Stratasys Ltd (SSYS) 2021 Q4 法說會逐字稿

Greetings, and welcome to Stratasys Q4 and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Stratasys 第四季度和 2021 年全年收益電話會議。此時，所有參與者都處於只聽模式。正式演講之後將進行問答環節。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Yonah Lloyd, Chief Communications Officer and Vice President of Investor Relations.

我現在想將會議轉交給您的主持人，首席通訊官兼投資者關係副總裁 Yonah Lloyd 先生。

Good morning, everyone, and thank you for joining us to discuss our 2021 fourth quarter and year-end financial results. On the call with us today are our CEO, Dr. Yoav Zeif; and our new CFO, Eitan Zamir.

大家早上好，感謝您加入我們討論我們的 2021 年第四季度和年終財務業績。今天與我們通話的是我們的首席執行官 Yoav Zeif 博士；以及我們的新首席財務官 Eitan Zamir。

I would like to remind you that access to today's call, including the slide presentation, is available online at the web address provided in our press release. In addition, a replay of today's call, including access to the slide presentation will also be available and can be accessed through the Investor Relations section of our website.

我想提醒您，可以通過我們新聞稿中提供的網址在線訪問今天的電話會議，包括幻燈片演示。此外，還將提供今天電話會議的重播，包括訪問幻燈片演示，並可通過我們網站的投資者關係部分訪問。

Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding our expectations as to our future revenue, gross margin, operating expenses, taxes and other future financial performance and our expectations for our business outlook. All statements that speak to future performance, events, expectations or results are forward-looking statements. Actual results or trends could differ materially from our forecast. For risks that could cause actual results to be materially different from those set forth in forward-looking statements, please refer to the risk factors discussed or referenced in Stratasys' annual report on Form 20-F for the 2021 year, which we expect to file with the SEC over the course of the next day. Please also refer to our operating and financial review and prospects for the 2021 year, which is included as Item 5 of that annual report as well as the press release that announces our earnings for the fourth quarter of and full year 2021, which is attached as an exhibit to a report on Form 6-K that we are furnishing to the SEC today.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於我們對未來收入、毛利率、運營費用、稅收和其他未來財務業績的預期以及我們對業務前景的期望。所有涉及未來業績、事件、預期或結果的陳述均為前瞻性陳述。實際結果或趨勢可能與我們的預測大相徑庭。對於可能導致實際結果與前瞻性陳述中所述內容存在重大差異的風險，請參閱 Stratasys 2021 年表格 20-F 年度報告中討論或引用的風險因素，我們預計將提交該報告在第二天的過程中與 SEC 進行了溝通。另請參閱我們對 2021 年的運營和財務回顧和展望，該報告包含在該年度報告的第 5 項中，以及宣布我們 2021 年第四季度和全年收益的新聞稿，附在附件中我們今天提交給 SEC 的 6-K 表格報告的展示。

In order to obtain updated information throughout the year concerning our quarterly results of operations and the risks and other factors that most impact those results, please see the quarterly earnings press releases and our quarterly operating and financial review and prospects, each of which will be attached as an exhibit to a report on Form 6-K that we will furnish to the SEC on a quarterly basis over the course of the year. Stratasys assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

為了獲得全年關於我們的季度運營結果以及對這些結果影響最大的風險和其他因素的最新信息，請參閱季度收益新聞稿以及我們的季度運營和財務回顧和前景，每一個都將附上作為 6-K 表格報告的附件，我們將在一年中每季度向 SEC 提交。 Stratasys 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

As in previous quarters, today's call will include GAAP and non-GAAP financial measures. The non-GAAP financial measures should be read in combination with our GAAP metrics to evaluate our performance. Non-GAAP to GAAP reconciliations are provided in tables in our slide presentation and today's press release.

與前幾個季度一樣，今天的電話會議將包括 GAAP 和非 GAAP 財務指標。應結合我們的 GAAP 指標閱讀非 GAAP 財務指標，以評估我們的績效。我們的幻燈片演示和今天的新聞稿中的表格提供了非 GAAP 到 GAAP 對賬。

I'll now turn the call over to our Chief Executive Officer, Dr. Yoav Zeif. Yoav?

我現在將把電話轉給我們的首席執行官 Yoav Zeif 博士。約夫？

Thank you, Yonah. Good morning, everyone, and thank you for joining us. Stratasys had a strong quarter with over 17% revenue growth compared to the same period last year, driven by the highest system sales since Q4 of 2018. Each of our technologies and all of our regions contributed to this growth. I will share a general overview of our achievements and milestones in 2021. And after our financials and guidance, I will conclude with some thoughts for 2022.

謝謝你，約拿。大家早上好，感謝您加入我們。 Stratasys 的季度表現強勁，與去年同期相比收入增長超過 17%，這得益於自 2018 年第四季度以來的最高系統銷售額。我們的每一項技術和我們所有的地區都為這一增長做出了貢獻。我將分享我們在 2021 年取得的成就和里程碑的總體概述。在我們的財務和指導之後，我將總結對 2022 年的一些想法。

Stratasys today is in a very different place than it was at the beginning of 2021. Until last year, our business had been centered around two core technologies; FDM and PolyJet. And while we maintained leadership in these areas, this limited portfolio meant we were missing opportunities to participate more fully in the fast-growing applications at the heart of the shift from prototyping to manufacturing. And we had not developed and launched meaningful product upgrades in a number of years. It was critical to evaluate the entire business and target strategic investments to evolve our product portfolio.

今天的 Stratasys 與 2021 年初的情況截然不同。直到去年，我們的業務一直圍繞著兩項核心技術； FDM 和 PolyJet。雖然我們在這些領域保持領先地位，但這種有限的產品組合意味著我們錯過了更充分地參與從原型設計到製造轉變的核心快速增長應用程序的機會。而且我們多年來沒有開發和推出有意義的產品升級。評估整個業務和目標戰略投資以發展我們的產品組合至關重要。

We established our strategy to be the first choice in polymer 3D printing, encompassing the entire product life cycle with multiple technologies and complete solutions for superior application fit across design, manufacturing and health care. We believe this approach provides the largest total addressable market in the industry. This strategic focus drove us to specifically increase our exposure to manufacturing applications. A year ago, we shared that in 2020, over 25% of our revenues came from manufacturing. We are pleased to say that for 2021, it was 29%, and we expect 2022 manufacturing sales to grow at least 20%. Clearly, our focus on manufacturing is working. We accomplished this with new systems tailored to manufacturing at scale, a software platform to integrate the entire manufacturing digital thread and a materials strategy that rapidly opens-up new applications for our customers.

我們確立了成為聚合物 3D 打印首選的戰略，涵蓋整個產品生命週期，採用多種技術和完整的解決方案，在設計、製造和醫療保健領域實現卓越的應用匹配。我們相信這種方法提供了業內最大的總潛在市場。這一戰略重點促使我們專門增加我們對製造應用的曝光率。一年前，我們分享了到 2020 年，我們超過 25% 的收入來自製造業。我們很高興地說，2021 年的增長率為 29%，我們預計 2022 年的製造業銷售額將至少增長 20%。顯然，我們對製造業的關注正在發揮作用。我們通過為大規模製造量身定制的新系統、集成整個製造數字線程的軟件平台以及快速為我們的客戶開闢新應用的材料戰略來實現這一目標。

Today, we are collaborating with the world's leading materials companies, software partners and our customers, creating many new avenues for growth through a combination of direct sales and licensing. We are excited about this broader portfolio and believe it will further complement our systems offerings to help drive our overall growth strategy, and there is more to come in the years ahead.

今天，我們正在與世界領先的材料公司、軟件合作夥伴和我們的客戶合作，通過直銷和許可的結合創造許多新的增長途徑。我們對這個更廣泛的產品組合感到興奮，並相信它將進一步補充我們的系統產品，以幫助推動我們的整體增長戰略，未來幾年還會有更多。

We also dramatically strengthened our balance sheet in 2021. At year-end, we had over $500 million in cash and equivalents, up from $272 million as of the end of 2020, giving us flexibility to seek opportunities that will support our future growth. We believe that by continuing to prudently invest capital back into the business, we will achieve meaningfully accelerated revenue, earnings and cash flow in the years ahead.

我們還在 2021 年大幅加強了資產負債表。截至年底，我們擁有超過 5 億美元的現金和等價物，高於 2020 年底的 2.72 億美元，這使我們能夠靈活地尋找支持我們未來增長的機會。我們相信，通過繼續審慎地將資本投資於業務，我們將在未來幾年實現顯著加速的收入、收益和現金流。

Now let me provide more specific color on our 2021 accomplishments that were supported by our strong balance sheet. The first area of focus was strategic acquisitions, including Origin, which was completed at the very end of 2020, RPS and Xaar 3D, which will support our customers' manufacturing needs and begin notably contributing to our growth in 2022.

現在讓我為我們強大的資產負債表支持的 2021 年成就提供更具體的顏色。第一個重點領域是戰略收購，包括於 2020 年底完成的 Origin、RPS 和 Xaar 3D，這將支持我們客戶的製造需求，並開始為我們在 2022 年的增長做出顯著貢獻。

Next, we extended our software capabilities and plan to add licensing to give customers access to our new open materials options. Additionally, we initiated a long-term technology investment arm that has already deployed capital in companies with cutting-edge technologies such as material jetting, post processing and continuous carbon fiber.

接下來，我們擴展了我們的軟件功能併計劃增加許可，讓客戶能夠訪問我們新的開放材料選項。此外，我們啟動了一個長期技術投資部門，該部門已將資金投入到擁有尖端技術的公司，如材料噴射、後處理和連續碳纖維。

Building on our five industry-leading 3D printing technologies, we introduced several new product offerings over the course of the year, including three systems targeting our manufacturing customers. First, the Origin one, designed for end-use manufacturing applications that uses P3 technology to produce parts at volume from a wide range of third-party photopolymer material. After a very successful beta program, we just recently started shipping this system. Next, the H350. The first of our new H Series, powder bed systems, powered by SAF technology and built to deliver production level throughput of end-use parts, which we started shipping in December. And the F770, an FDM printer ideal for large parts, featuring the longest fully heated build chamber on the market. We also introduced 3D printers tailored to some of our most important industry application segments. This includes the Origin One dental printer and the J5 DentaJet. Together, they provide dental labs with comprehensive additive manufacturing solutions for the large and growing dental markets. We also launched the J5 MediJet printer, which gives health care customers the ability to print highly detailed anatomic models and drilling and cutting guides quickly and cost effectively with approved third-party 510(k) cleared segmentation software. We introduced the J35 Pro and J55 Prime PolyJet printers, along with new software solutions for research and packaging prototyping.

