Proto Labs Inc (PRLB) 2024 Q2 法說會逐字稿

Greetings.

問候。

Welcome to Proto Labs Second Quarter 2024 Earnings Call.

歡迎參加 Proto Labs 2024 年第二季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

At this time, I'll now turn the conference over to Jason Frankman, Vice President and Corporate Controller.

現在，我將把會議交給副總裁兼公司財務總監 Jason Frankman。

Jason, you may now begin your presentation.

傑森，你現在可以開始你的演講了。

Thank you, and welcome, everyone, to Proto Labs' Second Quarter 2024 Earnings Conference Call.

謝謝並歡迎大家參加 Proto Labs 的 2024 年第二季財報電話會議。

I'm joined today by Rob Bodor, President and Chief Executive Officer; and Dan Schumacher, Chief Financial Officer.

今天，總裁兼執行長 Rob Bodor 也加入了我的行列。和財務長丹·舒馬赫。

This morning, Proto Labs issued a press release announcing its financial results for the second quarter ended June 30, 2024.

今天上午，Proto Labs 發布新聞稿，公佈了截至 2024 年 6 月 30 日的第二季財務業績。

The release is available on the company's website.

該新聞稿可在該公司網站上取得。

In addition, a prepared slide presentation is available online at the web address provided in our press release.

此外，還可以透過我們新聞稿中提供的網址線上取得準備好的幻燈片簡報。

Our discussion today will include statements relating to future performance and expectations that are or may be considered forward-looking statements and subject to many risks and uncertainties that could cause actual results to differ materially from expectations.

我們今天的討論將包括與未來績效和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述，並受到許多風險和不確定性的影響，可能導致實際結果與預期有重大差異。

Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K, for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today.

請參閱我們的收益新聞稿和最近向 SEC 提交的文件，包括我們的 10-K 表格年度報告，以了解可能導致實際結果與今天所做的任何前瞻性聲明產生重大不利差異的某些風險的資訊。

The results and guidance we will discuss include non-GAAP financial measures consistent with our past practice.

我們將討論的結果和指導包括與我們過去的做法一致的非公認會計準則財務指標。

Please refer to our press release and the accompanying slide presentation at the Investor Relations section of our company website for a complete reconciliation of GAAP to non-GAAP results.

請參閱我們公司網站投資者關係部分的新聞稿和隨附的幻燈片演示，以了解 GAAP 與非 GAAP 業績的完整對照。

Now I'll turn the call over to Rob Bodor.

現在我將把電話轉給 Rob Bodor。

Rob?

搶？

Thanks, Jason.

謝謝，傑森。

Good morning, everyone, and thank you for joining our second quarter earnings call.

大家早安，感謝您參加我們的第二季財報電話會議。

Despite operating in a challenging macro environment, on a year-over-year basis, Proto Labs' first half 2024 revenue grew 2% and non-GAAP earnings per share grew 25%.

儘管宏觀環境充滿挑戰，但 Proto Labs 2024 年上半年營收年增 2%，非 GAAP 每股收益成長 25%。

In an environment in which manufacturing activity has contracted in the US and Europe, we continue to take share and improve our industry-leading profitability.

在美國和歐洲製造業活動萎縮的環境下，我們繼續搶佔市場份額並提高領先業界的獲利能力。

We've improved the efficiency of our AI-enabled pricing algorithms, increased the automation in our digital factories, and managed our costs with volume.

我們提高了人工智慧定價演算法的效率，提高了數位工廠的自動化程度，並按數量管理了成本。

No business is immune from the manufacturing headwinds currently at play in the market, but our resilient model has produced growth and improved profitability.

沒有一家企業能夠免受當前市場上製造業逆風的影響，但我們的彈性模式帶來了成長並提高了獲利能力。

In the second quarter of 2024, we made good progress against our two strategic initiatives, increasing the number of customers using our comprehensive offer, and driving higher revenue per customer through larger orders.

2024 年第二季度，我們的兩項策略措施取得了良好進展，即增加使用我們綜合產品的客戶數量，並透過更大的訂單提高每位客戶的收入。

Our customers continue to recognize, adopt, and benefit from our comprehensive offer fulfilled through both factory and network.

我們的客戶不斷認可、採用我們透過工廠和網路提供的全面產品並從中受益。

As we previously discussed, our comprehensive offer enables customers to use Proto Labs as a single-source manufacturer throughout the product life cycle from prototype to production to end of life.

正如我們之前所討論的，我們的全面產品使客戶能夠在從原型到生產到生命週期結束的整個產品生命週期中將 Proto Labs 作為單一來源製造商。

We are still in the early stages of customers fully utilizing our combined offer, which presents an incredible long-term growth opportunity, and we're focused on driving adoption.

我們仍處於客戶充分利用我們的組合產品的早期階段，這提供了令人難以置信的長期成長機會，我們致力於推動採用。

In fact, in the last 12 months, the number of customers using the combined offer is up over 50% year-over-year.

事實上，在過去 12 個月中，使用合併優惠的客戶數量年增了 50% 以上。

We're also focused on driving higher revenue per customer through larger orders across services.

我們也致力於透過跨服務的更大訂單來提高每位客戶的收入。

While large one-time orders decreased slightly compared to the first quarter, second quarter revenue per customer contact increased 7% year-over-year.

儘管與第一季相比，一次性大訂單略有下降，但第二季每次客戶聯繫帶來的營收年增了 7%。

There will be fluctuations in larger order quantities quarter-to-quarter as we continue to shift towards more production work, but we strive to increase revenue per customer contact over the long term, and I'm pleased with this result.

隨著我們繼續轉向更多的生產工作，較大的訂單量將會出現季度間的波動，但從長遠來看，我們努力增加每次客戶聯繫的收入，我對此結果感到滿意。

Let me now share an example of the value we bring to customers with our unique capabilities.

現在讓我分享一個例子，說明我們透過獨特的能力為客戶帶來的價值。

Medical device company called SolmeteX was working to launch a new water treatment product for dental offices.

