Earnings call transcript Q1 2023

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Operator

Good day, and thank you for standing by. Welcome to Xometry Incorporated Q1 2023 Earnings Call. At this time, the participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advice that today’s conference is being record.

to Milne, conference Relations. Vice like speaker to now Shawn today, President would hand over the your I of Investor go ahead. Please

Shawn Milne

QX Good us you thank XXXX Xometry’s morning, Earnings for Call. and on joining

our Randy are Executive Jim our Joining Chief me Officer. Altschuler, Financial Officer; Chief and Rallo,

quarter the call, review second full XXXX. first quarter today’s and discuss results for our and During XXXX financial our we the will of guidance for year

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

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

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

internally non-GAAP as period-to-period call, measures that and also these to will evaluate report financial we decision-making We’d financial and on comparisons. GAAP results. to today’s point means use like non-GAAP We and a out purposes for operating

be of today distributed also website both our today’s our on the release at section Investors of our which press or call superior measures, of performance see of in please addition U.S. presentation, A the non-GAAP to reconciliation Non-GAAP will investors.xometry.com. are not prepared posted refer of GAAP. financial a with financial and website. available presented measures to measures in substitute replay To earnings as investor to these our in and accordance are

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

Randy Altschuler

XXXX Good year-over-year, In Xometry’s for we Thanks, revenue. active the and number QX growth had including earnings call. thank record as XX% for continue our grew a buyers to in we year-over-year added gain market XX% Shawn. you marketplace QX, in revenue revenue everyone, We morning, of history. We joining share. us highest

We significantly EBITDA our non-recurring implementation operating XX% and from in XX%, by margins gross increased excluding and leverage adjusted reducing QX loss compliance Sarbanes by QX Oxley-Act costs.

continuing intelligence and as Xometry, efficiencies digital The asset to of processes. suppliers is two-sided a Artificial light range for the creates shift marketplace, buyers on-demand the manufacturing suppliers and marketplace alike. heart at buyers across and inevitable, for value digital Xometry’s prices of is leading and generating

on additional our custom for finishes, We of increasingly models learning continue materials parts. machine manufactured to proprietary an features training algorithms, develop set our support such as and and data large new adding

growth Our with technology chains helps and boost strengthen can their small their buyers that capacity market their work reduce medium-sized supply their and to significantly fill time suppliers and and to profitability. enables

we trillion, and $X market come. rapidly addressable to many to to for leading expect years increasingly global a in market position total With footprint our continue of grow

While becoming de the there are steadily are no and digital rails on for methodically custom shortcuts, our vision facto executing we of manufacturing.

verticals strength equipment, marketplace $XXX.X energy, and increased We revenue across XX% including year-over-year representing QX QX, vehicles, XX% $XX.X robotics. In saw processes industrial to electric all million. growth. revenue was year-over-year many million, and

gross Gross down profit. resonate X% continues was sizes year-over-year. $XX.X especially strongly in to profit services million value year-over-year of enterprise Our XX% proposition to $XX.X businesses, growth XX% driven increased Supplier customers. million, all large by revenue across marketplace

suppliers active XX.X%. points self-serve. products in basis XX,XXX X,XXX XX% by addition Active buyers XX% basis XXX year-over-year driven record marketing driven year-over-year points to QX Active X,XXX and growth paying marketplace including to to XXX XXXX by buyers QX in by year-over-year increased gross Thomas grew in of margins QX. quarter-over-quarter increased

will provide active supplier paying a on months. more additional active quarter, of supplier during our supplier the digital segment. is this who services, An services Starting financial data or one an defined the for paying services, basis number services we or KPI suppliers a last including to a give marketing services, as supplies supplier quarterly XX purchased of

including and International almost Alibaba launch in with Xometry revenue in driven is with business. the strong grew quarter-over-quarter European XX% our XXXX.com growth XX% QX. momentum, entirely by the growing year-over-year Asia plan

continue five-point earnings call. In to plan XXXX during QX execute on the QX, we our strategic we outlined

XXX refocus sales progress. these We Here’s revenue. collective top far represented revenue. spend The on an approximately XXXX manufacturing XXX U.S. our are which efforts current accounts marketplace and update exceeds accounts, our of Xometry’s XX% of

