AirSculpt Technologies Inc (AIRS) 2026 Q1 法說會逐字稿

Greetings, and welcome to the AirSculpt Technologies, Inc.'s fourth-quarter 2025 earnings call. (Operator Instructions)

各位好，歡迎參加 AirSculpt Technologies, Inc. 2025 年第四季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Allison Malkin of ICR. Allison, please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸將電話交給 ICR 的 Allison Malkin。Allison，請開始。

Good morning, everyone. Thank you for joining us to discuss AirSculpt Technologies results for the fourth quarter and 2025 fiscal year. Joining me on the call today are Yogi Jashnani, Chief Executive Officer; and Michael Arthur, Chief Financial Officer.

各位早安。感謝各位加入我們，一同討論 AirSculpt Technologies 2025 年第四季及 2025 會計年度的營運結果。今天與我一同出席電話會議的有執行長 Yogi Jashnani，以及財務長 Michael Arthur。

Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements may include our future expectations regarding financial results and guidance, market opportunities and our growth.

在開始之前，我想提醒各位，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對財務結果與指引、市場機會以及成長的未來預期。

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 file with the SEC, all of which can be found on our website at investors.airsculpt.com. We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

可能影響這些陳述、並可能導致實際未來結果與目前預估結果出現重大差異的風險與不確定性，已載於今早的新聞稿以及我們向美國證券交易委員會（SEC）提交的報告中；上述文件皆可於我們網站 investors.airsculpt.com 查閱。除法律要求外，我們不承擔修訂或更新任何前瞻性陳述或資訊之義務。

During our call today, we will also reference 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 in our most recent 10-K, which will also be available on our website.

在今天的電話會議中，我們也將提及非 GAAP 財務衡量指標。我們在部分財務討論中使用非 GAAP 指標，因為我們相信其能更準確反映本公司業務的真實營運表現與基本結果。這些指標的調節表可見於今早提交的財報新聞稿，以及我們最新的 10-K（亦將於我們網站提供）。

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

接下來，我把電話交給 Yogi。

Thank you, Allison and good morning, everyone. I will begin with a review of our fourth quarter and fiscal year performance, followed by our progress on our strategic priorities, which have returned the business to stabilization and beginning in February inflected to positive same-store sales growth. I'll then provide an overview of our strong liquidity position reinforced by the actions we have taken over the past few months.

謝謝 Allison，各位早安。我將先回顧我們第四季與全年度的表現，接著說明我們在策略優先事項上的進展；這些措施已使業務回到穩定狀態，並自 2 月起同店銷售成長出現轉折、轉為正成長。之後我也會概述我們強勁的流動性部位，並說明過去幾個月我們採取的行動如何進一步強化此一部位。

Michael will then review our fourth quarter and fiscal 2025 financial performance and provide the 2026 outlook. Michael will also discuss what led to the delay in our 10-K filing. In the fourth quarter, we delivered sequential improvement in same-store sales versus the first nine months of the year, and higher adjusted EBITDA compared to Q4 2024. We also saw improvements in our lead and consult volumes, which has continued into 2026 and is now converting into improved revenue trends.

接著 Michael 將回顧我們 2025 年第四季與 2025 會計年度的財務表現，並提供 2026 年展望。Michael 也將說明我們 10-K 申報延遲的原因。在第四季，我們的同店銷售相較於年初九個月呈現逐季改善，且調整後 EBITDA 高於 2024 年第四季。我們也看到潛在客戶與諮詢量有所改善，這一趨勢延續至 2026 年，並正轉化為更佳的營收趨勢。

Stepping back, 2025 represented a year of rebuilding and transformation. We added talent, improved business processes, implemented a new go-to-market strategy, and added new procedures that expanded our market potential. In addition, we strategically exited our only clinic outside of North America to streamline operations.

