Xometry Inc (XMTR) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the Xometry Q3 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Xometry 2024 年第三季財報電話會議。 （操作員指示）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 Q3 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 third quarter and discuss our guidance for the fourth quarter and full year 2024.

早安.感謝您參加 Xometry 2024 年第三季財報電話會議。與我一起的還有我們的執行長 Randy Altschuler 和財務長詹姆斯·米爾恩 (James Miln)。在今天的電話會議中，我們將回顧第三季的財務業績，並討論第四季和 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.

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、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。這些陳述存在風險和不確定性，可能導致它們與實際結果有重大差異。

Information concerning those risks is available in our earnings press release distributed before the market opened today and our filings with the US Securities and Exchange Commission, including our Form 10-Q for the quarter ended September 30, 2024.

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 9 月 30 日的季度的 10-Q 表格。

We caution you to not 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. We'd also like to point out on today's call, we will report GAAP and non-GAAP results.

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。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。

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.

我們在內部使用這些非公認會計準則財務指標來製定財務和營運決策，並作為評估期間與期間比較的手段。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. With that, I'd like to turn the call over to Randy.

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。有了這個，我想把電話轉給蘭迪。

Thanks Shawn. Good morning, everyone and thank you for joining our Q3 2024 earnings call. Q3 was a strong quarter for Xometry across many fronts. Our AI powered marketplace delivered record revenue, record gross profit and record marketplace gross margin. And in Q4, we expect to be slightly adjusted even not profitable, which is another important milestone in our mission to digitize the multitrillion dollar global custom manufacturing industry.

謝謝肖恩。大家早安，感謝您參加我們的 2024 年第三季財報電話會議。第三季對 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市場毛利率。在第四季度，我們預計會略有調整，甚至不盈利，這是我們實現數萬億美元全球客製化製造業數位化使命的另一個重要里程碑。

We expect strong secular growth and continued operating leverage as we scale the $1 billion and beyond driven by our key growth initiatives.

我們預計，在關鍵成長計畫的推動下，我們的規模將達到 10 億美元甚至更多，從而實現強勁的長期成長和持續的營運槓桿。

Powered by AI, Our manufacturing marketplace continues to gain significant market share globally as buyers and suppliers realize the value convenience and resiliency of our platform. Xometry is increasingly embedded in our customer supply chains, digitizing inefficient and cumbersome processes and delivering value and reliability for buyers.

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，我們的製造市場繼續在全球獲得重要的市場份額。 Xometry 越來越多地融入我們的客戶供應鏈，將低效且繁瑣的流程數位化，並為買家提供價值和可靠性。

We've made great progress in Q3 and are focused on driving further penetration in this massive market. In Q3, we expanded within strategic accounts, deepening our relationships across their buyer base. For example, one of the largest global technology companies is leveraging the Xometry marketplace as a source for 3D printing, machining and assembly for their consumer technology products. This move reduces the burden and risk of maintaining their broader supplier network.

我們在第三季取得了巨大進展，並致力於進一步推動這個龐大市場的滲透。在第三季度，我們在策略客戶範圍內進行了擴張，加深了我們與他們的買家群的關係。例如，全球最大的科技公司之一正在利用 Xometry 市場作為其消費性科技產品的 3D 列印、加工和組裝來源。此舉減輕了維護更廣泛的供應商網路的負擔和風險。

Similarly, suppliers use Xometry's platform to digitally monetize their manufacturing capacity, improve their profitability and access global demand at minimal cost. In Q3, active suppliers surpassed 4,200 growing nearly threefold since the beginning of 2021.

同樣，供應商使用 Xometry 的平台以數位方式將其製造能力貨幣化，提高獲利能力並以最低成本獲取全球需求。第三季度，活躍供應商超過 4,200 家，自 2021 年初以來成長了近三倍。

Our network spans all 50 states and three continents, enabling our marketplace to react quickly to changing customer demands. Our supplier network is a key differentiator and further expands our competitive mode, providing buyers with resilient supply chain solutions and geographic flexibility. Our network has a broad range of expanding capabilities including CNC, injection molding, sheet [metal], urethane casting, added manufacturing and the recently released tube bending and cutting.

我們的網路遍佈三大洲的所有 50 個州，使我們的市場能夠快速回應不斷變化的客戶需求。我們的供應商網路是一個關鍵的差異化因素，並進一步擴大了我們的競爭模式，為買家提供有彈性的供應鏈解決方案和地理靈活性。我們的網路擁有廣泛的擴展能力，包括數控、注塑、板材[金屬]、聚氨酯鑄造、附加製造以及最近發布的彎管和切割。

In Q3, we delivered strong growth with revenue increasing 19% year over year to a record $142 million driven by our marketplace business. Q3 marketplace revenue grew 24% year over year in a robust 8% quarter over quarter, we saw strength across many end markets including engineering, aerospace consumer and robotics.

第三季度，在市場業務的推動下，我們實現了強勁成長，營收年增 19%，達到創紀錄的 1.42 億美元。第三季市場營收年增 24%，季增 8%，我們看到了包括工程、航太消費者和機器人在內的許多終端市場的實力。

Q3 gross profit increased 21% year over year to a record $55.8 million. Q3 marketplace gross profit increased 34% year over year driven by our AI powered marketplace and increasing network of active suppliers. As we scale our data, our machine learning AI model gets better at pricing and matching which in turn fuels gross profit dollar growth. Q3 marketplace gross margin expanded 250 basis points year over year to a record 33.6%.

第三季毛利年增 21%，達到創紀錄的 5,580 萬美元。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，第三季市場毛利年增 34%。隨著我們擴展數據，我們的機器學習人工智慧模型在定價和匹配方面變得更好，這反過來又推動了毛利的成長。第三季市場毛利率年增 250 個基點，達到創紀錄的 33.6%。

In the past three years, we expanded our marketplace growth margin from 23.5% to 33.6% underscoring the power of our AI driven model. Strong marketplace revenue and marketplace gross profit growth drove an 85% improvement in our adjusted EBITDA loss to a record low of approximately $600,000. We delivered strong leverage in our US marketplace while making investments to drive international growth and scale.

在過去三年中，我們的市場成長率從 23.5% 擴大到 33.6%，凸顯了我們人工智慧驅動模式的力量。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 85%，達到約 60 萬美元的歷史新低。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。

In order to drive sustained market share gains, we are focused on these growth initiatives. First, expanding our network of active buyers and suppliers. In Q3, active buyers increased 24% year over year with net additions of over 3,300. We expect our active buyer growth to remain healthy as there are millions of potential buyers and Xometry's brand awareness is growing but still low.

為了推動持續的市場佔有率成長，我們專注於這些成長舉措。首先，擴大我們的活躍買家和供應商網路。第三季度，活躍買家年增 24%，淨增加超過 3,300 人。我們預計我們的活躍買家成長將保持健康，因為有數百萬潛在買家，而 Xometry 的品牌知名度正在成長，但仍然較低。

We continue to increase the breadth and depth of our supplier network which as I mentioned earlier reached over 4,200 in Q3. In Q3, we extended our supplier base in the US with a focus on adding new suppliers with key quality certifications to serve the production needs of our larger customers. We're also growing our supplier reach in new instant quoting categories including tube cutting, tube bending and other tooling-based processes to support anticipated areas of growth.

我們繼續擴大供應商網路的廣度和深度，正如我之前提到的，第三季供應商網路數量已超過 4,200 家。第三季度，我們擴大了在美國的供應商基礎，重點是增加具有關鍵品質認證的新供應商，以滿足更大客戶的生產需求。我們還擴大了供應商在新的即時報價類別中的影響力，包括管材切割、管材彎曲和其他基於工具的工藝，以支援預期的成長領域。

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 Q3, we made progress doing just that, driven by our continued investments in next Gen AI and our partnership with Google Verdicts.

