Xometry Inc (XMTR) 2024 Q1 法說會逐字稿

Good morning. My name is Dustin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Xometry Inc Q1 2024 earnings call. (Operator Instructions)

早安.我叫達斯汀，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Xometry Inc 2024 年第一季財報電話會議。（操作員說明）

I'd like to introduce you to our CEO, Randy Altschuler; CFO, James Miln; and our VP of Investor Relations, Shawn Milne. Sir, you may begin the conference.

我想向您介紹我們的執行長 Randy Altschuler；財務長詹姆斯·米爾恩；以及我們的投資者關係副總裁 Shawn Milne。主席先生，您可以開始會議了。

Good morning, and thank you for joining us on Xometry's Q1 2024 earnings call. Joining me are Randy Altschuler, our Chief Executive Officer; and James Miln, our Chief Financial Officer. During today's call, we will review our financial results for the first quarter and discuss our guidance for the second quarter and full-year 2024.

早安，感謝您參加 Xometry 的 2024 年第一季財報電話會議。與我一起的還有我們的執行長 Randy Altschuler；和我們的財務長詹姆斯·米爾恩。在今天的電話會議中，我們將回顧第一季的財務業績，並討論第二季和 2024 年全年的指導。

During today's call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, strategy, long-term growth, and overall future prospects. Such statements may be identified by terms such as believe, expect, intend, and may.

在今天的電話會議中，我們將做出前瞻性聲明，包括與我們的業務預期業績、未來財務表現、策略、長期成長和整體未來前景相關的聲明。此類陳述可以透過相信、期望、打算和可能等術語來識別。

These statements are subject to risks and uncertainties, which could cause them to differ materially from our actual results. Information concerning those risks is available in our earnings press release distributed before the market opened today and in our filings with the US Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31, 2024, that will be filed later today.

這些陳述存在風險和不確定性，可能導致它們與我們的實際結果有重大差異。有關這些風險的資訊可在今天開市前發布的收益新聞稿以及我們向美國證券交易委員會提交的文件中找到，其中包括將於今天晚些時候提交的截至2024 年3 月31 日的季度的10 -Q 表格。

We caution you not to place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations.

我們提醒您不要過度依賴前瞻性陳述，並且不承擔因新資訊、未來事件或我們的預期變更而更新任何前瞻性陳述的責任或義務。

We'd also like to point out that on today's call, we will report GAAP and non-GAAP results. We use these non-GAAP financial measures internally for financial and operating decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are presented in addition to and not as a substitute or superior to measures of financial performance prepared in accordance with US GAAP.

我們還想指出，在今天的電話會議上，我們將報告 GAAP 和非 GAAP 業績。我們在內部使用這些非公認會計原則財務指標用於財務和營運決策目的，並作為評估期間比較的手段。非公認會計原則財務指標是根據美國公認會計原則編制的財務績效指標的補充，而不是替代或優於這些指標。

To see the reconciliation of these non-GAAP measures please refer to our earnings press release distributed today and our investor presentation, both of which are available on the Investors section of our website at investors.xometry.com. A replay of today's call will also be posted on our website.

若要了解這些非 GAAP 指標的調節情況，請參閱我們今天發布的收益新聞稿和投資者簡報，兩者均可在我們網站 Investors.xometry.com 的投資者部分取得。今天電話會議的重播也將發佈在我們的網站上。

With that, I'd like to turn the call over to Randy.

有了這個，我想把電話轉給蘭迪。

Thanks, Shawn. Good morning, everyone, and thank you for joining us for our Q1 2024 earnings call. Powered by AI, our marketplace continues to gain significant market share as buyers and suppliers realize the value, convenience, and resiliency of our platform to strengthen their supply chains globally.

謝謝，肖恩。大家早安，感謝您參加我們的 2024 年第一季財報電話會議。在人工智慧的支持下，隨著買家和供應商認識到我們平台的價值、便利性和彈性，我們的市場將繼續獲得重要的市場份額，以加強其全球供應鏈。

In Q1, we grew revenue 16% year over year to $123 million, driven by our marketplace business. Q1 marketplace revenue grew 24% year over year. We saw strength across many end markets, including semiconductors and industrial equipment, electronics, aerospace and defense, and automotive.

第一季度，在市場業務的推動下，我們的營收年增 16%，達到 1.23 億美元。第一季市場營收年增 24%。我們看到了許多終端市場的實力，包括半導體和工業設備、電子、航空航太和國防以及汽車。

Q1 gross profit increased 22% year over year. Q1 marketplace gross profit increased 37% year over year, driven by our AI-powered marketplace and increasing network of active suppliers. We expect to further expand marketplace gross margin and drive strong gross profit growth throughout 2024.

第一季毛利年增22%。在我們的人工智慧驅動的市場和不斷增加的活躍供應商網路的推動下，第一季市場毛利年增 37%。我們預計將進一步擴大市場毛利率，並推動 2024 年毛利強勁成長。

On top of strong marketplace revenue and gross profit growth, we improved our adjusted EBITDA loss in Q1 by 37% on a year-over-year basis, driven by leverage in our core US marketplace. As our first-quarter results clearly show, with our market-leading position and the size of the available opportunity, we can drive strong revenue and gross profit growth and improve operating leverage regardless of the manufacturing backdrop.

除了強勁的市場收入和毛利成長之外，在美國核心市場槓桿的推動下，我們第一季調整後的 EBITDA 虧損年減了 37%。正如我們第一季的業績清楚地表明的那樣，憑藉我們的市場領先地位和可用機會的規模，無論製造背景如何，我們都可以推動強勁的收入和毛利成長並提高營運槓桿。

Of course, we want to grow as much as possible, which will not only strengthen our competitive moat, but also enable us to achieve our long-term profit margins faster. Here are the investments we've been making to accelerate our results. First, expanding our network of active buyers and suppliers.

當然，我們希望盡可能地成長，這不僅能增強我們的競爭護城河，還能使我們更快實現長期利潤率。以下是我們為加速成果所做的投資。首先，擴大我們的活躍買家和供應商網路。

In Q1, active buyers increased 32% year over year with net additions growing 8% quarter over quarter. For 2024, we expect our active buyer growth to remain healthy as there are millions of potential buyers and Xometry brand awareness continues to improve. We also continue to expand our supplier base globally with 36% growth in 2023.

