Blue Apron Holdings Inc (APRN) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Blue Apron Holdings' Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this call is being recorded today, Thursday, March 16, 2023, for replay purposes. A slide presentation has been created to accompany today's remarks and can be accessed on the Blue Apron Investor Relations website. (Operator Instructions)

早上好，歡迎來到 Blue Apron Holdings 的第四季度和 2022 年全年收益電話會議和網絡直播。 （操作員說明）提醒一下，今天，即 2023 年 3 月 16 日，星期四，將錄製此電話以供重播。已創建幻燈片演示以配合今天的評論，可在 Blue Apron 投資者關係網站上訪問。 （操作員說明）

On this morning's call, we have Linda Findley President and Chief Executive Officer of Blue Apron; and Mitch Cohen, Interim Chief Financial Officer. Before handing the call over to the company, we will review the safe harbor statement.

在今天上午的電話會議上，我們有 Blue Apron 總裁兼首席執行官琳達·芬德利 (Linda Findley)；和臨時首席財務官 Mitch Cohen。在將電話轉交給公司之前，我們將審查安全港聲明。

Various statements that the company makes during today's call about its future expectations, plans and prospects constitute forward-looking statements for the purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements as a result of risks and other factors, including those described in the company's earnings release issued this morning and the company's SEC filings.

根據 1995 年《私人證券訴訟改革法案》，公司在今天的電話會議上就其未來預期、計劃和前景所做的各種陳述構成安全港條款的前瞻性陳述。實際結果可能與那些陳述的結果存在重大差異由於風險和其他因素而導致的前瞻性陳述，包括公司今天上午發布的收益報告和公司向美國證券交易委員會提交的文件中描述的那些。

In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The company specifically disclaims any obligation to update these statements.

此外，任何前瞻性陳述僅代表公司截至今日的觀點，不應被視為代表其在任何後續日期的觀點。公司明確聲明不承擔任何更新這些聲明的義務。

During this call, the company will be referring to non-GAAP measures, which are not prepared in accordance with generally accepted accounting principles. You are encouraged to refer to the earnings release and SEC filings where it has defined these measures, and to review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

在此次電話會議中，公司將提及非 GAAP 措施，這些措施不是根據公認會計原則編制的。我們鼓勵您參考定義這些措施的收益發布和美國證券交易委員會備案，並審查這些非 GAAP 財務措施與最直接可比的 GAAP 措施的調節情況。

With that, I would now like to turn the call over to Linda Findley, Blue Apron's CEO. Linda?

有了這個，我現在想把電話轉給 Blue Apron 的首席執行官琳達芬德利。琳達？

Thank you, Drew. Good morning, everyone, and thank you for joining us for an update on the business. On the call with me today is, Mitch Cohen, Blue Apron's Interim CFO.

謝謝你，德魯。大家早上好，感謝您加入我們了解業務的最新動態。今天和我通話的是 Blue Apron 的臨時首席財務官 Mitch Cohen。

To start, I will give you a brief overview of our fourth quarter and full year performance and then focus the rest of my remarks on improvements that we are already seeing in 2023. Mitch will then provide a deeper dive into our financials as well as the recent at-the-market offerings and our cash position.

首先，我將簡要概述我們第四季度和全年的業績，然後將餘下的評論重點放在我們在 2023 年已經看到的改進上。然後，米奇將更深入地介紹我們的財務狀況以及最近的市場產品和我們的現金狀況。

As many of you know, 2022 was a challenging year for our business. In the fourth quarter and year-to-date, we've made significant progress in addressing those challenges. We're effectively managing our cost structure and working towards stabilizing our balance sheet, all while making progress against key customer metrics.

眾所周知，2022 年對我們的業務來說是充滿挑戰的一年。在第四季度和年初至今，我們在應對這些挑戰方面取得了重大進展。我們正在有效地管理我們的成本結構並努力穩定我們的資產負債表，同時在關鍵客戶指標方面取得進展。

Most notably, in Q4 2022, we achieved our highest average order value of $73.15. When compared to Q3 2022, this was driven primarily by orders from our strong core customer base who are responding well to our product offering.

