Xometry Inc (XMTR) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to the Xometry Q2 2024 earnings call conference call. [Operator Instructions] Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持，歡迎參加 Xometry 2024 年第二季財報電話會議。[操作員說明] 請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Shawn Milne, VP of Investor Relations.

現在我想將會議交給今天的第一位發言者、投資者關係副總裁肖恩·米爾恩 (Shawn Milne)。

Good morning, and thank you for joining us on Xometry's Q2 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 second quarter and discuss our guidance for the third quarter and full year 2024.

早安，感謝您參加 Xometry 2024 年第二季財報電話會議。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，我們將回顧第二季的財務業績，並討論第三季和 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. These statements are subject to risks and uncertainties which could cause them to differ materially from 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 June 30, 2024. We caution you not to place undue reliance on forward-looking statements and undertakes no duty or obligation to update any forward-looking statements as a result of new information, future events or changes in our expectations.

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、未來財務業績、長期成長策略以及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。這些陳述存在風險和不確定性，可能導致其與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，包括截至 2024 年 6 月 30 日的季度的 10-Q 表格。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 U.S. 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，提出非公認會計原則財務指標。除了而不是替代或優於根據美國制定的財務績效衡量標準。公認會計準則。

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，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。

Good morning, everyone, and thank you for joining us for our Q2 2024 earnings call. Q2 was a strong quarter for Xometry across many fronts. Our AI powered marketplace delivered record revenue, record gross profit ,and record gross margins. Powered by AI, our on-demand custom manufacturing 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. We've made great progress in Q2 and are focused on driving further penetration in this massive market through our key growth initiatives.

大家早安，感謝您參加我們的 2024 年第二季財報電話會議。第二季對 Xometry 來說在許多方面都是強勁的季度。我們的人工智慧驅動的市場創造了創紀錄的收入、創紀錄的毛利和創紀錄的毛利率。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，我們的按需客製化製造市場繼續獲得重要的市場份額，以加強其全球供應鏈。我們在第二季度取得了巨大進展，並致力於透過我們的關鍵成長舉措進一步推動這一巨大市場的滲透。

As I spent time with customers around the globe, I see firsthand that we are increasingly becoming embedded across our customers' supply chains as our marketplace digitizes, inefficient and cumbersome processes while delivering value and reliability for buyers. Likewise, Xometry's platform enables suppliers to digitally monetize manufacturing capacity, improve profitability and access global demand at minimal costs.

當我與全球各地的客戶接觸時，我親眼目睹了隨著我們的市場數位化、低效且繁瑣的流程同時為買家提供價值和可靠性，我們越來越多地融入客戶的供應鏈。同樣，Xometry 的平台使供應商能夠以數位方式將製造能力貨幣化，提高獲利能力並以最低的成本滿足全球需求。

In Q2, many Fortune 500 customers dependent upon Xometry to help strengthen their supply chains as we surpassed the $500 million (sic - see press release,"$600 million") annual revenue run rate. One of the largest global technology companies expanded production programs into a new line of business and a top global medical device company embedded design, energy marketplace directly into their procurement programs.

在第二季度，許多財富 500 強客戶依賴 Xometry 來幫助加強他們的供應鏈，因為我們的年收入運行率超過了 5 億美元（原文如此 - 請參閱新聞稿，「6 億美元」）。全球最大的科技公司之一將生產計劃擴展到新的業務線，而一家全球頂級醫療器材公司將設計、能源市場直接嵌入其採購計劃。

We have a tremendous runway for growth by increasing our penetration rates across manufacturing processes and end markets in a highly fragmented industry. In Q2, we delivered accelerating growth with revenue increasing 19% year-over-year to a record $133 million, driven by our marketplace business. Q2 marketplace revenue grew 25% year over year and a robust 9% quarter over quarter. We saw strength across many end markets, including semiconductors, industrial equipment, consumer products, aerospace and defense.

透過提高高度分散的產業中製造流程和終端市場的滲透率，我們擁有龐大的成長空間。第二季度，在市場業務的推動下，我們實現了加速成長，營收年增 19%，達到創紀錄的 1.33 億美元。第二季市場營收年增 25%，季增 9%。我們看到了許多終端市場的實力，包括半導體、工業設備、消費品、航空航太和國防。

Q2 gross profit increased 21% year-over-year. Q2 marketplace gross profit increased 33% year over year and a strong 15% quarter-over-quarter, driven by our AI-powered marketplace, an increasing network of active suppliers. As we scale our data, our machine learning AI models get better pricing and matching, which in turn fuels gross profit dollar growth. The proof is in the results in the past three years, we expanded our marketplace gross margin from 23.5% to 33.5%, underscoring the power of our AI-driven model.

第二季毛利年增21%。在我們的人工智慧驅動的市場以及不斷增長的活躍供應商網路的推動下，第二季度市場毛利年增 33%，環比強勁增長 15%。隨著我們擴展數據，我們的機器學習人工智慧模型可以獲得更好的定價和匹配，這反過來又推動了毛利的成長。過去三年的結果就是證明，我們的市場毛利率從 23.5% 擴大到 33.5%，凸顯了我們人工智慧驅動模型的力量。

In Q2, we further invested in our marketplace technology, including key hires in machine learning and data science. We expect to expand marketplace gross margin and drive strong gross profit growth in the second half of 2024. Strong marketplace revenue and marketplace gross profit growth drove a 70% improvement in our adjusted EBITDA loss to a record low 2% of revenue. We delivered strong leverage in our US marketplace while making investments to drive international growth and scale in order to drive sustained market share gains, we're focused on these growth initiatives. First, expanding our network of active buyers and suppliers. In Q2, active buyers increased 27% year-over-year with net additions of over 3,000. We expect our active buyer growth to remain healthy as their millions of potential buyers and geometries. Brand awareness is growing but still low. We continue to increase the breadth and depth of our supplier network, which increased 36% in 2023.

在第二季度，我們進一步投資於我們的市場技術，包括機器學習和數據科學領域的關鍵人才。我們預計 2024 年下半年將擴大市場毛利率並推動毛利強勁成長。強勁的市場收入和市場毛利成長使我們調整後的 EBITDA 損失減少了 70%，達到收入的 2%，創歷史新低。我們在美國市場發揮了強大的影響力，同時進行投資以推動國際成長和規模，以推動持續的市場份額成長，我們專注於這些成長計劃。首先，擴大我們的活躍買家和供應商網路。第二季度，活躍買家年增 27%，淨增加超過 3,000 人。我們預計我們的活躍買家成長將與數百萬潛在買家和幾何形狀一樣保持健康。品牌知名度正在提高，但仍然較低。我們繼續擴大供應商網路的廣度和深度，到 2023 年增加了 36%。

In Q2, we expanded our supplier base in the United States and other markets such as India and Turkey. We're also growing our supplier reach in specific processes, including to cutting to bending and other tooling base processes to support anticipated areas of customer growth. For our suppliers we continue to enhance work center, the digital operating system for manufacture in Q2, we further digitize the recruitment and onboarding experience for suppliers directly through works.

