Shapeways Holdings Inc (SHPW) 2023 Q4 法說會逐字稿

Yes, good afternoon, ladies and gentlemen, and welcome to the shape place Fourth Quarter 2020 Earnings Conference Call.

是的，下午好，女士們、先生們，歡迎來到 shape place 2020 年第四季財報電話會議。

At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require needed assistance, please press star zero for the operator. This call is being recorded on Thursday, March 28th, 2024. I would now like to turn the conference over to Nikki Sacks with Investor Relations. Please go ahead.

此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。如果在此通話過程中您隨時需要協助，請按星號鍵聯絡接線員。此電話錄音於 2024 年 3 月 28 日星期四進行。我現在想將會議交給投資者關係部門的尼基薩克斯 (Nikki Sacks)。請繼續。

Greetings, and welcome to Chevron's Fourth Quarter and Year-end 2023 earnings call. At this time, all participants are in a listen-only mode and a question and answer session will follow the prepared remarks. 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 you made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements are forward-looking statements, including without limitation, statements regarding our business strategy, future financial and operating performance, projected financial results for the first quarter of 2020 for timing or results of any strategic transactions or future cost cutting measures, new offerings and market opportunity are based on current estimates and various assumptions. These statements involve material risks and uncertainties. It could cause actual results to differ materially from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

您好，歡迎參加雪佛龍第四季和 2023 年底財報電話會議。此時，所有參與者都處於僅聽模式，在準備好的發言之後將進行問答環節。提醒一下，本次會議正在錄製中。在我們開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，其中包括您根據美國《私人證券訴訟改革法案》的安全港條款所做的聯邦證券法含義內的前瞻性聲明。1995 年。本電話會議中包含的任何非歷史事實陳述的陳述均應被視為前瞻性陳述，這些陳述均屬於前瞻性陳述，包括但不限於有關我們的業務戰略、未來財務和經營業績、預計第一季度財務表現的陳述2020 年第四季任何策略交易或未來成本削減措施、新產品和市場機會的時間安排或結果均基於當前估計和各種假設。這些陳述涉及重大風險和不確定性。它可能導致實際結果與這些前瞻性陳述預期或暗示的結果有重大差異。因此，您不應過度依賴這些陳述。

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 31st, 2023. Information provided in this conference call speaks only to the broadcast today, March 28th, 2024. Shellcase disclaims any obligation except as required by law to update or revise forward-looking statements.

有關我們業務相關風險和不確定性的描述，請參閱本公司向 SEC 提交的文件，包括本公司截至 2023 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資訊僅適用於今天（2024 年 3 月 28 日）的廣播。除法律要求外，Shellcase 不承擔任何更新或修改前瞻性聲明的義務。

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, CheckPoint.com.

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。我們在收盤後發布的新聞稿中提供了顯示 GAAP 與非 GAAP 結果的核對錶，您可以在我們的網站 CheckPoint.com 上找到該表。

On the call today are Greg Tretiak, Chief Executive Officer, and Alberto Vecchi, Chief Financial Officer. And now I'd like to turn the call over to Greg Greg.

今天參加電話會議的是執行長 Greg Tretiak 和財務長 Alberto Vecchi。現在我想把電話轉給格雷格·格雷格。

Good afternoon, everyone. Thanks for joining us to discuss Safeway's Fourth Quarter and Year End 2023 financial results, progress on our key initiatives and an update on our strategic alternatives. I will begin by providing a business update. And Alberto Ricky, our CFO, will then discuss our financial results in the fourth quarter and year to date 2024, we've continued to execute our strategy to grow enterprise manufacturing and software revenues as well as make progress on exploring strategic alternatives to maximize shareholder returns.