第一季度，活躍買家年增 32%，淨增量較上季成長 8%。到 2024 年，我們預計我們的活躍買家成長將保持健康，因為潛在買家數以百萬計，並且 Xometry 品牌知名度持續提高。我們也持續擴大全球供應商基礎，到 2023 年將成長 36%。

In Q1, we expanded our domestic network and added new partners in India, China, and Turkey. For our suppliers, we continue to enhance work center, the digital operating system for manufacturers. We are improving the overall experience for suppliers, reducing the effort required to review jobs, track material purchases, and monitor fabrication progress.

第一季度，我們擴大了國內網絡，並在印度、中國和土耳其增加了新的合作夥伴。對於我們的供應商，我們繼續增強工作中心，即製造商的數位作業系統。我們正在改善供應商的整體體驗，減少審查工作、追蹤材料採購和監控製造進度所需的工作量。

Second, expanding the marketplace menu. We want to be the go-to destination for our customers' manufacturing needs. To help accomplish that, we need to provide instant quoting for as many manufacturing processes and materials as possible.

其次，擴大市場菜單。我們希望成為滿足客戶製造需求的首選目的地。為了幫助實現這一目標，我們需要為盡可能多的製造工藝和材料提供即時報價。

Like any other industry, the faster and easier you can make it for someone to buy the more traction you will get. In Q1, we continue to make progress doing just that. For example, in Europe, we expanded the Instant Quoting Engine to include vacuum casting, for customers to take advantage of low-cost, high-quality plastic production.

就像其他行業一樣，您越能讓人們更快、更容易購買，您就會獲得更大的吸引力。在第一季度，我們在這方面繼續取得進展。例如，在歐洲，我們擴展了即時報價引擎，將真空鑄造納入其中，以便客戶能夠利用低成本、高品質的塑膠生產。

To further expedite our deployment of new auto quoted processes within Xometry's AI-powered Instant Quoting Engine, in Q4 of 2023, we partnered with Google's Vertex AI team. Our progress has been encouraging. And in the third quarter of this year, we expect to test multiple new auto quoting models with our US and then European customers.

為了進一步加快我們在 Xometry 的人工智慧即時報價引擎中部署新的自動報價流程，我們於 2023 年第四季與 Google 的 Vertex AI 團隊合作。我們的進步令人鼓舞。今年第三季度，我們預計將與美國和歐洲客戶測試多種新的汽車報價模型。

Third, driving deeper enterprise engagement. Some of our biggest customers are the largest companies in the world. While our growth within these accounts has been strong over the years, there's a terrific opportunity to significantly accelerate their adoption of Xometry. To make that happen, we have a two-pronged approach.

第三，推動企業更深層的參與。我們的一些最大客戶是世界上最大的公司。雖然這些年來我們在這些客戶中的成長一直很強勁，但現在有一個絕佳的機會來顯著加速他們對 Xometry 的採用。為了實現這一目標，我們採取了雙管齊下的方法。

First, we are leading with our technology. In addition to reducing friction for customers by integrating purchasing directly into the ERP systems, we have deployed and continue to enhance our Teamspace software.

首先，我們的技術領先。除了透過將採購直接整合到 ERP 系統來減少客戶的摩擦之外，我們還部署並繼續增強我們的 Teamspace 軟體。

Teamspace moves the Xometry marketplace from a focus on individual buyers and parts to procurement teams managing programs. The feedback remains positive, with rapid adoption, including over 2,300 teams and strong engagement on the platform.

Teamspace 將 Xometry 市場從專注於個人買家和零件轉變為管理專案的採購團隊。回饋仍然積極，採用迅速，包括超過 2,300 個團隊以及平台上的強烈參與。

This year, we've already integrated new features for our injection molding offering directly into Teamspace, which includes a tooling dashboard providing engineering review and fabrication status. Second, we continue to invest in our enterprise sales effort, increasing our bench strength and ramping our sales force to service and grow relationships with our largest customers.

今年，我們已將注塑成型產品的新功能直接整合到 Teamspace 中，其中包括提供工程審查和製造狀態的工具儀表板。其次，我們繼續投資於我們的企業銷售工作，增強我們的後備實力並增強我們的銷售隊伍，以服務和發展與我們最大客戶的關係。

We are making progress with global companies as they look for a technology partner to help manage dispersed and complex supply chains. In the United States, a leading global medical device company chose Xometry for an injection molding production program after first prototyping with our platform.

我們正在與全球公司取得進展，因為他們正在尋找技術合作夥伴來幫助管理分散且複雜的供應鏈。在美國，一家全球領先的醫療器材公司在使用我們的平台進行首次原型設計後選擇了 Xometry 進行注塑生產計劃。

The company found value in our quality, time to deliver, and increasing ease of management with our new Teamspace software. We expect to see continued growth with this customer in the quarters ahead as they look to Xometry for additional injection molding services and other manufacturing processes that we bring to market.

該公司發現了我們的品質、交付時間以及透過我們的新 Teamspace 軟體提高管理便利性的價值。我們預計該客戶在未來幾季將繼續成長，因為他們希望 Xometry 提供額外的注塑服務和我們推向市場的其他製造流程。

Also in Q1, we signed a multiyear agreement with a European customer in the vehicle and delivery space. Xometry was chosen due to the breadth of our marketplace. Using the network of suppliers in the Xometry marketplace, this customer doesn't need to build and manage their own supply chain for their critical product.

同樣在第一季度，我們與歐洲客戶簽署了一份關於車輛和交付空間的多年協議。選擇 Xometry 是因為我們市場的廣度。利用 Xometry 市場中的供應商網絡，該客戶無需為其關鍵產品建立和管理自己的供應鏈。

Fourth, growing internationally. In Q1, international revenue increased 69% year over year, driven by strong growth in Europe. In 2024, we continue to push deeper in our existing international markets. In Q1, we added Czech as a language in our EU site.

第四，國際化發展。第一季度，在歐洲強勁成長的推動下，國際營收年增 69%。2024 年，我們將繼續深耕現有的國際市場。在第一季度，我們在歐盟網站中加入了捷克語作為語言。

Through xometry.eu, xometry.uk, and xometry.asia, we have leveraged Xometry's core technology to provide localized marketplaces in 15 different languages with networks of suppliers across Europe and Asia as well as North America. In Q1, international revenue accounted for 18% of total marketplace revenue. We believe international can reach the 30% to 40% level in the long term as is with many other global online marketplaces.