回頭看，2025 年是重建與轉型的一年。我們延攬人才、改善業務流程、導入新的市場進入（go-to-market）策略，並新增可擴大市場潛力的新療程。此外，為了精簡營運，我們策略性地退出了北美以外唯一的一家診所。

Finally, we strengthened our balance sheet, issuing equity and utilizing our ATM to meaningfully reduce our net debt. The result of this work is already evident. Our core business has stabilized with same-store sales improving from down 22% at the start of 2025 to positive in Feb 2026.

最後，我們強化了資產負債表，透過發行股權並運用 ATM（隨市發行）機制，大幅降低淨負債。這些工作的成果已經顯現。我們的核心業務已趨於穩定，同店銷售從 2025 年初的下滑 22%，改善至 2026 年 2 月轉為正成長。

Our trends continued favorably in March, and we expect Q1 same-store sales to be flat, which would be the midpoint of the revenue range previously provided. As we prepare for our busiest quarter, we are seeing broad-based improvement in revenue across our centers. This improvement is tied directly to the actions we took starting in Q4.

3 月的趨勢仍持續向好，我們預期第一季同店銷售將持平，這將落在先前提供之營收區間的中點。在我們準備迎接最繁忙的季度之際，我們看到各中心的營收呈現廣泛改善。這項改善與我們自第四季開始採取的行動直接相關。

Our achievements reflect strong progress advancing our strategic priorities. As a reminder, these include: first, introducing new services to capture our GLP-1 market opportunity; second, enhancing our sales and marketing strategy; and third, maintaining strong financial discipline, both with margins and capital allocation.

我們的成果反映出在推進策略優先事項方面取得了扎實進展。提醒各位，這些事項包括：第一，推出新服務以掌握我們在 GLP-1 市場的機會；第二，強化我們的銷售與行銷策略；第三，在利潤率與資本配置兩方面維持嚴謹的財務紀律。

Let me share an update on each. First, introducing new services to capture our GLP-1 market opportunity. GLP-1 medications have fundamentally reshaped how consumers' approach weight loss and wellness. They have also created demand for aesthetic procedures such as skin tightening, contour restoration and overall reshaping after weight loss, all of which play into our existing brand and capabilities.

我將逐一更新。第一，推出新服務以掌握我們在 GLP-1 市場的機會。GLP-1 藥物從根本上重塑了消費者對減重與健康管理的方式。同時也帶動了對醫美療程的需求，例如緊膚、輪廓修復，以及減重後的整體塑形；這些都與我們既有的品牌定位與能力相契合。

Fat removal and skin tightening represent some of the largest opportunities in aesthetics today. According to the American Society of Plastic Surgeons, skin tightening and skin removal market is as large as fat removal when measured in terms of procedures done in 2024. This gives us a $100 million-plus sales opportunity long term.

抽脂與緊膚是當前醫美領域中最大的機會之一。根據美國整形外科醫師學會（American Society of Plastic Surgeons）的資料，以 2024 年完成的手術量衡量，緊膚與除皮（skin removal）市場規模與抽脂相當。這為我們帶來長期超過 1 億美元的銷售機會。

You might recall, we rolled out standalone skin tightening to all centers in the second half of last year and introduced a skin excision pilot, also known as skin removal in Q4. Skin removal procedures represent another proof point of our expanded revenue opportunity. And while early, we are pleased with the performance of these additions. Patients are seeing great results, which is giving us terrific exposure as a destination for these procedures.

各位可能記得，我們在去年下半年已將獨立緊膚服務推廣至所有中心，並在第四季導入皮膚切除試點（亦稱除皮）。除皮手術是我們擴大營收機會的另一項佐證。雖然仍在早期階段，我們對這些新增項目的表現感到滿意。患者看到很好的效果，讓我們作為此類療程首選目的地獲得極佳的曝光。

Skin removal provides us with more levers to grow center productivity and utilization. Just in Q4 2025, we have completed more than 100 skin removal surgeries, and we expect this to ramp in 2026 as we expand this capability across all locations.