最值得注意的是，在 2022 年第四季度，我們實現了 73.15 美元的最高平均訂單價值。與 2022 年第三季度相比，這主要是由我們強大的核心客戶群的訂單推動的，他們對我們的產品反應良好。

The added variety of our menu continues to deliver great value to our customers. In 2022, we shipped over 6.5 million orders. Our meals reduce food waste, eliminate meal prep planning stress, bring variety to people's lives, connect families and help develop healthy and creative habits. We sit at the intersection of the most critical aspects of health, sustainability and community. And we also have the opportunity to provide jobs across multiple disciplines. Our customers rave about the quality of our meals and the unique flavors we bring to their table.

我們菜單的增加種類繼續為我們的客戶提供巨大的價值。 2022 年，我們交付了超過 650 萬份訂單。我們的膳食減少食物浪費，消除準備膳食計劃的壓力，為人們的生活帶來多樣性，連接家庭並幫助養成健康和創造性的習慣。我們處於健康、可持續性和社區等最關鍵方面的交匯點。我們也有機會提供跨多個學科的工作。我們的顧客對我們的餐食質量和我們帶給他們餐桌的獨特風味贊不絕口。

The value of our product is evident in our average orders per customer, which was up as compared to Q3 2022 at 4.9 and average revenue per customer, which climbed to $358, a new company record. Total customers over the 12 months ended December 31, 2022, was approximately 659,000, a slight decline of 3% from the equivalent period a year ago.

我們產品的價值在每位客戶的平均訂單中顯而易見，與 2022 年第三季度相比有所上升，為 4.9，每位客戶的平均收入攀升至 358 美元，創下公司新紀錄。截至 2022 年 12 月 31 日止的 12 個月內，客戶總數約為 659,000 人，較去年同期略微下降 3%。

For the fourth quarter of 2022, total customers were 298,000, down 7.6% sequentially and down 11.2% from the prior year. We believe a portion of the decline can be attributed to the reduction in marketing spend that we began to implement in Q4. We ramped down our brand investment and in preparation for Q1, focused our resources on performance marketing. We're already seeing improved marketing efficiency thus far in Q1, which I will discuss shortly.

2022 年第四季度，客戶總數為 298,000 人，環比下降 7.6%，同比下降 11.2%。我們認為部分下降可歸因於我們在第四季度開始實施的營銷支出減少。我們減少了品牌投資，為第一季度做準備，將資源集中在績效營銷上。到目前為止，我們已經在第一季度看到營銷效率的提高，我將在稍後討論這一點。

Seasonal and macroeconomic pressures on consumer spending due to the inflationary environment also had an impact on Q4 performance. It's important to consider the fourth quarter within the broader context of our strategy of achieving our goal of long-term profitability. This includes our efforts to manage our cash burn. Notably, as of the end of February 2023, we've seen a reduced cash burn of over 50% year-over-year as a result of ongoing expense reduction actions. I will discuss this in greater detail, along with how our work in Q4 is shaping 2023.

通貨膨脹環境對消費者支出造成的季節性和宏觀經濟壓力也對第四季度的業績產生了影響。在我們實現長期盈利目標的戰略的更廣泛背景下考慮第四季度非常重要。這包括我們管理現金消耗的努力。值得注意的是，截至 2023 年 2 月底，由於持續的開支削減行動，我們發現現金消耗同比減少了 50% 以上。我將更詳細地討論這一點，以及我們在第四季度的工作如何塑造 2023 年。

We continue to execute against 3 strategic initiatives outlined during our last call that address the key fundamentals of the business. This means: one, taking a more targeted approach to acquiring and retaining more profitable customers while reducing our marketing spend; two, driving margin improvements; and three, executing disciplined cost management in PTG&A.

