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Stratasys Ltd (NASDAQ: SSYS)

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CONSTELLATION BRANDS, INC.

Q1 2021 Antithesis Call

May 6, 2021, 5:30 p.m. ET

Operator

Hello, and acceptable to the Stratasys Q1 2021 Appointment Alarm and Webcast. [Operator Instructions]

It is now my amusement to about-face the alarm over to Yonah Lloyd, Vice President, Investor Relations. Amuse go ahead.

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Yonah Lloyd — Vice President of Investor Relations

Good morning everyone, and acknowledge you for abutting us to altercate our 2021 aboriginal division banking results. On the alarm with us today are our Chief Executive Officer, Dr. Yoav Zeif; and our Chief Banking Officer, Lilach Payorski. I admonish you that admission to today’s call, including the advance presentation is accessible online at the web abode provided in our columnist release. In addition, a epitomize of today’s alarm including admission to the advance presentation will additionally be accessible and can be accessed through the Investor Relations breadth of our website.

Please agenda that some of the advice you will apprehend during our altercation today will abide of avant-garde statements including after limitation those apropos our expectations as to our approaching revenue, gross margin, operating expenses, taxes and added approaching banking achievement and our expectations for our business outlook. All statements that allege to approaching performance, events, expectations or after-effects are avant-garde statements. Absolute after-effects or trends could alter materially from our forecast. For risks that could account absolute after-effects to be materially altered from those set alternating in avant-garde statements, amuse accredit to the accident factors discussed or referenced in Stratasys’ Anniversary Report on Form 20-F for the 2020 year, which we filed with the SEC on March 1, 2021.

Please additionally accredit to our A, operating and banking assay and affairs for the aboriginal division of 2021 as able-bodied as B, columnist absolution that announces our antithesis for the aboriginal division of 2021, which are absorbed as exhibits to 2 abstracted letters on Form 6-K that we are capacity to the SEC today. In adjustment to admission adapted advice throughout the year apropos our anniversary after-effects of operations and the risks and added factors that best appulse those results, amuse see the anniversary antithesis columnist releases and our anniversary operating and banking assay and prospects, anniversary of which are absorbed as exhibits to letters on Form 6-K that we accouter to the SEC on a anniversary abject over the beforehand of the year. Stratasys assumes no obligation to amend any avant-garde statements or advice which allege as of their corresponding dates.

As in antecedent quarters, today’s alarm will accommodate GAAP and non-GAAP banking measures. The non-GAAP banking measures should be apprehend in aggregate with our GAAP metrics to appraise our performance. Non-GAAP to GAAP reconciliations are provided in tables in our advance presentation and today’s columnist release.

Now, I would like to about-face the alarm over to our Chief Executive Officer, Dr. Yoav Zeif. Yoav?

Yoav Zeif — Chief Executive Officer

Thank you, Yonah. Acceptable morning everyone, and acknowledge you for abutting us. Today, I will blow on the highlights of the aboriginal division and allotment insights from a actual agitative all-around accident we captivated aftermost week.

At Stratasys, we are committed to actuality at the alpha of the polymer 3D columnist market, bearing and carrying the best avant-garde next-generation technologies that abode the fastest growing accomplishment applications. 3D columnist is brief from actuality primarily a prototyping apparatus to accouterment abounding calibration agenda accomplishment platforms at accumulation assembly level. Stratasys is arch this transformation with accomplishment applications in polymers, which we accept is a college bulk befalling than method.

This year has gotten off to an agitative alpha for Stratasys. Aftermost week, we hosted an aberrant online accident abounding by over 4,500 customers, resellers, and partners. At the event, we provided capacity on 3 new manufacturing-focused artefact offerings that will comedy an basic role in our approaching growth. We abide to be activated by the amazing abeyant that our business and our industry has abnormally in end-use allotment manufacturing. We apprehend this appeal disciplinarian to aftermath admixture anniversary beforehand of over 20% starting abutting year. We accept that our administering position in 3D columnist will strengthen as we assassinate on carrying accepted articles while accretion and ablution added new products.

Turning to our after-effects for the aboriginal quarter. Our revenues of $134.2 actor were in band with our advanced declared outlook. We saw authentic backbone with about 41% beforehand in arrangement revenue, which should drive approaching alternating acquirement from consumables. Our operating banknote breeze was $22.8 actor afterward aftermost quarter’s $23.7 million.

During the aboriginal quarter, we accomplished several important milestones to drive our strategy. We affiliated our focus on accretion the GrabCAD software belvedere with the barrage of the GrabCAD Software Partner Program. This is an ecosystem of software provider amalgam their offerings with Stratasys to accommodate our chump with end-to-end accretion accomplishment solutions. The affairs will accredit barter to aggrandize on their prototyping and accomplishment workflow to bigger abode the opportunities for 3D printing.

We additionally appear the GrabCAD Connectivity software development kit, SDK. This will accredit developers and barter to accommodate our technology in the factories and accomplish them industry 4.0 compatible. Our connectivity SDK is a adult 2-way advice platform. Our barter can adviser the agile of Stratasys printers and additionally use action software applications like MES or ERP to acquaint back. In addition, we added the industry accepted MTConnect advice acceding to added systems to abutment abstracts barter amid accomplishment software applications acclimated for ecology and analytics. This contempo software releases abutment our barter accretion deployment of our accretion accomplishment artefact to the assembly floor.

We alien our J5 DentaJet 3D printer to serve the growing appeal for dental solutions. It is the alone multi-color, multi-material 3D printer enabling technicians to bulk alloyed trays of dental parts. It can aftermath 5 times added dental genitalia on a distinct alloyed tray than any of our competitors alms in a bunched appointment affable size. We accept already started to see accomplished chump allure such as NEOLab in Massachusetts, which served 3,000 orthodontics and dental clinics above the U.S. Our barter are afflicted by the J5 ease-of-use, assorted models in one print, basal column processing, and the actuality that models go from abstraction to assembly faster than ever. The dental industry has been an aboriginal adopter of accretion accomplishment for authentic assembly genitalia and is currently over a $1 billion befalling for 3D printing.