除皮為我們提供更多槓桿，以提升中心生產力與使用率。僅在 2025 年第四季，我們已完成超過 100 例除皮手術；隨著我們在 2026 年將此能力擴展至所有據點，我們預期該業務將加速成長。

We have also deployed marketing efforts to raise awareness of our unique positioning to serve these patients. These new procedures strengthen our body contouring service and revenue streams using our existing base of centers and clinic talent.

我們也已部署行銷活動，以提升市場對我們在服務此類患者方面獨特定位的認知。這些新療程運用我們既有的中心據點與診所人才，強化了我們的體雕服務與營收來源。

Second, enhancing our sales and marketing strategy. Starting Q4 2025, we implemented an enhanced marketing strategy that is beginning to show measurable results. This included expanding into new mediums such as connected TV, increasing influencer engagement, launching focused campaigns for skin tightening and skin removal, improving website functionality and conversion flows and optimizing spend towards higher-value audiences.

第二，強化我們的銷售與行銷策略。自 2025 年第四季起，我們導入升級版行銷策略，並開始展現可衡量的成果。措施包括拓展至連網電視（connected TV）等新媒體、提高與網紅的互動、推出聚焦緊膚與除皮的專案活動、改善網站功能與轉換流程，以及將支出優化至更高價值的受眾。

These marketing enhancements directly contributed to the recent improvement in volume trends, and we expect the momentum to continue. We have also improved our patient financing options to further drive conversion while maintaining our policy of full upfront payment.

這些行銷強化措施直接促成近期量能趨勢的改善，我們預期動能將持續。我們也改善了患者融資方案，以在維持「全額預付」政策的同時，進一步提升轉換率。

Turning to our third area of focus, maintaining strong financial discipline, both in our margins and capital allocation. As mentioned in the past, debt reduction has been the focus of our capital allocation strategy. We repaid over $30 million of debt over the last five quarters, bringing our leverage below 2.5 as of the current date.

接著談第三個重點：在利潤率與資本配置兩方面維持嚴謹的財務紀律。如先前所述，降低負債一直是我們資本配置策略的重點。過去五個季度我們已償還超過 3,000 萬美元的債務，使得截至目前的槓桿比率降至 2.5 以下。

Operationally, we simplified the business and reduced costs, generating over $4 million in annualized savings in 2025 while reinvesting selectively in growth initiatives and talent.

在營運面，我們簡化業務並降低成本，於 2025 年創造超過 400 萬美元的年化節省，同時選擇性地再投資於成長計畫與人才。

Speaking to talent, in the first quarter, we added highly experienced executives across finance, legal and operations with significant expertise in managing multiunit operations. These additions, along with our existing sales and marketing organization, provide us with a strong leadership team and the right structure to execute and deliver on our growth goals.

談到人才方面，在第一季，我們在財務、法務與營運領域增聘了資深主管，具備豐富的多據點營運管理專長。這些新加入的人才，加上我們既有的銷售與行銷組織，為我們提供了強而有力的領導團隊與適切的組織架構，以推動執行並達成我們的成長目標。

In summary, the work completed in 2025 meaningfully repositioned the company, setting the foundation to support long-term sustainable growth by building the engine, infusing talent, and strengthening our processes. Our strategy is starting to pay off. In 2026, we are experiencing accelerating sales and demand trends. Our priority is to execute consistently, build on this momentum and drive disciplined growth in order to create value for our shareholders.

總結而言，2025 年完成的工作已實質性地重新定位公司，透過打造成長引擎、注入人才並強化流程，奠定支持長期可持續成長的基礎。我們的策略開始見到成效。在 2026 年，我們正經歷銷售與需求趨勢加速。我們的首要任務是穩健一致地執行，在此動能上再接再厲並推動紀律性的成長，以為股東創造價值。

And with that, I will now pass it over to Michael.

