Stratasys Ltd (SSYS) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Stratasys Q4 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Stratasys 2024 年第四季財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Yonah Lloyd, CCO and VP of Investor Relations. Yonah, please go ahead.

現在我很高興將電話轉給首席商務長兼投資人關係副總裁 Yonah Lloyd。約拿，請繼續。

Good morning, everyone, and thank you for joining us to discuss our 2024 fourth-quarter and full-year financial results. On the call with us today are our CEO, Dr. Yoav Zeif; and our CFO, Eitan Zamir.

大家早安，感謝您加入我們討論 2024 年第四季和全年財務表現。今天與我們通話的是我們的執行長 Yoav Zeif 博士；以及我們的財務長 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 be available and can be accessed through the Investor Relations section of our website.

我想提醒您，您可以透過我們新聞稿中提供的網址在線觀看今天的電話會議，包括幻燈片演示。此外，您還可以透過我們網站的「投資者關係」部分重播今天的電話會議，包括幻燈片簡報的訪問。

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.

請注意，您在我們今天的討論中聽到的一些資訊將包括前瞻性陳述，包括但不限於我們對未來收入、毛利率、營運費用、稅收和其他未來財務業績的預期，以及我們對業務前景的預期。所有涉及未來表現、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有重大差異。

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 reports on Form 20-F for the 2023 year and for the 2024 year, which will be filed with the SEC within the coming few days. Please also refer to our operating and financial review and prospects for 2023 and 2024, which are included as Item 5 of our annual reports on Form 20-F for 2023 and 2024. Please also see the press release that announces our earnings for the fourth quarter of 2024, which is attached as Exhibit 99.1 to a report on Form 6-K that we are furnishing to the SEC today. Stratasys assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

對於可能導致實際結果與前瞻性陳述中所述的結果存在重大差異的風險，請參閱 Stratasys 2023 年和 2024 年 20-F 表年度報告中討論或提及的風險因素，這些報告將在未來幾天內提交給美國證券交易委員會 (SEC)。另請參閱我們 2023 年和 2024 年的營運和財務回顧及前景，這些內容包含在我們 2023 年和 2024 年 20-F 表年度報告的第 5 項中。另請參閱宣布我們 2024 年第四季度收益的新聞稿，該新聞稿作為附件 99.1 附在我們今天向美國證券交易委員會提交的 6-K 表格報告中。Stratasys 不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

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.

與前幾季一樣，今天的電話會議將包括 GAAP 和非 GAAP 財務指標。非公認會計準則財務指標應與我們的公認會計準則指標結合閱讀，以評估我們的績效。我們的幻燈片簡報和今天的新聞稿中的表格中提供了非 GAAP 與 GAAP 的對帳情況。

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

現在我將電話轉給我們的執行長 Yoav Zeif 博士。約阿夫？

Thank you, Yonah. Good morning, everyone, and thank you for joining us.

謝謝你，Yonah。大家早安，感謝大家的收看。

In 2024 and early 2025, we took several key steps to enhance our leadership and strengthen our position at the forefront of additive manufacturing. Despite the industry-wide challenges due to macro headwinds, our recent commitment to rightsize the company and deliver profit and cash flow was executed successfully, further demonstrating the resilience of our operating model and effectiveness of our team.

2024 年和 2025 年初，我們採取了若干關鍵措施來增強我們的領導地位並鞏固我們在增材製造領域的領先地位。儘管宏觀不利因素給整個行業帶來了挑戰，但我們近期做出的調整公司規模、實現利潤和現金流的承諾仍然成功實現，進一步證明了我們營運模式的韌性和團隊的效率。

We also shared with you our strategy to be laser-focused on the most compelling applications, particularly ones that center around full-scale production. As we share each year, in 2024, we generated 36% of our revenues from manufacturing, up from 34% in 2023 and up from just over 25% when we started tracking in 2020. We expect to see this percentage grow every year to a point where the majority of our business will be derived from end-part manufacturing.

我們也與您分享了我們的策略，即專注於最引人注目的應用，特別是以全面生產為中心的應用。正如我們每年所分享的那樣，到 2024 年，我們的收入中有 36% 來自製造業，高於 2023 年的 34%，也高於 2020 年開始追蹤時的 25% 多一點。我們預計這一比例每年都會成長，直到我們的大部分業務都來自最終零件製造。

The strength of our offering is our ability to deliver measurable value through best-in-class solutions that enable our customers to scale their additive manufacturing operations effectively. These solutions are the growth engines that will drive our revenue and profits over time, and our customer trust is reflected in the continued strong levels of engagement despite prolonged capital spending constraints.

我們產品的優勢在於我們能夠透過一流的解決方案提供可衡量的價值，使我們的客戶能夠有效地擴展其積層製造業務。這些解決方案是推動我們收入和利潤成長的引擎，儘管長期資本支出受到限制，但我們對客戶的信任仍然體現在持續強勁的參與度上。

This challenging environment resulted in revenues being off 6.9% for the year after backing our divestment, yet our adjusted gross margin for the year expanded by 100 basis points to 49.2%, reflecting our continued focus on cost controls and operating efficiencies. Importantly, in the fourth quarter, we delivered $14.5 million of adjusted EBITDA, a 9.6% margin, and $0.12 adjusted EPS. We remain confident that when capital spending constraint is eased, our operational efficiencies will result in sustainably higher profitability in the coming years.

這種充滿挑戰的環境導致我們在支持撤資後，全年收入下降了 6.9%，但我們全年調整後的毛利率擴大了 100 個基點，達到 49.2%，這反映了我們對成本控制和營運效率的持續關注。重要的是，在第四季度，我們實現了 1,450 萬美元的調整後 EBITDA、9.6% 的利潤率和 0.12 美元的調整後 EPS。我們仍然相信，當資本支出限制得到緩解時，我們的營運效率將在未來幾年帶來持續更高的獲利能力。

We continue to maintain a healthy balance sheet of $150.7 million in cash and equivalent and no debt. This provides stability and optionality that will support our growth through both organic investment and accretive acquisition opportunities. This financial strength will be bolstered by the upcoming $120 million investment in Stratasys by Fortissimo Capital, which is targeted to close in second quarter. At that time, we look forward to welcoming Fortissimo's founder and managing partner, Yuval Cohen, to join our Board, who brings more than 30 years of successful, innovation-driven investing experience.

我們繼續保持健康的資產負債表，現金及等價物為 1.507 億美元，沒有債務。這提供了穩定性和可選性，將透過有機投資和增值收購機會來支持我們的成長。Fortissimo Capital 即將向 Stratasys 投資 1.2 億美元，這將進一步增強 Stratasys 的財務實力，預計該投資將於第二季完成。屆時，我們期待歡迎 Fortissimo 的創辦人兼執行合夥人 Yuval Cohen 加入我們的董事會，他擁有 30 多年成功的創新驅動投資經驗。

Now, let me touch on some of our fourth-quarter and more recent updates. To use the position modeling, the technology invented by Stratasys and commercialized under the Stratasys FDM trademark is the world's most popular 3D printing technology, and we continue to innovate and enhance its capabilities for production at scale.

現在，讓我談談我們第四季和最近的一些更新情況。使用位置建模，Stratasys 發明並以 Stratasys FDM 商標商業化的技術是世界上最受歡迎的 3D 列印技術，我們不斷創新並增強其規模生產能力。

As an example, in the fourth quarter, we launched the Fortus FDC filament dryer, a cabinet system that uses Stratasys' patented FDM technology to maintain drying conditions for storage of consumable filament materials, increasing printer uptime by up to 2.7 times while eliminating moisture-related printing defects. This system, designed for continuous operation, represents a breakthrough in manufacturing efficiency for our large-scale production customers and is a key addition to our end-to-end solution that our customers have asked us to deliver.

例如，在第四季度，我們推出了 Fortus FDC 長絲乾燥機，這是一種櫃式系統，採用 Stratasys 的專利 FDM 技術來維持儲存消耗性長絲材料的乾燥條件，將印表機的正常運行時間提高了 2.7 倍，同時消除了與濕氣相關的列印缺陷。該系統專為連續運作而設計，代表著我們大規模生產客戶製造效率的突破，也是客戶要求我們提供的端到端解決方案的重要補充。

We continue to expand FDM's capabilities to address our target applications. We launched polycarbonate ESD, a specialized material that addresses critical needs in electronic manufacturing, particularly for tools and fixtures requiring electrostatic discharge protection, and we have enhanced our Ultem 9085 material with expanded layer height capabilities and new color options. These materials are significant enablers for our defense partners that manufacture spare parts, and we have already seen an uptick in materials sales to the US Air Force as a result.

