morning John. Thanks Good everyone.
We to the half topline achieved year. of have growth in second are revenue growth pleased in digit XX% of than including XXXX, double more the
to impressive, Our manufacturing execution jetting solutions performance our end fourth given peers million year. execution our to $XX.X COVID-XX considering fourth and million last range quarter as This challenges total XXXX. We million that other is revenue early million our compared the reflects $XX in particularly disruptions the with in quarter of and of February strength John by of the team. the high was of global caused of $XX.X of binder mentioned $XX.X reported which entire additive the and over at our the pre-announced the ended
year full to revenue the from million $XX.X For XXXX, in increased $XX.X XXXX. million XX%
funded global printers. metal was and with total recurring year-over-year revenue year-over-year in growth we year-over-year basis, equipment revenue While future continue research material as of essentially an to our in was revenues grew from well XX% million. consumable opportunities, growth production led XX% as development largely quarter aftermarket quarter revenue our a base contracts, both fourth recurring by The encouraged sale which sequential flat support our the increase sequentially revenue in in and on be and associated to installed $X.X by our and of
put moment, over For example. as million. million printing of of to periods the quarter $X.X it years volatility will fourth sold. Growing comment serving on environment machines pool due fourth past area this to the the mix the CapEx COVID-XX recurring existing to as XD during clear a a quarter which XXXX revenue full-year, rose $XX.X the customer compared X% increase on to I business us two been to in can pressure economic stability XXXX provides has of of focus unit revenue $XX.X declined an which of in the for strategic decision-making, in significant an Despite volume sales, of sales of machines million the in
both shipping including $XX.X be impacted our and addition million full year, in product million sales $XX.X continued international rose and the XXXX. For Revenue machine for travel domestic groups XX% to to to macroeconomic to from in COVID-XX, effects. disruptions of by negative
Now let's move to machine unit sales for the period.
for machines include As components ceramic a print and industrial and XXPro such reminder, M-Flex parts as our direct Innovent, applications and platforms. XX our other metal and
add metal Rapidia industry's Soon announced we InnoventPro February strategic Designlab which recently with printer, XXXPro this partnership via our our group, to the discussed. Metal largest announced our we our XX XD that will John platform, in and
and sand S-Print, Our and S-Max cores indirect our Pro tools machines print as platforms. such and include S-Max molds
average generate value. sales machines indirect footprint our higher systems Our typically and are larger a
Innovent historically have machines direct our lower a leaned system. mentioned, platform have priced is entry-level heavily we metal which As to our
binder units primarily XXXX equipment sector. metal units be ASP automotive where in XXXX average from following XXPro of to in recent of ASP to compared systems to platform has platform, to to three of our as Innovent XX in Sales of in direct market to of units our market negative Sales sales increased QX higher five of units XX fourth our XXPro introduced increased this of QX our in in XX and value XXXPro by was machines. direct of result the in recognized QX the and system trends from in QX XXXX expect the continue only by which machines trend sales metal impacted QX increases our end Those quarter, introduction. indirect boosted technology. decreased XX is XX awareness used, entry-level growing sales XXXX continue platform XXXX systems in introduction into QX this XXXX. a in and machines we the jetting of and We consisted sand XX five markets XXXX lower units However printing for
XX.X%, gross sales operating and was inefficiencies contribution introduction as the market to and as XX on XX.X% to reporting other of environment. of initial including The XXPro following its product due the the in fourth margin compared low we quarter operating system unfavorable decrease warranty For well by are primarily XXXX. margin challenges driven quarter, COVID-XX various experience the
a gross lower primarily For pricing was our the XX by full I of due and of of just warranty sale quarter profit gross fixed offset experience, platform to XXXX margin during year, during the The decrease unfavorable revenue lower products, in third that in to sales including XXXX. compared realized and XXPro the discontinued volume costs. system on overhead XXXX sand XX.X% mentioned, XX.X% of higher partially
COVID-XX, the in mentioned manufacturing As in model inefficiencies costs to we conditions operating brought during certain difficult in which about our resulted uptick John XXXX. battle operating continue our have by an and notable of
scale, reopening our XX% broader profit improvements, high we margin throughout Long we degrees similar We the continued of that global to progress continued demonstrated of in of margin margin history. first of XXXX, half modularity with normalization we profile vaccines of of are on a likely second have of capable contingent continue of confidence we which enhanced international expect consistent levels anticipate at what distribution operational have the and We and a pressure a XXXX. in XXXX, product of level in our and second saw the the generating half to commerce. COVID-XX an term, gross appropriate to periodically half see
reductions employee of effort As and in adequate in I COVID-XX, actions consulting spending, all maintain various and liquidity. response took rate quarter call, including our decreases in we terminations, saving mentioned an furloughs, to conserve cash mix second and to other on pay a cost