接下來，我將把時間交給 Michael。

Thank you, Yogi, and good morning, everyone. I'm pleased to join you today on my first conference call as CFO of AirSculpt. This morning, I will share my background and then provide perspective regarding the delay in our 10-K filing. Following this, I will review our 2025 fourth quarter and fiscal year results and 2026 outlook.

謝謝你，Yogi，各位早安。我很高興今天以 AirSculpt 財務長（CFO）的身分，首次與各位參加電話會議。今天早上，我將先分享我的背景，接著就我們 10-K 申報延遲一事提供觀點。之後，我會回顧我們 2025 年第四季與全年業績，以及 2026 年展望。

I come to AirSculpt with experience across public consumer and lifestyle businesses, most recently serving as Chief Financial Officer of Inspirato, a luxury subscription travel company. During my three years there, I helped lead a comprehensive turnaround, strengthening operating disciplines, improving margins, and restoring profitability, which ultimately culminated in a take-private transaction at a 50% premium to the prevailing trading price.

我加入 AirSculpt 前，曾在上市消費與生活風格企業累積經驗，最近一份職務是 Inspirato（豪華訂閱制旅遊公司）的財務長。在那裡的三年間，我協助主導全面性的轉型，強化營運紀律、改善毛利率並恢復獲利能力，最終促成以較當時市場交易價格溢價 50% 的私有化交易。

I chose to join AirSculpt for two primary reasons. First and foremost, the underlying economics and long-term opportunity of the business is highly compelling. AirSculpt combines strong unit level performance, a differentiated offering and a brand with the right to win in a growing aesthetics market. With attractive clinic level contribution margins and a significant white space for expansion, both geographically and across adjacent procedures, the platform is well positioned for sustained scalable growth.

我選擇加入 AirSculpt 主要有兩個原因。首先也是最重要的，該業務的基本經濟性與長期機會極具吸引力。AirSculpt 結合強勁的單店層級表現、差異化的產品/服務，以及在成長中的醫美市場具備勝出權的品牌。憑藉具吸引力的診所層級貢獻毛利率，以及在地理擴張與相鄰療程拓展方面仍有大量未開發空間，該平台已具備實現可持續、可規模化成長的良好條件。

Second, I was drawn to the team and the culture. There's an alignment across the organization to improve operational discipline, ensure accountability and create long-term value. It is clear the leadership team understands the opportunities ahead and the work required to unlock them. That level of focus and commitment is energizing to step into as the CFO. We have the right strategic initiatives underway to advance our turnaround, and I'm excited to partner with Yogi and his team to accelerate those efforts.

第二，我被團隊與企業文化所吸引。整個組織在提升營運紀律、確保問責並創造長期價值方面高度一致。很明顯，領導團隊理解前方的機會以及釋放這些機會所需的工作。以財務長身分加入時，這種專注與承諾令人振奮。我們已啟動正確的策略性舉措以推進轉型，我也很期待與 Yogi 及其團隊合作，加速這些努力。

Before I discuss business performance, I want to address a few reporting items that came up at year-end. During the close process, we identified a reconciliation matter related to intercompany transactions, which led us to conduct a broader review of certain accounting treatments, including lease accounting under ASC 842. As a result of that review, we recorded immaterial changes to prior year balances in our 10-K filing. This had no impact to revenue, cash or our day-to-day operations, and we remain fully compliant with our bank covenants.

在我討論業務表現之前，我想先說明幾項年末出現的申報事項。在結帳流程中，我們發現一項與公司間交易相關的對帳問題，促使我們對部分會計處理進行更廣泛的檢視，包括依 ASC 842 的租賃會計。基於該檢視結果，我們在 10-K 申報中對前一年度餘額記錄了不具重大性的調整。這對營收、現金或日常營運沒有影響，我們也仍完全符合銀行契約條款（covenants）。

The correction included the gross up of our ROU asset and lease liability by approximately $3.8 million and $3.5 million, respectively, for the prior year ending December 31, 2024. Additionally, there was corrections to prior year rent expense that decreased expense by $239,000 in 2023 and $233,000 in 2024. We recognize these issues should have been identified earlier and hold ourselves accountable. We are taking steps to strengthen our financial processes and controls going forward.