大家下午好。感謝您與我們一起討論 Safeway 的第四季度和 2023 年年底財務業績、我們關鍵舉措的進展以及我們戰略替代方案的最新情況。我將首先介紹業務最新情況。然後，我們的財務長Alberto Ricky 將討論我們第四季度和2024 年迄今的財務業績，我們將繼續執行我們的策略，以增加企業製造和軟體收入，並在探索策略替代方案以實現股東利益最大化方面取得進展返回。

Our quarter results were in line with our expectations as we grew revenues by 9% from the prior year quarter to 9.5 million and realized 500 basis points of gross margin expansion to 46% compared to the same period in 2022. These results reflect the progress of our enterprise manufacturing sales effort and higher contribution from our software offerings.

我們的季度業績符合我們的預期，營收較上年同期成長 9%，達到 950 萬美元，毛利率較 2022 年同期成長 500 個基點，達到 46%。這些結果反映了我們的企業製造銷售工作的進展以及我們的軟體產品的更高貢獻。

In terms of enterprise sales. We've continued to provide our high-quality enterprise-level manufacturing solutions to customers, focusing on our target industries of automotive as well as medical, robotics and other industries. For example, we've made traction in the automotive industry as our solutions force dynamic production demands with both additive and traditional manufacturing capabilities. We have seen success with Tier one supplier and OEM direct multiyear production contract and post year end signed a $1.5 million multi-year contract with an industry leading American automotive manufacturer. This was an expansion of a prior call contract with this customer who leverages Safeway's expansive additive and traditional manufacturing capabilities. This is just one example of how we have continued to increase our share of wallet with existing customers on multiyear revenue projects for the full year 2023, revenue from our top 250 customers grew 29% compared to the prior year. Key point solution support companies across the globe with their supply chain challenges by providing enhanced flexibility and production. This includes offering additive manufacturing, which we have discussed previously, but also traditional manufacturing methods such as computer numerical control or CMC, which has an estimated $68 billion global market in 2023 to further expand this market.

從企業銷售情況來看。我們持續為客戶提供優質的企業級製造解決方案，並專注於汽車、醫療、機器人等目標產業。例如，我們的解決方案透過積層製造和傳統製造能力來推動動態生產需求，因此我們在汽車產業取得了巨大的成功。我們看到了與一級供應商和 OEM 直接多年生產合約的成功，並在年底與行業領先的美國汽車製造商簽署了價值 150 萬美元的多年合約。這是先前與該客戶簽訂的呼叫合約的擴展，該客戶利用了 Safeway 廣泛的增材製造和傳統製造能力。這只是我們如何在 2023 年全年的多年收入項目中繼續增加與現有客戶的錢包份額的一個例子，我們前 250 位客戶的收入與上一年相比增長了 29%。關鍵點解決方案透過提供增強的靈活性和生產來支援全球各地的公司應對供應鏈挑戰。這包括提供我們先前討論過的積層製造，也包括電腦數控或 CMC 等傳統製造方法，預計 2023 年全球市場規模將達到 680 億美元，以進一步擴大該市場。

Subsequent to year end, we launched a new CNC instant quote feature, which enables our customers to seamlessly access CMC manufacturing capabilities and enhance our robust suite of enterprise manufacturing solutions.

年底後，我們推出了新的 CNC 即時報價功能，使我們的客戶能夠無縫存取 CMC 製造能力，並增強我們強大的企業製造解決方案套件。

In terms of software business, during the year, we launched several key features to create a more comprehensive software offering, including enhancements to our ordering service and the ability for customers to source discounted material using energy materials platform.

