Shapeways Holdings Inc (SHPW) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Shapeways' fourth-quarter 2022 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Nikki Sacks of Investor Relations. Please go ahead.

下午好，歡迎來到 Shapeways 的 2022 年第四季度收益電話會議。 （操作員說明）請注意正在記錄此事件。我現在想把會議轉交給投資者關係部的 Nikki Sacks。請繼續。

Greetings, and welcome to Shapeways' fourth-quarter 2022 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. Before we get started, I'd like to remind everyone that management will be making statements during this call that include forward-looking statements within the meaning of Federal Securities Laws, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

問候，歡迎來到 Shapeways 的 2022 年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。在我們開始之前，我想提醒大家，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法意義上的前瞻性聲明，這些聲明是根據私人證券訴訟改革的安全港條款作出的1995 年法案。

Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including without limitation, statements regarding our business strategy, future financial and operating performance, projected financial results for the first quarter of 2023, expected growth, impact of recent acquisitions, new offerings, market opportunity, and plans for compliance with the NYSE's continued listing standards are based upon current estimates and various assumptions.

本次電話會議中包含的任何不是歷史事實陳述的陳述都應被視為前瞻性陳述。所有前瞻性陳述，包括但不限於關於我們的業務戰略、未來財務和經營業績、2023 年第一季度的預計財務業績、預期增長、近期收購的影響、新產品、市場機會和合規計劃的陳述紐約證券交易所的持續上市標準是基於當前的估計和各種假設。

These statements involve material risks and uncertainties that could result in actual results differing materially from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

這些陳述涉及重大風險和不確定性，可能導致實際結果與這些前瞻性陳述預期或暗示的結果存在重大差異。因此，您不應過分依賴這些陳述。

For a description of the risks and uncertainties associated with our business, please see the company's SEC filings, including the company's annual report on Form 10-K for the year ended December 31, 2022. Information provided in this conference call speaks only to the broadcast today, March 30, 2023.

有關與我們業務相關的風險和不確定性的描述，請參閱公司提交給美國證券交易委員會的文件，包括公司截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告。本次電話會議中提供的信息僅針對廣播今天，2023 年 3 月 30 日。

Shapeways disclaims any obligation, except as required by law, to update or revise forward-looking statements. Also, during the course of today's call, we refer to adjusted EBITDA, which is a non-GAAP financial measure. There's a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release issued after market close, which can be found on our website, www.shapeways.com.

除法律要求外，Shapeways 不承擔任何更新或修改前瞻性陳述的義務。此外，在今天的電話會議中，我們提到了調整後的 EBITDA，這是一項非 GAAP 財務指標。我們在收市後發布的新聞稿中有一個顯示 GAAP 與非 GAAP 結果的核對時間表，可在我們的網站 www.shapeways.com 上找到。

On the call today are Greg Kress, Chief Executive Officer; and Alberto Recchi, Chief Financial Officer. And now I'd like to turn the call over to Greg. Greg?

今天接聽電話的是首席執行官格雷格·克雷斯 (Greg Kress)；和首席財務官 Alberto Recchi。現在我想把電話轉給格雷格。格雷格？

Good afternoon, everyone. Thanks for joining us to discuss Shapeways' fourth quarter and full year 2022 financial results and progress on our key initiatives and strategic growth plans. I'll begin by providing a business update, and Alberto Recchi, our CFO, will then discuss our fourth-quarter financial results and outlook for the first quarter.

大家下午好。感謝您加入我們討論 Shapeways 的第四季度和 2022 年全年財務業績以及我們關鍵舉措和戰略增長計劃的進展。我將首先提供業務更新，然後我們的首席財務官 Alberto Recchi 將討論我們第四季度的財務業績和第一季度的展望。

We are pleased with our fourth-quarter results, which came in as anticipated as we delivered 5% revenue growth in line with our guidance. Notably, in 2022, we made a number of investments, which we believe positioned us well for growth. These include new materials, technologies and certification, enhancing our software platform, as well as continuing to refine our focus to those areas that offer the greatest opportunity, particular enterprise manufacturing solutions and commercializing our software.

我們對第四季度的業績感到滿意，正如預期的那樣，我們實現了 5% 的收入增長，符合我們的指導。值得注意的是，在 2022 年，我們進行了多項投資，我們認為這些投資為我們的增長奠定了良好的基礎。這些包括新材料、技術和認證，增強我們的軟件平台，以及繼續將我們的重點放在那些提供最大機會的領域，特別是企業製造解決方案和商業化我們的軟件。

In 2022, we completed three acquisitions, including the successful acquisition and integration of Linear AMS, which accelerated the expansion of our manufacturing capabilities and extended the materials, technologies, and certifications that we offer our customers. Today, we offer 12 hardware technologies and more than 120 materials and finishes, including industrial metals and advanced finishing. And we give our customers everything they need from design and preproduction to manufacturing and delivery across a range of industries.

2022 年，我們完成了三項收購，包括成功收購和整合 Linear AMS，這加速了我們製造能力的擴張，並擴展了我們為客戶提供的材料、技術和認證。今天，我們提供 12 種硬件技術和 120 多種材料和飾面，包括工業金屬和高級飾面。我們為客戶提供他們所需的一切，從設計和預生產到製造和交付，涵蓋各行各業。

Building on our years of experience and having made these investments, we believe Shapeways provides an extremely compelling solution for a range of enterprise customers, from project focused engineers to large global enterprises seeking high-quality, flexible on-demand manufacturing. Shapeways is ideally situated to disrupt the multi-trillion-dollar manufacturing industry as manufacturers seek more flexible and reliable solutions to their manufacturing needs. Furthermore, we have a meaningful opportunity to capture business from small- and medium-sized manufacturers that are unlikely to invest the capital required to deploy and support their own digital capabilities.