XXXX, us and engaging wider them, redirected are into early to Accounts support to their manage in that the and them. spend years pushing business given production accounts we salespeople spend higher increasingly with in customer to So have potential grow are tailspin. significantly to and come, we support we deeper and potentially to to these their the

potential are rapidly transactions cycle base of marketing our other the goal digital longer, these expanding efforts. While for is spend change significant. marketing of these sales and our This from the efforts does buyers not through

is record brand our In awareness signs active seeing growth fact, clip fuel of rapid helping we’re buyers. at new a organic volume strong growing as increasing of search

in progress significant expanding made our we marketplace menu. QX, In

their processes, materials, are the we of grow able as and serve increasingly we finishes As offer we one-stop can customers, destination. to number our

stainless three dozen CNC steel, custom and we materials more galvanized added QX, In finishes, including materials. steel, and than

launched we for quotes Additionally, parts with finishes. multiple instant

hours fast business for little as launched quotes five also as as injection as molding We days. a new in service two and parts quick-turn in

pricing offshore domestic option, a lead shipping option, and than new longer the than economy our standard buyers, we which times introduced with pricing U.S. economy offers shipping higher For but option. lower traditional

adoption the domestic of We are with economy. pleased the

since can the breadth by of defined expand In is not is or suppliers different commodity we and offer. market SKUs, of our on up and select of parts the made the hundreds instead what of Thomasnet.com is listed use This to but of leveraging buyers offer critical ability breadth of to depth number QX, an cases. thousands will menu technologies, the continue will thousands increasing manufacturing tremendous

one is is custom reasons of This manufacturing so fragmented. market the the

is marketplace meet needs. these in Our ability unique to its

We the expand the aggressively delivered UK, which growth internationally. continue launched the strong We and largest manufacturing Europe is in in third to in region. market

systems. are In in the early such strong UK, autonomous vehicles, as demand electric we energy seeing related and renewable medical, technologies, industries propulsion

to QX, Additionally, European further acquisition small we market. in supplier our in early to expand serve Turkey network a cost alternative made tuck-in the

customers. XXXX.com engine and an launched In of We for xometry.com.tr localized are up provide Turkish in to Since Turkish customers from the use technology. marketplace industries a QX, the agreement to Xometry instant wholesale ramping building, Asia Alibaba’s quoting engineering, BXB Late our China. launch, introducing quoting Group’s other marketplace machine instant signed

the instant The Xometry’s parts engine of industrial we custom operational section the This the quoting annual instant on XX be for by marketplace are powered XXXX in technology. AI trust XXXX. traffic our sole by is provider the excited opportunity should quoting time in and of million XXXX.com. shortly, real-time had lead of and XXXX fully given pricing visitors and

biotech, production, order was demand in growth pleased XXXX The buyer devices, material building, with as strong ramp machine sensor including and medical upcoming seeing and China across we’re remain notwithstanding, many technology. verticals, the we launch

localized XX leveraged stronger to XXXX. languages in expect in Xometry’s well and and xometry.asia, China to Asia, we’ve with provide technology We XXXX Through to suppliers xometry.eu, in of North America. platforms networks core contribute and revenue across xometry.uk, different as Europe growth as

localized growth the into strong In Turkey years UK fund international invested to to marketplace. We pay an will the continued investments over expansion approximately QX, and come. the off we incremental launch million believe these $X with

enhanced In with platform, products, and buyers QX, scale effectively. increasing and our footprint including drive continue both and we center suppliers industrial buying the new invested us and to adoption our in enabling of to engine cost work

that we scheduling, like suppliers, integrations. center. the workflows, job progress In the custom foundation made SaaS tools manufacturers. expanded job including for system work communication QX, capabilities, For and we center is digital job management The support for tools work and and important accounting operating

buying For and and digitizes improving took what heart process, of The buyers, time significant towards quote the request cumbersome it the consuming industrial engine platform taking off once was buying into the for industrial integrating steps thomasnet.com. we engine.

it initiate engage by for UX all a and consolidating communication single to onto and we requests suppliers In unified made buyers to QX, buyers for and easier technical platform.

and thomasnet.com with the on from buying fees revenue, wallet is be significant While one we buyer yet of shop. their to instant our stop increase our as engine it Xometry’s overall not engine, integrate can transaction revenue industrial more share tightly quoting we

to a marketing We continue on to suppliers In for the all for platform, thomasnet.com thomasnet.com. advertising journey. and we’re performance making start programs. on marketing it options XXXX, the expand their auto-renewal QX, Thomasnet marketing move implemented for to products In working easier we to model self-serve pay modernize

use the interests performance listing or a aligns advertising per pay of and suppliers. based engines Most search buyers and that click which advertising support model, other

