Nano Dimension Ltd (NNDM) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to today's conference to discuss Nano Dimension's Fourth Quarter and Full Year 2022 Conference Call. My name is Nick, and I'm your operator for today's event. On the call with us today are Yoav Stern, Chairman and CEO; Yael Sandler, CFO; and Julien Lederman, Head of Corporate Development.

女士們先生們，美好的一天。歡迎參加今天的會議，討論 Nano Dimension 的第四季度和 2022 年全年電話會議。我叫尼克，我是今天活動的接線員。今天與我們通話的有董事長兼首席執行官 Yoav Stern；耶爾·桑德勒，首席財務官；和企業發展主管 Julien Lederman。

Before we begin, I remind listeners that certain information provided on this call may contain forward-looking statements and the safe harbor segment outlined in today's earnings press release also pertains to this call. If you not receive a copy of the press release, please view it on the Investor Relations section of the company's website. Yoav will begin the call with a business update, followed by a question-and-answer session, at which time Yael will answer questions.

在我們開始之前，我提醒聽眾，本次電話會議中提供的某些信息可能包含前瞻性陳述，今天的收益新聞稿中概述的安全港部分也與本次電話會議有關。如果您沒有收到新聞稿的副本，請在公司網站的投資者關係部分查看。 Yoav 將以業務更新開始通話，然後是問答環節，屆時 Yael 將回答問題。

I'd now like to turn the call over to Nano Dimension's CEO and Chairman Yoav Stern. Yoav, please go ahead.

我現在想把電話轉給 Nano Dimension 的首席執行官兼董事長 Yoav Stern。 Yoav，請繼續。

Thank you very much, Nick. Hi, everybody. Hopefully, some of you have seen me lately. Wish I could see you today, but I'm trying to visualize you. I will go to the business description. You have a presentation in front of you. So I will try not to read the presentation just to scan through it. And if you have questions regarding the business, please write them down and we'll be happy to answer later.

非常感謝你，尼克。大家好。希望你們中的一些人最近見過我。希望我今天能見到你，但我正在努力想像你。我將轉到業務說明。你面前有一個演示文稿。因此，我將盡量不閱讀演示文稿，只是瀏覽一下。如果您對業務有任何疑問，請寫下來，我們很樂意稍後答复。

So we had an excellent year, excellent fourth quarter, the best fourth quarter we ever -- actually the best quarter we ever had $12.1 million in the best year. It's not so great -- it's not so difficult to have the best year at -- give or take $44 million because the year is before were hundreds of percent less. Now it's really the challenge going forward and continue to grow at very high rates, which we intend to. So still, it's good to tell and to let them know -- let the employees and shareholders know that it was a good year, and we had notable advancements with customers and relationship.

因此，我們度過了出色的一年，出色的第四季度，有史以來最好的第四季度——實際上是我們在最好的一年中擁有 1210 萬美元的最佳季度。這並不是那麼好 - 獲得最好的一年並不難 - 給予或接受 4400 萬美元，因為前一年減少了百分之幾百。現在這真的是前進的挑戰，並繼續以非常高的速度增長，我們打算這樣做。所以，告訴他們並讓他們知道是件好事——讓員工和股東知道這是一個美好的一年，我們在與客戶和關係方面取得了顯著進步。

We sold to very, very serious players, all our products, including additive manufacturing electronics (inaudible) NASA, Western Defense Forces, all kind of institutions, research institutions, et cetera. We have a partnership with HENSOLDT, which is a German-owned or German partly owned public defense company, personal relationship between the CEOs and the management team and partnership James, is growing and doing very well, 50-50 partnership. And we got into engagement with the government of Bavaria, which is considering putting a grant in our operation in Germany. So it's very exciting.

我們向非常非常認真的玩家出售我們所有的產品，包括增材製造電子產品（聽不清）美國宇航局、西部國防軍、各種機構、研究機構等。我們與 HENSOLDT 建立了合作夥伴關係，這是一家德國獨資或德國部分擁有的公共防禦公司，CEO 和管理團隊之間的個人關係以及合作夥伴關係 James 正在成長並且做得很好，50-50 的合作夥伴關係。我們與巴伐利亞州政府進行了接觸，該政府正在考慮為我們在德國的業務提供贈款。所以這非常令人興奮。

On the technology and the business side, we did the acquisition of -- 2 acquisitions this year, one in the beginning, one in midyear. And we launched a product in ceramic and metal printers, which are manufactured in Europe, in Netherlands, and we are now in the process of merging actually, those technology is very, very exciting. We're merging the technologies that we acquired with the technologies of fabrica, which we have, and we're going to have new products and technologies, which [emerged], not so simple, not so obvious, but justifies the acquisitions because it creates growth engines.

