AirSculpt Technologies Inc (AIRS) 2023 Q4 法說會逐字稿

Greetings and welcome to the Airsculpt Technologies fourth-quarter and full-year 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded and is now my pleasure to introduce your host, Dennis Dean, Chief Financial Officer. Thank you again. Thank you, Dennis. You may begin.

歡迎參加 Airsculpt Technologies 第四季和 2023 年全年財報電話會議。（操作員說明）謹此提醒，本次會議正在錄製中，現在我很高興向您介紹主持人、財務長 Dennis Dean。再次感謝你。謝謝你，丹尼斯。你可以開始了。

Good morning, everyone, and thanks for joining us to discuss Aehr scope Technologies results for the fourth quarter. Joining me on the call today is the Co-Founder and Executive Chairman, Dr. Aaron Rollins, and Chief Executive Officer, Todd Magazine.

大家早安，感謝您加入我們討論 Aehrscope Technologies 第四季的業績。今天與我一起參加電話會議的是托德雜誌聯合創始人兼執行主席亞倫·羅林斯 (Aaron Rollins) 博士兼首席執行官。

Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future good opportunities in our growth. Risks and uncertainties that may impact these statements and could cause actual future results to differ materially from currently projected results are described in this morning's press release and the reports we will file with the SEC, all of which can be found on our website at investors.elitebodysculpture.com

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述。這些陳述可能包括我們未來成長的良好機會。今天早上的新聞稿和我們將向SEC 提交的報告中描述了可能影響這些陳述並可能導致未來實際結果與當前預測結果存在重大差異的風險和不確定性，所有這些都可以在我們的投資者網站上找到。精英人體雕塑網站

We undertake no obligation to revise or update any forward looking statements or information, except as required by law. During our call today, we will also reference certain non-GAAP financial measures. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business. A reconciliation of these measures can be found in our earnings release as filed this morning and our most recent 10-K when filed, which will also be available on our website.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。在今天的電話會議中，我們也將參考某些非公認會計準則財務指標。我們在一些財務討論中使用非公認會計準則衡量標準，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本結果。這些措施的調節可以在我們今天早上提交的收益報告和我們最近提交的 10-K 報告中找到，這些報告也將在我們的網站上提供。

With that, I'll turn the call over to Aaron.

這樣，我就把電話轉給亞倫。

Thank you, Dennis. Good morning to everyone, and thank you for joining the call. I'm very pleased with our fourth-quarter results and our achievement of consistent double-digit growth in both revenue and adjusted EBITDA. We remain focused on reestablishing our same store growth trajectory, improving operating margins and making prudent investments that build upon our solid foundation as well as drive long-term success of the overall business.

謝謝你，丹尼斯。大家早安，感謝您加入通話。我對我們第四季度的業績以及我們在收入和調整後 EBITDA 方面實現的持續兩位數增長感到非常滿意。我們仍專注於重建同店成長軌跡、提高營業利潤率並進行審慎投資，以建立我們堅實的基礎並推動整體業務的長期成功。

In addition to increasing our revenue and adjusted EBITDA, the year included several noteworthy accomplishments. We generated strong free cash flow, which allowed us to pay down debt. We opened five new centers, marking the highest number of openings in the history of the company. We invested in brand building activities that drove 30% growth in brand awareness. We expanded our product and service offerings by adding AirSculpt Lift, the facial fat transfer procedure.

除了增加我們的收入和調整後的 EBITDA 之外，這一年還取得了一些值得注意的成就。我們產生了強勁的自由現金流，這使我們能夠償還債務。我們新開設了五個中心，創下公司歷史上開設中心數量最多的紀錄。我們投資於品牌建立活動，使品牌知名度提高了 30%。我們透過添加 AirSculpt Lift（臉部脂肪移植手術）來擴展我們的產品和服務範圍。

We expanded our talent, particularly at the executive level. And finally, we quantified our TAM of $9 billion as well as the potential opportunity for opening hundreds of their scope centers globally. I am proud of the many contributions of our teams and want to personally thank each one of them for their dedication that delivered our strong results in 2023.

我們擴大了人才隊伍，特別是在行政層面。最後，我們量化了 90 億美元的 TAM 以及在全球開設數百個範圍中心的潛在機會。我為我們團隊所做的許多貢獻感到自豪，並想親自感謝他們每一個人的奉獻精神，正是他們的奉獻讓我們在 2023 年取得了強勁的業績。

I am also very proud of our strong track record in having safely completed more than 50,000 procedures. The safety and well-being of our patients is that our top priority, and we have policies and procedures that have ensured positive outcomes throughout our history. Our ability to achieve these positive outcomes is directly related to the professionalism of our staff. Our surgeons are respected in their field and together with our other clinical team members, are deeply committed to the care of our patients and achieving results that are in their best interest.

我還為我們安全完成超過 50,000 例手術的良好記錄感到非常自豪。病人的安全和福祉是我們的首要任務，我們制定的政策和程序確保了我們歷史上取得積極成果。我們實現這些正面成果的能力與員工的專業精神直接相關。我們的外科醫生在他們的領域受到尊重，並與我們的其他臨床團隊成員一起，堅定地致力於照顧我們的患者並取得符合他們最大利益的結果。

As we look ahead, our strategy continues to focus on strengthening their scope and further enhancing our profitability as we scale our business both domestically and internationally to further increase shareholder value.

