All right. Well, we're saving the best for last here on closing out day two of a great conference. Yeah, it's been a lot of fun to reflect on these last couple days. We've learned a lot, so hopefully we'll get a lot of takeaways from Randy and the team. So yeah, we're closing it out with Xometry here. Xometry. We got Randy here, Jim is in the back. Is Shawn, I didn't see Shawn. Shawn is not here. Shawn 's not here. Yeah. Okay, okay. Well, thank you guys for joining us. Thank you for having us. Yeah. So, let's start. I always like to start these things. I mean, you guys just, was it last week you reported? Thursday, yeah. Last Thursday? Yeah, yeah. Yeah, in analyst years, that's probably a year ago, but maybe just start with the overall, just level. By the way, maybe I should step back. For those that aren't as familiar with Xometry, give us just a quick lay of the land of the value prop that you guys, where you play in and really the kind of the idea of the platform. Sure. So Xometry is focused on a $2 trillion market for custom manufactured parts. We're the leading marketplace, two-sided marketplace, with networks of buyers and suppliers, in the United States, in Europe, and in Asia. We use AI, in particular machine learning, to power instant pricing for, for our customers, and we use that AI to optimize the match between buyers and suppliers. That's, We're based in Maryland. Based in Maryland? Yeah. Well, thanks for making it to the city here. No worries. So, talk about the, you know, maybe just, like, take us back through the last year or so. Sure. There's been a lot of. You guys have made a couple, well, one pretty significant acquisition, Thomasnet. Yep. You've developed a lot, a lot of new features and products, and you've really tried to grow the buyer and seller base. Talk about sort of the success in building this platform to where we are today. Sure. Then we'll talk maybe about some of the kind of the dynamics of the market today, that you guys talked about last week. Sure. So we, you know, I'm the co-founder of the business. I'm the CEO. We were founded in 2013. We opened our doors for business in 2014. We've been growing rapidly ever since. We went public in the second quarter of 2021, and just to put some perspective on that, we've, since we went public, organically, our business has more than doubled. We also did an acquisition, as you mentioned, Thomasnet. So we've been growing very rapidly over the last couple of years. Our gross profit margins have also been growing rapidly in our core organic segment, as well as we've acquired a business that's also raised our gross profit margins, and we've been making steady progress in our road to profitability. So just to give some perspective on that, we went from an $11.8 million adjusted EBITDA loss in Q1 to about a $4.2 million loss in Q3, and we've guided to break even to a slight loss in Q4, and for full year profitability in 2024. So great news is we've been growing, we've been growing our gross margins, and we've been reducing our loss, and we're, you know, looking forward to full year profitability next year. So you guys play in a segment of the market. I I would say, you know, there's been. I think if investors look at kind of the, you know, called the design manufacturer market, I think people, you know, there's been some ups and downs there, yet you guys have delivered, you know, really consistent results. What are some of the underlying tenets on adding buyers and sellers that have kind of cut through some of the macro trends? I appreciate you saying that. So just to give it an understanding of what our market looks like. So it's a, when you think about manufacturing, obviously one of the largest markets in the world, trillions of dollars. The sub-segment that we've talked about being about $2 trillion, and custom manufacturing is highly fragmented, pricing is very inefficient. And so when a customer would go out traditionally and try to get a price for their custom parts from a couple manufacturers, the price differential could be 100%, and it can take days or weeks for them to get the price. So, Xometry has sort of revolutionized that by creating this instant pricing, creating this marketplace, and enabling a customer to get instantly what used to take them days and weeks. And enables them to access, if you're an aerospace company in California, you may not know, but there's a great manufacturer in Houston, Texas. You can now get access to that via Xometry. And likewise, if you're a supplier for automotive outside of Detroit, you traditionally, as a small manufacturer, you've lived and died with the automotive industry. Now, I can get access to a medical device company in, you know, the Boston area. So it's revolutionized for both sides, and as a result of that, even as, you know, the macros can been kind of wacky and things like that, you know, we've seen some contraction in manufacturing overall. We've been gaining market share and gaining lots of customers, buyers and suppliers, because they understand that this is a better way for them to run their business, that the shift to digital is inevitable. And so in fact, we've been adding. In the third quarter, we added a record number of new buyers to our marketplace. You know, grew over 43% year-over-year, because again, more and more people