在軟體業務方面，今年我們推出了多項關鍵功能，以創建更全面的軟體產品，包括增強我們的訂購服務以及客戶使用能源材料平台採購折扣材料的能力。

Finally, I will provide an update on our cost saving initiatives and strategic alternatives process. We are seeing ongoing near term challenges, including an elongated sales cycle for enterprise sales and longer than anticipated adoption of software features. In light of this backdrop, as we previously disclosed, we have made cost savings measures to better align our cost structure with our growth expectations over the near term to reduce cash burn. These measures include reductions in force completed in the fourth quarter of 2023, a reduction in new hires and a reduction in noncritical capital and discretionary operating expenditures Additionally, as we discussed last quarter, we have been working with advisers and considering strategic alternatives, including, without limitation, a sale of a material portion of the Company's assets, a merger business combination liquidation of certain assets or other strategic transactions to maximize shareholder value based on market checks conducted by our advisers as well as preliminary discussion with and feedback from potential purchasers in light of the continued macroeconomic and industry pressures, the Company is actively taking steps to sell a material portion of the Company's assets. In the course of these preliminary discussions, potential purchasers have indicated an interest in acquiring either the Company's manufacturing business or the software business, but not both. We continue to evaluate strategic alternatives with regard to both the manufacturing and software businesses, including ongoing discussions with potential acquirers. The company has not yet signed our definitive agreement with respect to either the manufacturing or software assets, and we can provide no assurances that any of these processes will result in any transaction. However, we will provide updates as appropriate. While we are exploring what is best to maximize shareholder value. We will remain disciplined and prudent as we execute our operating plan. I would like to thank the entire Safeway's team, our customers, our investors and all of our stakeholders for their ongoing support. Alberto will now discuss our financial results in more detail.

最後，我將提供有關我們的成本節約舉措和策略替代流程的最新資訊。我們看到近期持續存在的挑戰，包括企業銷售的銷售週期延長以及軟體功能的採用時間比預期更長。鑑於這種背景，正如我們先前所揭露的，我們採取了成本節約措施，以更好地調整我們的成本結構與近期的成長預期，以減少現金消耗。這些措施包括2023 年第四季度完成的裁員、減少新員工以及減少非關鍵資本和可自由支配的營運支出此外，正如我們上季度討論的那樣，我們一直在與顧問合作並考慮戰略替代方案，包括：但不限於，根據我們顧問進行的市場調查以及與潛在購買者的初步討論和反饋，出售公司資產的重要部分、某些資產的合併業務合併清算或其他戰略交易，以實現股東價值最大化。鑑於持續的宏觀經濟和行業壓力，公司正在積極採取措施出售公司的大部分資產。在這些初步討論過程中，潛在買家表示有興趣收購該公司的製造業務或軟體業務，但不會同時收購兩者。我們繼續評估製造和軟體業務的策略性替代方案，包括與潛在收購者的持續討論。該公司尚未就製造或軟體資產簽署最終協議，我們不能保證任何這些流程都會導致任何交易。但是，我們將酌情提供更新。我們正在探索如何最好地實現股東價值最大化。我們在執行營運計劃時將保持紀律和審慎。我要感謝整個西夫韋團隊、我們的客戶、投資者和所有利害關係人的持續支持。阿爾貝托現在將更詳細地討論我們的財務表現。

Thanks, Greg. I'll provide a recap of the fourth quarter. Our full year 2020 free performance give an update on our balance sheet position we provide guidance for the first quarter. The fourth quarter revenue increased to $9.5 million, up 9% from the prior year period. For the full year, revenue was up 4% to 34.5 million with growth in software and enterprise sales, partially offset by lower sales from marketplace and self-service gross margins in the fourth quarter were 46% compared to 41% in the fourth quarter of 2022. And we're 42% for the full year as we saw more contribution from higher margin software sales, the benefits from the consolidation of our US manufacturing operations and increased volumes from our enterprise sales. Fourth quarter adjusted EBITDA was a loss of 5.1 million, an improvement from a loss of 5.6 million in the fourth quarter of last year. And full year adjusted EBITDA was a loss of $22.5 million compared to a loss of 19.8 million in the prior year period.

