Adapthealth Corp (AHCO) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us this morning for the AdaptHealth Fourth Quarter Earnings Call. At this time, I would like to introduce Mr. Chris Joyce, General Counsel.

女士們，先生們，感謝您今天上午參加我們的 AdaptHealth 第四季度財報電話會議。在這個時候，我想介紹一下總法律顧問克里斯·喬伊斯先生。

Thank you, operator. I'd like to welcome everyone to today's AdaptHealth Corp. conference call for the full year ended December 31, 2022. Everyone should have received a copy of our earnings release yesterday evening. If not, I'd like to highlight that the earnings release as well as a supplemental slide presentation regarding full year 2022 results is posted on the Investor Relations section of our website.

謝謝你，運營商。我想歡迎大家參加今天的 AdaptHealth Corp. 截至 2022 年 12 月 31 日的全年電話會議。每個人都應該在昨天晚上收到一份我們的收益報告。如果沒有，我想強調的是，收益發布以及關於 2022 年全年業績的補充幻燈片演示已發佈在我們網站的投資者關係部分。

In a moment, we'll have some prepared comments from Steve Griggs, Chief Executive Officer of AdaptHealth; Josh Parnes, President of AdaptHealth; and Jason Clemens, Chief Financial Officer of AdaptHealth. We will then open the call for questions. Before we begin, I'd like to remind everyone that statements included in this conference call and in our press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements include but are not limited to, comments regarding our financial results for 2022 and beyond.

稍後，我們將收到 AdaptHealth 首席執行官 Steve Griggs 的一些準備好的評論； AdaptHealth 總裁 Josh Parnes；和 AdaptHealth 的首席財務官 Jason Clemens。然後我們將打開問題電話。在我們開始之前，我想提醒大家，本次電話會議和我們的新聞稿中包含的陳述可能構成《私人證券訴訟改革法》意義上的前瞻性陳述。這些聲明包括但不限於對我們 2022 年及以後的財務業績的評論。

Actual results could differ materially from those projected in forward-looking statements because of a number of risk factors and uncertainties which are discussed at length in our annual and quarterly SEC filings. AdaptHealth Corp. shall have no obligation to update the information provided on this call to reflect such subsequent events.

由於許多風險因素和不確定性，實際結果可能與前瞻性陳述中預測的結果存在重大差異，這些因素和不確定性在我們的年度和季度 SEC 文件中進行了詳細討論。 AdaptHealth Corp.沒有義務更新本次電話會議上提供的信息以反映此類後續事件。

Additionally, on this morning's call, we'll reference certain financial measures, such as EBITDA, adjusted EBITDA and free cash flow, all of which are non-GAAP financial measures. This morning's call is being recorded, and a replay of the call will be available later today.

此外，在今天上午的電話會議上，我們將參考某些財務指標，例如 EBITDA、調整後的 EBITDA 和自由現金流，所有這些都是非 GAAP 財務指標。今天上午的通話正在錄音中，今天晚些時候將提供通話重播。

I'm now pleased to introduce our Chief Executive Officer, Steve Griggs.

我現在很高興介紹我們的首席執行官史蒂夫·格里格斯 (Steve Griggs)。

Thank you, Chris. Good morning, and thank you for joining our call. AdaptHealth is a full-service nationwide provider of products and services for patients at home and in the community, empowering them to live their healthiest lives. I'd like to express my appreciation to our 10,931 employees operating in 726 locations in 47 states, including more than 1,000 health care professionals who work daily to serve AdaptHealth's more than 3.9 million patients.

謝謝你，克里斯。早上好，感謝您加入我們的電話會議。 AdaptHealth 是一家為家庭和社區患者提供全方位服務的全國性產品和服務提供商，幫助他們過上最健康的生活。我要感謝我們在 47 個州的 726 個地點開展業務的 10,931 名員工，其中包括每天為 AdaptHealth 超過 390 萬患者服務的 1,000 多名醫療保健專業人員。

2022 was a crucial year in the development of AdaptHealth setting us up for successful 2023 and stayed on track to achieve our longer-term goals. Most important, AdaptHealth continued to grow its revenue and customer base in 2022, even in the phase of supply chain and labor cost issues. Driving this growth was our ability to source and deliver CPAP devices to satisfy the demand that is built up as a result of the Philips recall. These efforts, including extra labor and other extraordinary costs contributed to the decline in our 2022 gross margin, but we intentionally incurred those costs as part of our plan to increase market share through the accelerated pace of patient setups.

2022 年是 AdaptHealth 發展的關鍵一年，為我們 2023 年的成功奠定了基礎，並繼續朝著實現我們的長期目標邁進。最重要的是，即使在供應鍊和勞動力成本問題階段，AdaptHealth 的收入和客戶群在 2022 年繼續增長。推動這一增長的是我們採購和交付 CPAP 設備以滿足因飛利浦召回事件而產生的需求的能力。這些努力，包括額外的勞動力和其他特殊成本，導致了我們 2022 年毛利率的下降，但我們有意承擔這些成本，作為我們通過加快患者設置步伐來增加市場份額計劃的一部分。

It is important here to note that the vast majority of Adapt's revenue is recurring, particularly in our sleep, respiratory and supplies lines. Once we set up a new patient on 1 of our devices, we have a reasonable expectation of significant ongoing revenue, initially through the rental, if applicable, and then with ongoing supplies. Therefore, 1 of our key metrics is census, the number of people we serve in each product line.

值得注意的是，Adapt 的絕大部分收入都是經常性的，特別是在我們的睡眠、呼吸和用品領域。一旦我們在我們的其中一台設備上設置了一位新患者，我們就有理由期望獲得可觀的持續收入，最初是通過租賃（如果適用），然後是持續供應。因此，我們的關鍵指標之一是人口普查，即我們在每個產品線中服務的人數。

As a result of this acceleration of setups, our census of PAP device patients has hit record levels. These PAP census figures are a key focus for our operators as they convert to recurring, resupply orders. Accordingly, our resupply census is also at record levels. AdaptHealth has built a national scale that is unmatched in the industry and invested in infrastructure throughout the organization to support attractive long-term growth opportunities in our immediate markets while we continue to make upgrades into our talent.