第二季度，我們擴大了在美國以及印度和土耳其等其他市場的供應商基礎。我們還擴大了供應商在特定流程中的影響力，包括切割、彎曲和其他模具基礎流程，以支援客戶成長的預期領域。對於我們的供應商，我們在第二季度繼續增強工作中心，即製造的數位化操作系統，我們進一步直接透過工作將供應商的招聘和入職體驗數位化。

Second, expanding the marketplace menu. Our goal is to be the primary destination for our customers' manufacturing and supply chain needs to help accomplish that, we need to provide instant quoting for as many manufacturing processes and materials as possible. In Q2, we made progress doing just that, for example, in Europe, we added 10 new materials, including new steel and aluminum grades for CNC and expanded 3D printing, finishing options to expedite our development of new auto quarter processes within geometries a high-powered instant quoting engine. We are leveraging Google's Vertex AI alongside of proprietary data and algorithms. We are now beta testing new auto quote tube bending and tube cutting, which we expect to release later in Q3.

其次，擴大市場菜單。我們的目標是成為滿足客戶製造和供應鏈需求的主要目的地，為了幫助實現這一目標，我們需要為盡可能多的製造流程和材料提供即時報價。在第二季度，我們在這方面取得了進展，例如，在歐洲，我們添加了10 種新材料，包括用於CNC 的新鋼和鋁牌號以及擴展的3D 列印、精加工選項，以加快我們在幾何形狀內開發新的汽車季度流程。我們正在利用 Google 的 Vertex AI 以及專有數據和演算法。我們現在正在對新的自動報價管彎曲和管切割進行 Beta 測試，預計將在第三季稍後發布。

Third, driving deeper enterprise engagements. Some of our biggest customers are the largest companies in the world. In Q2, we made strong progress with our land-and-expand efforts at the number of marketplace accounts with last 12 months spend of at least $50,000 increased 24% year over year to 1,436. While our growth with these accounts has been strong over the years, there's a terrific opportunity to significantly accelerate geometries adoption by them to make that happen. We have a two-pronged approach.

第三，推動更深層的企業參與。我們的一些最大客戶是世界上最大的公司。第二季度，我們在土地和擴張方面取得了巨大進展，過去 12 個月支出至少 50,000 美元的市場帳戶數量同比增長 24% 至 1,436 個。雖然這些年來我們在這些客戶方面的成長一直很強勁，但現在有一個絕佳的機會來顯著加速他們對幾何形狀的採用，以實現這一目標。我們有一個雙管齊下的方法。

First, we're leading with our technology. In Q2, we launched an ERP integration with a large global medical device company, which reduces friction in the procurement process. Additionally, the feedback for team stays remains positive with rapid adoption, including over 3,300 teams and strong engagement on the platform. Team space moves -- the Xomerty marketplace from a focus on individual buyers and parts to procurement teams managing programs.

首先，我們的技術處於領先地位。第二季度，我們與一家大型全球醫療器材公司啟動了 ERP 集成，減少了採購流程中的摩擦。此外，團隊的回饋仍然積極，採用迅速，包括超過 3,300 個團隊和平台上的強烈參與。團隊空間發生了變化——Xomerty 市場從專注於個人買家和零件轉向了管理專案的採購團隊。

Second, we continue to invest in our enterprise sales efforts, increasing our bench strength, including the hiring of our new Chief Sales Officer, Subir Dutt in May. Subir brings significant experience leading high performing high gross sales teams that cater to large enterprise customers across nearly every sector.

其次，我們繼續投資於企業銷售工作，增強我們的後備力量，包括於 5 月聘請了新的首席銷售長 Subir Dutt。Subir 擁有豐富的經驗，領導高績效、高銷售額的銷售團隊，為幾乎所有行業的大型企業客戶提供服務。

Fourth, growing internationally. In Q2, international revenue increased 31% year over year, driven by strong growth in Europe, Xometry Asia, expanding to new English-speaking countries, including Australia, Singapore, and New Zealand.

第四，國際化發展。第二季度，在歐洲、Xometry Asia 強勁成長以及擴展到澳洲、新加坡和紐西蘭等新英語國家的推動下，國際營收年增 31%。

In China, Xometry launched enhanced customer service capabilities and its reach at mini app for buyers to quote order and track delivery. 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.

在中國，Xometry 推出了增強的客戶服務能力及其迷你應用程序，供買家報價訂單和追蹤交貨。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。

Our enterprise strategy is successful in Europe as well. In Q2, a UK-based aerospace equipment manufacturer chose Xometry for high-volume manufacturing. Xometry enable them to move away from in-house production by providing flexible scalable capacity ,to quickly produce certified parts significantly reducing lead times. This partnership simplifies their business processes and effectively make Xometry an extension of their procurement department.

我們的企業策略在歐洲也取得了成功。第二季度，一家英國航空航天設備製造商選擇 Xometry 進行大量生產。Xometry 使他們能夠透過提供靈活的可擴展產能來擺脫內部生產，快速生產經過認證的零件，從而顯著縮短交貨時間。這種合作關係簡化了他們的業務流程，並有效地使 Xometry 成為他們採購部門的延伸。

In Q2, international revenue accounted for 15% of total marketplace revenue. We believe international can reach the 30% to 40% level in the long term as with many other global online marketplaces.

第二季度，國際收入佔市場總收入的 15%。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 service solutions. In Q2, we continued to invest in important foundational work to modernize the Thomas advertising platform. We're focused on restoring Thomas' advertising growth, given the 85% plus gross margin and strong contribution margin opportunity of the platform. By improving the underlying platform technology, we will enhance the experience for both users and advertisers, providing opportunities for growth and engagement.

五是強化供應商服務解決方案。在第二季度，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 85% 以上的毛利率和強勁的邊際貢獻機會，我們專注於恢復 Thomas 的廣告成長。透過改進底層平台技術，我們將增強用戶和廣告商的體驗，提供成長和參與的機會。

One of our top goals is to drive increasing advertiser penetration on the platform, which is approximately 1% today out of the roughly 500,000 suppliers. Thomas platform continues to attract new logos and expand relationships with key customers. In Q2, Thomas signed a new partnership with the Italian trade agency Machines Italia to connect buyers to the North American subsidiaries of dozens of tire manufacturers.

