Proto Labs Inc (PRLB) 2025 Q1 法說會逐字稿

Greetings and welcome to the Proto Labs first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Proto Labs 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Jason Frankman, Vice President and Corporate Controller. Thank you. You may begin.

現在我很高興介紹您的主持人、副總裁兼公司財務總監 Jason Frankman。謝謝。你可以開始了。

Thank you, Shamali. Good morning, everyone and welcome to Proto Labs first-quarter 2025 earnings conference call. I'm joined today by Rob Bodor, President and Chief Executive Officer; and Dan Schumacher, Chief Financial Officer. .

謝謝你，Shamali。大家早安，歡迎參加 Proto Labs 2025 年第一季財報電話會議。今天與我一起出席的還有總裁兼執行長 Rob Bodor 和財務長 Dan Schumacher。。

This morning, Proto Labs issued a press release announcing its financial results for the first quarter ended March 31, 2025. The release is available on the company's website. In addition, a prepared slide presentation is available online at the web address provided in our press release.

今天上午，Proto Labs 發布了一份新聞稿，公佈了截至 2025 年 3 月 31 日第一季的財務表現。新聞稿可在該公司的網站上查閱。此外，您也可以透過我們新聞稿中提供的網址線上取得準備好的投影片簡報。

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有關的陳述，這些陳述是或可能被視為前瞻性陳述，並受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提交給美國證券交易委員會 (SEC) 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做出的任何前瞻性陳述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. 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.

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。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 結果的完整對照組。

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

現在我將電話轉給 Rob Bodor。搶？

Thanks, Jason. Good morning, everyone and thank you for joining our first quarter earnings call. We started the year strong, delivering revenue of $126 million, near the upper end of our guidance range. Profitability was solid as well, with earnings per share of $0.33, also near the top end of our expectations. We also delivered sequential gross margin expansion and strong free cash flow.

謝謝，傑森。大家早安，感謝大家參加我們的第一季財報電話會議。我們今年開局強勁，實現了 1.26 億美元的營收，接近我們預期範圍的上限。獲利能力也很穩健，每股收益為 0.33 美元，也接近我們預期的最高水準。我們的毛利率也持續擴大，自由現金流也強勁。

While first quarter revenue was down slightly versus the prior year amidst macroeconomic headwinds and manufacturing contraction, we remain confident in our strategy and our commitment to driving growth for the full year.

儘管受宏觀經濟逆風和製造業萎縮的影響，第一季營收較上年略有下降，但我們仍然對我們的策略和推動全年成長的承諾充滿信心。

Our first-quarter performance sets a solid foundation for growth in 2025 and demonstrates our ability to deliver on expectations in a volatile environment, reinforcing the resilience of our model. In addition, free cash flow during the quarter represented 14% of revenue, reflecting continued industry-leading profitability.

我們第一季的業績為2025年的成長奠定了堅實的基礎，並證明了我們在動盪的環境中實現預期的能力，增強了我們模型的彈性。此外，本季自由現金流佔營收的14%，反映出持續維持業界領先的獲利能力。

Because we believe in the strength of our model, we have continued to return capital to our shareholders by repurchasing our common stock, as Dan will discuss shortly.

因為我們相信我們模式的優勢，所以我們透過回購普通股繼續向股東返還資本，正如丹稍後將討論的那樣。

Shifting to an update on our strategic priorities, our hybrid model continues to yield positive outcomes and was successful once again. Customers utilizing our combined offer grew more than 45% over the trailing 12 months and revenue per customer in Q1 increased by 3% year over year.

轉向更新我們的策略重點，我們的混合模式繼續產生積極成果並再次取得成功。過去 12 個月，使用我們綜合服務的客戶數量增加了 45% 以上，第一季每位客戶的收入年增了 3%。

We also continue to make significant progress in our initiatives to drive growth, as outlined last quarter. First, our marketing investments to further establish Proto Labs as a production manufacturer are gaining traction. Our new messaging is resonating within production buyer channels, reinforcing our brand positioning and expanding awareness.

正如上個季度概述的那樣，我們在推動成長的舉措方面也繼續取得重大進展。首先，我們為進一步確立 Proto Labs 作為生產製造商的地位而進行的行銷投資正在獲得推動。我們的新訊息在生產買家管道中引起了共鳴，強化了我們的品牌定位並擴大了知名度。

At the start of this year, we made an incremental investment in marketing to inform and educate potential customers about our expanded capabilities across the product life cycle. We have seen our share of voice in the market increase as a result of this new marketing, with over 2 million views of our prototype to production campaign to date.

今年年初，我們加大了行銷投入，向潛在客戶介紹和普及我們在整個產品生命週期中的擴展功能。透過這種新的行銷方式，我們的市場份額得到了提升，迄今為止，從原型到生產活動的觀看次數已超過 200 萬次。

This has led to an increase in searches for Proto Labs as potential customers look to source their custom on-demand manufacturing. Online searches for Proto Labs are up double-digit percentage points versus last year and this progressively increased each month during the first quarter.

由於潛在客戶希望找到客製化的按需製造產品，因此對 Proto Labs 的搜尋量有所增加。Proto Labs 的線上搜尋量與去年同期相比上升了兩位數個百分點，並且在第一季每個月都呈現逐步成長趨勢。

So we are seeing accelerated momentum for our production offerings. We will continue to invest in this campaign as we progress through 2025, tailoring to our target industries.

因此，我們看到我們的生產產品正在加速成長。到 2025 年，我們將繼續投資這項活動，並根據我們的目標產業進行調整。

Production revenue continued to grow nicely and exceeded our expectations in the first quarter. We are very pleased with customer engagement of our expanded production capabilities. To illustrate our success in production applications, I'd like to highlight some customer examples in aerospace and defense, one of our target industries.