名為 SolmeteX 的醫療器材公司正致力於為牙科診所推出一款新的水處理產品。

Time to market was critical for this product, and it was also important that the learnings captured in the prototype phase were transferred to the production of these critical components.

上市時間對於該產品至關重要，而且將原型階段獲得的經驗轉移到這些關鍵組件的生產中也很重要。

SolmeteX was looking for one supplier to partner with on prototyping through production.

SolmeteX 正在尋找一家供應商進行合作，從原型設計到生產。

With our combined factory and network fulfillment model, Proto Labs was the perfect fit.

Proto Labs 是我們工廠和網路結合的履行模式的完美選擇。

We manufacture prototypes through both 3D printing and injection molding in our digital factories, enabling SolmeteX' innovation through our world-class lead times.

我們在數位工廠中透過 3D 列印和注塑成型製造原型，從而透過世界一流的交貨時間實現 SolmeteX 的創新。

We then fulfill injection molding production quantities via the network.

然後，我們透過網路完成註塑生產數量。

So prototyping in the factory, production through the network.

所以在工廠進行原型製作，透過網路進行生產。

SolmeteX is fully utilizing Proto Labs' combined offer to add value to their customers and their own business, which aligns with our first strategic initiative.

SolmeteX 充分利用 Proto Labs 的綜合產品為客戶和自己的業務增加價值，這與我們的第一個策略計劃一致。

As for our second strategic initiative, our relationship with SolmeteX has also increased our revenue per customer contact because of the production work.

至於我們的第二個策略性舉措，由於生產工作，我們與 SolmeteX 的關係也增加了我們每次客戶聯繫的收入。

So this is really a wonderful example of how our combined factory and network offer enables the customer to gain value by using Proto Labs as a single-source manufacturer throughout the product life cycle.

因此，這確實是一個很好的例子，說明我們的工廠和網路相結合的產品如何使客戶透過在整個產品生命週期中使用 Proto Labs 作為單一來源製造商來獲得價值。

While we are seeing a growing number of customers use Proto Labs for both prototyping and production, there are still many cases in which customers order prototypes from Proto Labs and eventually go elsewhere to procure their production volumes.

雖然我們看到越來越多的客戶使用 Proto Labs 進行原型設計和生產，但仍有許多客戶從 Proto Labs 訂購原型並最終去其他地方購買其生產量。

Capturing additional production work from existing prototype customers is a massive growth opportunity for Proto Labs.

從現有原型客戶那裡獲得額外的生產工作對於 Proto Labs 來說是一個巨大的成長機會。

However, we're currently operating in an environment that is challenging and customers have been impacted by macro factors, including higher interest rates, reduced demand for manufactured goods, broad-based cost-cutting efforts, and moderating capital expenditures.

然而，我們目前所處的營運環境充滿挑戰，客戶受到宏觀因素的影響，包括利率上升、製成品需求減少、廣泛的成本削減措施以及資本支出的放緩。

As I mentioned earlier, we grew in the first half of 2024, while US and Europe manufacturing activity contracted.

正如我之前提到的，我們在 2024 年上半年實現了成長，而美國和歐洲的製造業活動則出現萎縮。

In fact, manufacturing indices have indicated contraction consistently for the last two years in the US and the Eurozone.

事實上，過去兩年美國和歐元區的製造業指數持續萎縮。

In the US, we have seen continued slowing growth in orders for core capital goods, industrial machinery, and other durable goods since the post-COVID surge in 2021.

在美國，自 2021 年新冠疫情後激增以來，我們看到核心資本貨物、工業機械和其他耐久財訂單成長持續放緩。

And just yesterday, we learned that the US manufacturing PMI in July was at eight-month low as manufacturing activity enters deeper into contraction.

就在昨天，我們得知美國7月製造業PMI處於八個月低點，製造業活動進一步陷入萎縮。

Despite these persistent challenges, we continue to focus on what we can control and are taking action in order to accelerate our growth.

儘管面臨這些持續存在的挑戰，我們仍繼續專注於我們可以控制的事情，並採取行動加速我們的成長。

While we showed growth in the first half of the year amidst the constrained broader manufacturing environment, I am not satisfied and believe Proto Labs can grow much faster, faster than we have in the past few years, in fact.

雖然我們在今年上半年在更廣泛的製造環境受到限制的情況下實現了增長，但我並不滿意，並且相信 Proto Labs 事實上可以比我們過去幾年的增長速度更快。

We operate in a large addressable market and Proto Labs' capabilities are unique.

我們在一個巨大的潛在市場中運營，Proto Labs 的能力是獨一無二的。

So in order to unlock accelerated growth, we're making changes to our internal structure.

因此，為了實現加速成長，我們正在改變內部結構。

I'd like to take a few minutes to walk you through these changes that we believe will better position the business for improved financial performance in the long term.

我想花幾分鐘時間向您介紹這些變化，我們相信這些變化將使企業更好地定位，從而改善長期的財務表現。

Going forward, we are separating revenue generation from the operational and fulfillment work.

展望未來，我們將把創收與營運和履行工作分開。

Our regional organizations will now be entirely focused on revenue and ensuring the best possible customer engagement and experience, and we will have a global operations organization with the sole responsibility of seamlessly fulfilling customer part orders as a single unified offering encompassing both factory and network.

我們的區域組織現在將完全專注於收入並確保盡可能最佳的客戶參與和體驗，我們將擁有一個全球營運組織，全權負責無縫履行客戶零件訂單，作為涵蓋工廠和網路的單一統一產品。

This change enables the regional revenue teams to focus on executing our strategy of serving more customer needs across the product life cycle and accelerating revenue growth.

這項變更使區域收入團隊能夠專注於執行我們的策略，在整個產品生命週期中滿足更多客戶需求並加速收入成長。

The new org structure also ensures complete integration between factory and network.

新的組織結構還確保工廠和網路之間的完全整合。

The global operations organization will also allow us to more efficiently serve customers' production needs.