我們不斷擴展 FDM 的功能以滿足我們的目標應用。我們推出了聚碳酸酯 ESD，這是一種專用材料，可滿足電子製造中的關鍵需求，特別是對於需要靜電放電保護的工具和固定裝置，並且我們還透過擴展層高能力和新的顏色選項增強了我們的 Ultem 9085 材料。這些材料對於我們製造備件的國防合作夥伴來說是重要的推動力，因此我們已經看到對美國空軍的材料銷售量上升。

Additionally, for Origin P3 DLP platform, we have added more than 30 new materials, including validating a new material by Forward AM specifically designed for injection molding tooling. This exemplifies our commitment to production-grade manufacturing solution, positioning P3 to deliver injection molding quality across various applications from automotive components to precision flow adapters.

此外，對於 Origin P3 DLP 平台，我們添加了 30 多種新材料，包括由 Forward AM 驗證的專為射出模具設計的新材料。這體現了我們對生產級製造解決方案的承諾，使 P3 能夠在從汽車零件到精密流量適配器等各種應用中提供注塑品質。

We also announced several partnership and customer success updates. I'm particularly excited to highlight a key customer win with ArcelorMittal, one of the world's largest steel manufacturers. Their adoption of FDM with GrabCAD software at their European Research Center demonstrate the versatility and effectiveness of our solutions in traditional manufacturing environments, where they have achieved significant reductions in lead time and enhanced design capabilities for tooling previously unattainable through conventional machining methods.

我們也宣布了幾項合作夥伴關係和客戶成功更新。我特別高興地強調，我們贏得了全球最大鋼鐵製造商之一安賽樂米塔爾 (ArcelorMittal) 這一重要客戶。他們在歐洲研究中心採用 FDM 和 GrabCAD 軟體證明了我們的解決方案在傳統製造環境中的多功能性和有效性，他們顯著縮短了交貨時間，並增強了以前透過傳統加工方法無法實現的工具設計能力。

Switching to automotive, where we continue to set trends, we were named the official 3D printing partners of NASCAR. This multi-year agreement makes Stratasys the exclusive provider of 3D printing solutions for NASCAR in the creation of parts, tools, and to aid in accelerating design. This represents further penetration into the racing sector, as more parts produced by traditional technologies will now come from our system.

轉向汽車領域，我們繼續引領潮流，並被任命為 NASCAR 的官方 3D 列印合作夥伴。這項多年協議使 Stratasys 成為 NASCAR 的獨家 3D 列印解決方案提供商，為 NASCAR 製造零件、工具並協助加速設計。這代表我們將進一步滲透到賽車領域，因為更多採用傳統技術生產的零件現在將來自我們的系統。

In aerospace, 3E EOS, a leader in electro-optic systems, announced that it significantly expanded its line of Stratasys systems, including the addition of multiple FDM 3D printers, bringing its fleet to 15. Its wide array of capabilities includes our F3300, Neo800, F900, F770, Origin One models, and SAF technologies. 3E is establishing a dedicated additive manufacturing center to support prototyping, tooling, and production. And its expanded use of additives will allow the company to produce critical components much more quickly, and at a saving of roughly 40% versus traditional manufacturing methods.

在航空航太領域，光電系統領導者 3E EOS 宣布大幅擴展其 Stratasys 系統產品線，包括增加多台 FDM 3D 列印機，使其產品線增加到 15 台。其廣泛的功能包括我們的 F3300、Neo800、F900、F770、Origin One 型號和 SAF 技術。3E 正在建立一個專門的積層製造中心來支援原型設計、工具和生產。擴大添加劑的使用將使該公司能夠更快地生產關鍵零件，與傳統製造方法相比，可節省約 40% 的成本。

And to help further drive customer success, we are announcing the promotion of Andreas Langfeld to the position of Chief Revenue Officer. Based in our Germany office, Andy has been with Stratasys for over 15 years. Since 2018, he has managed our EMEA business, transforming it into a stronger contributor under his leadership, and was recently appointed head of our APAC business as well.

為了進一步推動客戶成功，我們宣布提升 Andreas Langfeld 為首席營收長。Andy 常駐我們的德國辦事處，已在 Stratasys 工作超過 15 年。自 2018 年以來，他一直負責管理我們的 EMEA 業務，在他的領導下，該業務已成為我們更強大的貢獻者，最近他還被任命為 APAC 業務的負責人。

As CRO, Andy will enhance our global go-to-market strategy to help ensure customer satisfaction and retention and further build on the long-term partnership with our resellers ecosystem. With Andy in this role, we look forward to further strengthening our position and accelerating the widespread adoption of our solutions.

作為首席風險官，安迪將加強我們的全球行銷策略，以幫助確保客戶滿意度和保留率，並進一步加強與我們的經銷商生態系統的長期合作夥伴關係。在安迪的領導下，我們期待進一步鞏固我們的地位並加速我們解決方案的廣泛採用。

Now switching to dental. We were excited that the TrueDent resin is available for sale in Europe as a CE Mark Class 1 medical device. TrueDent is now set to deliver a scalable, efficient, and high-quality solution for denture production for dental labs and clinicians across Europe, which is expected to be nearly a $2.5 billion opportunity by 2028. Interest in the TrueDent resin is already strong, with many customers committed to onboarding early this year.

現在轉行做牙科。我們很高興 TrueDent 樹脂作為 CE 標誌 1 類醫療器材在歐洲銷售。TrueDent 現已致力於為歐洲各地的牙科實驗室和臨床醫生提供可擴展、高效且高品質的假牙生產解決方案，預計到 2028 年將帶來近 25 億美元的商機。人們對 TrueDent 樹脂的興趣已經很濃厚，許多客戶已承諾在今年年初開始使用。

And in our medical business, we recently announced the results of joint research conducted with Siemens Healthineers, which demonstrated the unprecedented accuracy of 3D-printed medical imaging phantoms to replicate human anatomy. By offering patient-specific anatomical models that accurately replicate anatomy and pathologies, hospitals and imaging centers can enhance the calibration and performance of CT scanners, ensuring more accurate diagnostics, improved patient outcomes, and lower costs.

在醫療業務方面，我們最近公佈了與西門子醫療聯合研究的結果，證明了3D列印醫學影像模型在複製人體解剖結構方面具有前所未有的精確度。透過提供能夠準確複製解剖結構和病理的患者特定解剖模型，醫院和影像中心可以增強 CT 掃描儀的校準和性能，確保更準確的診斷、改善患者的治療效果並降低成本。

Turning to software. I'm excited to share some significant developments that strengthen our product offering and demonstrate our commitment to innovation. Our new GrabCAD IoT platform is a transformative solution to help our customers improve their utilization and uptime by providing accurate real-time data, predictive maintenance, and a more efficient support plan.

轉向軟體。我很高興與大家分享一些重大進展，這些進展將加強我們的產品供應並展示我們對創新的承諾。我們全新的 GrabCAD IoT 平台是一種變革性解決方案，透過提供準確的即時數據、預測性維護和更有效率的支援計劃，幫助我們的客戶提高使用率和正常運行時間。

This represents a major step forward in digitizing customer interactions across our entire ecosystem of 3D printers, software, and services. And we are pleased to note that GrabCAD's print software suite now supports all five of our core technologies. This unified software approach streamlines operations for our customers and reinforces our position as a comprehensive end-to-end solutions provider.

這代表著我們整個 3D 列印機、軟體和服務生態系統在數位化客戶互動方面邁出了重要一步。我們很高興地註意到，GrabCAD 的列印軟體套件現在支援我們所有五種核心技術。這種統一的軟體方法簡化了客戶的操作，並鞏固了我們作為全面的端到端解決方案提供者的地位。

To sum up, time and again, some of our most exciting use cases are in the most demanding environments and under the most unforgiving conditions, from high-speed auto racing to space travel to the advancement of state-of-the-art medical techniques. We continue to deliver differentiated products and solutions to customers as we further penetrate production applications at scale. The stage is set for return to growth based on accelerated adoption of additive manufacturing as macroeconomic conditions slowly improve.

總而言之，我們最令人興奮的一些用例一次又一次地出現在最苛刻的環境和最無情的條件下，從高速賽車到太空旅行，再到最先進的醫療技術的進步。隨著我們進一步大規模滲透生產應用，我們將繼續向客戶提供差異化的產品和解決方案。隨著宏觀經濟條件的緩慢改善，基於積層製造的加速採用，恢復成長的條件已經成熟。

I will now turn the call over to Eitan to share the financial results and our initial outlook for 2025. Eitan?