第一季生產收入持續良好成長，超出了我們的預期。我們對客戶對我們擴大的生產能力的參與感到非常高興。為了說明我們在生產應用方面的成功，我想重點介紹我們的目標產業之一——航空航太和國防領域的一些客戶案例。

Our speed, extensive domestic manufacturing capabilities, and ability to produce complex high requirements parts make us an excellent partner to these innovative organizations. We offer ITAR-certified parts through both the factory and through the manufacturing partners in the Protolabs Network, enabling aerospace and defense customers full access to our combined offer.

我們的速度、廣泛的國內製造能力以及生產複雜高要求零件的能力使我們成為這些創新組織的絕佳合作夥伴。我們透過工廠和 Protolabs 網路中的製造合作夥伴提供 ITAR 認證的零件，使航空航太和國防客戶能夠充分享受我們的綜合產品。

Revenue from these customers has increased very nicely in recent years, in part due to increased end-user production orders. We manufacture flight-ready production parts through AS9100-certified facilities, and our metal 3D printing service is especially valuable as customers seek to design and procure durable, lightweight parts.

近年來，來自這些客戶的收入成長非常可觀，部分原因是最終用戶生產訂單的增加。我們透過 AS9100 認證的設施製造可用於飛行的生產零件，當客戶尋求設計和採購耐用、輕巧的零件時，我們的金屬 3D 列印服務尤其有價值。

We serve the largest and most advanced companies in this space including 100% of aerospace and defense companies in the Fortune 500. Organizations like Blue Origin, NASA and Lockheed Martin have all leveraged production at Proto Labs. In one example, Proto Labs is part of a team supporting Blue Origins' Blue Moon Mark 1.

我們為該領域最大、最先進的公司提供服務，其中包括財富 500 強中的 100% 航空航太和國防公司。藍色起源、美國國家航空暨太空總署和洛克希德馬丁等組織都利用了 Proto Labs 的生產。舉個例子，Proto Labs 是支持藍色起源藍月 Mark 1 的團隊的一部分。

The single launch lunar cargo lander will remain on the moon's surface providing safe, reliable and affordable access to the lunar environment. NASA has said that the Mark 1 cargo lander could deliver a scientific payload to the moon's South Polar region as soon as this summer.

單次發射的月球貨運登陸器將停留在月球表面，為進入月球環境提供安全、可靠且經濟實惠的途徑。美國太空總署表示，Mark 1 貨運登陸器最快可於今年夏天向月球南極地區運送科學負荷。

We have also had several aero and defense customers qualify our production solution after auditing our manufacturing facilities. These customers, some of which have used our prototyping services for many years, have already placed orders for production parts in Injection Molding, CNC Machining and 3D Printing. This is a great example of continued growth driven by existing Proto Labs customers leveraging both prototyping and production.

在審查我們的製造設施後，還有幾家航空和國防客戶認可了我們的生產解決方案。這些客戶中，有些已經使用我們的原型製作服務多年，並且已經訂購了注塑、數控加工和 3D 列印的生產零件。這是現有 Proto Labs 客戶利用原型設計和生產推動持續成長的一個很好的例子。

Now transitioning to our second initiative to drive growth, our go-to-market reorganization. I am pleased to say that this is yielding positive results. Enhanced sales enablement tools and processes are improving our understanding of customer production needs, enabling us to deliver tailored solutions via by a team-based selling, better serving our customers and driving growth.

現在我們轉向推動成長的第二項舉措，即市場重組。我很高興地說，這正在產生積極的成果。增強的銷售支援工具和流程正在提高我們對客戶生產需求的理解，使我們能夠透過團隊銷售提供客製化的解決方案，更好地服務客戶並推動成長。

And third, the optimization of our fulfillment channels to meet customer needs is advancing very well. The closure of our German molding facility has streamlined our global operations as we continue to improve overall efficiency by aligning our manufacturing footprint with our global fulfillment strategy.

第三，我們為滿足客戶需求而優化的履行管道進展順利。我們關閉了德國的模具工廠，簡化了我們的全球運營，透過使我們的製造足跡與我們的全球履行策略保持一致，我們繼續提高整體效率。

This decision, which is part of the broader multiyear reshaping of our portfolio and began with the closure of our Japan operations in 2022, allows us to better leverage both factory and network capabilities. We are pleased with the results to date and remain focused on continuing to optimize our manufacturing footprint to better serve our customers globally.

這項決定是我們多年期投資組合重塑計畫的一部分，始於 2022 年關閉日本業務，這使我們能夠更好地利用工廠和網路能力。我們對迄今為止的成果感到滿意，並將繼續致力於繼續優化我們的製造足跡，以更好地服務全球客戶。

Turning to tariffs and strategic positioning. We are closely monitoring the evolving tariff policies and their potential impact on our customers and the broader manufacturing landscape. As we've demonstrated most recently during the COVID-19 pandemic, we can adapt faster than anyone to support our customers in times of supply and demand volatility. Speed and agility are central to our operations. While there is still uncertainty in regard to tariffs, we believe the current situation unfolding is a strong opportunity to drive growth for several reasons.

轉向關稅和戰略定位。我們正在密切關注不斷變化的關稅政策及其對我們的客戶和更廣泛的製造業格局的潛在影響。正如我們最近在 COVID-19 疫情期間所證明的那樣，我們可以比任何人都更快地適應，在供需波動時期為客戶提供支援。速度和敏捷性是我們營運的核心。儘管關稅方面仍然存在不確定性，但我們認為，當前的情況是推動成長的絕佳機會，原因有幾個。

First, our diverse and strategically located global manufacturing footprint provides resilience and flexibility, allowing us to adapt to shifting supply chain dynamics and serve our customers effectively regardless of geographical shifts. In fact, 90% of our revenue from American customers is already fulfilled by factories in the US, through both our digital factories and our network.

首先，我們多元化且具有策略意義的全球製造足跡提供了彈性和靈活性，使我們能夠適應不斷變化的供應鏈動態，並有效地為我們的客戶提供服務，而不受地理位置變化的影響。事實上，我們從美國客戶獲得的 90% 的收入已經透過我們的數位工廠和網路由美國工廠實現。

Our international operations are also highly adaptable, with manufacturing capabilities spanning multiple countries, we are not overly reliant on any single region and can and do shift capacity in response to changing demand. This positions us favorably as companies reevaluate sourcing strategies in response to tariff risks.