are saying this is a. Our order growth has been growing over 40%, with more and more saying, "Hey, this is a better, more efficient way to do things." By the way, we've seen this happen in other industries, we, the customers and the suppliers, so it makes sense that it's happening in this industry as well. What has been some of the most important aspects of driving sustained buyer growth? Yeah. I mean, obviously, like you said, it's a big market. Yeah I t's fragmented, but what are some of the company-specific drivers? Yeah There for buyer growth? One is the idea that you can get things, you can get pricing right away. Yeah. If I'm a Fortune 500 company, and I'm buying, those are some of our biggest customers are big companies, and I'm purchasing hundreds of millions of dollars a year of custom manufacturing, but I have to buy it because it's a very fragmented market. I'm buying it from lots of small manufacturers. It takes me a lot of time and money to just do that purchasing. The idea that I can go to Xometry and get it done like that, and sort of have one throat, you know, one place to go, that's worth a lot. It reduces a lot of friction. It's not only about finding a great price and a great lead time, but it's also about the ease of use and also the reliability. You know, so we're a public company. We've got customer service. We've got all those things that you know in other marketplaces that get delivered. I can get that as well. So that's really attractive for a buyer. It's just easy, and we're constantly innovating. As you asked in the beginning, over the last couple of years, we're constantly innovating to make it easier and easier. We're integrating into the buyer's ERP system, so they don't even have to come to our site. They can punch out, buy directly from their ERP system. Or we're integrating into their 3D CAD system, where they design files so they can access Xometry's quoting engine right from that. So we're reducing friction. We're reliable. We're finding great deals. We have unlimited capacity because we're accessing the SKUs network. We're always bringing on board new technologies, so they can discover new ways to make things. We've got automated feedback, all these good things for the buyer. For the supplier, particularly in tough economic times, but in all environments, I don't need to have my sales and marketing anymore. Yeah. Xometry is delivering work for me. Here's the cool thing, with our algorithms, we're not only using the algorithms to create pricing, but we're also using algorithms to find what are the best work for a supplier. As the supplier interacts in our marketplace, as they take jobs, as they show what they like, they don't like, we're learning about that supplier. Kinda like when you watch TikTok videos. I've got teenage kids, you know, my son watches a video. By the seventh video, they know what he likes. Yeah. They're just feeding it up to him. We're trying to do the same thing with the suppliers, and there was nowhere else they could find that. Yeah. Like, in the world of custom manufacturing, you're not selling a SKU, you're selling your capacity. Yeah. That's a very hard thing to do. Xometry is the first place where, hey, we can actually enable you to do that in a very cost-efficient way. So suddenly, I don't have to spend sales and marketing dollars, I can diversify my business, and ultimately, I can get more profitable work. Now, talk about. This hasn't come up the last couple of earnings calls. But pricing's been much more stable. Yeah. Refresh us again of sort of what. Was it, was it Q? I forget what- It was Q4 of last year. Q4 of last year. Yeah. What happened? What did you learn? And it seemingly has been a lot more stable since then. Yeah, no, I appreciate that. So, you know, what we saw last year was that buyers were looking for less expensive alternatives to make things. So we were still getting really robust buyer growth. But on our site, we have different options based really on lead time. Yep. So if you're willing to wait longer, we're gonna charge you less. If you want it faster, we're gonna charge you more. So we saw in fourth quarter, and at the end of Q3 of last year, and then into fourth quarter, a pronounced shift where buyers were saying: "I want the product still. I still need the same quantities, I still need the same thing, but I'm willing to wait longer." That reduced our revenue per buyer. And that's been flat since Q4. We added some mechanisms to sort of stabilize that, and the segment of our market that was shifting down sort of shifted down. We have some segments that can't shift down for various reasons, but that's really stabilized. And as you said, it's been very flat throughout this year, and we expect that to continue to be flat moving forward. So that was, that was a trend. Now, as we enter into the fourth quarter, the fact that on a year-over-year basis, that revenue per active buyer has been very flat you're gonna see our growth in revenue much closely, more closely match our growth in active buyer count, and that's been growing, you know, 40%+ quarter-over-quarter. Well- O r year-over-year. Yeah, so that. Yeah. And sort of like, talk to that. Yeah A bout why Q3's growth doesn't necessarily represent the underlying growth of the business. So in Q3, we grew our active buyers. It's