在我們五種行業領先的 3D 打印技術的基礎上，我們在一年中推出了幾款新產品，包括三個針對我們的製造客戶的系統。首先，Origin 專為最終用途製造應用而設計，該應用使用 P3 技術從各種第三方光敏聚合物材料批量生產零件。在一個非常成功的測試計劃之後，我們最近才開始發布這個系統。接下來是H350。我們的第一款新型 H 系列粉末床系統採用 SAF 技術，旨在提供最終用途零件的生產水平吞吐量，我們於 12 月開始發貨。 F770 是一款適用於大型零件的 FDM 打印機，具有市場上最長的全加熱成型室。我們還推出了針對我們一些最重要的行業應用領域量身定制的 3D 打印機。這包括 Origin One 牙科打印機和 J5 DentaJet。它們共同為牙科實驗室提供了面向龐大且不斷增長的牙科市場的全面增材製造解決方案。我們還推出了 J5 MediJet 打印機，它使醫療保健客戶能夠使用經批准的第三方 510(k) 許可分割軟件快速、經濟地打印高度詳細的解剖模型和鑽孔和切割指南。我們推出了 J35 Pro 和 J55 Prime PolyJet 打印機，以及用於研究和包裝原型設計的新軟件解決方案。

Finally, after acquiring RPS in Q1 last year, we launched the new line of industrial stereo-lithography system, expanding our offering to use cases such as investment casting patterns, orthodontic clear aligners molds and large design parts. In addition to the new systems, we made significant progress on increasing our software focus and offerings. We introduced an enterprise-ready open software platform, tailor-made for manufacturing. This is important because it gives our customers the ability to integrate fleets of Stratasys printers with their existing Industry 4.0 infrastructure and workflow, allowing them to really scale the use of editing manufacturing. It also strengthens our relationship with our customers because we can use software to continue to add value to their investments in 3D printers. That in turn means recurring software revenues can become a growing contributor to our business. For example, we announced that we have extended GrabCAD Print software to our H350 printer. For annual licensing fee, this enable functionality focused on optimizing production throughput that is specifically designed for end-use part manufacturing at scale. We also continue to invest in additive specific applications to streamline the workflow of orders to the factory shop.

最後，在去年第一季度收購 RPS 後，我們推出了新的工業立體光刻系統系列，將我們的產品擴展到熔模鑄造模型、正畸透明矯正器模具和大型設計零件等用例。除了新系統之外，我們在增加軟件重點和產品方面也取得了重大進展。我們引入了一個企業級開放軟件平台，專為製造業量身定制。這很重要，因為它使我們的客戶能夠將 Stratasys 打印機群與其現有的工業 4.0 基礎設施和工作流程相集成，從而使他們能夠真正擴展編輯製造的使用。它還加強了我們與客戶的關係，因為我們可以使用軟件繼續增加他們對 3D 打印機的投資的價值。這反過來意味著經常性軟件收入可以成為我們業務不斷增長的貢獻者。例如，我們宣布將 GrabCAD Print 軟件擴展到我們的 H350 打印機。對於年度許可費用，這啟用了專注於優化生產吞吐量的功能，該功能專為大規模最終用途零件製造而設計。我們還繼續投資於添加劑特定應用程序，以簡化訂單到工廠車間的工作流程。

On the materials side, we introduced CF10, our new carbon fiber material that we believe will increase the adoption of our technology into production lines, especially for manufacturing aides. CF10 has also proven to be a catalyst for increased sales of our F370 system and we introduced open materials option for FDM that we plan to launch in the back half of this year, starting with our Fortus 450. We expect this to spur materials innovation, accelerate the adoption and expansion of our consumables and contribute to increasing our software revenues.

在材料方面，我們推出了 CF10，這是我們的新型碳纖維材料，我們相信它將增加我們的技術在生產線中的應用，尤其是用於製造輔助設備。 CF10 也被證明是我們 F370 系統銷量增長的催化劑，我們為 FDM 引入了開放式材料選項，我們計劃在今年下半年推出，從 Fortus 450 開始。我們預計這將刺激材料創新，加快我們消耗品的採用和擴展，並為增加我們的軟件收入做出貢獻。

We also entered into a number of important partnerships, including ECCO, Adobe, Red Hat and others as we seek to provide our customers with complete end-to-end solutions for specific industry applications. These accomplishments in 2021 were thanks to the hard work of our exceptional team at Stratasys. Together, while managing through the many pandemic and related challenges, we successfully launched over 30 new products into the market. I am very proud of our team and excited to experience even more this year.

我們還建立了許多重要的合作夥伴關係，包括 ECCO、Adobe、Red Hat 等，因為我們尋求為我們的客戶提供針對特定行業應用的完整端到端解決方案。 2021 年的這些成就歸功於 Stratasys 傑出團隊的辛勤工作。在共同應對許多大流行和相關挑戰的同時，我們成功地向市場推出了 30 多種新產品。我為我們的團隊感到非常自豪，並很高興今年能體驗到更多。

As we execute on our strategy and build momentum, customers continue to express their confidence in Stratasys. For example, ECCO, a leading global shoe manufacturer is using our Origin One to print molds and shoe lasts for development purposes. Not only do these parts fully match the quality requirements of the CNC machined aluminum counterparts, but they are faster to produce and far more economical. Another example is Radford Motors, one of the two automotive OEMs that are already utilizing all five of our technologies. For each of their coach-built supercars, Radford prints hundreds of Stratasys parts from design through prototyping, tooling and end-use parts that can be found on the final vehicle. We believe this level of 3D printing technology adoption will become standard in the automotive industry.

隨著我們執行我們的戰略並建立勢頭，客戶繼續表達他們對 Stratasys 的信心。例如，全球領先的鞋類製造商 ECCO 正在使用我們的 Origin One 打印模具和鞋楦以用於開發目的。這些零件不僅完全符合 CNC 加工的鋁製零件的質量要求，而且生產速度更快、成本更低。另一個例子是 Radford Motors，它是已經在使用我們所有五種技術的兩家汽車 OEM 之一。對於他們製造的每輛超級跑車，Radford 打印了數百個 Stratasys 零件，從設計到原型製作、工具和最終使用的零件都可以在最終車輛上找到。我們相信這種水平的 3D 打印技術採用將成為汽車行業的標準。

I would like to take a moment to discuss our efforts and accomplishments with regard to ESG. This is an area of primary focus for our company and our industry. 3D printing has the ability today to address many of the environmental issues facing global manufacturing and we are in the forefront of those efforts. At Stratasys, we are deeply embedding our ESG strategy in our products and processes, as part of our DNA and company purpose to empower people to create without limits for an economical, personalized and sustainable world. We are addressing many of our business processes and along with our customers, we seek to take climate action while improving social impact. We call it "Mindful Manufacturing," a call to action to redesign processes, parts and supply chain with great thought and clear intentions to secure manufacturing, utilizing 3D printing in a way that maximizes sustainability while also supporting business growth. By digitizing, localizing and optimizing for additive manufacturing, we believe net zero targets are not only achievable, but easier to reach than with traditional manufacturing technologies and processes.

我想花點時間討論一下我們在 ESG 方面的努力和成就。這是我們公司和行業的主要關注領域。 3D 打印今天有能力解決全球製造業面臨的許多環境問題，我們處於這些努力的最前沿。在 Stratasys，我們將 ESG 戰略深深嵌入到我們的產品和流程中，作為我們 DNA 和公司宗旨的一部分，讓人們能夠無限制地創造一個經濟、個性化和可持續發展的世界。我們正在處理我們的許多業務流程，並與我們的客戶一起尋求採取氣候行動，同時改善社會影響。我們將其稱為“正念製造”，呼籲採取行動重新設計流程、零件和供應鏈，以確保製造安全的深思熟慮和明確意圖，以最大限度地提高可持續性同時支持業務增長的方式利用 3D 打印。通過增材製造的數字化、本地化和優化，我們相信淨零目標不僅可以實現，而且比傳統製造技術和工藝更容易實現。

Our efforts encompass product innovation, an improved circular economy for additive manufacturing and extensive outreach in our communities through education and health care CSR activities around the world. We plan to publish a first-of-its-kind market-leading pure polymer additive manufacturing, GRI sustainability report next quarter. As a market leader in 3D printing, we see our role as leading the shift to responsible consumption and production, helping our customers achieve their carbon neutrality, net-zero goals and working to address our own footprint, supported by the data and research needed to drive this transformation for the entire additive manufacturing industry.

我們的努力包括產品創新、改進的增材製造循環經濟，以及通過世界各地的教育和醫療保健企業社會責任活動在我們的社區進行廣泛的宣傳。我們計劃在下個季度發布首個市場領先的純聚合物增材製造 GRI 可持續發展報告。作為 3D 打印的市場領導者，我們認為我們的角色是引領向負責任的消費和生產轉變，幫助我們的客戶實現碳中和、淨零目標，並在所需的數據和研究支持下努力解決我們自己的足跡推動整個增材製造行業的轉型。

Before I turn the call over to our new CFO, Eitan Zamir to share the financial results, I wish to thank Lilach Payorski for her leadership and many significant contributions to Stratasys over the past nine years. Lilach built a strong, talented finance organization and her dedication to excellence and professional expertise has helped to preserve and strengthen our financial health as we navigated dynamic markets and pursued strategic growth initiatives. We wish her the best in our future endeavors.

在我將電話轉給我們的新首席財務官 Eitan Zamir 分享財務業績之前，我要感謝 Lilach Payorski 在過去九年中的領導和對 Stratasys 的許多重大貢獻。 Lilach 建立了一個強大、才華橫溢的財務組織，她對卓越和專業知識的奉獻有助於在我們駕馭動態市場和追求戰略增長計劃時保持和加強我們的財務健康。我們祝愿她在我們未來的工作中一切順利。

Eitan?

艾坦？

Thank you, Yoav, and good morning, everyone. Before I begin my remarks, I would also like to personally thank Lilach for her guidance in the over two years I've been with Stratasys. Her contribution and commitment to the company have been a fundamental part of our success, and I am honored to be assuming the role as CFO at this time in her journey.

謝謝你，Yoav，大家早上好。在我開始發言之前，我還想親自感謝 Lilach 在我在 Stratasys 工作的兩年多來的指導。她對公司的貢獻和承諾是我們成功的重要組成部分，我很榮幸在她的旅程中擔任首席財務官。

Now turning to the numbers. The fourth quarter of 2021 was another period of successful execution for our company. We delivered the highest quarterly total revenue and highest quarterly system revenue in three years. Cash generated from operating activities was positive for the sixth consecutive quarter. For the fourth quarter, total revenue was $167 million, a 17.3% increase from the prior year quarter, driven primarily by strength in system sales, which was the highest in 12 quarters and is typically a driver for future consumable sales. Total revenue was up 5% sequentially from the third quarter and was 4.3% higher as compared to pre-pandemic Q4 '19 level. On a constant currency basis, total revenue increased 18.3% year-over-year.