我們的國際業務也具有高度的適應性，製造能力遍布多個國家，我們不會過度依賴任何單一地區，並且能夠並且確實會根據不斷變化的需求轉移產能。當企業重新評估採購策略以應對關稅風險時，這為我們帶來了有利地位。

Next, our pricing models are fulfilled and routing platforms are highly adaptable and driven by artificial intelligence. And finally, we consistently generate strong free cash flow, underscoring the fundamental strength of our business model. This financial stability, which is uncommon in our industry, enables us to invest in growth initiatives and navigate periods of uncertainty. We are actively reviewing pricing strategies to help offset impacts from tariffs, where appropriate, ensuring that we stay competitive while preserving value for customers.

其次，我們的定價模型得以實現，路由平台具有高度適應性並由人工智慧驅動。最後，我們持續產生強勁的自由現金流，凸顯了我們商業模式的根本實力。這種財務穩定性在我們的行業中並不常見，它使我們能夠投資於成長計劃並度過不確定時期。我們正在積極審查定價策略，以在適當的情況下幫助抵消關稅的影響，確保我們保持競爭力，同時為客戶保留價值。

The current economic uncertainty is causing customers to be more cautious about demand forecasting, which may extend the time line for shifting supply chains. But again, we believe this environment favors agile players like us.

目前的經濟不確定性導致客戶對需求預測更加謹慎，這可能會延長供應鏈轉移的時間。但我們再次相信，這種環境有利於像我們這樣的敏捷參與者。

We pioneered on-demand manufacturing over 25 years ago and we remain the fastest in the world. This is a vital solution for customers whose demand may be volatile or unclear, allowing them to only order what they need and receive delivery in days, not months.

25 年前，我們率先開展按需製造，至今仍是世界上速度最快的企業。對於需求不穩定或不明確的客戶來說，這是一個至關重要的解決方案，使他們能夠只訂購所需的東西，並在幾天內而不是幾個月內收到貨物。

Before I hand the call over to Dan, I'd like to close with our 2025 priorities. Our primary focus for 2025 remains driving growth in our key indicators, which are increasing the number of customers utilizing our combined offer and increasing revenue per customer.

在我將電話交給丹之前，我想先談談我們 2025 年的優先事項。我們 2025 年的主要重點仍然是推動關鍵指標的成長，即增加使用我們綜合服務的客戶數量並增加每位客戶的收入。

To achieve this, we are: one, leveraging our newly streamlined organizational structure to enhance efficiency and accelerate growth across all areas of our business. Our teams are in place and they are properly incentivized.

為了實現這一目標，我們：第一，利用我們新精簡的組織結構來提高效率並加速我們所有業務領域的成長。我們的團隊已經到位，並且得到了適當的激勵。

Two, we are expanding our production use cases by investing in advanced manufacturing capabilities and refining our go-to-market strategies to better meet customers where they are, positioning ourselves to capture a larger share of this growing market.

二，我們正在透過投資先進的製造能力和改進市場進入策略來擴大我們的生產用例，以更好地滿足客戶的需求，從而使我們自己能夠在這個不斷增長的市場中佔據更大的份額。

And three, we're reinforcing our core prototyping business by investing in cutting-edge technologies and optimizing lead times, ensuring we maintain our industry-leading position. Proto Lab's unique combination of factory and network enables us to serve customers across product life cycles, from prototyping through production and into end of life.

第三，我們透過投資尖端技術和優化交貨時間來加強我們的核心原型業務，確保我們保持行業領先地位。Proto Lab 獨特的工廠和網路組合使我們能夠在產品生命週期內為客戶提供服務，從原型設計到生產直至生命週期結束。

So in closing, we are confident in our position to navigate evolving market dynamics and deliver sustainable growth, while maintaining industry-leading profitability and cash flow. Our strategic investments and operational efficiencies position us well to capitalize on emerging opportunities and create long-term value for our shareholders.

總而言之，我們有信心應對不斷變化的市場動態並實現永續成長，同時保持業界領先的獲利能力和現金流。我們的策略投資和營運效率使我們能夠充分利用新興機會並為股東創造長期價值。

Now I'll hand it over to Dan to cover the financials. Dan?

現在我將把財務事宜交給丹。擔？

Thanks, Rob, and good morning everyone. I'll start with a brief overview of our first-quarter results, then provide our outlook for the second quarter of 2025.

謝謝，羅布，大家早安。我將首先簡要概述我們的第一季業績，然後提供我們對 2025 年第二季的展望。

First quarter revenue came in at $126.2 million toward the upper end of our guidance range and down 1% year over year in constant currencies. The first quarter last year included 1 extra ordering day due to leap year.

第一季營收為 1.262 億美元，接近我們預期範圍的上限，以固定匯率計算年減 1%。由於閏年，去年第一季額外增加了 1 個訂貨日。

Our revenue result reflects a 4% sequential increase. Revenue fulfilled through Protolabs Network was $26.3 million, up 11.5% in constant currencies. US revenue was down 1.2% compared to the prior year. In Europe, revenue was flat compared to the prior year in constant currencies.

我們的營收結果反映出連續 4% 的成長。透過 Protolabs Network 實現的營收為 2,630 萬美元，以固定匯率計算成長 11.5%。美國收入與前一年相比下降了 1.2%。在歐洲，以固定匯率計算，營收與前一年持平。

Turning to revenue by service on a constant currency basis. CNC Machining revenue grew 6% year over year driven by strong performance in production and high requirement CNC parts. Injection Molding revenue declined 7% versus the prior year, mainly due to nonrecurring larger part orders in the first quarter of 2024.

以固定匯率計算，以服務計算的收入。由於生產表現強勁和高要求 CNC 零件，CNC 加工收入年增 6%。注塑收入較前一年下降 7%，主要原因是 2024 年第一季非經常性零件訂單增加。

Injection Molding revenue increased 7% as compared to the fourth quarter. 3D Printing revenue was down 6% year over year as order trends lagged our expectations in late 2024 and early 2025. And lastly, Sheet Metal revenue increased 19% over last year, driven by improved offerings and go-to-market efforts.