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工藝和材料提供即時報價。在我們對下一代人工智慧的持續投資以及與 Google Verdicts 的合作的推動下，我們在第三季度在這方面取得了進展。

We launched laser tube cutting and two bending, instant quoting, which is a differentiator for these large processes. We are seeing early customer interest for these processes including production orders from a strategic aerospace customer.

我們推出了雷射管材切割和兩次彎曲、即時報價，這是這些大型工藝的差異化優勢。我們看到早期客戶對這些工藝感興趣，包括來自戰略航空航太客戶的生產訂單。

Third, driving deeper enterprise engagement. Some of our biggest customers are the largest companies in the world. In Q3, we made strong progress with our land and expand efforts. As the number of marketplace accounts with the last 12 month spend of at least $50,000 increased 23% year over year to 1,506.

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。第三季度，我們的土地取得了強勁進展，並加強了力度。過去 12 個月支出至少 50,000 美元的市場帳戶數量年增 23%，達到 1,506 個。

While our growth with 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 of technology and enterprise solutions. Technology features include Xometry's team space and integrating directly into our customers' ERPs.

雖然我們這些客戶的成長多年來一直強勁，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，我們採取了技術和企業解決方案雙管齊下的方法。技術特點包括 Xometry 的團隊空間以及直接整合到客戶的 ERP 中。

Fourth, growing international. In Q3, international revenue grew 55% year over year driven by strong growth in Europe. It is now approaching $100 million annual run rate. Currently, 19% of total marketplace revenue, we believe international can represent 30% to 40% of marketplace revenue consistent with many other global online marketplaces.

第四，國際化發展。第三季度，在歐洲強勁成長的推動下，國際營收年增 55%。目前年運行率已接近 1 億美元。目前，國際市場佔市場總收入的 19%，我們相信國際市場可以佔市場收入的 30% 到 40%，與許多其他全球線上市場一致。

Xometry, EU expanded its marketplace with the addition of a suite of collaboration tools. These tools enable engineers, procurement professionals and project managers to collaborate and manage higher volume complex orders. In Q3, a French design and manufacturing company specializing in unmanned vehicles and robotics, leveraged Xometry's manufacturing solutions to strengthen their supply chain and reduce operating costs by streamlining procurement.

Xometry, EU 透過增加一套協作工具擴大了其市場。這些工具使工程師、採購專業人員和專案經理能夠協作和管理大量的複雜訂單。第三季度，一家專門從事無人駕駛車輛和機器人技術的法國設計和製造公司利用 Xometry 的製造解決方案來加強其供應鏈，並透過簡化採購來降低營運成本。

Xometry, Asia continues to expand including the recent launch of an English site in APAC. This is already bearing fruit with a small consumer product company in Australia choosing Xometry's marketplace to move from prototype to production for an entire assembly including CNC and 3D processes. This production order is our first seven figure order in APAC and will deliver over a number of quarters.

Xometry，亞洲持續擴張，包括最近在亞太地區推出英文網站。這已經取得了成果，澳洲的一家小型消費品公司選擇 Xometry 的市場，將整個組裝（包括 CNC 和 3D 製程）從原型轉向生產。該生產訂單是我們在亞太地區的第一個七位數訂單，將在多個季度內交付。

Through Xometry, EU, Xometry, UK and Xometry, Asia, we've leveraged Xometry's core technology to provide localized marketplaces in 16 different languages with networks of suppliers across Europe and Asia, as well as North America.

透過 Xometry（歐盟）、Xometry（英國）和 Xometry（亞洲），我們利用 Xometry 的核心技術，透過歐洲、亞洲以及北美的供應商網絡，提供 16 種不同語言的在地化市場。

Fifth, enhancing supplier services solutions. In Q3, we continue to invest in important foundational work to modernize the Thomas Advertising platform. We are focused on restoring Thomas advertising growth given the 85% plus growth margin and strong contribution margin opportunity.

五是強化供應商服務解決方案。在第三季度，我們繼續投資於重要的基礎工作，以實現托馬斯廣告平台的現代化。鑑於 85% 以上的成長率和強勁的邊際貢獻機會，我們致力於恢復 Thomas 廣告的成長。

By improving the underlying platform technology, we will enhance the experience for both users and advertisers providing opportunities for growth and engagement. 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 listed on Thomas.

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。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 Thomas 列出的約 50 萬家供應商中，比例約為 1%。

In Q3, we enhance self serve advertising capabilities on the Thomas platform. With these enhanced tools, businesses of all sizes can leverage the platform to instantly define and enable custom campaigns to reach targeted audiences.

第三季度，我們增強了 Thomas 平台上的自助廣告功能。借助這些增強的工具，各種規模的企業都可以利用該平台立即定義並啟用自訂行銷活動，以覆蓋目標受眾。

Modernizing Thomas's technology will enable us to grow its profitable advertising services and further realize synergies between our supplier services and marketplace businesses. These include but are not limited to our efforts to be the one stop destination for our customers' custom manufacturing needs and leveraging the Thomas supplier network to aid in expanding our marketplace menu.

托馬斯的技術現代化將使我們能夠發展其盈利的廣告服務，並進一步實現我們的供應商服務和市場業務之間的協同效應。這些包括但不限於我們努力成為滿足客戶客製化製造需求的一站式目的地，並利用托馬斯供應商網路來幫助擴大我們的市場菜單。

For example, we jump started the launch of tube cutting and tube bending processes with many Thomas suppliers. Driven by our growth initiatives, we expect to deliver marketplace growth in the range of 22% to 23% for the full year 2024, ahead of our prior outlook of at least 20%. We believe these initiatives can drive at least 20% marketplace growth in 2025 given the large fragmented market opportunity and secular shift to the digital.

例如，我們與許多 Thomas 供應商一起開始推出管材切割和管材彎曲製程。在我們的成長計畫的推動下，我們預計 2024 年全年市場成長率將在 22% 至 23% 之間，高於我們之前至少 20% 的預期。考慮到巨大的分散市場機會和數位化的長期轉變，我們相信這些措施可以在 2025 年推動至少 20% 的市場成長。

In addition, we expect overall revenue growth in 2025 to exceed that of 2024. 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. Our momentum demonstrates the trust buyers and suppliers place in Xometry.

此外，我們預計 2025 年的整體營收成長將超過 2024 年。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。我們的勢頭體現了買家和供應商對 Xometry 的信任。

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. Our competitive mode is expanding each day.

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。我們的競爭模式每天都在擴大。

I'll now turn the call over to James for a more detailed review of Q3 and our business outlook.

我現在將把電話轉給詹姆斯，以更詳細地回顧第三季和我們的業務前景。

Thanks, Randy and good morning everyone. As Randy mentioned, Q3 was a record quarter for Xometry across many fronts. Q3 revenue increased 19% year-over-year to $142 million, driven by strong marketplace growth. Q3 marketplace revenue was $127 million and supplier services revenue was $14.7 million. Q3 marketplace revenue increased 24% year-over-year driven by strong execution growth with larger accounts and accelerated international growth as we continue to capture significant market share.

謝謝蘭迪，大家早安。正如 Randy 所提到的，第三季 Xometry 在許多方面都創下了紀錄。在市場強勁成長的推動下，第三季營收年增 19% 至 1.42 億美元。第三季市場營收為 1.27 億美元，供應商服務收入為 1,470 萬美元。第三季市場營收年增 24%，這得益於我們持續佔據重要市場份額，帳戶規模擴大、國際業務加速成長，執行力強勁成長。

Q3 active buyers increased 24% year-over-year to 64,851 with a net addition of 3,321 active buyers, our highest net additions this year. Q3 marketplace revenue per active buyer was flat year-over-year and grew 3% quarter-over-quarter as our larger accounts increase their spend with us. The number of accounts with last 12-month spend of at least $50,000 on our platform increased 23% year-over-year to 1,506 with 70 net new accounts, our highest net new accounts this year.