在技術和業務方面，我們今年進行了兩次收購，一次在年初，一次在年中。我們推出了陶瓷和金屬打印機產品，這些產品在歐洲和荷蘭製造，我們現在實際上正在合併，這些技術非常非常令人興奮。我們正在將我們獲得的技術與我們擁有的 fabrica 技術相結合，我們將擁有新的產品和技術，這些新產品和技術[出現]，不是那麼簡單，不是那麼明顯，但證明了收購的合理性，因為它創造增長引擎。

We have patents in the AI and the cloud manufacturing, et cetera, everything else is on the list. And actually, one of the most important that people may overlook is the last point. Progress in standardization of protocols with IPC. IPC is the organization and those protocols for electronic engineering. And we work with them, it's kind of -- together with other companies, but we are leading. And the fact that they will set special criteria for additive electronic -- additive manufacturing electronics means that our materials and our products will fit the IPC criteria because it's going to be not the same criteria like for regular electronics because it's very, very new technologies. That by itself will enable companies to buy and integrate the product that our machines are making into their own products because they're going to be IPC approved, extremely, extremely important. And people understand what does it mean. If you compare it to the business of medical, it's like FDA approval.

我們在人工智能和雲製造等方面擁有專利，其他一切都在清單上。實際上，人們可能會忽視的最重要的一點是最後一點。 IPC協議標準化進展。 IPC 是電子工程的組織和協議。我們與他們合作，有點像 - 與其他公司一起，但我們處於領先地位。事實上，他們將為增材電子設置特殊標準 - 增材製造電子意味著我們的材料和我們的產品將符合 IPC 標準，因為它與常規電子產品的標準不同，因為它是非常非常新的技術。這本身將使公司能夠購買我們的機器正在製造的產品並將其集成到他們自己的產品中，因為它們將獲得 IPC 批准，這非常非常重要。人們明白這意味著什麼。如果將其與醫療業務進行比較，它就像是 FDA 批准。

A little bit of the numbers. You have now -- that number is highlighted in front of you. Let me focus on the yearly numbers because, again, the fourth quarter was very, very good, but let's look at the full year and focus on the fact that we -- this shows the quarter, we have improvements of gross margins, and we have the negative EBITDA, which is mostly affected by the R&D expenses.

一點點的數字。你現在 - 這個數字在你面前突出顯示。讓我關注年度數據，因為第四季度再次非常非常好，但讓我們看看全年並關注我們 - 這表明該季度，我們的毛利率有所提高，而且我們EBITDA為負，主要受研發費用影響。

So if you move for the next one, which shows, actually, where is the full year, full year on the right side -- sorry, on the bottom part of the slide, you will see that the gross margins are up from last year, which is a manifestation of the fact that mostly our product that our higher margin are being sold more. So it's product mix. And we didn't even start improving the gross margins of the product by reducing the cost of manufacturing. That's going to be the next step because we're still in the stage of products penetrating into the market.

所以如果你移動到下一個，它實際上顯示了全年在哪裡，右邊是全年 - 抱歉，在幻燈片的底部，你會看到毛利率比去年有所上升，這表明我們的利潤率更高的產品大多銷售得更多。所以這是產品組合。我們甚至沒有開始通過降低製造成本來提高產品的毛利率。那將是下一步，因為我們仍處於產品滲透市場的階段。

So most important for us is to put products with customers hands even if we reduce the price a little bit or even if we didn't finish maximizing the value engineering at the cost of goods sold. But that's the next step. So I expect in the longer term, gross margins to grow because new products with our advanced technology, when it goes out to the market has to have 65% gross margin. And the 46% you see here is the combination of -- we have 65%, we'll have more and we have products that are more mature and are lower than 65%, and the average ends up being 46%.

所以對我們來說最重要的是把產品送到客戶手中，即使我們降低了一點價格，或者即使我們沒有以銷售商品的成本完成價值工程的最大化。但這是下一步。因此，我預計從長遠來看，毛利率會增長，因為採用我們先進技術的新產品在投放市場時必須有 65% 的毛利率。你在這裡看到的 46% 是——我們有 65%，我們會有更多，我們有更成熟且低於 65% 的產品，平均最終為 46%。

Another thing to pay attention again on the full year on the bottom is the fact that the negative EBITDA of $88 million, out of that $55 million is an investment in R&D. And as I said to people who were listening to me 2 years ago, 1.5 years ago, a year ago, half a year ago and now, the investment in R&D is, of course, recorded as expenses because we don't capitalize those. But this is the value we built other than 2 acquisition.