注塑收入與第四季相比成長了7%。由於 2024 年底和 2025 年初的訂單趨勢落後於我們的預期，3D 列印收入年減 6%。最後，由於產品改進和市場推廣力度加大，鈑金收入較去年同期成長了 19%。

Moving to margins. First quarter consolidated non-GAAP gross margin increased 140 basis points sequentially to 44.8%, mainly due to higher volume and margin improvements on the factory side. On a year-over-year basis, gross margin was down 80 basis points, driven by lower volume and a higher mix of network fulfilled revenue.

移至邊緣。第一季綜合非公認會計準則毛利率季增 140 個基點，達到 44.8%，主要由於工廠產量增加和利潤率提高。與去年同期相比，毛利率下降了 80 個基點，因為銷量下降和網路實現收入組合增加。

Non-GAAP operating expenses increased $3.6 million sequentially in the most recent quarter, driven primarily by higher incentive compensation as well as additional investments in demand generation. We discussed these gross investments last quarter and Rob elaborated on the progress we've made. We will continue to monitor returns on these investments and adjust as necessary throughout the year.

最近一個季度，非公認會計準則營運費用較上季增加了 360 萬美元，主要原因是激勵薪資增加以及對需求產生增加的投資。我們在上個季度討論了這些總投資，Rob 詳細闡述了我們所取得的進展。我們將繼續監控這些投資的回報，並在全年根據需求進行調整。

Higher incentive comp and demand gen spend was partially offset by lower headcount in the first quarter as we restructured teams as part of the new organizational structure. Non-GAAP earnings per share were $0.33, within our guidance range and down $0.05 sequentially.

由於我們根據新的組織結構對團隊進行了重組，因此第一季更高的激勵補償和需求產生支出被較低的員工人數部分抵消。非公認會計準則每股收益為 0.33 美元，在我們的指導範圍內，比上一季下降 0.05 美元。

This sequential decline was primarily driven by increased operating expenses and a higher tax rate. As Rob mentioned, we continue to lead the digital manufacturing industry in terms of cash generation. We generated $18.4 million in cash from operations during the first quarter and we returned $20.9 million to shareholders in the form of repurchases or 122% of free cash flow.

這一連續下降主要是由於營運費用增加和稅率上升所致。正如 Rob 所提到的，我們在現金創造方面繼續引領數位製造業。我們在第一季從營運中產生了 1,840 萬美元的現金，並以回購的形式向股東返還了 2,090 萬美元，佔自由現金流的 122%。

On March 31, 2025, we had $116.3 million of cash and investments on our balance sheet and zero debt. Our outlook for the second quarter of 2025 is outlined on slide 15. We expect revenue between $124 million and $132 million.

截至 2025 年 3 月 31 日，我們的資產負債表上有 1.163 億美元的現金和投資，且沒有債務。我們對 2025 年第二季的展望在第 15 張投影片中概述。我們預計營收在 1.24 億美元至 1.32 億美元之間。

This guidance represents growth of 2% year over year at the midpoint and incorporates order and revenue trends to date. We expect foreign currency to have a $300,000 favorable impact on revenue compared to the second quarter of 2024.

該指引代表中期年增 2%，並考慮了迄今為止的訂單和收入趨勢。我們預計，與 2024 年第二季相比，外幣將對收入產生 30 萬美元的有利影響。

Moving to earnings guidance. We anticipate non-GAAP add-backs in the second quarter to include stock-based compensation expense of approximately $4.5 million and amortization expense of $900,000. We currently estimate a non-GAAP effective tax rate between 25% and 27% in the second quarter. In summary, we expect second quarter non-GAAP earnings per share between $0.30 and $0.38.

轉向盈利指引。我們預計第二季非公認會計準則加回包括約 450 萬美元的股票薪資費用和 90 萬美元的攤提費用。我們目前估計第二季非公認會計準則有效稅率在 25% 至 27% 之間。綜上所述，我們預期第二季非公認會計準則每股收益將介於 0.30 美元至 0.38 美元之間。

That concludes our prepared remarks. Operator, open up for questions.

我們的準備好的演講到此結束。接線員，請回答問題。

(Operator Instructions) Brian Drab, William Blair.

（操作員指示）Brian Drab，William Blair。

Hi. Good morning. Thanks for taking my questions. I will point out, it seems like maybe the start of a good trend here. You're seeing the unique customer contacts up sequentially, the revenue per customer up sequentially. So just a couple of things that -- I mean, the customer count up just modestly sequentially but moving in the right direction in a tough environment stood out to me.

你好。早安.感謝您回答我的問題。我要指出的是，這似乎是一個良好趨勢的開始。您會看到唯一客戶聯繫數持續上升，每位客戶的收入持續上升。所以只有幾件事讓我印象深刻——我的意思是，客戶數量只是連續適度增加，但在艱難的環境中朝著正確的方向發展。

But I wanted to ask first on the gross margin, a nice improvement sequentially in gross margin. Obviously, the fourth quarter can be a little soft. But can you just drill into that a little bit more? And how sustainable this level of gross margin is? And can you get back to some of these [45%s and 46%s] that we saw in 2024 as we move through 2025?

但我想先問毛利率，毛利率連續有好的提高。顯然，第四季可能會有點疲軟。但您能再深入一點嗎？這種毛利率水準的可持續性如何？隨著我們進入 2025 年，您能否回顧一下我們在 2024 年看到的一些 [45% 和 46%] ？

Yeah. Thanks for the question, Brian. It's primarily volume quarter over quarter and we had a good pickup in volume in our Factory, which caused our Factory margins to increase quarter over quarter. Our Network margins actually were slightly down quarter over quarter. I think we've got some challenges usually in the first quarter from a network perspective as it relates to sourcing and Chinese New Year and so forth.