As improve search buying we supplier margin the search, engagement, as level help as opportunity a engine. This expect to boost use higher for of our monetization. higher see the growth buyer of drive services, improving of we will well industrial

better are our January, X% We we increase by In to workforce continuing to reduced across streamline expenses efficiency reduce our and operations. organization.

of fixed record adjusted strong the are of throughout including the in with accounts, order QX. including continue EBITDA to finding buyers become additions We and robust costs are additional accounts. positive help our existing to metrics Xometry underlying to savings, progress active year our marketplace from The

Our international momentum a Europe Asia. and in business it’s had building in record quarter

alike and of with value to unlock. depth progress Xometry we users are enable to adoption continuing breadth of which building to Thomas XXX,XXX suppliers, good and center rollout access the the and made full integrations and the of Thomasnet.com’s We work

EBITDA again marketplace a and gross delivering revenue, As once losses. are margin, marketplace growth result, sequential reduced strong in adjusted we

our in mode. we strong to growth and remain For XXXX overall, expect to momentum continue

turn financial and to at With for the outlook. look call first closer CFO, Rallo, quarter business that, over our a I Jim our will results

Jim Rallo

and good morning, Randy, everyone. Thanks,

marketplace increased impacted dollar a we by macro mentioned, on driven QX despite by strong As U.S. revenue XX% stronger The growth QX growth. $X.X in to Randy year-over-year million, basis. marketplace million negatively revenue $XXX.X year-over-year headwinds. delivered

$XX.X services million to XX% transparency was active from XX%, QX business marketplace revenue account driven of the revenue year-over-year, model and revenue buyers. revenue spend that new accounts active active number strong the underscoring over QX, increased buyers. year-over-year leads $XX.X percentage marketplace by In was of X,XXX increased with increasing XX% in time. and QX to buyers and our million. growth QX existing supplier XX,XXX the stickiness efficiency of was

of platform the of on account QX, reached spending at with platform, X,XXX up our XX,XXX least expand number months to and an we in engagement joins that The account increase of XX% the accounts end spend our year-over-year. the Once from aim time. over relationship XX at last activities

Supplier services revenue QX. year-over-year declined approximately $XXX,XXX X% in or

is to on platform XXXX mentioned the Randy remarks, self-service the for Thomas expand of part marketing modernize advertising thomasnet.com. our products As in his plan strategic and

We to to expect number with these the acquiring and efforts associated reduce the grow costs customers digital marketing of them. sales

services, number XX% this are one active or of our or help KPI and digital is services suppliers for was increase supplier supplies a better introducing including year-over-year. financial to supplier We believe data the more This last segment during its how X,XXX of for a the quarter, we services, services. supplier investors services, have suppliers KPI paying we the QX operate trailing services will new understand months. paying XXXX marketing purchased number XX-month track performance. XX an basis, The on Active suppliers of who of

points was quarter-over-quarter. XX.X%, gross year-over-year, XXX increase marketplace up XXX margin was XX% mix gross margin primarily down XX.X%, million, driven marketplace for year-over-year, QX of points by revenue. and basis to an $XX.X QX profit year-over-year. gross basis a was points profit XXX shift basis Total

the increased marketing Thomas for marketing revenue. high a gross higher gross supplier financial and margin services Supplier XXX QX of driven basis quarter-over-quarter growing and of Thomas due services gross mix margin services. points by was margin services advertising to services XX.X%,

our to business non-recurring component. and variable included total QX and largest incremental operating expenses continued accounting to costs non-GAAP with costs, legal compliance. investments QX sales Sarbanes-Oxley QX expenses by of driven in $X.X operating our increased $XX.X expenses, and operating public million XX% on Moving is Within costs. marketing year-over-year operating associated the million company

non-GAAP in and expand were of continued an network amortization, expenses our hiring increase sales QX, increase $XX.X XXXX. expand to support and stock-based was expenses buyers year-over-year In and million and suppliers $XX.X The strong million, in strategy. driven of marketing XX% of non-GAAP excluding as basis to QX compensation to marketing people growth sales and by investment a and our additional sales and land compared on

in We in delivered marketing QX, increasing awareness active strong growth new and spend. efficient brand leveraging buyers

in an Europe, marketplaces. to incremental fund in approximately UK mentioned, launch the invested expansion Turkey the including $X and we QX As Randy million of