由於這種設置的加速，我們對 PAP 設備患者的普查已經達到創紀錄的水平。這些 PAP 人口普查數據是我們的運營商在轉換為經常性補給訂單時關注的重點。因此，我們的補給普查也處於創紀錄水平。 AdaptHealth 已經建立了業內無與倫比的全國規模，並投資於整個組織的基礎設施，以支持我們直接市場中有吸引力的長期增長機會，同時我們繼續升級我們的人才。

This work included the complete overhaul and integration of our accounting and finance infrastructure, featuring our enterprise-wide Oracle implementation, which began in February 2022, as we continued our efforts to improve our internal controls over our financial reporting. As a result of these infrastructure improvements throughout our operations and revenue cycle management, we achieved a record of $374 million of cash flow from operations.

這項工作包括全面改革和整合我們的會計和財務基礎設施，以我們於 2022 年 2 月開始的企業範圍內的 Oracle 實施為特色，同時我們繼續努力改善我們對財務報告的內部控制。由於在我們的運營和收入周期管理中進行了這些基礎設施改進，我們實現了創紀錄的 3.74 億美元的運營現金流。

During 2023, we will continue to make investments to drive improvements. During 2022, we also took the first steps in our journey towards building Adapt 2.0, which Josh will discuss in greater detail. We know that HME suppliers are crucial in the health care continuum, especially for post-acute and chronic disease management.

2023 年，我們將繼續進行投資以推動改進。在 2022 年期間，我們還邁出了構建 Adapt 2.0 之旅的第一步，Josh 將對此進行更詳細的討論。我們知道 HME 供應商在醫療保健連續體中至關重要，尤其是對於急性和慢性疾病後管理而言。

Most of our devices are connected and generate actionable data to help manage chronic conditions and reduce downstream cost. Adapt 2.0 reflects our commitment to continue to facilitate that connectivity for the benefit of our patients and payers.

我們的大多數設備都已連接並生成可操作的數據，以幫助管理慢性病並降低下游成本。 Adapt 2.0 反映了我們為患者和付款人的利益繼續促進這種連接的承諾。

In conclusion, I have great confidence we are entering this year from a position of strength. Based on significant progress across a number of important strategic initiatives, we expect to drive increased shareholder value going forward, and we believe our updated guidance for 2023 fully considers and addresses any 2022 headwinds expected to continue throughout this year.

總之，我非常有信心我們將以強大的實力進入今年。基於一系列重要戰略舉措的重大進展，我們預計未來將推動股東價值的增加，我們相信我們更新的 2023 年指南充分考慮並解決了預計將在今年持續的任何 2022 年逆風。

Our management team remains focused and confident in achieving the 2025 goals we shared at Capital Markets Day in September, namely to generate $4 billion in revenue, $1 billion in adjusted EBITDA and free cash flow of $300 million.

我們的管理團隊仍然專注並有信心實現我們在 9 月資本市場日分享的 2025 年目標，即產生 40 億美元的收入、10 億美元的調整後 EBITDA 和 3 億美元的自由現金流。

Now I would like to turn the call over to our President, Josh Parnes, to provide further details and an update on strategic developments.

現在我想將電話轉給我們的總裁喬什帕恩斯，以提供更多細節和戰略發展的最新情況。

Thank you, Steve. This past year, AdaptHealth took the first steps towards building Adapt 2.0. Technology and innovative care models are at the center of our team's focus. We are now in the process of enhancing the digital and in-person connection we have with our 3.9 million patients and testing how best to use this connectivity to drive better outcomes at a lower overall total cost of care.

謝謝你，史蒂夫。去年，AdaptHealth 邁出了構建 Adapt 2.0 的第一步。技術和創新護理模式是我們團隊關注的核心。我們現在正在加強與 390 萬患者的數字和麵對面聯繫，並測試如何最好地利用這種聯繫以更低的總體護理成本取得更好的結果。

Adapt has been a leader in e-prescribe and the significant administrative savings and efficiencies it provides in our business. E-prescribe and digital orders continue to increase as a percentage of our business and will continue to be a focus, which will enable increased order transparency and collectability of revenue.

Adapt 一直是電子處方領域的領導者，它為我們的業務帶來了顯著的行政節約和效率。電子處方和數字訂單占我們業務的百分比繼續增加，並將繼續成為焦點，這將提高訂單透明度和收入的可收集性。

Beyond e-prescribe in 2022, AdaptHealth deployed an integrated payer portal to allow a payer's care and claims management teams to seamlessly monitor and coordinate patient services. These integrations have allowed both parties to reduce the administrative expense associated with providing care for more of their patients. This technology is scalable and proprietary and available to deploy on behalf of additional payers.

除了 2022 年的電子處方之外，AdaptHealth 還部署了一個集成的付款人門戶，以允許付款人的護理和理賠管理團隊無縫監控和協調患者服務。這些整合使雙方能夠減少與為更多患者提供護理相關的管理費用。該技術具有可擴展性和專有性，可代表其他付款人進行部署。

Additionally, AdaptHealth recently launched myAPP, a comprehensive mobile application to facilitate channel of choice communication with patients as well as provide the ability to place and track orders, and in the future, enable full patient billing access and clinical encounters for our chronic disease management programs.

此外，AdaptHealth 最近推出了 myAPP，這是一款綜合性移動應用程序，可促進與患者的選擇溝通渠道，並提供下達和跟踪訂單的能力，並在未來為我們的慢性病管理計劃提供全面的患者賬單訪問和臨床會面.

As we continue to roll out myAPP, it will become a powerful resource for patients to access data on their connected medical devices. We are seeing strong adoption by our patients with over 30,000 downloads from the Apple, Android app stores, up from 3,000 in Q3 and more than 17,000 of our diabetes patients registered to access the system and 3,500 patients ordered products digitally.

隨著我們繼續推出 myAPP，它將成為患者訪問其連接的醫療設備上的數據的強大資源。我們看到我們的患者大力採用，從 Apple、Android 應用商店下載了超過 30,000 次，高於第三季度的 3,000 次，超過 17,000 名糖尿病患者註冊訪問該系統，3,500 名患者以數字方式訂購了產品。

Our goal is to create an application that allows patients to interact with us on ordering, billing and clinical disease management which will allow for a transformative patient experience at a lower overall cost of care.

我們的目標是創建一個應用程序，使患者能夠在訂購、計費和臨床疾病管理方面與我們互動，從而以更低的整體護理成本實現變革性的患者體驗。

Finally, initial work has begun on disease-specific care models. Our goal is to utilize our pipes into the homes of our almost 4 million patients to demonstrate more cost-effective and patient-centric care models. We believe we can help bridge the gap that exists in understanding real-time data on patients living at home with chronic conditions through connected services and devices.