我們的首要目標之一是提高廣告主在該平台上的滲透率，目前在約 50 萬家供應商中，廣告商的滲透率約為 1%。Thomas 平台不斷吸引新標誌並擴大與主要客戶的關係。第二季度，Thomas 與義大利貿易機構 Machines Italia 簽署了新的合作夥伴關係，將買家與數十家輪胎製造商的北美子公司聯繫起來。

Also, Thomas expanded its relationship with American crane, one of the largest manufacturers and distributors of cranes in the United States. I'm proud of the collective efforts of our global team. Our continued strong execution and growth demonstrates the significant strides we're making to digitize supply chains. The combination of our extensible technology platform, expanding data lake, and rapidly growing networks, of buyers and suppliers will continue to fuel strong growth and margin expansion.

此外，托馬斯還擴大了與美國最大的起重機製造商和分銷商之一美國起重機的關係。我為我們全球團隊的集體努力感到自豪。我們持續強勁的執行力和成長表明我們在供應鏈數位化方面取得了重大進展。我們可擴展的技術平台、不斷擴大的數據湖以及快速成長的買家和供應商網路的結合將繼續推動強勁的成長和利潤率的擴張。

I'll now turn the call over to James for a more detailed review of Q2 and our business outlook.

我現在將把電話轉給詹姆斯，以更詳細地回顧第二季和我們的業務前景。

Thanks, Randy, and good morning everyone.

謝謝蘭迪，大家早安。

As Randy mentioned, Q2 was a record quarter for Xometry across many fronts. Q2 revenue increased 19% year-over-year to $133 million driven by strong marketplace growth. Q2 marketplace revenue was $117 million and supplier services revenue was $15.3 million. Q2 marketplace revenue increased 25% year-over-year, driven by strong execution across our teams and growth initiatives. Q2 active buyers increased 27% year-over-year to 61,530, with a net addition of 3,026 active buyers. Q2 marketplace revenue per active buyer decreased 1% year-over-year and increased 4% quarter-over-quarter. The number of accounts with last 12 months spend of at least $50,000 on our platform increased 24% year-over-year to 1,436 with 55 net new accounts.

正如 Randy 所提到的，第二季 Xometry 在許多方面都創下了歷史記錄。在市場強勁成長的推動下，第二季營收年增 19% 至 1.33 億美元。第二季市場營收為 1.17 億美元，供應商服務收入為 1,530 萬美元。在我們團隊的強大執行力和成長計畫的推動下，第二季市場營收年增 25%。第二季活躍買家數量年增 27% 至 61,530 名，淨增 3,026 名活躍買家。第二季每個活躍買家的市場收入較去年同期下降 1%，較上季成長 4%。過去 12 個月在我們平台上支出至少 50,000 美元的帳戶數量年增 24%，達到 1,436 個，淨新帳戶數量為 55 個。

As we continue to deepen our relationships with our customers across many end markets, supplier services revenue declined 13% year-over-year in Q2, primarily driven by the discontinuation of the sale of tools and materials in the U.S. and wind down of non-core services.

隨著我們繼續深化與許多終端市場客戶的關係，第二季供應商服務收入年減 13%，這主要是由於美國停止銷售工具和材料以及非銷售業務的減少所致。

As Randy mentioned, we are modernizing the Thomas advertising platform, including investments to improve user and advertiser engagement. The number of active paying suppliers for Q2 2024 was 6,992 on a trailing 12-month basis, a decrease of 7% year-over-year. Q2 gross profit was $52.9 million, an increase of 21% year-over-year with gross margin of 39.9%. Q2 gross margin for marketplace was a record 33.5%, up 180 basis points year-over-year. Q2 marketplace gross margin is a clear validation of our machine learning AI-powered economic model, which optimizes pricing with more data and improves matching with an expanding supplier network.

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，包括投資提高用戶和廣告商的參與度。2024 年第二季的活躍付費供應商數量過去 12 個月為 6,992 家，年減 7%。第二季毛利為 5,290 萬美元，年增 21%，毛利率為 39.9%。第二季市場毛利率達到創紀錄的 33.5%，較去年同期成長 180 個基點。第二季市場毛利率明確驗證了我們的機器學習人工智慧經濟模型，該模型利用更多數據優化定價，並改善與不斷擴大的供應商網路的匹配。

Q2 marketplace gross profit dollars increased 33% year-over-year. We are focused on driving marketplace gross profit dollar growth through the combination of top line growth and gross margin expansion. Q2 gross margin for supplier services was a record 88.9%, driven by our increasing focus on the higher gross margin Thomas marketing and advertising services.

第二季市場毛利年增 33%。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。由於我們越來越關注毛利率較高的托馬斯行銷和廣告服務，第二季供應商服務毛利率達到創紀錄的 88.9%。

Moving on to Q2 operating costs. Q2 total non-GAAP operating expenses increased 6% year-over-year to $55.7 million, well below revenue growth. As I said last quarter, we are applying stronger discipline and rigor to our capital and resource allocation across teams. In Q2 2024 this resulted in non-GAAP operating expenses remaining flat quarter-over-quarter, driving strong leverage across sales and marketing, operations, and product development.

接下來是第二季的營運成本。第二季非 GAAP 營運支出總額年增 6% 至 5,570 萬美元，遠低於營收成長。正如我上季度所說，我們正在對跨團隊的資本和資源分配採取更嚴格的紀律和嚴格性。2024 年第二季度，這導致非 GAAP 營運費用環比持平，推動了銷售和行銷、營運和產品開發的強勁槓桿作用。

Marketplace advertising spend increased 9% year-over-year, or 6.9% of marketplace revenue, down 100 basis points year-over-year, as we continue to closely monitor advertising spend and efficiency. Q2 adjusted EBITDA loss was $2.6 million, or 2% of revenue, compared with 7.8% of revenue in Q2 2023. Q2 adjusted EBITDA loss improved $6 million year-over-year, or 70%, driven by growth in revenue and gross profit.

隨著我們繼續密切監控廣告支出和效率，市場廣告支出年增 9%，佔市場收入的 6.9%，年減 100 個基點。第二季調整後 EBITDA 損失為 260 萬美元，佔營收的 2%，而 2023 年第二季則佔營收的 7.8%。在營收和毛利成長的推動下，第二季調整後 EBITDA 損失年減 600 萬美元，即 70%。

At the end of the second quarter, cash and cash equivalents and marketable securities were $241 million. Q2 was a clear demonstration of the ability for Xometry's AI-powered marketplace to deliver strong gross margin expansion and gross profit growth.

第二季末，現金和現金等價物以及有價證券為 2.41 億美元。 Q2清楚證明了 Xometry 人工智慧驅動的市場實現強勁毛利率擴張和毛利成長的能力。

We remain focused on operating expense discipline while investing in our growth initiatives. In prior years, we delivered 20% plus incremental adjusted EBITDA margin year-over-year, driven by our efforts. In the first half of 2024, we delivered 25% year-over-year incremental adjusted EBITDA margin. We expect to reach adjusted EBITDA profitability at the $600 million revenue run rate.