謝謝，格雷格。我將回顧一下第四季的情況。我們的 2020 年全年免費業績提供了我們資產負債表狀況的最新信息，我們為第一季度提供了指導。第四季營收增至 950 萬美元，比去年同期成長 9%。全年營收成長 4%，達到 3,450 萬美元，其中軟體和企業銷售成長，部分被市場銷售額下降所抵消，第四季度自助服務毛利率為 46%，而去年第四季為 41%。2022 年。我們全年的成長率為 42%，因為我們看到更高利潤的軟體銷售、美國製造業務整合的好處以及企業銷售量的增加帶來了更多貢獻。第四季調整後 EBITDA 虧損 510 萬美元，較去年第四季的虧損 560 萬美元有所改善。全年調整後 EBITDA 虧損 2,250 萬美元，而上年同期虧損 1,980 萬美元。

Sg&a expenses for the fourth quarter were $9.2 million compared to $7.3 million in the prior year period. As Greg mentioned, in the fourth quarter, we implemented cost alignment initiatives, including a reduction in force of 15% of our total global employees included in OpEx, we anticipate realizing approximately $6.2 million in annualized cost savings as a result of the reduction in force, combined with the elimination of certain open positions in the fourth quarter, we recognized non-cash impairment charges. These included $3 million related to equipment that was being held for sale. In addition, we recognized a 1.1 million goodwill impairment charge related to goodwill recorded at the time of the purchase of MFG, which we believe has a declining value in the current market conditions. Based on the feedback from our strategic alternatives process.

第四季的銷售、管理及行政費用為 920 萬美元，而去年同期為 730 萬美元。正如 Greg 所提到的，在第四季度，我們實施了成本調整舉措，包括將全球員工總數的 15% 減少到營運支出中，我們預計由於人力減少，每年可節省約 620 萬美元的成本結合第四季度某些未平倉部位的消除，我們確認了非現金減損費用。其中包括與待售設備相關的 300 萬美元。此外，我們確認了與購買 MFG 時記錄的商譽相關的 110 萬商譽減損費用，我們認為在當前市場條件下該商譽的價值正在下降。基於我們策略替代流程的回饋。

Turning to our balance sheet. As of December 31st, 2023, our cash and cash equivalents and marketable securities total 12.2 million during the quarter, we deployed approximately 5.4 million in cash, which was an improvement on the cash deployed in the previous quarter and demonstrates our focus on further improving our cash flow looking ahead, for the first quarter of 2024, we anticipate revenues to be in the range of 8.3 million, so 8.6 million. With this, we completed our prepared remarks and will now open the call for Q&A. Operator sinking.

轉向我們的資產負債表。截至2023 年12 月31 日，本季度我們的現金和現金等價物以及有價證券總計1220 萬美元，我們部署了約540 萬美元現金，這比上一季度部署的現金有所改善，表明我們致力於進一步改善我們的展望未來現金流，我們預計 2024 年第一季的營收將在 830 萬美元左右，即 860 萬美元。至此，我們完成了準備好的發言，現在將開始問答環節。操作員下沉。

Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star, followed by the one on your telephone keypad. You will hear a three-toned prompt acknowledging request. Questions will be taken in the order received. Should you wish to cancel your request please press star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star and one to ask the question. Your first question comes from the line of Greg Palm from Craig-Hallum Capital Group. Please go ahead.

女士們、先生們，我們現在開始問答環節。如果您有疑問，請按星號，然後按電話鍵盤上的星號。您將聽到確認請求的三聲提示音。問題將按照收到的順序進行。如果您想取消請求，請按星號，然後按兩個。如果您使用免持電話，請在按任何按鍵之前拿起聽筒。再一次，這是明星，也是一個提出問題的人。你的第一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。請繼續。

Yes, thanks. Good afternoon, everybody. I Greg, you talked about a strategic or I guess a revenue growth number for from your top accounts? I know strategic or enterprise has been a key focus. So wondering if you can kind of give us an overall update there and I missed exactly what that number is. So if you could clarify.

對了謝謝。大家下午好。我格雷格，你談到了策略，或者我猜你的頂級客戶的收入成長數字？我知道策略或企業一直是重點。所以想知道您是否可以給我們提供整體更新情況，但我錯過了這個數字到底是多少。所以如果你能澄清一下。

Hey, thanks for joining, Greg.