全球營運組織也將使我們能夠更有效地滿足客戶的生產需求。

So I'm excited about this change.

所以我對這項改變感到興奮。

But as a result of the reorganization, we've eliminated the regional general manager roles, impacting two of our executive team members.

但由於重組，我們取消了區域總經理的職位，影響了我們的兩位執行團隊成員。

Mike Kennison, former GM of the Americas, has transitioned to a newly created position as Head of the Global Operations organization.

前美洲總經理 Mike Kennison 已調任新設立的全球營運組織負責人職位。

In this role, Mike is now responsible for our global manufacturing strategy focused on world-class global fulfillment through both factory and network.

在此職位上，麥克現在負責我們的全球製造策略，重點是透過工廠和網路實現世界一流的全球履行。

Mike has nearly 30 years of manufacturing operations leadership experience and led operations for Proto Labs in the Americas from 2006 until being named the GM of the Americas in 2021.

Mike 擁有近 30 年的製造營運領導經驗，從 2006 年起領導美洲 Proto Labs 的運營，直至 2021 年被任命為美洲區總經理。

So Mike brings a wealth of experience and operational leadership, and I am confident that he is the right person to lead the new operations organization.

因此，麥克帶來了豐富的經驗和營運領導力，我相信他是領導新營運組織的合適人選。

As noted in our SEC filing on July 24, Bjoern Klaas is no longer GM of our EMEA region.

正如我們在 7 月 24 日向 SEC 提交的文件中指出的，Bjoern Klaas 不再擔任我們 EMEA 地區的總經理。

Bjoern led our European business for almost seven years, and we are very thankful for his contributions.

Bjoern 領導我們的歐洲業務近七年，我們非常感謝他的貢獻。

I am personally thankful for Bjoern's leadership over that period, and I truly wish him the best in his future endeavors.

我個人感謝比約恩在那段時期的領導，並真誠地祝福他在未來的努力中一切順利。

But I'm very excited about the potential growth that our new regional revenue organizations will drive.

但我對我們新的區域收入組織將推動的潛在成長感到非常興奮。

Going forward, the Americas' revenue organization will be led by Sean Farrell, our current VP of Sales in the Americas.

展望未來，美洲的收入組織將由我們現任美洲銷售副總裁 Sean Farrell 領導。

Sean joined Proto Labs in 2023 and has extensive leadership experience in B2B sales.

Sean 於 2023 年加入 Proto Labs，在 B2B 銷售方面擁有豐富的領導經驗。

The Europe revenue org will be led by Pjotr Horowitz, currently, Managing Director of Proto Labs Network, which he joined in 2022.

歐洲收入組織將由 Pjotr​​ Horowitz 領導，他於 2022 年加入 Proto Labs Network，現任董事總經理。

Proto Labs Network has performed very well under Pjotr's leadership.

Proto Labs Network 在 Pjotr​​ 的領導下表現非常出色。

And in his new role, he will draw on prior successes in several B2B sales leadership roles.

在他的新職位上，他將借鑒之前在多個 B2B 銷售領導職位上取得的成功經驗。

The leadership of Sean and Pjotr, two experienced sales leaders with strong track records of driving growth, is a key reason for my optimism that this reorganization will enable our sales teams to accelerate our revenue.

Sean 和 Pjotr​​ 是兩位經驗豐富的銷售領導者，在推動成長方面擁有良好的記錄，他們的領導是我樂觀地認為這次重組將使我們的銷售團隊能夠加速我們的收入的關鍵原因。

We believe our strategy will continue to drive strong top- and bottom-line results, and we've aligned our org to support that strategy, accelerate our next phase of growth, and improve efficiency, while diligently managing our costs.

我們相信，我們的策略將繼續推動強勁的營收和利潤業績，我們已經調整了我們的組織來支持該策略，加速下一階段的成長，提高效率，同時努力管理我們的成本。

I am confident these changes will enable us to serve customers from prototyping to production and accelerate customer adoption of our comprehensive offerings.

我相信這些變化將使我們能夠為客戶提供從原型設計到生產的服務，並加速客戶採用我們全面的產品。

These changes make me even more excited about the future of Proto Labs.

這些改變讓我對 Proto Labs 的未來更加興奮。

Proto Labs delivered year-over-year growth and strong profitability and cash flow in the first half of 2024, despite a challenging operating environment.

儘管營運環境充滿挑戰，Proto Labs 在 2024 年上半年實現了同比增長以及強勁的盈利能力和現金流。

As we move into the back half of the year, our priorities remain intact, and we believe our unique combined offer, industry-leading brand, and reputation for reliability and quality will continue to provide advantages in a very dynamic marketplace.

隨著下半年的到來，我們的優先事項保持不變，我們相信我們獨特的組合產品、行業領先的品牌以及可靠性和品質的聲譽將繼續在充滿活力的市場中提供優勢。

I am incredibly proud of our team's deep commitment to serving our customers and executing on our strategy.

我對我們的團隊致力於服務客戶和執行我們的策略感到無比自豪。

Thank you to all Proto Labs' employees.

感謝 Proto Labs 的所有員工。

I'll now hand it over to Dan to cover our financials in detail as well as our outlook for the third quarter.

現在我將把它交給丹，詳細介紹我們的財務狀況以及第三季的前景。

Dan?

擔？

Thanks, Rob, and good morning, everyone.

謝謝羅布，大家早安。

Our financial results begin on page 7 of the slide presentation.

我們的財務表現從幻燈片簡報的第 7 頁開始。

Second quarter revenue of $125.6 million, grew 2.8% year-over-year in constant currencies.

第二季營收為 1.256 億美元，以固定匯率計算年增 2.8%。

Proto Labs' network revenue was $24.7 million in the quarter, up 22.7% in constant currencies.

Proto Labs 本季的網路營收為 2,470 萬美元，以固定匯率計算成長 22.7%。

Turning to revenue growth by service and constant currencies outlined on slide 9.