the number of people who bought within the last twelve months. We grew that 43% year-over-year. But our marketplace revenue growth was, I think, about 22% because, because we had that impact last year, where everything in Q3 last year, they were spending more per buyer. So, so every buyer was spending more last year in Q3 versus this year, even though we have a lot more buyers. So there was a, a delta between this year, between the number of buyers that we added and the total revenue we got. Yeah. But now in Q4, it's gonna be the same. We've guided to being the same. Yeah. The revenue per buyer last year in Q4 and revenue per buyer this quarter are gonna be the same. If we grow our active buyer count by 40%, we would expect the marketplace revenue growth to be very similar to that. Got it. That should be moving forward, not just in Q4, but that same dynamic where buyer growth and revenue growth are more closely linked. We should expect that to go into 2024 as well. Into next year. Yeah, exactly. Okay. So we kinda lapped that price decrease. Now, let's talk about some of the most important catalysts for... Let's talk about buyer growth. And maybe let's talk about Thomasnet and what you guys have been doing with Thomasnet. Sure. Or maybe, maybe just for the folks who maybe aren't as familiar with Thomasnet start there, and then, you know, let's talk about the progress. Sure. So at the end of 2021, we bought a company called Thomasnet. So Thomasnet was the largest online directory for custom manufacturing, so you know, it basically a classified site. So if you're a customer and you wanted to find... And this is for industrial manufacturing, so kinda like the Google for industrial manufacturing. Yeah. 500,000 listed North American suppliers, and if you're a customer who wanted to find a, you know, a very specific kind of manufacturer in a very specific part of the, of the United States, it's all North America, and a specific skill, you could find that on Thomasnet. Thomasnet makes its revenue by selling advertising dollars, primarily makes its revenue by selling advertising dollars to suppliers to list on that site. It's a listing service. We bought Thomasnet at the end of 2021, and we bought it for a few reasons. We bought it so we could. There's a, Thomasnet has been around for over 100 years. You know, Xometry's been around now for 10 years, so 10 times the amount. And so, and it's really well known. Only organic traffic, they'd spent virtually nothing on marketing, all this organic traffic, and they have over 1 million registered users. So we want to, we want to, introduce those users to Xometry. You know, in contrast, we had our highest number of active users last quarter, that was 51,000 or 52,000. So still, you know, much further behind where, where Thomas is. So that was a great opportunity for us to, to introduce more people to, to Xometry. So a great CAC opportunity for us to do that. Yeah. The second thing is that Thomas is much broader. The categories that it offers, even in its classified, it's much broader than what we have in our instant quoting engine, in our quoting engine. So we wanna constantly add more categories to what we can quote for customers in that quoting engine. So we're gonna take the data and the supplier network from Thomas and use that to add more categories into Xometry. Yeah. And that helps us not only expand the number of buyers into Xometry, but also helps us expand our spend per buyer because we can offer them more and more. Just the same way, if you go to Amazon, and I can buy not just clothes, but groceries, and books, and all those things, we wanna do the same thing for our buyers. Give us a sense for how many categories, 'cause I know Thomas has... Maybe just give us a rough magnitude of how many categories. Thousands and thousands of categories. There's a lot of them are long tail. Yeah. You'll never address. Thousands and thousands of categories. You know, Xometry has, you know, scores of categories. Yeah. So it's orders of magnitude larger than what we have in terms of the breadth of what it can offer. And how the progress on adding new categories, some of the most strategic, important ones that can drive, you know, greater, greater magnitude. We've been making progress, so we've been adding things into our engine. One thing we announced in Q3 to help accelerate that was. So again, we have our Instant Quoting with these proprietary algorithms. We've been building these data sets, like we are truly an AI company with this, and we use Machine Learning. But we announced in Q3 with our earnings, a partnership with Google. Yeah. Google Vertex AI. And the reason why we did that is that, you know, they're really good at machine learning, and they're helping us with some techniques that will enable us to deploy our instant quoting models even faster for new categories. So we want to accelerate the pace at which we offer new instant quoting in the quoting engine. We want to take that data, those supplier networks in Thomasnet, and add them into that. This relationship, this partnership, will help us get those to market even faster. It's really a kind of a turbocharging of what you guys had previously done. Exactly. Yeah, I mean, you guys were talking about AI before, and ML, really before it became. I mean, it seems like it's