展望未來，我們的策略繼續專注於擴大業務範圍並進一步提高我們的獲利能力，同時擴大國內和國際業務，以進一步增加股東價值。

With that, let me now turn things over to Todd.

現在讓我把事情交給托德。

Thank you, Aaron, and good morning, everyone. On the call, our business remain strong in Q4, highlighted by 17% revenue growth and 28% adjusted EBITDA growth compared to the prior year. Our robust top line performance continues to be driven by our de novo locations that opened over the last two years, with our 2023 centers continuing to ramp very favorably compared to their budgeted objectives. In fact, the average revenue of these centers in their first three months was the highest level in company history, excluding our 2021 de novos, which I shared in previous calls, had a pronounced benefit from COVID.

謝謝你，亞倫，大家早安。在電話會議上，我們的業務在第四季度保持強勁，與去年相比，收入成長了 17%，調整後 EBITDA 成長了 28%。我們強勁的營收業績持續受到過去兩年開設的全新門市的推動，與預算目標相比，我們的 2023 年中心繼續以非常有利的速度成長。事實上，這些中心前三個月的平均收入是公司歷史上的最高水平，不包括我在之前的電話會議中分享的 2021 年 de novos，它們從新冠疫情中受益匪淺。

Our overall same-store revenue performance was minus 1.7%, which was below our expectations for the quarter. Just to put this in perspective, the difference between our actual same-store performance and our expectations represents about one procedure per location per month.

我們的整體同店營收表現為-1.7%，低於我們對本季的預期。客觀地說，我們的同店實際業績與預期之間的差異大約為每個地點每月執行一次程序。

I'd like to briefly comment on our recent revenue performance. We did see some slight softness as we exited 2023, which carried into January. However, as the quarter has progressed, we are encouraged with what we are seeing the and fully expect a robust season. Importantly, our performance in Q1 is built in to the 2024 outlook that we issued in our press release earlier this morning, and that Dennis will go through later.

我想簡要地評論一下我們最近的收入表現。2023 年結束時，我們確實看到了一些輕微的疲軟，這種情況一直持續到 1 月。然而，隨著本季的進展，我們對所看到的情況感到鼓舞，並完全期待一個強勁的季節。重要的是，我們第一季的表現是基於我們今天早上早些時候在新聞稿中發布的 2024 年展望，丹尼斯將在稍後進行討論。

Our adjusted EBITDA margin for the quarter improved year over year by 180 basis points to 21.2%, which was driven by our increased focus on cost management. Importantly, our margin expansion would have been even more substantial, but we decided late in the quarter to make additional awareness building media investments as this initiative continues to achieve its objective of driving brand awareness and brand recognition.

我們本季調整後的 EBITDA 利潤率年增了 180 個基點，達到 21.2%，這是由於我們更加重視成本管理。重要的是，我們的利潤率擴張本來會更加可觀，但我們在本季末決定進行額外的意識建立媒體投資，因為該舉措繼續實現其提高品牌知名度和品牌認知度的目標。

With respect to our 2023 revenue guidance, we met expectations of $196 million, which represents 16% growth versus the prior year. Our full-year adjusted EBITDA of $43.2 million, which increased 11.2% versus the prior year, fell below our updated guidance of at least $45 million. This shortfall was mostly due to the additional investment in awareness building, where we also anticipating (technical difficulty) , leaving '24 to accelerate into Q4 2023, which would have put us above our $2.5 million of in-year savings for 2023. But this timing acceleration did not happen.

就 2023 年營收指引而言，我們達到了 1.96 億美元的預期，比前一年成長 16%。我們的全年調整後 EBITDA 為 4,320 萬美元，比上年增長 11.2%，低於我們至少 4,500 萬美元的最新指引。這一缺口主要是由於在意識建設方面的額外投資，我們也預計會出現（技術難度），使 '24 加速到 2023 年第四季度，這將使我們在 2023 年節省 250 萬美元以上。但這種時間加速並沒有發生。

Having recently celebrated my one-year anniversary air scoped, I have come to appreciate even more the impact we have on people's lives, specifically the ability to improve self-esteem among people who have had a lifelong data with excess fat as well as people have had a debt in regarding certain areas of there body that can't be addressed by diet, exercise or even weight loss medications. There is nothing better on planet earth than AirSculpt for moving stubborn fat and transferring fat to places where people want it. And with a $9 billion TAM, we have only scratched the surface as a huge opportunity that exist. That's why I continue to be extremely optimistic about our future.

最近慶祝了我的空氣範圍一周年紀念日，我開始更加欣賞我們對人們生活的影響，特別是提高那些終生脂肪過多的人和患有肥胖症的人的自尊的能力。身體某些部位的問題是無法透過飲食、運動甚至減肥藥物來解決的。地球上沒有什麼比 AirSculpt 更好地移動頑固脂肪並將脂肪轉移到人們想要的地方。憑藉 90 億美元的 TAM，我們僅僅觸及了存在的巨大機會的表面。這就是為什麼我仍然對我們的未來非常樂觀。

Just as I did last year, I'd like to share with you my focus areas for 2024, which reflect our learning and our latest thinking. Our first priority is to continue to drive double-digit revenue growth. Like always, we will focus on our de novo openings, an area where we have had a very successful track record, but we will also increase our focus on same-store growth, knowing that we have opportunities to drive productivity across the fleet.