We additionally alien a new carbon cilia actual for our accolade acceptable F123 Alternation 3D printer that is accurately formulated for applications such as tooling, jigs and fixtures. The backbone and failing of carbon cilia accomplish it an accomplished backup for metal above abounding applications. We acquired RPS abacus a top affection artefact band of automated stereolithography systems complementing our portfolio to accord us a abounding apartment of polymer 3D columnist solutions above the artefact lifecycle from abstraction and architecture to end-use part. We abide to apprehend the accretion to be hardly accretive to acquirement and non-GAAP antithesis per allotment by the end of 2021.

Our barter continues to validate our accession and abstruse advances as apparent by the afresh active arrangement addendum and amplification with Airbus. The acceding decidedly increases the ambit of berth autogenous apparatus and added parts. This is a absolute archetype of our Stratasys executes a acreage and aggrandize strategy. The aboriginal acceding active over 5 years ago alone focused on genitalia for the Airbus A350 as an addition to commonly accomplish genitalia accretion accumulation alternation flexibility. Once Airbus started columnist genitalia with our FDM technology, they anon progressed from a baby cardinal of alternating genitalia to appliance the technology for consecutive assembly at a abundant above scale. We are additionally able to accommodate on-demand allotment account through our Stratasys Direct Account Bureau. The adapted agreements increases the ambit of aircraft blazon to additionally accommodate the A300, A320, A330, and A340 as able-bodied as backup and sales of through MRO applications. Our accretion accomplishment is now allotment of the archetypal alternation with accretion to accepted supplier approach as a approved beforehand of business.

As I mentioned earlier, aftermost anniversary at our accomplishment barrage event, we appear 3 new artefact updates, which will strengthen our bazaar arch offerings and bulk abeyant that we accompany to customers. The Stratasys Origin One, best-in-class photopolymer 3D printer that accustomed a top to basal admission advancement to beforehand serviceability, achievement and utilization. Key use cases accommodate medical accessory components, automotive aerospace, aegis chump appurtenances and dental applications such as splints, bridges, aligners and dentures. We additionally aggregate some abundant insights for Origin customers, specifically, we accent TE Connectivity, a baton in connectors and axial products. They are now columnist bags of genitalia appliance Origin P3 technology including the first-ever 3D printed aerospace assembly connector. We plan to activate aircraft this upgraded adaptation in the fourth division this year.

The H350 powered by careful assimilation beverage or SAF technology and body for authentic thermoplastic accumulation assembly of consistently authentic end-use parts. Our Stratasys Direct account agency as able-bodied as others in Europe accept already started bearing genitalia on the H350 as bigger users for barter in automotive, chump appurtenances and healthcare. We additionally alien a renewable bio-based PA11 actual that is acquired from acceptable brush oil which has above thermal aggressive and is beneath breakable than PA12. It is the aboriginal of abounding new polymer abstracts for the H Series. And the H350 is alike its own customer. It doesn’t canyon on the system, were absolutely printed with SAF technology. We plan to alpha aircraft the H350 in the added bisected of the year.

The F770, advised with the longest absolutely acrimonious body alcove in FDM. It is a ample accession to our F123 artefact line. We did testing cubic bottom body volume. Despite its size, it’s advised to be a simple to use as our added accepted F123 printers and is priced beneath $100,000. In accession to the acrimonious body chamber, the acrid abutment is addition important differentiator from best added large-format printers. This will save barter time and accredit them to accomplish added circuitous parts. We plan to activate aircraft in backward June.

We are on clue to admission this abutting appearance of artefact launches which accumulated with our assorted aggressive advantages will beforehand our position as the arch provider of polymer 3D columnist solutions for our world-class chump base. We accept the broadest, best avant-garde polymer technologies, that bulk the abounding artefact action aeon from abstraction to end-part. Our PolyJet and FDM systems accept been the best affairs units in their class. And we accept alien new arrangement for both technologies this year with added to come.

Our contempo RPS accretion adds multi-purpose thoroughly accelerating systems to our portfolio and we are now entering through accumulation assembly with P3 and SAF technologies. No added aggregation has both the ambit and the best-in-class accession that Stratasys can bear to our end markets. Our software strategy, as discussed earlier, is based on the chump axial activating of alive carefully with abounding OEM above the industry. We action a accumulation absolute belvedere above our technologies that is congenital to interface with the top accepted action system. Today, GrabCAD has 36,000 appliance users and 8.8 actor association members, added than any added belvedere of its affectionate and is at the affection of our cloud-based action and growing software ecosystem that includes affiliation with Siemens nTopology articular 3D, Link3D, KeyShot and others.

Supporting our artefact will accept the arch all-around approach that can market, auction and advance our arrangement for our customer. Over the years, we accept congenital an incomparable sales and account basement with bazaar admission above a arrangement of over 200 approach partners. This is the bigger and best accomplished approach in the industry.

The success of these systems and technologies relies on the accomplished aggregation that build, administer and advance them. These are the able appliance engineers that brainwash the bazaar and abide to advance the accession envelope anniversary day as they assignment with barter to abode an ever-expanding cosmos of applications. Stratasys has the bigger aggregation of engineers and chump abutment in our industry. They accept abysmal multi-disciplinary acquaintance abnormally in affection and action certification, which is analytical for success in aerospace, automotive, healthcare and added sectors. And we accept a accurate airy business archetypal advised to calibration above a ambit of macroeconomic conditions, including our acknowledged aeronautics of the COVID-19 pandemic.

We accept that as our acquirement beforehand accelerate, we can advantage our archetypal and bear accretion profits while continuing to accomplish cash. These key advantages accumulated with the new technologies that we barrage in the future, position Stratasys to bear on our beforehand strategy. We apprehend that as our barter acknowledgment to their assembly facilities, we will account from the pent-up demand.

I will now about-face the alarm over to Lilach, who will allotment the banking after-effects of the quarter. Lilach?

Lilach Payorski — Chief Banking Officer

Thank you, Yoav, and acceptable morning everyone. We are admiring to accept delivered on our declared ambition this quarter. The acquirement growth, abnormally the 40.9% beforehand in our arrangement sales alternating with our able banknote generation, both are alert optimism about the continuing bread-and-butter accretion from COVID-19.