現在，我將電話轉給 Eitan，讓他分享財務表現和我們對 2025 年的初步展望。埃坦？

Thank you, Yoav, and good morning, everyone.

謝謝你，Yoav，大家早安。

Our fourth-quarter results reflect solid execution against the ongoing backdrop of adverse macroeconomic factors and related pressures. Our customer engagements remain strong and, we believe, will translate into meaningful growth once headwinds abate.

在持續不利的宏觀經濟因素和相關壓力的背景下，我們的第四季業績體現出穩健的執行力。我們與客戶的合作依然強勁，我們相信，一旦逆風減弱，這將轉化為有意義的成長。

As a reminder, the cost-saving initiative we announced last year took effect primarily in the fourth quarter. As we review both the quarterly and annual results, the fourth-quarter results are more indicative of the future impact of these initiatives on an annualized basis. In general, our results demonstrate the resilience our diversified offering provides throughout the cycle, enabling us to raise our profitability and cash flow expectations for 2025.

提醒一下，我們去年宣布的成本節約措施主要在第四季生效。當我們回顧季度和年度業績時，第四季度的業績更能反映這些舉措在未來的年度影響力。總體而言，我們的業績證明了我們多元化的產品在整個週期中所提供的彈性，使我們能夠提高 2025 年的獲利能力和現金流預期。

Now, let me dive deeper into the numbers. For the fourth quarter, consolidated revenue of $150.4 million was down 3.8% as compared to the same period last year. Product revenue in the fourth quarter fell by 4.8% to $105.1 million compared to the same period last year. Within product revenue, systems revenue was off slightly, declining 1.5% to $46.7 million compared to the same period last year, as constrained capital budgets continue to impact customer buying behaviors for new systems.

現在，讓我更深入地了解這些數字。第四季綜合營收為 1.504 億美元，較去年同期下降 3.8%。第四季產品營收與去年同期相比下降4.8%至1.051億美元。在產品收入中，系統收入略有下降，與去年同期相比下降 1.5% 至 4,670 萬美元，因為受限的資本預算繼續影響客戶對新系統的購買行為。

Consumable revenue in the fourth quarter was $58.4 million, down 7.3% compared to $63 million in the same period last year. Service revenue was $45.3 million for the fourth quarter of 2024, relatively flat compared to $45.9 million in the same period last year. Within service revenue, customer support revenue was relatively flat compared to the same period last year.

第四季消耗品收入為5,840萬美元，較去年同期的6,300萬美元下降7.3%。2024 年第四季服務收入為 4,530 萬美元，與去年同期的 4,590 萬美元相比基本持平。在服務收入中，客戶支援收入與去年同期相比相對持平。

For the full year 2024, consolidated revenue declined 8.8% to $572.5 million compared to $627.6 million in 2023. After backing out the Stratasys Direct Service Bureau divestments, the revenue decline was 6.9%. Product revenue in 2024 was $392 million compared to $433.7 million in 2023. Within product revenue, system revenue in 2024 was $140.3 million compared to $187.7 million in 2023.

2024 年全年綜合收入為 5.725 億美元，較 2023 年的 6.276 億美元下降 8.8%。在撤回 Stratasys Direct Service Bureau 的資產剝離後，收入下降了 6.9%。2024 年產品收入為 3.92 億美元，而 2023 年為 4.337 億美元。在產品收入方面，2024 年的系統收入為 1.403 億美元，而 2023 年為 1.877 億美元。

Consumables revenue was up 2.3% to $251.7 million in 2024 compared to $246 million in 2023. We expect consumables revenue in 2025 to increase over 2024. For the full year of 2024, service revenue was $180.5 million compared to $193.9 million in 2023. After backing out the Stratasys Direct Service Bureau divestments, 2024 service revenue was flat year over year. Within service revenue, customer support revenue in 2024 was flat compared to 2023.

2024 年消耗品收入將比 2023 年的 2.46 億美元成長 2.3% 至 2.517 億美元。我們預計 2025 年消耗品收入將比 2024 年增加。2024 年全年服務收入為 1.805 億美元，而 2023 年為 1.939 億美元。在撤回 Stratasys 直接服務局的資產剝離後，2024 年的服務收入與去年同期持平。在服務收入中，2024 年的客戶支援收入與 2023 年持平。

Now turning to gross margins. GAAP gross margin was 46.3% for the quarter compared to 44.7% for the same period last year. Non-GAAP gross margin was 49.6% for the quarter compared to 48.8% for the same period last year. The year-over-year improvement in gross margin was the result of operational efficiency and cost-saving efforts.

現在談談毛利率。本季 GAAP 毛利率為 46.3%，去年同期為 44.7%。本季非公認會計準則毛利率為 49.6%，去年同期為 48.8%。毛利率的年增率是營運效率和成本節約努力的結果。

GAAP gross margin was 44.9% for the full year 2024 compared to 42.5% for the same period last year. Non-GAAP gross margin improved 100 basis points to 49.2% for the full year as compared to 48.2% in 2023. The full-year improvement in non-GAAP gross margin was a result of operational efficiency and cost-saving efforts.

2024 年全年 GAAP 毛利率為 44.9%，去年同期為 42.5%。全年非公認會計準則毛利率較 2023 年的 48.2% 提高 100 個基點至 49.2%。全年非公認會計準則毛利率的提高是營運效率和成本節約努力的結果。

GAAP operating expenses were $79.4 million for the quarter compared to $64.1 million during the same period last year as a result of non-recurring revaluation gain that reduced GAAP operating expenses in the fourth quarter of 2023. Non-GAAP operating expenses improved decreasing to $65.2 million for the quarter compared to $74.3 million during the same period last year as we benefited from our cost-saving initiative. Non-GAAP operating expenses were 43.4% of revenue for the quarter compared to 47.5% for the same period last year driven primarily by the cost-saving measures associated with the restructuring plan we announced in the second half of 2024, the financial effect of which were realized in the fourth quarter of 2024.

本季 GAAP 營運費用為 7,940 萬美元，而去年同期為 6,410 萬美元，原因是非經常性重估收益減少了 2023 年第四季的 GAAP 營運費用。由於我們採取了成本節約措施，本季非公認會計準則營運費用從去年同期的 7,430 萬美元降至 6,520 萬美元。非公認會計準則營運費用佔本季收入的 43.4%，而去年同期為 47.5%，這主要由於我們在 2024 年下半年宣布的重組計劃相關的成本節約措施，其財務效果已於 2024 年第四季度實現。

For the full year, non-GAAP operating expenses were 48.4% of revenue as compared to 46.2% in 2023 primarily due to lower revenue in 2024. In absolute dollar terms, non-GAAP operating expenses were $13.3 million lower in 2024 as compared to 2023 due in part to the cost-saving measures from our restructuring plan.

全年非公認會計準則營業費用佔收入的 48.4%，而 2023 年為 46.2%，主要是由於 2024 年收入下降。以絕對美元計算，2024 年非 GAAP 營運費用比 2023 年減少了 1,330 萬美元，部分原因是我們的重組計畫採取了節約成本的措施。

Regarding our consolidated earnings for the quarter, GAAP operating loss for the quarter was $9.7 million compared to operating income of $5.7 million for the same period last year due primarily to the non-recurring revaluation gain that reduced GAAP operating expenses in the fourth quarter of 2023. Non-GAAP operating income for the quarter was $9.4 million compared to $2 million for the same period last year. The increase reflects the lower OpEx as a percentage of revenue driven by the cost savings.

關於本季的綜合收益，本季的 GAAP 營業虧損為 970 萬美元，而去年同期的營業收入為 570 萬美元，這主要歸因於非經常性重估收益減少了 2023 年第四季的 GAAP 營業費用。本季非公認會計準則營業收入為 940 萬美元，去年同期為 200 萬美元。這一增長反映了由於成本節約而導致的營運支出佔收入的百分比降低。

GAAP net loss for the quarter was $41.9 million or $0.59 per diluted share compared to a net loss of $15 million or $0.22 per diluted share for the same period last year. During the quarter, we took a non-cash impairment charge of $30.1 million or $0.42 per share related to our investment in Ultimaker, a key cause for a larger GAAP net loss in the quarter.