最後，針對特定疾病的護理模式的初步工作已經開始。我們的目標是利用我們的管道進入近 400 萬患者的家中，以展示更具成本效益和以患者為中心的護理模式。我們相信，我們可以通過連接的服務和設備幫助彌合在了解慢性病居家患者實時數據方面存在的差距。

We have confidence that we can help our patients get more proactive care and enable more effective value-based care models over time. Now I'll turn the call over to our CFO, Jason Clemens.

我們有信心，我們可以幫助我們的患者獲得更主動的護理，並隨著時間的推移實現更有效的基於價值的護理模式。現在我將把電話轉給我們的首席財務官 Jason Clemens。

Thanks, Josh. Good morning, and thank you for joining our call. For the full year ended December 31, 2022, AdaptHealth reported net revenue of $2.971 billion, an increase of 21% from $2.454 billion in 2021. For the fourth quarter ended December 31, 2022, AdaptHealth reported net revenue of $780.3 million, an increase of 11% from $702.1 million in 2021.

謝謝，喬希。早上好，感謝您加入我們的電話會議。截至 2022 年 12 月 31 日的全年，AdaptHealth 報告的淨收入為 29.71 億美元，比 2021 年的 24.54 億美元增長 21%。截至 2022 年 12 月 31 日的第四季度，AdaptHealth 報告的淨收入為 7.803 億美元，增長了比 2021 年的 7.021 億美元增長 11%。

Non-acquired net revenue growth was 5.3% for Q4, led by sleep, our largest product category. Patient census is now the highest it has ever been, surpassing our previous record set in Q2 2021, immediately prior to the Respironics' recall. Q4 sleep growth is a good indicator of the continuing patient demand for sleep products that we expect will continue in 2023.

在我們最大的產品類別睡眠的帶動下，第四季度非收購淨收入增長了 5.3%。患者人數統計現在是有史以來最高的，超過了我們之前在 2021 年第二季度創下的記錄，就在 Respironics 召回之前。第 4 季度的睡眠增長很好地表明了患者對睡眠產品的持續需求，我們預計這種需求將在 2023 年持續。

For the fourth quarter ended December 31, 2022, adjusted EBITDA was $146.0 million, which fell below what we expected when we revised guidance downward in January. First, let me remind everyone the reasons for the January reduction. Our CPAP supply chain today is much healthier than it has been. Although we grew sleep rental revenue sequentially from the third quarter to the fourth quarter, we did not grow as fast as we expected.

截至 2022 年 12 月 31 日的第四季度，調整後的 EBITDA 為 1.46 億美元，低於我們在 1 月份下調指引時的預期。首先提醒大家一月降息的原因。我們今天的 CPAP 供應鏈比以往健康得多。儘管我們從第三季度到第四季度連續增加了睡眠租賃收入，但我們的增長速度沒有我們預期的那麼快。

Across the product portfolio, we expected a higher mix of rental versus sales revenue for the quarter. Rental revenue carries gross margins of almost 100% versus 40% for sales revenue. So we adjusted bottom line guidance accordingly. Further, we detected incremental inflationary pressures, which we also noted as part of our January 10 guidance.

在整個產品組合中，我們預計本季度的租金收入與銷售收入的組合會更高。租金收入的毛利率接近 100%，而銷售收入的毛利率為 40%。因此，我們相應地調整了底線指導。此外，我們發現了增量通脹壓力，我們也在 1 月 10 日的指引中指出了這一點。

As previously discussed, our cost structure increased in response to the challenging supply chain environment. We implemented centralized distribution centers to store additional product to protect against recurring supply interruptions. We also locked in purchasing agreements in special terms to ensure we receive the products our patients needed when they needed it. Many of those agreements came with surcharges related to raw materials, shipping expense and fuel pass-throughs. Others came with cost increases related to new product launches.

如前所述，我們的成本結構增加以應對充滿挑戰的供應鏈環境。我們實施了集中配送中心來存儲額外的產品，以防止經常性的供應中斷。我們還鎖定了特殊條款的採購協議，以確保我們在患者需要時收到他們需要的產品。其中許多協議都附帶與原材料、運輸費用和燃料轉運相關的附加費。其他人則伴隨著與新產品發布相關的成本增加。

However, the cost of these factors were approximately $10 million more in the fourth quarter than we had anticipated in January. We also experienced an increase in payer refund and recoupment activity which caused a reduction in net revenue and adjusted EBITDA for the quarter of $10 million. Although refunds and recoupments are normal course for health care providers, the size and timing of this activity was unexpected and very recent so it was not accounted for in our January 10 guidance.

然而，這些因素的成本在第四季度比我們在 1 月份的預期高出約 1000 萬美元。我們還經歷了付款人退款和補償活動的增加，導致本季度淨收入和調整後 EBITDA 減少 1000 萬美元。雖然退款和補償對醫療保健提供者來說是正常的過程，但這項活動的規模和時間是出乎意料的，而且是最近才發生的，所以我們 1 月 10 日的指南中沒有考慮到。

We believe that we have appropriately accounted for general refund and recoupment activity in our 2023 guidance. Finally, we experienced $6 million of unanticipated variable labor and other operating expense in December. We believe these impacts are contained to 2022, but we have built in an appropriate level of conservatism to account for any surprises in 2023.

我們認為，我們已在 2023 年指南中適當考慮了一般退款和補償活動。最後，我們在 12 月經歷了 600 萬美元的意外可變勞動力和其他運營費用。我們認為這些影響將持續到 2022 年，但我們已經建立了適當的保守主義水平，以應對 2023 年的任何意外情況。

For the full year, cash flow from operations was $374 million, up $98 million or 36% over 2021. We are very pleased with this improvement, particularly the contribution from our revenue cycle as days sales outstanding was 42 at the end of 2022, down 5 days from the end of 2021.

全年，運營現金流為 3.74 億美元，比 2021 年增加 9800 萬美元或 36%。我們對這一改善感到非常滿意，尤其是我們的收入周期的貢獻，截至 2022 年底，銷售未清天數為 42 天，下降從 2021 年底開始還有 5 天。

During last quarter's earnings call, we highlighted the investments we've continued to make in e-prescribe and in our claims edit engine, and those investments are continuing to perform. I'll point out that our accounts payable transformation initiative is complete, and we achieved our days payable outstanding target of 62 days, down from 79 at year-end 2021.