第三季活躍買家數量年增 24%，達到 64,851 名，淨增 3,321 名活躍買家，這是我們今年淨增數量最高的。第三季每個活躍買家的市場收入與去年同期持平，但隨著我們的大客戶增加在我們這裡的支出，比去年同期成長了 3%。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 23%，達到 1,506 個，淨新帳戶數為 70 個，這是我們今年最高的淨新帳戶數。

We continue to grow wallet share with accounts across many end markets. Supplier services revenue declined 10% year-over-year in Q3 primarily driven by the wind down of non-core services and to a lesser extent Thomas advertising and marketing services. As Randy mentioned, we are focused on improving engagement on the platform, which remains a leader in industrial sourcing, supplier selection and digital marketing solutions.

我們繼續增加許多終端市場帳戶的錢包份額。第三季供應商服務收入年減 10%，主要是由於非核心服務的減少以及湯瑪斯廣告和行銷服務的減少所致。正如蘭迪所提到的，我們專注於提高平台的參與度，該平台在工業採購、供應商選擇和數位行銷解決方案方面仍然處於領先地位。

The number of active paying suppliers in our supplier services segment was 6,762 for Q3 on a trailing 12-month basis, a decrease of 9% year-over-year.

第三季度，我們的供應商服務部門的活躍付費供應商數量為 6,762 家（過去 12 個月），年減 9%。

Q3 gross profit was $55.8 million, an increase of 21% year-over-year with gross margin of 39.4%. Q3 gross margin for marketplace was a record 33.6%, up 250 basis points year-over-year. Q3 marketplace gross margin expansion underscores the success of our machine learning AI powered economic model which optimizes pricing with more data and improves matching with an expanding supplier network. Q3 marketplace gross profit dollars increased 34% year-over-year.

第三季毛利為 5,580 萬美元，年增 21%，毛利率為 39.4%。第三季市場毛利率達到創紀錄的 33.6%，年增 250 個基點。第三季市場毛利率的擴張凸顯了我們的機器學習人工智慧經濟模型的成功，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。第三季市場毛利年增 34%。

We are focused on driving marketplace gross profit dollar growth through the combination of top line growth and gross margin expansion. Q3 gross margin for supplier services was a record 89.6% driven by our increasing focus on the higher gross margin Thomas advertising and marketing services.

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廣告和行銷服務，第三季供應商服務的毛利率達到創紀錄的 89.6%。

Moving on to Q3 operating costs. Q3 total non-GAAP operating expenses increased 12% year-over-year to $56.6 million, well below revenue growth. We are applying strong discipline and rigor to our capital and resource allocation across teams.

接下來是第三季的營運成本。第三季非 GAAP 營運支出總額年增 12% 至 5,660 萬美元，遠低於營收成長。我們對跨團隊的資本和資源分配採取嚴格的紀律和嚴格的要求。

In Q3 2024 this resulted in non-GAAP operating expenses growing less than 2% quarter-over-quarter, driving strong leverage across sales and marketing and other operating expenses. Marketplace advertising spend increased 9% year-over-year and was 6.3% of marketplace revenue, which is down 80 basis points year-over-year as we balance growth and profitability.

2024 年第三季度，這導致非 GAAP 營運費用較上季成長不到 2%，推動了銷售和行銷以及其他營運費用的強勁槓桿作用。市場廣告支出年增 9%，佔市場收入的 6.3%，但隨著我們平衡成長和獲利能力，這一比例年減 80 個基點。

Q3 adjusted EBITDA loss was $0.6 million or 0.4% of revenue compared with the loss of $4.2 million or 3.5% of revenue in Q3 2023. Q3 adjusted EBITDA loss improved 85% year-over-year driven by growth in revenue, gross profit and operating efficiencies.

第三季調整後的EBITDA 損失為60 萬美元，佔營收的0.4%，而2023 年第三季的損失為420 萬美元，佔營收的3.5%。第三季調整後的EBITDA 損失年比改善了85%效率。

At the end of the third quarter, cash and cash equivalents and marketable securities were $234 million. We are focused on improving working capital efficiency and free cash flow conversion given our asset light model and limited capital spending.

第三季末，現金和現金等價物以及有價證券為2.34億美元。鑑於我們的輕資產模式和有限的資本支出，我們專注於提高營運資金效率和自由現金流轉換。

Q3 demonstrates the ability of our AI powered marketplace to deliver strong gross margin expansion and gross profit growth. We remain focused on our operating expense discipline while investing in our growth initiatives. In prior years we delivered 20% plus incremental adjusted EBITDA margin year-over-year.

第三季展示了我們的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。我們在投資於成長計畫的同時，仍然專注於我們的營運費用紀律。前幾年，我們的調整後 EBITDA 利潤率年增了 20% 以上。

In the first nine months of 2024 we have delivered 23% year-over-year incremental adjusted EBITDA margin. As we scale towards $1 billion of revenue, we expect continued 20% plus incremental adjusted EBITDA leverage. Given our large market opportunity and low penetration rates, we will continue to balance investing in the future with driving operating leverage.

2024 年前 9 個月，我們的調整後 EBITDA 利潤率年增 23%。隨著我們的營收規模擴大到 10 億美元，我們預計調整後的 EBITDA 槓桿率將繼續保持 20% 以上的增量。鑑於我們巨大的市場機會和較低的滲透率，我們將繼續在未來投資與提高營運槓桿之間取得平衡。

Now moving on to guidance. For the fourth quarter, we expect revenue in the range of $145 million to $147 million. We expect Q4 marketplace growth to be approximately 16% to 18% year-over-year. As a reminder, Q4 2023 was a strong marketplace growth comparison up 42% year-over-year.

現在繼續指導。我們預計第四季的營收將在 1.45 億美元至 1.47 億美元之間。我們預計第四季市場將年增約 16% 至 18%。提醒一下，2023 年第四季的市場成長強勁，年增 42%。

We expect Q4 marketplace gross profit to grow faster than marketplace revenue. We expect Q4 supplier services to be down approximately 10% year-over-year. In Q4 we expect to be slightly adjusted EBITDA profitable while continuing to invest in our growth initiatives, improving from a loss of $2.9 million in Q4 of 2023. We're tracking slightly ahead of our previous target of reaching adjusted EBITDA profitability at an approximate $600 million revenue run rate.

我們預期第四季市場毛利潤的成長速度將快於市場收入的成長速度。我們預計第四季供應商服務將年減約 10%。我們預計第四季度將實現小幅調整後的EBITDA 盈利，同時繼續投資於我們的增長計劃，較2023 年第四季度290 萬美元的虧損有所改善。 EBITDA 獲利能力達到約600 美元萬元營收營運率。

In Q4, we expect stock based compensation expenses, including related payroll taxes to be approximately $7 million to $8 million or approximately 5% of revenue. For the full year 2024, we expect to deliver marketplace growth in the range of 22% to 23% ahead of our prior outlook of at least 20%. As Randy mentioned, we believe that our growth initiatives can continue to drive at least 20% marketplace growth in 2025 given the large fragmented market opportunity, initiatives to expand wallet share with strategic accounts and further international expansion.

在第四季度，我們預計以股票為基礎的薪資支出（包括相關薪資稅）約為 700 萬至 800 萬美元，約佔收入的 5%。對於 2024 年全年，我們預計市場成長率將在 22% 至 23% 之間，高於我們之前至少 20% 的預期。正如蘭迪所提到的，我們相信，鑑於巨大的分散市場機會、透過策略客戶擴大錢包份額的舉措以及進一步的國際擴張，我們的成長舉措可以在 2025 年繼續推動至少 20% 的市場成長。

We expect marketplace gross profit to grow faster than revenue. In addition, we expect overall revenue growth in 2025 to exceed that in 2024. Lastly, we expect to be adjusted EBITDA positive for the full year 2025.