底部全年再次需要注意的另一件事是負 8800 萬美元的 EBITDA，其中 5500 萬美元是研發投資。正如我對 2 年前、1.5 年前、一年前、半年前和現在聽我講話的人所說的那樣，研發投資當然記為支出，因為我們沒有將這些投資資本化。但這是我們在 2 收購之外建立的價值。

Most of the investment in R&D is in the -- I should say, all of the investment is in between the additive manufacturing and additive manufacturing electronics. And we are actually seeing the investments started -- starting to slow down because we are getting closer to the performance we need and I expect the investments in R&D to slow down in the next year or 2, unrelated to acquisitions. Once we do an acquisition, then of course, investing in R&D there is waiting to the acquisition specifically.

大部分研發投資都在——我應該說，所有投資都在增材製造和增材製造電子產品之間。我們實際上看到投資開始了——開始放緩，因為我們越來越接近我們需要的性能，我預計研發投資將在明年或兩年內放緩，與收購無關。一旦我們進行了收購，那麼當然，在研發方面的投資就專門等待收購。

So the next slide again, shows you what I just described in graphic form. So I don't want to get into details, but you see between the year '21 and '22, the very large growth, and we -- you see it in a very nice way. Thank you, Yael and Julien. The difference between the IFRS and the adjusted non-IFRS like similar to GAAP, non-GAAP, in a way, I'm always thinking, why should we show the non-GAAP, but there are certain funny things with the IFRS, including noncash expenses that we need to take out in order to show the real operation of the business.

所以下一張幻燈片再次以圖形形式向您展示我剛才描述的內容。所以我不想詳細說明，但你看到在 21 年和 22 年之間，增長非常大，我們 - 你以非常好的方式看到它。謝謝 Yael 和 Julien。 IFRS 和調整後的非 IFRS 之間的區別類似於 GAAP，非 GAAP，在某種程度上，我一直在想，我們為什麼要顯示非 GAAP，但 IFRS 有一些有趣的事情，包括我們需要拿出的非現金支出，以顯示業務的實際運作。

The next slide is an interesting slide that I've been asked a lot about people, including people who I wouldn't mention their names but they are not, call it, shareholders that have real interest in the company growth that road lies and false information all over the place, that claim that we don't have organic growth. So we decided to show you the organic growth, which is combined 24% from the acquisitions that are mentioned here, and it's broken down here between 3 acquisitions.

下一張幻燈片是一張有趣的幻燈片，我被問到很多關於人的問題，包括那些我不會提及他們的名字但他們不是，稱其為對公司增長真正感興趣的股東的道路謊言到處都是信息，聲稱我們沒有有機增長。因此，我們決定向您展示有機增長，其中 24% 來自此處提到的收購，並在 3 次收購之間細分。

And you see each acquisition has a different growth rate after we acquired them comparing to the year before, which means this is called organic growth. Not to speak about the organic growth of our own products before the acquisitions, which is also substantial. And by the way, we are now close to the first quarter of 2023, and I can tell you that in the first quarter, this organic growth is continuing strongly.

你會看到每次收購在我們收購後與前一年相比都有不同的增長率，這意味著這被稱為有機增長。更不用說在收購之前我們自己產品的有機增長，這也是可觀的。順便說一下，我們現在接近 2023 年第一季度，我可以告訴你，在第一季度，這種有機增長將繼續強勁。

Next slide speaks about the improving operational efficiencies. Not good enough to my taste. Yael is sitting here, I'm looking at her eyes. And I want -- when the operational expenses are high, it's easy to reduce high percentages. But the next stage will be to reducing those percentages even more towards profitability and that comes in 2 ways: one, increasing revenue without increasing operational expenses because we build an infrastructure, guys, we have a run rate of 50 -- last year, $44 million this year, projected to grow dramatically. So in a run rate of above $50 million, company within operating expenses that I believe will feed the next acquisition. So we'll have a huge saving in operating expenses once we do the next acquisition.