我們將繼續執行上次電話會議中概述的 3 項戰略計劃，以解決業務的關鍵基礎問題。這意味著：第一，採取更有針對性的方法來獲取和留住更多有利可圖的客戶，同時減少我們的營銷支出；二，推動利潤率改善；第三，在 PTG&A 中執行嚴格的成本管理。

Our focus on profitability is expected to put pressure on our top line revenue and customer numbers in 2023. This is not to say that we are deprioritizing revenue and customer growth, but rather focusing our business objectives to support our path to profitability in the near term.

我們對盈利能力的關注預計將在 2023 年給我們的收入和客戶數量帶來壓力。這並不是說我們正在降低收入和客戶增長的優先級，而是將我們的業務目標集中在支持我們在短期內實現盈利的道路上.

As part of our efforts, we work with our lenders to amend our debt agreement to pay down our long-term debt on an accelerated schedule. Mitch will discuss this in detail. What I will share is that this reduces our covenants, and we believe it gives us more flexibility as we continue to pursue other opportunities. We are considering other options at our disposal to plan for the future success of the company. This includes potentially pursuing, evaluating and executing financing opportunities, a business combination or other strategic transactions.

作為我們努力的一部分，我們與我們的貸方合作修改我們的債務協議，以加速償還我們的長期債務。米奇將詳細討論這個問題。我要分享的是，這會減少我們的契約，我們相信它會在我們繼續尋求其他機會時給我們帶來更大的靈活性。我們正在考慮其他可用的選擇，以規劃公司未來的成功。這包括可能尋求、評估和執行融資機會、企業合併或其他戰略交易。

As I have said before, when looking at the industry as a whole, it's highly fragmented and one that we believe is open for more consolidation.

正如我之前所說，從整個行業來看，它是高度分散的，我們認為這個行業可以進行更多整合。

Diving deeper into our 3 initiatives, starting with marketing. We made significant strides over the past several months in positioning our marketing efforts towards profitability and scale. In the fourth quarter, we reduced marketing spend by 18% year-over-year to $17.1 million, in line with our commitment to a thoughtful and targeted approach to marketing.

從市場營銷開始，深入探討我們的 3 項舉措。在過去的幾個月裡，我們在將營銷努力定位於盈利能力和規模方面取得了重大進展。在第四季度，我們將營銷支出同比減少 18% 至 1710 萬美元，這符合我們對周到且有針對性的營銷方法的承諾。

Throughout 2022, our efforts were geared towards building the foundational elements of brand equity and awareness. Today, we have approximately 81% brand awareness and close to a 99% weekly retention rate for customers who are with us consistently for more than 13 weeks, which is our sweet spot in terms of retention. Having established a solid baseline, we're now focused on achieving a balanced marketing mix that is designed to propel efficient and sustainable growth.

整個 2022 年，我們的努力都是為了建立品牌資產和知名度的基本要素。今天，我們擁有大約 81% 的品牌知名度和接近 99% 的每週留存率，對於持續與我們在一起超過 13 週的客戶，這是我們在保留方面的最佳點。建立了堅實的基線後，我們現在專注於實現旨在推動高效和可持續增長的平衡營銷組合。

To do so, we're focused on leveraging the channels we know are efficient and investing in our dollars strategically to ensure we get the highest return. Starting in the third quarter of 2022, we began reducing our spend on upper-funnel channels with a shift away from TV and out-of-home. We reallocated some of that spend towards performance-based and digital channels with a focus on delivering a strong cost per acquisition. We're seeing positive progress in the first quarter of 2023. And as of the end of February, we cut our cost per acquisition by half and increased our conversion rate by more than 25% sequentially.

為此，我們專注於利用我們知道有效的渠道，並戰略性地投資我們的資金，以確保我們獲得最高回報。從 2022 年第三季度開始，我們開始減少在漏斗上端渠道的支出，減少電視和戶外活動。我們將部分支出重新分配給基於性能的數字渠道，重點是提供可觀的每次獲取成本。我們在 2023 年第一季度看到了積極進展。截至 2 月底，我們將每次獲取成本削減了一半，並將轉化率連續提高了 25% 以上。

In the first quarter of 2023, we anticipate customer count will be up sequentially in line with seasonality. We do expect a decline year-over-year in part due to our progress as we continue to make marketing more efficient throughout 2023 towards profitability.