在上一季度的財報電話會議上，我們強調了我們在電子處方和索賠編輯引擎方面繼續進行的投資，這些投資正在繼續發揮作用。我要指出的是，我們的應付賬款轉型計劃已經完成，我們實現了 62 天的應付未付天數目標，低於 2021 年底的 79 天。

We also delivered cash flow from operations improvement despite $35 million of higher interest payments in 2022 over 2021. So overall, our cash generation is in very good shape. Free cash flow, defined as cash flow from operations less capital expenditures, was a use of $18 million for 2022 as CapEx was $391 million for the year.

儘管 2022 年的利息支付比 2021 年增加了 3500 萬美元，但我們還通過運營改善實現了現金流。因此，總體而言，我們的現金生成狀況非常好。自由現金流（定義為運營現金流減去資本支出）在 2022 年使用了 1800 萬美元，因為當年的資本支出為 3.91 億美元。

Quite frankly, we don't have a better use of cash than buying enough equipment to satisfy the needs of our patients. On December 31, 2022, cash on hand was $46.3 million. Per our covenants, net leverage was 3.69x. At the end of '22, we maintained 0 balance on our $450 million revolver.

坦率地說，沒有比購買足夠的設備來滿足患者需求更好的現金使用方法了。 2022 年 12 月 31 日，手頭現金為 4630 萬美元。根據我們的約定，淨槓桿率為 3.69 倍。 22 年底，我們的 4.5 億美元左輪手槍餘額保持為 0。

As a reminder, on December 15, 2022, our Board of Directors authorized the extension of our previously announced share repurchase program to allow for open market purchases of our common stock through the end of 2023. We did not complete any repurchases during the quarter. And for the year, we repurchased $14 million.

提醒一下，2022 年 12 月 15 日，我們的董事會授權延長我們之前宣布的股票回購計劃，以允許在 2023 年底之前公開市場購買我們的普通股。我們在本季度沒有完成任何回購。這一年，我們回購了 1400 萬美元。

As announced this morning, we are adjusting our overall guidance for 2023 to account for the items discussed earlier. Our 2023 guidance for net revenue is $3.16 billion to $3.24 billion. This represents 7.7% non-acquired growth over 2022. Our guidance for adjusted EBITDA is $650 million to $710 million, representing 14.5% growth over 2022. The midpoint adjusted EBITDA margin of 21.3% is up from 20.0% in 2022.

正如今天上午宣布的那樣，我們正在調整 2023 年的總體指導以考慮到之前討論的項目。我們 2023 年的淨收入指引為 31.6 億美元至 32.4 億美元。這代表 2022 年非收購性增長 7.7%。我們對調整後 EBITDA 的指導為 6.5 億美元至 7.1 億美元，比 2022 年增長 14.5%。中點調整後 EBITDA 利潤率為 21.3%，高於 2022 年的 20.0%。

Our guidance for CapEx is 10% to 12% of net revenue reflecting elevated equipment purchasing in the first half of the year and decreasing purchase activity over the second half of the year as we work through the PAP setup backlog. We are in process of installing new cost management initiatives focused on revamping our supply chain infrastructure, rationalizing our real estate footprint and consolidating various supplier agreements into national contracts to leverage our buying power.

我們對資本支出的指導是淨收入的 10% 至 12%，這反映了上半年設備採購的增加和下半年採購活動的減少，因為我們正在處理 PAP 設置積壓。我們正在實施新的成本管理計劃，重點是改造我們的供應鏈基礎設施，合理化我們的房地產足跡，並將各種供應商協議整合到國家合同中，以利用我們的購買力。

In addition to our focus on technology, we've added great people in new roles, particularly in finance and accounting as we work to harden our newly established control environment. To that point, we hired an impactful leader in October 2022, Christi Archbold, our Senior Vice President of Corporate Accounting. Christi has made considerable contributions since joining AdaptHealth. So effective March 4, we expect to promote Christi to Chief Accounting Officer and Principal Accounting Officer for the company.

除了我們對技術的關注之外，我們還聘請了優秀人才擔任新職位，尤其是在財務和會計方面，因為我們正在努力強化新建立的控制環境。為此，我們於 2022 年 10 月聘請了一位有影響力的領導者 Christi Archbold，他是我們的企業會計高級副總裁。自加入 AdaptHealth 以來，Christi 做出了相當大的貢獻。因此，自 3 月 4 日起，我們預計將 Christi 提升為公司的首席會計官和首席會計官。

With that, I'll turn the call back over to our CEO, Steve Griggs.

有了這個，我會把電話轉回給我們的首席執行官史蒂夫格里格斯。

Thanks, Jason. As I said before, AdaptHealth is entering 2023 from a position of strength based on our national scale, investments in the infrastructure, continued improvements in supply chain and a positive regulatory environment.

謝謝，傑森。正如我之前所說，基於我們的國家規模、基礎設施投資、供應鏈的持續改進和積極的監管環境，AdaptHealth 將進入 2023 年。

Adding to the strength and stability of our core business are the continued upside of growth and operating efficiencies expected from our technology investments and the continued rollout of Adapt 2.0.

我們的技術投資和 Adapt 2.0 的持續推出有望帶來增長和運營效率的持續上升，這增加了我們核心業務的實力和穩定性。

Moving on to 2023. We believe we have addressed the inflationary cost pressures on our business and appropriately reflected them in our revised guidance. And I share our management team's confidence that the financial targets we laid out at our September '22 Capital Markets Day will be achieved.

展望 2023 年。我們相信我們已經解決了我們業務面臨的通脹成本壓力，並在我們修訂後的指引中適當地反映了這些壓力。我和我們的管理團隊一樣相信，我們將實現我們在 9 月 22 日資本市場日制定的財務目標。

Operator, please open the line for questions.

接線員，請打開問題線路。

(Operator Instructions) We'll take our first question from Pito Chickering with Deutsche Bank.

（操作員說明）我們將從德意志銀行的 Pito Chickering 那裡回答我們的第一個問題。

So a lot of questions here. So I'll let a lot of others ask some of the details. So I'll just lead into, why does your 2023 guidance assume lower rental revenue and therefore, potentially lower EBITDA, your CapEx guidance percent of revenue is going up. I mean just intellectually shouldn't higher -- increasing CapEx associated with increased rental revenue and therefore increased EBITDA?

所以這裡有很多問題。所以我會讓很多其他人問一些細節。因此，我將進入，為什麼您的 2023 年指導假設租金收入較低，因此 EBITDA 可能較低，您的資本支出指導收入百分比正在上升。我的意思是只是理智上不應該更高——增加與租金收入增加相關的資本支出，從而增加 EBITDA？

Yes. Thanks, Pito. This is Jason. I'd point you first to our supplement that we posted to our website, regarding Q4 results. In the product category mix, we are responding to what we're seeing within the product category, specifically rental. We had expected sequential growth within respiratory of several million dollars. And in fact, we shrank within respiratory rental. HME and other categories, we had expected some modest sequential growth, and those product lines remained flat.