基於我們多年的經驗並進行了這些投資，我們相信 Shapeways 為一系列企業客戶提供了極具吸引力的解決方案，從專注於項目的工程師到尋求高質量、靈活的按需製造的大型全球企業。隨著製造商尋求更靈活、更可靠的解決方案來滿足其製造需求，Shapeways 處於顛覆數万億美元製造業的理想位置。此外，我們有一個有意義的機會從中小型製造商那裡獲取業務，這些製造商不太可能投資部署和支持自己的數字功能所需的資金。

Shapeways' core competency is in low volume, high-mix production at scale, a compelling solution in an environment increasingly focused on mass customization and speed of part delivery. Importantly, we are not limited to prototyping and low-volume production. As our customers scale, we are able to support their growing needs for traditional methods.

Shapeways 的核心競爭力在於小批量、高混合的大規模生產，這是在越來越注重大規模定制和零件交付速度的環境中的一種引人注目的解決方案。重要的是，我們不僅限於原型設計和小批量生產。隨著我們客戶的規模擴大，我們能夠支持他們對傳統方法不斷增長的需求。

Through our acquisition of Linear AMS, we gained traditional injection molding capabilities. Our broad solution allows us to efficiently capture a larger portion of our customers spend and to grow with our customers' needs.

通過收購 Linear AMS，我們獲得了傳統的注塑成型能力。我們廣泛的解決方案使我們能夠有效地獲取客戶支出的大部分，並隨著客戶的需求而增長。

I'd like to highlight just a few applications which illustrate the demand for digital manufacturing, particularly in key markets in which we operate, such as industrial, medical, automotive, and aerospace. Whirlpool recently leveraged Shapeways' design and manufacturing expertise to create production injection molds, using both traditional and metal additive processes to achieve cost effective, low-volume production. Also, Lockheed Martin and NASA also started using Shapeways in support of Project Dragonfly, leveraging Shapeways to manufacture flight qualified parts in support of their drone design.

我想強調幾個說明數字製造需求的應用，特別是在我們經營的主要市場，如工業、醫療、汽車和航空航天。 Whirlpool 最近利用 Shapeways 的設計和製造專業知識來創建生產注塑模具，同時使用傳統和金屬增材工藝來實現具有成本效益的小批量生產。此外，洛克希德馬丁公司和美國國家航空航天局也開始使用 Shapeways 來支持蜻蜓計劃，利用 Shapeways 製造符合飛行條件的部件來支持他們的無人機設計。

Our pipeline for enterprise opportunities continues to build with growing interest from customers like I just described, including other large Fortune 500 companies, which are seeking manufacturing solutions for various specific needs. We are encouraged by the momentum as initial qualification orders are moving to scale production, and as customers expand the size and scope of their orders.

隨著我剛才描述的客戶越來越感興趣，包括其他大型財富 500 強公司，我們的企業機會管道繼續建立，它們正在尋求滿足各種特定需求的製造解決方案。隨著初始資格訂單轉向規模生產，以及客戶擴大訂單規模和範圍，我們對這一勢頭感到鼓舞。

The other element of our growth story which makes us particularly excited is commercializing our software. As we've discussed, one of the key differentiators is Shapeways' proprietary software, which digitizes the end-to-end process from quote through delivery. Our software enables us to offer high quality, low-volume complex part production, but it is also a valuable tool for global manufacturers, specifically small- and medium-sized traditional manufacturers that are not able to invest in the capital and time necessary to digitize their businesses.

我們成長故事中令我們特別興奮的另一個因素是將我們的軟件商業化。正如我們所討論的，Shapeways 的專有軟件是其中一個關鍵差異化因素，該軟件將從報價到交付的端到端流程數字化。我們的軟件使我們能夠提供高質量、小批量的複雜零件生產，但它也是全球製造商的寶貴工具，特別是無法投資數字化所需資金和時間的中小型傳統製造商他們的業務。

Our software customers can leverage our software tools and services before capabilities such as file upload, instant pricing, checkout, optimization, and manufacturing fulfillment. This helps them grow their business by enabling improved customer accessibility, increased productivity and expanded manufacturing capabilities. In short, moving offline processes online enables a more streamlined process and increases manufacturing throughput, which should enable software customers to expand their manufacturing capabilities and to capture more customer share of wallet, all without having to invest in hardware.

我們的軟件客戶可以在文件上傳、即時定價、結帳、優化和製造履行等功能之前利用我們的軟件工具和服務。這有助於他們通過改善客戶可訪問性、提高生產力和擴展製造能力來發展業務。簡而言之，將離線流程轉移到線上可以實現更精簡的流程並提高製造吞吐量，這將使軟件客戶能夠擴展他們的製造能力並獲得更多的客戶份額，而無需投資硬件。

Since launching our commercialized software product offering, OTTO, we have validated the market need and enhanced the product. We further accelerated our planned phased rollout with the acquisition of MFG and MakerOS, which we completed last year.

自推出我們的商業化軟件產品 OTTO 以來，我們已經驗證了市場需求並改進了產品。通過去年完成的對 MFG 和 MakerOS 的收購，我們進一步加快了計劃中的分階段推出。

We are pleased with the market reception. And in 2022, we realized 6 times the amount of software revenue from the prior year, reaching $1.8 million. We're optimistic about the continued growth prospects with a meaningful opportunity to capture revenue through SaaS subscription, transaction and processing fees, demand generation services, and overflow manufacturing capabilities by Shapeways and other supply chain partners.