我們在投資我們的成長計劃的同時，仍然專注於營運費用紀律。前幾年，在我們努力的推動下，我們的調整後 EBITDA 利潤率年增了 20% 以上。2024 年上半年，我們的調整後 EBITDA 利潤率年增 25%。我們預計調整後的 EBITDA 獲利能力將達到 6 億美元的營收營運率。

As we scale above that level towards $1 billion-plus, we expect continued 20% plus incremental adjusted EBITDA leverage. We have a large market opportunity ahead and low penetration rates across many end markets such as aerospace and processes, including CNC. We will continue to balance investing in the future with driving operating leverage in the model.

當我們將規模擴大到 10 億美元以上時，我們預計調整後的 EBITDA 槓桿將繼續增加 20% 以上。我們面臨著巨大的市場機遇，但在許多終端市場（例如航空航太和加工（包括 CNC））的滲透率較低。我們將繼續在未來投資與提高模型營運槓桿之間取得平衡。

Now moving on to guidance, we are reaffirming our fiscal 2024 revenue outlook and continue to expect marketplace growth of at least 20%. Marketplace growth for the first six months of 2024 has been stronger than expected, increasing close to 25% year-over-year, driven by healthy underlying metrics and excellent execution by our team.

現在轉向指導，我們重申 2024 財年收入前景，並繼續預期市場將成長至少 20%。在健康的基礎指標和我們團隊出色的執行力的推動下，2024 年前六個月的市場成長強於預期，較去年同期成長近 25%。

While the underlying metrics continue to be strong, we remain mindful of the uncertain macro. We expect marketplace gross profit to grow faster than marketplace revenue and we expect to drive improving operating leverage year-over-year through 2024, as we execute on our strong roadmap of growth initiatives.

儘管基本指標持續強勁，但我們仍對不確定的宏觀經濟保持警惕。我們預期市場毛利的成長速度將快於市場收入的成長速度，並且隨著我們執行強而有力的成長計畫路線圖，我們預計到 2024 年將逐年推動營運槓桿的提高。

For the third quarter, we expect revenue in the range of $136 million to $138 million, representing year-over-year growth of 14% to 16%. We expect Q3 marketplace growth to be approximately 18% to 20% year-over-year. We expect Q3 supplier services to be down approximately 5% to 10% year-over-year due to the wind-down of non-core services.

對於第三季度，我們預計營收在 1.36 億美元至 1.38 億美元之間，年增 14% 至 16%。我們預計第三季市場將年增約 18% 至 20%。由於非核心服務的逐步減少，我們預計第三季供應商服務將年減約 5% 至 10%。

In Q3, we expect adjusted EBITDA loss to be in the range of $1.5 million to $3.5 million, improving from a loss of $4.2 million in Q3 of 2023. In Q3, we expect stock-based compensation expense, including related payroll taxes, to be approximately $8 million or 6% of revenue.

我們預計第三季調整後 EBITDA 損失將在 150 萬美元至 350 萬美元之間，較 2023 年第三季的 420 萬美元損失有所改善。在第三季度，我們預計以股票為基礎的薪資支出（包括相關薪資稅）約為 800 萬美元，佔收入的 6%。

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]

【操作說明】

Brian Drab with William Blair.

布萊恩·德拉布和威廉·布萊爾。

Hi. Good morning. Thanks for taking my questions and congratulations on a solid result in a tough environment. I just wanted to ask first, I think a question that's going to be on a lot of people's minds is what are you seeing here in the first five weeks of the third quarter? You just put up 25% growth in the first half of the year. James just mentioned is stronger than expected. But if you're going to hit 20% for the full year, I guess, you said at least 20%. It seems to imply maybe a little bit of a slowdown in growth year-over-year for the second half. So what are you seeing so far in the third quarter?

你好。早安.感謝您回答我的問題，並祝賀您在艱難的環境中取得了紮實的成果。我只是想先問，我認為很多人會想到的一個問題是，您在第三季的前五週看到了什麼？你們剛預測上半年成長 25%。詹姆斯剛才提到的比預想的還要強。但如果你要全年達到 20%，我想，你說至少 20%。這似乎意味著下半年的成長比可能會略有放緩。那麼到目前為止，您在第三季看到了什麼？

Yes. Hi, Brian, this is Randy, and thank you. And I just want to reiterate, we're seeing strong metrics across the business, continue to be strong. We're not signaling that we think there is going to be a slowdown in the second half of the year, but we're sticking to the guidance that we provided through the beginning of the year, which is marketplace growth of at least 20%, and supplier services down 10% year-over-year. So we're just being consistent, but the underlying metrics continue to be strong.

是的。嗨，布萊恩，我是蘭迪，謝謝你。我只想重申，我們看到整個業務的強勁指標，並且繼續強勁。我們並沒有表示我們認為下半年會放緩，但我們會堅持年初提供的指導，即市場增長至少 20% ，供應商服務同比下降 10%。因此，我們只是保持一致，但基本指標仍然強勁。

Yes, Brian, hi, it's Shawn. Just remember, Brian, in the fourth quarter, the year-of-year comparison goes from 22% last year in Q3 to 42%. Just keep in mind that the comp in Q4. And the second thing that James said in his prepared remarks is we expect very strong gross profit dollar growth in the second half. We saw a real step up in our gross margin in Q2 for marketplace, and that's important when you think about your models in the second half of the year.

是的，布萊恩，嗨，我是肖恩。Brian，請記住，在第四季度，年成長率從去年第三季的 22% 上升到 42%。請記住第四季的比較。詹姆斯在準備好的演講中說的第二​​件事是，我們預計下半年毛利美元成長將非常強勁。我們看到第二季市場毛利率有了真正的提升，當你考慮下半年的模型時，這一點很重要。

Yeah, definitely see the tough Company mp coming in the fourth quarter. So I appreciate that. And I guess I'll just ask one more question for now on what are you expecting after such a solid gross margin result in the marketplace? What are you expecting for gross margin in the marketplace in the third quarter and going forward in general?

是的，肯定會在第四季看到強硬的公司議員。所以我很欣賞這一點。我想我現在只想再問一個問題，在市場上獲得如此穩定的毛利率之後，您有何期望？您對第三季市場毛利率以及未來的整體毛利率有何預期？

Yes, Brian, it's James. Thanks for the question. So we're really pleased with the performance of the gross margin, as we said on the call, this really validates the AI-driven model. The increasing data we're seeing on the platform, the ability for us to connect -- match best with the best and optimal supplier, optimizing pricing, hitting 33.5% in Q2, that's up 180 basis points year over year. That's really helping drive this gross profit improvement.