在 2023 年第一季度，我們預計客戶數量將根據季節性依次增加。我們確實預計同比下降，部分原因是我們在整個 2023 年繼續提高營銷效率以實現盈利。

We continue to leverage partnerships to further unlock efficiencies in our marketing efforts. This week, we announced a partnership with Verizon on its new +play hub, which allows consumers to manage their subscriptions all in one place. As part of the platform, we are launching Blue Apron PLUS, a new savings program that unlocks exclusive deals.

我們繼續利用合作夥伴關係來進一步提高我們營銷工作的效率。本週，我們宣布與 Verizon 就其新的 +play 中心建立合作夥伴關係，該中心允許消費者在一個地方管理他們的所有訂閱。作為該平台的一部分，我們推出了 Blue Apron PLUS，這是一項解鎖獨家優惠的新儲蓄計劃。

In addition, we continue to work with DoorDash via their DashMart storefront and have expanded the availability of our Heat & Eat microwavable product to 11 markets in the Northeast, including New York City.

此外，我們繼續通過 DoorDash 的 DashMart 店面與 DoorDash 合作，並將我們的 Heat & Eat 微波爐產品的可用性擴展到東北部的 11 個市場，包括紐約市。

Turning to our second priority. In the fourth quarter, our variable margin was 34.9%, a 2.7% improvement sequentially and roughly flat with the prior year. Variable margin was driven in part by the receipt of a $1.2 million credit related to a previous ingredient quality issue. Another key factor in the margin improvement is our ability to upsell customers on higher-value products like premium recipes, customization options and add-ons.

轉向我們的第二個優先事項。第四季度，我們的可變利潤率為 34.9%，環比增長 2.7%，與去年同期大致持平。可變利潤的部分原因是收到了與先前成分質量問題相關的 120 萬美元信貸。利潤率提高的另一個關鍵因素是我們有能力向客戶追加銷售更高價值的產品，如高級食譜、定制選項和附加產品。

For the full year, variable margin was 33.6% as compared to 35.8% in the prior year. We were able to keep margin levels relatively stable in 2022 despite the ongoing inflationary environment and approximately 40% increase in customer menu options. As mentioned on prior calls, we increased menu options by leveraging our existing ingredient pantry and adding only incremental items that we believe are value to our customers.

全年可變利潤率為 33.6%，上年為 35.8%。儘管通貨膨脹環境持續存在且客戶菜單選項增加了約 40%，但我們能夠在 2022 年保持相對穩定的利潤率水平。正如之前的電話所述，我們通過利用我們現有的配料儲藏室並僅添加我們認為對客戶有價值的增量項目來增加菜單選項。

To drive margin improvements in 2023, we are pairing the efficiency learnings in operations from 2022 with a rollout of a new organizational structure in our facilities. This new structure establishes accountability across the entire supply chain to deliver on improved efficiency and quality. It also provides a clearer path for our teams. The initial results are promising. Productivity metrics quarter-to-date are hitting levels we have not seen in the past 8 quarters, even with an approximately 170% increase in product variety over the same time period. We plan to build on this momentum and provide you with updates on our progress in the coming months.

為了在 2023 年提高利潤率，我們將從 2022 年開始在運營中學習效率，並在我們的設施中推出新的組織結構。這種新結構在整個供應鏈中建立了問責制，以提高效率和質量。它還為我們的團隊提供了更清晰的路徑。初步結果很有希望。本季度迄今的生產率指標達到了過去 8 個季度未見的水平，即使同期產品種類增加了約 170%。我們計劃在此勢頭的基礎上再接再厲，並在未來幾個月為您提供最新進展。

We are also enhancing and expanding our product offerings with an eye towards profitability. Our menu now features 84 options that address different meal moments. Notably, our seasonal boxes continue to be a hit. These boxes are created to help our customers bring to life memorable experiences with family and friends. In particular, our holiday boxes performed exceptionally well, with 2022 gross revenue more than double compared to our 2021 offering. This was in part driven by the optionality to purchase holiday theme to add-ons.