轉向投影片 9 中概述的按服務和固定貨幣劃分的收入成長。

Second quarter injection molding revenue was flat year-over-year.

第二季注塑營收較去年同期持平。

Injection molding orders from larger project customers continued to grow, while smaller prototype orders declined.

較大專案客戶的注塑訂單持續成長，而較小的原型訂單則下降。

CNC machining grew 6% year-over-year, driven by continued strong growth through Proto Labs network.

在 Proto Labs 網路持續強勁成長的推動下，CNC加工年增 6%。

Second quarter 3D printing revenue grew 1% year-over-year.

第二季3D列印營收年增1%。

Sheet metal revenue was flat year-over-year and up 10% compared to the first quarter.

鈑金營收年增 10%。

Turning to slide 10.

轉到投影片 10。

Second quarter non-GAAP gross margin increased 10 basis points sequentially to 45.7%.

第二季非 GAAP 毛利率較上季成長 10 個基點至 45.7%。

Proto Labs' network non-GAAP gross margin was 32.8%, up from 31.7% in the first quarter, while factory non-GAAP gross margin was unchanged sequentially.

Proto Labs 的網路非 GAAP 毛利率為 32.8%，高於第一季的 31.7%，而工廠非 GAAP 毛利率與上一季持平。

Non-GAAP operating expenses were flat compared to the first quarter of 2024, as a decrease in employee-related expenses was offset by an increase in various discretionary costs.

與 2024 年第一季相比，非 GAAP 營運費用持平，因為員工相關費用的減少被各種可自由支配成本的增加所抵消。

As a result, second quarter non-GAAP diluted net income per share was $0.38 at the top end of our expectations and down $0.02 compared to the first quarter of 2024.

因此，第二季非 GAAP 攤薄後每股淨利為 0.38 美元，達到我們預期的上限，比 2024 年第一季下降 0.02 美元。

The sequential decline was due to lower volume, partially offset by a slight improvement in gross margin.

環比下降是由於銷量下降，但毛利率略有改善部分抵消了這一影響。

As Rob mentioned earlier, our first half 2024 adjusted EPS increased 25% over the first half of 2023.

正如 Rob 先前提到的，我們 2024 年上半年調整後每股盈餘比 2023 年上半年成長了 25%。

Our industry-leading profitability continues to improve year-over-year, driven by increases in both factory and network gross margins.

在工廠和網路毛利率成長的推動下，我們業界領先的獲利能力持續逐年提高。

Total Proto Labs non-GAAP gross margin in the first half of 2024 was 45.6%, up 190 basis points year-over-year.

Proto Labs 2024 年上半年的非 GAAP 總毛利率為 45.6%，較去年同期成長 190 個基點。

Transitioning to cash flow and balance sheet highlights on slide 11.

投影片 11 中重點介紹了現金流量和資產負債表的過渡。

Cash flow from operations was $14.4 million.

營運現金流為 1,440 萬美元。

Our business model generates best-in-class cash flows, allowing us to invest in growth and return capital to shareholders.

我們的商業模式產生一流的現金流，使我們能夠投資於成長並向股東返還資本。

We repurchased $10.9 million of common shares in the quarter.

我們在本季回購了 1,090 萬美元的普通股。

On June 30, 2024, we had $112.9 million of cash and investments and zero debt.

截至 2024 年 6 月 30 日，我們擁有 1.129 億美元的現金和投資，債務為零。

Our outlook for the third quarter of 2024 is outlined on slide 13.

幻燈片 13 概述了我們對 2024 年第三季的展望。

This outlook reflects a more pronounced challenging operating environment than we have experienced in previous quarters and manufacturing contraction across the geographies that we operate.

這一前景反映了我們所經歷的比前幾季更加嚴峻的經營環境以及我們經營地區的製造業收縮。

Customer ordering patterns softened in June, and that has continued in July.

6 月客戶訂購模式減弱，7 月這種情況仍在持續。

We expect to generate revenue between $117 million and $125 million.

我們預計將產生 1.17 億至 1.25 億美元的收入。

Order rates in early July were low due to the US holiday.

由於美國假期，7 月初的訂單率較低。

Historically, we have seen an acceleration in daily rates as the third quarter progresses.

從歷史上看，隨著第三季的進展，我們看到每日費率加速。

Accordingly, the guidance reflects a pickup in August and September.

因此，該指導反映了 8 月和 9 月的回升。

We expect foreign currency to have a $200,000 favorable impact on revenue compared to the third quarter of 2023.

與 2023 年第三季相比，我們預計外幣將對營收產生 20 萬美元的有利影響。

Moving to earnings guidance.

轉向盈利指引。

We expect to incur $500,000 of onetime costs associated with the reorganization that Rob mentioned earlier.

我們預計將承擔與 Rob 之前提到的重組相關的 50 萬美元一次性成本。

We anticipate non-GAAP add-backs in the third quarter to include stock-based compensation expense of $4.4 million and amortization expense of $900,000.

我們預計第三季的非 GAAP 追加費用將包括 440 萬美元的股票薪資費用和 90 萬美元的攤提費用。

We currently estimate a non-GAAP effective tax rate between 22% and 23%.

我們目前估計非 GAAP 有效稅率在 22% 至 23% 之間。

In summary, we expect third quarter non-GAAP EPS between $0.29 and $0.37.

總而言之，我們預計第三季非 GAAP 每股盈餘將在 0.29 美元至 0.37 美元之間。

To reiterate, Rob mentioned earlier that we are not satisfied with our recent performance and believe Proto Labs can grow much faster.

重申一下，Rob 之前提到，我們對最近的表現並不滿意，並相信 Proto Labs 可以發展得更快。

As a result, we are taking action.

因此，我們正在採取行動。

The organizational changes Rob described represent a new structure to support our strategy and accelerate our revenue growth in the long term.

羅布所描述的組織變革代表了一種新的結構，可以支持我們的策略並加速我們的長期收入成長。

Regional revenue teams will be better positioned to focus on the customer and serve them throughout the product life cycle.