我們對市場反響感到滿意。到 2022 年，我們實現的軟件收入是上一年的 6 倍，達到 180 萬美元。我們對持續增長前景持樂觀態度，這是一個有意義的機會，可以通過 SaaS 訂閱、交易和處理費用、需求生成服務以及 Shapeways 和其他供應鏈合作夥伴的溢出製造能力來獲取收入。

With regard to our legacy self-service and marketplace e-commerce business, we continue to focus on stabilizing those channels as we continue to see increased competition. We expect to see continued demand and to realize a solid contribution from this business, but our growth focus is on our enterprise manufacturing and software businesses.

關於我們傳統的自助服務和市場電子商務業務，隨著我們繼續看到競爭加劇，我們將繼續專注於穩定這些渠道。我們希望看到持續的需求並實現該業務的堅實貢獻，但我們的增長重點是我們的企業製造和軟件業務。

As we move through 2023, we remain focused on improving our cash burn while prioritizing the initiatives I discussed that we believe will present the greatest opportunity for profitable growth. We believe the investments we have already made and the market validation that we've already completed have put us on this track. We are encouraged by the momentum we've built, and we believe that we are well positioned for continued growth.

隨著 2023 年的到來，我們將繼續專注於改善現金消耗，同時優先考慮我討論過的我們認為將帶來最大盈利增長機會的舉措。我們相信我們已經進行的投資和我們已經完成的市場驗證使我們走上了這條軌道。我們為我們所建立的勢頭感到鼓舞，我們相信我們已做好持續增長的準備。

I would like to thank the entire Shapeways team, our customers, our investors, and all of our stakeholders for the ongoing support. Alberto will now discuss our financial results in more detail.

我要感謝整個 Shapeways 團隊、我們的客戶、我們的投資者和所有利益相關者的持續支持。阿爾貝托現在將更詳細地討論我們的財務業績。

Thanks, Greg. I'll provide a recap of our fourth-quarter 2022 performance, give an update on our balance sheet position, and provide guidance for the first quarter.

謝謝，格雷格。我將回顧我們 2022 年第四季度的業績，更新我們的資產負債表狀況，並為第一季度提供指導。

In the fourth quarter, revenue increased 5% to $8.7 million compared to $8.3 million in the prior year, in line with our expectations. The increase in revenues was primarily attributable to positive contributions from our software offering, scaling of our additive manufacturing capabilities, and traditional manufacturing services.

第四季度，收入從去年同期的 830 萬美元增長 5% 至 870 萬美元，符合我們的預期。收入的增長主要歸功於我們的軟件產品、增材製造能力的擴展以及傳統製造服務的積極貢獻。

Our gross margins in the fourth quarter were 41% compared to 47% in the fourth quarter of 2021. We continue to deliver top-tier gross margin, and the year-over-year change was primarily due to inflationary pressures to continue ramping of recently deployed new technologies and a more varied product mix.

我們第四季度的毛利率為 41%，而 2021 年第四季度為 47%。我們繼續提供一流的毛利率，同比變化主要是由於通脹壓力最近繼續上升部署了新技術和更多樣化的產品組合。

Fourth quarter adjusted EBITDA was a loss of $5.8 million compared to a loss of $3.1 million in the fourth quarter of last year. SG&A expenses for the fourth quarter were $7.3 million compared to $7.1 million in the prior year, primarily reflecting increases to personnel costs, the recent acquisition, and increased professional fees. During the fourth quarter, we largely completed the transition of our manufacturing facility in Long Island City, New York to Livonia, Detroit.

第四季度調整後的 EBITDA 虧損 580 萬美元，而去年第四季度虧損 310 萬美元。第四季度的 SG&A 費用為 730 萬美元，而去年同期為 710 萬美元，主要反映了人員成本的增加、最近的收購以及專業費用的增加。在第四季度，我們基本完成了將位於紐約長島市的製造工廠遷移至底特律利沃尼亞的工作。

Turning to our balance sheet. As of December 31, 2022, our cash, cash equivalents and marketable securities totaled $40.4 million. During the quarter, we deployed approximately $6.5 million in cash. We anticipated a higher burn in Q4 compared to our normalized burn as we largely completed our manufacturing facility consolidation to Livonia and manage the timing of expenses such as D&O insurance annual premiums.

轉向我們的資產負債表。截至 2022 年 12 月 31 日，我們的現金、現金等價物和有價證券總計 4040 萬美元。本季度，我們部署了大約 650 萬美元的現金。我們預計第四季度的消耗量將高於我們的正常消耗量，因為我們基本上完成了將製造設施整合到利沃尼亞，並管理 D&O 保險年度保費等費用的時間安排。

As we continue to invest in both new hardware and our go-to-market initiatives, we anticipate some continued near-term pressure on gross margins compared to historical levels. We remain focused on further improving our cash burn and believe the continued strength of our balance sheet. And our focus on achieving profitability and managing cash burn will allow us to execute on our organic strategic plan without the near-term need to raise additional capital.

隨著我們繼續投資於新硬件和我們的上市計劃，我們預計與歷史水平相比，近期毛利率將繼續面臨一些壓力。我們仍然專注於進一步改善我們的現金消耗，並相信我們的資產負債表將持續強勁。我們專注於實現盈利和管理現金消耗，這將使我們能夠執行我們的有機戰略計劃，而無需在短期內籌集額外資金。

With respect to our continued listing on the New York Stock Exchange, we intend to cure our deficiency and come into compliance with a minimum bid price by affecting a reverse split of our common stock. Details of the split are planned to be included in our annual proxy payment, and we intend to determine the split ratio and to seek approval at the annual meeting of the stockholders in June.