我們也在加強和擴大我們的產品供應，著眼於盈利能力。我們的菜單現在有 84 種選項，可應對不同的用餐時刻。值得注意的是，我們的季節性禮盒繼續大受歡迎。這些盒子旨在幫助我們的客戶與家人和朋友一起享受難忘的生活體驗。特別是，我們的假日包廂表現異常出色，2022 年的總收入是我們 2021 年產品的兩倍多。這在一定程度上是由購買假日主題到附加組件的可選性所驅動的。

Last week, we added our newest seasonal box, a brunch offering to the menu available through Mother's Day. Our third and final commitment is focused on cost management with an eye towards rightsizing PTG&A. In the fourth quarter, we took action to streamline our cost structure through expense management, with reductions in recruiting fees and consulting spend. We also absorbed expenses related to severance charges associated with the December 2022 corporate headcount reduction. These initiatives, together with the reductions in marketing spend, are expected to drive up to $50 million in annualized cost savings, resulting in over 50% year-over-year reduction in our cash burn as of the end of February 2023.

上週，我們在母親節期間的菜單中添加了最新的時令套餐，即早午餐。我們的第三個也是最後一個承諾側重於成本管理，著眼於合理調整 PTG&A。第四季度，我們採取行動通過費用管理精簡成本結構，減少招聘費用和諮詢費用。我們還吸收了與 2022 年 12 月公司裁員相關的遣散費相關的費用。這些舉措，加上營銷支出的減少，預計每年可節省高達 5000 萬美元的成本，到 2023 年 2 月底，我們的現金消耗將同比減少 50% 以上。

In all, we continue to manage our operations to set the business on a path to profitability. Additionally, earlier this month, we announced that the New York Stock Exchange has accepted our plan to regain compliance within 18 months with the global market capitalization listing standards. We are committed to maintaining our New York Stock Exchange listing and being in compliance across all listing standards.

總而言之，我們將繼續管理我們的運營，以使業務走上盈利之路。此外，本月早些時候，我們宣布紐約證券交易所已接受我們在 18 個月內重新遵守全球市值上市標準的計劃。我們致力於維持我們在紐約證券交易所的上市地位，並遵守所有上市標準。

Before turning the call over to Mitch, I want to take a moment to thank every Blue Apron employee. From the fulfillment centers to our corporate office, they play a key role in our success, and I'm proud to call them my colleagues. Thank you.

在將電話轉給米奇之前，我想花點時間感謝每一位 Blue Apron 員工。從履行中心到我們的公司辦公室，他們在我們的成功中發揮著關鍵作用，我很自豪地稱他們為我的同事。謝謝。

With that, let me turn things over to Mitch to walk through our financials. Mitch?

有了這個，讓我把事情交給米奇來了解我們的財務狀況。米奇？

Thank you, Linda, and good morning, everyone. I'll begin with an update on our liquidity position before getting into the fourth quarter and full year results for the year ended December 31, 2022.

謝謝你，琳達，大家早上好。在進入第四季度和截至 2022 年 12 月 31 日的年度的全年業績之前，我將首先更新我們的流動性狀況。

Our cash balance as of December 31, 2022, was $33.5 million. In January 2023, we completed a $30 million at-the-market offering that launched in November 2022, selling approximately 29 million shares at an average sales price of $1 per share. With the completion of this at-the-market offering, our cash balance at January 31, 2023, was $46.8 million.

截至 2022 年 12 月 31 日，我們的現金餘額為 3350 萬美元。 2023 年 1 月，我們完成了 2022 年 11 月推出的價值 3000 萬美元的公開發行，以每股 1 美元的平均售價出售了約 2900 萬股股票。隨著此次上市發行的完成，我們在 2023 年 1 月 31 日的現金餘額為 4680 萬美元。

In February, we launched a new at-the-market offering, giving us the option to sell up to $70 million in new shares to provide us with greater flexibility to access liquidity resources. The proceeds from this offering will be used for general corporate purposes, including paying down some or all of our debt and providing us with greater flexibility to pursue, evaluate or execute on other potential financing or strategic opportunities.