been in vogue for a while now. Yeah, it’s our core. It is your core. Yeah. Are there additional AI features that Xometry can bring in to drive even greater efficiencies beyond what you're doing currently, even with Google? Yeah, I mean, I think. Look, there's a long list of things we can do in terms of Generative AI and other things which we, we really don't do today, you know. But in terms of that core Machine Learning, things like that, like, there's lots of things, like. Yeah. But right now, we're really focused on being able to deploy even more of the instant quoting engine, you know, in more categories. That's our primary focus, but we're constantly working on it. We're enhancing the ability to optimize the match between the buyer and the supplier in the way that we recommend manufacturing options to customers. Like, those are things that we're constantly trying to improve as well. Yeah, I'm usually the one to ask the AI question. You jumped the gun. I did Went there. That was good. I appreciate that. So, okay, okay, so when we think about catalysts for buyer, sustained buyer growth. You, maybe just, like, the top two or three things that you're most excited about to drive some of the sustained buyer growth. Then we'll talk about the supplier side. Sure. So we launched, also, we've been putting it in beta in Q3 and now we launched it in October, widespread, something called Team space. So Xometry historically has been more of a one-to-one relationship. So you're a customer, you come in, you quote, and you buy. We've launched something that enables groups of people at companies, engineers, procurement people, supply chain people, all together, to be able to work together on a project. It could be an assembly, it could be an entire product, and to work together, get visibility on when various parts are gonna be delivered, what's being quoted, what's being required. So we had been, in Q3, we've been doing a beta with a handful of our large customers. That went really well. So in October, we launched that. We have over 300 teams now that are using it. That's really exciting because it enables us to grow faster within particularly large companies, and it's organic. So if I'm working on a project for a medical device, and that medical device has multiple parts and multiple dependencies on it, I'm now inviting all my colleagues to Team Space on Xometry, many of whom have never heard of Xometry. Yeah. Like, we're still early days. We're still. You know, we've been growing like a weed, but it's a huge TAM. So it's building our awareness organically. It's coming from somebody within the company, doesn't cost us anything. Yeah. It's all good things. We're really excited about that because that will grow presence in larger companies. Our land and expand strategy is really important to us because these large companies are spending more, some of them are spending more each year on custom manufacturing than our entire revenue. So we wanna grow deeper into them. Paired with that, we also have been accelerating our development of our enterprise sales team. We brought on board, in the third quarter, a new head of our enterprise sales. He had been at Salesforce, helped stand up their manufacturing vertical there. Right before us, he had been in ZoomInfo, so he's come in to lead that team. So those are two really great initiatives that are gonna help us on the enterprise side, and we think about a land and expand strategy to accelerate that. So teams, yeah, I mean, I think one of the things that I think a lot of people look at is these production runs, the sort of the more repeatable, larger commitments. Yeah. So Teamspace, you think, is a pretty important catalyst to driving? Yeah, because for larger companies in particular, you know, visibility, reliability, that's really important, and those, those orders have a lot of moving parts to them. And it's another differentiator. Again, the space that we're disrupting here is the customer historically has had to, the orders, the order can be millions of dollars, but it's not so big that a contract manufacturer will do it. So, you know, a contract manufacturer wants orders that's tens of million dollars. So the customer has to go to a small/medium-sized manufacturer. They have no choice. Those small, medium-sized manufacturers, they're manufacturers. They don't have online service. They don't have, you know, these sort of software interfaces. They don't have things that people wanna have. We can offer that to customers. And so the more that we can remove the friction, the more visibility we can give, particularly the larger the order, the more that they're gonna wanna trust that with us. Yeah. Now, plus, we're a public company. We've got the balance sheet, the governance of a public company. So it just makes it easier for customers to trust us with larger and larger orders and more and more mission-critical orders. Because the comparison for them is something that's a lot different. Flipping to the suppliers, I was gonna say, if you build it, they will come. But it's almost like if you buy it, they will come, the builders will come, right? Yeah. I mean, it's a little bit of a, you know, the more buyers, naturally, the more suppliers come on. What are some of the other catalysts to drive greater supplier growth? Yeah. Because I