就像去年一樣，我想與大家分享我2024年的重點領域，這反映了我們的學習和最新的思考。我們的首要任務是繼續推動兩位數的營收成長。像往常一樣，我們將專注於我們的從頭開業，這是我們擁有非常成功的業績記錄的領域，但我們也會更加關注同店成長，因為我們知道我們有機會提高整個車隊的生產力。

Second, we will continue to strengthen our organizational capabilities. We have increased our focus on the broader team of employees in regional offices and across our locations t o ensure we have the right structure, talent and tools necessary to support larger and more robust fleet of centers. And lastly, we will continue to focus on cost management with an objective of redeploying savings into our growth investments while expanding EBITDA margins.

二是不斷強化組織能力。我們更加關注區域辦事處和各個地點的更廣泛的員工團隊，以確保我們擁有支援更大、更強大的中心團隊所需的正確結構、人才和工具。最後，我們將繼續專注於成本管理，目標是將節省的資金重新部署到我們的成長投資中，同時擴大 EBITDA 利潤率。

Let me go a little bit deeper and each of these priorities, starting with revenue growth. As previously shared, our work with a third party real estate analytics company has helped us determine that the run rate for AirSculpt locations in the hundreds, which gives us confidence to continue to increase the number of annual openings. That said, we also need to make sure that we have the organizational bandwidth and capability to open more locations each year. As such, we will expand our de novo program in a thoughtful and measured way.

讓我更深入地討論這些優先事項，首先是收入成長。正如之前所分享的，我們與第三方房地產分析公司的合作幫助我們確定了數百個 AirSculpt 地點的運行率，這讓我們有信心繼續增加年度空缺數量。也就是說，我們還需要確保我們有足夠的組織頻寬和能力，每年開設更多門市。因此，我們將以深思熟慮和謹慎的方式擴展我們的從頭計劃。

As announced previously, we have increased our de novo openings to six in 2024. We previously announced funding in Kansas City, Kansas. I am happy to share we will also open locations in White Plains, New York and Columbus, Ohio as six de novo location will be announced at a later date. It's important to note that our guidance is based on all of these centers opening in the second half of 2024, the timing of which is driven by the additional analytics work we did last year with a third-party real estate company.

正如先前所宣布的，我們已將 2024 年的重新開業職位數量增加到 6 個。我們之前宣佈在堪薩斯州堪薩斯城提供資金。我很高興地告訴大家，我們還將在紐約懷特普萊恩斯和俄亥俄州哥倫布開設分店，因為稍後將宣布六個新分店。值得注意的是，我們的指導是基於 2024 年下半年開業的所有這些中心，其時間安排是由我們去年與第三方房地產公司所做的額外分析工作決定的。

While we are excited about all these locations, three of which were in new states, I'm particularly excited about our Chicago land in New York metro locations. Expanding an existing markets represents an evolutionary step in our growth strategy as these centers will give us a tremendous opportunity to leverage scale in these markets, something we have not been able to do with our previous approach of one location per market.

雖然我們對所有這些地點感到興奮，其中三個位於新州，但我對我們在紐約都會區的芝加哥土地感到特別興奮。擴大現有市場代表了我們成長策略的革命性一步，因為這些中心將為我們提供利用這些市場規模的巨大機會，這是我們之前每個市場一個地點的方法無法做到的。

We fully expect to take advantage of the awareness building operational efficiency benefits these multi-site markets will provide. Sticking with revenue, let me now turn to same-store performance. As noted earlier, same-store growth will be a key focus area for the company, particularly given the size and maturity of our fleet. A key aspect of this will be on our patient acquisition efforts. We have been working on new approaches related to our paid search efforts in order to maximize the return on investment.

我們完全期望能夠利用這些多站點市場將提供的意識建設營運效率優勢。繼續討論收入，現在讓我來談談同店業績。如前所述，同店成長將是公司的一個重點關注領域，特別是考慮到我們車隊的規模和成熟度。其中一個關鍵方面是我們的患者獲取工作。我們一直在研究與付費搜尋工作相關的新方法，以最大限度地提高投資回報。

We are already starting to see an improvement in our total leads, our lead quality and our console to case conversion rate. Let me now turn to my second priority of strengthening organizational capabilities. I shared previously, we are in the throes of transitioning from our legacy systems to an enterprise-wide Salesforce CRM implementation, which will take our sales and marketing processes to a completely new level.

我們已經開始看到我們的潛在客戶總數、潛在客戶品質以及控制台到案例轉換率的改善。現在我要談第二個重點：加強組織能力。我之前分享過，我們正處於從遺留系統過渡到企業範圍內的 Salesforce CRM 實施的陣痛之中，這將使我們的銷售和行銷流程達到一個全新的水平。

Historically, our processes have been very manual and tracking relevant. KPIs has been very challenging. Salesforce will provide us more real-time data and will allow us to better analyze our sales and marketing performance as well as our patient experience, all of which will help drive growth. We anticipate this implementation to take the balance of 2024 to complete.