2 月，我們推出了新的上市產品，讓我們可以選擇出售高達 7000 萬美元的新股，從而為我們提供更大的靈活性來獲取流動性資源。此次發行的收益將用於一般公司用途，包括償還我們的部分或全部債務，並為我們提供更大的靈活性來尋求、評估或執行其他潛在的融資或戰略機會。

Substantially all of the $70 million remains available. As of the end of February, our cash balance was $46.3 million. In addition, on March 15, we amended our note purchase receivable in a move that we believe can provide us with further financial flexibility. The amendment accelerates the pay down of our $30 million senior secured notes as well as accrued and unpaid interest into 4 monthly installments of $7.5 million. The first installment was paid in connection with the signing of the amendment. The amendment also reduces minimum liquidity covenant on a dollar-for-dollar basis corresponding to our payments up to $10 million until the full payment of the debt. We expect to fully pay down this obligation to be free of other covenants by the end of the second quarter. We view this as an effective use of our cash at this time as it reduces or removes covenants that previously restricted our ability to access the full amount of our cash on our balance sheet.

基本上所有 7000 萬美元都可以使用。截至 2 月底，我們的現金餘額為 4630 萬美元。此外，在 3 月 15 日，我們修改了應收票據購買，我們認為此舉可以為我們提供進一步的財務靈活性。該修正案將我們 3000 萬美元的優先擔保票據以及應計和未付利息加速支付為 4 個月 750 萬美元的分期付款。第一期付款是在簽署修正案時支付的。該修正案還以美元對美元的方式降低了最低流動性契約，對應於我們高達 1000 萬美元的付款，直至全部償還債務。我們希望在第二季度末完全償還這項義務，從而擺脫其他契約的約束。我們認為這是目前對我們現金的有效使用，因為它減少或消除了以前限制我們在資產負債表上獲取全部現金的能力的契約。

Finally, we continue to have discussions with Mr. Sanberg and his affiliates regarding the outstanding $56.5 million equity private placement of which we received $1 million in December of 2022 and the $12.7 million gift card fundings owed to us.

最後，我們繼續與桑伯格先生及其附屬公司討論未償還的 5650 萬美元股權私募，我們在 2022 年 12 月收到了 100 萬美元，以及欠我們的 1270 萬美元禮品卡資金。

As you recall, in November 22, we entered into a pledge agreement with an affiliate of Mr. Sanberg, which provided us with securities of privately held companies as collateral to secure the equity funding obligation. These efforts reflect our commitment to diversifying our potential service -- sources of liquidity and removing our debt as we work to resolve the Sanberg funding delays. Our ultimate goal is to get on a path to a stabilized balance sheet and long-term profitability.

您還記得，在 11 月 22 日，我們與桑伯格先生的關聯公司簽訂了質押協議，該協議向我們提供了私人持有公司的證券作為抵押品，以確保股權融資義務。這些努力反映了我們致力於使我們的潛在服務多樣化——流動性來源和在我們努力解決 Sanberg 資金延遲問題時消除我們的債務。我們的最終目標是走上穩定資產負債表和長期盈利的道路。

Turning to the fourth quarter. Net revenue was $106.8 million, down slightly sequentially and roughly flat year-over-year. The sequential decline was driven by a reduction in our customer base and a reduction in total orders, partially offset by an improvement in AOV.

轉到第四季度。淨收入為 1.068 億美元，環比略有下降，同比基本持平。連續下降是由於我們的客戶群減少和總訂單減少，部分被 AOV 的改善所抵消。

As Linda mentioned, average order value was $73.15, and orders per customer increased to 4.9. Price increases introduced in 2022 as well as ongoing efforts to add variety and customization to our menu drove the solid performance in key customer metrics. These efforts have served to improve the stickiness of our product with our customers while also preserving the value of our product relative to other food options.