現在轉向數字。 2021年第四季度是我們公司又一個成功執行的時期。我們實現了三年來最高的季度總收入和最高的季度系統收入。經營活動產生的現金連續第六個季度為正。第四季度總收入為 1.67 億美元，比去年同期增長 17.3%，主要受系統銷售強勁推動，這是 12 個季度以來的最高水平，通常是未來消耗品銷售的驅動力。總收入較第三季度環比增長 5%，與 19 年第四季度大流行前水平相比增長 4.3%。按固定匯率計算，總收入同比增長 18.3%。

Product revenue in the fourth quarter was $118 million, an increase of 19% compared to the same period last year or 20.1% on a constant currency basis. Within product revenue, system revenue increased 25.9% to $61.8 million compared to the same period last year, an increase by 26.9% on a constant currency basis. Consumables revenue increased by 12.3% to $56.3 million compared to the same period last year and increased by 13.6% on a constant currency basis. Service revenue was $49 million, an increase of 13.3% compared to the same period last year. On a constant currency basis, service revenue increased by 14%. Within service revenue, customer support revenue increased by 7% compared to the same period last year and increased by 8.1% on a constant currency basis. We were pleased to see a strong and growing contribution from health care and dental and also to see consumable and customer service revenue above 2019 levels.

第四季度產品收入為 1.18 億美元，同比增長 19%，按固定匯率計算增長 20.1%。在產品收入中，系統收入同比增長 25.9% 至 6180 萬美元，按固定匯率計算增長 26.9%。與去年同期相比，消耗品收入增長 12.3% 至 5,630 萬美元，按固定匯率計算增長 13.6%。服務收入為4900萬美元，同比增長13.3%。按固定匯率計算，服務收入增長了 14%。服務收入中，客戶支持收入同比增長7%，按固定匯率計算增長8.1%。我們很高興看到醫療保健和牙科領域的強勁且不斷增長的貢獻，並且看到消費品和客戶服務收入高於 2019 年的水平。

Now turning to gross margins. GAAP gross margin was 43.7% for the quarter compared to 46.4% for the same period last year. Non-GAAP gross margin was 48.7% for the quarter compared to 49.5% for the same period last year. The decrease in gross margin versus the prior year period was driven mainly by raw material inflation and ongoing logistical challenges, partially offset by the impact of higher sales and sales mix.

現在轉向毛利率。本季度 GAAP 毛利率為 43.7%，而去年同期為 46.4%。本季度非美國通用會計準則毛利率為 48.7%，而去年同期為 49.5%。毛利率較去年同期下降的主要原因是原材料通脹和持續的物流挑戰，部分被更高的銷售和銷售組合的影響所抵消。

GAAP operating expenses were $89.2 million, an increase of $20.7 million or 30.1% from the same period last year. Non-GAAP operating expenses were $79.6 million, an increase of $17.4 million or 28% compared to the same period last year. Non-GAAP operating expenses were 47.7% of revenue for the quarter compared to 43.7% for the same period last year. The increase in operating expenses was driven by a number of factors, including the return to a five-day work with higher expenses as the market recovered, higher operating costs and commissions due to more revenue and additional operating costs associated with the inclusion of our new acquisitions, including full ownership of Xaar 3D in the fourth quarter. These costs were funded by the resizing plan implemented in May 2020, which allowed us to allocate resources to areas where we believe we will generate stronger growth.

GAAP 運營費用為 8920 萬美元，比去年同期增加 2070 萬美元或 30.1%。非美國通用會計準則運營費用為 7960 萬美元，比去年同期增加 1740 萬美元或 28%。本季度非美國通用會計準則營業費用佔收入的 47.7%，而去年同期為 43.7%。運營費用的增加是由多種因素推動的，包括隨著市場復甦而恢復五天的工作，費用增加，由於收入增加而導致的運營成本和佣金增加，以及與納入我們的新業務相關的額外運營成本收購，包括在第四季度完全擁有 Xaar 3D。這些成本由 2020 年 5 月實施的調整規模計劃提供資金，這使我們能夠將資源分配到我們認為將產生更強勁增長的領域。

Regarding earnings, GAAP operating loss for the quarter was $16.2 million compared to a loss of $2.5 million for the same period last year. Non-GAAP operating income for the quarter was $1.7 million compared to $8.3 million for the same period last year. The difference reflects the increase in operating expenses in the fourth quarter of 2021 described before, including due to our move from a four-day work week to a five-day work week. GAAP net loss for the quarter was $4.8 million or $0.07 per diluted share compared to net income of $11 million or $0.20 per diluted share for the same period last year, which reflected a one-time $14 million tax benefit in the fourth quarter of 2020. Non-GAAP net income for the quarter was $0.5 million or $0.01 per diluted share compared to $7 million or $0.13 per diluted share in the same period last year, reflecting the increased operating expenses in Q4 2021 compared to Q4 2020. Adjusted EBITDA of $7.9 million compared to $14.6 million in the same period last year, reflecting the increased operating expenses in Q4 2021.

在收益方面，本季度的 GAAP 營業虧損為 1620 萬美元，而去年同期為虧損 250 萬美元。本季度非美國通用會計準則營業收入為 170 萬美元，而去年同期為 830 萬美元。差異反映了之前描述的 2021 年第四季度運營費用的增加，包括由於我們從每週工作四天改為每週工作五天。本季度的 GAAP 淨虧損為 480 萬美元或每股攤薄收益 0.07 美元，而去年同期的淨收益為 1100 萬美元或每股攤薄收益 0.20 美元，這反映了 2020 年第四季度的一次性稅收優惠 1400 萬美元。本季度非美國通用會計準則淨收入為 50 萬美元或每股攤薄收益 0.01 美元，而去年同期為 700 萬美元或每股攤薄收益 0.13 美元，反映出 2021 年第四季度的運營費用與 2020 年第四季度相比有所增加。調整後的 EBITDA 為 790 萬美元與去年同期的 1460 萬美元相比，反映了 2021 年第四季度運營費用的增加。

We generated $4.4 million of cash from operations during the fourth quarter compared to generating $23.7 million of cash in the same quarter last year. This was our sixth consecutive quarter of positive cash flow from operating activities. It was driven by strong collections and achieved despite of an increase in inventory purchases. We ended the quarter with $502.2 million in cash, cash equivalents and short-term deposits compared to $299.1 million at the end of the fourth quarter of 2020. Our cash position was bolstered by a $230 million capital raise in Q1 of 2021. We have executed with excellence to overcome the negative impact of the pandemic and remain well-funded and well-positioned to capitalize on value-enhancing market opportunities as they arise.

我們在第四季度從運營中產生了 440 萬美元的現金，而去年同期產生了 2370 萬美元的現金。這是我們連續第六個季度從經營活動中獲得正現金流。這是由強勁的收藏推動的，儘管庫存採購增加，但仍實現了這一目標。截至本季度末，我們的現金、現金等價物和短期存款為 5.022 億美元，而 2020 年第四季度末為 2.991 億美元。我們的現金狀況得到了 2021 年第一季度 2.3 億美元融資的支持。我們已執行以卓越的能力克服大流行的負面影響，並保持充足的資金和有利的條件，以利用出現的增值市場機會。

Now let me turn to our initial outlook for 2022. We are guiding that our 2022 revenue will be in the range of $680 million to $695 million. We expect to realize sequential revenue growth each quarter as we progress throughout the year with the second half of the year notably stronger than the first half. The sequential growth is somewhat different than our historical seasonality pattern, primarily due to the timing of new system releases and the corresponding ramp in sales as well as gradual shift in sales mix. Q1 revenue growth is expected to reach high teens as a percentage over the first quarter of 2021.

現在讓我談談我們對 2022 年的初步展望。我們預計 2022 年的收入將在 6.8 億美元至 6.95 億美元之間。隨著我們全年的進展，我們預計每個季度將實現連續收入增長，下半年明顯強於上半年。環比增長與我們的歷史季節性模式有所不同，主要是由於新系統發布的時間和相應的銷售增長以及銷售組合的逐漸轉變。與 2021 年第一季度相比，第一季度的收入增長預計將達到十幾歲的百分比。

From a gross margin perspective, given our experience with the global logistics and material cost issues, full year 2022 is expected to be flat to slightly higher than 2021 with the second half stronger than the first half, based primarily on higher revenue. We expect the first quarter to be relatively flat to the first quarter of last year. I would like to emphasize that we view the current gross margin situation as temporary as the headwinds caused by these external issues pass and we continue to execute on our long-term plan, we expect our margins to head back over 50%. We will continue to invest in our growth engines to generate significant leverage benefit as we responsibly build a strong company for the long term.

從毛利率的角度來看，鑑於我們在全球物流和材料成本問題方面的經驗，預計 2022 年全年將持平至略高於 2021 年，下半年將強於上半年，主要是基於更高的收入。我們預計一季度與去年一季度持平。我想強調的是，我們認為當前的毛利率情況是暫時的，因為這些外部問題造成的不利因素過去了，我們繼續執行我們的長期計劃，我們預計我們的利潤率將回升至 50% 以上。我們將繼續投資於我們的增長引擎，以產生顯著的槓桿效益，因為我們長期負責地建立一家強大的公司。

In 2022, we expect our operating expenses to be approximately $20 million to $25 million higher than 2021, primarily due to the impact of owning Xaar 3D for the full year, higher costs that result from higher sales and investment in new growth drivers such as Origin and healthcare. I would like to remind you that starting from the second quarter, operating expense is typically higher than the first quarter due to the normal timing of compensation expenses. And despite the higher absolute dollar value, year-over-year we expect to see a continuation of reduction in operating expenses as a percentage of revenue throughout the year, improving profitability objective for us and for 2022, we expect to see continued improvement in our earnings.

2022 年，我們預計我們的運營費用將比 2021 年高出約 2000 萬美元至 2500 萬美元，這主要是由於全年擁有 Xaar 3D 的影響、更高的銷售額以及對 Origin 等新增長動力的投資導致的更高成本和醫療保健。我想提醒您，從第二季度開始，由於補償費用的正常時間安排，營業費用通常高於第一季度。儘管絕對美元價值較高，但我們預計全年運營費用佔收入的百分比將繼續下降，提高我們和 2022 年的盈利目標，我們預計我們的盈利能力將繼續改善收益。

We expect non-GAAP operating margins to be slightly above 2% for the full year, with small operating losses during the first half and turning to profit in the back half of the year due to the anticipated revenue increase. Longer term, we expect operating margin to achieve double digits as our growth plan unfolds in the coming years.

我們預計全年非美國通用會計準則營業利潤率將略高於 2%，上半年營業虧損較小，由於預期收入增長，下半年轉為盈利。從長遠來看，隨著我們未來幾年增長計劃的展開，我們預計營業利潤率將達到兩位數。

We anticipate a GAAP net loss of $74 million to $67 million or $1.11 to $1 per diluted share and non-GAAP net income of $10 million to $13 million or $0.14 to $0.19 per diluted share. Adjusted EBITDA is expected to be in the range of $38 million to $41 million. We expect our capital expenditures for 2022 to range between 20 and $25 million.