透過 xometry.eu、xometry.uk 和 xometry.asia，我們利用 Xometry 的核心技術，透過遍佈歐洲、亞洲以及北美的供應商網絡，提供 15 種不同語言的在地化市場。第一季度，國際收入佔市場總收入的 18%。我們相信，從長遠來看，國際市場可以達到 30% 到 40% 的水平，就像許多其他全球線上市場一樣。

Fifth, enhancing supplier services solutions. In Q1, we continued to invest in important foundational work to modernize the Thomas advertising platform. We remain focused on restoring Thomas advertising growth given the 85%-plus gross margins and strong contribution opportunity of the platform.

五是強化供應商服務解決方案。在第一季度，我們繼續投資於重要的基礎工作，以實現 Thomas 廣告平台的現代化。鑑於該平台超過 85% 的毛利率和強大的貢獻機會，我們仍然專注於恢復 Thomas 廣告的成長。

We are now beta testing new self-serve advertising campaign creation tools for suppliers. While still early, we're seeing some positive signs of supplier engagement, including end-to-end self-serve campaign configuration and checkout.

我們現在正在為供應商測試新的自助廣告活動建立工具。雖然還為時過早，但我們已經看到了供應商參與的一些積極跡象，包括端到端自助服務活動配置和結帳。

We expect the returns on these investments to be strong. We've made similar bets in the past, and they paid off. For example, in 2019, we invested in international expansion, launching in Europe in early 2020. We scaled the international business from $3 million in revenue in 2020 to over $60 million in fiscal year 2023.

我們預計這些投資的回報將會強勁。我們過去也曾下過類似的賭注，並且得到了回報。例如，2019 年，我們投資了國際擴張，並於 2020 年初在歐洲推出。我們將國際業務的收入從 2020 年的 300 萬美元擴大到 2023 財年的 6,000 萬美元以上。

In addition, we continue to invest in our machine learning-based AI, which is fueling marketplace gross margin expansion. When we went public in the middle of 2021, our marketplace gross margin was in the 24% range, and we ended Q1 of this year at 32%.

此外，我們繼續投資基於機器學習的人工智慧，這正在推動市場毛利率的擴張。當我們在 2021 年中期上市時，我們的市場毛利率在 24% 範圍內，今年第一季結束時為 32%。

Improving our scale in revenue and gross profit dollars provides a clear path to profitability. Coupled with those investments, we remain committed to delivering improving operating leverage each quarter, which James will discuss in more detail.

提高我們的收入和毛利規模為我們提供了一條清晰的獲利之路。加上這些投資，我們仍然致力於每季提高營運槓桿，詹姆斯將更詳細地討論這一點。

I'm proud of the collective efforts of our team worldwide. Our continued strong growth demonstrates the significant strides we're making to digitize manufacturing supply chains.

我為我們全球團隊的集體努力感到自豪。我們持續的強勁成長表明我們在製造供應鏈數位化方面取得了重大進展。

I'll now turn the call over to James for a more detailed review of Q1 and our business outlook.

我現在將把電話轉給詹姆斯，以更詳細地回顧第一季和我們的業務前景。

Thanks, Randy, and good morning, everyone. As Randy mentioned, Q1 revenue increased 16% year over year to $123 million, driven by strong marketplace growth. Q1 marketplace revenue was $107 million and supplier services revenue was $15.5 million.

謝謝蘭迪，大家早安。正如 Randy 所提到的，在市場強勁成長的推動下，第一季營收年增 16% 至 1.23 億美元。第一季市場收入為 1.07 億美元，供應商服務收入為 1550 萬美元。

Q1 marketplace revenue increased 24% year over year and was stronger than expected as large order activity improved from the early soft start in January, which we discussed on our Q4 2023 earnings call. Q1 active buyers increased 32% year over year to 58,504 with a net addition of 3,179 active buyers.

第一季市場營收年增 24%，強於預期，因為大訂單活動較 1 月早期軟啟動有所改善，我們在 2023 年第四季財報電話會議上對此進行了討論。第一季活躍買家數量年增 32% 至 58,504 人，淨增 3,179 人。

Q1 marketplace revenue per active buyer decreased 6% year over year, primarily due to the impact of a soft start for larger orders in the quarter. The number of accounts with last 12-month spend of at least $50,000 on our platform increased 25% year over year to 1,381, with 50 net new accounts as we continue to deepen our relationships with our customers across many end markets. Supplier services revenue declined 17% year over year in Q1, primarily driven by the discontinuation of the sales of tools and materials in the US.

第一季每個活躍買家的市場收入年減 6%，主要是由於本季大訂單軟啟動的影響。隨著我們繼續深化與許多終端市場客戶的關係，過去 12 個月在我們平台上支出至少 50,000 美元的帳戶數量同比增長 25%，達到 1,381 個，淨新增帳戶 50 個。第一季供應商服務收入年減 17%，主要是因為美國停止銷售工具和材料。

As Randy mentioned, we are modernizing the Thomas advertising platform and are now testing new self-serve advertising tools for suppliers. The number of active paying suppliers for Q1 2024 was 7,159 on a trailing 12-month basis, a decrease of 6% year over year. Excluding the impact of the exit of the tools and materials business, active paying suppliers was down approximately 2% year over year.

正如蘭迪所提到的，我們正在對 Thomas 廣告平台進行現代化改造，並且正在為供應商測試新的自助廣告工具。2024 年第一季活躍付費供應商數量過去 12 個月為 7,159 家，年減 6%。排除工具和材料業務退出的影響，活躍付款供應商較去年同期下降約2%。

Q1 gross profit was $47.9 million, an increase of 22% year over year, with gross margin of 39.0%. Q1 gross margin for marketplace was a record 32.0%, up 320 basis points year over year. Q1 marketplace gross profit dollars increased 37% year over year.

Q1毛利為4,790萬美元，較去年成長22%，毛利率為39.0%。第一季市場毛利率達到創紀錄的 32.0%，較去年同期成長 320 個基點。第一季市場毛利年增 37%。

We are focused on driving marketplace gross profit dollar growth through the combination of top-line growth and gross margin expansion. Q1 gross margin for supplier services was 87.9%, driven by the high gross margin of Thomas marketing and advertising services. Supplier services gross margin increased more than 10 percentage points year over year due to the discontinuation of the sale of tools and materials, which carried a significantly lower gross margin.