區域收入團隊將能夠更好地專注於客戶並在整個產品生命週期中為他們提供服務。

The global operations organization will focus on driving efficiencies and fulfillment as a single unified offering via factory and network.

全球營運組織將專注於透過工廠和網路作為單一統一產品來提高效率和實現。

We believe this new structure will improve the customer experience and accelerate growth.

我們相信這種新結構將改善客戶體驗並加速成長。

We are focused on efficiencies across Proto Labs not just through fulfillment.

我們專注於 Proto Labs 的效率，而不僅僅是透過實現。

As such, we will continue to be prudent with our expense management and maintain best-in-class profitability.

因此，我們將繼續審慎地進行費用管理，並保持一流的獲利能力。

Earnings are a key differentiator for Proto Labs, and we will continue to drive that and preserve our advantage.

獲利是 Proto Labs 的關鍵差異化因素，我們將繼續推動這一目標並保持我們的優勢。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Brian Drab, William Blair.

（操作員說明）Brian Drab、William Blair。

I guess I just was hoping we could start with the reorg, and I'm not sure I caught all of it the first time through.

我想我只是希望我們能夠從重組開始，而且我不確定我第一次就抓住了所有這些。

So I was wondering, Rob, if you could just elaborate on what you're doing and what the impetus is for it and how it accelerates growth?

所以我想知道，羅布，你能否詳細說明你正在做什麼、它的動力是什麼以及它如何加速成長？

And then like a follow-up also is, it sounds like the team is slightly smaller now, and kind of what is the potential impact in the medium term on margins or cost takeout?

然後，就像後續行動一樣，聽起來團隊現在稍微小一些，中期對利潤或成本支出的潛在影響是什麼？

Yes, sure.

是的，當然。

Thanks for the question, Brian.

謝謝你的提問，布萊恩。

So the purpose of the reorganization is to really focus us around serving our customer even better than we have been and more holistically, and it does that in several ways.

因此，重組的目的是讓我們真正專注於為客戶提供比以往更好、更全面的服務，它透過多種方式做到了這一點。

So one, we're moving from regionally organized, where all our P&Ls were regional in the US and in Europe, and we had general managers, right, who were overseeing that.

因此，我們正在從區域組織轉向，我們所有的損益表都是美國和歐洲的區域性組織，我們有總經理，對吧，他們負責監督這一點。

And that came from our old model of really fulfilling in the regions where we were going to market from the factory business.

這來自我們的舊模式，即在我們要從工廠業務行銷的地區真正實現目標。

We're now moving to a global operations organization, right, where whether it's factory or network, we've got one unified organization, whose job it is to bring our broad comprehensive offer to every customer in a unified way, so that we can really ensure that we're giving our customers the best experience and full exposure to our full capabilities from an operations standpoint and that we can then find opportunities to drive productivity in that.

我們現在正在轉向一個全球營運組織，對吧，無論是工廠還是網絡，我們都有一個統一的組織，其工作就是以統一的方式為每位客戶提供我們廣泛的綜合服務，以便我們能夠真正確保我們從營運的角度為客戶提供最佳體驗並充分發揮我們的全部能力，然後我們才能找到提高生產力的機會。

From a go-to-market standpoint, now we've got revenue on customer-facing teams in each region, focusing on driving customer demand in a unified way with -- they'll be having single unified incentive plans and really just focusing on bringing that offering to our customers even more effectively than we had been.

從進入市場的角度來看，現在我們在每個地區面向客戶的團隊都獲得了收入，專注於以統一的方式推動客戶需求——他們將製定單一的統一激勵計劃，並且真正專注於比以前更有效地為我們的客戶提供該產品。

So that's the rationale for the reorganization, and we're very excited about it here internally.

這就是重組的理由，我們內部對此感到非常興奮。

You asked about...

你問的是...

Yes, I asked about the cost.

是的，我問過費用。

But before we get there, just maybe an example of a customer benefiting from this reorg would be helpful.

但在我們到達那裡之前，也許舉一個客戶從這次重組中受益的例子會有所幫助。

Like just how this would benefit Proto Labs and the customer, I guess?

我想這會為 Proto Labs 和客戶帶來什麼好處？

But I'm just picturing like maybe it's a customer in Europe, for example, who is doing a lot of products development activity and running fast with the factory, but then they're moving to production and then maybe you're going to use the network, and that same team then will provide a more seamless customer experience and suggesting that they move to the network for some higher volume production work that maybe will be done even in Asia or something, but it's all more holistically offered.

但我只是想像也許是歐洲的客戶，例如，他正在進行大量的產品開發活動並與工廠一起快速運行，但隨後他們正在轉向生產，然後也許你會使用然後，同一個團隊將提供更無縫的客戶體驗，並建議他們轉移到網路進行一些更高產量的生產工作，這些工作甚至可能在亞洲或其他地方完成，但它是更全面地提供的。

Am I on the right track at all there?

我走在正確的軌道上嗎？

You got it exactly right.

你說得完全正確。

So it's one unified team.

所以這是一個統一的團隊。

They're seeing the full scope.

他們看到了完整的範圍。

We removed the need for handoffs, and therefore, we can just serve the customer more efficiently with that comprehensive offer.

我們消除了交接的需要，因此，我們可以透過全面的服務更有效地為客戶提供服務。

Brian, what I would also just highlight: You've got a team that is just focused on the customer.

Brian，我還要強調的是：您擁有一支專注於客戶的團隊。

They're just focusing on getting the customer what it needs, what it wants, right?

他們只是專注於為客戶提供他們需要的東西，他們想要的東西，對吧？

And in terms of our customers, that could be the fastest speed prototype out of our CNC facility, or that might be somebody who's in production and they need that fulfillment out of the network.

就我們的客戶而言，這可能是我們數控設備中速度最快的原型，或者可能是正在生產的人，他們需要網路以外的實現。

And they're not worried about, Oh, I need to get so many revenue into one fulfillment option or another, they're just worried about getting the customer what they want.