下一張幻燈片談到了提高運營效率。不夠好我的口味。 Yael 坐在這裡，我看著她的眼睛。我想——當運營費用很高時，很容易降低高百分比。但下一階段將進一步降低這些百分比以實現盈利，這有兩種方式：第一，增加收入而不增加運營支出，因為我們建立了基礎設施，伙計們，我們的運行率為 50——去年，44 美元萬，預計今年將大幅增長。因此，在超過 5000 萬美元的運行率下，我相信公司的運營費用將為下一次收購提供資金。因此，一旦我們進行下一次收購，我們將節省大量運營費用。

Next slide, relates to a subject that, again, some of the small shareholders that eyeing the cash and don't care about all your shareholders that are looking for an upside take it as a negative, we see it as a positive. The positive thing is -- here, the positive item here is that we have, theoretically, of course, 12.5 years on the run rate -- cash run rate we have today. Of course, we're not going to continue the cash run rate negative for the next 12.5 years. We're going to be profitable very soon, at least by cash flow, I can tell you that the -- our cash flow improvement from 2022 to 2023 is going to be huge. We're going to be much less in cash burn out.

下一張幻燈片涉及一個主題，再次，一些關注現金而不關心所有尋求上行空間的股東將其視為負面因素，我們認為這是積極因素。積極的事情是——在這裡，這裡的積極項目是，理論上，當然，我們有 12.5 年的運行率——我們今天的現金運行率。當然，我們不會在未來 12.5 年內繼續保持負現金運行率。我們很快就會盈利，至少通過現金流，我可以告訴你——我們從 2022 年到 2023 年的現金流改善將是巨大的。我們的現金消耗將大大減少。

And again, the profitability will follow. It depends on the acquisitions as well. And if you compare ourselves to 3 other companies, it was based on the last year results, I know Markforged, Desktop Metal and Velo very, very well. They don't have 2.3 years. Markforged and Desktop Metal don't have 1 year and Velo maybe have half year. But those guys have less than a year to survive unless they go and raise money. And their share price is lower than us both in numbers and is also lower than us in so much as losing value over the last 1.5 years. So the strength of our business is, we don't need to raise money, and they -- I don't know what they'll do, but you obviously can guess behind the scene. If I tell you I know them, what is happening.

再一次，盈利能力將隨之而來。這也取決於收購。如果你將我們自己與其他 3 家公司進行比較，那是基於去年的結果，我非常非常了解 Markforged、Desktop Metal 和 Velo。他們沒有2.3年。 Markforged 和 Desktop Metal 沒有 1 年，而 Velo 可能有半年。但是那些人只有不到一年的時間可以生存，除非他們去籌集資金。他們的股價在數量上都低於我們，在過去 1.5 年的價值損失方面也低於我們。所以我們業務的優勢在於，我們不需要籌集資金，他們——我不知道他們會做什麼，但你顯然可以在幕後猜到。如果我告訴你我認識他們，這是怎麼回事。

Next slide, we'll speak about our intention to become a market leader. We are the best positioned company to become the market leader. This market is $16 billion going according to industry reports to [$205 billion] in 5, 6 years. So forget 5, 6 years, let's say, $16 billion today, let's say, it's going to $20 billion in a year or 2. And there's no 800-pound gorilla. There's no large company. The largest companies are 2, which is Stratasys and 3D, and they are not too large for a market at $16 billion. They're only $0.5 million, $600 million each, give or take and they're not doing the right things in order to consolidate the market plus they're not capitalized properly.

下一張幻燈片，我們將談論我們成為市場領導者的意圖。我們是成為市場領導者的最佳定位公司。根據行業報告，這個市場將在 5、6 年內達到 160 億美元 [2050 億美元]。所以忘記 5、6 年吧，比方說，今天是 160 億美元，比方說，它會在一年或兩年內達到 200 億美元。而且沒有 800 磅的大猩猩。沒有大公司。最大的公司有 2 家，分別是 Stratasys 和 3D，它們對於 160 億美元的市場來說並不算大。他們只有 50 萬美元，每人 6 億美元，給予或接受，他們沒有做正確的事情來鞏固市場，而且他們沒有正確資本化。

We do, and we are, and we intend to do it based on synergies and based on technologies and based on running a business that is focused on the bottom line, not on the top line. We're not looking to be -- it's $1.5 billion business that's losing $200 million a year. We prefer to be $0.5 billion business that's making $100 million a year. And that's our aim. Our aim is EBITDA or eventually profit per share. And we're going to do it both by growing organically, as you saw, and by acquisition.

我們這樣做，我們正在，我們打算基於協同效應和技術以及基於經營專注於底線而不是頂線的業務來做到這一點。我們不希望成為 - 它是 15 億美元的業務，每年虧損 2 億美元。我們更願意成為年收入 1 億美元的 5 億美元企業。這就是我們的目標。我們的目標是 EBITDA 或最終每股利潤。正如您所看到的，我們將通過有機增長和收購來實現這一目標。

And Stratasys in so much as saying no to the first proposal and now the second proposal since yesterday or so is out. They better hurry because we have 3 others that we're looking at and talking at different stages. And we are not committed to buy services at any price, but we will -- at the price we're offering, we're going to go all the way to get them. And if eventually the shareholders will say, no, of course, shareholders are shareholders. We'll probably in parallel, you will hear other news about acquisitions.