我們致力於透過營收成長和毛利率擴張相結合來推動市場毛利成長。第一季供應商服務毛利率為 87.9%，主要得益於湯瑪斯行銷和廣告服務的高毛利率。由於停止銷售毛利率大幅下降的工具和材料，供應商服務毛利率年增超過10個百分點。

Moving on to Q1 operating costs, Q1 total non-GAAP operating expenses increased 9% year over year to $55.5 million. Within our operating expenses, sales and marketing is our largest component. In Q1, non-GAAP sales and marketing expenses increased 21% to $24.9 million as compared to $20.6 million in Q1 2023. This increase was driven by the hiring of additional salespeople to support enterprise and international growth.

說到第一季營運成本，第一季非 GAAP 營運支出總額年增 9%，達到 5,550 萬美元。在我們的營運支出中，銷售和行銷是我們最大的組成部分。第一季度，非 GAAP 銷售和行銷費用成長 21%，達到 2,490 萬美元，而 2023 年第一季為 2,060 萬美元。這一增長是由於僱用更多銷售人員以支持企業和國際成長而推動的。

Q1 advertising spend increased 2% year over year to $8.3 million or 7.8% of marketplace revenue, down 160 basis points from 9.4% a year ago as we maintained discipline on advertising efficiency. Q1 adjusted EBITDA loss was $7.5 million or 6.1% of revenue compared with 11.2% of revenue in Q1 2023.

第一季廣告支出年增 2%，達到 830 萬美元，佔市場收入的 7.8%，比一年前的 9.4% 下降了 160 個基點，因為我們保持了對廣告效率的嚴格要求。第一季調整後 EBITDA 損失為 750 萬美元，佔營收的 6.1%，而 2023 年第一季則佔營收的 11.2%。

Q1 adjusted EBITDA loss improved $4.3 million year over year or 37% driven by growth in revenue and gross profit. At the end of the first quarter, cash and cash equivalents and marketable securities were $254 million.

第一季調整後 EBITDA 虧損年減 430 萬美元，即在營收和毛利成長的推動下減少 37%。第一季末，現金和現金等價物以及有價證券為2.54億美元。

Before moving to our guidance, I'd like to share my early thoughts on Xometry and our path to profitability. Since joining cometary two months ago, I have been able to dive deep into our business and discover some of the customer stories that drive our 58,000-plus buyers to transact on our leading global marketplace.

在轉向我們的指導之前，我想分享我對 Xometry 以及我們的盈利之路的早期想法。自從兩個月前加入 Cometary 以來，我已經能夠深入了解我們的業務並發現一些客戶故事，這些故事促使我們的 58,000 多名買家在我們領先的全球市場上進行交易。

In a massive structural change for our industry, our AI-powered quoting engine provides real-time instant pricing and lead times for our buyers as it matches them with the optimal supplier. As we scale our networks of buyers and suppliers, our machine learning AI gets smarter, delivering more efficient pricing and improving gross margin to Xometry.

在我們行業的巨大結構變革中，我們的人工智慧報價引擎為我們的買家提供即時即時定價和交貨時間，因為它將他們與最佳供應商相匹配。隨著我們擴大買家和供應商網絡，我們的機器學習人工智慧變得更加智能，為 Xometry 提供更有效率的定價並提高毛利率。

Our teams are dedicated and hardworking and passionate about the customers and markets we serve. The market opportunity is very large, reinforcing our goal of driving compounding growth for many years to come. As we work to realize our long-term potential, I'm going to leverage my prior finance and operating experience to apply stronger discipline and rigor to our capital and resource allocation across sales and marketing, operations, product development, and G&A.

我們的團隊敬業、勤奮，對我們所服務的客戶和市場充滿熱情。市場機會非常巨大，強化了我們在未來許多年推動複合成長的目標。當我們努力實現我們的長期潛力時，我將利用我先前的財務和營運經驗，對我們在銷售和行銷、營運、產品開發和一般管理費用方面的資本和資源分配應用更嚴格的紀律和嚴格性。

As we continue to scale our revenue and gross profit, we believe that we can reach adjusted EBITDA breakeven as we surpass an approximately $600 million annual revenue run rate. At that level, targeting a gross margin of 38% to 40%, we believe that there is room for growth investments while improving our operating expense efficiencies. As we scale the business above the $600 million level rate, we would expect a healthy flow through of incremental margin.

隨著我們繼續擴大收入和毛利，我們相信，當我們超過約 6 億美元的年收入運行率時，我們可以實現調整後的 EBITDA 盈虧平衡。在此水準上，毛利率目標為 38% 至 40%，我們相信在提高營運費用效率的同時，還有成長投資的空間。當我們將業務規模擴大到 6 億美元以上時，我們預期增量利潤將實現健康的流動。

Entering 2024, we continue to invest in our sales team and international growth. Coupled with the inflationary impact on overall costs, operating expenses increased approximately $3.6 million quarter over quarter.

進入 2024 年，我們繼續投資於我們的銷售團隊和國際成長。再加上通貨膨脹對整體成本的影響，營運費用較上季增加了約 360 萬美元。

We believe that we can drive a healthy return from these investments and have also identified efficiency opportunities. For example, in supplier services, we expect an approximately $1 million a quarter improvement in the second half of 2024 from the first half of 2024, driven by further optimization of operating costs.

我們相信我們可以從這些投資中獲得健康的回報，也發現了提高效率的機會。例如，在供應商服務方面，在營運成本進一步優化的推動下，我們預計 2024 年下半年將比 2024 年上半年每季成長約 100 萬美元。

Now moving on to guidance, we expect Q2 2024 revenue in the range of $127 million to $129 million, representing year-over-year growth of 14% to 16% or 15% to 17% adjusting for the discontinuation of the sale of tools and materials. We expect Q2 marketplace growth to be approximately 20% year over year. We remain focused on our growth initiatives despite an uncertain manufacturing environment.

現在轉向指導，我們預計 2024 年第二季度的收入將在 1.27 億美元至 1.29 億美元之間，同比增長 14% 至 16% 或 15% 至 17%（根據停止銷售工具和產品進行調整）材料。我們預計第二季市場年增率約為 20%。儘管製造環境不確定，但我們仍然專注於我們的成長計劃。

We expect Q2 supplier services to be down approximately 15% year over year, primarily due to the exit of the tools and materials business in May 2023. In Q2, we expect adjusted EBITDA loss to be in the range of $6 million to $8 million and adjusted EBITDA margin of negative 4.7% to negative 6.2%, improving from a loss of $8.7 million and 7.8% of revenue in Q2 2023.