我們預計 GAAP 淨虧損為 7400 萬美元至 6700 萬美元或每股攤薄收益 1.11 至 1 美元，非 GAAP 淨收入為 1000 萬美元至 1300 萬美元或每股攤薄收益 0.14 至 0.19 美元。調整後的 EBITDA 預計在 3800 萬美元至 4100 萬美元之間。我們預計 2022 年的資本支出將在 20 至 2500 萬美元之間。

With that, let me turn the call back over to Yoav for closing remarks. Yoav?

有了這個，讓我把電話轉回給 Yoav 做結束語。約夫？

Thank you, Eitan. 2021 was a transformative year for Stratasys in many ways. We vastly improved our offerings, strengthened the balance sheet and invested in technology, positioning us for continued growth in the years to come. We experienced our largest contract in company history with a $20 million order from US Navy for 25 F900 manufacturing systems. Importantly, this is more than just a one-time sale. We are fully qualified and selected as an additive production partner, opening the manufacturing door for us and we expect to scale adoption quickly. We had another large long-term F900 sales as well to a leading global OEM. These and other manufacturing-related deals demonstrate market confidence in the use of Stratasys technologies as the market shifts from rapid prototyping to true manufacturing, a clear signal the 3D printing industry has reached this important inflection point.

謝謝你，伊坦。 2021 年在許多方面對 Stratasys 來說都是變革性的一年。我們極大地改進了我們的產品，加強了資產負債表並投資於技術，為未來幾年的持續增長做好了準備。我們經歷了公司歷史上最大的合同，從美國海軍獲得了 2000 萬美元的 25 個 F900 製造系統訂單。重要的是，這不僅僅是一次性銷售。我們完全合格並被選為增材生產合作夥伴，為我們打開了製造大門，我們希望迅速擴大採用規模。我們還向一家領先的全球 OEM 銷售了另一筆長期的 F900。隨著市場從快速原型製造轉向真正的製造，這些和其他與製造相關的交易表明市場對使用 Stratasys 技術的信心，這是 3D 打印行業已經達到這一重要轉折點的明確信號。

In 2022, we will advance our efforts to strengthen our leadership in polymer 3D printing. We have established the foundations for long-term growth based on leading polymer 3D printing systems, complemented by continuous innovation across our portfolio. Two key components of this effort include the A350 and Origin One; both products have been well received in their beta programs and we believe this system will help to more than double our addressable market over-time. Equipped with best-in-class offerings, unmatched go-to-market network and support infrastructure, a strong balance sheet and the best 3D printing talent relentlessly focused on execution, we are positioned for sustained growth and strong stakeholder returns as we further build on our momentum in 2022. Looking ahead, we are energized and excited for the future of Stratasys.

2022年，我們將進一步加強在聚合物3D打印領域的領先地位。我們以領先的聚合物 3D 打印系統為基礎建立了長期增長的基礎，並輔以我們產品組合的持續創新。這項工作的兩個關鍵組成部分包括 A350 和 Origin One；這兩款產品都在其測試計劃中廣受好評，我們相信隨著時間的推移，該系統將有助於將我們的潛在市場擴大一倍以上。配備一流的產品、無與倫比的上市網絡和支持基礎設施、強大的資產負債表和不懈地專注於執行的最佳 3D 打印人才，隨著我們進一步發展，我們將實現持續增長和強勁的利益相關者回報我們在 2022 年的發展勢頭。展望未來，我們對 Stratasys 的未來充滿活力和興奮。

With that, let's open it up for questions. Operator?

有了這個，讓我們打開它來提問。操作員？

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions) Our first question is from Greg Palm with Craig-Hallum Capital Group. Please go ahead.

謝謝你。此時，我們將進行問答環節。 （操作員說明）我們的第一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。請繼續。

Yeah. Thanks. Congrats on the continued progress here and Eitan, congrats on your transition to CFO. I look forward to working with you more closely going forward.

是的。謝謝。祝賀這里和 Eitan 的持續進步，祝賀您過渡到 CFO。我期待著與您更緊密地合作。

Thank you, Greg.

謝謝你，格雷格。

I guess I wanted to just start off on new product contribution. And I guess the question more lays upon the feedback and traction out in the marketplace and what you're seeing and hearing from both your installed base and new customers. And again, this is specific to the new products.

我想我想從新產品的貢獻開始。而且我想這個問題更多地取決於市場的反饋和牽引力，以及您從已安裝的基礎和新客戶那裡看到和聽到的內容。同樣，這是特定於新產品的。

Hi Greg, good to talk with you. Great question. We are fully geared to leverage the new product in the market. Just think about thousands of customers that we have out there and hundreds of partners. They just need to sell one or two or three more technologies to the same customer. And we have a fantastic new products in the market. And now I can go briefly start with the SAF, great pipeline, solid pipeline and really unmatched quality of parts. I'm amazed every time that I see the flexibility of this machine and the ability really to compete with injection molding. And I'll go to the Origin. We just finalized the beta and move to general availability. And we are not sharing grades, but we had great remarks and grades from our customers, both industrial customers and dental customers. The main advantages of this machine, this is a unique patented layer separation, really a complete different way of running DLP systems and the result is an unmatched part quality, speed, and reliability. And we really look forward to provide to you and to the public more information throughout the year on the performance of those two machines. We also introduced the RPS, great results above our expectations.

嗨，格雷格，很高興與您交談。好問題。我們完全準備好利用市場上的新產品。想想我們擁有的數千名客戶和數百個合作夥伴。他們只需要向同一個客戶銷售一種或兩種或三種以上的技術。而且我們在市場上有了很棒的新產品。現在我可以簡單地從 SAF、出色的管道、堅固的管道和真正無與倫比的零件質量開始。每次看到這台機器的靈活性和真正與註塑成型競爭的能力時，我都會感到驚訝。我會去起源。我們剛剛完成了 Beta 版並開始全面上市。而且我們不分享成績，但我們的客戶（包括工業客戶和牙科客戶）都給予了我們很好的評價和評分。這台機器的主要優點是，這是一種獨特的專利層分離，是一種完全不同的 DLP 系統運行方式，其結果是無與倫比的零件質量、速度和可靠性。我們非常期待全年為您和公眾提供有關這兩款機器性能的更多信息。我們還推出了 RPS，結果超出了我們的預期。

Also the DentaJet on the PolyJet side, when you combine it with Dental Origin, it's an amazing great portfolio, a new portfolio that we have that is very attractive to the dental industry. So when you combine all of it together, practically, we have new products in each one of our technologies. I'll start with the PolyJet, the J35, the MediJet, the DentaJet, I'll move to FDM, we have the F770, which is the largest build chamber, the longest build chamber in the industry. Really great traction in the market. Then I move to the SAF and the Origin and the RPS, we are really geared to grow based on the new products.

還有 PolyJet 方面的 DentaJet，當您將它與 Dental Origin 結合使用時，它是一個非常棒的產品組合，我們擁有的一個新產品組合對牙科行業非常有吸引力。因此，當您將所有這些結合在一起時，實際上，我們的每一項技術都有新產品。我將從 PolyJet、J35、MediJet、DentaJet 開始，我將轉向 FDM，我們擁有 F770，它是業內最大的構建室，最長的構建室。在市場上確實有很大的吸引力。然後我轉到 SAF、Origin 和 RPS，我們真的準備好在新產品的基礎上發展。

That's helpful. And I guess, Yoav, when you joined, I think you talked a lot about Stratasys being kind of a one-stop shop for customers looking to invest in additive. And now that you have the product portfolio sort of set, are you seeing any tangible evidence of this happening? I don't know whether that's market share gains, maybe that's just increasing sort of wallet share spend within existing customers or maybe just new growth with new customers. But what's your thought on how that strategy is playing out?

這很有幫助。我想，Yoav，當你加入時，我想你談了很多關於 Stratasys 是一種為希望投資添加劑的客戶提供的一站式服務。既然您已經擁有了某種產品組合，您是否看到任何切實的證據表明這種情況正在發生？我不知道這是否是市場份額的增長，也許這只是增加了現有客戶的錢包份額支出，或者只是新客戶的新增長。但是你對這個策略是如何發揮作用的想法是什麼？

Short answer is yes, but let me elaborate on it. We already have two automotive players, OEMs using the all five technologies, which is amazing. And why so important because manufacturers, bottom line, when you look at manufacturer, they prefer to have one provider with one ecosystem with one production environment with someone they can count on. And this is exactly what we are bringing to the market. We are not selling technology. We are selling the best solutions that fit your problem. We are coming to solve programs to our customers. This is a completely different position in the market compared to where we were two years ago, and it works. And of course, this is just the beginning, but we are very encouraging from what we are seeing in the market and from the discussion I have with customers on a weekly basis.

簡短的回答是肯定的，但讓我詳細說明一下。我們已經有兩家汽車廠商，原始設備製造商使用了所有五種技術，這太棒了。以及為什麼如此重要，因為製造商，底線，當您查看製造商時，他們更願意擁有一個供應商，一個生態系統，一個生產環境，一個他們可以信賴的人。這正是我們正在為市場帶來的東西。我們不賣技術。我們正在銷售適合您問題的最佳解決方案。我們來為我們的客戶解決方案。與我們兩年前的情況相比，這在市場上是一個完全不同的位置，而且它有效。當然，這只是一個開始，但從我們在市場上看到的情況以及我每週與客戶進行的討論中，我們感到非常鼓舞。

Okay. Perfect. I'll hop back in the queue. Thanks, and good luck.

好的。完美的。我會跳回隊列中。謝謝，祝你好運。

Thank you. Our next question is from Troy Jensen with Lake Street Capital. Please go ahead.

謝謝你。我們的下一個問題來自 Lake Street Capital 的 Troy Jensen。請繼續。

Hey gentlemen, congrats on the good quarter and good year. I guess --

嘿，先生們，祝賀好季度和好年頭。我猜 -

Thank you.

謝謝你。

I guess my first question, I want to talk -- you are very welcome. Can you just talk about -- your Q1 guide seems a much better than normal seasonality. And I guess you can feel balance sheet deferred rates were up slightly quarter-over-quarter. Just wondering, was there any constraints in Q4 that held back in sales? Are they flowing into Q1 or is the better than normal seasonality really just the H350 starting to launch.

我想我的第一個問題，我想談談——非常歡迎你。你能談談 - 你的第一季度指南似乎比正常的季節性要好得多。我猜你會感覺到資產負債表遞延利率環比略有上升。只是想知道，第四季度是否有任何限制銷售的因素？它們是流入第一季度還是比正常的季節性更好，實際上只是 H350 開始推出。

Hi Troy, good morning. Good question. There were no constraints in Q4. The increase is driven by our new products as well as our other technologies or old technologies and we started the year with a strong backlog.

嗨，特洛伊，早上好。好問題。第四季度沒有限制。這一增長是由我們的新產品以及我們的其他技術或舊技術推動的，我們年初積壓了大量訂單。

Okay. Perfect. And could you just confirm you did have H350 revenues in Q4? And then are you expecting to ship the Origin for revenues in Q1 also?