從歷史上看，我們的流程非常手動且具有追蹤相關性。KPI 非常具有挑戰性。Salesforce 將為我們提供更多即時數據，並使我們能夠更好地分析我們的銷售和行銷績效以及患者體驗，所有這些都將有助於推動成長。我們預計這項實施將在 2024 年餘下時間完成。

In addition to Salesforce, we are focusing on improving talent acquisition and talent development, with a goal of increasing employee retention as well as increasing the percentage of highly seasoned field level staff who will do this by building in-house capabilities for talent acquisition as well as for learning and development.

除了 Salesforce 之外，我們還專注於改善人才獲取和人才發展，目標是提高員工保留率，並透過建立內部人才獲取能力來提高經驗豐富的現場員工的比例。至於學習和發展。

Finally, let me share some thoughts on our cost management priority. Our organization did a good job in 2023 in this area, and we are reiterating our previously shared objective of delivering $5 million of in-year savings for 2024, but we know we need to push for more. O ne of our most important there as a focus will be on customer acquisition costs or CAC.

最後，讓我分享一些關於我們的成本管理優先事項的想法。我們的組織在 2023 年在這一領域做得很好，我們重申先前的共同目標，即在 2024 年實現 500 萬美元的年內節省，但我們知道我們需要推動更多。我們最重要的關注點之一是客戶獲取成本或 CAC。

As noted previously, we continue to see good outcomes from the investments we made in our celebrity program, which has helped increase our brand awareness by 30% over the prior year (inaudible) investment in local media, which could include initiatives such as over the top media marketing also referred to as OTT as well as radio, billboards or direct mail, just to name a few. We will be testing this approach in different markets in 2024 with the goal of driving more organic leads and reducing our reliance on paid search.

如前所述，我們繼續看到我們對名人計畫的投資取得了良好的成果，與前一年（聽不清楚）對當地媒體的投資相比，這幫助我們將品牌知名度提高了30%，其中可能包括諸如頂級媒體行銷也稱為 OTT 以及廣播、廣告看板或直郵，僅舉幾例。我們將於 2024 年在不同市場測試這種方法，目標是吸引更多自然潛在客戶並減少對付費搜尋的依賴。

While we are not building any CAC savings in 2024, given the cost we are seeing related to paid search, we believe our top-of-funnel marketing tests will provide valuable learning that will help drive future CAC reductions will keep you posted as this initiative progresses.

雖然我們不會在2024 年實現任何CAC 節省，但考慮到我們看到的與付費搜尋相關的成本，我們相信我們的漏斗頂部行銷測試將提供有價值的學習，這將有助於推動未來CAC 的削減，讓您隨時了解這項舉措取得進展。

To summarize, I'm very proud of our performance in 2023 and continue to be bullish on our ability to drive double-digit top and bottom line performance in 2024 and beyond.

總而言之，我對我們 2023 年的業績感到非常自豪，並繼續看好我們在 2024 年及以後實現兩位數頂線和底線業績的能力。

Now let me turn the call over to Dennis to provide further details in the quarter and our 2020 for guidance.

現在讓我將電話轉給丹尼斯，以提供本季和 2020 年的更多詳細資訊以供指導。

Thanks, Todd. Our r evenue for the quarter was $47.6 million, a 17% increase over the prior year quarter. Our growth was primarily due to the addition of five de novo centers versus the prior year base. As of December 31, 2023, we operated 27 centers versus 22 at the end of the fourth quarter of 2022. Our same-store revenue was slightly negative in the quarter. Average revenue per case for the quarter was $12,937, a 6.1% increase over the prior year's quarter.

謝謝，托德。我們本季的營收為 4,760 萬美元，比去年同期成長 17%。我們的成長主要是由於與前一年相比增加了五個從頭中心。截至 2023 年 12 月 31 日，我們經營 27 個中心，而 2022 年第四季末我們經營 22 個中心。本季我們的同店收入略為負值。該季度每箱平均收入為 12,937 美元，比去年同期增長 6.1%。

As we have said previously, rates can vary from quarter to quarter, mostly from procedure mix fluctuations, and we expect our rate to range from $12,000 to $13,000. We are pleased in our rates continue to pace on the high end of our expected range, which reflects the fact that our core consumer is in a higher socioeconomic group, which provides us more insulation from some of the economic volatility in the market.

正如我們之前所說，費率可能會因季度而異，主要是由於手術組合的波動，我們預計費率範圍為 12,000 美元至 13,000 美元。我們很高興我們的費率繼續保持在預期範圍的高端，這反映了我們的核心消費者屬於較高社會經濟群體的事實，這使我們能夠更好地免受市場中某些經濟波動的影響。

Our percentage of patients using financing to pay for procedures has 48% during the quarter, which was consistent to prior quarter. As a reminder, we receive full payment of all procedures upfront, and we didn't have any recourse related to patients who finance their procedures with third-party vendors.