我們預計第二季供應商服務將年減約 15%，主要是由於 2023 年 5 月工具和材料業務的退出。我們預計第二季調整後EBITDA 損失將在600 萬美元至800 萬美元之間，調整後EBITDA 利潤率為負4.7% 至負6.2%，較2023 年第二季的870 萬美元損失和收入7.8%的損失有所改善。

In Q2, we expect stock-based compensation expense to be approximately $7 million to $8 million or approximately 5% to 6% of revenue. For 2024, we continue to expect marketplace growth of at least 20% year over year and expect supplier services to be down approximately 10% year over year.

在第二季度，我們預計股票補償費用約為 700 萬至 800 萬美元，約佔營收的 5% 至 6%。到 2024 年，我們仍然預期市場年增至少 20%，供應商服務預計將年減約 10%。

We expect to continue to improve our year over year profitability through 2024, driven by operating leverage. Since underlying marketplace metrics are healthy, we're going to continue to execute on our strong roadmap of initiatives outlined earlier by Randy.

我們預計，在營運槓桿的推動下，到 2024 年，我們的獲利能力將持續提高。由於基礎市場指標是健康的，我們將繼續執行蘭迪先前概述的強有力的計劃路線圖。

With that, operator, can you please open up the call for questions?

那麼，接線員，您可以打開電話詢問問題嗎？

(Operator Instructions) Nick Jones, JMP.

（操作員說明）Nick Jones，JMP。

Great. Thanks for taking the qquestions. As we think about 2Q guidance and when you provide 1Q guidance, I think you pegged it to trend in January. Can you elaborate on what's informing the 2Q guidance?

偉大的。感謝您提出問題。當我們考慮第二季度指導時，當您提供第一季指導時，我認為您將其與一月份的趨勢掛鉤。能否詳細說明第二季指引的內容？

Is it quarter-to-date trends? Or you're really pegging to kind of what you're seeing here? Or what level of conservatism is baked in? I guess, can you try to provide a little more color as to what informed the top-line guidance for 2Q? And then I have a follow-up.

這是季度至今的趨勢嗎？或者你真的很喜歡你在這裡看到的東西？或者說保守主義的程度如何？我想，您能否嘗試提供更多關於第二季營收指引的資訊？然後我有一個後續行動。

Hey, Nick. It's James. Thanks for the question. No, we're really pleased with our Q1 performance across the board, including a 24% marketplace revenue growth and the 37% gross profit growth. As Randy mentioned earlier, we saw some strength across many end markets and are becoming more important for our largest customers. And we're really clearly taking share powered by AI-driven marketplace.

嘿，尼克。是詹姆斯。謝謝你的提問。不，我們對第一季的全面表現感到非常滿意，包括 24% 的市場收入成長和 37% 的毛利成長。正如蘭迪之前提到的，我們在許多終端市場中看到了一些優勢，對於我們最大的客戶來說變得越來越重要。我們確實正在搶佔由人工智慧驅動的市場驅動的份額。

As we look into Q2, we look at the trends that we're seeing in our business and the healthy marketplace trends as well as taking into account the opportunities and risks that we see ahead given the uncertain manufacturing environment. And that's still into the guidance range that we've given for the quarter.

當我們展望第二季時，我們會關注我們在業務中看到的趨勢和健康的市場趨勢，並考慮到在不確定的製造環境下我們未來看到的機會和風險。這仍然在我們為本季給出的指導範圍內。

Great. And then there's some volatility in revenue per active buyer. I think you called out larger orders kind of tough to here so far. Can you speak to just overall order volume or demand for orders? I mean, are orders or conversions pretty consistent, and it's really just squish in pricing or how much people are willing to spend? Any additional color there would be great.

偉大的。此外，每個活躍買家的收入也會出現一些波動。我認為到目前為止，您發出的更大訂單有點困難。您能僅談談整體訂單量或訂單需求嗎？我的意思是，訂單或轉換率是否相當一致，這實際上只是定價或人們願意花多少錢的擠壓？任何額外的顏色都會很棒。

Hey, Nick. James, again. So really pleased with our active buyer growth in the quarter, up 32% year over year, adding 3,179 buyers. So that was up 8% quarter on quarter. As we said, the revenue by in the quarter was somewhat impacted by the mix of larger orders.

嘿，尼克。詹姆斯，又來了。我們對本季活躍買家的成長感到非常滿意，年增 32%，增加了 3,179 名買家。所以季度環比成長了 8%。正如我們所說，本季的收入在一定程度上受到了較大訂單的影響。

As we look across the marketplace, pricing and conversion and active buyers and suppliers, we're pleased with what we're seeing there. A lot of consistent trends with what we've seen in the past few quarters. And then as we look at that again, that's reflected in our guidance going forward.

當我們審視整個市場、定價和轉換以及活躍的買家和供應商時，我們對在那裡看到的情況感到滿意。許多趨勢與我們在過去幾季看到的一致。然後，當我們再次審視這一點時，這反映在我們未來的指導中。

Great. Thank you.

偉大的。謝謝。

Jake Hall, Citibank.

傑克霍爾，花旗銀行。

Hey, guys. Thanks for taking the question. Can you guys -- I would love to hear more about where you see the most opportunities on the advertising side. Maybe you could elaborate a little bit more in terms of certain enhanced search as well as things potentially we should be aware of or keeping in mind on the roadmap, where you see the biggest opportunity given your prior relevant experience there. Thank you so much.

大家好。感謝您提出問題。你們可以嗎——我很想聽聽更多關於你們在廣告方面看到最多機會的資訊。也許您可以就某些增強型搜尋以及我們在路線圖上可能應該注意或牢記的事情進行詳細說明，考慮到您之前的相關經驗，您會在其中看到最大的機會。太感謝了。

Hey, James, thank you. And I see you're talking about Thomas and the Thomasnet supplier services?

嘿，詹姆斯，謝謝你。我看到您在談論 Thomas 和 Thomasnet 供應商服務？

Yeah. I mean, partly what you see in terms of self-service capabilities. We've seen some announcements there, beta testing and things. But would really love to hear what we should expect on the product side in this year. Thanks.

是的。我的意思是，部分是您所看到的自助服務功能。我們在那裡看到了一些公告、beta 測試等等。但我真的很想聽聽我們今年對產品方面的期望。謝謝。

Yeah, and thanks for the question. This is Randy jumping in. So we're enhancing -- as we talked about now, we've been investing in the handing the Thomasnet platform and the journey for both the searchers and for the advertisers.