是的。謝謝，皮托。這是傑森。我會首先向您指出我們發佈到我們網站上的關於第四季度結果的補充。在產品類別組合中，我們正在回應我們在產品類別中看到的內容，特別是租賃。我們曾預計連續增長數百萬美元。事實上，我們在呼吸租金方面有所縮減。 HME 和其他類別，我們曾預計會有一些溫和的連續增長，而這些產品線保持平穩。

Sleep was a strong performer, continues to be a strong performer. It was up sequentially by $5 million. Frankly, we expected more, but the numbers landed where they did. So we're, in fact, responding to the trends and lowering the rental revenue, as you called out, which drops essentially 100% to the bottom line.

睡眠是一個強大的表現者，繼續是一個強大的表現者。它連續增加了 500 萬美元。坦率地說，我們期望更多，但數字落在了他們的位置。因此，事實上，我們正在響應趨勢並降低租金收入，正如您所說的那樣，這基本上下降了 100% 到底線。

Regarding CapEx, we're providing what we believe is a conservative expectation on CapEx at 10% to 12% of revenue. That's still higher than our historical norms. We would expect 10% of revenue in more normal circumstances. So kind of normal supply chain and no PAP recall environment. So hopefully, that adds some color to your question.

關於資本支出，我們提供了我們認為保守的資本支出佔收入 10% 至 12% 的預期。這仍然高於我們的歷史標準。在更正常的情況下，我們預計收入的 10%。如此正常的供應鏈，沒有 PAP 召回環境。希望這能為您的問題增添一些色彩。

Okay. And then second question is here. Can you talk about organic diabetes growth you had in 2022. What are you assuming for 2023? How much of this shift from DME to pharmacy impact to you in 2022? What do you assume for '23? And if you look at a year's goal of -- for 2025, $4 billion in revenues, EBITDA of $1 billion, free cash flow $300 million. Diabetes is tracking lower in '23 versus '22? How does it impact your 2025 targets?

好的。然後第二個問題在這裡。你能談談你在 2022 年的有機糖尿病增長嗎？你對 2023 年有什麼假設？到 2022 年，這種從 DME 到藥房的轉變對您有多大影響？你對'23有什麼看法？如果你看看一年的目標——到 2025 年，收入為 40 億美元，EBITDA 為 10 億美元，自由現金流為 3 億美元。糖尿病在 23 年與 22 年相比有所下降？它如何影響您的 2025 年目標？

Sure. So let me start first with the question on channel mix change. With our diabetes portfolio, we are not seeing substantial move from the medical benefit to the pharmacy benefit within our book of business. I will say that we are responding to lower diabetes growth in the second half than we anticipated. I'll remind everyone that at the beginning of '22, we had pegged expectation for our diabetes product line to grow 18%. Around mid-'22, we tempered that expectation to the mid-teens, and in fact, diabetes non-acquired growth landed in the low teens. So we are responding to that shift.

當然。所以讓我先從渠道組合變化的問題開始。憑藉我們的糖尿病產品組合，我們在業務範圍內沒有看到從醫療福利到藥房福利的實質性轉變。我要說的是，我們正在應對下半年低於預期的糖尿病增長。我會提醒大家，在 22 年初，我們預計我們的糖尿病產品線將增長 18%。大約在 22 世紀中葉，我們將這種期望降低到十幾歲，事實上，糖尿病非獲得性增長出現在十幾歲以下。所以我們正在應對這種轉變。

Volumes and start activity are generally healthy. We are under pressure from payer mix, essentially lower price points depending on the payer, and we're accounting for that in our guidance for 2023. So some of the $50 million revenue guide down for '23, it is in response to tempered expectations on diabetes.

交易量和啟動活動總體上是健康的。我們承受著來自付款人組合的壓力，基本上降低了價格點，具體取決於付款人，我們在 2023 年的指導中考慮到了這一點。因此，23 年 5000 萬美元的收入指導中有一部分有所下降，這是對緩和預期的回應關於糖尿病。

Now to your question on 2025, essentially all financial targets, top line, adjusted EBITDA as well as free cash flow, we still believe that we will achieve those targets in the time line we outlined. I'll remind all that those expectations had very limited acquisition assumptions built in, significantly less than the company has demonstrated historically. And so as we respond to change in non-acquired growth, we do have the lever, obviously, of acquired growth.

現在回答你關於 2025 年的問題，基本上是所有財務目標、收入、調整後的 EBITDA 以及自由現金流，我們仍然相信我們將在我們概述的時間表內實現這些目標。我要提醒大家，這些預期的內置收購假設非常有限，遠低於公司歷史上的表現。因此，當我們應對非後天增長的變化時，顯然，我們確實擁有後天增長的槓桿。

I'd say separately, we also set at Capital Markets Day that we had expected over time for diabetes revenue growth to glide down over the next several years. We said that 3 to 5 years out, we thought that diabetes would land at a mid- to high single-digit non-acquired growth component of our product portfolio. And so we are seeing the impacts we expected, albeit faster than we had predicted.

我會單獨說，我們還在資本市場日設定了我們預計隨著時間的推移糖尿病收入增長將在未來幾年下滑。我們說 3 到 5 年後，我們認為糖尿病將在我們的產品組合中處於中高個位數的非獲得性增長部分。因此，我們看到了我們預期的影響，儘管比我們預期的要快。

And we'll take our next question from Brian Tanquilut with Jefferies.

我們將從 Jefferies 的 Brian Tanquilut 那裡回答下一個問題。

This is (inaudible) on behalf of Brian. So going into 2023, just kind of curious on how we should be thinking about the Q1 seasonality and sequential EBITDA trends kind of like we had touched on with the weakness in Q4? And then also third quarter, the EBITDA cadence?

我代表 Brian（聽不清）。因此，進入 2023 年，我們應該如何考慮第 1 季度的季節性和連續 EBITDA 趨勢有點好奇，就像我們在第 4 季度的疲軟中提到的那樣？然後還有第三季度，EBITDA 節奏？

Sure. Good question. This is Jason again. I would say, firstly, that if we look at the full year revenue guide, we are projecting a 7.7% increase in non-acquired growth over 2022, that is down from what we predicted previously, namely due to the factors in our rental portfolio as well as diabetes that we discussed.