XX.X% XXXX. QX of revenue of with Our revenue adjusted QX EBITDA loss XX.X% or compared in million for $XX.X was

QX, approximately note to organization. as EPS on in pledged of charitable the of GAAP IPO, quick X% XXX,XXX to or company’s non-profit One shares for part contributions capitalization the we xometry.org,

As a charge recorded general of a from result, expenses, in QX, administrative EBITDA, in non-operating which adjusted excluded recorded and we a $X.X charge million. is we

Turning to loss $XX.X revenue and and in respectively. our segments international from was Segment operating our reporting, U.S. million from operating segment respectively. million QX, was segments $X.X and $XX.X million and U.S. million $XX.X QX for international

equivalents the continued We securities end in international marketable QX constant cash year-over-year business, $XXX.X and an XX% was to of currency our year-over-year quarter, At the on neutral million. in which XX% invest and basis. and FX grew cash first

$XXX XXXX XX% year-over-year QX million, to the moving Now of XX%. million revenue to guidance, in on expect $XXX of representing range growth we to

marketplace in growth revenue healthy to XXXX. expect We remain QX

As XXXX with prior comparison toughest year-over-year in a is XX% period. the the QX revenue marketplace growth reminder, year

margin creates reflected Given a to this drag guidance. we not revenue lower QX proactively our be to partners, and supplier in service our significantly services This the offer gross are revenue XXXX change supplies, of we expect year-over-year. down to going

services and QX margins supplier improve in We quarter-over-quarter. expect to gross marketplace

to In sequential quarter-over-quarter. driven to marketplace XX% loss fixed QX, EBITDA be further expenses, be a million, marketplace revenue, particularly the in operating improvement margins we costs. QX quarter-over-quarter by will EBITDA to loss lower measures improving expect $X.X gross adjusted of XX% tighten significant range $X.X to and growth million adjusted in

expect adjusted to be from we $X expense stock-based approximately we $X which compensation will EBITDA. million, to QX, exclude million In

to Randy expect revenue XX% XX% growth and million, XXXX As profit $XXX gross to mentioned, marketplace we in million representing We year-over-year. growth of XXXX. robust reiterate growth $XXX guidance

expect XX% in We revenue marketplace growth of XXXX. approximately

be on QX EBITDA XXXX. an basis to expect profitable adjusted in We

gross buyer order improved growth. significantly and half in the growth XXXX, improvement operating margins faster driven profit We of strong in gross expect further in second leverage by driving

and fixed We public expect costs. company leverage significant including over semi-fixed costs,

We adjusted cost non-recurring loss expect $XX international we incremental million the in and discussed million QX in EBITDA previously. to the XXXX of range additional given the investments $XX

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

Operator

Rohan Thank of Instructions] Joshi first Our comes the question Citi you. from [Operator line of Bank.

Your line is open. now

Rohan Joshi

behavior. profit. you in behavior supplier questions. to overall the pricing. That in us out be I just XQ. margins one. And talked taking would about you trends, terms second talk at two wondering expand got and back talked the on to coming key for of expanding but please. Thanks normalized Great. I’ve number a we last also of taking margins the if helpful jobs half And Randy, Jim, point year, guess, saw more can little the turning year, bit about supplier of on about gross we are

gross about us So more what’s talk particularly margin, to little guys. you the driving overall in that a side. marketplace Thank bit

Randy Altschuler

Yes, with and you. to Rohan, good morning. speak And good

and strength growth we in active the from expected orders. to we participate growth stronger growing strong QX, in then to marketplace. well continue well marketplace strong in back suppliers the saw and And to and react going buyer just So change revenue we even saw QX –

verticals. So and – all think we strengthen quarter, I well. add in active with to as we we across continue we’re net our processes also position And our saw strength competitive saw as record buyers saw of many the

QX, about we’ve ended up, been January. We the of on the going elasticity question at Just testing of customers. price about your experimentation, in did talk we end how margins gross doing that

QX well. almost gross we’ve rebound call, to as this marketplace services margins So points supplier XX%. XXX we’ve mentioned saw for also guided And of to – QX you basis margins from and in increased nice a gross as XX of QX to in

Shawn Milne

Yes. the marketplace, gross Rohan, Shawn. – I about year, talked want it’s we plus. for margin being also for just the and XX%

Rohan Joshi

Thank you.