是的，布萊恩，是詹姆斯。謝謝你的提問。因此，我們對毛利率的表現非常滿意，正如我們在電話中所說，這確實驗證了人工智慧驅動的模型。我們在平台上看到的數據不斷增加，我們能夠與最好、最優的供應商進行最佳匹配，優化定價，第二季度達到 33.5%，同比增長 180 個基點。這確實有助於推動毛利的提高。

We still think we can target towards 35% by the end of the year. We'll -- we believe that with the increasing growth of the marketplace, the data, the suppliers, you know that we've got all the components that continue that drive. Really excited about that. I think it's a really important part of the value proposition of the marketplace in Xometry as we go through the rest of this year. Perfect. Okay. Thank you very much.

我們仍然認為我們可以在今年年底前實現 35% 的目標。我們相信，隨著市場、數據、供應商的不斷成長，我們已經擁有了繼續這項驅動力的所有組件。對此真的很興奮。我認為，在今年剩下的時間裡，這是 Xometry 市場價值主張的一個非常重要的部分。完美的。好的。非常感謝。

Nick Jones with Citizens' JMP.

尼克瓊斯 (Nick Jones) 與公民 JMP。

Great. Thanks for taking the questions. I have two. The first one on kind of marketplace revenue per active buyer, sequentially it improved. Can you speak to or put a fine reply on kind of active buyer purchasing behavior, are they looking for kind of longer delivery times? Looking for steeper discounts through your kind of portal? Is there any color there would be really helpful just to kind of understand how they're behaving?

偉大的。感謝您提出問題。我有兩個。第一個是關於每個活躍買家的市場收入，隨後它有所改善。您能否與活躍的買家購買行為進行交談或給出一個很好的答复，他們是否正在尋求更長的交貨時間？正在透過您的入口網站尋找更大幅度的折扣？有沒有任何顏色對於理解它們的行為方式確實有幫助？

And then the second question is really on sales and marketing, you're driving nice leverage there in terms of kind of maybe absolute dollars. I guess, how flexible are you planning to be with the sales and marketing spend through the rest of the year? Thank you..

第二個問題其實是關於銷售和行銷的，你在這方面發揮了很好的槓桿作用，也許是絕對美元。我想，您計劃在今年剩餘時間內對銷售和行銷支出保持多大的靈活性？謝謝..

Thanks, Nick. So this is James. Okay, thanks for the question. Really pleased again with the performance in the quarter. Active buyers up net add of over 3,000, active buyers growing 27% year-over-year. And a lot of our growth initiatives are supporting both buyer growth with continuing to expand the network, bringing more market menu options, increasing growth in enterprise as well as they can grow revenue per buyer. We grew accounts with more than $50,000 up 24% year-over-year. So that was a nice add in the quarter. And I think those enterprise and marketplace menu efforts are all there to help us continue to drive both of these metrics going forward.

謝謝，尼克。這就是詹姆斯。好的，謝謝你的提問。再次對本季的表現感到非常滿意。活躍買家淨增超過 3,000 名，活躍買家較去年同期成長 27%。我們的許多成長計劃都是透過繼續擴大網路來支持買家的成長，帶來更多的市場菜單選擇，促進企業的成長以及增加每個買家的收入。我們的帳戶數量超過 50,000 美元，年增 24%。所以這是本季的一個不錯的補充。我認為這些企業和市場菜單的努力都有助於我們繼續推動這兩個指標向前發展。

Yeah, I'm just going to add also again we're seeing very strong underlying metrics. Customers are obviously -- buyers are leaning into Xometry and we're taking market share. And just to double down what James said, we can see that not only in the absolute number of buyers but also as you think about these larger accounts, the enterprise accounts, these bigger 50,000 plus more and more of them are coming to us as Xometry is a terrific option for them in this -- in the broader market.

是的，我想再次補充一下，我們看到了非常強大的基礎指標。顯然，客戶正在傾向於 Xometry，而我們正在搶佔市場份額。為了強調James 所說的，我們不僅可以看到買家的絕對數量，還可以看到這些更大的客戶、企業客戶，這些更大的50,000 個客戶以及越來越多的客戶以Xometry 的身份來到我們這裡在更廣闊的市場中，這對他們來說是一個絕佳的選擇。

Yes, it's Shawn, just on the advertising side we continue to certainly monitor that closely and balance that against our growth initiatives. We talked about on the call, we saw a real good leverage there, year-over-year was -- advertising as a percent of marketplace revenue was 6.9%, in Q2 down 100 basis points year-over-year, while we drove 25% marketplace growth. So feeling good about our marketing efforts.

是的，是肖恩，只是在廣告方面，我們肯定會繼續密切監控，並將其與我們的成長計劃相平衡。我們在電話中談到，我們看到了真正良好的槓桿作用，與去年同期相比，廣告佔市場收入的百分比為 6.9%，第二季度同比下降了 100 個基點，而我們推動了 25 個基點市場增長百分比。對我們的行銷工作感覺良好。

Ron Josey with Citi.

花旗銀行的羅恩喬西。

Hi, thanks for taking the question. Randy, you talked about new auto-quote categories, overall the benefits and expanding internationally. I wanted to understand a little bit more as instant quoting expands, just how has this capability improved conversion rates? Wondering how it's changed sort of the go-to-market approach overall. And we've mentioned a few times over the past year, just the use of Vertex to accelerate development here. We'd love to understand a little bit more how Vertex is helping to expand or accelerate this instant quoting capability.

您好，感謝您提出問題。蘭迪，您談到了新的自動報價類別、整體優勢以及國際擴張。隨著即時報價的擴展，我想了解更多一點，這種功能是如何提高轉換率的？想知道它是如何改變整體上市方式的。在過去的一年裡，我們已經多次提到，這裡只是使用 Vertex 來加速開發。我們很想進一步了解 Vertex 如何幫助擴展或加速這種即時報價功能。

And then second question is for James. You mentioned or reiterated the goal to end 4Q with the 35%, I think, marketplace gross profit margin. Just wanted to understand a little bit more on the drivers there. Is that basically the results of land and expand coming out there and working more complex products on the platform international? Any specific products or factors to call out that drives continued gross margin expansion here? Thank you.

第二個問題是問詹姆斯的。您提到或重申了第四季末市場毛利率達到 35% 的目標。只是想更多地了解那裡的驅動程式。這基本上是土地和擴張的結果，並在國際平台上運行更複雜的產品嗎？有什麼具體產品或因素可以推動毛利率持續成長嗎？謝謝。

Thanks for the question. This is Randy. So, the benefits of more and more that we can auto-quote are sort of mirrored. First of all, it reduces friction within the buyer experience. And we know not just in the case of manufacturing, but across all markets, the more and more you can reduce friction, and make it easier for a customer, the more they're going to lean in and buy from you, frankly.