本季使用融資支付手術費用的患者比例為 48%，與上一季持平。提醒一下，我們會預先收到所有手術的全額付款，並且對於透過第三方供應商資助手術的患者，我們沒有任何追索權。

Our cost of services as a percentage of revenue was 37.5% versus 38.7% in the same period last year. This improvement was a result of certain cost management initiatives that were implemented during the quarter. Our customer acquisition cost for the quarter was approximately $2,600 per case as compared to $2,300 in the prior year. (technical difficulty)

我們的服務成本佔收入的百分比為 37.5%，而去年同期為 38.7%。這項改進是本季實施的某些成本管理措施的結果。我們本季的客戶獲取成本約為每個案例 2,600 美元，而前一年為 2,300 美元。（技術難度）

For clarity, our calculation of customer acquisition costs includes both our advertising and media spend, plus the full salaries and commissions of our sales and marketing teams. For the quarter, our adjusted EBITDA was approximately $10.1 million compared to $7.9 million from the prior year period, an increase of 27.9%. As you know, our adjusted EBITDA results that exclude the impact of preopening costs for de novo centers in our calculation. This impact was approximately $100,000 in the quarter.

為了清楚起見，我們對客戶獲取成本的計算包括我們的廣告和媒體支出，以及我們銷售和行銷團隊的全額薪資和佣金。本季度，我們調整後的 EBITDA 約為 1,010 萬美元，而去年同期為 790 萬美元，成長 27.9%。如您所知，我們調整後的 EBITDA 結果在計算中排除了 de novo 中心開業前成本的影響。該季度的影響約為 10 萬美元。

Our pre-opening costs will fluctuate from quarter to quarter based on the number of centers that are in the process of opening. Our adjusted EBITDA margin during the quarter was 21.2% compared to 19.4% in the prior year's quarter. Much of this increase was from our cost management initiatives. As Todd pointed out, we were able to achieve the $2.5 million of in-year savings, and our 2024 outlook includes an incremental $2.5 million in savings for a total run rate of $5 million. Our adjusted net income per share diluted for the quarter was $0.01 and $0.28 for the full year.

我們的開業前成本將根據正在開業的中心數量而有所波動。本季調整後的 EBITDA 利潤率為 21.2%，而去年同期為 19.4%。這一增長大部分來自我們的成本管理措施。正如托德指出的那樣，我們能夠實現年內節省 250 萬美元，我們的 2024 年展望包括增加 250 萬美元的節省，總運行率達到 500 萬美元。我們調整後的本季攤薄每股淨利為 0.01 美元，全年攤薄後每股淨利為 0.28 美元。

From a liquidity standpoint and our cash position as of December 31, 2023 was $10.3 million and our $5 million revolver remains undrawn. Our gross debt outstanding is now $72.9 million, and our leverage ratio at the end of the quarter as calculated under our credit agreement, was 1.4 times. Cash flow from operations for the quarter was $4.9 million compared to $6.6 million in the prior year quarter.

從流動性角度來看，截至 2023 年 12 月 31 日，我們的現金部位為 1,030 萬美元，而我們的 500 萬美元左輪手槍仍未提領。目前，我們的未償債務總額為 7,290 萬美元，根據信貸協議計算，本季末的槓桿率為 1.4 倍。本季營運現金流為 490 萬美元，去年同期為 660 萬美元。

The decrease related timing of working capital payments primarily related to lease deposits on upcoming de novo projects. Also during the quarter, we invested $1.8 million, which was mostly related to new center openings. For the quarter, o ur cash flow from operations to adjusted EBITDA conversion ratio was 48.2%, which was slightly below our expectations and primarily due to the lease deposits previously mentioned on our upcoming de novo centers.

營運資金支付時間的減少主要與即將到來的從頭開始項目的租賃押金有關。同樣在本季度，我們投資了 180 萬美元，主要與開設新中心有關。本季度，我們的營運現金流量與調整後 EBITDA 轉換率為 48.2%，略低於我們的預期，主要是由於先前提到的我們即將推出的 de novo 中心的租賃押金。

Our 2024 revenue guidance of approximately $220 million represents a 12% increase over 2023 and contemplates the trends that Todd noted in his comments. We expect contributions from our six de novo centers to drive the magnitude of the year-over-year revenue growth. We anticipate flat to slightly positive full year growth in our same-store sales, while revenue from our de novos will be weighted to the back half of the year with three centers opening in the third quarter and three in the fourth quarter.

我們的 2024 年營收指引約為 2.2 億美元，比 2023 年成長 12%，並考慮了托德在評論中指出的趨勢。我們預計我們的六個從頭中心的貢獻將推動收入年增長。我們預計全年同店銷售將持平或略有正成長，而我們的新業務收入將加權到今年下半年，三個中心將在第三季開業，三個中心將在第四季度開業。

Our adjusted EBITDA guidance for 2024 (technical difficulty) which represents growth a year-over-year growth of 15.6% and margins of 22.7%. Due to the de novos coming on later in the year. The 2024 denovos will have a negative impact to our margins of approximately (technical difficulty)

我們調整後的 2024 年 EBITDA 指引（技術難度）意味著年增 15.6%，利潤率為 22.7%。由於今年晚些時候將出現新的情況。2024 年的 devos 將對我們的利潤率產生約（技術難度）

(technical difficulty) With that, I turn the call to the operator for questions.