Stratasys 甚至對第一個提案說不，現在第二個提案從昨天左右開始就已經過時了。他們最好快點，因為我們還有其他 3 個人在不同階段正在研究和討論。我們不承諾以任何價格購買服務，但我們會——以我們提供的價格，我們將竭盡全力獲得它們。如果最終股東會說，不，當然，股東就是股東。我們可能會同時聽到有關收購的其他消息。

So that was my presentation or kind of points I want to speak about. I took my 10, 15 minutes of your time, and I'll be happy to answer your questions.

這就是我的演講或我想談的一些要點。我佔用了您 10、15 分鐘的時間，我很樂意回答您的問題。

(Operator Instructions) The first question comes from Anne Margaret Crow, Edison Group.

（操作員說明）第一個問題來自愛迪生集團的 Anne Margaret Crow。

I've got 3. The first is, could you please restate your target gross margin? Then the second one is, can you provide a little bit more detail on what you're doing with respect to merging the technologies you acquire? You mentioned Fabrica in that context. So it would be really helpful to hear a bit more about that.

我有 3 個。第一個是，你能重申一下你的目標毛利率嗎？那麼第二個問題是，你能否提供更多關於你在合併你獲得的技術方面所做的事情的細節？你在那個上下文中提到了 Fabrica。因此，多了解一點這方面的信息真的很有幫助。

And then the third question was about the impairment. And my question is, is this purely to bring down the value of the balance sheet. So it's closer to the market cap. Does it -- have you looked at the underlying cash generative nature of the businesses that you've acquired to get to that reduction? Or is it simply to get the balance sheet in the right kind of...

然後第三個問題是關於減值的。我的問題是，這是否純粹是為了降低資產負債表的價值。所以它更接近市值。是嗎 - 你有沒有研究過你為實現這種減少而收購的企業的潛在現金生成性質？或者僅僅是為了讓資產負債表處於正確的狀態……

That's great -- excellent 3 questions. Thank you very much. I'll start with the first 2. And if I'll be able to hold myself, I'll let Yael answer the third one. Target gross margin. Our target gross margin for new machines in Additive Manufacturing and Additive Manufacturing Electronics is above 60%. When it's totally new, it should be 65%, 68% when it's a little bit older, it will tend to slide down to 60%. Our target for systems and electronics that go into the machine and we sell them as subsystems is about 55% to 60%, and our target gross margin for additive electronics is 40%, give or take because this is a more mature market.

太好了——非常好的 3 個問題。非常感謝。我將從前 2 個開始。如果我能堅持下去，我會讓 Yael 回答第三個。目標毛利率。我們在增材製造和增材製造電子領域的新機器目標毛利率超過 60%。全新的時候應該是65%，老一點的時候是68%，有下滑到60%的傾向。我們對進入機器的系統和電子產品的目標，我們將它們作為子系統出售，約為 55% 至 60%，我們對附加電子產品的目標毛利率為 40%，因為這是一個更成熟的市場。

And while we're using a lot of (inaudible), the robotics -- the competition is a bit stronger in that area and therefore it's for. So the combination, as we expect the AM, AME to grow faster and to take more portion of our revenue, the combined gross margin will tilt above the 40% into the 60% depends on the combination of the product sales -- product line sales and revenue.

雖然我們使用了很多（聽不清），但機器人技術——該領域的競爭更加激烈，因此是為了。因此，正如我們預期 AM、AME 增長更快並占我們收入的更多部分一樣，合併後的毛利率將超過 40% 至 60%，具體取決於產品銷售的組合——產品線銷售和收入。

Second question, emerging technologies, that's a very, very interesting question. Let me start. We acquired the -- you saw the technologies we acquired. We acquired a company called Global Ink Systems, for instance, which has the software and hardware, they're managing the injections and the -- sorry, the ink injection has extremely important technology. We started by already using those technologies because they were suppliers to our machines. Now we're integrating their technologies into our other machines that were acquired, for instance, in Netherlands, the additive manufacturing machines, so we are integrating those technologies and the software.