當然。好問題。這又是傑森。我想說的是，首先，如果我們看一下全年收入指南，我們預計 2022 年非收購增長將增長 7.7%，這低於我們之前的預測，即由於我們的租賃組合中的因素以及我們討論過的糖尿病。

I would tell you that Q1 non-acquired growth, we believe, will be in the area of 6.5% to 7% non-acquired growth and will step up over the course of the year due to changes we are installing regarding sales focused commissions, incentives related to sparking growth within those rental product lines. That will take a little time to pull through, but we do expect that to pull through over the course of the year.

我會告訴你，我們認為，第一季度的非收購增長將在 6.5% 至 7% 的非收購增長范圍內，並且由於我們正在對以銷售為中心的佣金進行調整，因此在這一年中將會加快，與激發這些租賃產品線的增長相關的激勵措施。這需要一些時間才能完成，但我們確實希望在一年內完成。

In terms of margin profile, we're expecting 21.3% of full year adjusted EBITDA. I would tell you that the shape of EBITDA for Q1 should be similar to what we saw last year for bottom line.

在利潤率方面，我們預計全年調整後的 EBITDA 為 21.3%。我會告訴你，第一季度的 EBITDA 形狀應該與我們去年看到的底線相似。

And we'll take our next question from Joanna Gajuk with Bank of America.

我們將接受來自美國銀行的 Joanna Gajuk 的下一個問題。

This is Joanna Gajuk here. So just a couple of questions here. When it comes to your diabetes, you said obviously things are slowing down. And I guess, in January, you talked about 11% to 13% growth for '23. So where is it shaping out? What do you assume for the guidance? And I guess how does this impact, if at all, your long-term guidance for diabetes.

我是 Joanna Gajuk。所以這裡只有幾個問題。關於您的糖尿病，您說顯然情況正在放緩。我想，在 1 月份，你談到了 23 年 11% 到 13% 的增長。那麼它在哪裡成型呢？你認為指導是什麼？我想這會如何影響您對糖尿病的長期指導（如果有的話）。

Joanna, sure. This is Jason. I would say, firstly, that regarding diabetes, I think you referenced the word slowdown. Again, I wouldn't articulate it as a material slowdown in new start activity and volumes. I mean, again, we are responding to changes in payer mix, so the kind of the profile of revenue that we are earning in this product category is changing. After all, we've expected it to change over time. And again, we -- as we look towards 2025, we had expected diabetes product line growth to land in the mid- to higher single-digit area for non-acquired growth. So we are seeing that faster than anticipated. I would say for 2023 we believe that we will deliver high single digit up to 10% of non-acquired growth within the diabetes category.

喬安娜，當然。這是傑森。我想說，首先，關於糖尿病，我想你提到了減速這個詞。同樣，我不會將其表述為新開工活動和交易量的實質性放緩。我的意思是，我們正在應對付款人組合的變化，因此我們在該產品類別中獲得的收入狀況正在發生變化。畢竟，我們預計它會隨著時間而改變。再一次，我們——當我們展望 2025 年時，我們曾預計糖尿病產品線的增長將在非獲得性增長的中高個位數區域。所以我們看到的速度比預期的要快。我想說，到 2023 年，我們相信我們將在糖尿病類別中實現高達 10% 的非獲得性增長。

Okay. And then same thing, I guess, on sleep. It sounds like things are going better. And I guess, does that change any -- or anything you're seeing there, your prior comments on long-term growth out of there of 7% to 10%.

好的。然後我想，同樣的事情，關於睡眠。聽起來事情正在好轉。我想，這是否會改變任何 - 或者你在那裡看到的任何東西，你之前對長期增長的評論是 7% 到 10%。

Sure. So within sleep, no change. We're very pleased with the demand that we have within the sleep business. We are very confident that we will deliver the previous expectation for sleep revenue within 2023. I would tell you in terms of meeting that demand, we are not going as fast as we'd like. We appreciate, I think, the hard work of everyone out in the field in terms of responding to unpredictable receipt of PAPs.

當然。所以在睡眠中，沒有變化。我們對睡眠業務中的需求感到非常滿意。我們非常有信心，我們將在 2023 年內實現之前對睡眠收入的預期。我會告訴你，在滿足該需求方面，我們並沒有像我們希望的那樣快。我認為，我們感謝該領域的每個人在應對不可預測的 PAP 接收方面所做的辛勤工作。

I mean we're getting what we need, the timing of when specifically it comes in and how we're getting that out to locations and patients. That is -- we are managing it, but it is still unpredictable. So it's all systems go. We are burning the variable pay over time that you'd expect for us to meet each and every patient that needs a PAP. And so what you're hearing is largely timing in terms of meeting demand first half -- I'm sorry, second half of '22 into arguably first half of '23. But overall, very, very strong patient demand, and we believe that we will deliver the previously guided sleep non-acquired growth for 2023.

我的意思是我們得到了我們需要的東西，它具體何時出現以及我們如何將其提供給地點和患者。也就是說——我們正在管理它，但它仍然是不可預測的。因此，所有系統都可以運行。隨著時間的推移，我們正在燃燒您期望我們滿足每位需要 PAP 的患者的可變薪酬。因此，您聽到的主要是滿足上半年需求的時機——對不起，22 年下半年可以說是 23 年上半年。但總的來說，非常非常強勁的患者需求，我們相信我們將在 2023 年實現之前指導的非獲得性睡眠增長。

Okay. So I guess the actual outlook for this year for '23 was above that long-term guidance, right, somewhere like 11%, 13%?

好的。所以我猜今年 23 年的實際前景高於長期指導，對吧，大約 11%、13%？

That's correct, Joanna. Another data -- yes, that's correct. Another data point for you is our PAP rental census, I mean our previous record for PAP rental patient census was set in the second quarter of 2021. That exactly coincided with the timing of the Respironics' recall.

沒錯，喬安娜。另一個數據——是的，這是正確的。另一個數據點是我們的 PAP 租賃人口普查，我的意思是我們之前的 PAP 租賃患者普查記錄是在 2021 年第二季度創下的。這恰好與 Respironics 召回的時間相吻合。

So since then, it has been an unusual environment, a challenging environment to continue to grow that census. However, in Q4 of '22, we have set a new record of PAP rental census. You'll see it in Slide 5 of our supplement. If you look at PAP rental category, bottomed out in terms of revenue in the first quarter of '22.