（技術難度）說完，我把電話轉給接線生詢問。

(Operator Instructions)

（操作員說明）

Josh Raskin, Nephron Research.

喬許·拉斯金，腎單位研究。

Hi, thanks. Good morning. I guess I just have to start with any response to the short report that we saw last week.

你好謝謝。早安.我想我必須從對我們上週看到的做空報告的任何回應開始。

Hey, Josh, this is Todd, how you doing. In our view, the short seller report contains multiple inaccuracies and misleading information. And we advise shareholders to consult the company's public filings rather than third parties for accurate information about the company. With that said, let me share three things. First, we take the safety and well-being of our patient seriously, and we're proud of our safety track record.

嘿，喬什，我是托德，你好嗎？我們認為，賣空報告包含多項不準確和誤導性資訊。我們建議股東查閱公司的公開文件，而不是第三方，以獲取有關公司的準確資訊。話雖如此，讓我分享三件事。首先，我們認真對待患者的安全和福祉，我們為我們的安全記錄感到自豪。

Second, our ability to achieve positive outcomes for our patients is directly related to the professionalism of our staff and in particular, our surgeons. And third, our team strives to be transparent and honest in how we market our business and they consistently work hard to earn the trust of our patients. We do not intend to address the allegations in this report any further.

其次，我們為患者取得正面成果的能力與我們的員工，特別是外科醫師的專業精神直接相關。第三，我們的團隊努力在行銷業務時保持透明和誠實，並且他們始終如一地努力贏得患者的信任。我們不打算進一步討論本報告中的指控。

If you have another question, Josh, we'd be open to taking that question. Otherwise, we'll go ahead and move on to another caller.

喬什，如果您還有其他問題，我們願意回答這個問題。否則，我們將繼續處理另一個來電者。

(inaudible) The case came a little bit better and than we expected, the rate was a little bit low right now, up 6% on a year-over-year basis. So just curious, is there any sort of seasonality just after a particularly strong quarters in 2Q and 3Q, was there any change in discounting or anything like that that impacted the quarter?

（聽不清楚）情況比我們預期的要好一些，目前的利率有點低，比去年同期上漲了 6%。所以只是好奇，在第二季度和第三季度特別強勁的季度之後是否存在任何季節性，折扣或類似因素是否有任何變化影響該季度？

Josh, This is. Dennis No, nothing really from that standpoint. I mean, we are very comfortable with kind of where our rates landed. We were pretty close to $13,000 for the quarter and for the full year. So rates held up very consistent from quarter to quarter. There wasn't really any kind of seasonal impact as it relates to that. Again, we kind of called out in the remarks that we still target a consumer that's in a higher socio economic class. And so I think that helped us kind of keep our rates where they were.

喬什，這是。丹尼斯 不，從這個角度來看，確實沒什麼。我的意思是，我們對我們的利率水準感到非常滿意。我們本季和全年的收入都非常接近 13,000 美元。因此，每季的利率都保持非常一致。實際上並沒有任何與此相關的季節性影響。我們再次在評論中指出，我們仍然針對社會經濟階層較高的消費者。所以我認為這有助於我們將利率維持在原來的水平。

And Josh, with that on that. Also you always talked about there's this kind of bundling kind of strategy to help us kind of push up the ASP. And that continues to be a lever that we use. And it is definitely working giving people more discount as they do more procedures. And that's clearly been, I think, one of the strategies that's gotten us to that higher end of the range in that $13,000 ASP range.

還有喬希，就這一點。另外，您總是談到有這種捆綁策略來幫助我們提高平均售價。這仍然是我們使用的槓桿。隨著人們辦理更多手續，給他們更多折扣肯定是有效的。我認為，這顯然是讓我們達到 13,000 美元 ASP 範圍高端的策略之一。

Okay. And if I can just sneak in one more just for clarification. Just you talked about these costs that came in late in the quarter for brand awareness. I'm just curious -- well, one, could you give us some specifics on that? And two, maybe talk a little bit about the decision process there -- sort of we're tracking towards your full-year guidance and then accelerating cost in the quarter. I didn't know if there was an ability to defer that or if there was something that had to be done sooner?

好的。如果我可以再偷偷地講一個，只是為了澄清。剛才您談到了本季末為品牌知名度而產生的這些成本。我只是很好奇——嗯，你能給我們一些具體細節嗎？第二，也許可以談談那裡的決策過程——我們正在追蹤您的全年指導，然後在本季度加速成本。我不知道是否有能力推遲，或者是否有什麼事情必須盡快完成？

Yes, thanks for the question. So when we reiterated guidance early November, we actually, we're seeing revenue come in even higher than ultimately where we netted out. And so really the strength of what we were seeing in terms of demand is what gave us the desire to go ahead and make that additional investment.

是的，謝謝你的提問。因此，當我們重申 11 月初的指導時，實際上，我們看到收入甚至高於我們最終的淨利潤。因此，我們所看到的需求強度確實讓我們渴望繼續進行額外投資。

As we noted, some of that demand and some of that performance softened a little bit as we exited the quarter, but we decided to keep that investment. It was an really awareness building investment, which for us is obviously very important and more of a long-term benefit for us. So we decided to keep that investment rather than pulling back elsewhere.

