Xometry, Inc. · NASDAQ:XMTR
Xometry — Q2 2021 Earnings Presentation
23 slides from Xometry's earnings presentation, Aug 12, 2021
Slide 1: Q2 2021 Investor Presentation
Q2 2021 Investor Presentation August 12, 2021
Slide 2: Q2 2021 Key Financial Highlights
Q2 2021 Key Financial Highlights $50.6M $11.9M $(9.1)M Q2 2021 Revenue Q2 2021 Gross Profit Q2 2021 Adjusted EBITDA(1) 45% YoY Growth 23.5% Margin (17.9)% Margin 23,942 95% 508 Q2 2021 Active Buyers(2) Q2 2021 Revenue Q2 2021 Accounts with LTM from Existing Accounts(3) Spend of at least $50,000(4) 6
Slide 3: Incredible Value Creation from Digitizing Markets
Incredible Value Creation from Digitizing Markets Travel Retail Auto Payments Transportation Manufacturing ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 3
Slide 4: Our Market Opportunity is Massive
Our Market Opportunity is Massive Global Manufacturing $35tn US Manufacturing $5tn Custom Manufacturing $260bn Source: Brookings, IBISWorld, Interact Analysis, Statista and internal estimates ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 4
Slide 5: But the Market is Highly Inefficient
But the Market is Highly Inefficient Buyer Pain Points Seller Pain Points Highly fragmented, regionalized base of manufacturers; 75% of American Geographic isolation and limited access to manufacturers have fewer than 20 customers employees Difficult to efficiently find the best price Reliance upon
Slide 6: Xometry's Marketplace is the Digital Solution For Buyers and Sellers
Xometry’s Marketplace is the Digital Solution For Buyers and Sellers of Manufacturing Services Democratize Access Highly Cloud- Scalable Based AI-Driven ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 6
Slide 7: Significant Opportunity for Long Term Growth
Significant Opportunity for Long Term Growth Pursue strategic acquisitions Continue our international expansion Enhance and offer additional seller Attract new buyers and Become an products and services grow wallet share with enterprise solution existing buyers ©2021 Xometry and/or its affiliates. A
Slide 8: Continued Growth in Active Buyers
Continued Growth in Active Buyers Active Buyers (LTM)(1) 23,942 21,345 18,846 16,266 14,460 13,041 11,527 10,435 9,389 8,407 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 (1) We define Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last tw
Slide 9: Customer Stickiness Supports Attractive Unit Economics
Customer Stickiness Supports Attractive Unit Economics Accounts with LTM Spend of $50,000 or More(1) 508 412 389 361 330 307 266 220 178 147 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 (1) We define Accounts with Last Twelve-Month, or LTM, Spend of At Least $50,000 as an account that has spent
Slide 10: Expanding Seller Services
Expanding Seller Services Xometry Supplies introduced in 2019, Financial services launched in mid-2020 Xometry Supplies – Access to discounted tools and supplies Xometry Advance Card – Receive up to 30% of job payment in advance FastPay – Accelerate payment after job completion Digital storefront Au
Slide 11: Q2 2021 Financial Results
Q2 2021 Financial Results
Slide 12: Key Financial Highlights
Key Financial Highlights $ Significant Growth Proven Business Gross Profit at Scale Model Growth $50.6M Q2 2021 Revenue 508 Q2 2021 Accounts with $11.9M Q2 2021 Gross Profit LTM Spend of at least $50K 45% YoY Revenue Growth 44% YoY Gross Profit Growth 95% Q2 2021 Revenue from 15% QoQ Revenue Growth
Slide 13: Significant Growth at Scale
Significant Growth at Scale ($ in millions) Annual and LTM Revenue Quarterly Revenue and YoY Growth +62% +45% YoY YoY $50.6 $174.5 $43.9 $42.0 $141.4 $38.0 $34.8 $80.2 FY 2019 FY 2020 LTM 6/30/2021 2Q20 3Q20 4Q20 1Q21 2Q21 ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 13
Slide 14: Revenue Predictability Underscored by Existing Accounts
Revenue Predictability Underscored by Existing Accounts Percentage of Revenue from Existing Accounts(1) 96% 95% 95% 95% 94% 94% 94% 94% 93% 86% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 (1) We define an existing account as an account where at least one buyer has made a purchase on our market
Slide 15: Supporting Expanding Gross Margin
Supporting Expanding Gross Margin ($ in millions) Annual and LTM Gross Profit and Margin Quarterly Gross Profit and Margin Margin 18.4% 23.5% 23.7% 23.8% 24.3% 25.0% 22.4% 23.5% $11.9 $41.4 $10.2 $9.8 $9.5 $33.3 $8.3 $14.7 2019 2020 LTM 6/30/21 2Q20 3Q20 4Q20 1Q21 2Q21 Note: For a reconciliation of
Slide 16: Investments to Drive Long Term Growth
Investments to Drive Long Term Growth ($ in millions) Annual and LTM Adj. EBITDA and Margin Quarterly Adj. EBITDA and Margin Margin (33)% (16.6)% (16.7)% (13.8)% (11.0)% (17.4)% (20.1)% (17.9)% $(4.8) $(4.6) $(23.5) $(6.6) $(26.4) $(29.1) $(8.8) $(9.1) 2019 2020 LTM 6/30/21 2Q20 3Q20 4Q20 1Q21 2Q21
Slide 17: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses (% of Revenue) Sales and Marketing(1) Operations and Support (1) Product Development (1) G&A (1) 9.2% 9.0% 7.1% 7.1% 17.2% 17.0% 16.9% 10.1% 6.8% 9.6% 9.6% 8.1% 8.8% 6.0% 7.6% 7.5% 14.1% 13.8% 8.5% 5.7% 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21
Slide 18: Forward Guidance
Forward Guidance
Slide 19: Guidance
Guidance ($ in millions) Q3 2021 FY 2021 Low High Low High Revenue $ 53.0 $ 55.0 $ 207.5 $ 211.5 Adjusted EBITDA $ (13.0) $ (12.0) $ (43.0) $ (41.0) ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 19
Slide 20: Appendix
Appendix
Slide 21: GAAP Operating Expenses
GAAP Operating Expenses (% of Revenue) Sales and Marketing Operations and Support Product Development G&A 17.7% 17.2% 17.5% 10.9% 10.5% 8.7% 10.4% 9.9% 8.4% 8.3% 9.9% 8.1% 14.7% 14.3% 9.1% 8.8% 7.2% 8.6% 8.0% 7.8% 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Adjusted EBITDA: Net loss $ (12,264) $ (6,119) $ (22,765) $ (14,726) Add (deduct): Interest and other expense 463 393 916 648 Depreciation and amortization(1) 753 700 1,487 1,389
Slide 23: Long Term Model
Long Term Model % of Revenue FY19A FY20A Long Term Gross Margin 18% 24 % 35 – 40 % Operating Expenses 57% 44 % 15 – 20 % Adj. EBITDA Margin (33)% (17) % 15 – 25 % ©2021 Xometry and/or its affiliates. All rights reserved. Confidential 23