是的。謝謝你的提問，布萊恩。主要是產量環比成長，我們工廠的產量有良好的回升，這導致我們的工廠利潤率較上季成長。我們的網路利潤率實際上比上一季略有下降。我認為從網路角度來看，我們在第一季通常會面臨一些挑戰，因為這與採購、中國新年等有關。

So the main driver quarter over quarter is that increase in factory volume and factory margins.

因此，季度環比成長的主要驅動力是工廠產量和工廠利潤率的增加。

As we look at the rest of the year, my guide implies that margins from Q1 to Q2 will be flat to slightly down. That's really the amount of revenue that we have flowing through network fulfilled versus factory fulfilled. So we expect higher network revenue quarter over quarter and so that's going to create a headwind.

展望今年剩餘時間，我的指導表明，第一季至第二季的利潤率將持平或略有下降。這實際上是我們透過網路實現與工廠實現的收入總額。因此，我們預計網路收入將逐季增加，這將帶來阻力。

That being said, we are driving improvements in margin in both the factory and both the network. I think getting to [45%] or some of those higher margins that we saw before, it will be impacted by how much of that volume does go through the network versus what goes through the factory as we look at the rest of the year.

話雖如此，我們正在推動工廠和網路的利潤率提高。我認為，要達到 [45%] 或我們之前看到的更高的利潤率，將受到其中有多少產量透過網路傳輸，有多少產量透過工廠傳輸（就我們在今年剩餘時間內的產量而言）。

Okay -- go ahead, Rob.

好的——繼續吧，羅布。

Yeah. No, sorry. Thank you for your comments on the business and the sequential performance. I'm quite pleased with that 4% sequential performance. And we're -- as our guide indicates, we're seeing continued growth, right and expect that growth to continue into Q2.

是的。不，抱歉。感謝您對業務和連續表現的評論。我對這 4% 的連續表現非常滿意。正如我們的指南所示，我們看到了持續的成長，並且預計這種成長將持續到第二季。

We made major changes and a pretty substantial pivot last year in support of customer focus and in support of our production strategy. And I'm very pleased with the growth that we're seeing in our production business as a result of this.

去年，為了支援客戶中心和我們的生產策略，我們做出了重大改變和相當大的轉變。我對我們的生產業務因此所取得的成長感到非常高興。

At that time, we came forward with a number of critical metrics that we're going to use to measure this. And frankly, they're all up, right? We're seeing average order values increase. We're seeing revenue per customer increase. We're seeing our -- the number of customers who are buying our combined offer up substantially and our production revenues are growing.

當時，我們提出了一些用來衡量這一點的關鍵指標。坦白說，他們都起來了，對吧？我們看到平均訂單價值正在增加。我們看到每位客戶的收入正在增加。我們看到購買我們組合產品的客戶數量大幅增加，我們的生產收入也在增加。

So I want to just recognize the work of our go-to-market teams who are out there educating our customers on this. This is our focus. We're investing behind it. We've got a successful brand campaign that we'll continue to drive. And I'm very encouraged with how we're starting this year.

因此，我只想表揚我們的行銷團隊所做的工作，他們正在向我們的客戶介紹這方面的內容。這是我們的重點。我們正在對其進行投資。我們已經開展了成功的品牌活動，並將繼續推進。我對我們今年的開局感到非常鼓舞。

Okay. Got it. Maybe I'll just ask one more for now since you guys just give me a lot of detail on my first question. But is there anything to be concerned about related to the Hubs network? And I know that it's a global network, obviously, but I think there are quite a few manufacturing partners in China.

好的。知道了。也許我現在只想再問一個問題，因為你們剛剛就我的第一個問題給了我很多細節。但是 Hubs 網路方面有什麼需要擔心的嗎？我知道這顯然是一個全球網絡，但我認為中國有許多製造合作夥伴。

Is this -- is the tariff situation, which I know could be a positive driving onshoring and a positive for you in a lot of ways. But is this trade war causing challenges for Hubs?

這是關稅情況嗎？我知道這可能對推動國內生產有積極作用，並且在許多方面對您有利。但這場貿易戰是否為樞紐帶來了挑戰？

Yeah. Thank you for the question. No, we really haven't seen that. We've got a network that is extremely adaptable, right? And so we routinely are able to and on a real-time basis, move work around across the network and redirect orders based on the customer needs, pricing and so forth.

是的。謝謝你的提問。不，我們確實沒有看到過。我們有一個適應性極強的網絡，對嗎？因此，我們能夠定期、即時地在網路上移動工作並根據客戶需求、定價等重新定向訂單。

And so that flexibility really allows us to adapt very quickly. And in fact, even in a normal year, we see substantial shifts across the network in terms of where we're sourcing components. And that's what we've been able to do here to adapt to the tariffs.

這種靈活性確實使我們能夠快速適應。事實上，即使在正常年份，我們也會看到整個網路在零件採購方面發生巨大變化。這就是我們為了適應關稅所能採取的措施。

So the network continues to grow and we've been able to be quite flexible and adaptive to mitigate any impact both to our [MPs] and to our customers during this period. In fact, this is one of the strengths of our model.

因此，網路不斷發展，我們能夠相當靈活和適應，以減輕在此期間對我們的 [MP] 和客戶的任何影響。事實上，這是我們模型的優點之一。

Okay. And sorry to slip back to old terminology. I'll go write down Protolabs Network 10 times on a piece of paper. It's the right name.All right. Thanks.

好的。很抱歉又回到了舊的術語。我會在一張紙上把 Protolabs Network 寫 10 遍。這是正確的名字。好的。謝謝。

Thanks, Brian.

謝謝，布萊恩。

Greg Palm, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的格雷格·帕爾姆 (Greg Palm)。

Yeah. Good morning. Thanks for taking the questions. Congrats on the quarterly results. Can you maybe -- yes, can you maybe talk a little bit more about what you're seeing in April, specifically, just in terms of order growth and customer behavior?