是的，謝謝你的提問。這是蘭迪跳進來的。所以我們正在增強——正如我們現在所說的，我們一直在投資 Thomasnet 平台以及搜尋者和廣告商的旅程。

So on the searching side, we are putting enhancements to the accuracy of the search. We're looking at different ways to display that search, sort of modernize it from the search end of it. And then on the supplier side or the advertising side, we talked about moving to a pay-for-performance model. And we've been adding -- we've been beta testing that as well.

因此，在搜尋方面，我們正在增強搜尋的準確性。我們正在尋找不同的方式來顯示該搜索，從搜索端對其進行現代化改造。然後在供應商方面或廣告方面，我們討論了轉向按績效付費的模式。我們一直在添加 - 我們也一直在進行測試。

So that will help guarantee better searching results for the searchers and a better ROI for the advertisers. And we've been working on this for a number of quarters. And as we said, this quarter, we started beta testing it, or in Q1, we started by testing it, and early results are positive.

這將有助於保證搜尋者獲得更好的搜尋結果，並為廣告商提供更好的投資報酬率。我們已經為此努力了幾個季度。正如我們所說，本季度，我們開始對其進行 Beta 測試，或者在第一季度，我們開始對其進行測試，早期結果是正面的。

Yes. Jay, I was just looking, I think that Thomasnet gives us an exciting opportunity that really -- the influence in the marketplace. And as Randy mentioned, like a lot of opportunities to improve the performance there and experience for our customers and suppliers. So looking forward to working with the team on improving that as we go forward.

是的。傑伊，我只是在尋找，我認為 Thomasnet 為我們提供了一個令人興奮的機會，真正的市場影響力。正如蘭迪所提到的，我們有很多機會來改善我們的客戶和供應商的績效和體驗。因此，期待與團隊合作，不斷改進這一點。

Thanks. That's helpful. And just a quick follow-up, in terms of investment priorities, Randy, really great to hear you lay those out and the clarity there. Could you speak to any plans for headcount increases this year tying it back to those various areas? Thanks.

謝謝。這很有幫助。就投資優先事項而言，蘭迪，我想快速跟進一下，很高興聽到您列出這些內容並講得很清楚。您能否談談今年將其與這些不同領域聯繫起來的員工人數增加計劃？謝謝。

We don't really comment about specifically headcount. I think, in general, we are trying to be rational with our costs as we push to the profitability. So we're going to be balancing that, and we'll make those headcounts selectively in the areas that line up with our initiatives.

我們並不真正評論具體的人數。我認為，總的來說，我們在努力實現盈利的同時，努力對成本保持理性。因此，我們將平衡這一點，並且我們將有選擇地在符合我們舉措的領域進行人員編制。

And I think, in particular, we did call out on the enterprise sales, we've been increasing our bench strength here and that's investing in that. So that's why you saw some uptick in the sales expense quarter over quarter.

我認為，特別是，我們確實呼籲企業銷售，我們一直在增加我們的後備力量，並對此進行投資。這就是為什麼您看到銷售費用逐季上升的原因。

Okay. Thanks so much.

好的。非常感謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hey, guys. This is Tyler on for Brian. I appreciate you taking the questions. Just to start off with, can you explain the sequential improvement in marketplace gross margin? Obviously, marketplace revenue was down sequentially, and you (technical difficulty). Can you just explain what actually happened there? So it was just finding suppliers for jobs at lower prices? Thank you. And then I have a follow-up.

大家好。這是泰勒替布萊恩發言。感謝您提出問題。首先，您能解釋一下市場毛利率的連續改善嗎？顯然，市場收入連續下降，並且您（技術難度）。你能解釋一下那裡到底發生了什麼事嗎？那麼它只是以較低的價格尋找工作供應商？謝謝。然後我有一個後續行動。

Hey, Tyler. You cut out a little bit there, but I think you're asking about our gross margin performance in the quarter and the improvement year over year and sequentially. We were very pleased with this performance. As we mentioned on the call, Q1 marketplace gross margin was a record at 32.0%, up 320 basis points year over year and up 70 basis points quarter over quarter. This drives our gross profit growth to 37%.

嘿，泰勒。你在那裡刪除了一點，但我認為你是在問我們本季的毛利率表現以及同比和連續的改善。我們對這次表演感到非常滿意。正如我們在電話會議中提到的，第一季市場毛利率創歷史新高，達到 32.0%，較去年同期成長 320 個基點，較上季成長 70 個基點。這推動我們的毛利成長至 37%。

Yeah. One thing I do want to add, and this is Randy, just to be clear, and you were cutting out a little bit. But we are seeing consistent pricing trends across the marketplace consistent with what we saw in the first quarter and last year as well.

是的。我確實想補充一件事，這是蘭迪，我想澄清一下，你刪掉了一點。但我們看到整個市場的定價趨勢與我們在第一季和去年看到的一致。

So as James talked about, we're seeing gross margin improvement. As we get more data, that empowers our algorithms and as we grow our number of suppliers. But overall, ranking trends are very consistent over the last first quarter, currently since first quarter and also last year as well.

正如詹姆斯所說，我們看到毛利率有所改善。隨著我們獲得更多數據，我們的演算法以及供應商數量的增加都會增強我們的能力。但總體而言，排名趨勢與去年第一季非常一致，自第一季以來以及去年也是如此。

Okay. Sounds good. And I apologize for cutting out. Let me know if it's really coming in choppy. But my follow-up is with your Google Cloud partnership, is that going to impact how you currently auto quote? Or is this just for bringing on new services? Like for example, if someone want to go quote C&C service right now, that new partnership hasn't changed how that algorithm is working. Thank you.

好的。聽起來不錯。我為刪減道歉。讓我知道它是否真的不穩定。但我的後續行動是與您的 Google Cloud 合作關係有關，這會影響您目前的汽車報價嗎？或者這只是為了推出新服務？例如，如果有人現在想引用 C&C 服務，那麼新的合作夥伴關係並沒有改變該演算法的工作方式。謝謝。

The algorithm is intended to shorten the time that we can launch new auto quoted processes. And as we mentioned in the script, we expect in the third quarter to start testing multiple new processes in the third quarter first here in the United States with US customers and then Europe. That's the focus of the partnership.