他們並不擔心，哦，我需要將這麼多收入投入到一種或另一種履行選項中，他們只是擔心能否為客戶提供他們想要的東西。

The operations organization is then fulfilling that in the most efficient way possible through our broadest kind of scope of fulfillment options that are available.

然後，營運組織透過我們可用的最廣泛的履行選項，以最有效的方式實現這一目標。

So it is narrowly focusing our organization on the things that matter to drive success to the customer.

因此，我們的組織將重點放在能夠推動客戶成功的重要事情上。

Yes, it makes sense.

是的，這是有道理的。

Okay.

好的。

I've got a couple more questions, but maybe I'll just ask one more now.

我還有幾個問題，但也許我現在就再問一個。

How do you foresee, in the next year-or-so, the trend in your customer count going?

您如何預測未來一年左右的客戶數量趨勢？

Because it has been challenged, right?

因為它受到了挑戰，對嗎？

The customer count is down.

顧客數量減少了。

I know that your revenue per customer is up nicely because of the network strategy.

我知道由於網路策略，您的每位客戶收入大幅成長。

But do you think that ultimately like that you're going to be able to get that total customer count kind of reverse course and start growing again?

但您是否認為最終您將能夠使總客戶數量逆轉並再次開始成長？

Yes, we absolutely do, and our focus is on driving that and driving overall growth, right, by improving our revenue per customer.

是的，我們絕對這樣做，我們的重點是透過提高每個客戶的收入來推動這一目標並推動整體成長。

Of course, we all understand that this is a very difficult macro environment.

當然，我們都明白這是一個非常困難的宏觀環境。

And as you talk to our customers who are manufacturers, they're dealing with interest rates, inflation, uncertainty politically because of elections, uncertainty because of trade policy, et cetera.

當您與我們的製造商客戶交談時，他們正在處理利率、通貨膨脹、選舉造成的政治不確定性、貿易政策造成的不確定性等等。

So many of them are having a difficult time in this period.

他們中的許多人在這段時期都過著困難的時期。

And I attribute what we're seeing with total customer count, reflection of that kind of macro.

我將我們所看到的客戶總數歸因於這種宏觀的反映。

So we're driving what we can drive and driving what we can control around serving our customers better, about being there for them throughout the product life cycle.

因此，我們正在推動我們能夠推動的事情，推動我們能夠控制的事情，以便更好地為客戶服務，在整個產品生命週期中為他們提供支援。

I think we have a tremendous opportunity for growth as we go forward.

我認為，在我們前進的過程中，我們有巨大的成長機會。

Last year, we served 53,000 customers.

去年，我們為 53,000 名客戶提供服務。

They came to us for their prototyping.

他們來找我們製作原型。

They've told us that they want to use us more broadly across the product life cycle.

他們告訴我們，他們希望在整個產品生命週期中更廣泛地使用我們。

We are working hard to get them to be adopting that.

我們正在努力讓他們採用這一點。

We saw a 50% growth year-over-year in customers using us in that way.

我們發現以這種方式使用我們的客戶數量年增了 50%。

That alone is driving significant leverage and increase in our average revenue per customer.

僅此一點就推動了顯著的槓桿作用並增加了我們每個客戶的平均收入。

So our focus is on better serving the customers.

因此，我們的重點是更好地為客戶服務。

We reorganized to really make us exceptional at doing that, so that we can grow in the long term, and that's what we're focused on right now.

我們進行了重組，真正使我們在這方面表現出色，以便我們能夠長期發展，這就是我們現在的重點。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Gentlemen, congrats on a good Q2 in a tough environment.

先生們，恭喜第二季在艱難的環境中取得了良好的成績。

Thanks, Troy.

謝謝，特洛伊。

Maybe just a couple of questions for Daniel.

也許只是問丹尼爾幾個問題。

Can you talk about what you think gross margins is going to look like kind of at the midpoint of the guidance range for Q3?

您能否談談您認為第三季指導範圍中點的毛利率會是什麼樣子？

Then also following up on Brian's question about cost takeouts.

然後也跟進了布萊恩關於成本支出的問題。

Do you think OpEx is going to be up, flat, or down sequentially on an absolute basis here in September?

您認為 9 月的營運支出絕對值會依序上升、持平還是下降？

Yes.

是的。

So with the middle of the guidance range, I would expect gross margins to be down slightly quarter-over-quarter.

因此，在指導範圍的中間位置，我預計毛利率將比去年同期略有下降。

We are still pushing efficiencies, automation through our factory, and continue working the algorithm on the network side, but there is going to be some pressure from the volume.

我們仍在透過工廠提高效率和自動化，並繼續在網路端進行演算法，但數量上將會帶來一些壓力。

So I would see the gross margin down slightly quarter-over-quarter.

因此，我認為毛利率會比上一季略有下降。

From an operating expense perspective, I would expect operating expenses to be down slightly quarter-over-quarter as well.

從營運費用的角度來看，我預計營運費用也將較上季略有下降。

I think if you factor those things in, you get to the middle of our guidance range from an EPS perspective.

我認為，如果你將這些因素考慮在內，從每股盈餘的角度來看，你就會達到我們指導範圍的中間位置。

Was there a second part of that question, or did that answer it?

這個問題有第二部分嗎，或者已經回答了這個問題嗎？

Well, there is a follow-up to that, Daniel, for one of you guys actually.

好吧，丹尼爾，實際上是為你們中的一個人準備的。

But just the Hubs business.

但只是集線器業務。

I know, on a year-over-year basis, it's been growing nicely, but the last four quarters, we've been stuck in kind of $23 million to $25 million.

我知道，與去年同期相比，它成長得很好，但在過去四個季度，我們一直陷入 2,300 萬至 2,500 萬美元的困境。

And I know your biggest competitor out there is growing significantly faster.

我知道你們最大的競爭對手的成長速度明顯更快。

So can you just talk about that share shift or kind of why Hubs isn't growing as fast as maybe some of the others out there?