是的。早安.感謝您回答這些問題。恭喜季度業績。是的，您能否再多談談您在四月看到的情況，具體來說，就訂單增長和客戶行為而言？

And specifically, the guide implies a lower margin, I think, Dan, you mentioned it's based on a mix of network. So you're seeing a higher proportion of revenue going to the network so far this month or previous month, April?

具體來說，該指南暗示利潤率較低，我認為，丹，你提到它是基於網路混合。那麼，您是否看到本月或上個月（4 月）迄今為止流向網路的收入比例更高了？

Yeah. From a trend perspective, we've seen orders consistently improve month-to-month as we've gone through the year. I think on the network side, it was -- to start the year softer and had to do more with bigger network orders through Europe.

是的。從趨勢來看，我們看到今年以來訂單量逐月持續改善。我認為在網路方面，今年年初業務較為疲軟，必須透過歐洲獲得更多更大的網路訂單。

But we're seeing that begin to -- overall network fulfilled orders to continue to trend up and so our guide reflects that. So we just continue to see, as we're going through the year, improvement in demand.

但我們看到，整體網路完成的訂單開始呈現持續上升的趨勢，因此我們的指南也反映了這一點。因此，隨著這一年的推進，我們將繼續看到需求的改善。

And you talked about the benefits of your offering, comprehensive offering in times like this. I'm curious, do you have any evidence that this current environment is actually providing some tailwind, whether that's onboarding of new customers? I mean I don't know what metrics you'd look for specifically but what are you seeing out there?

您也談到了在這種時候提供全面服務的好處。我很好奇，您是否有任何證據表明當前環境實際上正在提供一些順風，無論是新客戶的加入嗎？我的意思是，我不知道您具體要尋找什麼指標，但您看到了什麼？

Yeah, sure. Yeah, so as I'm talking to customers and I talked to several very recently, even this week, they're -- what we're hearing from them is several things. First of all, excitement around our production offerings, right and more adoption of those production offerings, right?

是的，當然。是的，當我與客戶交談時，我最近甚至本週都與幾個客戶進行了交談，我們從他們那裡聽到了幾件事。首先，大家對我們的產品感到興奮，對吧，而且這些產品得到更多的採用，對吧？

So this is independent of the macro environment, right? Remember that they've been asking us for these capabilities for years. And now we're really bringing them to them and we're promoting it very aggressively.

所以這與宏觀環境無關，對嗎？請記住，多年來他們一直在要求我們提供這些能力。現在我們確實將它們帶給他們，並且我們正在非常積極地推廣它。

And so we've got these customers who we're engaging with, they're used to -- they're relying on us for their prototyping. And now we've got these production solutions, so they can stay with us through their product life cycle, reducing their risk whenever they have to change a supplier.

因此，我們擁有這些正在與之合作的客戶，他們已經習慣了——他們依靠我們進行原型設計。現在我們有了這些生產解決方案，因此他們可以在整個產品生命週期中與我們合作，從而降低他們更換供應商時的風險。

So that makes us more streamlined and more cost effective for them. So they're very pleased with that and I think that's -- I attribute a lot of our sequential growth and what we're seeing today to that.

這使得我們的工作更加精簡，對他們來說更具成本效益。所以他們對此非常滿意，我認為這是——我將我們的連續成長和我們今天所看到的大部分成果歸功於此。

That said, in terms of supply chain disruption and tariffs in this environment, we're definitely hearing them talk about looking at alternatives, right, for their supply chain and diversification around supply chain and including reshoring to the US as part of that solution.

話雖如此，就這種環境下的供應鏈中斷和關稅而言，我們確實聽到他們談論尋找替代方案，對吧，為他們的供應鏈和供應鏈多樣化尋找替代方案，包括將生產回流美國作為解決方案的一部分。

And so we're having those dialogues and we're seeing some of them begin that. And I see that again as a strong growth opportunity for us. I mean we stand ready to serve their needs in that way, right?

因此，我們正在進行這些對話，並且我們看到其中一些已經開始這樣做。我再次將此視為我們的一個強勁成長機會。我的意思是我們隨時準備以這種方式滿足他們的需求，對嗎？

We're super adaptive, we're highly automated, we're very flexible and we've got tons of scale. And the super majority, right, 90% of our Americas revenue is already fulfilled in the Americas, right? So we have very little tariff exposure from that standpoint.

我們的適應力超強、自動化程度高、彈性強，而且規模龐大。而且絕大多數，也就是我們美洲 90% 的營收已經在美洲實現了，對嗎？因此從這個角度來看，我們的關稅風險很小。

Yeah, understood. And I guess, just going forward, thinking about the network, are you -- just given some of the initial tariffs, are you thinking about building a greater base, let's say, here in the U.S.? I mean do you feel like you've got the right amount of production partners here? What do you think?

是的，明白了。我想，展望未來，考慮到網絡，考慮到一些初始關稅，您是否考慮在美國建立一個更大的基礎？我的意思是，您覺得您在這裡有合適數量的生產合作夥伴嗎？你怎麼認為？

Yeah. I'm pleased with our network and the strong manufacturing partners that we have in all parts of the world. And we've got plenty of excess capacity right now in our U.S. manufacturing partners. Of course, as we grow and scale, we can onboard and do routinely on board more.

是的。我對我們的網路和遍布世界各地的強大的製造合作夥伴感到滿意。目前，我們的美國製造合作夥伴擁有大量過剩產能。當然，隨著我們的成長和擴大，我們可以吸收更多人才，並定期吸收更多人才。

So I feel very ready right now. I think we've got the right network, the right set of partners and we are ready to grow.

所以我現在感覺已經準備好了。我認為我們擁有合適的網路、合適的合作夥伴，並且我們已經準備好成長。

Okay. All right. Well, best of luck. I'll leave it here. Thanks.

好的。好的。好吧，祝你好運。我就把它留在這裡。謝謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Hey, gentlemen. Congrats on the March quarter results. Rob, maybe to start with you -- maybe, Rob, to start with you. Just on the push into production. If you guys are successful, will you see it more in factory or network?