正如我們所指出的，隨著我們退出本季度，部分需求和部分業績有所減弱，但我們決定保留投資。這確實是一項提高意識的投資，這對我們來說顯然非常重要，對我們來說更能帶來長期利益。因此，我們決定保留這項投資，而不是撤回其他地方。

The other thing in my remarks, I would tell you, that there was some cost savings that we thought we were going to be able to pull in from Q1 into Q4. And that would actually have put us over the $2.5 million that we had committed to for full-year 2023, but that didn't accelerate. So those were really the two components of that. And it was really a strategic decision at the end of the year. You know, whether we make some cuts just to get to a number or do we leave the investment in awareness building, which we believe is the right long-term decision for the business.

我想說的另一件事是，我們認為我們能夠從第一季到第四季節省一些成本。這實際上將使我們超過我們承諾的 2023 年全年 250 萬美元，但這一目標並沒有加速。所以這些實際上是其中的兩個組成部分。這確實是年底的戰略決策。你知道，我們是否只是為了達到某個數字而進行一些削減，還是將投資留在意識建設上，我們認為這對企業來說是正確的長期決策。

All right. Thanks for all the questions.

好的。感謝您提出所有問題。

John Ransom, Raymond James.

約翰·蘭塞姆，雷蒙德·詹姆斯。

Hey, good morning. This one's for Dennis. So you know, the company is a bit behind its IPO forecast, particularly same-store revenue growth. But just can you point out any other variances in the model over and I'm thinking kind of longer term view here, but just variance in the model versus your original forecast? Thanks.

嗨，早安。這是給丹尼斯的。所以你知道，該公司有點落後於其 IPO 預測，特別是同店營收成長。但是您能否指出模型中的任何其他差異，我在這裡考慮的是長期觀點，但只是模型與您最初的預測之間的差異？謝謝。

Yes. Well, you called out -- you did call out the same store. Same store has been a little bit softer than what we did originally put in the IPO model a couple of years ago. And I would say probably the second area, John, is we have made significant investments in our in our corporate executive teams, kind of building infrastructure around the business. And I think that's probably come in a little bit higher than the original model than -- and I think the last years is in the area of the brand awareness, we kind of kept sort of a consistent sort of percent of revenue kind of model, if you will, as it relates to how we looked at advertising spend.

是的。好吧，你喊了——你確實喊了同一家商店。同一家商店比我們幾年前最初在 IPO 模型中所做的要軟一些。約翰，我想說的第二個領域可能是我們對我們的企業高階主管團隊進行了大量投資，圍繞著業務建立基礎設施。我認為這可能比原來的模型要高一點——我認為過去幾年是在品牌知名度方面，我們保持了一致的收入百分比模型，如果您願意的話，因為這關係到我們如何看待廣告支出。

And as we've gotten more and more -- digging more into it, it's more of a we've got to look at brand awareness investments, if you will. I think probably if I were to kind of layer them out, it would probably be the brand awareness is higher from a marketing spend.

隨著我們越來越深入研究，我們必須考慮品牌知名度投資，如果你願意的話。我想，如果我將它們分層，可能會因為行銷支出而提高品牌知名度。

Second would be there's a little bit of softness from the same store that was in the model. And then lastly would be the corporate aspect of it.

其次，模型中的同一家商店有一點柔軟度。最後是它的公司方面。

And just secondly, it strikes me that the new market here going into or I guess, secondary markets, do you have any concern like some of these markets you burn through the first group of patients and then there's just not about enough growth or population to support long-term growth?

其次，令我印象深刻的是，這裡的新市場正在進入，或者我猜是二級市場，你是否有任何擔憂，例如其中一些市場，你會燒掉第一組患者，然後就沒有足夠的成長或人口來支持長期成長？

Yes. I mean, first of all, I'm not sure I would consider what definition of primary, secondary. I mean, we're in many markets today. I mean, we opened in Raleigh last year, Austin last year, San Jose. Those are performing, as I said in my prepared remarks, well above our expectations. So the markets that we're opening, we feel very, very good about.

是的。我的意思是，首先，我不確定我會考慮主要、次要的定義。我的意思是，我們今天涉足許多市場。我的意思是，我們去年在羅利、奧斯汀、聖荷西開業。正如我在準備好的發言中所說，這些表現遠遠超出了我們的預期。因此，我們對我們正在開放的市場感覺非常非常好。

And as I noted, I'm particularly excited about the markets where we're going with the second locations because we're a brand that today really only has one location in any given market and the ability to have any kind of critical mass in that market from operationally and awareness building, et cetera, et cetera, is very limited.

正如我所指出的，我對我們將開設第二家門市的市場感到特別興奮，因為我們這個品牌如今在任何特定市場中實際上只有一個門市，並且有能力在任何特定市場中擁有任何類型的臨界品質。從操作和意識建設等方面來看，這個市場非常有限。

So it's going to give us an opportunity to really, we think, command a lot bigger share of voice and obviously, a lot bigger awareness in that market that'll help. But we have a lot of runway of markets. And I mentioned Columbus, Ohio and Birmingham, Michigan. I mean, these are very, very good in robust market that we feel good about. And there's many, many more markets on the docket to come that look like that as well.