嘿，謝謝你的加入，格雷格。

Yes. So we've seen a considerable momentum on the enterprise side of our business as you know, throughout the year, we've spent time and energy focusing on that. If we carve out and just kind of isolate our top 250 customers, they grew 20 over 29% year over year versus the prior year. So we see that continued investment in those sales resources that are focused on very specific industries and bringing real solutions to our customers. Not only are we bringing on new customer acquisition, but we are seeing those customers continue to expand their wallet. So we're happy with the progress there, and we're seeing good results so far.

是的。如您所知，我們在企業方面看到了相當大的勢頭，全年我們都花了時間和精力來關注這一點。如果我們將前 250 名客戶剔除出來並加以隔離，那麼與前一年相比，他們的數量將增加 20 名，年增幅超過 29%。因此，我們看到對那些專注於特定行業的銷售資源的持續投資，並為我們的客戶帶來真正的解決方案。我們不僅吸引了新客戶，而且我們看到這些客戶繼續擴大他們的錢包。因此，我們對那裡的進展感到滿意，並且到目前為止我們看到了良好的結果。

Got you. And then just your follow up on the on the process, I'm curious how you view kind of the time line from here and you know how you're measuring success from, you know, does the potential sale of either asset or more assets? And again, just how you're thinking about creating shareholder value from that going forward?

明白你了。然後只是您對流程的跟進，我很好奇您如何看待這裡的時間線，您知道如何衡量成功，您知道，資產或更多資產的潛在出售是否？再說一次，您如何考慮未來創造股東價值？

Yes. I mean, ultimately, we're taking a big step back and thinking about what we should be doing with the company. The Company continues to show have a really, really strong foundation continues to show momentum in certain areas, but remain small and somewhat subscale for us, the expenses of being a public company, right, and so re-evaluate, how do we approach that right and so right now we can't share too much, but we are having conversations and we wanted to make sure people were aware that I think over the next quarter, we'll be able to provide another update as we make more progress on having conversations with strategic alternative.

是的。我的意思是，最終，我們將後退一大步，思考我們應該為公司做些什麼。該公司繼續表現出擁有非常非常強大的基礎，並繼續在某些領域表現出勢頭，但對我們來說仍然很小，而且規模較小，作為一家上市公司的費用，對吧，因此重新評估，我們如何處理這個問題是的，所以現在我們不能分享太多，但我們正在進行對話，我們希望確保人們意識到我認為在下個季度，隨著我們在這方面取得更多進展，我們將能夠提供另一個更新與戰略替代方案對話。

Okay. And then just one quick one. Cash burn expectations for the year, what should we think I mean, right now, we're still seeing about 1.6 million of cash burn per month.

好的。然後只是一個快速的。今年的現金消耗預期，我們該怎麼想？我的意思是，目前，我們仍然看到每月約 160 萬美元的現金消耗。

That does improve as we continue to grow top line revenue, conserve cash from reducing operating expenses for right now?

隨著我們繼續增加營收，透過減少營運支出來節省現金，這種情況是否會有所改善？

From a modeling perspective, I would say we're currently running at that $1.6 million.

從建模的角度來看，我想說我們目前的運行成本為 160 萬美元。

Okay, perfect. I will leave it there.

好的，完美。我會把它留在那裡。

Thanks.

謝謝。

Thanks.

謝謝。

Greg.

格雷格.

Yes.

是的。

Thank you.

謝謝。

There are no further questions at this time. Mr. Chris, please proceed.

目前沒有其他問題。克里斯先生，請繼續。

I just wanted to take a time and thank everyone for joining us today. On behalf of myself and the shape with team. Thanks for joining the call. We look forward to providing additional updates in the coming months. Thanks, everyone.

我只是想花點時間感謝大家今天加入我們。代表我自己以及團隊的形象。感謝您加入通話。我們期待在未來幾個月內提供更多更新。感謝大家。

Thank you. That concludes our conference today. Thank you for participating. You may all disconnect.

謝謝。我們今天的會議到此結束。感謝您的參與。你們都可以斷開連線。