嘿，先生們。恭喜三月季度業績。羅布，也許從你開始——也許，羅布，從你開始。剛剛投入生產。如果你們成功了，你們會在工廠或網路中看到更多嗎？

And the reason I'm asking, I always thought it would be more on the factory side because I think customers are going to want to qualify the partner that they're working with and you guys can control the quality better in the factory versus the network. But it seems like you're talking up network as the benefit of tariffs or production, excuse me.

我之所以問這個問題，是因為我一直認為這更多是在工廠方面，因為我認為客戶會希望與他們合作的伙伴具備資格，而且你們可以在工廠而不是網絡中更好地控製質量。但對不起，您好像在談論網路作為關稅或生產的好處。

Yeah. Thanks for the question, Troy. So the answer is definitely both, right? We serve customers with production of end-use parts out of both our factories and our networks. Actually quite pleased with the quality that comes out of the network partners.

是的。謝謝你的提問，特洛伊。所以答案肯定是兩者兼而有之，對嗎？我們透過工廠和網路為客戶提供最終用途零件的生產服務。實際上，我對網路合作夥伴所提供的品質相當滿意。

This is an area of strength in our model. And we aggressively audit and control quality with our network partners just as we do within our own factories, right? We have the same quality standards, right, that we apply across our organization. Remember now, we've got a global operations organization that includes both factory and network, right?

這是我們模型的優勢領域。我們對網路合作夥伴進行積極的品質審核和控制，就像我們在自己的工廠內所做的那樣，對嗎？我們在整個組織內採用相同的品質標準。現在記住，我們有一個包括工廠和網路的全球營運組織，對嗎？

So we view that in the same way and hold it to those same standards. The answer varies a little bit more as we think about it by service, right, where some services we're going to do more -- likely, more production out of the factory and in others, more in the network. But we definitely see it across the board.

因此，我們以同樣的方式看待它並遵循相同的標準。當我們根據服務來考慮時，答案會有所不同，對某些服務而言，我們可能會做更多——更多的是在工廠外生產，而對於其他服務而言，更多的是在網路中生產。但我們確實全面地看到了這一點。

Troy, I think one other thing to remind you, we think our network setup is well positioned to do more production type work. We have a more discrete defined base of manufacturing partners that we work with.

特洛伊，我想提醒你另外一件事，我們認為我們的網路設定非常適合做更多的生產類型的工作。我們擁有更獨立明確的製造合作夥伴基礎。

We're making sure that we are in contact with our cross-docks and the MPs to make sure that the quality of the parts that are coming through is high and that there's more interaction that a customer can have through some of our digital tools in order to do those production-type orders through the network. But I'm going to reinforce what Rob said, it's both. It is both production through the factory and production through the network.

我們確保與我們的交叉碼頭和 MP 保持聯繫，以確保通過的零件品質很高，並且客戶可以透過我們的一些數位工具進行更多互動，以便透過網路完成那些生產型訂單。但我要強調羅布所說的話，兩者兼具。既是透過工廠生產，也是透過網路生產。

And as we see production grow, that's how it's playing out.

隨著我們看到產量的成長，情況就是這樣的。

Okay. Perfect. And then, Dan, just a follow-up for you. I mean it's been a while since we've had a normal year. Can you remind us like normal seasonality? Always think of Q3 traditionally up sequentially and then Q4 down. Is that the case? And are tariffs going to maybe offset that and provide growth throughout the year?

好的。完美的。然後，丹，我還要跟進一下你的狀況。我的意思是我們已經有一段時間沒有過正常的一年了。您能像正常的季節性一樣提醒我們嗎？總是認為 Q3 傳統上是按順序上升的，然後 Q4 是下降的。是嗎？關稅是否能抵消這項影響並促進全年成長？

Yeah. Troy, I have to laugh at what a normal year is, because, yeah, it's been a while. Yeah. I mean normally, what we end up seeing is Q1, although being up from Q4, is a little bit softer because of coming out of the holidays, that January would be softer from a revenue perspective. So we need that pickup quarter over quarter, which is mainly due to having 3 months rather than that.

是的。特洛伊，我不得不嘲笑正常的一年，因為，是的，已經有一段時間了。是的。我的意思是，通常情況下，我們最終看到的是，第一季雖然比第四季度有所增長，但由於假期結束而略微疲軟，從收入角度來看，一月份的收入會更疲軟。因此，我們需要逐季回升，這主要是因為有 3 個月而不是 3 個月。

And we see maybe flattish as you go Q2 to Q3, if not slightly up and then they will be -- it would be down in the fourth quarter really due to holidays again. So that's usually what we see. So Q1 up first fourth quarter, slightly down versus Q2. Q2 sees a pickup, Q3 flat to slightly up and then slightly down for the Q4 due to the holidays.

我們認為，從第二季度到第三季度，銷售額可能會持平，如果不是略有上升的話，那麼第四季度的銷售額就會下降，這實際上是由於假期再次出現。這就是我們通常所看到的。因此，第一季第一季上漲，第四季相比第二季略有下降。第二季出現回升，第三季持平或略有上升，第四季則因假期而略有下降。

Got you. Do you think tariffs are a factor this year?

明白了。您認為關稅是今年的因素嗎？

Oh my god, Troy. As you said, we haven't had normal in a long time. I feel good about what our guide is for the second quarter. But it's a changing landscape. But as Rob said, I mean, we really feel like we're well positioned both from the number of different fulfillment options we can offer customers as well as our financial strength.

哦天哪，特洛伊。正如你所說，我們已經很久沒有恢復正常了。我對我們的第二季的指導感到滿意。但這是一個不斷變化的景象。但正如羅布所說，我的意思是，我們真的覺得我們處於有利地位，無論是從我們可以為客戶提供的不同履行選項的數量，還是從我們的財務實力來看。

Yeah, and the actions that we're taking are good.

是的，我們採取的行動是好的。

Perfect. Thanks, guys, and good luck going forward.