我們預期市場毛利的成長速度將快於收入的成長速度。此外，我們預計 2025 年整體營收成長將超過 2024 年。

Finally, I'd like to thank our Xometry colleagues worldwide. Their dedication to our buyers and suppliers is helping us digitize manufacturing and strengthen supply chains around the world.

最後，我要感謝我們世界各地的 Xometry 同事。他們對我們的買家和供應商的奉獻正在幫助我們實現製造數位化並加強世界各地的供應鏈。

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

那位接線生可以請您撥打電話詢問問題嗎？

(Operator Instructions)

（操作員說明）

Nick Jones, Citizens' JMP Securities.

Nick Jones，公民 JMP 證券。

Great. Thanks for taking the questions. I guess first, can you speak more to or elaborate more on one of the key inputs to driving growth higher in 2025 versus 2024? Is it expectations around spend per buyer growth in buyers? Any kind of additional clarity would be helpful? And then I have a follow up. Thanks.

偉大的。感謝您提出問題。我想首先，您能否多談或詳細闡述推動 2025 年與 2024 年相比成長更高的關鍵投入之一？是對買家的每位買家支出成長的預期嗎？任何額外的清晰度會有幫助嗎？然後我有一個後續行動。謝謝。

Nick, its James. Thanks for the question. We're really pleased with seeing the performance that we're delivering this year in 2024 with marketplace growth now projected at 22% to 23%. As we look at that performance this year, it's really driven by great execution across the team, across all of our initiatives: growing the buyer and supplier network, continuing to develop the marketplace menu, making progress in international and enterprise.

尼克，是詹姆斯。謝謝你的提問。我們非常高興看到 2024 年我們今年所取得的業績，目前預計市場成長率為 22% 至 23%。當我們審視今年的業績時，它實際上是由整個團隊以及我們所有舉措的出色執行力推動的：擴大買家和供應商網絡，繼續開發市場菜單，在國際和企業方面取得進展。

So as we look towards 2025, we see those same themes playing a role in being able to drive at least 20% growth in the year ahead. And I think that those initiatives can help us grow both buyers and revenue per buyer.

因此，當我們展望 2025 年時，我們看到這些相同的主題在能夠推動未來一年至少 20% 的成長方面發揮作用。我認為這些措施可以幫助我們增加買家和每位買家的收入。

Yes. And Nick, this is Randy. Just too also emphasize, we've been making these investments in these key initiatives for a while now. So we're seeing them pay out the dividends increasing from them and so we expect that to continue in 2025 and as we said, result in overall higher revenue growth in the year based on the investments we've been making, including in the supplier services as we're modernizing that the Thomas advertising platform.

是的。尼克，這是蘭迪。也要強調的是，我們對這些關鍵措施進行投資已經有一段時間了。因此，我們看到他們支付的股息不斷增加，因此我們預計這種情況將在2025 年持續下去，正如我們所說，根據我們一直在進行的投資（包括對供應商的投資），今年整體收入將實現更高的成長我們正在對 Thomas 廣告平台進行現代化改造。

Great. Thanks Randy. And I guess that's a leads into the follow up question I had around supplier services. So it sounds like next year we should expect to see that maybe flip to growth more meaningfully. That kind of indicate maybe some of the investments are going to start getting rolled out on self serve advertising and things like that? Any color kind of, I guess on specific supplier services would be helpful. Thanks.

偉大的。謝謝蘭迪。我想這引出了我圍繞供應商服務提出的後續問題。因此，聽起來明年我們應該會看到經濟轉向成長更有意義。這表明也許一些投資將開始在自助廣告和類似的事情上推出？任何顏色種類，我想對特定供應商服務都會有幫助。謝謝。

Hi Nick. Yes, it's James again. So we're working well on supplier services of improving the foundations of the Thomas advertising marketing model there. I think as you see for Q4, we still have that projected to decline year-over-year in Q4, but really looking to stabilize that and flatten that out on a Q-over-Q basis as we move into 2025. And the initiatives that the team are driving here is really about getting that very highly profitable business at a gross margin level back into quarter-over-quarter growth as 2025 plays out.

嗨尼克。是的，又是詹姆斯。因此，我們在供應商服務方面做得很好，以改善托馬斯廣告行銷模式的基礎。我認為，正如您對第四季度所看到的那樣，我們預計第四季度的銷售額仍將同比下降，但我們確實希望在進入2025 年時能夠穩定這一趨勢，並在環比基礎上趨於平緩。

Great. Thanks Randy. Thanks James.

偉大的。謝謝蘭迪。謝謝詹姆斯。

Ron Josey, Citibank.

羅恩喬西，花旗銀行。

Great, thanks for taking the question. I have two please. Randy, really quickly, just on given the benefits of expanding the marketplace menu, I wanted to understand how maybe instant quoting, now that it's available more often in more places. How has that driven just improved conversion rates overall now that you have active suppliers in all 50 states, continents, et cetera? That's point number one.

太好了，感謝您提出問題。我有兩個，請。蘭迪，很快，考慮到擴大市場菜單的好處，我想了解即時報價如何，現在它在更多地方更頻繁地提供。既然您在所有 50 個州、大洲等都有活躍的供應商，那麼這如何推動整體轉換率的提高呢？這是第一點。

And then James, on gross margins specifically, I think in the past we talked about exiting 4Q of this year, getting to around that 35%-ish mark. Wanted to hear sort of your thoughts there and overall gross margins for the marketplace business going forward? Thank you.

然後詹姆斯，具體來說毛利率，我認為過去我們討論過今年第四季的退出，達到 35% 左右的水平。想聽聽您的想法以及市場業務未來的整體毛利率嗎？謝謝。

Ron thanks so much. Yes. Just as we're expanding the menu of what we can instantly quote, that's helping us accomplish a couple of things. One is, you talked about conversion rates. We had for 2024 our highest number of net new ads this quarter with over 3,300. So as we're getting more and more buyers, this is helpful, attracting those and converting those as they're coming to our platform.

羅恩非常感謝。是的。正如我們正在擴展我們可以立即引用的內容的菜單一樣，這正在幫助我們完成一些事情。一是，您談到了轉換率。本季我們的 2024 年淨新廣告數量達到了 3,300 多個。因此，隨著我們的買家越來越多，這很有幫助，可以吸引這些買家，並在他們來到我們的平台時進行轉換。

And then the second thing is as we're not only attracting new buyers, improving conversion, we're also going deeper as we expand our processes into existing customers. So you saw really nice pickup in the number of accounts with more than – with more than $50,000.

第二件事是，我們不僅吸引新買家，提高轉換率，而且隨著我們將流程擴展到現有客戶，我們也會更深入。因此，您會發現帳戶金額超過 50,000 美元的帳戶數量大幅增加。

And that was of annual spend, an LTM basis. In Q3 we added 70 again, that's the highest for this year. So two high marks for this year in both net ads overall and then accounts more than $50,000. And certainly expanding the menu is helping to contribute to those trends.

這是按 LTM 計算的年度支出。第三季我們再次增加了 70 個，這是今年最高的。因此，今年的兩個淨廣告總得分都達到了 50,000 美元以上。當然，擴大菜單有助於推動這些趨勢。

And Ron, James on the gross margin question. So AI is the main driver of our gross margin expansion. That's based on continual improvements in our AI price prediction accuracy, the machine learning as we have more quotes, more transactions, more data and expanding the supplier network.

羅恩、詹姆斯談到了毛利率問題。所以人工智慧是我們毛利率擴張的主要驅動力。這是基於我們的人工智慧價格預測準確性和機器學習的不斷改進，因為我們有更多的報價、更多的交易、更多的數據以及擴大供應商網路。

We passed an important milestone getting the supply network over 4,200 that Randy mentioned in the prepared remarks here. That was 3,500 at the end of 2023. So the combination of those things really helps drive the economic model here.