謝謝你的提問。這是蘭迪。因此，我們可以自動引用的越來越多的好處在某種程度上是鏡像的。首先，它減少了買家體驗中的摩擦。我們知道，不僅在製造業，而且在所有市場上，坦白說，你越能減少摩擦，讓客戶更容易，他們就越會向你傾斜並從你那裡購買。

And the same thing is true as you digitize it. Again, our customers are used to more and more of their lives being digitized. It's logical for them for that to happen in manufacturing. So, the more that it can be digitized, that's also very powerful. And then we become more and more that one-stop shop for that customer. So, many of our buyers, when you think about a company, particularly larger companies, they're buying across multiple categories of manufacturing technologies.

當你將其數位化時，同樣的情況也是如此。同樣，我們的客戶已經習慣了他們的生活越來越多地被數位化。對他們來說，在製造業中發生這種情況是合乎邏輯的。所以，它的數位化程度越高，它的功能就越強大。然後我們越來越成為該客戶的一站式商店。因此，我們的許多買家，當你想到一家公司，特別是大公司時，他們會購買多個類別的製造技術。

The more that we can be that one-stop shop and they can lean into us from everything, from machining to two, 3D printing all those things under one roof, the more likely they are to stay with us and put more and more of their share of wallet. And again, it's talked about, sort of strong underlying metrics in our market, taking market share. And part of that is, because we're just making it easier-and-easier for the buyers to come to us.

我們越能提供一站式服務，他們就越能在一切事情上依靠我們，從機械加工到二次、3D 列印，所有這些東西都集中在一個屋簷下，他們就越有可能留在我們身邊，並投入越來越多的精力。再次，人們談到了我們市場中強有力的基本指標，即佔據市場份額。部分原因是，我們只是讓買家更容易找到我們。

The Google Vertex AI relationship has been terrific, because they're giving us AI techniques that they've got that are helping us release these models faster. And that will be key. We're looking at increasing the pace of the new auto-quote technologies that we add to our marketplace and Google's techniques. And they're really good at this, that that team are helping us make that happen. And as I said, you'll start seeing that this quarter and in quarters to follow.

Google Vertex AI 的關係非常好，因為他們為我們提供了他們擁有的 AI 技術，可以幫助我們更快地發布這些模型。這將是關鍵。我們正在考慮加快我們添加到市場和 Google 技術中的新自動報價技術的步伐。他們非常擅長這一點，該團隊正在幫助我們實現這一目標。正如我所說，您將在本季度和接下來的幾個季度開始看到這一點。

And hi, Ryan, it's James. So, on the gross margin and gross profit growth, just to reiterate on the progress to-date, records 33.5% in the quarter, up 180 basis points year-over-year. And that's driving gross profit growth 33% on the marketplace outpacing the 25% on revenue. So, as we said before, and we outlined also in our best of deck, AI is the main driver of gross margin expansion over time.

嗨，瑞安，我是詹姆斯。因此，就毛利率和毛利成長而言，重申迄今為止的進展，該季度錄得 33.5%，年增 180 個基點。這推動市場毛利成長 33%，超過營收成長 25%。因此，正如我們之前所說，並且我們也在我們的最佳方案中概述了人工智慧是隨著時間的推移毛利率擴張的主要驅動力。

So what's really going on there with more data, with the expanding supply network and the improvements on our own machine learning and AI price prediction, which has continued to optimize, and as we grow and lead as a leading marketplace and we're getting more and more data, it's enabling the system - to be able to really optimize between the supplier cost side, and the pricing and the buyer side.

那麼，隨著更多的數據、不斷擴大的供應網絡以及我們自己的機器學習和人工智能價格預測的改進，到底發生了什麼，這些都在不斷優化，隨著我們作為領先市場的成長和領先，我們得到了更多和更多數據，它使系統能夠真正在供應商成本方、定價方和買方之間進行最佳化。

So our system really balances that buyer and supplier pricing and conversion rates over time, driving overall gross profit dollar growth. So adding new processes to the menu, adding new options is really helpful. Those are things that over the long-term continue to just grow, again, the data and the supplier network that we have, and help us continue on what we've done over the last few years and expand.

因此，我們的系統隨著時間的推移真正平衡了買方和供應商的定價和轉換率，從而推動了整體毛利的成長。因此，為選單添加新流程、新增選項確實很有幫助。從長遠來看，我們擁有的數據和供應商網路將繼續成長，並幫助我們繼續過去幾年所做的事情並擴展。

As Randy said on the call, and expanding the margin already 10 points. It's not always going to be exactly a linear trend. It will depend on what's going on supply and demand in the market as well. But from the progress we've seen so far this year and over multiple years, I think we feel confident we'll continue to be on a track towards this 35% goal.

正如蘭迪在電話會議上所說，已經擴大了10個百分點的優勢。它並不總是完全是線性趨勢。這也將取決於市場的供需情況。但從我們今年迄今為止以及多年來所取得的進展來看，我認為我們有信心繼續朝著 35% 的目標前進。

Cory Carpenter with JPMorgan.

摩根大通的科里·卡彭特。

Hi, this is Dannyon for Cory. Thanks for the questions. For the first, it looks like international growth decelerated a bit in 2Q. Can you maybe parse out the different trends you're seeing from international customers versus trends in the U.S.? And then for the second question, I believe you called out semiconductors as a strong end market in 2Q. Can you maybe expand on what you're seeing here, and kind of whether this is being driven by broader demand for AI adoption? Thanks.

大家好，我是科里的丹尼恩。感謝您的提問。首先，第二季國際成長似乎略有放緩。您能否分析一下您從國際客戶和美國客戶看到的不同趨勢？對於第二個問題，我相信您將半導體稱為第二季的強勁終端市場。您能否詳細介紹一下您在這裡看到的內容，以及這是否是由更廣泛的人工智慧採用需求所驅動的？謝謝。

Thanks, this is James. On the international, really pleased with the performance there. I think we look at Q-on-Q, continuing to see really good additions to that growth through the first half of the year. We did have a very strong comp a year ago. That business nearly doubled in growth a year ago. So, we're really pleased with the performance that we're seeing there and continue to see that as a big driver and a big opportunity to become a bigger part of our business as we move forward.

謝謝，這是詹姆斯。在國際比賽中，我對那裡的表現非常滿意。我認為我們從環比來看，今年上半年繼續看到了非常好的成長。一年前我們確實有一個非常強大的競爭。一年前，該業務的成長幾乎翻了一番。因此，我們對在那裡看到的表現感到非常滿意，並繼續將其視為一個重要的推動力和一個在我們前進的過程中成為我們業務的更大組成部分的巨大機會。

Yeah, and to be clear, I mean, the trends in international are very strong. As James said, it's really just a comp issue. It's nothing more than that. And we're very pleased with what's going on internationally and continue to see huge opportunity to continue to grow that market aggressively. On the semiconductor side, we're definitely benefiting from a lot of different trends, whether it's the trend in AI.