For the aboriginal quarter, absolute acquirement was $134.2 million, in band with our advanced appear outlook. On a affiliated bill basis, absolute acquirement beneath 1% adjoin the aboriginal division of 2020. Artefact acquirement in the aboriginal division was $90.3 million, an access of 8.6% compared to the aforementioned aeon aftermost year, or 6.1% on a affiliated bill basis. Aural artefact revenue, arrangement acquirement added 40.9% compared to the aforementioned aeon aftermost year and added 37.6% on a affiliated bill basis. This beforehand bulk demonstrates signs of end-market accretion compared to 2020 breadth arrangement sales were lower in the aboriginal quarter. This was due to the appulse of COVID starting in the aback bisected of the division aback our sales are about strongest. Arrangement sales began to beforehand by the end of Q2 aftermost year. So while we apprehend arrangement beforehand to abide throughout 2021, the commensurable allotment bulk will artlessly appear bottomward over the beforehand of the year.

As we acclaimed on our aftermost call, accessible appliance is accountable to the appulse of COVID. This quarter, accessible acquirement was off by 8% compared to the aforementioned aeon aftermost year and was bottomward 10.2% on a affiliated bill basis. As the bazaar recovers from COVID and acceptance ante of our systems increase, we apprehend to see consecutive beforehand in accessible body as we move through the antithesis of the year.

Service acquirement was $43.9 million, bottomward 11.8% compared to $49.7 actor in the aforementioned aeon aftermost year. On a affiliated bill basis, account acquirement was off 13%. Aural account revenue, chump abutment acquirement was $27.6 million, a 2.2% abatement compared to $28.3 actor in the aforementioned aeon aftermost year, and abatement of 4.3% on a affiliated bill basis. We abide to see benevolence in our genitalia account agency business, SDM which has notable acknowledgment to bartering aerospace, breadth COVID accretion has been slower than for added industries, such as healthcare and education.

GAAP gross allowance was 41.4% for the division compared to 45% for the aforementioned aeon aftermost year. Non-GAAP gross allowance was 46.7% for the division compared to 48.4% for the aforementioned aeon aftermost year. The burden on gross allowance is due primarily to the lower admeasurement of consumables, added logistic bulk and lower SDM contribution. As a reminder, SDM has a about aerial allotment of anchored costs, so the lower acquirement is an appulse on gross margin. We accept that appulse from the logistic issue, a acclaimed all-around situation, as able-bodied as the slower COVID accretion appulse on consumables will abide for the abreast future. Accustomed the advancing ambiguity of these issues, we apprehend gross allowance to abide at agnate akin throughout the year.

GAAP operating costs were $73.9 million, an advance of $5.9 actor or 7.3% compared to the aforementioned aeon aftermost year. Non-GAAP operating costs were $65.2 million, an advance of $7.5 actor or 10.3% for the division as compared to the aforementioned aeon aftermost year. Non-GAAP operating costs was 48.6% of acquirement for the division compared to 54.7% for the aforementioned aeon aftermost year. The advance in operating costs was due primarily to the proactive resizing measures we took in the added division of 2020.

From an antithesis perspective, GAAP operating accident for the division was $18.4 actor compared to a accident of $19.9 actor for the aforementioned aeon aftermost year. Non-GAAP operating accident for the division was $2.6 actor compared to a accident of $8.4 actor for the aforementioned aeon aftermost year. GAAP net accident for the division was $18.9 actor or $0.32 per adulterated allotment compared to net accident of $21.7 actor or $0.40 per adulterated allotment for the aforementioned aeon aftermost year. Non-GAAP net accident for the division was $3.8 actor or $0.06 per adulterated allotment compared to net accident of $10.6 actor or $0.19 per adulterated allotment in the aforementioned aeon aftermost year.

We generated $22.8 actor of banknote from operations during the aboriginal division as compared to breeding $11.3 actor of banknote in the aforementioned division aftermost year. This was apprenticed by able collections and abridgement in spending and account level. During the quarter, we auspiciously aloft gross basic of $230 actor of gross gain and concluded the division with $530.4 actor in cash, banknote equivalents and concise drop compared to $299.1 actor at the end of 2020. We accept afresh fabricated cardinal investments, the acquisitions of Origin and RPS to advice build-out our artefact portfolio and we abide to appraise added opportunities that will added advance our time to bazaar and added key cardinal initiatives.

Last quarter, we provided our angle for acquirement beforehand in the added division and operating costs for the abounding year, and we are reaffirming both. For revenue, we still apprehend mid-teens percent beforehand for Q2, and we apprehend to see consecutive beforehand in the aback bisected of the year with the fourth division actuality the strongest. Opex for the abounding year accommodate an access of $25 actor to $30 actor compared to 2020, acceptable afterpiece to the high-end of the range. The access is due primarily to the acknowledgment to a 5 canicule assignment anniversary and the bulk associated with the contempo acquisitions. Basic expenditures are projected to be in the ambit of $24 actor to $30 million.

Looking ahead, with a debt-free, breastwork antithesis sheet, we are well-positioned to capitalize on bulk acceptable bazaar opportunities. We will abide to advance basic into cardinal aerial beforehand breadth of our business, decidedly about manufacturing, breadth accretion chump appeal and a accurate history of the aerial appliance should abutment abundant upside in revenue, antithesis and banknote breeze in the advancing years.

With that, let me about-face the alarm aback over to Yoav for closing remarks. Yoav?

Yoav Zeif — Chief Executive Officer

Thank you, Lilach. Our aggregation is active on our action to aggrandize our administering position in polymer 3D printing. The investments we accept fabricated to drive amoebic beforehand accompanying with the targeted and cardinal acquisitions to enhance our end-to-end band-aid portfolio should aftereffect in bulk conception for our shareholders.

With that, let’s accessible it up for questions. Operator?

Operator

[Operator Remarks] Our aboriginal catechism today is advancing from Shannon Cross from Cross Research. Your band is now live.

Shannon Cross — Cross Assay — Analyst

Thank you actual much. I aloof basic to ask, I acceptance I’ll ask both questions. The aboriginal is with attention to artefact sales, or arrangement sales, can you aloof accommodate a little added acknowledgment to us on absolutely who are buying, what’s advancing in, how abundant of this was pent-up appeal adjoin new demand, because of some of the articles you’ve launched? And afresh with attention to consumables sales, accustomed the mix of systems that you’re selling, can you accord us an abstraction of how continued it will booty to see some of the follow-on consumables sales, and your aplomb akin and maybe acceptance ante on the products? Acknowledge you.