我們實現了一個重要的里程碑，供應網絡超過 4,200 個，蘭迪在此處準備好的演講中提到了這一點。到 2023 年底，這一數字為 3,500。

And so we're super pleased with the Q3 performance margin was a record 33.6%, that's up 250 basis points year-over-year, so really making great strides. It was relatively flat, up 10 basis points quarter-over-quarter. And as we said before, this won't always be linear each quarter, but we believe that the work we're doing, the more data the supply network drives us.

因此，我們對第三季的業績利潤率達到創紀錄的 33.6% 感到非常滿意，與去年同期相比成長了 250 個基點，確實取得了巨大進步。相對持平，季增 10 個基點。正如我們之前所說，每個季度這並不總是線性的，但我們相信，我們正在做的工作，供應網路驅動我們的數據越多。

And as we look towards the end of the year here, we still have a target of approaching that 35% level as we exit the year. As we look to the long term, we still believe that 35% to 40% is the right range here to think about for the long-term marketplace margin.

當我們展望今年年底時，我們的目標仍然是在年底時接近 35% 的水平。著眼於長期，我們仍然認為 35% 到 40% 是考慮長期市場利潤的正確範圍。

That's great. Thanks Randy. Thanks, James.

那太棒了。謝謝蘭迪。謝謝，詹姆斯。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning. Thanks for taking my questions. Can you just talk a little bit more about the international business? And I'm curious, is – do you have visibility toward when that business can reach profitability given it looks like you're going to be, I guess if the overall business is slightly profitable in the fourth quarter, the US business is going to be quite profitable? And I'm just wondering on the timing and visibility you have for that international business getting to that scale?

早安.感謝您回答我的問題。能多談談國際業務嗎？我很好奇，您是否知道該業務何時能夠實現盈利，因為看起來您將會實現盈利，我想如果整體業務在第四季度略有盈利，那麼美國業務是會非常有利可圖嗎？我只是想知道您的國際業務達到這種規模的時機和知名度？

Hey, Brian. I'll kick it off and then maybe Randy can add on some of the longer term initiatives here on international. I think really pleased with the growth in the quarter up 55%, accelerating from Q2. The team are executing very well.

嘿，布萊恩。我將開始它，然後也許蘭迪可以在國際上添加一些長期舉措。我認為對本季成長 55%（較第二季加快）感到非常滿意。團隊執行得非常好。

We continue to roll out improvements to the products as we've talked about in the prepared remarks, as well as continue to expand our footprint of languages. It was nice to see some good highlights there in terms of big deals, good production deals with-in France and with AsiaPac that we talked about on the call.

正如我們在準備好的評論中所討論的那樣，我們將繼續對產品進行改進，並繼續擴大我們的語言覆蓋範圍。很高興看到我們在電話會議上談到的與法國和亞太地區的大交易、良好生產交易方面的一些亮點。

We're still early in international so, I think that it's an area of investment for us and I think it will – I think that's a – we're seeing a great return there and I think we'll continue to be smart about the investments we're doing in sales and marketing to drive that as well as in operations and product development. And I think it will be an important part of our growth and profitability over the next few years.

我們在國際化方面還處於早期階段，所以我認為這對我們來說是一個投資領域，我認為它會——我認為這是——我們在那裡看到了巨大的回報，我認為我們將繼續明智地對待我們在銷售和行銷以及營運和產品開發方面進行的投資以推動這一目標。我認為這將是我們未來幾年成長和獲利的重要組成部分。

Yes, Brian, this is Randy. Just to add to what James just said, a couple of things. I think as we see growth in Europe and international, but particularly in EMEA right now in Europe, we talked about in the script about some technology tools that we've been launching there to facilitate larger orders. We're also adding more automation on the back end from an operations perspective. So these technology investments in Europe are really paying off in terms of helping us grow that business.

是的，布萊恩，這是蘭迪。只是為了補充詹姆斯剛才所說的幾件事。我認為，當我們看到歐洲和國際市場的成長時，特別是目前歐洲、中東和非洲地區的成長，我們在劇本中談到了我們在那裡推出的一些技術工具，以促進更大的訂單。從營運角度來看，我們還在後端添加了更多自動化功能。因此，這些在歐洲的技術投資確實在幫助我們發展業務方面得到了回報。

That growth has primarily been in Europe but as we noted, we've got a first seven figure deal in AsiaPac. So as you think about getting the profitability overall in the international segment, we've been investing in AsiaPac. It's really been Europe that's been driving the growth there, now we're seeing that beginning to come on and that's going to help us get to overall profitability there, just as you describe. And so growth has been great there. So we hope to get to that milestone sooner rather than later.

這種成長主要發生在歐洲，但正如我們所指出的，我們在亞太地區達成了首筆七位數的交易。因此，當您考慮在國際市場獲得整體獲利能力時，我們一直在投資亞太地區。確實是歐洲推動了那裡的成長，現在我們看到這種情況開始出現，這將幫助我們在那裡實現整體盈利，正如您所描述的那樣。因此那裡的成長非常快。因此，我們希望儘早實現這一里程碑。

Okay, thanks. And then just one more question for now, if I can. The operating environment, I think by everyone's account is not great and hasn't been for a long time but you're still putting up these great growth numbers.

好的，謝謝。如果可以的話，現在還有一個問題。我認為，從每個人的角度來看，營運環境都不是很好，而且已經持續很長時間了，但你仍然保持著這些巨大的成長數字。

And the one that, I'm looking at the moment is the number of buyers that you added in the quarter. I keep on thinking that maybe large numbers is going to catch up with you at some point and that you're that that number of buyers added in the quarter is going to start to tick down a little bit, but 3,300 in the quarter is really impressive.

我現在關注的是您在本季度添加的買家數量。我一直在想，也許在某個時候大量的買家會趕上你，並且本季度增加的買家數量將開始略有下降，但本季度的 3,300 名買家確實是感人的。

I'm just wondering, Randy, if you can comment on where do you think you're going to serve something like 70,000 buyers probably this year? Where does that number go and do you have any expectation for that to start to potentially decelerate or what's the. Where do you envision that number of active buyers a few years from now and how does that maybe accelerate if the environment improves?

我只是想知道，蘭迪，您是否可以評論一下您認為今年您可能會在哪裡為 70,000 名買家提供服務？這個數字會去哪裡？您預計幾年後活躍買家的數量會在哪裡？

Yes, Brian, thanks for that. So look, we've talked about there are millions of buyers out there and while we're certainly proud of the results we're producing, we love to continue to do better and better. So we think there's a lot of opportunity to do that. So when I think about where the buyers are coming from now and how we could grow that buyer count even more, there's a couple different parts of that.

是的，布萊恩，謝謝你。所以看，我們已經討論過有數百萬買家，雖然我們對我們所取得的成果感到自豪，但我們希望繼續做得越來越好。所以我們認為有很多機會可以做到這一點。因此，當我思考買家現在來自哪裡以及我們如何增加買家數量時，有幾個不同的部分。

One is our larger customers we've been investing from particularly from a technology perspective with things like team space to embed ourselves deeper into our larger customers or land and expand strategy with our enterprise sales teams. Those are huge companies. We've talked about some of the largest companies in the world with many, many buyers. And so again, even though we're proud of our growth with them, there's a long way to go there and lots of buyers for us to capture from those larger customers.