好的。完美的。您能否確認您在第四季度確實有 H350 收入？然後您是否也希望在第一季度交付 Origin 以獲得收入？

Yes. In Q4, we already had the SAF product. And in Q1, we started shipping Origin and we'll have revenue from Origin in Q1.

是的。在第四季度，我們已經有了 SAF 產品。在第一季度，我們開始運送 Origin，我們將在第一季度從 Origin 獲得收入。

Awesome. Guys, congrats. Good luck this year and I'll follow up on call later.

驚人的。伙計們，恭喜。祝今年好運，稍後我會隨叫隨到。

Thank you.

謝謝你。

Our next question is from Jared Maymon with Berenberg. Please go ahead.

我們的下一個問題來自 Jared Maymon 和 Berenberg。請繼續。

Hey, good morning guys and congrats on the strong results. First question from me. I'm just wondering, with the Origin One dental, you have some big customers trialing that yet? And how likely do you think the opportunity is there to take share with that product?

嘿，大家早上好，祝賀你取得了不錯的成績。我的第一個問題。我只是想知道，對於 Origin One 牙科，您有一些大客戶在試用嗎？您認為有多少機會與該產品分享？

So thank you for the question. Of course, we run a beta program with large and some medium and also some small customers to make sure that we are covering the whole range and we got fantastic feedback from the beta. So we are very encouraged. It's really a unique value proposition in industrial dental in terms of the quality of the power, the accuracy and the speed and this is only the beginning. So we can do many different applications with one platform. You can go to the Origin in dental, in tooling, in models, in aligner, dentures, splints, guards, temps, bridges. And when you combine it also with our PolyJet, we are covering the whole range and this is a really great value proposition to medium and large dental customers that we are targeting.

所以謝謝你的問題。當然，我們與大客戶、一些中客戶以及一些小客戶一起運行測試計劃，以確保我們覆蓋整個範圍，並且我們從測試中獲得了極好的反饋。所以我們很受鼓舞。就動力質量、準確性和速度而言，這確實是工業牙科中獨一無二的價值主張，而這僅僅是個開始。所以我們可以在一個平台上做很多不同的應用。您可以在牙科、工具、模型、矯治器、假牙、夾板、護罩、臨時工、牙橋中訪問 Origin。當您將它與我們的 PolyJet 結合使用時，我們將覆蓋整個範圍，這對於我們所針對的中型和大型牙科客戶來說是一個非常好的價值主張。

Yeah. Jared, it's Yonah. I would just add on top of that quickly that as strong as the aligner market has shown to be a good adopter of this technology over time, we see dentures as an even larger market opportunity. And so we -- and the Origin system. We discussed when we first announced it a little over a year ago that that was going to be one of the target markets. So we really look forward to updating the market around that particular end use at the appropriate time.

是的。傑瑞德，是約拿。我只想很快補充一點，隨著時間的推移，矯治器市場已經證明是這項技術的良好採用者，我們認為假牙是一個更大的市場機會。所以我們——還有起源系統。一年多前，當我們第一次宣布它時，我們討論過這將成為目標市場之一。因此，我們非常期待在適當的時候圍繞特定的最終用途更新市場。

Great. Perfect. Good to hear. And then I'm just curious, you mentioned briefly, you have a team that's deploying some capital in various opportunities and one of those you called out was continuous fiber. Is there any color you can provide on this?

偉大的。完美的。很高興聽到。然後我只是好奇，你簡單地提到過，你有一個團隊正在為各種機會部署一些資金，你提到的其中一個是連續光纖。有什麼顏色可以提供嗎？

We received this question so many times, so it's good that you raised it. We have a very strong balance sheet. So we have to use it in the best way that will generate returns to our stakeholders and we believe that the best way to do it is to focus on our strategy. We have a laser sharp strategy on polymer manufacturing, we are doing really well on the growth side and creating the most sustainable, strongest company in the industry and this is very attractive to many startups. And so we are being approached by many startups and we decided to establish an investment arm, we call it Stratasys Ventures, but it's all about accelerating the implementation of our strategy. We know exactly where the gaps that we have, mainly in the workflow and exactly where are the needs and the gaps in the industry and we are bringing the go-to-market. So we are investing in very exciting technologies. Like we said in the script, like continuous carbon fiber, we just recently invested in 9T Labs that have a very unique way of having X,Y, and Z continuous carbon fiber, not only X,Y, they just closed $17 million round and we were there. And other companies that we cannot elaborate now, but it's a very strong pipeline for external innovation that will help together with our great people in R&D to make sure that we are keeping our technological leadership in this market because our machines are the most reliable, the most repeatable in the market with the highest throughput and this is what manufacturers looks for out there, and we can deliver it internally and externally and we have a very clear framework how to do it.

我們多次收到這個問題，所以很高興你提出這個問題。我們有一個非常強大的資產負債表。所以我們必須以最好的方式使用它，為我們的利益相關者帶來回報，我們相信最好的方式是專注於我們的戰略。我們在聚合物製造方面有一個激光敏銳的戰略，我們在增長方面做得非常好，並創建了業內最可持續、最強大的公司，這對許多初創公司非常有吸引力。因此，許多初創公司與我們接洽，我們決定建立一個投資部門，我們稱之為 Stratasys Ventures，但這一切都是為了加快我們戰略的實施。我們確切地知道我們在哪裡存在差距，主要是在工作流程中，確切地知道行業的需求和差距在哪裡，我們正在將其推向市場。因此，我們正在投資非常令人興奮的技術。就像我們在劇本中所說的，就像連續碳纖維一樣，我們最近剛剛投資了 9T Labs，他們有一種非常獨特的方式來擁有 X、Y 和 Z 連續碳纖維，不僅是 X、Y，他們剛剛完成了 1700 萬美元的融資，並且我們到過那裡。以及我們現在無法詳細說明的其他公司，但這是一條非常強大的外部創新渠道，將與我們優秀的研發人員一起幫助確保我們在這個市場上保持技術領先地位，因為我們的機器是最可靠的，市場上可重複性最高、吞吐量最高的產品，這正是製造商所尋求的，我們可以在內部和外部交付它，我們有一個非常清晰的框架來實現它。

Got it. Thanks Yoav.

知道了。謝謝約阿夫。

Our next question is from Jim Ricchiuti with Needham and Company. Please go ahead.

我們的下一個問題來自 Needham and Company 的 Jim Ricchiuti。請繼續。

Hi, thank you. Question I had is just with respect to the comment that I believe you made regarding the gross margin pressures being temporary. And I'd like to follow-up on that and maybe drill down a little bit more. Are you anticipating just the mix of revenues, benefiting your gross margins, the scale up in volume or are you taking some other measures to offset some of the pressures that you're facing because it doesn't sound like some of these cost issues are necessarily going away.

嗨，謝謝你。我的問題只是關於我相信你關於毛利率壓力是暫時的評論。我想對此進行跟進，並可能進一步深入研究。您是否只期待收入的組合，使您的毛利率受益，數量增加，或者您是否正在採取一些其他措施來抵消您面臨的一些壓力，因為這聽起來不像其中一些成本問題是必然要走。

Hi Jim, good morning. It is a good question.

嗨，吉姆，早上好。這是一個很好的問題。

Good morning.

早上好。

So first, one part is the anticipated improvement in logistics and raw materials in the future. But we also proactively as we scale-up our business as the new products become more mature to optimize and to improve our margins in our processes.

首先，一部分是未來物流和原材料的預期改善。但是，隨著新產品變得更加成熟，我們也積極地擴大業務規模，以優化和提高我們在流程中的利潤。

Okay. Just with respect to your outlook for 2022 on the revenue side, maybe you could talk a little bit about which of the verticals do you see the biggest growth potential? I think you're clearly -- it sounds like you're excited about what you're seeing in the dental market. But I wonder if you could just give us a little bit more color in terms of how you're thinking about the year from the standpoint of vertical markets.

好的。就您對 2022 年收入方面的展望而言，也許您可以談談您認為哪些垂直行業的增長潛力最大？我認為你很清楚 - 聽起來你對你在牙科市場上看到的東西感到興奮。但是我想知道您是否可以從垂直市場的角度就您如何看待這一年給我們更多的色彩。

Thank you for the question. We, by definition, when we launched our new strategy going for manufacturing or what we call end-use part, we decided that we are going to focus on a much larger market to increase the total addressable market, both because of the new technologies, but not less important because of new verticals and new applications. So of course, we have our vertical like the government and the defense and aero and auto and we are doing really well there. But within that, we want to shift from prototyping to manufacturing. We are the first company in this industry to say 25% of what we are selling is going to end use parts. It was 2020, 2021, we are already 29%. And we believe that it will keep growing -- this share will keep growing above 20% every year. So the strategy works. So where we focus manufacturing and health care, manufacturing across many verticals from consumer, go to aero and auto. And when you go from manufacturing to health care, health care, it's mainly dental, but also not less important is the whole PSP, what we call pre-surgical planning.

感謝你的提問。根據定義，當我們推出針對製造或我們所謂的最終用途部分的新戰略時，我們決定將重點放在更大的市場上，以增加總目標市場，這都是因為新技術，但同樣重要的是，因為新的垂直領域和新的應用程序。所以當然，我們有我們的垂直領域，比如政府、國防、航空和汽車，我們在那裡做得很好。但在此範圍內，我們希望從原型設計轉向製造。我們是該行業中第一家表示我們銷售的 25% 將用於最終用途零件的公司。那是 2020 年，2021 年，我們已經是 29%。我們相信它會繼續增長——這個份額每年都會增長超過 20%。所以這個策略奏效了。因此，我們專注於製造和醫療保健，從消費者到航空和汽車的許多垂直領域的製造。當你從製造到醫療保健，醫療保健主要是牙科，但同樣重要的是整個 PSP，我們稱之為術前計劃。

We are sitting on the best technology in the industry. We are the only one who can deliver real imitation of anatomic models where you can really imitate this issue. And we just launched this year what we call digital anatomy creator, where the surgeon or the radiologist can really imitate the tissue and customize it to the different patients. And we believe it will position us as the leader when insurance and reimbursement will occur in this area because it is saving life. So bottom line, manufacturing and healthcare.

我們坐擁業內最好的技術。我們是唯一可以提供真正模仿解剖模型的人，您可以真正模仿這個問題。我們今年剛剛推出了我們所說的數字解剖創建器，外科醫生或放射科醫生可以真正模仿組織並為不同的患者定制它。我們相信，當保險和報銷將在該領域發生時，它將使我們成為領導者，因為它可以挽救生命。所以底線，製造和醫療保健。

Thank you.

謝謝你。

Thank you. Our next question is from Ashley Ellis with Cross Research. Please go ahead.

謝謝你。我們的下一個問題來自 Cross Research 的 Ashley Ellis。請繼續。

Hi, thank you for taking my question. Eitan, I was wondering if you could dig a little bit deeper into the revenue guidance. You're obviously going against some pretty tough compares in system revenue, and I know you're launching the Origin and SAF should ramp up. But how should we think about system growth versus your recurring revenues in consumables and customer support? Should we expect that there should be some sort of follow-on from the strong system sales in 2021? And then I have a follow-up. Thank you.