關於我們繼續在紐約證券交易所上市，我們打算通過影響普通股的反向拆分來彌補我們的不足並遵守最低出價。拆分的細節計劃包含在我們的年度代理付款中，我們打算確定拆分比例並在 6 月的股東年會上尋求批准。

Looking ahead for the first quarter of 2023, we anticipate revenues to be in the range of $7.8 million to $8.1 million. As Greg discussed, we believe we're well positioned for continued growth, and we're focused on those areas that offer the greatest opportunity, including enterprise manufacturing solutions and commercializing our software and anticipate an accelerated ramp-up in these areas as the year progresses.

展望 2023 年第一季度，我們預計收入將在 780 萬美元至 810 萬美元之間。正如 Greg 所討論的那樣，我們相信我們已經做好了持續增長的準備，我們專注於那些提供最大機會的領域，包括企業製造解決方案和我們的軟件商業化，並預計這些領域將在今年加速增長進步。

With this, we've completed our prepared remarks, and we'll now open the call for questions. Operator?

至此，我們已經完成了準備好的發言，現在我們將開始提問。操作員？

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作員說明）Greg Palm，Craig-Hallum。

I guess maybe a start in terms of the outlook, what visibility you have in that revenue ramp this year? I don't know if it's pipeline related or new customer related, but what gives you confidence that we'll see a revenue ramp throughout the year?

我想也許就前景而言是一個開始，你在今年的收入增長中有什麼能見度？我不知道它是與管道相關還是與新客戶相關，但是是什麼讓您有信心我們會在全年看到收入增長？

So I think there's three things that we're looking at inside the business. First is our core legacy e-commerce channels, right? And that's where we've seen some of the most competition, and that's where we've seen some pressure year over year. But we continue to work on optimizing that from a topline perspective.

所以我認為我們在業務內部關註三件事。首先是我們的核心遺留電子商務渠道，對嗎？這就是我們看到一些最激烈競爭的地方，也是我們年復一年看到一些壓力的地方。但我們會繼續從頂線的角度對其進行優化。

The second is we have our enterprise business, and this was new. And I think the biggest thing for us here is it took us more time than I expected to really build that pipeline and find our go-to-market position. But we are seeing good traction, good pipeline, and sizable order visibility looking forward.

第二個是我們有我們的企業業務，這是新的。我認為對我們來說最重要的是我們花了比我預期更多的時間來真正建立這條管道並找到我們的上市位置。但我們看到了良好的牽引力、良好的管道和可觀的訂單可見性。

Now with that being said, we're still working to get confidence in being able to kind of stand up and provide a real good guidance on that. And then last, we're working on commercializing our software. And this is interesting because it does have more predictable revenue associated with it, specifically with the SaaS models that we're rolling out.

話雖如此，我們仍在努力獲得信心，能夠站起來並提供真正好的指導。最後，我們正在努力將我們的軟件商業化。這很有趣，因為它確實有更多可預測的收入與之相關，特別是我們正在推出的 SaaS 模型。

And as we focus on tightening up our acquisition funnel and focusing on retention and driving lifetime value, we're starting to get to a place where we feel like we can start to focus on that more and more to be able to provide more guidance. But at this point, we aren't providing guidance at that level yet. And so we do feel like we are gaining momentum across those three initiatives inside the business, and we're seeing good traction. But again, we haven't provided that guidance for the full year yet.

當我們專注於收緊我們的收購渠道並專注於保留和推動終身價值時，我們開始到達一個我們覺得我們可以開始越來越專注於此以能夠提供更多指導的地方。但在這一點上，我們還沒有提供該級別的指導。因此，我們確實覺得我們在企業內部的這三項舉措中獲得了動力，並且我們看到了良好的牽引力。但同樣，我們還沒有提供全年的指導。

The second thing I would say is we've also spent a sensible amount of time on the -- just our gross margin road map. And as we had a little bit of pressure in Q4, we'll also have that in Q1 as we moved from our Long Island City facility to our Livonia facility and consolidated.

我要說的第二件事是，我們還在毛利率路線圖上花費了相當多的時間。由於我們在第四季度承受了一點壓力，因此當我們從長島市工廠搬到利沃尼亞工廠並進行整合時，我們也會在第一季度遇到這種壓力。

But once that's complete, we'll see more of a stabilization getting back to the gross margins that we had planned for or that we had expected historically. We planned for this drop in gross margin as of right now just because we have some redundancies in our cost structure. And so once that's complete at the end of Q1, we'll be able to continue to start executing on that.

但一旦完成，我們將看到更多的穩定回到我們計劃的或我們歷史上預期的毛利率。我們現在計劃毛利率下降只是因為我們的成本結構有一些冗餘。因此，一旦在第一季度末完成，我們將能夠繼續開始執行。

And then while we're doing all that, we're also managing our cost base, right? We want to show a path to profitability, and we want to be able to do that by driving our revenue, optimizing our gross margin, and controlling our costs. And so you'll see more and more of that throughout the rest of this year.

然後，在我們做所有這些的同時，我們也在管理我們的成本基礎，對吧？我們希望展示一條盈利之路，我們希望能夠通過增加收入、優化毛利率和控製成本來實現這一目標。因此，在今年餘下的時間裡，您會看到越來越多的情況。

Makes sense. On the software piece, specifically, maybe I missed it, but did you give a number of SaaS generating revenue customers associated with that $1.8 million amount in -- I guess, just sort of broadly speaking, how are you viewing growth of software specifically this year?

說得通。在軟件方面，特別是，也許我錯過了它，但是你是否給了一些與 180 萬美元相關的 SaaS 創收客戶 - 我想，只是從廣義上講，你如何看待軟件的增長特別是這個年？

Yeah. We're really excited with the momentum that we have. I think there's been three things that we focused on that, I kind of just touched on.

