2024 年肯定會如此。

Okay. I appreciate it. I'll leave it there. Thanks.

好的。我很感激。我會把它留在那裡。謝謝。

Thank you.

謝謝。

Shannon Cross, Credit Suisse.

香農·克羅斯，瑞士信貸。

Thank you very much. I had a follow-up on the PX question. In terms of the order pipeline, I'm curious is -- if I order today, when are you telling people that they could receive delivery? Just trying to think about how it ramps through '24.

非常感謝。我對 PX 問題進行了跟進。就訂單管道而言，我很好奇的是——如果我今天訂購，你們什麼時候告訴人們他們可以收到送貨？只是想想它是如何度過 24 年的。

If you order today, probably it's going to be Q1 or Q2. Next year.

如果您今天訂購，可能會是第一季或第二季。明年。

Okay. So I guess when we get to first or second quarter on a year-over-year basis, there should be some decent uplift. Is that fair? From '23?

好的。因此，我想當我們進入第一季或第二季時，同比應該會出現一些不錯的提升。這樣公平嗎？從23年開始？

Yes. Yes, we expect uplift on '24 over '23 with the (technical difficulty). That's correct.

是的。是的，我們預計 24 年（技術難度）會比 23 年有所提升。這是正確的。

Okay. And I guess have you seen any customers come to you as -- your systems are ideal for replacing metal parts. Given a tighter CapEx budget, have you seen share gains as maybe customers weigh in on metal manufacturing versus your options?

好的。我想您是否見過任何客戶來找您，因為您的系統非常適合更換金屬零件。鑑於資本支出預算收緊，您是否看到了份額上漲，因為客戶可能會權衡金屬製造與您的選擇？

So I think what we see is that most of our customers come to us with problems from the manufacturing floor and especially trying to reduce costs. I was very fortunate to meet a lot of automotive customers, automated packaging customers, and others. And they are able to reduce the cost per part with our solution, sometimes by 10x which is very significant. And as such, they are right for them somewhere between three to nine months on the -- [buying] the capital equipment, and this is where we see the biggest success on the manufacturing floor.

因此，我認為我們看到的是，我們的大多數客戶都帶著來自製造車間的問題來找我們，尤其是試圖降低成本。我很幸運地遇到了很多汽車客戶、自動化包裝客戶等。他們能夠利用我們的解決方案降低每個零件的成本，有時降低 10 倍，這是非常顯著的。因此，它們適合他們在三到九個月內購買資本設備，這就是我們在製造車間看到的最大成功的地方。

Yeah. No, I understand. I guess what I'm trying to figure out is, given the CapEx challenges and the tighter budget that people are seeing -- or do you think you're gaining share vis-a-vis the metal options? Or is it sort of steady state in terms of demand rates?

是的。不，我明白。我想我想弄清楚的是，考慮到人們所看到的資本支出挑戰和預算收緊，或者您認為您相對於金屬選擇權是否正在獲得份額？還是需求率處於穩定狀態？

You mean versus traditional manufacturing?

你的意思是與傳統製造相比？

Either -- well, traditional or even maybe some of the metal options that are out there on the AM side. I'm just wondering from a share gain perspective, if you've seen any shift given, again, the price differentials in terms of your products versus -- your printers versus others. And maybe it's not the right (multiple speakers)

要么是傳統的，要么是增材製造方面現有的一些金屬選項。我只是想從份額增益的角度來看，考慮到您的產品與您的印表機與其他印表機之間的價格差異，您是否看到了任何變化。也許這不對（多個發言者）

(multiple speakers) No, that's fine. I think we should look at the growth rate that we've been communicating and we believe that the answer is, yes, based on the growth rates that we have [read] compared to the industry.

（多個發言者）不，沒關係。我認為我們應該看看我們一直在溝通的成長率，我們相信答案是肯定的，基於我們[閱讀]與產業相比的成長率。

Shannon, I think the bottom line is that all of these parts that we're replacing are -- used to be traditionally manufactured mainly (multiple speakers). So sometimes we replace them with composite parts. Sometimes we replace them with metal parts with our metal solution. We actually had a very good metal quarter. And I think each time that we do this, and we continue to grow, we take one more market share from traditional manufacturing.

香農，我認為最重要的是，我們要更換的所有這些部件過去主要是傳統製造的（多個揚聲器）。所以有時我們會用複合材料零件來代替它們。有時，我們會用金屬解決方案將它們替換為金屬零件。我們實際上有一個非常好的金屬季度。我認為，每次我們這樣做，並且我們不斷成長，我們就會從傳統製造業中奪取更多的市場份額。

Okay. And then I mean, you have sufficient cash. You're still burning cash, but you obviously have a cash balance. I know Velo just announced a large offering. I guess I'm trying to think about how you're feeling about your balance sheet, your capital deployment, capital structures.

好的。然後我的意思是，你有足夠的現金。你仍然在燒錢，但你顯然有現金餘額。我知道 Velo 剛剛宣布了一項大型產品。我想我正在嘗試思考您對資產負債表、資本部署、資本結構的感受。

Silly question, but just in general, your balance sheet at this point, and what level of cash do you need to run the business? Just a comfort level given obviously the industry in general is going through a bit of a rough patch.