第二個問題，新興技術，這是一個非常非常有趣的問題。讓我開始吧。我們獲得了——你看到了我們獲得的技術。例如，我們收購了一家名為 Global Ink Systems 的公司，該公司擁有軟件和硬件，他們正在管理注射，而且 - 抱歉，墨水注射具有極其重要的技術。我們已經開始使用這些技術，因為它們是我們機器的供應商。現在，我們正在將他們的技術集成到我們在荷蘭收購的其他機器中，例如增材製造機器，因此我們正在集成這些技術和軟件。

Secondly, we're integrating our software and artificial intelligence, deep learning with the Atlas software package that is made and developed by GIS to make it a software -- combined software, both for user experience and designers and software that operates the printing heads together and there's a connection between the two. So we're combining it across the world in all the company departments.

其次，我們正在將我們的軟件和人工智能、深度學習與 GIS 製作和開發的 Atlas 軟件包相結合，使其成為一個軟件——組合軟件，既供用戶體驗，也供設計人員使用，與操作打印頭的軟件一起使用兩者之間存在聯繫。因此，我們在全球所有公司部門將其結合起來。

Another example, we have a company called -- used to call Fabrica (inaudible) name of a product line that's using DLP technology, direct light processing or the direct light projections better. We acquired another company in Netherlands called Admatec, which is also have DLP technology. The Fabrica machines are using DLP technologies for very, very high accuracy, polymer specialty polymer products. The Fabrica machines in Netherlands are using DLP similar technology for very high-precision ceramic and metal products.

另一個例子，我們有一家名為 - 用於調用使用 DLP 技術、直接光處理或更好的直接光投影的產品線的 Fabrica（聽不清）名稱。我們在荷蘭收購了另一家名為 Admatec 的公司，該公司也擁有 DLP 技術。 Fabrica 機器使用 DLP 技術生產非常非常高精度的聚合物特種聚合物產品。荷蘭的 Fabrica 機器正在使用 DLP 類似技術來生產非常高精度的陶瓷和金屬產品。

Now we are combining the 2 technologies which are using different factors and different form factors and different sub technologies, and we are applying certain technologies from Fabrica in the ceramic machines and the metal machines coming out of our Netherlands facilities and vice versa. Well, we are actually always merging the 2 R&D teams because the technologies are very similar and complementing each other.

現在我們正在結合這兩種使用不同因素、不同形狀因素和不同子技術的技術，我們正在將 Fabrica 的某些技術應用到我們荷蘭工廠生產的陶瓷機器和金屬機器中，反之亦然。好吧，我們實際上一直在合併 2 個研發團隊，因為技術非常相似並且相互補充。

Another example, of course, is the technology we purchased 2.5 years ago in a deep learning. The deep learning is going into almost all our machines in order to improve the performance of the machine in as much as throughput and yield. Now we are speaking about even using it for predictive maintenance, the artificial intelligence and you can take it across the board in both additive manufacturing, additive electronics and additive manufacturing electronics, the deep learning, deep cube technology is now going into each one of the product lines. Last but not least, the impairment?

另一個例子，當然是我們2.5年前買的一個深度學習的技術。深度學習正在進入我們幾乎所有的機器，以便在吞吐量和產量方面提高機器的性能。現在我們正在談論甚至將它用於預測性維護，人工智能，你可以在增材製造、增材電子和增材製造電子產品中全面採用它，深度學習、深度立方體技術現在正在進入每一個領域產品線。最後但同樣重要的是，減值？

So regarding the impairment, because as of the end of the year, our market cap compared to our book value of the assets less the liabilities. There was a difference there, obviously, because our market cap was lower. And because we have intangibles on our book, we needed to check for impairment for the intangibles. So we did the impairment test is not based on a specific value of any acquisition that we did. It is placed on the total company as a combined.

所以關於減值，因為截至今年年底，我們的市值與資產減去負債的賬面價值相比。顯然，那裡有所不同，因為我們的市值較低。因為我們的賬簿上有無形資產，所以我們需要檢查無形資產的減值情況。所以我們所做的減值測試並不是基於我們所做的任何收購的特定價值。它作為一個組合放置在整個公司中。

And because of this difference, basically, we had no choice but to do the impairment. So we wrote down approximately $40 million, some intangibles and also some fixed assets. So it's important to note that it's not related to any specific acquisitions or it's not any indication that the goodwill or technology from any specific acquisition is not good, quite the opposite. It's a very technically accounting issue. I hope it answers your question, Anne.

由於這種差異，基本上，我們別無選擇，只能進行減值。所以我們減記了大約 4000 萬美元、一些無形資產和一些固定資產。因此，需要注意的是，這與任何特定收購無關，也不代表任何特定收購的商譽或技術不好，恰恰相反。這是一個非常技術性的會計問題。我希望它能回答你的問題，安妮。

Nick, next question please.