是的。我們對我們擁有的勢頭感到非常興奮。我認為我們關注的是三件事，我剛剛談到了這三件事。

But it was how do we acquire customers in a very effective way? The second was how do you retain those customers over that time period with the retention model associated with them? And then how do you drive the lifetime value of that customer by layering in more features and functionality to drive more revenue?

但我們如何以非常有效的方式獲得客戶？第二個是您如何在那個時間段內使用與他們相關的保留模型來保留這些客戶？然後，您如何通過添加更多特性和功能來推動該客戶的生命週期價值來推動更多收入？

And there's some really exciting things that we're working on and starting to roll out. But the adoption has been very strong, and the retention of those customers has been very good. And I think we have a future rollout strategy that not only allows for increased acquisition and better retention, but it will also provide additional revenue lines for the business. And so that should drive lifetime value.

我們正在努力並開始推出一些非常令人興奮的事情。但採用率非常高，這些客戶的保留率也非常高。而且我認為我們有一個未來的推出戰略，不僅可以增加收購和更好的保留，而且還將為業務提供額外的收入線。因此，這應該會推動終身價值。

And so I -- we expect to provide more insight into that model moving forward as to things as our metrics start to stabilize. But as of right now, right, we've completed Q4, we've completed -- we're completing Q1. We're starting to feel better and better about where those models are going. And so you should expect to see more visibility to that as we move forward.

所以我——我們希望在我們的指標開始穩定時，就事情的發展提供更多關於該模型的洞察力。但截至目前，我們已經完成了第四季度，我們已經完成了——我們正在完成第一季度。我們開始對這些模型的發展方向感覺越來越好。因此，隨著我們的前進，您應該期望看到更多的可見性。

James Ricchiuti, Needham & Company.

James Ricchiuti, Needham & Company。

Just wondering if you can give us the software revenue exiting the year, Q4, just I appreciate the color you gave for the full year '22. Just trying to get a sense of where it was for Q4.

只是想知道您是否可以告訴我們今年第四季度的軟件收入，我很欣賞您為 22 年全年提供的顏色。只是想了解一下第四季度的情況。

For Q4, we have not provided that information yet. We would have to pull it -- we have to pull those numbers down, I have them at the tip of my tongue.

對於第四季度，我們尚未提供該信息。我們必須把它拉下來——我們必須把這些數字拉下來，我已經把它們說出來了。

But we started with little, and it's been ramping. So obviously, Q4 was significantly higher. And I think that's probably why you're asking, so you get a better sense of like what that ramp looks like as we moved into the rest of the year. But we can probably follow up with you on what those numbers look like; I just don't have those numbers with me right now.

但我們從小做起，而且一直在增加。很明顯，第四季度明顯更高。而且我認為這可能就是你問的原因，所以當我們進入今年剩餘時間時，你會更好地了解斜坡的樣子。但我們可能會跟進您，了解這些數字是什麼樣的；我只是現在沒有這些數字。

Greg, I actually had a similar question as it relates to the enterprise, revenue in Q4, again, only because it's such a major focus for you in '23. It's just that it would be useful to know what the starting point or the ending point was for Q4 '22.

格雷格，我實際上有一個類似的問題，因為它與企業有關，第四季度的收入，只是因為它是你在 23 年的主要關注點。只是知道 Q4 '22 的起點或終點是什麼會很有用。

Yeah. I think you're starting to get to a point where we're talking about segment reporting, right? And ultimately, we are -- we haven't provided that yet. I do see that it's something that we want to be able to do as we move throughout this year, but we haven't been able to commit to that yet.

是的。我認為您開始談到我們正在談論細分報告的地步，對嗎？最終，我們 - 我們還沒有提供。我確實看到這是我們希望在今年移動時能夠做的事情，但我們還沒有能夠承諾。

And so I think you're asking good questions, Jim, because it's about like what that ramp ultimately looks like. But for this earnings call, we're not providing that level of detail. But we'll have -- I think in the future, but that's where we ultimately want to be able to provide you guys with more feedback about how each one of these individual growth initiatives are really ramping.

所以我認為你問的問題很好，吉姆，因為這就像坡道最終的樣子。但是對於這次財報電話會議，我們沒有提供那麼詳細的信息。但是我們會有——我認為在未來，但那是我們最終希望能夠為你們提供更多關於這些個人增長計劃中的每一個如何真正上升的反饋。

Well, so -- but you say, your pipeline in enterprise is pretty healthy. So presumably, there's some meaningful revenues that you're anticipating in Q1 from that as a percentage of (inaudible)?

嗯，所以 - 但你說，你在企業中的管道非常健康。因此，據推測，您預計第一季度會有一些有意義的收入，佔（聽不清）的百分比？

Yeah. We haven't provided any of that detail, but we do have a good pipeline that is closing. And so what you'll see is historically, we've talked about our top 250 customers, right? Like that continues to represent a more enterprise a book of business that we have.

是的。我們沒有提供任何細節，但我們確實有一個正在關閉的良好管道。所以你會看到歷史上，我們已經討論過我們的前 250 位客戶，對嗎？這樣繼續代表我們擁有的更多企業業務。

What you'll see is in 2022, that kind of finished out as 60% of our revenue, which in '21, it was more like 50% of our revenue. So you start to see that growing as a larger percentage.

你會看到，到 2022 年，這種收入占我們收入的 60%，而在 21 年，它更像是我們收入的 50%。所以你開始看到增長的百分比更大。

And that's more sticky customers for bigger orders and higher gross margin with a lot more opportunity to go and grow those customers. And so that continues to be growing at, let's call it, 18%, 20% CAGR over the last several years.