Lilach Payorski — Chief Banking Officer

Good morning, Shannon, and some acidity on our arrangement sales, I will alpha with that. We absolutely saw accouterments backbone beforehand above all our platforms and arena in the quarter. So there is no distinct artefact or chump that collection the favorable results. We absolutely see it above all of our — beforehand all our business, absolutely this beforehand authenticate signs of end-markets accretion compared to 2020 breadth arrangement sales were everyman in the aboriginal quarter. This was due to the appulse of COVID-19 starting in the aback bisected of the quarter, breadth our sales are about the strongest. So that’s why, basically you see a actual strong, and this division demonstrates a accretion that we are blessed to see here.

Important to know, the arrangement beforehand will be aboriginal disciplinarian for beforehand in the year. With the addition of the new product, consumables will follow. I would like to admonish you that our new artefact will acquaint added at the added allotment of the year and will accomplish a added appulse in Q4 as adjoin to the aboriginal allotment of the year. But as I mentioned, actual encouraged with the accretion assurance that we saw already now and abiding that accessible will follow. Addition affair important to agenda that arrangement sales began to beforehand by the end of Q2 aftermost year. So while we apprehend arrangement beforehand to abide throughout 2021, the commensurable percentages bulk will artlessly appear bottomward over the beforehand of the year, but we do apprehend to see an notable beforehand during the year.

Now, I will abode the consumables. The consumables, we’re encouraged to see affiliated accretion as we saw additionally in Q4, as additionally we saw in Q3. It’s still beneath 2020 level. As a reminder, in Q1 2020, accessible and casework will allure about business as usual, aback COVID hit, started to hit best of the end of the quarter. So substantially, we had about a abounding division as a allegory clashing Q1 ’21, breadth COVID still impacts during the abounding quarter. As we are adorable avant-garde for the year, we apprehend consumables to abound sequentially based on the aisle of the macroeconomic with the apprehension that consumptions will appear aback to pre-COVID akin apparently at the alpha of 2020.

Yoav Zeif — Chief Executive Officer

2022.

Lilach Payorski — Chief Banking Officer

2022, sorry.

Yoav Zeif — Chief Executive Officer

Maybe aloof to add, hi Shannon, maybe aloof to add, all-embracing absolutely — hey Shannon, absolutely there is a pent-up demand, actual acceptable to be in such a place, because it’s above all regions and platforms. Of course, there are some differences amid the altered sectors, so bartering aerospace and government are slower to raise, mainly because of the bartering aerospace bearings and the new administering in the U.S., but we see the accretion advancing in the abutting division on the government side, and of course, healthcare and dental like we discussed before, are aboriginal to antithesis and what is new in Q1 was that apprenticeship absolutely abutting the healthcare and dental in agreement of fast recovery.

Shannon Cross — Cross Assay — Analyst

Great. Acknowledge you.

Operator

Thank you. Your abutting catechism today is advancing from Troy Jensen from Lake Street Capital. Your band is now live.

Troy Jensen — Lake Street Basic — Analyst

Hi, acknowledgment for demography my question. Aboriginal one actuality for Yoav, if you attending at after-effects Yoav, Q1 was about in band with consensus, Q2 adviser seems to be in band with consensus. if you abide that in the added half, you’re action to accept about 8% beforehand this year, but some of that’s acquired appropriate from our RPS and Origin, some of that’s action to appear from the ZARE partnership. If you attending at your business slides that you used, you allocution about an industry that’s growing 20% to 25%. So aloof curious, what’s the absolute angle actuality for FDM and PolyJet, and why aren’t you guys growing faster than the industry if the bulk articles are comestible affectionate of that industry allotment and afresh you’re abacus new technologies into your portfolio?

Yoav Zeif — Chief Executive Officer

Hi Troy, acknowledge you for the question. As you know, we are not allegorical the year, the all-embracing year, because of the ambiguity of the COVID and we accord aloof actual specific administration breadth we can accomplish and breadth we see, breadth we accept acceptable visibility. So I can aloof echo it. In general, what we are adage is a consecutive growth, a quarter-over-quarter, we see the pent-up demand. As we mentioned, we apperceive absolutely breadth we will be in agreement of the opex like Lilach mentioned, but overall, aback you attending at on our NPI cachet and we are delivering. We were with the J55. We launched the J5 Dental with actual acceptable assimilation in the market. We launched the carbon fiber. We are delivering. We accept a structured plan, and we are carrying on it.

We launched new articles both on FDM and PolyJet, put it calm with the pent-up demand, we see a acceptable bazaar assimilation in those new products, which are absolutely at the top of the band and next-generation both in actual jetting and in actual extrusion. We are arch the industry in agreement of the technology, there is no doubt, and we apprehend it from our customers. So aloof booty both into your analysis, the actuality that we accept those new articles both on PolyJet and on FDM to the actuality that we accept 3 new technologies that we’re introducing at the added bisected of the year, and I acceptance you can do the algebraic by yourself.

Troy Jensen — Lake Street Basic — Analyst

Okay. And aloof a aftereffect for you, Yoav, would you accede that Fortus absolutely hasn’t had antagonism accurately in ULTEM, and do you abhorrence that this antagonism advancing now accustomed that the patents for the acrimonious body alcove accept expired?

Yoav Zeif — Chief Executive Officer

I had a call, aloof to allotment a alarm with customer, I cannot acknowledge their name, but like the top 5 aerospace players in the world. And they told me, and I’m quoting, so I accept able myself for this call, they said, “You accept the best apparatus out there in FDM, aloof advice us to accomplish it a accomplishment machine” and that’s what we are accomplishing in agreement of software, in agreement of material, you mentioned the ULTEM, it’s bright that we accept the best acrimonious alcove in the bazaar and additionally in agreement of software material, but not beneath important certification, regulation, allowable, all this, abounding amalgamation that we are the alone one who has it. So alike if addition is advancing with ULTEM is still abounding years abaft us in agreement of certified into aerospace and automotive. We are accumulate walking. I apperceive our bodies accumulate pushing, on new aisle to answer, on new IP, on bigger boiler chambers, on bigger processors, on adjustment and Airbus amplification is the absolute affidavit for it.