您好，感謝您提出我的問題。 Eitan，我想知道您是否可以更深入地了解收入指導。顯然，您在系統收入方面遇到了一些非常艱難的比較，而且我知道您正在推出 Origin，而 SAF 應該會增加。但是，我們應該如何考慮系統增長與您在消耗品和客戶支持方面的經常性收入？我們是否應該期望 2021 年強勁的系統銷售會產生某種後續效應？然後我有一個跟進。謝謝你。

Thank you, Ashley. It's a good question. We are very excited about 2022 and we expect all our streams to grow and hardware will be the driver for the increase, but consumables and services will follow.

謝謝你，阿什利。這是個好問題。我們對 2022 年感到非常興奮，我們預計我們所有的流量都會增長，硬件將成為增長的驅動力，但消耗品和服務將隨之而來。

And are you factoring any software contribution in to the revenue guidance?

您是否將任何軟件貢獻納入收入指導？

Ashely, it is Yonah. Hi. Software is not going to yet be meaningful. It's sort of just starting to launch through. As we mentioned earlier, there will be some software licensing revenue we're going to start to get as we do the open materials, which is beginning in the back half of the year on the F450, but we'll be sure to update you as software becomes a more meaningful part of the revenue.

阿什利，是約拿。你好。軟件還沒有意義。它剛剛開始啟動。正如我們之前提到的，隨著我們在 F450 的下半年開始，我們將開始獲得一些軟件許可收入，這將在今年下半年開始，但我們一定會為您提供最新信息隨著軟件成為收入中更有意義的一部分。

Yeah. And if I may add, we are going to launch new software products in 2022.

是的。如果我可以補充一下，我們將在 2022 年推出新的軟件產品。

Okay. And then Yoav, could you talk about the decision to open-up the FDM printers to third-party materials? Why now? And then is there a potential you could open up your PolyJet systems in the future?

好的。然後 Yoav，您能否談談將 FDM 打印機開放給第三方材料的決定？為什麼現在？那麼您是否有可能在未來開放您的 PolyJet 系統？

I would say it's an act of leadership. We are leading this industry from prototyping to manufacturing. We had a very thorough analysis and many discussions with manufacturers out there and we identified the barriers. And one of the barriers is the variety of materials they can use for real manufacturing applications. So it's clear to us that it's better to be in manufacturing and sell thousands of tons instead of few kilos per machines as we have a much better unit economics and to support our customers. Bottom line is delivering higher value to our customers. And the open material, it's all about innovation and partnering around innovation because it's not that we open it without any responsibility on the quality of the part.

我會說這是一種領導行為。從原型設計到製造，我們引領著這個行業。我們進行了非常徹底的分析，並與製造商進行了多次討論，並確定了障礙。障礙之一是它們可用於實際製造應用的材料種類繁多。所以我們很清楚，每台機器製造和銷售數千噸而不是幾公斤更好，因為我們有更好的單位經濟效益並支持我們的客戶。底線是為我們的客戶提供更高的價值。開放材料，這一切都是關於創新和圍繞創新合作的，因為並不是我們打開它而不對零件的質量承擔任何責任。

This is a hybrid model, a controlled open material model where we are working together with our customers in three tiers. We have Tier 1, which is preferred. We already announced it. It's exclusive for strategy. The second one is certified. We are certifying other suppliers, third-party suppliers, but it meets our standards. And then we have exploratory where everyone can innovate and do better things, but it's FDM. We have focused on these new innovative model is focusing on manufacturing. So it's FDM, it's SAF and it's Origin. And we get great feedback from our customers and it will allow us not to introduce one or two or three new materials a year and you will see it because it's in the road map, but to double or triple the amount of new materials that we are introducing. And we see it also in RPS, for example, it's open. It's doing really well and give us a competitive edge and a lot of value to our customers and to us.

這是一個混合模型，一種受控的開放材料模型，我們在其中與我們的客戶在三個層次上合作。我們有第 1 層，這是首選。我們已經宣布了。它是策略專用的。第二個是認證的。我們正在認證其他供應商、第三方供應商，但它符合我們的標準。然後我們探索了每個人都可以創新並做得更好的地方，但它是 FDM。我們專注於這些新的創新模式是專注於製造。所以它是 FDM，它是 SAF，它是 Origin。我們從客戶那裡得到了很好的反饋，這將使我們不必每年推出一兩種或三種新材料，您會看到它，因為它在路線圖中，而是使我們的新材料數量增加一倍或三倍介紹。我們在 RPS 中也看到了它，例如，它是開放的。它做得非常好，為我們的客戶和我們提供了競爭優勢和很多價值。

So bottom line, when we are talking about opening the material, it's not about having now a model that is where we are losing responsibility or compromising on the quality, it's exactly the opposite. It's about giving more value to our customers in a responsible way and making sure that we are creating the value (inaudible) to everyone.

所以最重要的是，當我們談論打開材料時，這並不是說現在有一個模型是我們失去責任或在質量上妥協的地方，恰恰相反。這是關於以負責任的方式為我們的客戶提供更多價值，並確保我們正在為每個人創造價值（聽不清）。

As for PolyJet, no current plans to open it up because it's prototyping and it's a completely different type of need, and we have most of the materials needed for prototyping. So focusing on manufacturing, doing it with our customers, they love it and also they appreciate the leadership here.

至於 PolyJet，目前沒有開放它的計劃，因為它是原型設計，而且是完全不同類型的需求，而且我們擁有原型設計所需的大部分材料。因此，專注於製造，與我們的客戶一起做，他們喜歡它，也欣賞這裡的領導。

Thank you very much.

非常感謝。

Thank you. Our next question is from Paul Chung with JPMorgan. Please go ahead.

謝謝你。我們的下一個問題來自摩根大通的 Paul Chung。請繼續。

Hi, thanks for taking my questions. So can you talk about the interesting things you're doing in aerospace. Can you expand on the Boom partnership, US Navy contracts and how you see those relationships evolving? And then maybe kind of potentially leading to interest from other customers and how material can this part of the business contribute to growth? And then I have a follow-up.

您好，感謝您提出我的問題。那麼你能談談你在航空航天領域所做的有趣的事情嗎？您能否擴展 Boom 合作夥伴關係、美國海軍合同以及您如何看待這些關係的演變？然後可能會引起其他客戶的興趣，這部分業務對增長有何貢獻？然後我有一個跟進。

Thank you Paul for this question. I think it's a reflection of how we are partnering with our customers to change the world, not less than that. So I'll take the Navy, for example. This is the ultimate example of distributed manufacturing. So people are talking about it for years, a decade about distributed manufacturing. We are working with the government. We are working with the Navy to really implement distributed manufacturing. So there were supply chain issues, long supply chains. We are going to have F900 machines within the US, outside of the US globally to create spare-parts. It's amazing, and I want to thank the Navy and the US government for taking it together with us, taking all the industry a step forward. It's a real manufacturing opportunity across all government bodies.

謝謝保羅提出這個問題。我認為這反映了我們如何與客戶合作來改變世界，不少於這樣。所以我將以海軍為例。這是分佈式製造的終極示例。所以人們多年來一直在談論它，十年來關於分佈式製造。我們正在與政府合作。我們正在與海軍合作，真正實現分佈式製造。所以存在供應鏈問題，供應鏈很長。我們將在美國國內、美國以外的全球範圍內擁有 F900 機器來製造備件。這太棒了，我要感謝海軍和美國政府與我們一起，讓整個行業向前邁進了一步。這是所有政府機構真正的製造機會。

And if I take it to Boom, it's a great example of innovation in action. So we started with them only with prototyping just to cut their development cycle and to save significant time and I believe we save between two to three years and even more because this ability of the engineer to think about something and then printing the same day to check it is remarkable, but they took it to jigs and fixtures and tooling and then to end use parts. I visited there. And it's like you see parts within the most exciting new generation of passenger aircraft and it is 3D printers. It's amazing. I learned a lot from both those customers. And this is part of the DNA of Stratasys. We work with our customers to make sure that they will be more successful and that 3D printing will be significant in manufacturing and we have many more of it.

如果我把它帶到 Boom 上，它就是創新在行動的一個很好的例子。所以我們從他們開始只做原型，只是為了縮短他們的開發週期並節省大量時間，我相信我們節省了兩到三年甚至更多，因為工程師有這種能力去思考一些事情，然後在同一天打印來檢查這是了不起的，但他們將其用於夾具和固定裝置和工具，然後用於最終使用零件。我去過那裡。就像您在最令人興奮的新一代客機中看到的部件，它是 3D 打印機。太奇妙了。我從這兩位客戶那裡學到了很多。這是 Stratasys DNA 的一部分。我們與客戶合作，以確保他們取得更大的成功，並且 3D 打印在製造業中將發揮重要作用，而且我們擁有更多。

Great. Thanks for that cool stuff. So just on cash flow, you managed inventory levels really well and seeing some funding benefits from kind of longer accounts payable days. But if you could expand on how you manage the inventory level so effectively this year? And then how do we think about kind of working cap dynamics in '22? And then can you grow cash from operating in '22, keep the streak of kind of positive quarterly operating cash kind of ongoing? Thank you.

偉大的。感謝那些很酷的東西。因此，僅就現金流而言，您可以很好地管理庫存水平，並從較長的應付賬款天數中看到一些資金收益。但是，如果您可以擴展今年如何如此有效地管理庫存水平？然後我們如何看待 22 年的工作上限動態？然後，您能否從 22 年的運營中增加現金，保持季度運營現金為正的趨勢？謝謝你。

Thank you. It's a good question. We're not guiding on cash flow. But on one hand, we continue to increase and to purchase inventory to be prepared for the growth during 2022. And we do have over $500 million of cash to invest. So we're very positive about 2022 as far as it's concerned with cash flow, but we do not guide on cash flow.

謝謝你。這是個好問題。我們不是在指導現金流。但一方面，我們繼續增加併購買庫存，為 2022 年的增長做好準備。我們確實有超過 5 億美元的現金可供投資。因此，就現金流而言，我們對 2022 年非常樂觀，但我們不指導現金流。

Thank you.

謝謝你。

Thank you. Our next question is from Wamsi Mohan with Bank of America. Please go ahead.

謝謝你。我們的下一個問題來自美國銀行的 Wamsi Mohan。請繼續。

Yes, thank you. I just wanted to follow up on the cash flow question. If we look at your midpoint of your operating income guidance, it's about $18 million improvement on a year-on-year basis, which is great to see in 2022. Maybe if you don't want to give an explicit cash flow guide, can you talk about some of the underlying puts and takes that might influence how that increase or decrease in cash flow might trend relative to that increase in operating income? And I have a follow-up.