那麼，您能否談談份額的轉變，或者為什麼 Hubs 的成長速度不如其他一些公司？

So I think our focus has been on really serving the customer holistically and driving production with them.

因此，我認為我們的重點是真正為客戶提供全面服務並與他們一起推動生產。

And I think we've seen that, that has been quite successful for us, whether that's in injection molding or in CNC through the network.

我認為我們已經看到，無論是在註塑成型還是透過網路進行數控加工方面，這對我們來說都非常成功。

I believe that long term we are going to be able to see really strong growth in that as we continue to expose that to our customers.

我相信，從長遠來看，隨著我們繼續向客戶展示這一點，我們將能夠看到真正強勁的成長。

Of course, right now, in this environment, there's clearly headwinds for customers in terms of the use cases and their adoption.

當然，目前在這種環境下，客戶在用例及其採用方面顯然存在阻力。

And so I think that that's affecting us, right?

所以我認為這正在影響我們，對吧？

We're not independent of the overall market.

我們並不獨立於整個市場。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

So if we think about this reorganization, it appears to be more of a redeployment of resources as opposed to -- as you go through this process, would you anticipate any additional investments having to be made?

因此，如果我們考慮這次重組，它似乎更多的是資源的重新部署，而不是——當您經歷這個過程時，您是否預計需要進行任何額外的投資？

And how do you think you would anticipate seeing the benefits of the reorganization, or at least will we able to see the benefits?

您認為您會如何預期看到重組的好處，或至少我們能夠看到這些好處？

Yes.

是的。

Thanks for the question, Jim.

謝謝你的提問，吉姆。

So the purpose of the reorganization, again, is really revenue focused, and it is about redeploying our resources in the most effective way, make sure that we are operating seamlessly as one team as we face the customer and as we work to fulfill their orders and fully leverage our full global capabilities, right?

因此，重組的目的再次是真正以收入為中心，它是以最有效的方式重新部署我們的資源，確保我們在面對客戶和履行他們的訂單時作為一個團隊無縫運作並充分利用我們的全球能力，對嗎？

So that's really what it's about.

這就是它的真正意義。

We believe that longer term, this will set us up to find additional productivity and so forth, but we're focused on growth and serving our customers better, and so that's really the key rationale for it.

我們相信，從長遠來看，這將使我們能夠找到額外的生產力等，但我們專注於成長並更好地為我們的客戶服務，所以這確實是它的關鍵理由。

Dan, would you...

丹，你願意...

Jim, when I look at it, we grew EPS 25% through the first half of the year, but we only grew revenue 2%, right?

吉姆，我看了一下，上半年我們的每股盈餘成長了 25%，但我們的營收只成長了 2%，對嗎？

And growing in a tough environment is good.

在艱苦的環境中成長是件好事。

But as Rob had stated earlier, we're not satisfied with that level of growth.

但正如羅布之前所說，我們對這種成長水準並不滿意。

And realigning and getting the organization focused on the right things for the customer are extremely important to us in order for us to really grow; grow meaningfully, grow through production, growth through improved customer experiences.

為了讓我們真正成長，重新調整組織並讓組織專注於為客戶做正確的事情對我們來說極為重要；有意義的成長，透過生產實現成長，透過改善客戶體驗實現成長。

And so this alignment does this.

因此，這種對齊方式就是這樣做的。

With that growth, right, over time, we will see a pickup in margins as our growth numbers get larger and larger.

隨著這種成長，隨著時間的推移，隨著我們的成長數字越來越大，我們將看到利潤率的上升。

The other thing I would tell you is streamlining into a unified operations organization will have a longer-term benefit and we'll see efficiencies through that streamline over the longer term.

我要告訴你的另一件事是，精簡為統一的營運組織將帶來長期利益，從長遠來看，我們將透過精簡看到效率。

Got it.

知道了。

The slowing that you called out in June and in July, it seems to be pretty consistent with what we're hearing out there.

您在六月和七月所說的經濟放緩似乎與我們聽到的情況非常一致。

But I'm wondering if you could provide any additional color?

但我想知道你是否可以提供任何額外的顏色？

It appears to be in both your major geographic regions.

它似乎位於您的兩個主要地理區域。

Any other color you could provide in terms of the market verticals where you're seeing some changes?

在您看到一些變化的垂直市場方面，您可以提供任何其他顏色嗎？

Yes.

是的。

So Jim, we saw a slowing at the beginning of June.

吉姆，我們在六月初看到了放緩。

And honestly, from the desk I was sitting at, I was like, okay, well, there'll be some pickup before July 4, before people go on holiday, they're going to put their orders in, and that really did not happen.

老實說，在我坐在辦公桌前，我當時想，好吧，好吧，7 月 4 日之前會有一些提貨，在人們去度假之前，他們會下訂單，但這確實沒有發生。

Then after July 4, while we saw increasing order rates after that US holiday, they were not to the increasing level that we've seen in prior years.

7 月 4 日之後，雖然我們看到美國假期後的訂單率上升，但並未達到前幾年的成長水準。

As we talk to our salespeople about what's going on, I think generally what we're hearing is, starting in June, as you talk with a customer about closing a project and so forth, it would go through more approval cycles, in other words, more delay in trying to get an answer to close an order.

當我們與銷售人員談論正在發生的事情時，我認為我們通常聽到的是，從六月開始，當您與客戶談論關閉項目等時，它將經歷更多的審批週期，換句話說，在嘗試獲得關閉訂單的答案時會出現更多延遲。

And that type of hesitancy continued into July.

這種猶豫一直持續到七月。

And so that's the environment in which we're playing in, but we're still focused on solving our customers' problems with what we have and driving the growth and capturing as many of the opportunities that are there.

這就是我們所處的環境，但我們仍然專注於利用我們擁有的資源來解決客戶的問題，推動成長並抓住盡可能多的機會。

So you asked also about industries.

所以你也問了有關行業的問題。

I would say that we're seeing this to be pretty broad-based and affecting most of the industries that we serve.