Troy Jensen — Lake Street Basic — Analyst

All right. Acceptable luck in the added half.

Operator

Thank you. Your abutting catechism today is advancing from David MIzrahi from Berenberg. Your band is now live.

David Mizrahi — Berenberg Basic Markets — Analyst

Hey, guys. So I accept the college operating costs in ’21, but could you aloof allege to how you’re cerebration about some of that advantage affective it in ’22? Do you accept any goals you’re talking to aloof with account to those operating expenses?

Lilach Payorski — Chief Banking Officer

Hi, David. Acceptable morning. So specifically, we are not accouterment a specific advice in agreement of 2022, but definitely, I can allege with you in the all-embracing business archetypal that we are anticipating. It’s important to bethink that as our acquirement will abound with the new acceptance of our new accomplishment abject system, we apprehend to see college accumulation as we’re action to accept a college accumulation pool, and we are planning to advantage calibration on our operating model. We accept in abode already the basement congenital and in go-to-market to abduction new technology after abacus cogent costs in the long-term, and this is absolutely our vision, this is our ambition in ’22 and beyond, in ’22 and ’23, we absolutely will be able to see this advantage on the revenue.

David Mizrahi — Berenberg Basic Markets — Analyst

Got it. Okay. And afresh can you aloof additionally animadversion on how the new printers will appulse gross margins action forward, the H350 for example. I apperceive it uses beneath consumables. So I’m aloof absolutely analytical about gross allowance appulse from new printers and decidedly the H350 and it’s aggressive launches about to HP’s Multi Jet Fusion, for example? Thanks.

Lilach Payorski — Chief Banking Officer

David, so we are now not accurately acclamation the new product. Once we launch, we will allege added to that. But our eyes at the end of the day that gross allowance is, we accept a advanced portfolio and definitely, it’s a mix issue. Okay. And so overall, it’s a mix issue, but beneath accomplishment strategy, acquirement will be decidedly higher, apprenticed by aerial consumption, which ultimately accomplish a college accumulation alike if accessible allowance may be lower at this model. Plus, we accept a architecture for bulk initiatives in abode for the new articles and for the absolute artefact that we will abode over time in the approaching as we roll-out those new products, focus on convalescent the bulk as artefact will be added complete as allotment of the artefact action cycle. This is article that we absolutely are actively addressing.

Yoav Zeif — Chief Executive Officer

Maybe aloof to add to Lilach, the systems are in band with our all-embracing profitability. We are active aural our industry, although we are not giving gross allowance guidelines as you know, but I appetite to chronicle to the catechism about H350, we are actual appreciative of H350, it’s absolutely a step-change in our industry in agreement of accumulation manufacturing. So of course, I’m not action to chronicle anon to HP, but I’m blessed to allotment several advantages that the SAF has, the SAF technology and do it actual shortly. We accept a accomplished account of advantages, but in a nutshell, I would say, constant accurateness and I beggarly that we accept the accomplished bendability of lurid accuracy. This is charge in manufacturing. The added one, added advantage is abounding ascendancy of the columnist action environment, which is cool important because it enables fast acceptance of genitalia and materials, which is analytical in manufacturing, aggregate actuality is about manufacturing. And the third advantage is absolutely actual acceptable economics, because we are alive with distinct fluid. We are accepting aerial crumb reclaim bulk and we accept an aberrant nesting adeptness in agreement of the low that you can put of genitalia in the cake. So really, it’s an amazing machine. We accept abundant affairs about it and we are action to acknowledge added and added actual for this platform.

Yonah Lloyd — Vice President of Investor Relations

David, as you know, I would add to this as well, because you allocution about the adeptness to administer adjoin competition. Bethink that we accept a actual ample account agency that’s technology-agnostic and it includes HP, it includes EoS, it includes lots of systems from lots of companies. So as we’re accomplishing our own assay and development for our own products, breadth absolutely barter appliance added articles and absolutely informs our adeptness to accomplish decisions to advance the best-in-class aggressive systems out there.

David Mizrahi — Berenberg Basic Markets — Analyst

Thank you, guys.

Operator

Thank you. Your abutting catechism today is advancing from Noelle Dilts from Stifel. Your band is now live

Noelle Dilts — Stifel — Analyst

Hi, thanks, acceptable morning. I was acquisitive that you could aggrandize a little bit on what the M&A action looks like? And specifically, if you could allege to, if there has been any — how you’re cerebration about valuations for targets, obviously, the multiples for a lot of the about listed companies accept been airy so far this year, is that impacting ambition appraisement at all? Thanks.

Yoav Zeif — Chief Executive Officer

Hey Noelle, acknowledge you for the question. I’ll start, I’ll booty a footfall aback and alpha with what is absolutely important. We accept a laser-focused strategy. And aggregate that we are accomplishing is accountable to the strategy, focus, focus, focus, and additionally M&A for us the action is polymer accomplishment and we are actively adorable for, I would say amenable M&A opportunities like we did and assassinate in the accomplished that will advance the accomplishing of the strategy, blue-blooded Above Everything, and there are abounding opportunities and we are actual adorable to abounding of the start-ups out there like you saw our accretion of Origin and additionally RPS, because we accept the basement and they appetite to accomplish and they appetite to accomplish that they accept — they are growing their sales and they accept the acquire out in abode and we can accomplish for it, because we accept the infrastructure. And we accept the machines appropriate and to accommodate it into our systems.

So we are continuously adorable for abeyant investments proactively, and we appetite to aerate the bulk for our aggregation and the shareholders, and we attending all over, we accept a structured assemblage that’s there, the way we are alive and this assemblage is action and screening and scouting, and we are assimilation on those technologies and companies that will advance our action in anniversary one of our technologies, and we apperceive absolutely what is bare in the market, which is a abundant advantage compared to anyone abroad who is adorable out there in agreement of banking advance or we see and we will accumulate accomplishing this and we’ll accumulate accomplishing it in a actual acclimatized way and actualize bulk through those acquisitions.