對於更大的訂單和更高的毛利率，更多的粘性客戶有更多的機會去發展這些客戶。因此，在過去幾年中，它繼續以 18%、20% 的複合年增長率增長。

And so it's a good, healthy piece of our business from a revenue perspective. It continues to grow. And we will be providing some of that information in the future, so you can see more of what that pipeline looks like and how it's translating into sales.

因此，從收入的角度來看，這是我們業務中一個很好、健康的部分。它繼續增長。我們將在未來提供其中的一些信息，因此您可以更多地了解該管道的外觀以及它如何轉化為銷售。

Okay. What were the unusual -- maybe you can just give us a sense on the OpEx. It sounds like there was a little bit of unusual OpEx related to the move in manufacturing to Livonia. What -- can you help us with that because it's also -- we're going with it, obviously, as to how should we be thinking about OpEx on a go-forward basis?

好的。有什麼不尋常之處——也許您可以讓我們了解一下 OpEx。聽起來好像有一點不尋常的運營支出與製造業轉移到利沃尼亞有關。什麼 - 你能幫我們解決這個問題，因為它也是 - 顯然，我們應該如何在前進的基礎上考慮 OpEx？

Maybe I can take that, Greg?

也許我可以接受，格雷格？

Yes, I was just about to say Alberto can probably answer that.

是的，我正想說 Alberto 可能會回答這個問題。

Yes. Jim, look, I think you should look at it this way. I think Q4 is probably a decent indicator where SG&A will be in Q1, right? And so some of the factors also said in my opening remarks, that contributed to the increase in SG&A expense will remain valid and will be felt in Q1.

是的。吉姆，看，我認為你應該這樣看。我認為第 4 季度可能是 SG&A 將在第 1 季度出現的一個不錯的指標，對吧？因此，我在開場白中也說過，導致 SG&A 費用增加的一些因素將仍然有效，並將在第一季度感受到。

So specifically, there'll be some spillover restructuring costs related to our move out of the Long Island City facility. Professional fees, it's been a big bucket of those costs and other spending related to being a public company, which I say remain in line as the previous quarters. Even though some of these things we were able to reduce actually significantly, D&O is a perfect example. From a personnel cost perspective, you should not expect any further increase.

因此，具體而言，我們將搬出長島市設施，從而產生一些溢出重組成本。專業費用，這是與上市公司相關的這些成本和其他支出的很大一部分，我說這與前幾個季度保持一致。儘管我們實際上能夠顯著減少其中一些事情，但 D&O 就是一個很好的例子。從人員成本的角度來看，您不應期望進一步增加。

And any since -- Alberto about cash burn on a go-forward basis, what should we be thinking along those lines?

自從 - 阿爾貝托關於向前推進的現金消耗，我們應該沿著這些思路思考什麼？

Yes. So perhaps let me make a couple of remarks here around cash burn and cash position. How do we see the path to profitability? I think this will help you model out the rest of the year. So we closed the year with a strong cash balance, right, of more than $40 million in cash, which I think provides the company with sufficient liquidity to do a couple of things, right?

是的。因此，也許讓我在這裡就現金消耗和現金頭寸發表一些評論。我們如何看待盈利之路？我認為這將幫助您模擬今年餘下的時間。所以我們以超過 4000 萬美元的現金結餘結束了這一年，我認為這為公司提供了足夠的流動性來做幾件事，對吧？

First of all, support the ongoing execution of our strategic plan, which Greg just outlined, will support our normalized cash burn, which I'll talk about in a second and also positions us well on our path to profitability. Now as Greg said, we'll keep aligning our resources, right, with the highest opportunity areas to drive revenue growth while tightly managing our cost structure and aiming to maintain our gross margin levels aligned to what they've been historically, okay?

首先，支持 Greg 剛剛概述的戰略計劃的持續執行，這將支持我們正常化的現金消耗，我將在一秒鐘內討論這一點，並使我們在盈利之路上處於有利地位。現在正如格雷格所說，我們將繼續調整我們的資源，正確的，與最高機會的領域，以推動收入增長，同時嚴格管理我們的成本結構，並旨在保持我們的毛利率水平與歷史水平保持一致，好嗎？

Now from a cash burn perspective, we're looking to solve for a normalized average cash burn in the range of $4 million to $5 million per quarter, okay? Now this will overall decrease a little bit throughout the year as revenue grow.

現在從燒錢的角度來看，我們希望解決每季度 400 萬到 500 萬美元的標準化平均燒錢問題，好嗎？現在，隨著收入的增長，這一數字全年都會略有下降。

That said, we did point out in the previous call and last earnings that cash burn in Q4 of last year was going to be slightly higher, right? And that's exactly what happened, again, mainly due to our relocation expenses related to the move to Long Island City -- from Long Island City to Livonia and some annual expenses that happen usually in the end and first part of the year. Again, a good example is the D&O insurance, right, which I cited a second ago, we were able to reduce that by 40% compared to the peaks of two years ago.

也就是說，我們確實在之前的電話會議和上次財報中指出，去年第四季度的現金消耗會略高，對吧？這正是發生的事情，主要是由於我們與搬到長島市相關的搬遷費用——從長島市到利沃尼亞，以及一些通常發生在年底和上半年的年度費用。同樣，一個很好的例子是 D&O 保險，我剛才引用過，與兩年前的峰值相比，我們能夠將其減少 40%。

Now looking prospectively and to give you some color on Q1 2023 burn, again, we do expect to land above the normalized burn mainly due to some carryover costs related to our manufacturing facility consolidation here in the US. So hopefully, this helps to give you some perspective.

現在展望未來，並為您提供 2023 年第一季度燃燒的一些顏色，我們確實預計會高於正常燃燒，這主要是由於與我們在美國的製造設施整合相關的一些結轉成本。所以希望這有助於給你一些觀點。

Troy Jensen, Lake Street Capital.