是的，謝謝。我只是想跟進現金流問題。如果我們看一下你的營業收入指導的中點，同比增長約 1800 萬美元，這在 2022 年很高興看到。也許如果你不想給出明確的現金流指導，可以你談到了一些潛在的看跌期權，這些看跌期權可能會影響現金流的增加或減少相對於營業收入的增加的趨勢？我有一個後續行動。

Thank you Wamsi, first of all. Without guiding on cash flow, when you think about cash flow compared to operating income, you take into account all the working capital elements. As I mentioned earlier, we continue to invest and try to increase our inventory and we will continue doing this during 2022 and this should also be taken into account when you model cash flow for 2022.

首先感謝Wamsi。如果沒有對現金流量的指導，當您考慮與營業收入相比的現金流量時，您會考慮所有營運資金要素。正如我之前提到的，我們繼續投資並嘗試增加我們的庫存，我們將在 2022 年繼續這樣做，在您為 2022 年的現金流建模時也應該考慮到這一點。

Okay. Thank you for that. And then if I think about the excitement that you're really showing around new products and some of the potential contribution from that, especially in the back half of the year. Is there any way for you to talk about it in your revenue guide of, call it, mid-teens for the year or somewhere close to that growth. How many points of growth do you think these new products can contribute in year one, year two, like I'm sure you have a plan that sort of thinks about contribution sort of on a more ongoing basis. Can you maybe help us think through how much -- how we should be thinking about revenue growth on a more sustainable basis? And particularly, contribution from these new products? I mean you essentially felt like you're going from two platforms to this multi-platform approach and that's really resonating with your clients. So if '22 is maybe some sort of transition year or launch year in some ways, '23, we should start to see some more acceleration from that. So just trying to parse through how many points of growth maybe you can see stacking up over the next few years. Any color there would be helpful. Thank you.

好的。謝謝你。然後，如果我考慮一下您對新產品真正展示的興奮以及由此產生的一些潛在貢獻，尤其是在今年下半年。你有什麼辦法可以在你的收入指南中談論它，稱之為一年中的青少年或接近增長的地方。您認為這些新產品在第一年、第二年可以貢獻多少增長點，就像我確定您有一個計劃，可以在更持續的基礎上考慮貢獻。您能否幫助我們思考一下，我們應該如何在更可持續的基礎上思考收入增長？尤其是這些新產品的貢獻？我的意思是你基本上覺得你正在從兩個平台轉向這種多平台方法，這真的引起了你的客戶的共鳴。因此，如果'22 在某些方面可能是某種過渡年或發布年，'23，我們應該開始看到更多的加速。因此，只需嘗試分析一下未來幾年您可能會看到多少增長點。那裡的任何顏色都會有幫助。謝謝你。

Right. Thank you for the question. We do not provide guidance on specific products. However, I can say that in 2022, we expect all of our technologies to increase compared to 2021. Naturally, the launches of SAF and Origin will have a significant impact in 2022 compared to 2021, but we do expect that all our products and all our technologies will generate growth in the future and after 2022.

正確的。感謝你的提問。我們不提供特定產品的指導。但是，我可以說，在 2022 年，我們預計我們所有的技術都將比 2021 年增加。當然，與 2021 年相比，SAF 和 Origin 的推出將在 2022 年產生重大影響，但我們確實希望我們所有的產品和所有我們的技術將在未來和 2022 年之後產生增長。

Okay, thank you so much. Good luck.

好的，非常感謝。祝你好運。

Thank you. Our next question is from Ananda Baruah with Loop Capital. Please go ahead.

謝謝你。我們的下一個問題來自 Loop Capital 的 Ananda Baruah。請繼續。

Hey, thanks guys. Congrats on the ongoing momentum and really appreciate you guys taking the question. I guess just two quick ones, if I could. Going back to Paul's question, you guys -- you provided some really good context on the Navy relationship as to what's driving -- sort of driving business with them. Could you provide us some context in a general set of what customers are doing that's leading to the increasing momentum, the ongoing momentum and just in a tangible way for us. And then I have a really quick follow-up. Thanks.

嘿，謝謝各位。祝賀持續的勢頭，非常感謝你們提出這個問題。如果可以的話，我想只有兩個快速的。回到保羅的問題，你們 - 你提供了一些關於海軍關係的非常好的背景，關於什麼是驅動 - 有點推動與他們的業務。您能否為我們提供一些關於客戶正在做的事情的一般背景，這些事情導致了增長的勢頭，持續的勢頭，並且對我們來說是一種切實的方式。然後我有一個非常快速的跟進。謝謝。

Hi Ananda, thank you very much for the question. It's a great time to be part of the additive manufacturing industry. I didn't plan it, but I'm lucky. Because customers understand the global trends and they understand also that additive will be part of the manufacturing of the future. So everybody is planning now their future in manufacturing, the plans of the future, the micro plans of the future, customization, Industry 4.0, et cetera, et cetera, et cetera. And then the pandemic with all the supply chain issues that we are facing as well where the ultimate -- created the ultimate stone for us to start engaging with our customers. So you take together like the most fundamental trends that we are experiencing now, the supply chain needs, the customization, especially in health care, the need for sustainability and lighter part in order to use less fuel and the innovation in so many areas like in electric vehicles, and the need for new geometry for this, additive is the best solution. And the Navy deal proved it. Manufacturing can be this, manufacturer can distribute the digital inventory worldwide. You don't need physical inventory, you can have digital inventory. And you can provide parts wherever they are needed. So the people understand it. And the moment they understand it, they are looking for a partner they can interact with in order to develop those plans of the future. And I think we are positioned quite well because we are a one-stop shop with one operating system with one material platform with one software platform and with a lot of reputation, reliability and repeatability and the ability to deliver. So it's a very exciting time.

嗨，阿南達，非常感謝您的提問。現在是加入增材製造行業的好時機。我沒有計劃，但我很幸運。因為客戶了解全球趨勢，他們也了解添加劑將成為未來製造業的一部分。所以現在每個人都在計劃他們在製造業的未來，未來的計劃，未來的微觀計劃，定制，工業 4.0 等等等等。然後是我們面臨的所有供應鏈問題的大流行，以及最終——為我們開始與客戶互動創造了最終的基石。所以你把我們現在正在經歷的最基本的趨勢，供應鏈需求，定制，特別是在醫療保健領域，對可持續性和更輕的零件的需求，以使用更少的燃料以及在許多領域的創新，如在電動汽車，並且為此需要新的幾何形狀，添加劑是最好的解決方案。海軍的交易證明了這一點。製造可以是這樣，製造商可以在全球範圍內分發數字庫存。您不需要實物庫存，您可以擁有數字庫存。您可以在任何需要的地方提供零件。所以人們理解它。當他們了解它時，他們正在尋找可以與之互動的合作夥伴，以製定未來的計劃。我認為我們的定位非常好，因為我們是一個一站式商店，擁有一個操作系統、一個材料平台和一個軟件平台，並且具有很高的聲譽、可靠性和可重複性以及交付能力。所以這是一個非常激動人心的時刻。

That's super, super helpful. I appreciate the context. And my quick follow-up is just on the op margin guide for '22. I believe you said about 2%. Can you just describe what are the puts and the takes? And I guess really what I'm wondering is sort of like what are the things that allow you to begin to expand those operating margins, I'm assuming as we go kind of through 2023.

太棒了，超級有幫助。我很欣賞上下文。我的快速跟進只是在 '22 的操作保證金指南上。我相信你說的大約是 2%。你能描述一下puts和takes是什麼嗎？而且我想我真的想知道的是什麼東西可以讓你開始擴大這些營業利潤，我假設隨著我們到 2023 年。

Thank you. So when we think about 2022 and the over 2% margin, we have the growth, the significant growth in our revenue. When we think about OpEx, it will decrease as a percentage of revenue during 2022. However, we continue to invest in our growth drivers, Origin, SAF and health care and operating margins can expand longer term due to a number of factors, including the increase in consumables, adding software that is coming with higher margins and the entire business, the entire revenue increase that we expect.

謝謝你。因此，當我們考慮到 2022 年和超過 2% 的利潤率時，我們會看到增長，我們的收入顯著增長。當我們考慮運營支出時，它在 2022 年佔收入的百分比將下降。但是，我們繼續投資於我們的增長動力、起源、SAF 和醫療保健，並且由於多種因素，包括消耗品的增加，增加利潤更高的軟件和整個業務，我們預期的整個收入增長。

The scale.

規模。

If I may add, I think that's exactly the right direction. But if I may add, it's a combination of external and internal forces. Externally, we do believe that the current logistic cost is not sustainable. We believe that the second half of the year, maybe next year, at the end of this year, we see better results because of the capacity in Sea because of the port issue, it will solve itself. This ongoing crisis that fuel itself will somewhat solve itself as well. So this is on the external side. But we don't base our projection only on external forces. We base on projections on activities and what we are doing, on being proactive. And we believe that selling more, however, it means that we sell more consumables, selling more consumable, better gross margins. We are investing in higher efficiencies across the company. We are lowering the production cost. What we can do internally? We take control over our destiny. And we design for cost and we add software and we have NPIs. So we are working on it. We're not coming here and saying gross margin will be better. We are working on it, and it will be better.

如果我可以補充的話，我認為這正是正確的方向。但如果我可以補充的話，它是外力和內力的結合。在外部，我們確實認為目前的物流成本是不可持續的。我們相信下半年，也許明年，今年年底，我們會看到更好的結果，因為港口問題，因為海運的能力，它會自行解決。這場持續的危機本身也將在一定程度上自行解決。所以這是在外部。但我們的預測不僅僅基於外力。我們基於對活動和我們正在做的事情的預測，基於積極主動。而且我們認為，賣得越多，就意味著我們賣的消耗品越多，賣的消耗品越多，毛利率就越高。我們正在為提高整個公司的效率進行投資。我們正在降低生產成本。我們可以在內部做什麼？我們掌握了自己的命運。我們為成本設計，我們添加軟件，我們有 NPI。所以我們正在努力。我們不是來這裡說毛利率會更好。我們正在努力，它會更好。

That's really helpful. Thank you guys so much.

這真的很有幫助。非常感謝你們。

Thank you. Our next question is from Noelle Dilts with Stifel. Please go ahead.

謝謝你。我們的下一個問題來自 Noelle Dilts 和 Stifel。請繼續。

Hi guys and thanks for taking my question. First, I was hoping you could comment on if you're seeing any notable differences in demand from a geographic perspective, how you -- what you're seeing in Europe versus the US and Asia? Thanks.

大家好，感謝您提出我的問題。首先，我希望您能發表評論，如果您從地理角度看到需求方面的任何顯著差異，您如何 - 您在歐洲與美國和亞洲看到了什麼？謝謝。

So great question. We are not in general. We are not giving the details, but I can give you the high-level trends, share with you the high-level trends. So it's kind of a combination of recovery and innovation, I would say. So we see that EMEA, which was lagging compared to the US in adoption of new technologies in many verticals like aero and auto are catching up. So we see very nice results from our EMEA region. And then we see also great results from the US and then Asia. So this is more or less the ranking, but I believe it's only a matter of the pandemic and the recovery from the pandemic. So Asia, they adopted a more strict, I would say, Omicron policy. So we see it, which is not in Europe and not the case in the US, but bottom line across the geographies, we see really good demand and the growth across region is positive and looks really good.