think, I know you've added some in, you know, China and overseas, and. Yeah. So, you know, we are the leading two-sided marketplace, and so we don't have a lot of, like, for suppliers, they flock to us. We have a waiting list for suppliers who wanna join us. So we're in a very fortunate situation where our supplier base is largely growing by word of mouth. We don't spend a lot advertising for suppliers to come and join us. But we're also being very careful. We wanna balance the growth of our supplier network with the spend that we have with each supplier. So we want more suppliers, but we want for each supplier, for Xometry to be a bigger customer, and we do that for a couple reasons. One is, if we're a bigger customer, we're gonna get better results, right? Yeah. You know, bigger customers get better results. But the second reason is, I go back to the whole application of AI. We're learning about the suppliers by the level of their activity on our marketplace. The more that they interact with us, they take orders, don't take orders, do this, don't do that, the better we can understand where their sweet spot is. Like, what do they really like? What's that next TikTok video they wanna watch? So we wanna make sure that not only do we have more suppliers, but each supplier is more active. So the gaining factor here is, we wanna make sure we have enough demand that as we add suppliers, they're active and doing more and more with us. That'll just enable us to serve them better, for it to be stickier. And so that, we're balancing that. Yeah. Yeah, It's not a capacity. We have plenty of capacity. Yeah, so. Yeah. You're doing it at a measured pace because you wanna make sure these are all vetted and that there's a quality of work. Yeah, they have to. To become a supplier in the Xometry network, you have to pass. Exactly, you have to do test parts. I mean, we, you know, we wanna be careful that we're maintaining that quality level. So from our perspective, if the suppliers pass that test, we owe them business. Yeah. And so we try to very, you know, consciously make sure that suppliers are engaged in our marketplace. So you don't feel like you're supplier-constrained right now? We are not at all supplier-constrained. Yeah. It has never been an issue for us, and we have unlimited, is always a tough word to say, but we don't see any bounds on our, on our supply. I'm gonna ask one more question. Yeah T hen we'll see if there's some from the group here. Sure. You know, competition is one that's always come up with you guys. Yeah. You know, I think if you're getting such a good margin and improving margin, one would think, "Well, gee, this is, you know, why doesn't somebody else just create this marketplace? Yeah. Maybe talk to some of the challenges of that, and then who do you see, you know, other than just the old way of doing it? Yeah Y ou know, picking up a, you know, just finding a manufacturer here in Manhattan for whatever it might be. Talk about that competitive dynamic and- Yeah. So, it really is the old way. I know that sounds like that is the. When we lose, where a customer doesn't go with us, it is, it's primarily, you know, it's always like: Hey, they're going, they're using a local guy, et cetera. They did it the old way. Yeah. They sent out an email and said, "Respond in a week," and things like that. Yeah. That's really. So it's changing that mind, that way of thinking, that's our biggest o ur biggest barrier. Now, the good news is that so many things are going to be digital, and so people in so many other parts of their lives, so it's inevitable. Yeah. It's just a question of how fast it happens. But we have built a really competitive moat. Like, you know, this is difficult. And so first, you need the algorithms, those quoting algorithms, and we have patents around them. We're proprietary. But as important as the algorithms is the data that the algorithms use. Yeah. You have to build up those data sets, and that comes from your networks of buyers and suppliers. Yeah. So we've every day, our data lake around this moat of ours is getting bigger and bigger as we just get more and more transactions. That helps us increase the accuracy of our pricing. It also helps us increase our margins. And as we grow those networks of buyers and suppliers in North America and Europe and as Asia, those are also hard to replicate. And then also our international presence, that's one other thing that sort of call out here. You know, Xometry has been growing like a weed internationally, primarily in Europe. We launched in Asia, but that's still early days, so that's been growing this year. Last quarter, I think it grew, like, 79% year-over-year, or +75% year-over-year. So international has been growing a lot. So another part of our competitive moat is not just that, "Hey, we can service you well in North America," but that, "Hey, we can." Particularly if you're a large multinational company, "We can service you in markets all across the world. Yeah. Yeah. So- I've got a follow-up there, but maybe I'll pause and see if there's any questions from anybody else. Yeah, he'll bring my mic up first. Yeah, thank you. Thanks. I was hoping just to touch a little bit more on the Thomas acquisition and, and specifically why you felt, you needed to acquire it to get the benefits. I understand