Lake Street Capital 的 Troy Jensen。

I just wanted to have a little bit more at the Detroit move and just how it ties in with gross margins. Greg, I think you said it's roughly the same in Q1 when we bounced back up in Q2.

我只是想多了解一下底特律的舉措，以及它與毛利率的關係。格雷格，我想你說過當我們在第二季度反彈時，第一季度大致相同。

But maybe Alberto -- I mean, are you guys endorsing like a 41% gross margin for March? Do we go back to 43%-ish? Or does it go higher now because Michigan facility is going to be less expensive and better margin profile than the New York? So give us a little color on how you think gross margins trend throughout the year.

但也許阿爾貝托——我的意思是，你們是否支持 3 月份 41% 的毛利率？我們會回到 43% 左右嗎？或者它現在走高是因為密歇根設施將比紐約更便宜且利潤率更高？因此，請告訴我們您對全年毛利率趨勢的看法。

Yes. So look, we do expect gross margin to hold strong in the 40s. I think looking at Q1, to answer your question, I would probably use Q4 as a proxy, right?

是的。所以看，我們確實預計毛利率將在 40 年代保持強勁。我想看看 Q1，為了回答你的問題，我可能會使用 Q4 作為代理，對吧？

Now our plan has gross margins improved throughout the year, right, back into the mid to high 40s, which represent our historical levels, right? And that will happen as we start reaping the effects of the optimization and consolidation of our manufacturing process. And also, as Greg pointed out, a software, which is a 90% large margin business becomes material, right, from a revenue perspective, which it will.

現在我們的計劃全年毛利率都有所提高，對吧，回到 40 年代中高水平，這代表了我們的歷史水平，對吧？當我們開始收穫製造過程的優化和整合的影響時，這種情況就會發生。而且，正如格雷格指出的那樣，從收入的角度來看，軟件是一項 90% 的高利潤業務，它會變得很重要。

Perfect. All right. And maybe just, Greg, I'd love to hear -- I know you don't want to give a lot of guidance, but $1.8 million in software, what do you think we're going to do in '23?

完美的。好的。也許只是，格雷格，我很想听聽——我知道你不想提供太多指導，但是 180 萬美元的軟件，你認為我們在 23 年要做什麼？

Can you give us a number at all? I mean, is it $5 million? Is it $8 million? I mean, how excited are you on your software business?

你能給我們一個數字嗎？我是說，是500萬美元嗎？是800萬美元嗎？我的意思是，您對您的軟件業務有多興奮？

No, I'm really excited about the software business, and we continue to see it scale. We haven't provided guidance yet, and I know that's frustrating because it's something we want to be able to tell you guys. But there's a few key things that are happening throughout Q1 and into April that I think will help us feel a little bit more comfortable with providing a little bit of a clearer guidance.

不，我對軟件業務真的很興奮，我們繼續看到它的規模。我們還沒有提供指導，我知道這很令人沮喪，因為這是我們希望能夠告訴你們的事情。但我認為，在整個第一季度和 4 月期間發生的一些關鍵事情將幫助我們更放心地提供更清晰的指導。

But again, we can't commit to anything at this point, but we continue to see really good momentum, right? We found ways to acquire customers very efficiently. Retention models are exceeding our expectations and lifetime value remains very strong.

但同樣，我們現在不能做出任何承諾，但我們繼續看到非常好的勢頭，對吧？我們找到了非常有效地獲取客戶的方法。保留模型超出了我們的預期，終身價值仍然非常強勁。

And so we expect to be able to provide a lot more color to what that model looks like as -- again, this is one of the newer growth initiatives for us. And so -- but things have definitely played out as we had hoped in the back half of the year, and we're moving into this year with a lot of strong momentum behind the business.

因此，我們希望能夠為該模型的外觀提供更多顏色——同樣，這對我們來說是一項較新的增長計劃。所以 - 但事情肯定會像我們在今年下半年所希望的那樣發揮作用，而且我們將在業務背後有很多強勁勢頭的情況下進入今年。

Noelle Dilts, Stifel.

諾艾爾·迪爾茨，Stifel。

So in looking in your 10-K, just going through direct sales, marketplace and software, direct sales were kind of flat year over year. And again, I know you're not giving guidance, but how should we think about what's going to drive some of that growth and kind of break out of this relatively steady pattern you've had over the last three quarters?

因此，在查看您的 10-K 時，僅通過直銷、市場和軟件，直銷同比持平。再一次，我知道你沒有給出指導，但我們應該如何考慮什麼會推動這種增長，並打破你在過去三個季度所擁有的這種相對穩定的模式？

And then I think you mentioned that you expect this continued pressure in marketplace sales. But any thoughts just on -- does that -- again, that business has been relatively stable for the past couple of quarters. Do you think we're at a point where things have stabilized from a revenue perspective? Or do you think we're going to see another significant leg down in '23?

然後我想你提到你預計市場銷售會持續面臨壓力。但是任何關於 - 這樣做的想法 - 再一次，該業務在過去幾個季度一直相對穩定。從收入的角度來看，您認為我們正處於穩定的地步嗎？或者你認為我們會在 23 年看到另一個重要的下降嗎？

So to answer your first question. One, the growth that we see, and the plan is really coming from enterprise sales and from enterprise manufacturing services and from software. I think right now, both of those have strong pipelines, strong models, and that will continue to push forward. What we are continuing to focus on, and we don't want to drop fall on is our legacy e-commerce business.