完美的。謝謝大家，祝你未來好運。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Hi. Good morning. I may have missed it, it may be in the material or you may have said it. What were the network margins in the quarter? I think you said they were down quarter-on-quarter. But did you say what they were?

你好。早安.我可能錯過了，它可能在材料中，或者你可能已經說過了。本季的網路利潤率是多少？我認為您說過它們環比有所下降。但您說過它們是什麼嗎？

Yeah, we didn't specifically say what the margins were but they were a little over 31% for the network.

是的，我們沒有具體說明利潤率是多少，但對於網路來說，利潤率略高於 31%。

Terrific. Thank you. So on tariffs, I think I'm trying to get a sense, are you seeing headwinds at all from the materials you use? And I mean, it sounds like you're already evaluating pricing actions. I'm just curious if that's an issue for you at all.

了不起。謝謝。因此，關於關稅，我想我試圖了解一下，您是否看到所使用的材料有阻力？我的意思是，聽起來您已經在評估定價行動了。我只是好奇這對你來說是否是個問題。

Yeah. Thanks for the question, Jim. I think the strength of our model really helps us here. We've got a very robust supply chain for raw materials. And so we've been able to mitigate a lot of that and have not seen substantial increases in our costs from raw materials as a result of the tariff landscape.

是的。謝謝你的提問，吉姆。我認為我們模型的優勢確實對我們有幫助。我們擁有非常強大的原料供應鏈。因此，我們已經能夠減輕許多影響，並且由於關稅情勢的影響，我們的原材料成本並沒有大幅增加。

Got it. You've had a couple of quarters of declines, I think, year over year in 3D Printing. I'm wondering how that business aligns with the overall strategy of driving the production parts business. I mean you alluded to the space market, which just seems like a natural for production and metals additive. But I'm just wondering, is there anything we need to be thinking about as you look at that 3D Printing portion of the business?

知道了。我認為，3D 列印已經經歷了幾個季度的同比下滑。我想知道該業務如何與推動生產零件業務的整體策略保持一致。我的意思是，您提到了太空市場，這對於生產和金屬添加劑來說似乎是自然而然的。但我只是想知道，當您考慮 3D 列印業務部分時，我們需要考慮什麼嗎？

Yeah. Thanks, Jim. I think you're thinking about it right. 3D Printing is -- certainly, we do a bunch of production in 3D Printing but still the majority of that service is really a prototyping service, right? And in the macro economy that we've been experiencing for the last two years now with manufacturing contraction, what we're hearing from customers is that they're not launching as many new products in this environment.

是的。謝謝，吉姆。我認為你的想法是對的。3D 列印是——當然，我們在 3D 列印方面做了很多生產，但該服務的大部分實際上還是原型製作服務，對嗎？在過去兩年我們經歷的宏觀經濟中，製造業萎縮，我們從客戶那裡聽到的是，在這種環境下，他們不會推出那麼多新產品。

They're slower to do that. And so we are seeing headwinds to prototyping overall. And that was the reason why we drove the big pivot that we did in order to focus on production. And we're seeing very nice growth in production pretty well across the board, including in the 3D Printing segments that tie to production. But right now, in this economy, there's definitely a headwind for prototyping and I think that's affecting our 3D Printing business.

他們做這件事比較慢。因此，我們看到原型設計總體上面臨阻力。這就是我們大力轉型專注於生產的原因。我們看到整個生產領域都出現了非常好的成長，包括與生產相關的 3D 列印領域。但目前，在這種經濟形勢下，原型製作肯定面臨阻力，我認為這會影響我們的 3D 列印業務。

Got it. Last question, just -- if we think about the production parts opportunity, there's so much -- some more mature manufacturing markets that you guys obviously are going after. I'm wondering there's probably some ingrained culture using traditional methods. Are you satisfied with how the strategy is playing out in those markets? Obviously, some of the more nimble markets, like commercial space, there's clear -- I would think there's good momentum there.

知道了。最後一個問題，如果我們考慮生產零件的機會，就會發現有很多更成熟的製造市場是你們顯然正在追求的。我想知道是否存在一些使用傳統方法的根深蒂固的文化。您對於該策略在這些市場上的實施效果滿意嗎？顯然，一些更靈活的市場，例如商業空間，很明顯——我認為那裡的發展勢頭良好。

Yeah. Thanks. So what we're seeing is that we've got a very differentiated offering that competes really well in the higher-margin portions of the production landscape that we target. Those are the low to mid-volume production kinds of parts of the space. Because of our high levels of automation, digitalization, scalability, flexibility, we're pretty uniquely positioned in production in those categories.

是的。謝謝。因此，我們看到的是，我們擁有非常差異化的產品，在我們所針對的高利潤生產領域中具有強大的競爭力。這些是該領域中低產量到中等產量的部分。由於我們的自動化、數位化、可擴展性和靈活性水平很高，我們在這些類別的生產中佔據著相當獨特的地位。

And again, those are the higher-margin categories. So we like that. Certainly, by industry, where we tend to penetrate fastest is in those industries where they're launching more new products because that's where we get to be at the table, right? When they're launching the new product and they're developing the supply chain to produce that product, that's where we have great opportunities. And so I think that's why you're seeing that.

再說一次，這些都是利潤率較高的類別。所以我們喜歡這樣。當然，就產業而言，我們滲透速度最快的是那些推出更多新產品的產業，因為那是我們可以參與的領域，對嗎？當他們推出新產品並開發生產該產品的供應鏈時，我們就有很大的機會。所以我認為這就是你看到這種情況的原因。

But over time, I fully expect us to be penetrating through production well in all the industries because we've really got a differentiated production offering in the parts of the industry that we're targeting.

但隨著時間的推移，我完全相信我們能夠在所有行業中很好地滲透生產，因為我們在目標行業的各個部分確實提供了差異化的生產產品。

Thanks, guys. Congrats.

謝謝大家。恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. And ladies and gentlemen, we have reached the end of the question-and-answer session. And this does conclude today's conference. You may disconnect your line at this time. We thank you for your participation.

謝謝。女士們、先生們，我們的問答環節已經結束。今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。