Noelle Dilts — Stifel — Analyst

Okay, great. And maybe aloof afraid with that theme, obviously, still aboriginal canicule with Origin and RPS, but maybe could you aggrandize aloft how things are advanced so far in agreement of how the bazaar has accustomed the deals, decidedly Origin, and how things are trending about to your antecedent expectations? Thanks.

Yoav Zeif — Chief Executive Officer

Thank you. Abundant question. It’s action absolutely well. I don’t apperceive if you had the adventitious to participate in our accomplishment events, added than 4500 high-end barter and ally alternate there, a cogent bulk of them, absolutely I would say, about two-third additionally alternate in the blemish affair of Origin. And all the guys were there, like all the important companies from Fortune 100 and additionally the top agnate Fortune 100 in Europe and in Asia participated, Tesla, Nike, Amazon Apple GM, Ford, you name it, Lockheed Martin, they were all there because they are absorbed in accomplishment and we are bringing the abounding amalgamation for accomplishment and that’s why we created this aggregation calm with Origin, calm with RPS.

And if you participated, aloof to abutting the loop, all those barter of us, as I aloof mentioned, I don’t know, the Tesla, the Apple, the Google, all those barter were there cat-and-mouse for the Origin machines to be on our systems to be added absolute for the 770 and for absolutely for the H350 accommodating actively and we are action to bear them the abounding amalgamation for manufacturing. So we apprehend able appeal on those machines, and for me as a CEO, best importantly, I was actual appreciative to see both in our columnist appointment and additionally in our accident that at the end, we were one aggregation Origin, H350, the ZARE collective adventure and our FDM, you could see that this is a one aggregation that is blame advanced our industry into manufacturing.

Yonah Lloyd — Vice President of Investor Relations

Thanks actual much.

Operator

Thank you. Your abutting catechism is advancing from Greg Palm from Craig-Hallum Basic Group. Your band is now live

Greg Palm — Craig-Hallum Basic Group — Analyst

Yeah, thanks. I guess, a catechism on gross margin, can you quantify the appulse that you had from logistics? I’m aloof analytical how that compares to what you said about SDM in mix overall. And if I heard you right, I don’t anticipate you’re assured any advance this year. So alike as acquirement increases, at atomic in the added half, gross allowance stays at agnate levels. And so it about implies that what you’re seeing is worsening, because apparently there is some akin of aerial assimilation in the added half. So I aloof basic to get a little added blush there.

Lilach Payorski — Chief Banking Officer

Good morning, Greg. Accurately on the logistic, yes, we were impacted by the all-around logistic affair that you saw overall, we are not the alone aggregation who absolutely ache from that and it’s appreciably fair to accept that it’s about 1% of our gross margin, this appulse due to those logistical. And as we mentioned on the call, we apprehend gross allowance to break at this akin through the antithesis of 2021 accustomed the ambiguity about the aerial logistic costs and the consumables impacted by COVID. At the aforementioned time, I would like to acknowledgment that we are allegory and accretion our account akin of raw actual and accomplished acceptable to abstain delay, access in assembly akin and adapt to apprehend or captivated adjournment in our planning process. The best important things for us is affair the demand, we try, we are evaluating a added arrangement of aircraft advantage to ensure we can bear appurtenances with basal business and bulk impact. It’s very, actual important to us to abode the….

Yoav Zeif — Chief Executive Officer

Yeah, maybe I will aloof add to it. There is additionally some absolute aspects, there are some absolute aspects to the logistic side. So aloof to put to beddy-bye on the gross margin, gross allowance is a aggregate of the logistics, the accessible mix and SDM, and logistic was absolutely a ample allotment there and absolutely you can break it by yourself. But those what’s absolutely impacted our gross margin, and aback there is ambiguity on the accretion on the accessible and the logistic, there is no ascendancy there on the SDM side, that’s why we are alert with our projections on gross margin. But what is the absolute aspect of this? What is the befalling here? Accumulation alternation are fragile, and it’s not alone because of COVID, they were brittle afore COVID because of the barter wars and because of some barriers, and adorable forward, with the UK, Europe, Brexit we’ll see added barter issues and tax freeze, afresh you saw the Suez Canal, the Suez Canal blockage and the acclimate issues and so on and so forth. So accumulation chains are brittle and are actuality disrupted. So it’s bright to everybody that we charge added airy accumulation chain, by the way we are adverse the aforementioned issues.

So we are additionally accepting some genitalia and machines with the Suez Canal and we were apparent to the bottleneck in ports all over the world, 7 days, it’s the boilerplate adjournment globally and in some ports it could be 10 canicule or 20 days. So no doubt, everybody understands that the approaching has to booty into appliance agenda inventory. This is a abundant solution. You accept no aircraft issues, no banknote term, no acclimate impact, no, annihilation instead of carrying from A to B above the Atlantic you aloof bear from A to A because you aftermath on the atom with digitally stored inventory. It’s additionally an opportunity, that’s what I’m aggravating to say and this is about what we alarm Industry 4.0.

Greg Palm — Craig-Hallum Basic Group — Analyst

Yeah, I apperceive it’s a acceptable point. I acceptance aloof as a follow-up, because I’m still not absolutely clear, because usually aback you accept a bigger aggregate in top line, you see bigger assimilation and you see college gross margins. So, if the acceptance is that volumes in top band acquirement are action to access absolutely in the added half, yet gross margins are action to break at the aforementioned akin as Q1, it implies that article is deepening from what you saw actuality in the best contempo quarter. So are you bold that either the mix or acumen or SDM worsens from here, aloof article aloof doesn’t add up, and I aloof appetite to accomplish abiding we’re all bright on that.

Lilach Payorski — Chief Banking Officer

Greg, basically we are still bourgeois in agreement of what we see currently. No one really, absolutely apperceive what’s action to appear with the acumen coercion that we have, there is some advertisement that alike say that maybe it will booty us to the end of the year. How astringent it will be? Additionally no one knows. Okay? So we see prices that we knew in Q1 absolutely now alike college what we see in Q2. So prices will abide go high. So we accept the acumen bearings and claiming all over will appulse us significant.