該演算法旨在縮短我們啟動新的自動報價流程的時間。正如我們在腳本中提到的，我們預計在第三季開始測試多個新流程，首先在美國與美國客戶進行測試，然後在歐洲進行測試。這是此次合作的重點。

Yeah, Tyler, there's nothing from the Google partnership that's influenced the algorithms here in the first quarter.

是的，泰勒，谷歌的合作關係並沒有影響第一季的演算法。

All right. Thank you, guys. I'll pass it along.

好的。感謝你們。我會把它傳遞下去。

Matt Swanson, RBC.

馬特·斯旺森，加拿大皇家銀行。

Great. Thank you so much for taking my question. Jim, I know it's still early days for Teamspace. But maybe thinking more so on like the customer feedback side, could you just discuss the ability of the solution to help you maybe become more pervasive or deeper into your customers and then also kind of enhance that value proposition as a platform versus the tool? And then at scale, is there any thoughts on how this might be able to help with revenue visibility?

偉大的。非常感謝您回答我的問題。Jim，我知道 Teamspace 還處於早期階段。但也許從客戶回饋考慮，您是否可以討論解決方案的能力，以幫助您更普遍或更深入地了解客戶，然後作為平台而不是工具來增強價值主張？然後，從規模上看，是否有任何想法可以幫助提高收入可見度？

Yeah. This is Randy. I'll take particularly the first part of it. So we are very pleased with the acceptance adoption that we're seeing at Teamspace. We have over 2,300 teams right now, which is a really nice increase since we last reported.

是的。這是蘭迪。我將特別關注它的第一部分。因此，我們對 Teamspace 的接受採用感到非常高興。我們現在有超過 2,300 個團隊，這是自我們上次報告以來的一個非常好的成長。

We've also been making enhancements. So it can be not just to really enhance the platform and go deeper into our enterprise customers, in particular. As we talked about during the call, that includes tooling processes in enhancements we're making with our injection molding offering and tool libraries and being able to share that and run it all through Teamspace, who as you can imagine, those are often group projects.

我們也一直在進行改進。因此，不僅是要真正增強平台，還要更深入地了解我們的企業客戶。正如我們在電話會議中談到的，這包括我們透過注塑成型產品和工具庫進行的增強工具流程，並能夠透過 Teamspace 共享並運行它，正如您可以想像的那樣，這些通常是團隊專案。

And we also did talk about a large customer that we've been doing injection molding with a started prototype with us and now with production. And that's being done in part because of their adoption of the Teamspace software. Our sales team is continuing to show that to customers, and we expect to get continued deeper penetration with our customers, with enterprise customers using Teamspace.

我們也談到了一位大客戶，我們一直在與我們一起進行注塑成型，現在已經開始生產。做到這一點的部分原因是他們採用了 Teamspace 軟體。我們的銷售團隊正在繼續向客戶展示這一點，我們希望透過使用 Teamspace 的企業客戶繼續深入滲透我們的客戶。

Yeah, that makes a ton of sense. And then maybe just as a follow-up on the guidance side, I'm thinking about just the macro implications. And then from macro indicators, PMI improved a bit. Can you just give us a reminder on how you think about that in relation to your business, whether or not that's a good leading indicator?

是的，這很有道理。然後也許只是作為指導方面的後續行動，我正在考慮宏觀影響。然後從宏觀指標來看，PMI略有改善。您能否提醒我們您如何看待與您的業務相關的這一點，這是否是一個很好的領先指標？

Yes. Thanks, Matt. So as we talked about, we're really pleased with our Q1 performance. We've seen a lot of the trends that we're seeing across our buyers, the conversion margin suppliers. We look at those. We look at the guidance ahead, but we do take into account the uncertainty in the macro environment.

是的。謝謝，馬特。正如我們所說，我們對第一季的表現非常滿意。我們在買家、轉換利潤供應商身上看到了許多趨勢。我們看看這些。我們著眼於未來的指引，但我們確實考慮了宏觀環境的不確定性。

There are various indicators out there. I think -- so we look at the aggregate of those as well as what we're seeing internally. There is some choppiness out there, and so we're taking that into account.

那裡有各種指標。我認為——所以我們會關注這些的總體以及我們內部看到的情況。那裡存在一些波動，所以我們正在考慮這一點。

Thank you.

謝謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much. Maybe a two-parter on international, and thanks for all the detail in the prepared remarks. When you look out at the contribution potential for international on a multiyear view, maybe can you break it into pieces of how much of it is down to sort of execution on what's already been put in place versus elements where the company still needs to do incremental investments broadly in the international opportunity? Just trying to understand the mix of growth and margin and how you think that sets up for contribution in the years ahead. Thank you.

太感謝了。也許是國際比賽中的兩個人，感謝準備好的發言中的所有細節。當你從多年的角度審視國際化的貢獻潛力時，也許你可以將其分解為幾個部分：其中有多少取決於對已經到位的內容的執行，以及公司仍需要增量的元素廣泛投資國際機會？只是想了解成長和利潤率的組合，以及您認為這如何為未來幾年的貢獻做好準備。謝謝。

Yeah, Eric, it's Randy. I'll jump in here, and James can jump in afterwards. So as I think we talked about, particularly this year, we're really focused on going deeper in our existing geographies. So we set up the infrastructure there.

是的，艾瑞克，我是蘭迪。我會在這裡加入，然後詹姆斯也可以加入。因此，正如我認為我們所討論的，特別是今年，我們確實專注於深入了解現有地區。所以我們在那裡建立了基礎設施。

We've got our site in 15 different languages. We've localized it. We've got sales teams that are there and sort of built the infrastructure. So these are giant markets.

我們的網站有 15 種不同的語言版本。我們已經對其進行了本地化。我們有銷售團隊在那裡並建立了基礎設施。所以這些都是龐大的市場。

While we're very proud of the growth that we've seen in international, we know that even within the existing markets, it can be a lot larger. So I think you should expect to see us to gain some real leverage of those investments we've made in the existing markets.

雖然我們對國際市場的成長感到非常自豪，但我們知道，即使在現有市場內，它的規模也可能大得多。因此，我認為您應該期望看到我們能夠從我們在現有市場上進行的投資中獲得一些真正的槓桿作用。

Eric, are you still there?

艾瑞克，你還在嗎？

I'm assuming we lost him. We'll be moving on.

我假設我們失去了他。我們會繼續前進。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

Yeah, thanks. Good morning, everyone. I wanted to dig in a little bit more on the investment side of things. And I guess my question is more or less why now? If I think back to maybe the last year, I feel like it was more characterized around sort of operational discipline in targeting that EBITDA profitability.