我想說的是，我們看到這一點的基礎相當廣泛，並影響到我們所服務的大多數行業。

But I would just also add, Jim, that this has been a tough environment for the last two years in the US and in Europe, and I think we've proven that we can outperform in this environment.

但我還要補充一點，吉姆，過去兩年美國和歐洲的環境一直很艱難，我認為我們已經證明我們可以在這種環境中表現出色。

We grew all of last year, we grew in the first half of this year.

去年全年我們都在成長，今年上半年我們也在成長。

We've been executing our discipline around cost management and been able to expand margins in this environment.

我們一直在執行成本管理方面的紀律，並能夠在這種環境下擴大利潤。

I think if you look back in our history in strong economies, we outperformed GDP by multiples.

我認為，如果你回顧我們在強勁經濟體中的歷史，我們的表現是GDP的好幾倍。

So I think we have a very robust business.

所以我認為我們的業務非常強勁。

We are profitable.

我們是盈利的。

We are a strong cash generator.

我們是一個強大的現金產生者。

We carry no debt.

我們沒有債務。

We are focused on serving our customers best as possible in any macro economy, and we're driving what we can control, which is to make sure we serve our customer in the best way possible.

我們致力於在任何宏觀經濟中為客戶提供盡可能最好的服務，並且我們正在推動我們可以控制的事情，即確保我們以盡可能最好的方式為客戶服務。

We will absolutely weather this storm, and when the cycle improves, I expect we will be demonstrating strong growth.

我們絕對會度過這場風暴，當週期改善時，我預計我們將表現出強勁的成長。

Greg Palm, Craig-Hallum Capital.

格雷格·帕爾姆，克雷格-哈勒姆資本。

I wanted to just dig into that July comment a little bit more.

我想進一步深入探討七月的評論。

Dan, it sounded, based on your past answer, that maybe orders picked up a little bit in July.

丹，根據你過去的回答，聽起來可能 7 月的訂單增加。

But I think what you said was the guidance was based on what you saw in July and assumes an improvement in recovery in August and September.

但我認為你所說的指導是基於你在 7 月看到的情況，並假設 8 月和 9 月的復甦有所改善。

Those don't exactly tie out, because I think that would assume that July trends were pretty awful.

這些並不完全一致，因為我認為這會假設 7 月的趨勢非常糟糕。

So can you maybe just tie that out if you can?

如果可以的話，你能把它綁起來嗎？

Yes.

是的。

It's not a recovery.

這不是康復。

What I'm talking about is normal seasonality patterns that we see on a lower base, right?

我所說的是我們在較低基數上看到的正常季節性模式，對吧？

So if you draw that trend across August and September, right, August and September will be lower than what we had last year, which is why the guide is down year-over-year, if that makes sense, Greg.

因此，如果你畫出八月和九月的趨勢，正確的，八月和九月將低於我們去年的水平，這就是指南同比下降的原因，如果這有意義的話，格雷格。

Okay.

好的。

I mean could you give us any sense in terms of like quantifying the declines in July?

我的意思是，您能否給我們一些關於量化 7 月份跌幅的信息？

And what's baked into the guidance or at least sort of ballpark?

指南中包含了什麼內容，或至少是大致內容？

No, we just give guide on the overall quarter, right, and not specifically on what is month-to-month.

不，我們只是提供整個季度的指導，對吧，而不是專門針對每月的情況。

But I would say, in general, the decline in July is consistent with what the middle of the guide is year-over-year.

但我想說的是，總體而言，7 月的下降幅度與指南中間的年減趨勢一致。

Okay.

好的。

And I'm curious, under this new organizational change strategy that you talked about, does it change how you view revenue by service?

我很好奇，根據您談到的這種新的組織變革策略，它是否會改變您對服務收入的看法？

For instance, Sheet metal, which has been declining basically every year since that business was acquired, and even if I look back at 3D printing, which was historically a pretty good grower and it's kind of stagnated here in the last couple of quarters.

例如，自從收購該業務以來，鈑金業務基本上每年都在下降，即使我回顧一下 3D 列印，它在歷史上是一個相當不錯的成長者，但在過去的幾個季度中有點停滯不前。

I guess what I'm trying to figure out is, how much of this is due to cyclical versus structural reasons?

我想我想弄清楚的是，其中有多少是由於週期性原因和結構性原因造成的？

And is there any focus on either deemphasizing that further, walking away from certain processes?

是否有任何重點是進一步淡化這一點，放棄某些流程？

Just would like to get a little bit more color there.

只是想在那裡多一點顏色。

Yes.

是的。

Thank you for the question.

謝謝你的提問。

So in terms of the reorganization, again, this is about how can we serve our customers holistically and how can we be efficiently organized to do that as seamlessly as possible.

因此，就重組而言，這又是關於我們如何全面地為客戶提供服務以及我們如何有效地組織起來以盡可能無縫地做到這一點。

It does not change the services that we are bringing to market, and we want to continue to be able to bring to market all services to meet the needs of our customers as effectively as possible.

它不會改變我們向市場推出的服務，我們希望繼續能夠向市場推出所有服務，以盡可能有效地滿足客戶的需求。

Certainly, we have some services that are performing better than others in this macro environment and we are working to drive and improve our overall revenue, and that's really where my focus is.

當然，我們有一些服務在這個宏觀環境中比其他服務表現得更好，我們正在努力推動和提高我們的整體收入，這確實是我關注的重點。

So I guess, I mean, do you think some of the organizational changes could help reaccelerate activity in some of those lower-performing segments then?

所以我想，我的意思是，您認為一些組織變革是否可以幫助重新加速一些表現較差的細分市場的活動？

Is that the hope?

這就是希望嗎？

Absolutely.

絕對地。

Absolutely.

絕對地。

Thank you.

謝謝。

This will conclude our question-and-answer session and also concludes today's conference.

我們的問答環節就此結束，今天的會議也將結束。

You may now disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。