the benefits, but why couldn't you achieve those just through kind of a partnership? Yeah. So I think, you know, Thomas, first of all, so it's a brand that's got a lot of name recognition in our industry, and so being able to capture and to integrate that giant network of users, and again, they have over a million users, I think 1.2 million or maybe 1.1 million when we bought them, that being able to bring that into Xometry family, that's really powerful. And we also saw Thomas as a great company, but it was a family-owned business. We saw the opportunity as a technology company to apply technology to accelerate its benefits. So for example, historically in Thomas, if you wanted to sign up for advertising, you had to find a salesperson. There was no self-service. So imagine every time you bought Google AdWords, you had to call up, like, a salesperson, or if you wanted to advertise on Yelp, you had to call up a. So we said, "Hey, we're going to apply technology here to make it easier for buyers to sign up, and we're going to expand the buyer base of the advertising. Plus, we're also going to enable people to transact on Thomasnet." So historically, Thomasnet had just been a classified site. I find something, you know, and I move off of it. We want to enable people or encourage people, "Hey, you can transact right on the site." So doing those kinds of changes from a technology perspective, integrating buyers and suppliers, that's much easier to do when you're part of one family. Thank you. What sort of additional capital investments need to be made to take it even broader internationally? Yeah, look, I think we've, you know, we've been investing. We launched in Asia, and in China, sort of our headquarters in Shanghai. We launched there last year, so I think we've put in a lot of that capital already. Yeah. And that's sort of baked into our expenses. Yeah O n the Asia and on the European side. So I think, you know, we still have a long way. Europe has been growing like a weed, as I said, and we expect it to continue to grow like a weed, but we still have a long way to go. Yeah. I mean, we expect international to be, you know, it could be over, you know, 30%-40% of our revenue, and it's been growing nicely. So there's a lot of runway there with the investments we've made in Europe, in Asia. We just need to continue to build that out and continue to develop. But I think we've invested in those markets to stand up the site. So we're in 14 different languages now. We take six different currencies. Yeah. A lot of that upfront investment has been made. So when you think of the next. And we've got about two, little over two minutes left. Yeah. When you think about the future of Xometry as a management team, what are some of the most important decisions you all are thinking about to continue to scale this business? Is it, you know, is it M&A? Is it new geos? You know, what are some of the most important things that you guys are considering to kind of ensure this growth continues? Yeah. So great news is, huge market, so we don't need to go out and start a new segment. We don't have to get into, you know, a whole new entire business. Yeah. The market is gigantic, and we're in the biggest segments of that market. We're in North America, we're in Europe, we're in Asia. So we've built those beachheads. That's also good news. So a lot of the story is just maturing into our markets. Awareness is the thing that we need to get the most out. Yeah B ecause it's still early days, and it's such a vast industry. So that's really important for us. You want to balance a couple different things. One is you want to continue to bring in lots of active buyers. Yep. Again, we brought in a record number of new active buyers in the third quarter. We expect to continue to have robust growth on that. So continue to have big top of funnel, lots of new customers coming in. Same time, you want to go deeper into your existing customer base. So take those Fortune 500 companies or Fortune 100 and Fortune 50 companies, and those alone should be bigger and bigger customers. They could be spending tens of millions of dollars a year with us versus the millions of dollars a year they're spending us. Yeah. So you want to balance that. And then finally, on the advertising side of business, on Thomasnet, that's an +85% gross margin business. So when you look at us, our profitability, and our bottom-line profitability, that can be very accretive to us. Yeah B oth from a, just from a cash flow perspective. Yeah. And we've also taken some steps to rationalize our costs there. So, that also can be very helpful, not only to grow our ecosystem, but economically can be very helpful, too. Excellent. Well, there's nothing else here. Thank you for your time. Thanks. Yeah. We didn't get to any financial questions, but we'll save those for a future. The margin questions are always fun, but no, thanks, thanks for your time. It's, yeah, it feels like, you know, the consistency is, it's kinda come back after a couple little blips you had last year. Sure. Yeah, I think as the growth normalizes to the buyer adds, I think, you know, that's certainly a really, really exciting thing to, I think for the market to look forward to. Awesome. Cool. All right. Thanks for having me. Yeah, cheers. All right. Thank you. Thanks. Thank you.