更正內容包括：就截至 2024 年 12 月 31 日止前一年度，將使用權資產（ROU asset）與租賃負債分別調增約 380 萬美元與 350 萬美元。此外，亦更正前一年度租金費用，使 2023 年費用減少 23.9 萬美元、2024 年費用減少 23.3 萬美元。我們承認這些問題本應更早被發現，並對此負起責任。我們正採取措施，強化未來的財務流程與內控。

Now let me turn to a review of our fourth quarter. Revenue for the quarter was $33.4 million, down approximately 15% versus the prior year quarter. Same-store revenue, which excludes centers opened for less than a year, declined 16%. The decline in revenue reflects lower case volume amidst a challenging consumer spending environment. The percentage of patients using financing to pay for procedures was approximately 50%. As a reminder we received full payment for all procedures upfront, and we have no recourse related to patients who financed their procedures with third-party vendors.

接下來我回顧第四季表現。本季營收為 3,340 萬美元，較去年同期下降約 15%。同店營收（不含開業未滿一年的中心）下降 16%。營收下滑反映在具挑戰性的消費支出環境下，案例量（case volume）較低。使用融資支付療程費用的病患比例約為 50%。提醒各位，我們對所有療程皆於事前收取全額款項；對於透過第三方供應商融資的病患，我們不承擔任何追索責任（no recourse）。

Cost of services decreased $3.1 million to $13.7 million, a decline of 18% compared to prior year period, contributing gross margin expansion of roughly 2% to approximately 59%. The selling, general and administrative expenses were approximately $18.2 million, a decline of approximately $5 million in the quarter compared to the same period in fiscal 2024. SG&A decline was primarily a byproduct of the cost initiatives taken throughout 2025, as Yogi called out earlier.

服務成本下降 310 萬美元至 1,370 萬美元，較去年同期下降 18%，帶動毛利率擴張約 2 個百分點至約 59%。銷售、一般及行政費用（SG&A）約為 1,820 萬美元，較 2024 會計年度同期下降約 500 萬美元。SG&A 的下降主要是 2025 年期間所採取的成本措施所致，正如 Yogi 先前提到的。

Our customer acquisition cost for the quarter was roughly $3,300 per case flat to prior year quarter. Adjusted EBITDA was $2.5 million or 7.4% of revenue, an increase of $0.6 million and 2.8% margin expansion versus prior year, driven by gross margin expansion and operational leverage in SG&A. For the full year, we reported revenue of $151.8 million, a decrease of approximately 15.8% than fiscal 2024.

本季每案客戶取得成本約為每案 3,300 美元，與去年同期持平。調整後 EBITDA 為 250 萬美元，約占營收 7.4%，較去年同期增加 60 萬美元，且利潤率擴張 2.8 個百分點，主要受惠於毛利率提升以及 SG&A 的營運槓桿。全年方面，我們營收為 1.518 億美元，較 2024 會計年度下降約 15.8%。

Adjusted EBITDA was approximately $15 million, resulting in an adjusted EBITDA margin of approximately 10%. This compares to adjusted EBITDA of approximately $21 million or an adjusted EBITDA margin of 12% in fiscal 2024.

調整後 EBITDA 約為 1,500 萬美元，使調整後 EBITDA 利潤率約為 10%。相較之下，2024 會計年度調整後 EBITDA 約為 2,100 萬美元，或調整後 EBITDA 利潤率 12%。

Turning to our balance sheet. As of December 31, 2025, cash was $8.4 million. We paid down $19 million of debt in 2025, $14 million on the term loan, and $5 million on the revolving credit facility. Gross debt outstanding was $56 million at year end. Under our credit agreement, our leverage ratio was below 3 times and we are in compliance with all covenants at year-end.