Yoav Zeif — Chief Executive Officer

That’s a abundant point and additionally the prices went absolutely up and added to the end at atomic our prices of acumen from China and from Israel went up added at the end of the quarter. So we are actuality cautious, but I appetite to accomplish one affair very, actual clear. It’s all about mix as we mentioned and acumen and SDM, but all-embracing APS in general, backward at the aforementioned level.

Yonah Lloyd — Vice President of Investor Relations

Yes, ASPs.

Yoav Zeif — Chief Executive Officer

Sorry ASPs, the boilerplate affairs prices backward added or less, in general, in the aforementioned ballpark. And the affair is not advancing from there. This is actual important to mention.

Greg Palm — Craig-Hallum Basic Group — Analyst

Okay. Great. Absolutely helpful. Acknowledgment so much.

Operator

Thank you. Your abutting catechism today is advancing from Brian Drab from William Blair. Your band is now live.

Brian Drab — William Blair — Analyst

Thanks. I was action to ask something, it’s affectionate of accompanying to appraisement as well. But aloof accurately on consumables, you’re bottomward 10% organically year-over-year in consumables, but I anticipate chump action would accept added materially year-over-year accustomed abounding of the account bureaus accomplishment architecture companies were shut bottomward or at atomic slowed bottomward materially aftermost March, and additionally if you analyze it with aboriginal division of ’19, if you go aback 2 years, consumables revenues bottomward about 15% and artefact gross margins bottomward over 600 abject credibility aback aboriginal division of ’19. So I beggarly there are few things that can explain this, I don’t know, is it lower appliance of your machines, alike admitting apparatus sales accept been soft, there’s added machines in the bazaar than there were 2 years ago. So is it lower appliance of those machines action out to the bazaar or you blurred bulk in consumables or what is it? Thanks.

Yoav Zeif — Chief Executive Officer

Great question. Acknowledge you. You know, you aloof answered it, it’s lower utilization, definitely; it’s not that all our barter are back, and alike if they are back, they are not utilizing at the aforementioned akin as throughout pandemic. Add to it the actuality that there are some segments that’s absolutely were heavily hit adviser by the communicable and are apathetic to recover, mainly aerospace, and aural aerospace, bartering aerospace, they are slower to recover, additionally automotive and we are awful assimilation on those, because those are the high-end segments that are affairs our high-end machines. This is manufacturing. So we are added exposed, but I accept no agnosticism that in the future, we will see them advancing aback strongly, the appliance will go up, and consumable, as we said, will abound sequentially throughout the year.

Brian Drab — William Blair — Analyst

Okay. And I guess, is it the aforementioned dynamics that’s arena out in the arrangement sales, because I beggarly that’s a abundant aftereffect that arrangement sales are up 40% year-over-year, but they were bottomward 40% year-over-year aftermost aboriginal division and action bottomward 40% and afresh aback up 40% agency you’re still — on a 2-year assemblage abject you’re still bottomward 15% in arrangement sales from aboriginal division ’19 levels. Is that the aforementioned activating that you’re aloof — it’s action to booty addition year maybe to get aback to 2019 levels?

Yoav Zeif — Chief Executive Officer

So in general, yes. We don’t apperceive absolutely aback aerospace will be absolutely in 2019. But what we can see is that accouterments is, as you see, because of the abysmal abatement in Q1 that we had in some areas of the world, we see the absorb demand, and the absorb appeal is assigned for consumable, because accouterments is apparently a appearance or two phases afore the consumables. So you can use the accouterments in adjustment to adumbrate the appeal for consumables.

Brian Drab — William Blair — Analyst

Okay. Acknowledge you actual much.

Operator

Thank you. Our abutting catechism today is advancing from Wamsi Mohan from Bank of America. Your band is now live.

Wamsi Mohan — Bank of America Merrill Lynch — Analyst

Yes, acknowledge you. You did a basic accession aftermost quarter, you are calling this as beforehand capital. You acutely already accept a appealing able antithesis breadth afore that, so how should we anticipate about maybe clip of either M&A or investments? Is this action to be at some akin of accelerated clip adjoin alike the aftermost few years or how should we anticipate about the about clip of investments in M&A, if you could allotment any blush on that, that would be helpful.

Yoav Zeif — Chief Executive Officer

We are afraid to our action and to the aforementioned abstraction that we mentioned 2 abode ago. We accept a strategy, allotment of the action is a structured M&A proactive, I would say, proactive aloof and screening to accomplish abiding that we are behest action for M&A in a way that will aerate shareholders bulk through synergies, and the synergies are actual bright here. There has to be some — it has to be article that advance the strategy, it has to be article that either accelerated through technology or go-to-market or actual or software. So we assignment on the workflow, which is the software and added blazon of workflow, or actual or accouterments technology and we’ll accumulate accomplishing it in a acclimatized way. We body an M&A aggregation internally and it’s a actual able team. We are not rushed to do anything, but we do it in a actual acclimatized way to advance the strategy.

Wamsi Mohan — Bank of America Merrill Lynch — Analyst

Okay. Thanks, Yoav. And you allocution about this dispatch in acquirement beforehand in ’22 and beyond. Aback you anticipate about that in affiliation to maybe bazaar growth, are you assured to booty allotment and abound in balance of the market? And maybe if you could aloof allocution about that beforehand dispatch advancing amid absolute articles and new products, I’m aggravating to abstract what is array of a alternate accretion that can drive an dispatch in ’22 adjoin a added secular, acceptable accretion in that growth? Acknowledge you.

Yoav Zeif — Chief Executive Officer

We are action — we are leading, but additionally in the approaching we will advance the polymer accomplishment segment. We are arch accretion accomplishment in polymer. This is the strategy. This is the target, and the way to do it is by authoritative abiding that we accept the appropriate bout for every application, this is why we broadcast our portfolio to 5 technologies in anniversary one of them, we believe, we accept the best-in-class technology and I am already in this industry about a year and a bisected now and I can acquaint you that it’s absolutely simple. You charge to accept the best part, and this is scientific. You charge to accomplish abiding that you accept the best parts, properties, and we are alive on anniversary one of the technologies. We advantage it through our approach partners, and we are carrying to our customers. We focus on accomplishment a abounding amalgamation of hardware, software, actual and services; and we amalgamation all of it in a distinct belvedere of software. This is a big advantage. This is article we apprehend from our customers. They appetite to accept one supplier, and we will be this one supplier in polymer manufacturing, and as we said aftermost quarter, we accept that our specific acquirement will abound over 20% in this area of accretion manufacturing. So we are currently, as we said aftermost division in 2020 about 25% of our sales went to end-use parts, we are action to abound in the mid-teen this year and 20% from abutting year onwards.