因此，我們認為，這將給我們一個真正獲得更大份額的機會，顯然，在該市場上獲得更大的知名度將有所幫助。但我們有很多市場跑道。我提到了俄亥俄州哥倫布和密西根州伯明翰。我的意思是，這些在我們感覺良好的強勁市場中非常非常好。未來還有很多很多類似的市場。

So right now, we feel very good about it. And ws we stated before, our de novo performance has been very, very strong. So we continue to fuel that pump hard, and we're just going to only get smarter now that we have more analytics to pair with all of the work that the team's done historically.

所以現在，我們對此感覺非常好。我們之前說過，我們的 de novo 表現非常非常強勁。因此，我們繼續努力推動這一勢頭，而且我們只會變得更加聰明，因為我們有了更多的分析來與團隊歷史上所做的所有工作相結合。

Okay. And then lastly, like I'm not going to get into the short report, but I'd be curious, I'm sure you've gotten KPIs around net promoter score, complicatioon rates, maybe after the fact complaints about like a follow-up. Could you just get a high level tell us how those have trended over the past of years? And is there any work to be done there?

好的。最後，就像我不打算進入簡短報告一樣，但我很好奇，我確信您已經獲得了有關淨推薦值、並發症發生率的關鍵績效指標，也許事後抱怨如下-向上。您能否請高階主管告訴我們過去幾年這些趨勢如何？那裡有什麼工作要做嗎？

Look, I don't want to get into kind of the short report and kind of the back and forth. We can take some of the more detailed questions offline, if you'd like.

聽著，我不想討論簡短的報告和來回的內容。如果您願意，我們可以離線回答一些更詳細的問題。

Okay.

好的。

So as we stated before, we just think it's best to kind of leave it at that and not given any more air time. We just don't think it has much credence given all the inaccuracies in the misleading nature of the information.

因此，正如我們之前所說，我們只是認為最好就這樣保留下去，不要再給予任何播出時間。考慮到資訊的誤導性，我們認為它沒有太多可信度。

Okay. Thank you. That's it for me.

好的。謝謝。對我來說就是這樣。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hi, good morning. This is Sarah on for Korinne. Just one for us today on pricing. What are your willingness to take further pricing in the near to intermediate term to drive comps look like? And then have you done any work on what those levels -- if those would start to discourage potential patients?

早安.這是科琳娜的莎拉。今天我們只談定價。您是否願意在中短期內進一步定價以推動比較？那麼你是否在這些層面上做了任何工作——如果這些水平會開始阻止潛在的患者呢？

Yes, thanks for your question. Pricing is a is a somewhat complicated -- when you say scrape pricing, you know, unlike a traditional retailer where you have a proposition or product that you're selling and you have the opportunity to take pricing. Because of the bespoke nature of our procedure and the fact that every person walks in the door obviously has different needs in terms of what we're removing or transferring and the number of body parts of their doing. So pricing -- scrape pricing is not as linear as it might be another kind of retail businesses.

是的，謝謝你的提問。定價有點複雜——當你說刮定價時，你知道，這與傳統零售商不同，在傳統零售商中，你有一個建議或你正在銷售的產品，並且你有機會定價。由於我們手術的定制性質，以及每個走進門的人顯然對我們要移除或轉移的東西以及他們所做的身體部位的數量都有不同的需求。因此，定價——刮取定價並不像另一種零售業務那樣線性。

All that being said, we do believe at some point that there might be opportunity for us there, just given the kind of uncertainty of the economic environment and everything that's going on in the marketplace, we think right now, it's best for us to continue down the path we're going on. But it's certainly something that we will discuss and talk about. And we think particularly given the quality of our procedure and the nature of the consumer who were going after, we believe there probably is some opportunity there.

話雖這麼說，我們確實相信在某個時候我們可能會有機會，只是考慮到經濟環境的不確定性以及市場上正在發生的一切，我們認為現在最好是繼續下去沿著我們正在前進的道路。但這肯定是我們會討論和談論的事情。我們認為，特別是考慮到我們的程序品質和所追求的消費者的性質，我們相信那裡可能存在一些機會。

But it isn't a kind of quite as linear as you would think at a retail business. And again, I think at some point, we may choose to do something, but right now, we're being measured in how we think about our ASPs. So that's kind of how we're thinking about it right now.

但它並不像您在零售業務中想像的那麼線性。再說一次，我認為在某個時候，我們可能會選擇做一些事情，但現在，我們正在衡量我們如何看待我們的 ASP。這就是我們現在的想法。

Okay. Very helpful. Thank you.

好的。很有幫助。謝謝。

Thank you. There are no further questions at this time. I'll hand the floor back over to Todd Magazine for any closing comments.

謝謝。目前沒有其他問題。我將把發言權交還給《托德雜誌》以徵求結束意見。

Well, thanks, everybody, for your time today, and we look forward to speaking with you in the near future. Have a great day Tuesday afternoon.

好的，謝謝大家今天抽出時間，我們期待在不久的將來與你們交談。週二下午祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。