接著看資產負債表。截至 2025 年 12 月 31 日，現金為 840 萬美元。我們在 2025 年償還 1,900 萬美元債務，其中 1,400 萬美元用於定期貸款（term loan），500 萬美元用於循環信用額度（revolving credit facility）。年末未償還總債務為 5,600 萬美元。依據我們的信貸協議，槓桿比率低於 3 倍，且年末符合所有契約條款。

Furthermore, as Yogi mentioned, we raised an additional $14.8 million from the at-the-market facility in Q1 and paid down an additional $11 million of debt principal in the period. We expect to refinance our term loan before it becomes current, targeting a net debt leverage ratio below 2.5 times. The cash flow from operations for the year was $3.1 million compared to $11.4 million in fiscal 2024.

此外，如 Yogi 所提，我們在第一季透過按市價發行（at-the-market）機制額外募得 1,480 萬美元，並於期間再償還 1,100 萬美元的債務本金。我們預期在定期貸款轉列為流動負債之前完成再融資，目標將淨負債槓桿比率降至 2.5 倍以下。本年度營運活動現金流為 310 萬美元，較 2024 會計年度的 1,140 萬美元下降。

Turning to our outlook. In 2026, we expect revenue in the range of $151 million to $157 million. We expect the business to build momentum as the year progresses, but the midpoint of our revenue range, reflecting approximately 3% comparable growth, excluding London from 2025. As a reminder, our London center contributed 1% to comps in 2025.

接著談展望。2026 年，我們預期營收介於 1.51 億至 1.57 億美元。我們預期業務動能將隨年度推進而逐步增強；以營收區間中點計算，在排除 2025 年倫敦據點後，反映約 3% 的可比成長。提醒各位，我們的倫敦中心在 2025 年對可比（comps）的貢獻為 1%。

We expect fiscal 2026 adjusted EBITDA in the range of $15 million to $17 million. This outlook incorporates the benefit of improved revenue growth and the annualization of our 25 cost actions. At the same time, we plan to reinvest a portion of these savings in the targeted growth initiatives to support top-line expansion.

我們預期 2026 會計年度調整後 EBITDA 介於 1,500 萬至 1,700 萬美元。此展望納入營收成長改善的效益，以及我們 25 項成本行動的全年化效益。同時，我們計畫將部分節省下來的成本再投資於目標性成長計畫，以支持營收擴張。

As it relates to de novos, while we have plenty of runway ahead to open new centers, our guidance does not contemplate any openings this year as we continue to focus our efforts and resources on revenue growth in our existing base. As many of you are aware, helium plasma continue to perform skin tightening procedures. While we maintain a diversified network of suppliers, a meaningful portion of the global supply is currently offline due to the Iran conflict. We are monitoring the situation closely, and we will manage the business accordingly.

就新設中心（de novo）而言，雖然我們仍有充足的空間可開設新中心，但由於我們持續將心力與資源聚焦於既有據點的營收成長，我們的指引並未納入今年任何開店計畫。如各位所知，氦電漿持續用於進行皮膚緊緻療程。儘管我們維持多元化的供應商網絡，但由於伊朗衝突，目前全球供應中有相當一部分處於停供狀態。我們正密切關注情勢，並將據此管理業務。

Lastly, before I turn it back to Yogi, I want to reiterate how excited I am to be part of AirSculpt and the leadership team and to engage with our investors. There is significant opportunity ahead, and I look forward to helping unlock long-term value for all shareholders.

最後，在我把話交回給 Yogi 之前，我想再次強調，我非常興奮能成為 AirSculpt 與領導團隊的一員，並與投資人互動交流。未來有相當大的機會，我期待協助為所有股東釋放長期價值。

And with that, back to Yogi for closing remarks.

那麼，接下來交回給 Yogi 作結語。

Thank you, Michael. In conclusion, we begin 2026 with positive momentum and enhanced marketing strategy, strengthen liquidity and the opportunity for stronger future growth.