這是個愚蠢的問題，但一般來說，您目前的資產負債表以及您需要多少現金來經營業務？只是一個舒適度，顯然整個產業正在經歷一段艱難的時期。

Yeah, it's a great question. We have a lot of confidence in our ability to maintain our plans. Since our cash utilization is expected to improve as you see more volume top line and as we continue to focus on operational efficiencies. So we feel very comfortable with our balance sheet and our ability to meet our targets.

是的，這是一個很好的問題。我們對維持計劃的能力充滿信心。由於隨著銷量的增加以及我們繼續關注營運效率，我們的現金利用率預計將會提高。因此，我們對我們的資產負債表和實現目標的能力感到非常滿意。

Maybe I would just. We don't see the need to raise any external funds before we get to profitability. And when we get there, obviously we're still going to have a very healthy balance sheet that'll allow us to easily operate the business.

也許我會只是。我們認為在實現盈利之前不需要籌集任何外部資金。當我們到達那裡時，顯然我們仍然會擁有非常健康的資產負債表，這將使我們能夠輕鬆經營業務。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thank you.

謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi. Thanks. Good afternoon. Good evening. Looks like the consumable sales are about flat quarter over quarter. I'm just wondering, I know the machine's being connected. That gives you a good view into utilization of the equipment, which is obviously generally good leading indicator when someone's going to buy the next one. Can you comment at all about what your sense is for utilization of your equipment in the field? And the trend -- more importantly, the trend of utilization, if it's increasing, flat, et cetera.

你好。謝謝。午安.晚安.消費品銷售似乎與上季持平。我只是想知道，我知道機器已連接。這可以讓您很好地了解設備的利用率，當有人要購買下一台設備時，這顯然通常是一個很好的領先指標。您能否評論一下您對現場使用設備的看法？趨勢——更重要的是，利用率的趨勢，如果它是增加的，持平的，等等。

Definitely. The utilization continue to increase quarter over quarter. So we see, of course, all the active system, as you know, all of our solutions are connected on, say, over 90% of them, and we see all the utilization there. So we've continued to increase quarter over quarter. I think there was a little bit of softness coming mainly from Europe.

確實。利用率繼續逐季增加。當然，我們看到所有活動系統，如您所知，我們所有的解決方案都連接到其中超過 90% 的系統上，並且我們看到那裡的所有利用率。因此，我們繼續逐季度增加。我認為有一點疲軟主要來自歐洲。

Europe is having a little bit of tough times these days. But other than that, the trend continues to improve and we still see growth here year over year. And we still see the utilization continue to increase. And I think we're going to see it in higher levels as we're going to get to the first or second year of the FX20s in which people are consuming much (technical difficulty)

這些天歐洲正經歷著一段艱難的時期。但除此之外，趨勢持續改善，我們仍然看到年成長。我們仍然看到利用率繼續增加。我認為我們會在更高的水平上看到它，因為我們將進入 FX20 的第一年或第二年，人們的消費量很大（技術難度）

Got it. Okay. And then can you just provide an updated comment kind of related to that previous question around when you expect the company to reach cash flow breakeven?

知道了。好的。然後，您能否提供與上一個問題相關的最新評論，即您預計公司何時能達到現金流損益兩平？

Yeah, absolutely. We feel very comfortable. We feel with the plans that we have communicated. We have great cost control and we are very excited with the opportunity that is ahead of us heading into 2024. So we will confirm the plan and the previous communications that we've had in terms of, say (technical difficulty) our breakeven and our ability to manage our cash.

是的，絕對是。我們感覺很舒服。我們對我們所傳達的計劃感到滿意。我們有很好的成本控制，我們對進入 2024 年的機會感到非常興奮。因此，我們將確認該計劃和先前的溝通，例如（技術難度）我們的收支平衡和我們的目標。管理我們現金的能力。

And that's, I guess, to be specific -- more specific on that (multiple speakers) end of 22 or are we saying -- yeah.

我想，更具體地說，是在 22 月底（多個發言者）結束時更具體，或者我們說的是——是的。

No, no. Correct. We are reaffirming. In the end of the last quarter of '24, operational breakeven, and cash flow positive in '25. There's no change there.

不，不。正確的。我們正在重申。 24 年最後一季末，營運實現損益平衡，25 年現金流為正值。那裡沒有任何變化。

Yeah, I just needed a reminder. Okay, that's perfect. Thanks a lot.

是的，我只是需要一個提醒。好吧，那就完美了。多謝。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the floor back over to Shai Terem for closing comments.

目前沒有其他問題。我想將發言權轉回給 Shai Terem 徵求結束意見。

Thank you very much, everyone, for joining us for the quarterly call. Looking forward to see you next quarter Thank you.

非常感謝大家參加我們的季度電話會議。期待下個季度見到您，謝謝。

This concludes today's event. Thank you for joining us. You may now disconnect your lines. Goodbye.

今天的活動到此結束。感謝您加入我們。現在您可以斷開線路。再見。