所以從那時起，這是一個不尋常的環境，一個繼續擴大人口普查的充滿挑戰的環境。然而，在 22 年第四季度，我們創造了 PAP 租金普查的新記錄。您將在我們補充的幻燈片 5 中看到它。如果您查看 PAP 租賃類別，22 年第一季度的收入觸底。

We had previously reported the low point of census was February of 2022, and we've continued to grow since then, albeit slower than we had expected based on patient demand due to the reasons discussed. But it is all systems go within the sleep business.

我們之前曾報告人口普查的最低點是 2022 年 2 月，此後我們一直在繼續增長，儘管由於所討論的原因，增長速度低於我們基於患者需求的預期。但所有系統都屬於睡眠業務。

Okay. And I guess on the cash flow, so clearly, CapEx is higher. But how should we think about the operating cash flow for the year? And I guess, any change to kind of your long-term views that you previously outlined on free cash flow in general, that should be running in 7%, 8% of revenues?

好的。我想在現金流方面，很明顯，資本支出更高。但是我們應該如何看待當年的經營現金流呢？我想，您之前概述的一般自由現金流的長期觀點是否有任何變化，應該佔收入的 7%、8%？

Yes. Good question, Joanna. No change to the 2025 expectations for free cash flow. I would tell you for 2023, my current estimate is between 3% and 4% of revenue will convert to free cash flow, defined as cash flow from operations less capital expenditures.

是的。問得好，喬安娜。 2025 年自由現金流預期不變。我會告訴你 2023 年，我目前的估計是 3% 到 4% 的收入將轉化為自由現金流，定義為運營現金流減去資本支出。

I would point you to the cash flow from operations growth over the full year 2021. We are very pleased with this growth. We're particularly pleased with the investments that we made within the revenue cycle; people, process and technology. We've discussed our intake portals and our intake procedures regarding e-prescribe. They are continuing to improve.

我會指出 2021 年全年運營增長帶來的現金流。我們對這種增長感到非常滿意。我們對我們在收入周期內所做的投資特別滿意；人員、流程和技術。我們已經討論了我們的攝入門戶和我們關於電子處方的攝入程序。他們正在繼續改進。

We've discussed our claims edit engines within the revenue cycle that continue to perform and are evolving and maturing every day. And that has all resulted in DSOs coming down 5 days year-over-year. And so what you're hearing is inflow, cash flow from ops, we are in very good shape.

我們已經在收入周期內討論了我們的索賠編輯引擎，這些引擎每天都在繼續發揮作用，並且在不斷發展和成熟。這一切都導致 DSO 同比下降 5 天。所以你聽到的是流入，來自運營的現金流，我們的狀況非常好。

I mean in normal circumstance, no pandemic, no CARES Act refund and repayments and everything that's happened over the last several years. We would expect cash flow from operations to represent a 2/3 flow-through from adjusted EBITDA.

我的意思是在正常情況下，沒有大流行，沒有 CARES 法案退款和還款以及過去幾年發生的一切。我們預計來自運營的現金流量佔調整後 EBITDA 的 2/3 流量。

If you look at 2022, that is around 62% of adjusted EBITDA. And so you're seeing the inflows improving. We've discussed the accounts payable transformation efforts and AP as a use of cash was sizable over the course of 2023 -- I'm sorry, 2022. Those efforts are complete. And so based on current trends within rev cycle and current use of cash within our working capital, we would expect to deliver about 2/3 of our adjusted EBITDA down to cash flow from operations for 2023.

如果你看看 2022 年，這大約是調整後 EBITDA 的 62%。所以你看到資金流入有所改善。我們已經討論了應付賬款轉型工作和 AP，因為在 2023 年期間現金使用量很大——對不起，2022 年。這些努力已經完成。因此，根據收入周期內的當前趨勢和我們營運資金中現金的當前使用情況，我們預計將在 2023 年將調整後的 EBITDA 的約 2/3 轉化為運營現金流。

From there, you're left with CapEx. We've discussed our expectations. We've provided a range that we believe is appropriate. And for the full year, again, it is escalated versus our expectations of what the business would do in normal circumstances, which would be 10% of revenue. And so applying that the 2/3 conversion of adjusted EBITDA to cash flow from operations, less where we land on capital expenditures will result in between 3% and 4% of revenue converting free cash flow.

從那裡，你剩下的是資本支出。我們已經討論了我們的期望。我們提供了一個我們認為合適的範圍。對於全年，它再次升級，高於我們對正常情況下業務的預期，即收入的 10%。因此，將調整後的 EBITDA 的 2/3 轉換為運營現金流，減去資本支出，將導致 3% 至 4% 的收入轉換為自由現金流。

That's super helpful. The last 1 on the -- you mentioned some efforts of cost cutting in the press release. And so do you assume some incremental cost cutting in your guidance? And what is it and how much exactly, thank you. (technical difficulty) Just curious about sort of with that 3% to 4% of revenue converting into free cash flow, what is that outlook on acquisitions in 2023 vis-a-vis where your leverage stands today?

這非常有幫助。關於的最後 1 - 你在新聞稿中提到了一些削減成本的努力。那麼，您是否假設您的指導中有一些增量成本削減？它是什麼，具體是多少，謝謝。 （技術難度）只是好奇將 3% 到 4% 的收入轉化為自由現金流，2023 年的收購前景與您今天的槓桿率相比如何？

Sure. I'll take a part of the question. I'm going to ask Steve and Josh to weigh in on free cash flow expectations and how that relates to M&A. Regarding the acquisition activity within 2022, I'd remind you, it was very, very early in the year, and it was quite immaterial, was about $17 million, I believe, of acquired revenue in '22. That was essentially all completed on or before early Q2. And so there is extremely limited impact of kind of stub period revenue part of our guidance and our expectations. Steve, do you want to take the acquisition?

當然。我會回答問題的一部分。我要請史蒂夫和喬希權衡自由現金流量預期及其與併購的關係。關於 2022 年的收購活動，我想提醒你，那是今年非常、非常早的時候，而且非常無關緊要，我相信 22 年的收購收入約為 1700 萬美元。這基本上是在第二季度初或之前完成的。因此，我們的指導和預期中存根期收入部分的影響極為有限。史蒂夫，你想接受收購嗎？

Sure, Jason. Thanks. So obviously, in 2022, we did limited acquisitions, I think just 2 or 3, very minor impact to our business. we would expect that to be higher in 2023. We'll probably use the vast majority of the cash flow generated for those acquisitions. So if you use those numbers that Jason put out at 3%, 4%, 3.5% of revenue, that type of cash will probably go towards acquisitions and a rounding error towards that. So I would guess they're going to be in -- they provide just short of $100 million.