是的，需要明確的是，我的意思是，國際趨勢非常強勁。正如詹姆斯所說，這實際上只是一個補償問題。僅此而已。我們對國際上正在發生的事情感到非常滿意，並繼續看到繼續積極發展該市場的巨大機會。在半導體方面，我們肯定受益於許多不同的趨勢，無論是人工智慧的趨勢。

You've got domestic investments that are being happening as well here in the United States. So it's a multiple - or multitude of factors that are driving that. And that's become a nice sector for us.

美國也正在進行國內投資。因此，這是由多種或多種因素推動的。這對我們來說已經成為一個很好的領域。

Matt Swanson with RBC.

加拿大皇家銀行的馬特·斯旺森。

Yeah, thank you for taking my question and congratulations on the quarter. Maybe building on some of the comments about market share gains and people leaning into telemetry, it was great to hear the traction in Teamspace. I think you said up to 3,300 teams. Maybe you could just give us a little bit more color on kind of the customer feedback as it's starting to get more broadly adopted, and anything you're noticing from kind of the usage trends with it?

是的，感謝您提出我的問題並祝賀本季。也許基於一些關於市場佔有率成長和人們傾向於遙測的評論，很高興聽到 Teamspace 的吸引力。我想你說的是最多 3,300 個團隊。也許你可以給我們更多關於客戶回饋的信息，因為它開始得到更廣泛的採用，以及你從它的使用趨勢中註意到了什麼？

Yeah, this is largely a technology story. And the more that we can reduce that friction for the customer, the more that we can make it, when you think about teams of buyers together building projects or products, or entire programs, things like communication between them, being able to share documentation, being able to integrate within the ERP system, that the purchasing system of the customer.

是的，這很大程度上是一個技術故事。當您考慮買家團隊一起建立專案或產品或整個程式時，我們為客戶減少的摩擦越多，我們就越能做到這一點，例如他們之間的溝通，能夠共享文檔，能夠整合到ERP 系統（即客戶的採購系統）中。

The ability to reorder more parts from that program, because the programs will - go over periods of time and need to be able to reorder parts periodically. All those different factors, the more that we can make those seamless, the more that we can digitize those, and make it intuitive to the customer, the more that they're going to continue to lean into telemetry.

能夠從該程序中重新訂購更多零件，因為程序會經過一段時間並且需要能夠定期重新訂購零件。所有這些不同的因素，我們越能無縫地實現這些，我們就越能將它們數位化，並使其對客戶來說更加直觀，他們就越會繼續傾向於遙測。

And particularly when you think about our B2B audience, reliability and convenience are key factors. And with our digital and extensible platform, that's very attractive to them. And we're constantly adding. I talked about in my script, we're making investments on the machine learning side and on the data science side. And just overall, in our technology team to continue to make it easier for our customers.

特別是當您考慮我們的 B2B 受眾時，可靠性和便利性是關鍵因素。憑藉我們的數位化和可擴展平台，這對他們非常有吸引力。我們還在不斷添加。我在腳本中談到，我們正在機器學習方面和數據科學方面進行投資。總的來說，我們的技術團隊將繼續為我們的客戶提供更輕鬆的服務。

That's super helpful. And that was really nice to hear the resiliency, in what feels like an uneven macro environment. I was just curious, if we do see headwinds, are there any tailwinds that come from that? And the idea that either you see more supplier interest because demand is harder to come by or just the ROI of the platform making it more attractive to buyers. Do you see any offsets, or is it change your go-to-market motion at all?

這非常有幫助。在感覺不平衡的宏觀環境中聽到這種彈性真是太好了。我只是很好奇，如果我們確實看到逆風，是否會帶來任何順風？這種想法是，要么你會看到更多供應商的興趣，因為需求更難獲得，要么只是平台的投資回報率使其對買家更具​​吸引力。您是否看到任何抵消，或者它是否根本改變了您的上市行動？

Yes, it's Shawn. I mean, it's a good point. I mean, clearly we're becoming more important for both our buyers and suppliers. And we've said before, we spend very little on supplier acquisition and certainly this environment, they're leaning in more with Xometry. And the more we can offer them with our work center software, we can help them improve their operations.

是的，是肖恩。我的意思是，這是一個好點。我的意思是，顯然我們對買家和供應商來說都變得越來越重要。我們之前說過，我們在供應商收購上花費很少，當然在這種環境下，他們更傾向於 Xometry。我們為他們提供的工作中心軟體越多，我們就能幫助他們改善營運。

And really again, as Randy said on the call, it's important to understand we're allowing these suppliers to monetize their capacity digitally. This is something that's not been done before. So we've got more suppliers coming to us and expanding the network.

正如蘭迪在電話中所說，重要的是要了解我們允許這些供應商以數位方式將其產能貨幣化。這是以前沒有做過的事。因此，我們有更多的供應商來找我們並擴大網路。

Yeah, Matt, this is James. Just to add to that, I think yes the key offering that Xometry provides to both buyers and suppliers is this flexible, resilient supply chain solution. So for buyers being able to instantly access multiple solutions, cut the platform to be able to take away a lot of complexity. And then on supplier side, accessing in effect global demand at minimal cost, and being able to utilize their assets can optimize their profitability as well.

是的，馬特，這是詹姆斯。除此之外，我認為 Xometry 為買家和供應商提供的關鍵產品就是這種靈活、有彈性的供應鏈解決方案。因此，對於能夠立即存取多種解決方案的買家來說，削減平台能夠消除許多複雜性。然後在供應商方面，以最低的成本實際獲得全球需求，並能夠利用其資產也可以優化其獲利能力。

So I think, and this is a broader point on, I think whatever the macro trends and even as things go through the rest of this year and even with political changes as well, I think that our platform and the flexibility and resiliency that we have, it makes us well suited to support our buyers and our suppliers through that.

所以我認為，這是一個更廣泛的觀點，我認為無論宏觀趨勢如何，即使今年剩餘時間的情況如何，甚至政治變化也是如此，我認為我們的平台以及我們擁有的靈活性和彈性，這使我們非常適合透過這種方式支持我們的買家和供應商。

Yeah, and just to add one more thing for buyers, the transparency of our pricing and the ability for them to see in real time as they change quantities, materials, processes. If a buyer is looking to optimize, get the best deal and find that most efficient way to do that, our technology enables them to make that happen.

是的，只是為買家添加一件事，我們定價的透明度以及他們能夠即時查看數量、材料、流程的變化。如果買家希望優化、獲得最好的交易並找到最有效的方式來實現這一目標，我們的技術可以幫助他們實現這一目標。

And again, just going back to that user experience and transparency, reducing the friction, making it easy for them to make choices and see what those choices cost. That's very powerful. And the more uneasy the environment, the more customers want that transparency.