本季 GAAP 淨虧損為 4,190 萬美元，即每股攤薄虧損 0.59 美元，而去年同期淨虧損為 1,500 萬美元，即每股攤薄虧損 0.22 美元。在本季度，我們提列了 3,010 萬美元或每股 0.42 美元的非現金減損費用，與我們對 Ultimaker 的投資有關，這是本季度 GAAP 淨虧損擴大的主要原因。

Non-GAAP net income for the quarter was $8.5 million or $0.12 per diluted share compared to net income of $1.6 million or $0.02 per diluted share in the same period last year. Adjusted EBITDA was $14.5 million for the quarter compared to $7.7 million in the same period last year. This equates to 9.6% EBITDA margins compared to 4.9% in the fourth quarter of 2023.

本季非公認會計準則淨收入為 850 萬美元或每股攤薄收益 0.12 美元，而去年同期淨收入為 160 萬美元或每股攤薄收益 0.02 美元。本季調整後 EBITDA 為 1,450 萬美元，而去年同期為 770 萬美元。這相當於 EBITDA 利潤率為 9.6%，而 2023 年第四季為 4.9%。

Regarding our consolidated earnings for the full year 2024, GAAP operating loss was $85.7 million compared to a loss of $87.6 million for 2023. Non-GAAP operating income for the year was $4.9 million compared to $12.6 million in 2023. This equates to 0.9% non-GAAP operating margin compared to 2% in 2023. GAAP net loss for the year was $120.3 million or $1.70 per diluted share compared to a net loss of $123.1 million or $1.79 per diluted share for last year.

關於我們 2024 年全年的綜合收益，GAAP 營業虧損為 8,570 萬美元，而 2023 年的虧損為 8,760 萬美元。全年非公認會計準則營業收入為 490 萬美元，而 2023 年為 1,260 萬美元。這相當於非 GAAP 營業利潤率為 0.9%，而 2023 年為 2%。本年度 GAAP 淨虧損為 1.203 億美元，即每股攤薄虧損 1.70 美元，去年淨虧損為 1.231 億美元，即每股攤薄虧損 1.79 美元。

Non-GAAP net income for the year was $4.2 million or $0.06 per diluted share compared to $7.7 million or $0.11 per diluted share last year. Adjusted EBITDA was $26 million in 2024 compared to $35 million in 2023, reflecting lower revenues that more than offset the improvement in margins.

本年度非公認會計準則淨收入為 420 萬美元或每股攤薄收益 0.06 美元，去年同期為 770 萬美元或每股攤薄收益 0.11 美元。2024 年調整後 EBITDA 為 2,600 萬美元，而 2023 年為 3,500 萬美元，這反映出營收下降超過了利潤率的提高。

We generated $7.4 million of cash in our operations during the fourth quarter compared to a use of $7.7 million of cash from operations in the same quarter last year. This resulted in positive free cash flow in the quarter. The improvement was due to improvement in our working capital, and we expect further improvement in 2025 as we benefit from fully realizing the cost-saving measures from our restructuring plan.

我們在第四季的營運中產生了 740 萬美元的現金，而去年同期的營運中產生的現金為 770 萬美元。這導致本季的自由現金流為正。這項改善是由於我們的營運資金的改善，我們預計 2025 年將進一步改善，因為我們將受益於重組計畫中成本節約措施的全面實現。

For the full year, we generated $7.8 million of cash from operations compared to using $61.6 million of cash in 2023. During the quarter, we repurchased 266,000 shares of stock at an average price of $7.5 per share for a cost of approximately $2 million. We had approximately $48 million remaining capacity on our share repurchase authorization at year-end. We ended the quarter with $150.7 million in cash, cash equivalents, and short-term deposits compared to $144 million at the end of the third quarter of 2024.

全年而言，我們的經營活動產生的現金為 780 萬美元，而 2023 年的經營活動所使用的現金為 6,160 萬美元。本季度，我們以平均每股 7.5 美元的價格回購了 266,000 股股票，成本約為 200 萬美元。截至年底，我們的股票回購授權剩餘容量約為 4,800 萬美元。本季末，我們的現金、現金等價物和短期存款為 1.507 億美元，而 2024 年第三季末為 1.44 億美元。

Our balance sheet and cash generation profile remain strong, supporting our interest to capitalize on value-enhancing opportunities. As Yoav mentioned, our strong balance sheet and cash positions are set to be further enhanced with a prospective $120 million investment from Fortissimo.

我們的資產負債表和現金產生狀況依然強勁，支持我們利用增值機會的興趣。正如 Yoav 所提到的，隨著 Fortissimo 未來 1.2 億美元的投資，我們強勁的資產負債表和現金狀況將進一步增強。

Now, let me turn to our outlook for 2025 based on the expectation that the global softness in capital equipment purchasing will continue. We expect 2025 revenues to be in a range of $570 million to $585 million, with revenues growing sequentially each quarter through the year, resulting in higher revenues in the second half of the year as compared to the first.

現在，讓我基於全球資本設備採購疲軟將持續的預期，談談我們對 2025 年的展望。我們預計 2025 年的營收將在 5.7 億美元至 5.85 億美元之間，全年每季的營收都會連續成長，因此下半年的營收將高於上半年。

We expect the first quarter to have the softest revenue and margin profile on a relative basis to the rest of the year. Non-GAAP gross margin for 2025 is expected to be in a range of 48.8% to 49.2%, with the second half stronger than the first half based primarily on the expected rise in revenue throughout the year. In 2025, we expect our non-GAAP operating expenses to range between $254 million to $257 million.

我們預計，與今年剩餘時間相比，第一季的營收和利潤率將是最疲軟的。預計 2025 年非 GAAP 毛利率將在 48.8% 至 49.2% 之間，下半年將強於上半年，主要原因是全年營收成長。2025 年，我們預計非 GAAP 營運費用將在 2.54 億美元至 2.57 億美元之間。

Continued improvement in profitability is an important objective, and for 2025, we expect to see growth across the profit metrics. For 2025, we expect non-GAAP operating margins to be in the range of 4% to 5% of revenue, with the second half stronger than the first half based on the anticipated rise in revenue throughout the year. We expect a GAAP net loss of $68 million to $53 million, or $0.93 to $0.72 per diluted share, and non-GAAP net income of $20 million to $26 million, or $0.28 to $0.35 per diluted share, for 2025.

持續提高獲利能力是我們的重要目標，到 2025 年，我們預計各項利潤指標都將成長。對於 2025 年，我們預計非 GAAP 營業利潤率將在收入的 4% 至 5% 之間，並且根據全年收入的預期增長，下半年的業績將強於上半年。我們預計 2025 年 GAAP 淨虧損為 6,800 萬美元至 5,300 萬美元，或每股攤薄虧損 0.93 美元至 0.72 美元，非 GAAP 淨收入為 2,000 萬美元至 2,600 萬美元，或每股攤薄虧損 0.28 美元至 0.35 美元。

Adjusted EBITDA for 2025 is expected to be in the range of 7.8% to 8.5% of revenue, or $44 million to $50 million. We expect our capital expenditures for 2025 to range between $25 million and $30 million. Finally, in 2025, we expect to deliver improved operating and free cash flow at higher levels than 2024.

預計 2025 年調整後 EBITDA 將介於營收的 7.8% 至 8.5% 之間，即 4,400 萬美元至 5,000 萬美元。我們預計 2025 年的資本支出將在 2,500 萬美元至 3,000 萬美元之間。最後，我們預計 2025 年的營運和自由現金流將比 2024 年更高。

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

說完這些，請允許我將電話轉回給 Yoav 做最後發言。約阿夫？

Thank you, Eitan.

謝謝你，Eitan。

Before we move to questions, I want to take a moment to acknowledge our global team. Their professionalism, dedication, and hard work continues to drive strong customer engagement and excitement for our solutions. I have personally met many of our key customers across industries over the last few months. The resounding message is that the increased use of additive manufacturing in their businesses is most certainly expected once spending constraints are lifted.

在我們開始提問之前，我想花一點時間來感謝我們的全球團隊。他們的專業精神、奉獻精神和辛勤工作繼續推動客戶對我們解決方案的強烈參與和興奮。在過去的幾個月裡，我親自會見了我們許多來自不同行業的重要客戶。響亮的訊息是，一旦取消支出限制，他們的業務中對積層製造的使用肯定會增加。

We also see and feel the enthusiasm and excitement at all of the largest trade shows and industry events. There is no question that when our solutions ramp and deliver their exceptional capabilities, our significant growth and corresponding operating leverage and margin expansion will follow. We have taken the difficult but necessary step to rightsize the business for today without sacrificing R&D resources for innovation and while maintaining the ability to scale quickly as capital spending eases. We believe that as the next growth phase of additive manufacturing emerges, we are well positioned to lead for today and into the future. We are excited for what 2025 and beyond holds for Stratasys.