尼克，請問下一個問題。

(Operator Instructions) Next question will be from Eric Marcus, private investor.

（操作員說明）下一個問題將來自私人投資者 Eric Marcus。

Thank you very much. Can you hear me?

非常感謝。你能聽到我嗎？

Yes, please.

是的，請。

Okay. First, Mr. Stern, thank you very much for taking our questions and thank you for your presentation. In your recent videos and communications, you have said that you believe that the direction that you're taking the company represents the majority of shareholders. As a shareholder who respectfully disagrees with that assessment, I'm asking, why will you not call a shareholders' meeting and put your chairmanship through a vote of confidence, letting those of us who own the company weigh in?

好的。首先，斯特恩先生，非常感謝您接受我們的提問並感謝您的介紹。在您最近的視頻和通訊中，您曾表示您相信公司的發展方向代表了大多數股東。作為一個恭敬地不同意這種評估的股東，我要問，你為什麼不召開股東大會，通過對你的主席一職進行信任投票，讓我們這些擁有公司的人參與進來？

First of all, I didn't say that I believe I represent the majority of the shareholders. I only said that I propose to the shareholders what I think is the right direction. Secondly, in the next shareholders' meeting, the shareholders can make a decision and vote me down, and I will leave the Board or leave the company or whatever the shareholders. I work for the shareholders. So no problem, I agree with you.

首先，我沒有說我相信我代表了大多數股東。我只是說，我向股東提出我認為正確的方向。其次，在下一次股東大會上，股東們可以做出決定，投票否決我，我將離開董事會或離開公司或任何股東。我為股東工作。所以沒問題，我同意你的看法。

When will that shareholders meeting be held to have that vote?

什麼時候召開股東大會進行投票？

As we usually have a shareholders meeting after we published the [F '20] -- we have annual shareholders a couple of months later once we finish preparing all the paperwork. So I don't expect more than a couple of months for now. As we look at the time we did it last year, we'll do it this year again and you'll be more than welcome to vote me out. And if most of you will, then I'll step down. It's not a problem at all.

由於我們通常在發布 [F '20] 後召開股東大會——幾個月後，一旦我們準備好所有文書工作，我們就會召開年度股東大會。所以我現在預計不會超過幾個月。回顧去年我們這樣做的時間，今年我們將再次這樣做，非常歡迎您將我投票出去。如果你們中的大多數人願意，那麼我將下台。這根本不是問題。

Our next question will be from [Ram Ready], private investor.

我們的下一個問題將來自 [Ram Ready]，私人投資者。

Yes, I have a couple of questions. The first one is, last year, you said you are going to get analyst coverage within next couple of quarters. It's more than a year. I don't see any analyst coverage. Second one is, what was the interest you had in the last quarter, Q4 up to 2022 and how much interest you are expecting for this 2023?

是的，我有幾個問題。第一個是，去年，你說你將在接下來的幾個季度內獲得分析師的報導。一年多了。我沒有看到任何分析師報導。第二個是，你對上個季度的興趣是什麼，到 2022 年第四季度，你對這個 2023 年的興趣是多少？

Sorry, the second question again?

不好意思，又是第二個問題？

What is the interest you got for the quarter 2022 last quarter? I mean you have more than $1 billion sitting on the (inaudible).

您上個季度對 2022 年季度的興趣是多少？我的意思是你坐擁超過 10 億美元（聽不清）。

Okay. I understand. I understand. I understand. First question, I'll answer. And the second question, I'll let Yael answer. You're right. I was speaking to at least one analyst from a small outfit in Midwest that is following other companies in this industry. He promised and said that he is very interested to write a research report about us, which I spoke about, it was exactly, I think it was the third quarter of 2022. And the guy didn't do it. And I don't understand why, and you're right, to my failure. I'm still, of course, doing the same thing.

好的。我明白。我明白。我明白。第一個問題，我來回答。第二個問題，我會讓 Yael 回答。你說得對。我正在與至少一位來自中西部一家小型機構的分析師交談，該機構正在關注該行業的其他公司。他答應並說他非常有興趣寫一份關於我們的研究報告，我說過，正是，我認為那是 2022 年第三季度。而那個人沒有這樣做。我不明白為什麼，你是對的，我的失敗。當然，我仍然在做同樣的事情。

But as much as I'm looking at myself, the fact that we don't have analysts writing about us is disappointing to me, and I am disappointed to myself, but I can tell you one thing that with the 2, 3 acquisitions we are looking at will cause the analyst to start a right report about us. That's for sure. I already spoke with them. And the fact that we are employing 2 banks now, both Green Hill and Lazar is in a roundabout way, and people who work in Wall Street know it because they are going to become part of the upside of closing a deal is going to cause analysts, I hope, and that's the way it works to write reports.