一是我們的大客戶，我們一直在投資，特別是從技術角度來看，例如團隊空間，讓我們更深入地融入我們的大客戶中，或與我們的企業銷售團隊一起制定和擴展策略。這些都是大公司。我們討論了一些世界上最大的公司，擁有很多很多的買家。再說一遍，儘管我們為與他們一起成長而感到自豪，但我們還有很長的路要走，而且我們還需要從這些大客戶那裡捕獲大量買家。

Second, as we're broadening our menu, we added instant pricing for two bending and cutting, that will also continue to attract new buyers to our platform. And then third, the international growth as we're continuing to expand within Europe, as we're getting traction in AsiaPac, that will also be additive to that, that buyer count.

其次，隨著我們擴大菜單，我們增加了兩個彎曲和切割的即時定價，這也將繼續吸引新買家來到我們的平台。第三，隨著我們在歐洲繼續擴張，隨著我們在亞太地區獲得牽引力，國際成長也將增加，買家數量也會增加。

And Brian, its Shawn. And just to kind of double click on that a little bit, you talked about the operating environment. So we delivered a record or sorry, the highest net adds in the year this quarter. And as you'll see in the deck, you can look at the advertising spend that was well controlled in marketplace.

布萊恩，是肖恩。只需雙擊一下，您就談到了操作環境。因此，我們在本季創造了創紀錄的淨增量，或者抱歉，是今年最高的淨增量。正如您將在簡報中看到的那樣，您可以查看市場中控制良好的廣告支出。

Advertising as a percent of marketplace revenue dropped 80 basis points down to 6.3%. So we're being very disciplined at the same time in balancing growth and profitability in this environment. We just as Randy said many times, there are millions of buyers out there for us.

廣告佔市場收入的百分比下降了 80 個基點，降至 6.3%。因此，在這種環境下，我們在平衡成長和獲利能力方面非常自律。正如蘭迪多次所說，我們有數百萬買家。

Yes. Okay. Thanks very much.

是的。好的。非常感謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions. Maybe two if I could. First, just coming back to the comments on the AI product set and how the platform is going to evolve. As you look towards 2025, I want to know if we go just a little bit deeper in some of the areas of incremental investments you see as pretty critical to sort of maintaining and possibly accelerating the growth rate tied to the AI Theme broadly for the platform, not only just one-year ahead, but on a multi-year time frame.

非常感謝您提出問題。如果可以的話，也許兩個。首先，回到對人工智慧產品集以及平台將如何發展的評論。當您展望 2025 年時，我想知道我們是否在您認為對於維持並可能加速與平台廣泛的 AI 主題相關的增長率非常關鍵的一些增量投資領域進行更深入的研究，不僅是提前一年，而是在多年的時間範圍內。

And I think a couple of folks have already asked about gross margin, but I guess broadening that out a little bit, now that you guys are at the level of breakeven for adjusted EBITDA ahead or slightly ahead of that target on the revenue base, how do we think about variable margins from here or incremental margins from here as you continue to build additional levels of revenue scale?

我認為有幾個人已經問過毛利率，但我想把這個範圍擴大一點，既然你們已經處於調整後 EBITDA 的盈虧平衡水平，提前或略高於收入基礎的目標，如何當你繼續建立額外的收入規模水準時，我們是否會考慮從這裡開始的可變利潤率或從這裡開始的增量利潤率？

Is it a different formula than maybe what we had thought about in the more recent past? And how do we think about balancing investments versus increased leverage in the model in the coming years? Thanks so much.

這是一個與我們最近所想的不同的公式嗎？我們如何考慮未來幾年模型中平衡投資與增加槓桿的問題？非常感謝。

Yes. I’ll take the AI portion of it and then hand it over to James for the financial elements of it. So I think there are a couple, so investing just to take a step back, as you know, we, AI is [in sensible when] Xometry is done almost from its inception. And so we’ve been investing in these proprietary algorithms and building our data sets and our networks of buyers and suppliers for many years now.

是的。我將把其中的人工智慧部分交給詹姆斯，以獲取其中的財務部分。所以我認為有一些，所以投資只是為了退後一步，正如你所知，當 Xometry 幾乎從一開始就完成時，我們人工智慧是[明智的]。因此，多年來我們一直在投資這些專有演算法，並建立我們的數據集以及買家和供應商網路。

And we’ve had since we went public in Q2 of 2021 just to remind people, at that point, we had 23.5% gross margins. And we just reported 33.6% even as we’re growing very nicely. So we’re really proud of that.

自 2021 年第二季上市以來，我們一直在提醒人們，當時我們的毛利率為 23.5%。儘管我們的成長非常好，但我們剛剛報告了 33.6%。所以我們對此感到非常自豪。

I think next year and beyond, you’re going to continue to see us to invest in those algorithms. We’ve got that partnership with Google Vertex AI that we’ve talked about and there are a few different dimensions of that investment. So one is launching more instantly quoted processes. That’s going to help us go deeper within our existing customers and also attract new buyers to our network.

我認為明年及以後，您將繼續看到我們對這些演算法進行投資。我們已經與 Google Vertex AI 建立了合作夥伴關係，這一點我們已經討論過，而且該投資有幾個不同的維度。因此，人們正在啟動更多即時報價流程。這將有助於我們深入了解現有客戶，並吸引新買家加入我們的網路。

So constantly expanding that menu, it’s almost – there’s many, many opportunities for us. This is a large addressable market and manufacturing has lots of different slices to it. So we’re going to continually add new processes there.

因此，不斷擴大菜單，幾乎為我們提供了很多很多的機會。這是一個巨大的潛在市場，製造業有許多不同的領域。因此，我們將不斷在那裡添加新流程。

Second, and this also goes a little bit to your question about margins. Making sure our pricing is smarter for both our buyers and our suppliers. So as we get to know our buyers better, understanding what are the right prices to convert and just understanding their behavior better. And then also on the supplier side, making sure, part of our algorithms are also the matching algorithms, figuring out who is the right supplier for a given job.

其次，這也有點牽涉到你關於利潤的問題。確保我們的定價對於買家和供應商來說都更明智。因此，當我們更好地了解我們的買家時，了解什麼是合適的轉換價格，並更好地了解他們的行為。然後在供應商方面，確保我們的演算法的一部分也是匹配演算法，找出誰是特定工作的正確供應商。

And in this very inefficient, opaque market, we have the ability with our AI to find the best supplier both from a delivery and a quality perspective, but also the one that has the optimal cost structure for a particular order from a customer. So as we get to know those suppliers better, as we gain more and more data, as we enhance those matching algorithms, that gives the opportunity to most make our suppliers happy, but also for that to be a more profitable transaction for Xometry.

在這個效率低、不透明的市場中，我們有能力利用人工智慧從交付和品質的角度找到最好的供應商，而且還可以為客戶的特定訂單找到最佳成本結構的供應商。因此，隨著我們更了解這些供應商，隨著我們獲得越來越多的數據，隨著我們增強這些匹配演算法，這給了大多數讓我們的供應商滿意的機會，同時也為Xometry帶來了更有利可圖的交易。

And Eric, on the longer-term profitability question, first of all, I think we’re excited about this very important milestone for Xometry that we’re coming up to in getting to adjusted EBITDA passing that breakeven slightly ahead now as we look at the trends we’ve had on the business. We’ve been delivering about approximately 20% incremental adjusted EBITDA over the last two years.

Eric，關於長期獲利能力問題，首先，我認為我們對 Xometry 的這一非常重要的里程碑感到興奮，我們即將實現調整後 EBITDA，稍微提前超過盈虧平衡點。過去兩年，我們的調整後 EBITDA 增量約為 20%。

Year-to-date this year it’s around the 23% range and that has been reflective of the strong progress we’ve made on the marketplace gross margin as well as working closely with the team on our OpEx and discipline around the investments we’re making. As we look ahead to scaling this business, we think that’s the right framework to think about as we move from here to $1 billion thinking about a 20% incremental adjusted EBITDA coming through with that revenue.