我們也看到並感受到所有大型貿易展覽會和行業活動中的熱情和興奮。毫無疑問，當我們的解決方案提升並發揮其卓越功能時，我們的顯著增長以及相應的經營槓桿和利潤率擴張也將隨之而來。我們已經採取了艱難但必要的措施來調整當前的業務規模，既不犧牲創新的研發資源，又保持在資本支出減少時快速擴大規模的能力。我們相信，隨著積層製造的下一個成長階段的出現，我們已做好準備，引領當前和未來的發展。我們對 2025 年及以後 Stratasys 的發展充滿期待。

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

好了，讓我們開始提問吧。操作員？

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作員指示）Greg Palm，Craig-Hallum。

Yeah, thanks. Hey, everyone. Maybe just a little bit more kind of color on kind of what you're seeing out there in the marketplace, customer feedback, given everything going on. And then can you just kind of help us a little bit more with kind of the cadence of the year? It sounds like revenue building sequentially, but any more details on how that looks from a modeling standpoint would be helpful.

是的，謝謝。嘿，大家好。考慮到正在發生的一切，也許只是對您在市場上看到的情況、客戶回饋有更多的了解。那麼，您能否就今年的節奏再幫我們多一點？這聽起來像是收入正在逐步增加，但從建模角度了解其更多細節將會很有幫助。

Hi, Greg. Thank you for the question. It's Yoav. That's a super important question because we are in a time period of a downturn in our industry, and everything looks dark and gray, but this is not the case with our customers.

你好，格雷格。謝謝你的提問。是 Yoav。這是一個非常重要的問題，因為我們正處於行業低迷時期，一切看起來都很黑暗和灰暗，但我們的客戶情況並非如此。

Just three weeks ago, we had a Customer Advisory Board in Florida, the top corporate in the world, the leaders of additive manufacturing in those companies, 14 of them, and we are forgetting as an industry and as a capital market, we are forgetting the basics and the value proposition of additives because in manufacturing, there are requirements that only additives can deliver. For example, low volume, high mix, special geometries and assembly of parts, consolidation of parts, ensure the supply chain resiliency, personalization, improve sustainability. Only additives can do it, and especially in a world of uncertainty and geopolitical tension and trade wars.

就在三週前，我們在佛羅裡達州成立了一個客戶諮詢委員會，其中包括世界頂級企業，以及這些公司中 14 位增材製造領域的領導者，而作為一個行業和資本市場，我們正在忘記添加劑的基本原理和價值主張，因為在製造業中，有些要求只有添加劑才能滿足。例如，小批量、多品種、特殊幾何形狀和零件組裝、零件整合，確保供應鏈彈性、個人化，並提高永續性。只有添加劑才能做到這一點，尤其是在充滿不確定性、地緣政治緊張和貿易戰的世界中。

So we are so focusing on the high interest rate and the constraint of capital expenditure that we forget that long term, the world will manufacture. Manufacturing will be digital, and this digitization process will benefit the entire industry. So when we are talking with customers, back to your question, they are saying to us, focus on what you're doing, reliability, accuracy, OEE, the effectiveness of our equipment, the total cost of ownership, and enable our engineers to use more additives. So I'm very optimistic.

因此，我們過於關注高利率和資本支出的限制，而忘記了長期來看，世界將會進行製造業。製造業將會數位化，這個數位化過程將使整個產業受益。因此，當我們與客戶交談時，回到您的問題，他們對我們說，專注於您正在做的事情，可靠性、準確性、OEE、我們設備的有效性、總擁有成本，並使我們的工程師能夠使用更多的添加劑。所以我非常樂觀。

Yes, we feel the short-term constraints, but over time, I see us going out of there, and our customers are happy with our solution. The F3300 has great feedback. We expect to sell more in 2025. We expect to extend our reach within those same customers, by the way, to new sites. It will be gradual because we are in a downturn period, but it has nothing about the long term of this industry, or even the mid-short term.

是的，我們感受到了短期的限制，但隨著時間的推移，我看到我們走出了困境，我們的客戶對我們的解決方案感到滿意。F3300 的回饋非常好。我們預計 2025 年銷量會更高。順便說一句，我們希望將我們的覆蓋範圍擴大到這些相同的客戶群，以及新的站點。因為我們正處於低迷時期，所以這將是漸進的，但這與這個行業的長期甚至中短期無關。

Okay, that's helpful. And then, as it relates to the gross margin guide for '25 specifically, I'm wondering, what are you building in terms of negative impacts or headwinds from either logistics or tariffs? Obviously, for the year, it implies a lower gross margin relative to the run rate in the second half of '24. So I was just curious if you can give us a little bit of what your built-in assumptions are.

好的，這很有幫助。然後，由於它與 25 年的毛利率指南具體相關，我想知道，您在物流或關稅方面的負面影響或阻力方面做了哪些準備？顯然，對於今年而言，這意味著毛利率相對於 24 年下半年的運行率較低。所以我只是好奇您是否可以告訴我們一些您的內在假設。

Thanks, Greg, for the question. It's Eitan. So first of all, I'll start saying that our actual 2024 gross margin in 2024 was 49.2%, which is an improvement of 100 basis points compared to last year. And I think you followed us for quite many years. That's a very solid gross margin for Stratasys and also, in general, for the industry, which enabled us to grow and also to invest to grow the business further.

謝謝格雷格提出的問題。是 Eitan。首先，我要說的是，我們 2024 年的實際毛利率為 49.2%，比去年提高了 100 個基點。我想您已經關注我們很多年了。對於 Stratasys 以及整個行業來說，這是一個非常可觀的毛利率，這使我們能夠發展並進行投資以進一步發展業務。

Now, as far as it's concerned with 2025, I'll say a few things. First of all, we kept the gross margin in a very similar level for 2025, but then it's a mix of different things. We continue to invest, of course, in the business and in growing the business and in the production. On the other hand, there will be some savings from the restructuring plan that we introduced last year. Many significant part of that was already achieved, but there are still some savings that will come in 2025.

現在，就2025年而言，我想講幾件事。首先，我們將 2025 年的毛利率保持在非常相似的水平，但這卻是多種因素的綜合作用。當然，我們會繼續對業務、業務成長和生產進行投資。另一方面，我們去年推出的重組計劃將帶來一些節省。其中很大一部分已經實現，但仍有一些節省需要到 2025 年才能實現。

The mix of products, of course, impacts the 2025 gross margin. But overall, as you can see, very solid, continue to be in the %49 level, which is very good and very promising for the future. And within 2025, when you think about the quarter in 2025, it will improve sequentially quarter by quarter throughout 2025.

當然，產品組合會影響 2025 年的毛利率。但總體而言，如您所見，非常穩固，繼續保持在 49% 的水平，這非常好，對未來非常有希望。而在 2025 年，當你考慮 2025 年的某個季度時，它會在 2025 年全年逐季度連續改善。

Maybe a word about the tariff, Yoav?

也許可以談談關稅，Yoav？

So I think the tariff has two sides to it. One is how it impacts us, and the other one is how it impacts our customers. In terms of us, we are -- I won't say thank God, but it's been a long time of planning. The vast majority of what we are doing is in a secure zone, so we are quite immune. Most of our FDM is being produced in the US, so the tariff has no impact on it. And the rest of our production, most of it is in Israel, which has a free trade agreement. And FDM is our largest business, and the US is our largest region, so we are in good shape regarding the tariff.

所以我認為關稅有兩面性。一是它如何影響我們，二是它如何影響我們的客戶。就我們而言，我不會說感謝上帝，但這已經是一個長期的計劃了。我們所做的絕大多數工作都是在安全區域內進行的，因此我們具有相當強的免疫力。我們的 FDM 大多在美國生產，因此關稅對其沒有影響。我們其餘的生產大部分在與以色列有自由貿易協定的地區進行。FDM 是我們最大的業務，美國是我們最大的地區，因此我們在關稅方面狀況良好。

Then, I'm looking at our customers, on the other side, this is a huge opportunity for us. Because no matter what the level of the tariff, if you bring the machine to the specific country and you produce onshore near the customer, you don't pay the tariff, which we see here a global opportunity. Just a week ago, I was with a large logistic customer, fault operator, and they see the uncertainty, and they have an interest to see how they are creating capabilities in additives to handle the uncertainty, the geopolitical tension, the potential broken supply chain, and also the impact of tariffs. And this is coming from our customers.