正如 Linda 提到的，平均訂單價值為 73.15 美元，每個客戶的訂單增加到 4.9。 2022 年推出的價格上漲以及為我們的菜單增加多樣性和定制化所做的持續努力推動了關鍵客戶指標的穩健表現。這些努力有助於提高我們產品對客戶的粘性，同時也保持了我們產品相對於其他食品選擇的價值。

Turning to expenses. Variable margin was 34.9% in the fourth quarter. This is a 2.7 percentage point increase sequentially and a 0.4 percentage point decline over the prior year period. The sequential improvement was in part of $1.2 million supplier credit. In the fourth quarter, PTG&A costs were $34.3 million, an 8.8% sequential decrease and a 6.9% decrease year-over-year.

談到開支。第四季度可變利潤率為 34.9%。這比上一季度增加了 2.7 個百分點，比去年同期下降了 0.4 個百分點。連續改進是 120 萬美元供應商信貸的一部分。第四季度，PTG&A 成本為 3430 萬美元，環比下降 8.8%，同比下降 6.9%。

For the full year, PTG&A costs were $155. 1 million, a 7% increase from the prior year. The fourth quarter decline year-over-year was primarily driven by a reduction in the accrual for corporate bonuses to be paid in the first quarter of 2023. The sequential decline was in part to the result of corporate headcount reductions in 2022.

全年，PTG&A 的成本為 155 美元。 100萬，比上年增長7%。第四季度同比下降的主要原因是 2023 年第一季度支付的企業獎金應計金額減少。環比下降的部分原因是 2022 年企業裁員。

As part of our other management initiatives, we implemented a reduction in corporate overhead and administrative expenses such as consulting and recruiting fees and travel and entertainment expenses. We continue to look for further efficiencies and are making a portion of our Linden, New Jersey, and Austin, Texas, spaces to sublease out unused square footage.

作為我們其他管理舉措的一部分，我們減少了企業管理費用和行政費用，例如諮詢和招聘費用以及差旅和娛樂費用。我們繼續尋求更高的效率，並正在將我們新澤西州林登和德克薩斯州奧斯汀的部分空間轉租出去未使用的平方英尺。

Other expense in the fourth quarter was 1.5%, representing severance-related expenses associated with the corporate workforce reduction announced in December of 2022. Looking at the bottom line, we reported a net loss of $21.8 million for the fourth quarter compared to $26.4 million in the same quarter last year. In the fourth quarter, adjusted EBITDA was a loss of $13.5 million in the fourth quarter versus a loss of $17.9 million in the same quarter last year. For the full year, we reported a net loss of $109.7 million compared to $88.4 million for the fiscal 2021.

第四季度的其他費用為 1.5%，代表與 2022 年 12 月宣布的企業裁員相關的遣散費相關費用。從底線來看，我們報告第四季度淨虧損 2180 萬美元，而去年同期為 2640 萬美元。去年同一季度。第四季度，調整後的 EBITDA 虧損 1350 萬美元，而去年同期為虧損 1790 萬美元。全年，我們報告淨虧損 1.097 億美元，而 2021 財年為 8840 萬美元。

Our full year adjusted EBITDA loss was $79.3 million compared to $39.2 million in the prior year. As Linda mentioned, our Q1 results to date are an early indication that our efforts are showing solid progress. We expect customer count to be sequentially -- up sequentially following seasonal patterns and efforts to drive efficiency and improve our cost structure, have already allowed us to realize more than 50% annualized reduction in cash burn by the end of February -- or through the end of February. Our productivity metrics are also hitting their highest levels in the past 8 quarters, and we have substantially lowered our cost per acquisition.