當然，傑森。謝謝。很明顯，在 2022 年，我們進行了有限的收購，我認為只有 2 或 3 次，對我們的業務影響很小。我們預計到 2023 年會更高。我們可能會使用這些收購產生的絕大部分現金流。因此，如果你使用 Jason 給出的佔收入 3%、4%、3.5% 的數字，那麼這類現金可能會用於收購，並對其進行四捨五入。所以我猜他們會參與——他們提供的資金將近 1 億美元。

We'll take our next question from Mathew Blackman with Stifel.

我們將接受來自 Stifel 的 Mathew Blackman 的下一個問題。

Maybe, Jason, to start, you mentioned in the prepared script that baked into the '23 guide is some sustained headwinds that you saw in 2022. And there are a lot of moving parts. I just want to make sure I can wrap my arms around it. It sounded like headwinds in diabetes and sleep and maybe also to some extent on respiratory and HME.

也許，傑森，首先，你在 23 年指南中提到的準備好的腳本中提到了你在 2022 年看到的一些持續的逆風。而且有很多移動部分。我只是想確保我可以擁抱它。這聽起來像是糖尿病和睡眠方面的不利因素，也許在某種程度上也可能是呼吸和 HME 方面的不利因素。

And then on EBITDA, it sounds like continued inflation and then product mix headwind. Can you fill in the blanks? What am I missing there? And is there anything else to call out? And then 1 quick follow-up.

然後在 EBITDA 上，這聽起來像是持續的通貨膨脹，然後是產品組合逆風。你能填空嗎？我在那裡錯過了什麼？還有什麼要說的嗎？然後是 1 次快速跟進。

Sure, Matt. No, I don't believe you were missing anything. I would say as part of the -- a little over 1 point of adjusted EBITDA margin expansion that we do expect for 2023 over 2022. We expect about half of that coming from -- a little over half of that coming from labor and operating expense and the remainder coming from the cost -- the actual cost of goods growth.

當然，馬特。不，我不相信你遺漏了什麼。我想說的是，我們預計 2023 年調整後的 EBITDA 利潤率將比 2022 年略微超過 1 個百分點。我們預計其中約一半來自 - 超過一半來自勞動力和運營費用其餘部分來自成本——商品增長的實際成本。

So in other words, top line growing 7.7%, we do not believe our COGS, our labor and OpEx will grow at that same pace. And so we expect to get operating leverage and enhanced margin.

所以換句話說，收入增長 7.7%，我們不相信我們的 COGS、我們的勞動力和 OpEx 會以同樣的速度增長。因此，我們希望獲得運營槓桿和更高的利潤率。

All right. Appreciate that. And then diabetes, curious what your thoughts are on why we saw the payer mix shift emerge here in the fourth quarter? Just any thoughts and I assume it's sustained into 2023. But just any thoughts on why that is, whether it was transient, it doesn't sound like it, what the trigger may have been for that?

好的。感謝。然後是糖尿病，好奇您對為什麼我們在第四季度看到付款人組合發生變化有何看法？只是任何想法，我認為它會持續到 2023 年。但是任何關於為什麼會這樣的想法，它是否是短暫的，聽起來不像，觸發因素可能是什麼？

Our reps are out there calling on doctors and they get their patients. And I think in the businesses that we're working on, particularly at our cross-sell that we're doing to GPs, they're more government-based patients. And so I think just the emphasis on the sales side was just more towards that type of doctor and resulted in that type of patient.

我們的代表在那裡拜訪醫生，他們得到了他們的病人。我認為在我們從事的業務中，尤其是在我們對 GP 進行的交叉銷售中，他們更多的是基於政府的患者。所以我認為只是強調銷售方面更傾向於那種類型的醫生，並導致那種類型的病人。

So we expect that to continue throughout 2023. So we'll see more government payers in our diabetes mix than we've had in the past. And I think that's really that we're calling them on more primary care physicians than ever before, and we would expect that to continue.

因此，我們預計這種情況將持續到 2023 年。因此，與過去相比，我們將在糖尿病組合中看到更多的政府付款人。我認為這確實是我們比以往任何時候都需要更多的初級保健醫生，我們希望這種情況會繼續下去。

So it sounds like this is largely manifesting in the CGM side of the business rather on the pump side?

所以聽起來這主要體現在業務的 CGM 方面而不是泵方面？

Correct.

正確的。

(Operator Instructions) We'll take our next question from Richard Close with Canaccord Genuity.

（操作員說明）我們將與 Canaccord Genuity 一起接受 Richard Close 的下一個問題。

This is [John Finney] on for Richard Close. So we've been hearing from some of your competitors (technical difficulty) supply . So I was just kind of wondering what is the state of your backlog today? And what do you see -- do you still see that being bled down probably by -- in the first half of 2023. And do you still see yourself gaining market share through bleeding down faster than competitors?

這是 [John Finney] 為 Richard Close 準備的。所以我們一直聽到你們的一些競爭對手（技術難度）供應。所以我只是想知道您今天的積壓情況如何？在 2023 年上半年，你看到了什麼——你是否仍然看到它可能被削弱了。你是否仍然認為自己通過比競爭對手更快地流失來獲得市場份額？

Yes, we had stated that our backlog, we should be through it by the end of the first quarter, first part of the second quarter. I think we're on pace for that. So we will see that. And we do believe, based on the amount of new patients that we're getting that our market share has improved from pre-pandemic or pre-recall levels.

是的，我們已經說過我們的積壓工作，我們應該在第一季度末，第二季度的第一部分完成。我認為我們正在朝著這個方向前進。所以我們會看到的。我們確實相信，根據我們獲得的新患者數量，我們的市場份額已經比大流行前或召回前的水平有所提高。

So we're pretty confident and we're not pretty -- we're very confident that those will continue, and so we're in good shape.

所以我們非常有信心，我們並不漂亮——我們非常有信心這些會繼續下去，所以我們的狀態很好。

And it appears that we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

現在看來我們沒有其他問題了。我現在將把程序轉回給我們的主持人，以徵求任何補充或結束語。

We'd just like to thank everybody for attending. We appreciate the support, and we look forward to working hard in '23 and managing our costs better and continue to deliver the revenues that we have. Thank you very much, and we appreciate everybody.

我們只想感謝大家的出席。我們感謝您的支持，我們期待在 23 年努力工作並更好地管理我們的成本並繼續提供我們擁有的收入。非常感謝，我們感謝大家。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。