所以回答你的第一個問題。第一，我們看到的增長和計劃實際上來自企業銷售、企業製造服務和軟件。我認為現在，這兩者都有強大的管道、強大的模型，並且將繼續推進。我們繼續關注並且不想放棄的是我們的傳統電子商務業務。

But we've talked -- as we've talked in the past, we know that, that channel ultimately has a lot more competition. It's more price-sensitive customers. And so as much as we want to maintain that business, which we continue to have some focus on it. It's not going to be the growth driver for the business.

但我們已經談過了——正如我們過去談過的那樣，我們知道，這個渠道最終會有更多的競爭。它是對價格更敏感的客戶。因此，儘管我們希望維持該業務，但我們仍會繼續關注它。它不會成為業務的增長動力。

And so I think what we've learned is software is very predictable. We know how to go drive it. We are working on continuing to accelerate that.

所以我認為我們學到的是軟件是非常可預測的。我們知道如何去駕駛它。我們正在努力繼續加速這一進程。

And then on the enterprise sales, it is a longer buying cycle than we could have -- than we had originally thought. It does take much more of a solutions-based sale, but the orders are significantly larger. The customer qualification process is longer, but once they're complete, you're able to really go and tackle those customers.

然後在企業銷售方面，購買週期比我們原先想像的要長。它確實需要更多基於解決方案的銷售，但訂單要大得多。客戶資格認證過程較長，但一旦完成，您就可以真正去解決這些客戶問題。

And the pipeline that we have in the sales on a month-over-month basis that we're seeing from our enterprise sales reps is really encouraging. And so that's what will be driving the growth for us. And the second question you had was related to -- I'm sorry, I think I may have (indiscernible)

我們從企業銷售代表那裡看到的逐月銷售渠道確實令人鼓舞。因此，這將推動我們的增長。你提出的第二個問題與 - 對不起，我想我可能有（音頻不清晰）

I think you hit on it while you were talking. It was just more on the enterprise -- I'm sorry, on the marketplace side. Because sales have been pretty stable here in the back half of the year, it looks like $1.4 million in 3Q, $1.5 million in 4Q, up from 2Q levels. So I wasn't sure if you felt like maybe that was more of a stable level.

我想你是在說話的時候突然想到的。它更多地是在企業方面——對不起，在市場方面。由於今年下半年這裡的銷售額相當穩定，第三季度看起來為 140 萬美元，第四季度為 150 萬美元，高於第二季度的水平。所以我不確定你是否覺得這可能更穩定。

Yes, I mean, we're always working on that channel. But ultimately, it's a harder channel to go to significantly drive, right? And so we're just being very prudent, right?

是的，我的意思是，我們一直在那個頻道上工作。但最終，這是一個更難實現顯著驅動的渠道，對吧？所以我們只是非常謹慎，對吧？

We're very focused on our profitability and making sure that we drive profitable growth. And that's some of the harder pieces of the business to go drive where we're seeing success in other areas.

我們非常關注我們的盈利能力，並確保我們推動盈利增長。這是我們在其他領域看到成功的地方的一些更難推動的業務。

Okay. And then I guess anything notable on -- just in terms of demand for various technologies on the additive side? Are you seeing more demand for metal?

好的。然後我猜想有什麼值得注意的——就添加劑方面對各種技術的需求而言？您是否看到對金屬的更多需求？

How -- I guess I'm just curious if there's any sort of notable trends that you're seeing on the additive side or even with injection molding, even though that's obviously new. But could you point anything out that would be important for us to understand?

如何 - 我想我只是好奇你是否在添加劑方面或什至在註塑成型方面看到任何顯著的趨勢，即使這顯然是新的。但是你能指出什麼對我們理解很重要嗎？

Yes. I think we've deployed several different types of metals last year, and those have all started to ramp. I think Whirlpool is a really good example, right, where we're using multiple processes, including metal printing to create injection molds -- production injection molds for them, which is a very interesting application with conformal cooling and getting them access to a lot of benefits on scaled production that they wouldn't be able to do without additive manufacturing technology.

是的。我認為我們去年已經部署了幾種不同類型的金屬，而且這些都已經開始增加。我認為 Whirlpool 是一個非常好的例子，對吧，我們正在使用多種工藝，包括金屬印刷來創建注塑模具——為他們生產注塑模具，這是一個非常有趣的應用程序，具有隨形冷卻並讓他們獲得很多如果沒有增材製造技術，他們將無法獲得規模化生產的好處。

I also think that we've seen quite a bit of usage even on our core business, right? When you think about Nylon 12 across both HP and EOS, that continues to be great products for us, and we're seeing good demand there as usual, right?

我還認為，即使在我們的核心業務上，我們也看到了相當多的使用情況，對吧？當你想到 HP 和 EOS 上的尼龍 12 時，它對我們來說仍然是很棒的產品，而且我們一如既往地看到那裡的良好需求，對吧？

But those -- I think one of the interesting things as we move into enterprise customers is giving them access to that full capability of Shapeways. And they can move across products and get access to new technologies and materials and finishes that they may have started with us on one thing and got moved to another. So we continue to see a good demand.

但是那些 - 我認為當我們進入企業客戶時有趣的事情之一就是讓他們能夠訪問 Shapeways 的全部功能。他們可以跨產品轉移並獲得新技術、材料和飾面，他們可能從我們這裡開始做一件事，然後轉移到另一件事上。因此，我們繼續看到良好的需求。

This concludes our question-and-answer session. I would like to turn the conference back over to Greg Kress for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Greg Kress，聽取任何閉幕詞。

Yes, I just want to thank everyone on behalf of myself and the entire Shapeways team. Thank you all for taking the time to join us today. We look forward to providing additional updates in the coming months.

是的，我只想代表我自己和整個 Shapeways 團隊感謝大家。感謝大家今天抽出時間加入我們。我們期待在未來幾個月提供更多更新。

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

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。