但就我自己而言，我們沒有分析師寫關於我們的事實讓我感到失望，我對自己感到失望，但我可以告訴你一件事，通過 2、3 次收購，我們正在查看將導致分析師開始有關我們的正確報告。這是肯定的。我已經和他們談過了。事實上，我們現在僱用了 2 家銀行，Green Hill 和 Lazar 都是迂迴的方式，在華爾街工作的人都知道這一點，因為他們將成為完成交易的好處的一部分，這將導致分析師，我希望，這就是寫報告的方式。

And in terms of the interest revenue, so in 2022, we had interest revenues of around $18.5 million. Obviously, most of it is towards the second half and very heavily even in the fourth quarter because of the rising interest rates. And in this quarter, the first quarter of 2023, we are at a run rate of more than $11 million a quarter from interest revenue. So assuming the interest will continue to be as much as they are today, you can multiply it by 4 and see where we project our interest revenues will be. And as we have mentioned earlier in the call, it is expected to influence our total cash burn significantly this year.

就利息收入而言，到 2022 年，我們的利息收入約為 1850 萬美元。顯然，由於利率上升，其中大部分是在下半年，甚至在第四季度也是如此。在這個季度，即 2023 年第一季度，我們的利息收入每季度超過 1100 萬美元。因此，假設利息將繼續與今天一樣多，您可以將其乘以 4，看看我們預計利息收入將在哪裡。正如我們早些時候在電話會議中提到的那樣，預計這將顯著影響我們今年的總現金消耗。

This concludes our question-and-answer session. Now I'd like to turn the call back over to management for any closing remarks.

我們的問答環節到此結束。現在，我想將電話轉回管理層，聽取任何結束語。

Okay. I'll say a few more words in case other people want to ask. I want to relate back to the question that the person before the last person asked and he said, and I want to reemphasize my answer to him. He said, Mr. Stern, you claim in your videos that most of the shareholders support your business plan for the company. I never claimed it in the videos. I don't know if most of the shareholders support what I propose to lead the company toward.

好的。我再說幾句以防其他人要問。我想回到最後一個人之前問的那個人說的那個問題，我想再次強調我對他的回答。他說，斯特恩先生，你在視頻中聲稱大多數股東都支持你對公司的商業計劃。我從未在視頻中聲明過它。我不知道大多數股東是否支持我提出的帶領公司走向的目標。

The only thing I know that 90% of the shareholders don't include these 2 entities on the lake of -- on the shore of Lake Ontario, I don't remember exactly the names. So other than those two, 90% of the shareholders don't support their way of wanting to dismantle the company and pay for [as a] share. That's the only thing I said.

我唯一知道的是，90% 的股東不包括在安大略湖岸邊的這兩個實體，我不記得確切的名字了。所以除了這兩個，90% 的股東不支持他們想要解散公司並支付[作為]股份的方式。這是我唯一說的。

The other side of it is I'm trying to convince shareholders in the sense of moving along the businesses we are proceeding with. And I'm totally at the mercy of shareholders. This is a business democracy. I'm voting down. If they vote me out, I have many, many things to do with my life other than working 18 hours a day. The only thing I won't be happy if I will step down is to be able to help you make money. But I'll definitely respect any directive that I will get from shareholders.

另一方面，我正試圖說服股東繼續推進我們正在進行的業務。我完全受股東的擺佈。這是商業民主。我投反對票。如果他們把我拒之門外，除了每天工作 18 小時之外，我的生活還有很多很多事情要做。唯一不高興的就是我下台後能幫你賺錢。但我絕對會尊重股東給我的任何指示。

So that was just to reemphasize this point and to gain some time to let you guys maybe have more questions, but I see that you don't. So as we always do, by now, I'm much more involved with the shareholders, they're writing me and I'm writing back, and it's actually a pleasure. So -- and it's a pleasure to speak with you today, and I thank you very much for the opportunity.

所以那隻是為了再次強調這一點，並爭取一些時間讓你們可能有更多問題，但我看到你們沒有。因此，就像我們一直做的那樣，到現在為止，我更多地參與了股東的活動，他們給我寫信，我也回信，這實際上是一種樂趣。所以 - 很高興今天與您交談，我非常感謝您給我這個機會。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。

Thank you.

謝謝。