這麼好的問題。我們不是一般的。我們不給細節，但我可以給你高級趨勢，與你分享高級趨勢。所以這是一種恢復和創新的結合，我會說。因此，我們看到在航空和汽車等許多垂直領域採用新技術方面落後於美國的歐洲、中東和非洲地區正在迎頭趕上。因此，我們在歐洲、中東和非洲地區看到了非常好的結果。然後我們也看到了美國和亞洲的偉大成果。所以這或多或少是排名，但我認為這只是大流行和從大流行中恢復的問題。所以亞洲，他們採用了更嚴格的，我想說的是，Omicron 政策。所以我們看到了它，這不是在歐洲，也不是在美國，而是在整個地區的底線，我們看到了非常好的需求，整個地區的增長是積極的，看起來非常好。

Okay. Great. Thank you. And second, I was hoping you could just expand a little bit on what your acquisition pipeline looks like as you look out over the next year or two. Any maybe details on -- are you seeing more smaller deals or larger deals? And what's your appetite for M&A if you look at 2022?

好的。偉大的。謝謝你。其次，我希望你可以稍微擴展一下你的收購渠道，因為你展望未來一兩年。任何可能的細節 - 你看到更多的小交易還是大交易？展望 2022 年，您對併購的興趣如何？

We have a very structured framework for business development activities. Starting from acquisition -- but the bottom line, if I start with the bottom line this time is about accelerating our strategy, the implementation of our strategy. We don't do anything which is not within the strategy. But within the strategy, there are so many opportunities. We started with acquisitions of base technologies, and now we are moving, I would say, to the next phase, which is about really strengthening those technologies, but investing a lot in workflow and materials. So we are moving down the road. We have the best technology. Now we need to make sure that they have the full solution, which is the best and this is material. This is a workflow software and also a lot of collaboration. So it's a combination of investment and collaboration. Bottom line, we increased dramatically the size of our investment team and we believe that the combination of external and internal innovation will put us completely in a different way and will secure our technological leadership.

我們有一個非常結構化的業務發展活動框架。從收購開始——但底線，如果我這次從底線開始，是關於加速我們的戰略，實施我們的戰略。我們不做任何不在戰略範圍內的事情。但在戰略中，有很多機會。我們從收購基礎技術開始，現在我們正在進入下一階段，即真正加強這些技術，但在工作流程和材料方面投入了大量資金。所以我們正在沿著這條路前進。我們擁有最好的技術。現在我們需要確保他們有完整的解決方案，這是最好的，這是材料。這是一個工作流軟件，也是很多協作。所以這是投資和合作的結合。最重要的是，我們大幅增加了投資團隊的規模，我們相信外部和內部創新的結合將使我們完全以不同的方式，並確保我們的技術領先地位。

Thanks so much.

非常感謝。

Thank you. Our next question is from Brian Drab with William Blair. Please go ahead.

謝謝你。我們的下一個問題來自 Brian Drab 和 William Blair。請繼續。

Hi, good morning. This is Blake Keating on for Brian.

早上好。這是布萊恩的布萊克基廷。

Good morning, Blake.

早上好，布萊克。

Brian ended up being double booked, but wanted to get clarity on a couple of items. What is different about 2022 in terms of your revenue visibility compared with 2019, because in 2019, you initially guided between 670 and $700 million in revenue and reported $636 million in the end. So what's driving the confidence this year?

布賴恩最終被雙重預訂，但想弄清一些項目。與 2019 年相比，2022 年的收入可見性有什麼不同，因為在 2019 年，您最初指導的收入在 670 到 7 億美元之間，最終報告為 6.36 億美元。那麼是什麼推動了今年的信心？

Hi Blake, good question. We feel very confident about our ability to meet the 2022 numbers. We started with a strong backlog of the year and with the new products and also the existing technologies, we feel confident in being able to meet the guidance.

嗨，布萊克，好問題。我們對實現 2022 年數字的能力充滿信心。我們從今年的大量積壓開始，隨著新產品和現有技術的發展，我們對能夠滿足指導意見充滿信心。

Got it. Thank you. And then how should we reconcile below the EBIT guidance. It implies about $14 million to $15 million in EBIT with the adjusted EPS guidance. Is it tax rate or how should we think about it?

知道了。謝謝你。然後我們應該如何在 EBIT 指導下進行協調。根據調整後的每股收益指引，這意味著息稅前利潤約為 1400 萬至 1500 萬美元。是稅率還是我們應該如何考慮？

Sorry, Blake, could you say that again? We didn't hear the last part of your question.

抱歉，布萊克，你能再說一遍嗎？我們沒有聽到你問題的最後一部分。

Yeah. How should we reconcile the difference -- the EBIT guidance of about $14 million to $15 million to the net income guidance, the adjusted EPS guidance. Is it tax rate or what's the -- how should we get down to it?

是的。我們應該如何調和差異——約 1400 萬美元至 1500 萬美元的息稅前利潤指引與調整後的每股收益指引之間的淨收入指引。是稅率還是什麼——我們應該如何著手？

So Blake, it's a good question. There is no between the EBIT and the net income. There are no significant items or one-timers as far as it's concerned. So when you look on our tax and financial income in the past, you can use similar levels to model 2022.

所以布萊克，這是一個很好的問題。息稅前利潤和淨收入之間沒有關係。就它而言，沒有重要的項目或一次性計時器。因此，當您查看我們過去的稅收和財務收入時，您可以使用類似的水平來模擬 2022 年。

Got it. Thank you. I will pass it along.

知道了。謝謝你。我會傳下去的。

Our next question is from Greg Palm with Craig-Hallum Capital Group. Please go ahead.

我們的下一個問題來自 Craig-Hallum Capital Group 的 Greg Palm。請繼續。

Yeah. Thanks. Just for one quick follow-up or hopefully quick. But I want to take a stab at long-term operating margin guidance. So commentary suggests double-digit operating margins, which would be a pretty big step up relative to sort of anything you've done in the last five, six, seven years. So I guess, are you targeting a certain year or a certain level of revenue to maybe achieve this? Help us understand your thought process behind it, if you can.

是的。謝謝。只是為了快速跟進或希望很快。但我想嘗試一下長期的營業利潤率指導。所以評論表明兩位數的營業利潤率，相對於你在過去五、六、七年所做的任何事情來說，這將是一個相當大的進步。所以我想，你是針對某一年或某一水平的收入來實現這一目標的嗎？如果可以的話，請幫助我們了解您背後的思考過程。

Thank you Greg for the question. When we think about the longer term, the next few years, as mentioned earlier, first we expect the gross margins to go back to the level of 50% and then which will contribute the bottom line. And then when we think about OpEx, so we believe that in the next few years, as revenue grow, we will be able to leverage our scale and we already have the right infrastructure to be able to increase revenue significantly and then increase OpEx much less than the increase in revenue.

謝謝格雷格的問題。從長遠來看，未來幾年，如前所述，首先我們預計毛利率將回到 50% 的水平，然後這將有助於盈利。然後當我們考慮運營支出時，我們相信在未來幾年，隨著收入的增長，我們將能夠利用我們的規模，我們已經擁有合適的基礎設施，能夠顯著增加收入，然後大幅減少運營支出高於收入的增加。

Yeah. And if I may add, this is the entire strategy here. We have the infrastructure to do many, many more things and to sell many, many more products with the same infrastructure. We need the patience, but not too long. I'm not talking here about a long horizon of dozens of years. We have the infrastructure. We need to leverage the infrastructure. That's exactly what we are doing. So this is on the financial side. But the most important thing in profitability is to deliver value to our customers. And we believe that no one can deliver this level of value and we base it on very, very simple things. One, we have laser-sharp strategy on polymer manufacturing and we already showed it as we move from 25% to 29% of our total sales only in one year. We have well-defined growth engines that are working the technologies, the software platform, the material platform and use cases that we are developing, we have execution that it's a new level of execution within Stratasys. This year 30 products, 2021, 30 products. This is a completely new level of execution and most importantly, customers, our customers, are loyal and trust us and work together with us in collaboration to make this happen and to create this value. Then when you translate it, we will have double-digit operating income like Eitan described. Very optimistic on this.

是的。如果我可以補充，這就是這裡的全部策略。我們有基礎設施來做很多很多事情，並使用相同的基礎設施銷售很多很多產品。我們需要耐心，但不要太久。我在這裡不是在談論數十年的漫長視野。我們有基礎設施。我們需要利用基礎設施。這正是我們正在做的事情。所以這是在財務方面。但盈利能力最重要的是為我們的客戶創造價值。我們相信沒有人可以提供這種價值水平，我們將其建立在非常非常簡單的事情上。第一，我們在聚合物製造方面擁有敏銳的戰略，並且我們已經展示了這一點，因為我們僅在一年內就從占總銷售額的 25% 上升到了 29%。我們有定義明確的增長引擎，它們正在使用我們正在開發的技術、軟件平台、材料平台和用例，我們有執行力，這是 Stratasys 內部執行的一個新水平。今年30個產品，2021年30個產品。這是一個全新的執行水平，最重要的是，客戶，我們的客戶，忠誠並信任我們，並與我們通力合作，共同實現這一目標並創造這一價值。然後當你翻譯它時，我們將像 Eitan 描述的那樣有兩位數的營業收入。對此非常樂觀。

I mean you're going to see some operating leverage this year, but I don't want to put words in your mouth, but it sounds like it only should sort of get better in the out years. I mean, is that kind of the right way to think about it? I mean that's what the math implies to get to double digit.

我的意思是你今年會看到一些運營槓桿，但我不想把話放在你的嘴裡，但聽起來它只會在接下來的幾年裡變得更好。我的意思是，這樣的思考方式是否正確？我的意思是這就是數學要達到兩位數的含義。

It's a journey of two to three years that you will see notably strong year results on the operating income, but we are here to build the strongest 3D printing company in the industry with sustainable profitable growth. And that's exactly what we are doing. We are balancing between profitability and sustainable growth and the result is double-digit operating income.

這是一個兩到三年的旅程，您會看到營業收入顯著強勁的年度業績，但我們在這裡建立業內最強大的 3D 打印公司，實現可持續的盈利增長。這正是我們正在做的事情。我們在盈利能力和可持續增長之間取得平衡，結果是兩位數的營業收入。

Okay. Fair enough. Appreciate the color. Thanks.

好的。很公平。欣賞顏色。謝謝。

Thank you. We have reached the end of the question-and-answer session. And I would like to turn the call back to Mr. Yoav Zeif for closing remarks.

謝謝你。我們已經到了問答環節的尾聲。我想把電話轉回給 Yoav Zeif 先生做閉幕詞。

Thank you for joining us. Stay safe and healthy. Looking forward to updating you again next quarter.

感謝您加入我們。保持安全和健康。期待下個季度再次更新您。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。