Operator

Securities. comes Thank line you. of JMP [Operator question Instructions] Nick from the Our next Jones of

line Your open. is now

Nick Jones

we’re grow the some is trends that Thanks of businesses. seeing we’re a Two, or Great. and able a kind can. kind questions. taking of of industry Xometry level, seeing of through overall still metrics is if of guess, impacting to high these Is much kind these the some factor pressures? first how reported for macroeconomic I I

Randy Altschuler

Look, by gaining technology, I market buyers. our in QX that and in of international, received you adding active share investments with been Yes. a record investments in think number we’ve

and across we verticals. – they processes all and strength, saw So many could across

– I market continue as gain we’re we to we excited think So our and share to investments pay off, continue as to grow.

Nick Jones

buyer kind and Great. the similar full confidence of to of in kind confidence kind cohort year or you just And speak uptick maybe kind then and LTV performance half number? revenue gives guide, kind to what active you in of back that CAC those. full you’ve of this accelerate about hit you behavior Can have buyers think of to and we active in you that seeing the had? the gives year curves as Are to kind

Randy Altschuler

Look, we half, think growth, been and that including continue us we to growth reach strong we talking that second international to guidance buyer the fruit, those that about provided. Yes. order growth. continued enable again, I think active investments expect we’ve will bear in our to combined And

Nick Jones

Great. Thanks, Randy.

Operator

you. comes Our William Thank Drab [Operator of Instructions] next line the Brian Blair. of from question

is Your line open. now

Brian Drab

if taking XXXX morning. about a could opportunity. I little the talk the you Alibaba for bit Good was Thanks more wondering first questions.

the past? would have revenue business the and they mean, about helpful. some opportunity providing parts detail how the in term? And and Thanks. big you tried custom is, the ever be there how is Just agreement more there I question model what’s that talk can structured longer

Randy Altschuler

Yes, for thank question. and Brian, the and morning you good

has notwithstanding remarks, to baked clear our related about strongly. as So XXXX, marketplace anything here during not to growing very just talked XXXX, in, our in prepared guidance been we’ve be China our we

So very about we’re that. happy

in that revenue even follows. a the contributor be year year to stronger a contributor this it expect revenue and We

if know fulfillment is excited technology the it It our Xometry be never we strongly very excited. That parts, so, I couldn’t quoting will never We the I provide will don’t they’ve And the operational we’re a instant believe tell I of offered it think Brian before. they’ve – XXX%, – is Asia but later be exclusive fully are they’ve and then the answer I XXXX you provider but I actually it to said, about will are the XXXX actually for quarter that. and be this that. opportunity. it but before. before, offered there ever and custom for offered using don’t

Shawn Milne

it’s Yes. terms not on – just in when there’s it’ll the share, And our And agreement, Shawn. gets revenue when through so Brian, rolling, run a it’ll and it KPI. revenue marketplace of

Brian Drab

it Are you – I am the we’ve legacy leads same just revenue the and directing just that is still for revenue at Xometry? Like, opportunity but that. not Is I they’re know or is on discussed margin margin? is clear basically Does be going to perfectly similar as different? in marketplace that this, they this mean marketplace your it in

Randy Altschuler

States I we’re the margins our geographies about Europe way in mature don’t to staying the Yes, similar markets. up, margins, – But again, necessarily functions functions, will standing it United the – or in at the yes, in will it be. talked reflect, No, it or this, be exactly necessarily we’ve mirror North terms of as particularly America. it way mean, in will it our in don’t we’re

similar. So very, very

Jim Rallo

marketplace, embedded one within their I not being call, so our redirected quote platform. direct know different as it’s if to technology leads, for Yes. so customer is just a but said on And again, mean, recall, just the a you I to is instant

a technology marketplace embedding on it’s that in So experience. seamless their

Randy Altschuler

technology offer. And part quote into on for instant and to using now XXXX on now do to that. offer will able what the you’re is be can parts, they that built XXXX if So XXXX, being they’re their our to ability people

excited So we’re about it. pretty

Brian Drab

generating wrong it’s Yes, I I’m guess used the word, just leads you. I’ve for but thinking of

what annually. not is You’re sharing say that basically revenue means sharing And massive this Xometry revenue XX users share, you’re… there’s not stepping you you’re – into flow million them. of not it with Is when