今年年初至今，該比率約為 23%，這反映了我們在市場毛利率方面取得的強勁進展，以及與團隊在營運支出和營運紀律方面的密切合作。當我們展望擴大這項業務時，我們認為，當我們從現在的規模邁向 10 億美元時，考慮到該收入將帶來 20% 的增量調整後 EBITDA，這是需要考慮的正確框架。

As we think about it, contribution margin wise, we think about the overall gross margin being in that 39% to 40% range and driving continued efficiency on our variable ad spend as well as on variable sales and ops support. And important enabler is going to be continuing to make the right investments in our technology platform.

當我們考慮貢獻利潤率時，我們認為整體毛利率在 39% 到 40% 的範圍內，並推動我們可變廣告支出以及可變銷售和營運支​​援的持續效率。重要的推動者將繼續對我們的技術平台進行正確的投資。

I think we see success in continuing to be technology led as a global marketplace and that will drive scale and differentiation for us with increasing network of buyers and suppliers. It’s exciting time for us right now as we pass this milestone, but also plan for the year and years ahead. And I think we’ll be able to come back to you in February as we look at the 2025 guidance in more detail in terms of the pace of that as we go through the quarters next year.

我認為我們在繼續以技術為主導的全球市場中看到了成功，這將隨著買家和供應商網路的不斷擴大而推動我們的規模和差異化。現在對我們來說是激動人心的時刻，因為我們跨越了這一里程碑，同時也為未來的一年和未來的幾年做好了計劃。我認為我們將能夠在 2 月再次與您聯繫，因為我們將在明年各個季度更詳細地了解 2025 年指導的進展速度。

Thank you.

謝謝。

Thank you.

謝謝。

Matt Swanson, RBC.

馬特·斯旺森，加拿大皇家銀行。

Great. Thanks for taking my question. Maybe building a little bit on the expanded wallet share opportunity next year, but I wanted to click specifically on Team Space. Could you just talk a little bit about early adoption? And how you’re seeing people use the product? And maybe if it’s been enough time to see any kind of ramping or expanded usage and how that goes?

偉大的。感謝您提出我的問題。也許明年會在擴大錢包份額的機會上做一些努力，但我想特別點擊「團隊空間」。能簡單談談早期採用的情況嗎？您如何看待人們使用該產品？也許是否有足夠的時間看到任何形式的成長或擴大使用以及進展如何？

Yes, thanks. This is Randy. So Team Space was particularly suited to larger customers and larger opportunities. When you think about customers who have an entire assembly or entire product that multiple parts that are associated with it, ordering those parts, making sure logistically they can keep track of what’s arriving, putting those parts all together into the assembly is very important for the customer.

是的，謝謝。這是蘭迪。因此，Team Space 特別適合更大的客戶和更大的機會。當您考慮擁有整個組件或整個產品且有多個與之關聯的零件的客戶時，請訂購這些零件，確保他們可以在物流上追蹤到達的貨物，將這些零件全部放在組件中是非常重要的。對客戶來說很重要。

And so Team Space enables customers to work together based on a particular project or product. And we’ve been seeing really great adoption of that.

因此，Team Space 使客戶能夠根據特定的項目或產品進行協作。我們已經看到它得到了廣泛的採用。

We continue to have more and more teams created. I think if you look at something like the growth in accounts with more than $50,000 spent on an LTM basis, we had a high watermark this year of adding 70 this prior quarter. That just is part of a testament of, hey, the success of Team Space and these larger companies adopting it for its use.

我們繼續創建越來越多的團隊。我認為，如果你觀察一下 LTM 支出超過 50,000 美元的帳戶的增長情況，你會發現今年我們的高水位線是在上一季度增加了 70 個帳戶。這只是 Team Space 成功以及這些大公司採用它的證明的一部分。

We’re going to continue to enhance Team Space, add more and more functionality to it, but this should help us grow within these larger customers and other customers too, who want to bring us a larger order/reduction.

我們將繼續增強 Team Space，為其添加越來越多的功能，但這應該有助於我們在這些較大的客戶和其他希望為我們帶來更大訂單/減少的客戶中成長。

Yes. Hey Matt, it’s Shawn. To – thanks for the question. And as Randy talked, I’ll continue to see good growth on Team Space. We passed through the 4,000 teams created this quarter, continue to see very good viral growth. So we’re happy with that product and we have a roadmap again to improve the features and functionality going forward.

是的。嘿，馬特，我是肖恩。致——感謝您的提問。正如蘭迪所說，我將繼續看到 Team Space 的良好成長。我們回顧了本季創建的 4,000 個團隊，繼續看到非常好的病毒式成長。因此，我們對該產品感到滿意，並且我們再次製定了改進未來特性和功能的路線圖。

That’s great. And maybe one more kind of the topic du jour on every call has to be a little bit of gen AI. So we’ve talked about the AI within your platform. Are you seeing anything from a generative side, from the buyer standpoint of just some of these new models that allow designs to be created, whether it be faster iterations or expanding the potential buyer set, users who maybe weren’t able to create designs like that previously.

那太好了。也許每次通話的另一個熱門話題都必須是人工智慧。我們已經討論了平台內的人工智慧。您是否從生成的角度、從買家的角度來看這些允許創建設計的新模型中的一些東西，無論是更快的迭代還是擴大潛在的買家群體（可能無法創建設計的用戶）就像以前那樣。

There isn’t anything we want to talk about now. We’re certainly invested in AI. We’re continuing to invest AI and we’re looking at it from all angles. So I think we’re deep into it. And as we have more news, we’ll talk about it.

我們現在沒什麼想談的。我們當然投資於人工智慧。我們將繼續投資人工智慧，並從各個角度審視它。所以我認為我們已經深入了。當我們有更多消息時，我們將討論它。

Thank you.

謝謝。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Good morning. Thanks for the questions. Randy, I wanted to ask you with the elections today, just how you’re thinking about the potential impact at a high level from the potential policy changes around tariffs or trade policies. Perhaps you could remind us how this impacted Xometry, if at all, during the last administrative change.

早安.感謝您的提問。蘭迪，我想在今天的選舉中問您，您如何看待圍繞關稅或貿易政策的潛在政策變化所帶來的高層潛在影響。也許您可以提醒我們，在上次管理變更期間，這對 Xometry 有何影響（如果有的話）。

And James, the 4Q guide implies marketplace growth of 4% sequentially. It was 8% to 9% the last two quarters. So just hoping you could talk about the drivers of the difference there and perhaps remind us of any seasonality? Thank you.

James 表示，第四季指南意味著市場環比成長 4%。過去兩季為 8% 至 9%。所以只是希望你能談談造成這種差異的驅動因素，也許提醒我們任何季節性？謝謝。

Yes, great. I’ll take the first question. I’ll let James handle the second one. So if there is only one thing that both parties agree on, it’s the importance of the strength in manufacturing, and particularly here in the United States, strengthening American manufacturing. So we really don’t see any change regardless of who wins. And we haven’t seen any change in prior elections as well.

是的，太好了。我來回答第一個問題。我會讓詹姆斯處理第二個問題。因此，如果雙方只同意一件事，那就是製造業實力的重要性，特別是在美國，加強美國製造業。因此，無論誰獲勝，我們都看不到任何變化。我們也沒有看到之前的選舉有任何變化。

I think, frankly, if there’s a big push for reshoring, that could be beneficial to our marketplace model. And remember, we have these marketplaces in 16 different locations around the world. So that could be a global phenomenon. I’d say the other thing too is that in periods of instability or uncertainty, customers particularly larger customers, like the fact that we’re a public company.

坦白說，我認為，如果大力推動回流，這可能有利於我們的市場模式。請記住，我們在全球 16 個不同地點設有這些市場。所以這可能是一種全球現象。我想說的另一件事是，在不穩定或不確定的時期，客戶，尤其是大客戶，喜歡我們是一家上市公司。

Remember, traditional supply chain for them is going to be small manufacturers. With Xometry, they’re able to access a very vast network of small manufacturers, but they get the certainty, reliability of a public company. So that becomes even more attractive in difficult times.