然後，我從另一個角度看待我們的客戶，這對我們來說是一個巨大的機會。因為無論關稅水平如何，如果你將機器帶到特定國家並在客戶附近的岸上生產，你就不需要支付關稅，我們認為這是一個全球機會。就在一週前，我與一家大型物流客戶、故障運營商會面，他們看到了不確定性，並且有興趣了解如何在添加劑方面創造能力來應對不確定性、地緣政治緊張局勢、潛在的供應鏈中斷以及關稅的影響。這是來自我們的客戶的。

Yeah. It seems like it could be a big opportunity. I will leave it there. I look forward to seeing you all next month at RAPID. Thanks.

是的。這看起來似乎是一個巨大的機會。我會把它留在那裡。我期待下個月在 RAPID 見到你們。謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning, guys. This is Tyler here for Brian. Thanks for taking my questions. Just starting off, I wanted to know, I know you're mostly exposed to the US, but is there anything to note for organic revenue growth in 2025? Are there any anticipated FX headwinds or recent divestitures that we should think about? Then I'll have a follow-up.

大家早安。我是泰勒，為布萊恩服務。感謝您回答我的問題。剛開始，我想知道，我知道您的業務主要集中在美國，但 2025 年的有機收入成長有什麼值得注意的嗎？我們是否應該考慮預期的外匯逆風或最近的資產剝離？然後我會跟進。

Thanks, Tyler. So other than a relatively small impact of one of the FDM businesses, the Stratasys Direct businesses that we divested in the middle of 2024, there is nothing significant as far as it's concerned with divestments or inorganic, as you model.

謝謝，泰勒。因此，除了我們在 2024 年中期剝離的 FDM 業務之一 Stratasys Direct 業務的相對較小的影響之外，就剝離或無機而言，沒有什麼重大影響，正如您所模擬的那樣。

On the FX side, of course, we do have business in Europe. Based on how the euro behaves throughout 2020 and 2025, that could have some impact. We're also operating in countries like Israel. However, we normally, and I think we've discussed this in the past, we hedge a significant part of our exposure on the most significant currencies that are not US dollars. So the impact is relatively small.

在外匯方面，當然，我們在歐洲有業務。根據歐元在 2020 年和 2025 年的表現，這可能會產生一些影響。我們也在以色列等國家開展業務。然而，我們通常情況下，而且我想我們過去已經討論過這個問題，我們對沖非美元的最重要貨幣的很大一部分風險敞口。所以影響相對較小。

Okay. Thank you. In your slide, you said the denture market opportunity by 2028 is $2.5 billion. That's on a global basis, correct? And could you provide your estimate of the total TAM today, and how will you capture more share in this market, and what differentiates you from the other additive competitors? Thank you.

好的。謝謝。在您的幻燈片中，您說到 2028 年假牙市場規模將達到 25 億美元。這是從全球角度來看的，對嗎？您能否提供目前總 TAM 的估計值，以及您將如何在這個市場中佔據更多份額，以及您與其他添加劑競爭對手有何不同？謝謝。

Thank you, Tyler, for the question. So we are very proud in our denture solution. Practically, we're the one innovating a new solution for denture, which is monoblock dentures with very high aesthetic, low price, and the ability completely to transform the business model of denture, which today, dentists don't like denture, to be honest, because it's between six to eight meetings, more days, and you need to come back. And in the time that the patients feel that it's really fitting, the dentist already lost a lot of money.

謝謝泰勒提出的問題。因此，我們對我們的假牙解決方案感到非常自豪。實際上，我們是假牙解決方案的創新者，即整體假牙，美觀度極高，價格低廉，能夠徹底改變假牙的商業模式，說實話，今天的牙醫不喜歡假牙，因為它需要六到八次會議，更多天，然後你還需要回來。而當病人覺得真的很適合的時候，牙醫已經損失了很多錢。

And we are coming with a new solution with a very large damage, like $2.5 billion in Europe, and another $5 billion to $6 billion in the Americas. And we are the leader here in terms of being ahead of the industry in terms of the technology. We believe that it will still be gradual over next year, but we have also large plans on how to penetrate the market.

我們提出的新解決方案將帶來巨大的損失，例如歐洲損失 25 億美元，美洲損失 50 億至 60 億美元。我們在技術方面處於行業領先地位。我們相信明年這一進程仍將是漸進的，但我們對如何打入市場也有很大計劃。

We already signed several large dentures with several large denture companies, and the adoption of dentures is so core to our 3D printing industry. We believe that we will be able, together with some organic and inorganic moves, to create a position ahead of competition and ahead of the entire dental industry, because practically we are disrupting it. And it's an industry that knows how to adopt additive. And now we are coming with a very simple, high-end solution, we are very optimistic.

我們已經與幾家大型假牙公司簽署了幾份大型假牙合同，假牙的採用對於我們的 3D 列印行業來說至關重要。我們相信，透過一些有機和無機的舉措，我們將能夠領先於競爭對手，領先於整個牙科行業，因為實際上我們正在顛覆它。這是一個懂得如何採用添加劑的行業。現在我們提出了一個非常簡單、高階的解決方案，我們非常樂觀。

Okay, appreciate it. I'll pass it along.

好的，謝謝。我會傳達的。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Hey, gentlemen. Congrats on the fourth-quarter results. So I guess maybe, Eitan, for you, consumables are down 7% year over year, but they've also been down consecutively -- three consecutive quarters here on a sequential basis. And I'd guess the install base has been growing as you're shipping more systems into the customer. So can you just touch about consumables and why they've declined three consecutive quarters?

嘿，先生們。恭喜第四季業績。因此，Eitan，我想也許對你來說，消耗品比去年同期下降了 7%，但也是連續三個季度連續下降。而且我猜想，隨著您向客戶運送更多的系統，安裝基礎也會不斷成長。那麼，您能否簡單談談消耗品以及為何它們連續三個季度下滑？

Sure. Thanks, Troy. So maybe I'll start saying that I think that in the last year, throughout the discussions with the analysts on the earnings call, we always discussed a range of consumables as a quarterly average kind of run rate. Q4 was lower than that average run rate, but it was -- I consider Q4 as an outlier. It does not reflect -- it does not represent what we see for the future, for the quarter of 2025.

當然。謝謝，特洛伊。因此，也許我會開始說，我認為在去年，在收益電話會議上與分析師的討論中，我們總是討論一系列消耗品作為季度平均運行率。Q4 低於平均運行率，但我認為 Q4 是一個異常值。它沒有反映——它沒有代表我們對未來、對 2025 年第一季的展望。

Actually, in 2025, we're already more than two months into the quarter. We actually see that we're back on track to levels that are similar to last year and will be higher than the Q4 numbers that we announced today. And when I think about the full year of 2025, we expect -- and that, I think, also addresses your question -- we expect 2025 full year to be higher than the 2024 full year, and that's after 2024 was already higher by $5.6 million from the full year of 2023. So we do see utilization increasing, and we do expect 2025 to have overall higher consumables compared to 2024.

實際上，到 2025 年，我們已經進入該季度兩個多月了。我們實際上看到我們已經回到與去年相似的水平，並且將高於我們今天宣布的第四季度數據。當我考慮 2025 年全年時，我們預計——我認為這也回答了您的問題——我們預計 2025 年全年收入將高於 2024 年全年收入，而 2024 年已經比 2023 年全年高出 560 萬美元。因此，我們確實看到利用率增加，我們預計 2025 年的整體消耗品數量將比 2024 年更高。

Great. Perfect. And also to you, Eitan, I just want to talk about long-term investments. It's down $40 million sequentially. What's in that? Is this all just equity investments? Is there any financial instruments? Is the $32 million loss that you talked about, is that the reason for the $40 million decline?

偉大的。完美的。還有你，Eitan，我只想談長期投資。環比下降 4,000 萬美元。那裡面有什麼？這一切僅僅是股權投資嗎？有沒有什麼金融工具？您說的 3200 萬美元的損失就是 4000 萬美元下降的原因嗎？

Thanks, Troy. So this one item is largely related to our equity investment in Ultimaker. As you remember, we divested that business 2.5 years ago, and that was part of our strategic decision to not to play on the low end and to focus on manufacturing and mass production. So that's a business that we do not control. But of course, from an accounting perspective, we have to take our share in that situation, and that's what we did. But it's nothing more than that.