for these $X costs total result global we cost travel, XXXX. in as of in the approximately a $X savings realized we million and As other actions quarter such expected, in million reduced fourth as a
the fourth our $X.X X% million. quarter, to For total expenses operating decreased
the XX% $X.X $XX.X of and in development cost the was to due cost and For from year, full spending. and fourth quarter savings primarily to X% million. decreased total development in The Research with other decrease XXXX. fourth COVID-XX $X $XX.X million by our expenses to million the measures expenses machine associated decreased from reductions quarter operating lower million
XX% to expenses XXXX, by research declined For and $X.X million. development
and and in further development administrative consulting Our InnoventPro This printing research commissions where XXXPro and technology, our on million XXXX. Selling, expenses investments the to jetting show, material of the expansion capabilities for XX factors a and offset $X.X including platforms of market expenses, fourth the binder by declined general focused development million continue already and $X.X decrease by higher external expense. of remain we lower the further X% leader. are was travel, driven employee-related to quarter trade from combination including of
year the by For full million. declined XXXX, to SG&A X% $XX
over targeted areas. our to two spending spend. we XXXX, primary in For expect This XXXX XX% OpEx increase approximately by increase our is to XX%
acceleration commercial targeted through customer model. at spending And an material primarily operations managing in second, reach global in applications further research our First, expanding development investment development. our specific in adoption production geographies printing and and principally our development focused on
evidenced and jetting the we set and over interest significant the our near up in plans XXXX and us past for support but rise investments XXXX just prudent not technology, the to year, beyond. believe are Given term awareness binder
are transaction, positioned well capital our make which recent rate in believe XXXX that to on will our these basis. address to we I accelerate investments we growth Given multiyear shortly,
to backlog. our Turning
and the our lease as from firmly reminder, orders contracts operating portion backlog It includes revenue well our our maintenance includes of machine non-cancelable also a received As machine agreements. recurring our customers. committed as
quarter service funded $XX.X million, ended $XX.X and our Additionally, backlog with sand the the at increase and XX% to year. metal including We balance services development. global bureaus for research backlog other of and fourth last quarter a of end includes of contractual orders an the as fourth compared million of
machine units. quarter includes totaling XX backlog representing orders $XX fourth Our million, total
for sets backlog position rate growth of us well XXXX. year-end to revenue up record we XX% pursuit project full XX% year the in Our
as expect lockdown operating particularly Europe challenges, the However, jurisdictions. we Asia-Pacific in persist to continues first a do certain environment relatively in quarter where present conditions and weak
the of sequential Moving proceeds XX, million, cash in to the cash restricted from of customers offerings. the payments. net from inflows balance to of December common based XXXX. net increase million, from at-the-market September sale increased from net items cash widening million on our and of XXXX sheet. $XX.X Cash, $XX.X increase including of to this The for Offsetting XX, of million at $XX.X from in equivalents financing million were operations $XX.X stock outflows the in $X.X by was timing as driven by cash mostly an cash inflows offset period, non-cash activity of due loss,
cash asset $XXX,XXX our quarter are which expected, fourth deployment. capital and operations our on expenditures approximately focused limited strategic As and existing the acquisition for were to
For million. the expenditures year, capital $X.X full were
as approximately with to Looking million $X applications material earlier. ahead, capabilities our certain and activities capital be million expect expanding we investments our development captive expenditures printing $X to mentioned XXXX, at a targeted focus including in I customer on
with offerings the with our proceeds $XX this as XX, at-the-market which total February completion cash we credit the The for during our of common agreement cash $XX.X party completion came there on availability offering, related were by the unrestricted outstanding equivalents end a under to we and cash quarter of agreement end period. Our termination the the stock. strengthened Subsequent X, third equity company common our of of approximately on at credit under from driven increased February no offering discussed revolving resulting million our net fourth quarter. to that revolving of the associated further the of I company's to $XX.X and distribution just an million. the fourth changes Prior facility, of the million to liquidity, sheet the balance follow-on our million of at party to our in end, related borrowings was increase facility $XX quarter stock in includes
in to terminate market COVID-XX. party navigation we our related we caused particularly summary, follow-on pleased with credit in our XXXX, successful offering Following the facility. our financial completion revolving conditions of $XX March our elected on performance uncertain are million In X, of by
exciting things and like on are for strength in we our Looking the the there in going outlook that a lot driving our confidence in the position additive of the business ahead, space the industry. of
to of a as strong to balance in sheet, result coupled we would concludes and While to prepared COVID-XX, take XXXX. remarks for want exist our provides questions. contractual our continue That be with operational now your headwinds accomplish support solid happy our backlog what we