請記住，他們的傳統供應鏈將是小型製造商。借助 Xometry，他們能夠存取由小型製造商組成的龐大網絡，同時獲得上市公司的確定性和可靠性。因此，這在困難時期變得更具吸引力。

Yes, Cory, to just remember, we give the buyers the option to either choose to have it made in the US or we can flex them up and down to where they can choose their shipping and where the product’s coming from. So it’s the flexibility of the marketplace is well suited.

是的，科里，請記住，我們為買家提供了選擇，要么選擇在美國製造，要么我們可以上下調整他們可以選擇運輸和產品來源的地方。因此，市場的靈活性非常適合。

And that’s something that any individual manufacturer couldn’t provide. So that’s very helpful. But everybody loves manufacturing and both parties can’t stop talking about it.

這是任何個體製造商都無法提供的。所以這非常有幫助。但每個人都熱愛製造業，雙方都無法停止談論它。

And Corey, this is James. So as we look at Q4, I think it’s worth just taking a look at how we performed in Q3 and for the year here. We’re clearly very pleased with how the team has been performing in an uncertain environment. We all know that the industrial readings have continued to be soft, but we’ve been focused on our growth initiatives and growing the marketplace again, 24% in the quarter in Q3 was great to see.

科里，這是詹姆斯。因此，當我們回顧第四季時，我認為值得看看我們在第三季和今年的表現。顯然，我們對團隊在不確定的環境中的表現感到非常滿意。我們都知道工業數據持續疲軟，但我們一直專注於我們的成長計劃並再次擴大市場，第三季成長 24% 令人欣喜。

A highlight there being the trading 12 months, 50,000 accounts increasing 23%, the highest net adds for the year at 70. This does talk about the broad based execution that we’re seeing despite that environment. So as we look at the full year here, including Q4, we’re growing 22% to 23% on marketplace. That’s against our prior outlook of at least 20%.

一個亮點是 12 個月內的交易帳戶數量達到 50,000 個，增長了 23%，全年最高淨增加數為 70 個。因此，當我們回顧全年（包括第四季度）時，我們的市場成長率為 22% 至 23%。這與我們之前至少 20% 的預期相反。

And as we look at Q4 specifically, I think we’re in line with overall where we would expect to be for the year considering the environment that we’re operating in. Remind people on a year-over-year basis, there’s a type of comp with where we were a year ago with a strong Q4 2023 growth.

當我們具體關注第四季度時，我認為考慮到我們所處的營運環境，我們與今年的整體預期相符。季度實現了強勁成長。

And we’re really pleased with the gross profit dollar growth that we’re driving. And so when it comes to Q4, I think we’re just mindful of the uncertain macro as well as the holiday calendar that we have at this time of year. And we’ve taken that into account into our guidance. But the trends here are great to see on marketplace for 2024. And as we’ve shared, we’ve got good expectations for 2025 here.

我們對我們推動的毛利成長感到非常滿意。因此，談到第四季度，我認為我們只關注不確定的宏觀形勢以及每年這個時候的假期日曆。我們已將這一點納入我們的指導中。但 2024 年的市場趨勢非常好。

That’s very helpful. Thank you.

這非常有幫助。謝謝。

Thank you.

謝謝。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

Yes, thanks. Maybe a two-parter on this one on the global supplier base. So it sounds like that’s continue to grow this year. Do you think you’re at all benefiting from this current software manufacturing environment, meaning you’re adding more suppliers because they have open capacity in their own business. So just want to get kind of your thoughts around the sustainability of continued growth there.

是的，謝謝。也許是全球供應商基礎上的兩方合作。因此，聽起來今年這數字仍在持續成長。您認為您是否從當前的軟體製造環境中受益，這意味著您正在增加更多的供應商，因為他們在自己的業務中擁有開放的能力。因此，我只想了解您對那裡持續增長的可持續性的看法。

And then the release specifically talks about adding new suppliers with maybe different capabilities or certifications to serve some of your larger customers. So hoping you can expand on that a little bit as well?

然後該版本特別談到添加可能具有不同能力或認證的新供應商來為您的一些大客戶提供服務。那麼希望你也能對此進行一些擴展嗎？

Yes. Thanks for the question. I think as Xometry awareness, we’re very excited about our growth, but we think one of our opportunities is to drive higher awareness in this giant market. And that’s true both on the buyer and on the supplier side. So as more and more suppliers are aware of us, they’re attracted to what we can offer on the platform.

是的。謝謝你的提問。我認為，作為 Xometry 的認知度，我們對我們的成長感到非常興奮，但我們認為我們的機會之一是在這個巨大的市場中提高認知度。對於買方和供應商都是如此。因此，隨著越來越多的供應商認識我們，他們就會被我們在平台上提供的產品所吸引。

We can – with our AI, we’re giving them access to jobs that they wouldn’t have access to before. And we’re also using that AI to give them jobs that are – we’re hoping they’re most profitable and best jobs for them. So really finding the sweet spot of their manufacturing capabilities, plus we’ve given them Workcenter, which is a free manufacturing execution system.

我們可以透過人工智慧讓他們獲得以前無法獲得的工作機會。我們也利用人工智慧為他們提供工作——我們希望這些工作對他們來說是最賺錢、最好的工作。因此，真正找到了他們製造能力的最佳點，此外，我們還為他們提供了 Workcenter，這是一個免費的製造執行系統。

So I think as you look at the test, as you look at the growth of our supplier network, I wouldn’t lean on that. It’s a soft macro. I would actually say it’s more and more suppliers recognizing the value that Xometry is driving and it makes sense for them. And there’s really, there’s no other opportunity out there like they have at Xometry, and they’re recognizing that and adopting it.

因此，我認為，當您查看測試時，當您查看我們供應商網路的成長時，我不會依賴於此。這是一個軟宏。事實上，我想說的是，越來越多的供應商認識到 Xometry 所帶來的價值，這對他們來說很有意義。事實上，沒有其他機會像 Xometry 一樣，他們正在認識到這一點並採用它。

And what about the sort of new capabilities or certifications? I guess, I’m just asking in light of broader sort of scope and service offering, maybe that’s kind of what that’s intended to do?

什麼樣的新功能或認證呢？我想，我只是根據更廣泛的範圍和服務提供來問，也許這就是它的目的？

Yes, yes, absolutely. So, as we’re doing – we’re adding new processes like tube bending, tube cutting, and as we’re expanding our production capabilities, we’re adding more and more suppliers with those certifications, with those capabilities.

是的，是的，絕對是的。因此，正如我們正在做的那樣，我們正在添加新的工藝，例如彎管、管切割，並且隨著我們擴大生產能力，我們正在添加越來越多的擁有這些認證的供應商，這些能力。

One more thing just to add to that as well. Thomasnet has been a huge help to that. So we – Thomasnet’s got this tremendous directory of tens of thousands of hundreds of thousands of manufacturers. So as we’re entering these new markets, whether it’s additional production capabilities or it’s new manufacturing capabilities like tube bending and tube cutting, Thomasnet is a great place for us to find those suppliers.

還要補充一件事。 Thomasnet 對此提供了巨大的幫助。因此，我們「Thomasnet」獲得了包含數萬、數十萬製造商的龐大目錄。因此，當我們進入這些新市場時，無論是額外的生產能力還是彎管和管切割等新的製造能力，Thomasnet 都是我們尋找這些供應商的好地方。

Understood. Okay, thank you.

明白了。好的，謝謝。

Thank you very much. I am showing no further questions at this time. Thank you for your participation in today’s conference. This does conclude the program, and you may now disconnect.

非常感謝。我目前沒有提出任何進一步的問題。感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。