謝謝你，Michael。總結來說，我們以正向動能與更完善的行銷策略迎接 2026 年，並強化流動性，為未來更強勁的成長創造機會。

With that, I'd like to turn the call over to the operator to begin the question-and-answer portion of the call.

接下來，我想把電話會議交給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Josh Raskin, Nephron Research.

Josh Raskin，Nephron Research。

I've got two here. I guess just first on the numbers. The guidance for 1Q, the revenues indicate a slight decline on a year-over-year basis, whereas full year 2026 revenue is expected to be up slightly. So I heard the building momentum commentary, but what's causing a little bit of that change in seasonality to make the revenues a little more backend loaded this year?

我有兩個問題。我想先從數字談起。第一季（1Q）的指引顯示營收年增率略為下滑，但 2026 全年營收預期則小幅成長。我聽到你們提到動能正在建立，但今年營收似乎更偏向下半年認列，造成這種季節性變化的原因是什麼？

Thank you for the question. Look, we are being measured in how we guide over here. The trends have improved meaningfully, as we mentioned, exiting the year and our trajectory has gone from down 2022, '24 to positive comps. That underpins our confidence in the full-year outlook. But at the same time, we do recognize that we must deliver consistent results to make sure that we can hit our numbers, and we are focused on execution at the moment.

謝謝你的提問。你看，我們在提供指引時採取審慎的態度。如我們所提到的，趨勢在年末明顯改善，我們的走勢也從 2022、2024 年的下滑轉為同店比較（comps）轉正。這是我們對全年展望有信心的基礎。但同時，我們也認知到必須交出一致的成果，才能確保達成目標，因此目前我們專注於執行。

Okay. Perfect. And then maybe if we could just take a step back, bigger picture on the body sculpting trends outside of GLP-1-related procedures, is there any way for you to isolate just sort of market-like trends for the core business prior to the skin tightening and skin removal in some of the new products?

好的。非常好。接著如果我們稍微拉高一點視角，談談與 GLP-1 相關療程以外的體雕趨勢，你們是否有辦法把核心業務在導入部分新產品（如皮膚緊緻與皮膚切除）之前的、較偏市場面的趨勢單獨拆分出來？

Josh, great question. We continue to see that the core business around body contouring and fat removal is holding relatively steady. I think all of aesthetics saw a bit of a boom coming out of COVID. And our belief is now we're also starting to find a baseline. Now with this industry, there is constant change, and we do see GLP-1s being the next wave of that change where we are well positioned to take advantage of that. And the demand that arises from skin laxity or loose skin does play really well into our brand and our capabilities. That's why you hear the focus on GLP-1s.

Josh，問得很好。我們持續看到以身體塑形與抽脂為主的核心業務相對穩定。我認為整個醫美產業在 COVID 之後確實出現一波成長高峰。而我們的看法是，現在也開始逐步找到一個基準水位。不過在這個產業裡，變化是常態；我們也看到 GLP-1 正成為下一波變革，而我們具備良好條件把握這個機會。由皮膚鬆弛或皮膚鬆垮所帶來的需求，與我們的品牌與能力非常契合。這也是你們會聽到我們聚焦 GLP-1 的原因。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Maybe I can start on the excisional procedures. I think I caught in the prepared remarks about 100 procedures in Q4 as part of that pilot. I guess I would love to hear what you're hearing from customers and surgeons that were part of the pilot phase and then how that maybe is going to inform the go-to-market as this rolls out into more of a broader launch across all your centers?

我想先從切除式手術（excisional procedures）開始問。我記得在事先準備的講稿中提到，第四季在試點計畫中大約做了 100 例。我很想聽聽你們從參與試點階段的客戶與外科醫師那邊得到哪些回饋，以及這將如何影響你們在更多中心推廣、進入更大規模上市（go-to-market）的策略？

Hey, Sam. Nice to talk to you as well. So what we are seeing is that we are able to provide excellent results for our patients. Our patients are coming in. They are getting good results from the procedures. We are -- as you know, for our procedures, it takes a few months before you see the final results, but the early signs are very encouraging. From surgeons as well, this is something that they are -- many of them are comfortable with. All of them are highly effective at it.