Randy Altschuler

Yes, we’re XXXX. sharing not revenue with

getting XXXX for fees piece et by of this They’re Brian. a cetera. handling transaction, not So it’s Ali’s makes people, transactions

Jim Rallo

float, the make Yes. They money. their through Brian, make and on the will they checkout process that’s be how so their money

Brian Drab

time Can you lot think in Just define you this elaborate Jim? a of It’d just I by a that, I’ve context? float good be up. questions to clear this. on on got it what mean

Jim Rallo

things the be There in case, people just that people our so XXXX, XXXX, just that is then then – funds. happens release they that order Brian, different. and shipped one Yes. when will will would – then the it’s once pay of and is held the the by in system

on other platforms. that’s So Alibaba similar and

funds release they holding the So the delivers, buyer when the they from and them are they’re the – seller then

Brian Drab

Right.

can terms revenue when on off So in holding for that… invest those funds, – they’re some the or Is generate But that some they them interest and and in Xometry. to money of the make margin goes of interim, that this. transactional

Jim Rallo

different, It’s everywhere. Brian. not It’s same got the any we’ve as

Brian Drab

Yes.

Okay. for not like not Is you million year-over-year. as services just ROI just pulling supplier down maybe just going and And big on XXXX? right. X% selling or sounds that. quickly, decision? the this and type revenue Thank Is how forward. some aggressively drag – It two? the for an All a marketing a focusing revenue there down expense said back – And then just you’re of that services

Jim Rallo

is suppliers, there has supplier is whether so the bulk offer, marketing that with selling specific services that is service which supplies we of But services it’s you to services, sold yes, as and – marketing, tools. Thomasnet. Brian we’ve got historically a materials supplier our and Xometry supplies know,

got is we’re supplier pulling services back a margins. that It’s significantly So gross segment lower of that from.

And so to marketing suppliers. actively the we as it not actively are –

help go just suppliers. going it’s we our see actively to because talked So more revenue to going from marketing in that’s – QX, about that Ultimately, our that’s going that’s to margins. not you’re a we’re down, year-over-year to suppliers why profitable,

and so. technologies around and we’ve those about proactive building of the other marketing thing doing. sales supplier capabilities But that we’re services services, our investing we it’s talked in a and marketing So the course, are

Brian Drab

got Thanks lot. it. I Okay, a

Jim Rallo

Brian. Thanks,

Operator

[Operator of Palm from Greg final line question Instructions] Thank from Craig-Hallum. Our the comes you.

Your open. now is line

Greg Palm

taking levels? active terms versus portion certain your it pickup, the a guess, a historical ads the nice here. into last enterprise? going Thanks separate assume mix good wallet seeing it’s Yes, first this are quarter you ads I Or for I because for questions of just should seeing ads new a sort that different I net or wanted good some guess, to of ads a start well? that question net my maybe top net in And comment about And quarter buyers, enterprises was of XXX, morning. net or deeper with quarter. the share again, is, of these big different within company the are as we increasing in are you actually in

Randy Altschuler

question. great Yes,

got we’ve say quarters. seeing are in the logos. that are it nice demographic new similar these accounts People funnel we addition – or So new big we accounts previous accounts of – of in seeing added are is really QX and aren’t we’ve to of and makeup a behavior the the

We’ve we’re growth. more got spend. We’re just organic more – getting our with efficient marketing

And just strategic And going quarter. and the so – top talked are buyers XXXaccounts. certainly five-point in each plan deeper we’re about yes, we we wider adding into more active

So funnel strong. logos new of are buyers but very the adding more there, we is

Jim Rallo

U.S. only Randy but a seeing as active thing broad-based the remember growth, Europe not at but rate. Greg, is other growing fast very is mentioned And strength but the in QX, in you’re buyer

So buyer there as seeing we’re good over well. growth

Greg Palm

does what QX guide, level revenue between a QX similar sequential maybe of assume the ads you saw another behind QX? increase assumptions the and of net in or it terms in And

Jim Rallo

Greg, something specifically drives last few buyers. net healthy Yes. you metric, out talked XXXX that in to we strong that you active as year-over-year I And about guide calls, that mean, we but play were the should don’t good through as you out, forward. ads growth going that expect this is play

Greg Palm

Understood.

Okay. I’ll leave it there. Thanks.

Operator

This participating. you. you concludes for today’s conference Thank Thank call.

You disconnect. now may

Xometry (XMTR) 10 May 232023 Q1 Earnings call transcript