再說一遍，回到使用者體驗和透明度，減少摩擦，讓他們輕鬆做出選擇並了解這些選擇的成本。那是非常強大的。環境越不穩定，客戶就越需要透明度。

Greg Palm with Craig Hallum.

格雷格·帕爾姆和克雷格·哈勒姆。

Yeah, thanks. Good morning, everybody. Just thinking back to Q2, just putting a finer point on outperformance. Can you just give us a little bit of sense on where you saw the most outperformance relative to maybe the initial guide? And then just in terms of kind of what you're seeing more broadly out there, I mean, it's very clear manufacturing trends are slowing here, but it doesn't sound like you're sort of seeing it. So can you maybe just give us a little bit of sense on, again, kind of why or how you're taking more shift, I guess, now in this kind of environment?

是的，謝謝。大家早安。回想一下第二季度，只是對優異的表現提出了更好的觀點。您能否向我們介紹一下，相對於最初的指南，您在哪些方面看到了最出色的表現？然後，就您所看到的更廣泛的情況而言，我的意思是，很明顯這裡的製造業趨勢正在放緩，但聽起來您並沒有看到這一點。那麼，您能否再給我們一點說明，我想，在這種環境下，您為何或如何採取更多輪班？

Hi Greg. Thanks for the question. It's James, I'll kick it off and then you can add. I think overall, we see some strong evidence that we're executing really well across all of our end markets and all of our processes, as well as controlling expenses in a disciplined way. So despite the uneven and uncertain macro environment, our focus on our growth initiatives and on executing on those, I didn't ask what's coming through here.

嗨格雷格。謝謝你的提問。我是詹姆斯，我先開始，然後你可以補充。我認為總體而言，我們看到了一些強有力的證據，表明我們在所有終端市場和所有流程中執行得非常好，並且以嚴格的方式控制費用。因此，儘管宏觀環境不平衡且不確定，但我們專注於成長計劃並執行這些計劃，我沒有問這裡會發生什麼。

And then the gross profit performance coming in 33% that was a real strong highlight for the quarter. I think we were really pleased with how we were able to execute on that, the models and delivering that gross margin. That was probably part of the, an important driver of our relative outperformance when it came to adjusted EBITDA as well.

然後，毛利表現達到 33%，這是該季度真正的亮點。我認為我們對我們能夠如何執行模型並實現毛利率感到非常滿意。這也可能是我們調整後 EBITDA 表現相對優異的一個重要驅動因素。

Yeah, and just to add, I mean, they said before the metrics, underlying metrics remain strong. We feel good about where the second half of the year as well. A lot of this, as we think about gaining market share, a lot of it is better technology and just making it easier for all the different segments of the markets or for the buyers, whether it's team space, more auto-quote processes, the ability to link into their ERP systems, all those things just make it very compelling for a buyer.

是的，補充一點，我的意思是，他們在指標之前說過，基本指標仍然強勁。我們對下半年的情況也感覺良好。當我們考慮獲得市場份額時，其中許多都是更好的技術，只是讓市場的所有不同部分或買家更容易，無論是團隊空間、更多的自動報價流程、能夠連結到他們的ERP 系統，所有這些都讓它對買家來說非常有吸引力。

And then on the supplier side, work center, we continue to invest in work center. That's the system, the manufacturing execution system that we give to our suppliers to manage work from Xometry is their own work. We're continuing to develop that and reduce friction for them. So it makes them, the more that they can move quicker, more efficiently, the more profitable it is for our suppliers.

然後在供應商方面，工作中心，我們繼續投資工作中心。這就是系統，我們為供應商提供的用於管理 Xometry 工作的製造執行系統是他們自己的工作。我們正在繼續開發這一點並減少他們的摩擦。因此，他們越能更快、更有效率地行動，我們的供應商就能獲得更多利潤。

So not only are our buyers always wanting to do better, but our suppliers are too and our technology plus our matching algorithms that optimize, which employer makes which parts, you pair that together with work center and our continuous improvement in those, that's very appealing.

因此，不僅我們的買家總是希望做得更好，我們的供應商也是如此，我們的技術加上我們優化的匹配演算法，哪個雇主生產哪些零件，您將其與工作中心配對，以及我們在這些方面的不斷改進，這是非常有吸引力的。

Yes, okay. Makes sense. And then just on the EBITDA guide for Q3, so essentially the same level of EBITDA as Q2, higher level of revenue. It's obviously, it implies something a lot less than that 20% incremental margin, James, so just give us a little bit of color kind of what's backed in or what's assumed in the EBITDA guide for Q3 versus what you saw in Q2?

是的，好的。有道理。然後是第三季的 EBITDA 指南，因此 EBITDA 水平與第二季度基本相同，收入水平更高。很明顯，這意味著比20% 的增量利潤要少得多，詹姆斯，所以請給我們一些顏色，例如第三季EBITDA 指南中支持的內容或假設的內容與您在第二季度看到的情況相比？

Thanks Greg. So again, really pleased with the performance we drove in the second quarter. We saw a 70% increase improvement in the adjusted EBITDA loss, where 2% of revenue there on the loss. As we've talked about and framed, the path here is profitability beyond the $600 million run rate. And what Randy and I are working on with the team is to make sure that we're investing the right amount.

謝謝格雷格。再說一遍，我們對第二季的表現非常滿意。我們看到調整後 EBITDA 損失改善了 70%，其中損失佔收入的 2%。正如我們所討論和建構的，這裡的路徑是獲利能力超過 6 億美元的運行率。蘭迪和我正在與團隊合作，確保我們的投資金額正確。

We're being disciplined on how we're executing across our OpEx space, and we're optimizing to the great growth opportunity that there is ahead as we scale. So, we were able to execute really well in the second quarter as we look to the second half of the year and getting to that $600 million run rate.

我們在營運支出領域的執行方式受到嚴格約束，隨著我們的規模擴大，我們正在針對未來的巨大成長機會進行最佳化。因此，當我們展望下半年並達到 6 億美元的運行率時，我們在第二季度的執行情況非常好。

We're really just making sure that we've got those, we're putting our investments in place and allocating our capital in the most efficient way, they drive to that end result of getting, surpassing break-even and getting into profitability as we pass $600 million. And I think overall that fits within the 20% EBITDA incremental path.

我們實際上只是確保我們已經實現了這些，我們將投資到位並以最有效的方式分配我們的資本，他們推動實現最終結果，超越收支平衡並實現盈利我們超過了 6 億美元。我認為總體而言，這符合 20% EBITDA 增量路徑。

This does conclude our question-and-answer session and the program for today. Thank you for your participation in today's conference. You may now disconnect and have a great day.

我們的問答環節和今天的計畫到此結束。感謝您參加今天的會議。您現在可以斷開連接並度過美好的一天。