是的，謝謝。大家，早安。我想更深入地了解投資方面的事宜。我想我的問題或多或少是為什麼現在？如果我回想去年，我覺得它更多地圍繞著以 EBITDA 盈利為目標的營運紀律。

And it sounds like you're changing that a little bit in ramping up investments now, which pushes out EBITDA profitability, by my math, I think, to next year based on the implied guide for the second half. Maybe you can confirm that. But just a little bit -- or sort of color on exactly what you're doing, the timing around it. And then, I guess, more importantly, at what point will we see some of those benefits?

聽起來你現在在增加投資方面正在稍微改變這一點，這將根據下半年的隱含指南，透過我的數學計算，將 EBITDA 獲利能力推到明年。也許你可以證實這一點。但只是一點點——或者說是對你正在做的事情以及圍繞它的時間進行某種顏色。然後，我想，更重要的是，我們什麼時候才能看到其中的一些好處？

Sure. So this is Randy. Look, when we brought in James as our new CFO, I asked him to work with me and the rest of our team to refine and then really validate the healthiest path to profitability into our long-term operating margin. And this included having expense operating expenses a little higher than expected.

當然。這就是蘭迪。看，當我們聘請詹姆斯擔任我們的新財務長時，我要求他與我和我們團隊的其他成員合作，完善並真正驗證我們長期營運利潤率的最健康的獲利途徑。這包括營運費用略高於預期。

So as a result, we feel that -- and just to answer your question, a $600 million run rate, so about $150 million per quarter is the appropriate level for breakeven. Underlying marketplace metrics are healthy across buyers, pricing, margin suppliers by an uncertain macro. And we're going to continue to execute on a strong roadmap of growth initiatives.

因此，我們認為——只是為了回答你的問題，6 億美元的運行率，所以每季大約 1.5 億美元是盈虧平衡的適當水平。在不確定的宏觀環境下，買家、定價、利潤供應商的基本市場指標都是健康的。我們將繼續執行強而有力的成長計畫路線圖。

Yeah, Greg, this is James. So just building on Randy saying that, so I think as our first-quarter results clearly show with our market-leading position and the size of the opportunity, we can drive strong revenue and gross profit growth and improve leverage. So with marketplace growth up 24%, marketplace gross profit dollar growth at 37%.

是的，格雷格，這是詹姆斯。因此，在蘭迪所說的基礎上，我認為，隨著我們第一季的業績清楚地表明我們的市場領先地位和機會的規模，我們可以推動強勁的收入和毛利成長並提高槓桿率。因此，隨著市場成長 24%，市場毛利成長 37%。

And as Randy said, we've been working on what's the healthiest part to profitability so that we can continue to invest responsibly in our long-term growth initiatives. At the same time, 1Q OpEx did come in a little more than expected behind the investments that we're making as well as some inflationary impacts on overall expenses that we've seen across areas like employee benefit, software costs, and others.

正如蘭迪所說，我們一直致力於研究對獲利能力最健康的部分，以便我們能夠繼續負責任地投資於我們的長期成長計劃。同時，第一季的營運支出確實略高於我們正在進行的投資的預期，以及我們在員工福利、軟體成本等領域看到的對整體支出的一些通膨影響。

So as we refine and validate that path forward, we believe that we can reach adjusted EBITDA breakeven as we surpass this approximately $600 million annual revenue run rate. At $424 million, we do expect to see continued leverage. As you can see, we've given you guidance overall on the annual revenue. I think we'll update you as we go in the future quarters.

因此，當我們完善和驗證這條前進道路時，我們相信，當我們超過約 6 億美元的年收入運行率時，我們可以實現調整後的 EBITDA 盈虧平衡。我們確實預計槓桿率將持續達到 4.24 億美元。如您所見，我們為您提供了有關年收入的整體指導。我想我們會在未來幾季向您通報最新情況。

Yeah. Okay. That makes sense. And I just want to dig in a little bit more to Q1 specifically. you were very clear. You guided initially Q1 based on what you saw in January, and you outperformed above the previous range. So can you just give us some sense on what you saw in February and March?

是的。好的。這就說得通了。我只想進一步深入了解第一季。你說得很清楚。您最初根據一月份的情況對第一季進行了指導，並且您的表現超出了先前的範圍。那麼您能否為我們介紹一下您在二月和三月所看到的情況？

And then to be clear, can you give us a little bit color on what you're seeing in April? And is the Q2 guide similar to how you guided last quarter where it's based on what you're seeing in April? Or is it more based on what you've seen year to date and making some assumptions on how May and June trends might play out?

然後澄清一下，您能否向我們介紹一下您在四月所看到的情況？第二季的指導是否與上季的指導類似，是基於四月的情況？還是更多地基於您今年迄今為止所看到的情況並對 5 月和 6 月的趨勢可能如何發展做出一些假設？

Yeah. Thank you, Greg. It's James. So as we said, really pleased with the 24% year-over-year growth. It was better than expected as that large order activity improved from the early cost start that we talked about on the Q4 2023 earnings call.

是的。謝謝你，格雷格。是詹姆斯。正如我們所說，我們對 24% 的同比增長感到非常滿意。這好於預期，因為大訂單活動比我們在 2023 年第四季財報電話會議上談到的早期成本開始有所改善。

I think it really demonstrates our ability to execute. It remains an uncertain manufacturing environment. So as we look at our trends, as we look at Q2, as well as taking into account the risks and uncertainties and opportunities in this environment, we built that into the guidance range for Q2.

我認為這確實體現了我們的執行能力。它仍然是一個不確定的製造環境。因此，當我們審視趨勢時，當我們審視第二季度時，並考慮到這種環境中的風險、不確定性和機遇，我們將其納入第二季度的指導範圍。

Okay. And any color on what you saw in April versus maybe February, March, Q1 in general?

好的。整體而言，您在 4 月看到的情況與 2 月、3 月、第一季相比有何不同？

Yeah. No, we're not going to provide more color on monthly, Greg.

是的。不，我們不會在月刊上提供更多的顏色，格雷格。

Okay. All right, fair enough. All right, and best of luck.

好的。好吧，很公平。好吧，祝你好運。

Thank you.

謝謝。

Thank you. This now concludes the meeting. Thank you for joining, and have a pleasant day.

謝謝。會議現在結束。感謝您的加入，祝您有個愉快的一天。