謝謝，特洛伊。因此，這項項目很大程度上與我們對 Ultimaker 的股權投資有關。大家還記得，我們​​在兩年半前就剝離了這項業務，這是我們策略決策的一部分，即不再涉足低端市場，而是專注於製造和大規模生產。所以這是我們無法控制的業務。但當然，從會計角度來看，在這種情況下我們必須承擔自己的份額，而我們也確實這麼做了。但僅此而已。

Okay. But the $80 million, is that all just equity in Ultimaker, or is there other things?

好的。但這 8 千萬美元只是 Ultimaker 的股權嗎，還是有其他東西？

Where do you see $80 million?

您認為 8000 萬美元在哪裡？

In the balance sheet, your long-term investment category.

在資產負債表中，這是您的長期投資類別。

So we invest in quite many minority investments, but each one of them is a very small portion, similar to what you see others are doing. These are opportunities that we are involved with, and when it becomes more interesting and relevant, we decide whether we want to increase our position or not.

因此，我們進行了相當多的少數股權投資，但每項投資都只佔很小的比例，與你看到的其他人所做的類似。這些都是我們參與的機會，當它變得更加有趣和相關時，我們決定是否要提高我們的排名。

Got you. So it's all equity, not financials. And then for Yoav, can you talk about acquisition targets? Obviously, you're raising more capital, and you guys are profitable and have a decent balance sheet. So hardware, software, materials, what interests you most?

明白了。所以這都是股權，不是金融。那麼對於 Yoav，您能談談收購目標嗎？顯然，你們正在籌集更多資金，而且你們盈利並且擁有不錯的資產負債表。那麼硬體、軟體、材料，您最感興趣的是什麼？

Whatever will announce shareholder value more. And we have a strategy, a very clear strategy. We are very proud of the vote of confidence from Fortissimo. They are really well-established and successful investors in technology and innovation. And remember, they decided to invest in Stratasys with a significant premium and a lock-up, which is a sign that there are opportunities out there, and the best operator to capture those opportunities is Stratasys.

無論什麼，都更能體現股東價值。我們有一個戰略，一個非常明確的戰略。我們對 Fortissimo 的信任感到非常自豪。他們是真正成熟且成功的技術和創新投資者。請記住，他們決定以高額溢價和鎖定期投資 Stratasys，這表明存在機會，而抓住這些機會的最佳營運商就是 Stratasys。

By the way, we also demonstrated it because we committed at the end of Q3 last year, after a tough start of H1, we committed to savings, we were committing, we committed to profitability and cash flow, and we delivered on all of them: 49.6% margin, 9.6% EBITDA, $7.4 million of cash flow. It doesn't exist in our industry. We are the top performer and operator in this industry. And then you combine it with an investor that sees the opportunities in the market and says, where I should put my money in order to capture those opportunities.

順便說一句，我們也證明了這一點，因為我們在去年第三季度末做出了承諾，在經歷了艱難的上半年開局之後，我們致力於節約，我們致力於盈利和現金流，並且我們實現了所有目標：49.6% 的利潤率、9.6% 的 EBITDA、740 萬美元的現金流。在我們的行業中，這種情況並不存在。我們是這個行業的頂尖表演者和經營者。然後你將其與看到市場機會的投資者結合起來，並說我應該把錢投在哪裡才能抓住這些機會。

And you want to put your money where there are execution capabilities and in a company that is consistent. Because you look at our guidance, we are growing slowly, but we have a strong business model. We secure the 40 million of savings that we committed to. And next year in our guidance, measure by measure, we are better year over year. And now we just need to wait to the manufacturing sector to come back to normal. And you will see growth, you will see growth in revenue, you will see profitability.

您希望將資金投入具有執行能力且始終如一的公司。因為您看我們的指導，我們成長緩慢，但我們擁有強大的商業模式。我們確保實現了承諾的 4000 萬美元的儲蓄。按照我們的預期，明年我們會逐年進步。現在我們只需要等待製造業恢復正常。你會看到成長，你會看到收入的成長，你會看到獲利能力的成長。

And there are plenty of opportunities out there. And we learned a lot about this industry over the last few years. Really, you know it. We have had the opportunity to widespread due diligence across the industry. So we have good understanding what's going on out there, who are the right targets, and which one of them will better support our long-term strategy and create a lot of value to our shareholders in the short term and in the long term.

而且還有很多機會。在過去的幾年裡，我們對這個行業有了更多的了解。真的，你知道的。我們有機會對整個行業進行廣泛的盡職調查。因此，我們非常了解外面正在發生的事情，誰是正確的目標，以及哪一個目標將更好地支持我們的長期策略，並在短期和長期為我們的股東創造大量價值。

And also, market prices of the assets are more favorable these days. So when you combine the operational capabilities, the profitable model that we have with the recurrent revenue, the strong balance sheet now with Fortissimo, with focused strategy on manufacturing and use case, and the overall proven abilities of 3D printing, Stratasys is the right solution and we know and we have a plan what to do with the money.

而且，目前資產的市價也更加優惠。因此，當你將營運能力、我們擁有的獲利模式與經常性收入、Fortissimo 現有的強勁資產負債表、專注於製造和用例的策略以及 3D 列印的整體成熟能力結合起來時，Stratasys 就是正確的解決方案，我們知道並且我們有計劃如何使用這筆資金。

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

Thanks. Most of my questions have been answered, but I just want to follow up on the way you're viewing 2025. It sounds like you're assuming, obviously, continued challenging market conditions. Does that offset benefits from new products? And maybe if you could talk a little bit about the market verticals that you have perhaps more confidence in. It sounds like dental being one of them, but I don't want to put words in your mouth, and which markets you might be more cautious on or geographies.

謝謝。我的大部分問題都已得到解答，但我只是想了解您對 2025 年的看法。聽起來你顯然假設市場環境將持續充滿挑戰。這是否會抵銷新產品帶來的好處？也許您可以稍微談談您可能更有信心的垂直市場。聽起來牙科就是其中之一，但我不想把話塞到你嘴裡，也不想讓你對哪些市場或地區更加謹慎。

Thank you, Jim. Yes, we are cautious. And what we see is a soft market. This is the reality, but it's only a cycle. There are ups and downs in this cycle. We are now in a down period. But as I said, the fundamental of the value proposition of 3D printing is there and the customers know it. This is the most important thing.

謝謝你，吉姆。是的，我們很謹慎。我們看到的是市場疲軟。這是現實，但這只是一個循環。這個週期有起有落。我們現在正處於低迷時期。但正如我所說，3D 列印的價值主張的基礎是存在的，客戶也知道這一點。這是最重要的事。

Then getting to 2025, we have quite good pipeline visibility and we have confidence in our guidance, but it takes into consideration the softness of the market. So we have pipeline visibility. We see the customer engagement. Even in such a downturn, this is just an example, 14 top executives from 14 top corporates came from all over the world to Florida to sit with us and tell us what they are looking from our solutions. So there is an engagement there.

到 2025 年，我們的管道可見度相當好，我們對我們的指導充滿信心，但它考慮到了市場的疲軟。因此我們擁有管道可見性。我們看到了客戶的參與。即使在這樣的低迷時期，這只是一個例子，來自世界各地 14 家頂級企業的 14 位高管來到佛羅裡達州與我們坐在一起，告訴我們他們希望從我們的解決方案中得到什麼。因此，那裡存在約定。

We are also improving our offering constantly. As you said, there are new products. This year, a lot of focus on material and software, and we believe this is a very profitable part of our business. And again, the current geopolitical situation in 2025 is a great tailwind for the industry and for us. A great tailwind.

我們也在不斷改進我們的產品。正如你所說，有新產品。今年，我們把重點放在材料和軟體上，我們相信這是我們業務中非常有利可圖的一部分。再說一次，2025 年的當前地緣政治局勢對產業和我們來說都是一個巨大的順風。強勁的順風。

Okay. Now there is kind of -- the entire political environment is kind of looking for what's next, but it will be stable and it will be a new state of the world. And in this new state of the world, the basic value proposition of additive will be enhanced because with geopolitical, with dynamics, with uncertainty, with this type of world, it's a great support for additive.

好的。現在，整個政治環境都在期待下一步會發生什麼，但它將會穩定，並將成為一個新的世界狀態。在這種新的世界情勢下，添加劑的基本價值主張將會加強，因為在地緣政治、動態和不確定性等因素的影響下，這種類型的世界對添加劑提供了巨大的支持。

And I give you now examples for the vertical because that's a great question. Definitely dental because this is a vertical of early adopters and we focus on dentures. We believe the best solution there. Then, it's all about aerospace and defense because the world is highly concerned about the stability and the budget of aerospace and defense are skyrocketing. And we see more also in Europe now. And we have -- we are the leader in aerospace and defense spare parts. Then it's about tooling, which is a huge opportunity to $12 billion market. And we are the leader also in tooling. And I would say those are the three: aerospace/defense, tooling, and dental.