嗨，Sam。也很高興和你交流。我們看到的是，我們能為病患提供非常好的成果。病患會前來接受治療。他們從療程中獲得良好效果。我們——如你所知，我們的療程通常需要幾個月才會看到最終成果，但目前的早期跡象非常令人鼓舞。就外科醫師而言，這也是他們——其中許多人都感到得心應手的項目。他們每一位在這方面都非常有效率。

So thus far, we are pleased with both the volume and also the quality of results that we are getting with the excisional procedures. As the year goes along, we would ramp it up. As a reminder, typically, these -- as I said, it takes about three months minimum to see the full results for a patient. So we want to make sure we look through those, make any corrections that are needed. Thus far, we've not seen anything major and then expand it from there.

因此截至目前，我們對切除式手術的量能以及成果品質都感到滿意。隨著年度推進，我們會逐步拉升規模。提醒一下，通常——如我所說，病患至少需要約三個月才能看到完整成果。因此我們希望確保能檢視這些結果，並在需要時做出任何修正。到目前為止，我們尚未看到任何重大問題，之後再從那裡擴大推廣。

Okay. That's very helpful. And maybe I can just squeeze a follow-up here on a question on the balance sheet. I know you guys paid down some debt this quarter, leverage ratio is down to 2.5 times. I guess how should we be thinking about capital allocation going forward, appetite for continued debt paydown versus the comfort right now at the 2.5 times?

好的。這很有幫助。我再追問一個資產負債表的問題。我知道你們本季償還了一些債務，槓桿比率降到 2.5 倍。那麼未來在資本配置上我們應該如何看待：你們對持續償債的偏好，與目前在 2.5 倍水準下的舒適度如何？

Hey, Sam. This is Michael Arthur. Thanks for the question. Yeah, we -- our number one priority still is to get the balance sheet in a healthy position. And we've done a lot of that work over the last year or so. As I mentioned, we are in early stages, but looking to refinance the debt, but targeting around the levels we're at now and somewhere below net debt of 2.5 times.

嗨，Sam。我是 Michael Arthur。謝謝你的問題。是的，我們的首要優先事項仍然是讓資產負債表維持在健康狀態。過去一年左右我們已完成了許多相關工作。如我提到的，我們仍在早期階段，但正評估進行債務再融資，目標大致維持在目前水準，並將淨負債控制在 2.5 倍以下的某個區間。

Beyond that, the capital allocation strategy hasn't changed much, which is really investing back into the business, both on sales and marketing and then ultimately, probably not in 2025, but new de novos as well as we look to expand our clinic portfolio.

除此之外，我們的資本配置策略沒有太大改變，主要仍是回投資於業務本身，包括銷售與行銷；接著最終——可能不是在 2025 年——也會在我們擴大診所組合時，投入新的新設中心（de novo）。

We've reached end of our question-and-answer session. I'd like to turn the floor back over to Yogi for any further closing remarks.

我們的問答環節到此結束。我想把時間交回給 Yogi，請他做進一步的結語。

Thank you, Kevin, and team, thank you for joining us this morning. I also want to thank the AirSculpt team and our network of surgeons that provide excellent care and results to our patients. Together, we are powering the next chapter in AirSculpt's growth. We look forward to sharing our progress when we report Q1 results.

謝謝你，Kevin，也謝謝各位今天早上加入我們。我也要感謝 AirSculpt 團隊以及我們的外科醫師網絡，為病患提供卓越的照護與成果。我們將攜手推動 AirSculpt 成長的下一篇章。我們期待在公布第一季（Q1）業績時與各位分享進展。

Thank you. That does conclude today's teleconference webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。您現在可以掛線，祝您有美好的一天。感謝您今天的參與。