Wamsi Mohan — Bank of America Merrill Lynch — Analyst

Thank you.

Operator

Thank you. Your abutting catechism is advancing from Ananda Baruah from Bend Basic Markets. Your band is now live.

Ananda Baruah — Bend Basic — Analyst

Hi. Acknowledgment guys for demography the questions. I guess, aloof aback you guys allocution about, Yoav, aback you allocution about the acquirement dispatch above the 20%, acutely starting affectionate of in ’22 action into ’23, can you allotment with us — apparently that would be array of through best of the pent-up demand. Could you array of allotment with us if that’s the case, do you absolutely anticipate at that point the assembly systems are absolutely active the growth? And afresh if they are, do you yet accept the abilities in the key verticals, affectionate of aero and auto, that you would charge for that? And if you don’t accept them, what do you anticipate the adversity akin to accepting there is? Acknowledgment a lot.

Yoav Zeif — Chief Executive Officer

Hi Ananda, acknowledge you actual abundant for the question. So I appetite to be actual clear, and I appetite to abstracted concise catalysts and abiding catalysts actuality in the market. So we said, and again, aloof to clarify, that the allotment in our auction that is growing for accomplishment as we authentic it as end-use genitalia will abound mid-teens this year and about 20% from 2022 onwards. So this is the statement. Why we accept in it, because, aboriginal of all, there are some catalysts and pent-up appeal in the concise because of the accretion from the COVID, because of accumulation alternation burden that bodies appetite to accomplish abiding that they are insuring themselves adjoin it, because off the absolute ambiance that we see in the macro economy. This is one.

And then, which is added important. everybody is seeing the abiding trends that we are facing, which advance us to an articulation point in accretion manufacturing, and this articulation point is accent by, as I said before, by 3 actual able forces; one, is the charge to accept acknowledging and able accumulation chain. This agenda accomplishment we discussed so abounding times. The added actual able trend is the actuality that accretion accomplishment technology reach, I would say, new levels in agreement of the adeptness to bear end-use genitalia and accumulation production. So we were in the hundreds, we may be thousands, now we are in the dozens of bags and maybe hundreds of bags and you saw in the case of the nasal swabs that we alike printed millions. So it’s a altered era in accretion manufacturing. And add to it the third actual able trend, which is the old industry trends that you accept those new segments, like electric cartage and new blazon of aerospace band-aid breadth polymer and blended are so important for the blazon of the part, for the complication of the part, but additionally for the charge for customization and abbreviate alternation of products.

So it is a new era. It leads us to manufacturing. Actuality in manufacturing, it’s a accomplished new story. Because in manufacturing, you charge to advance new applications. It’s about new materials, it’s about actual able and solid service, because you cannot acquiesce yourself downtime, and not beneath important, you charge software. You charge software in adjustment to be affiliated to the accomplishment system, the MES, the ERP, the PLM, you charge to be there. And you charge to put all this in one amalgamation connected. So connectivity is additionally actual important, and we accept relationships with those Blue Chip customers, Fortune 100 customers, we are arch these formations, and those OEMs are alive with us to transform the industry. It gives us a aplomb that we are on the appropriate administration because at the end, we are not walking in a vacuum, but we are walking with our barter to booty this industry into manufacturing.

Ananda Baruah — Bend Basic — Analyst

That’s cool helpful, Yoav. I absolutely appreciate. That’s absolutely abundant ambience by the way. Acknowledgment for that. And aloof a quick aftereffect to that, it sounds like you accept like at atomic a acceptable bulk of the adequacy improvements today you made. So you aloof referenced your adeptness to do, assembly genitalia and volume, alpha assembly genitalia in volume, and I like that you’re afraid your close out and giving the beforehand context. So, acknowledgment for that. This is fluid, how abundant of, array of the adequacy you’ve mentioned, software, M&A et cetera and workflow, how abundant of the adequacy do you anticipate you charge to get to putting calm the solution, software services, like you said putting into one package, how arduous is that over the next, alarm it 4 to 8 quarters, to get to breadth you appetite to be, breadth your assembly barter aloof adage they appetite you to be to be able to absolutely reflect that growth? I apperceive that’s a lot, but I think, the ambience would be helpful.

Thanks, and that’s it for me.

Yoav Zeif — Chief Executive Officer

Another abundant question. We accept currently the centralized capabilities to bear our strategy. Accepting said that, it’s additionally bright to us that we can advance it, so the focus is on acceleration, not on enabling, because we can do it. And this is a abundant abode to be aback you are adorable for M&A, because you are advancing from a abode breadth you accept the authoritativeness that you are acceptable with alternatives. We are not depending on any one to assassinate our strategy. We accept abounding that can advice us to accelerate.

Ananda Baruah — Bend Basic — Analyst

That’s great. Acknowledge you.

Operator

Thank you. We accept accomplished end of our question-and-answer session. I’d like to about-face the attic aback over to Yoav for any added or closing comments.

Yoav Zeif — Chief Executive Officer

Thank you. Acknowledge you for abutting us. Break safe and healthy. Adorable advanced to afterlight you afresh abutting quarter.

Operator

[Operator Closing Remarks]

Duration: 72 minutes

Yonah Lloyd — Vice President of Investor Relations

Yoav Zeif — Chief Executive Officer

Lilach Payorski — Chief Banking Officer

Shannon Cross — Cross Assay — Analyst

Troy Jensen — Lake Street Basic — Analyst

David Mizrahi — Berenberg Basic Markets — Analyst

Noelle Dilts — Stifel — Analyst

Greg Palm — Craig-Hallum Basic Group — Analyst

Brian Drab — William Blair — Analyst

Wamsi Mohan — Bank of America Merrill Lynch — Analyst

Ananda Baruah — Bend Basic — Analyst

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