我現在給你垂直方面的例子，因為這是一個很好的問題。肯定是牙科，因為這是早期採用者的垂直領域，我們專注於假牙。我們相信那裡有最好的解決方案。然後，一切都與航空航天和國防有關，因為世界高度關注穩定性，而且航空航天和國防的預算正在飆升。現在我們在歐洲也看到了更多這樣的情況。我們是航空航太和國防備件領域的領導者。然後是關於工具，這是一個價值 120 億美元的市場的巨大機會。我們在工具領域也處於領先地位。我認為是三個領域：航空航天/國防、工具和牙科。

Okay, thanks for that color. When you talk about pipeline visibility and you talk about the way you're viewing second half, first half, do you actually have relatively good visibility that gives you the confidence about second half, or are you just assuming like a lot of folks that we see some improvement in the macro environment?

好的，謝謝你的顏色。當您談論管道可見性以及您對下半年和上半年的看法時，您是否實際上具有相對較好的可見性，讓您對下半年充滿信心，或者您是否只是像許多人一樣假設我們看到宏觀環境有所改善？

So it's both. We believe macro will be better in the next -- because of less uncertainty, things will be clearer. But we also have a pipeline and we have stages in the pipeline and we have probabilities of these pipelines. The unknown is the sales cycle. Over the last 2.5 years, the sales cycle increased for the entire industry and also for Stratasys. But with the current sales cycle, we have good visibility and that's the way we build our guidance. Who knows? We don't have the crystal ball. If sales cycle will double themselves, probably we'll not be in a good shape. But if they will reduce and get back to normal, we'll be in a better shape.

所以兩者都有。我們相信宏觀經濟在未來會更好——因為不確定性減少，事情會更加清晰。但是我們也有管道，管道中有不同的階段，並且這些管道有機率。未知的是銷售週期。在過去的兩年半里，整個產業以及 Stratasys 的銷售週期都在增加。但在當前的銷售週期中，我們具有良好的可見性，這就是我們制定指導的方式。誰知道呢？我們沒有水晶球。如果銷售週期翻倍，我們的狀況可能就不太好。但如果它們減少並恢復正常，我們的情況會更好。

And what is important that we are solid and strong, also with flat revenues. That's the way we build the company. So we achieved our commitment in a challenging environment. We have really unheard of EBITDA in our industry with a strong business model. We improved performance also in a soft market. That's what we expect for next year. Now think for a minute, what will happen once the manufacturing cycle will be back to normal? Because at the end, you need to manufacture. Then, it's a completely different story.

重要的是，我們實力雄厚，收入也保持穩定。這就是我們建立公司的方式。因此，我們在充滿挑戰的環境中實現了我們的承諾。我們擁有業界聞所未聞的 EBITDA，並且擁有強大的商業模式。在疲軟的市場中，我們也提高了業績。這就是我們對明年的期望。現在想一想，一旦製造週期恢復正常，會發生什麼事？因為最終你需要進行製造。那麼，這是一個完全不同的故事。

Got it. Thank you.

知道了。謝謝。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Yeah. Hey, good afternoon, guys. Thanks for taking the question. Happy New Year, and congrats on the solid results here. I guess a bigger picture one, if I could, to the extent that you guys have thought about this or have had conversations about this, this whole idea that's popped up over the last 12 months more prominently, AI factories and factory automation with GenAI, if that continues, and the idea that it continues to be propagated increasingly, if that were to manifest as that manifests, what impact does that have on your production businesses? Does it help it? Does it hurt it? Is it neutral? Just in any context around that, we'd just love to get your early thoughts on that. Thanks.

是的。嘿，大家下午好。感謝您回答這個問題。新年快樂，並祝賀您取得的堅實成績。我想從更大的角度來看，如果可以的話，就你們考慮過這個問題或討論過這個問題的程度而言，這個在過去 12 個月中更加突出的想法，即人工智能工廠和採用 GenAI 的工廠自動化，如果這種情況繼續下去，並且這個想法繼續得到越來越多的傳播，如果這種情況真的發生，這會對你們的生產業務產生什麼影響？這樣有幫助嗎？這會傷害它嗎？它是中性的嗎？無論在何種情況下，我們都希望了解您對此的早期想法。謝謝。

Thank you, Ananda, for the wishes and also for the question. AI is essential for us. We acquired a company called Riven that are developing an AI. We have already a product that corrects the deviation of the pulse. You scan it, you put it back, and we build a big database. You can practically anticipate the deviations of the printing and correct it before printing.

謝謝阿南達 (Ananda) 的祝福和提問。人工智慧對我們來說至關重要。我們收購了一家名為 Riven 的公司，該公司正在開發人工智慧。我們已經有一款可以校正脈搏偏差的產品。您掃描它，放回它，然後我們建立一個大型資料庫。您實際上可以預測列印的偏差並在列印之前進行修正。

But this is only one example. We have a whole set of use cases that we are working on. Based on Riven, we built a group of people that are focusing on AI. I believe AI will be essential in editing manufacturing. Also, the transition within manufacturing, taking a step back and looking at the big picture, the transition from analog manufacturing to digital manufacturing has to go somehow through 3D printing because we are versatile. We are working with a file. AI can build the file. AI can manage the file. This is an integral part of the future. The future of manufacturing goes with AI. We are one of the tools that will make this transition much easier.

但這只是一個例子。我們正在研究一整套用例。基於Riven，我們組建了一個專注於AI的團隊。我相信人工智慧在編輯製造業中將發揮重要作用。此外，製造業內部的轉型，退一步來看大局，從類比製造到數位製造的轉型必須以某種方式透過 3D 列印來實現，因為我們是多才多藝的。我們正在處理一個文件。AI 可以建構該檔案。AI可以管理文件。這是未來不可或缺的一部分。製造業的未來與人工智慧息息相關。我們是使這一轉變變得更加容易的工具之一。

We are investing in it. I'll give you a few use cases. For example, predictive maintenance is an important feature that we are working on. AI can do amazingly well there because we have all the data from the machine. We just launched this new IoT platform. It's in the script. We discussed it with our Customer Advisory Board. What do they want to see in AI? We have a whole list. We focused on three of them. Of course, I will not share it here. But we are working with our customers to enable them to adopt additive and digital manufacturing together. Bottom line, AI-centric production system will strongly support additive. I have no doubt.

我們正在對此進行投資。我會給你舉幾個用例。例如，預測性維護是我們正在努力實現的重要功能。人工智慧可以在那裡表現得非常好，因為我們擁有來自機器的所有數據。我們剛剛推出了這個新的物聯網平台。這是在劇本裡。我們與客戶顧問委員會討論了此事。他們希望在人工智慧中看到什麼？我們有一個完整的清單。我們重點關注其中三個。當然，我不會在這裡分享。但我們正在與客戶合作，使他們能夠共同採用積層製造和數位化製造。底線是，以人工智慧為中心的生產系統將大力支持積層製造。我毫不懷疑。

Thanks for that detail. And that includes the increased use of robotics in manufacturing processes as well?

謝謝你提供的詳細資訊。這其中也包括在製造過程中越來越多地使用機器人技術嗎？

I assume so, yes. By the way, robots or the whole robot industry is a significant customer of us because you need to change the end of arm replacement and to be versatile with the functionality of the robot. Most of them are doing it with 3D printing, mainly with FDM.

是的，我想是的。順便說一句，機器人或整個機器人行業是我們的重要客戶，因為您需要更換手臂末端並使機器人的功能靈活。他們大多數都是透過 3D 列印（主要是 FDM）來實現的。

Thank you. Thanks a lot, guys.

謝謝。非常感謝大家。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the call back over for any further closing comments.

謝謝。我們的問答環節已經結束。我想將電話轉回去聽取進一步的結束語。

Thank you. Before thanking everybody, I want to invite everybody that is online to visit us at the RAPID Show in April in Detroit. We will demonstrate very important solutions there. Also, many of our customers will be there, so you can hear from our customers firsthand what do they think about Stratasys.

謝謝。在感謝大家之前，我想邀請所有在線的人四月份來底特律參觀我們的 RAPID 展會。我們將在那裡展示非常重要的解決方案。此外，我們的許多客戶都會出席，因此您可以直接聽到客戶對 Stratasys 的看法。

Thank you for joining us. Looking forward to updating you again next quarter.

感謝您加入我們。期待下個季度再次向您更新。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。