我們全年調整後的 EBITDA 虧損為 7930 萬美元，而上一年為 3920 萬美元。正如 Linda 所提到的，我們迄今為止的第一季度業績是一個早期跡象，表明我們的努力正在取得穩步進展。我們預計客戶數量將連續增加——按照季節性模式和努力提高效率並改善我們的成本結構，已經使我們能夠在 2 月底之前實現超過 50% 的年化現金消耗減少——或通過二月底。我們的生產力指標也達到了過去 8 個季度的最高水平，並且我們大幅降低了每次獲取的成本。

Before I turn it over to Q&A, I'd like to quickly discuss our outlook. In line with our comments last quarter, we are not providing any forward guidance at this time. As a business, we remain focused on achieving EBITDA profitability and stabilizing our overall balance sheet and liquidity position.

在進行問答之前，我想快速討論一下我們的前景。根據我們上個季度的評論，我們目前不提供任何前瞻性指導。作為一家企業，我們仍然專注於實現 EBITDA 盈利能力並穩定我們的整體資產負債表和流動性狀況。

With that, let me turn the call over back to the operator to take your questions. Operator?

有了這個，讓我把電話轉回接線員來回答你的問題。操作員？

(Operator Instructions) The first question comes from Maria Ripps with Canaccord.

（操作員說明）第一個問題來自 Maria Ripps 和 Canaccord。

First, understanding that you're not providing forward guidance, but can you maybe discuss what you expect -- whether you're expecting to see a typical seasonality in Q1? So you did mention sequential customer additions, but do you expect to see sort of increase in revenue compared to Q4? And could you share any insights on what you've observed so far in the quarter?

首先，了解您沒有提供前瞻性指導，但您能否討論一下您的期望——您是否期望在第一季度看到典型的季節性？所以你確實提到了連續的客戶增加，但你預計與第四季度相比收入會有所增加嗎？您能否分享您對本季度迄今為止觀察到的情況的任何見解？

Sure. I can start and then Mitch can jump in with anything else. Thank you so much for the question, Maria. We do expect to see some seasonality, except -- normal seasonality with Q1. It's where we dedicated a lot of our resources in Q4 that we sort of moved away from acquisition into focusing that acquisition on Q1, but still with much reduced and more efficient marketing spend. So we will see some seasonality. But again, maybe more muted than in past years as far as the change between Q4 and Q1 as we continue to rationalize marketing spend.

當然。我可以開始，然後米奇可以加入其他任何事情。非常感謝你提出這個問題，瑪麗亞。我們確實希望看到一些季節性，除了 - 第一季度的正常季節性。這是我們在第四季度投入大量資源的地方，我們有點從收購轉移到將收購集中在第一季度，但營銷支出仍然大大減少且效率更高。所以我們會看到一些季節性。但同樣，隨著我們繼續合理化營銷支出，第四季度和第一季度之間的變化可能比過去幾年更加溫和。

What we are particularly proud of, and I think is an incredible accomplishment is this fact that we are able to more efficiently acquire our customers with that lower marketing spend. And we're playing more with the balance between promotions and our marketing spend, which we'll have a little bit of an impact on Q1 revenue just because of the contra revenue aspect of our promotions. But that's been very effective for us, and it has helped us significantly decrease our cost of acquisition by about 50% and dramatically increased conversion. So that is playing well for Q1. But yes, we will see some of that seasonality come through while we continue to gain efficiency.

我們特別引以為豪的是，我認為這是一項令人難以置信的成就，因為我們能夠以較低的營銷支出更有效地贏得客戶。而且我們更多地在促銷和營銷支出之間取得平衡，這將對第一季度的收入產生一點影響，因為我們促銷的相反收入方面。但這對我們非常有效，它幫助我們將收購成本顯著降低了約 50%，並顯著提高了轉化率。所以這對第一季度來說很好。但是，是的，在我們繼續提高效率的同時，我們會看到一些季節性的變化。

I think the other aspect that both Mitch and I mentioned is pretty interesting as we are seeing levels of productivity we haven't seen in 2 years, and then productivity was quite high, but with significantly more complexity with about 170% increase in complexity in our menu during that time. So we're seeing both good seasonality, normal on the top line and then also some improvements in bottom line as well.

我認為 Mitch 和我提到的另一個方面非常有趣，因為我們看到了 2 年內未見的生產力水平，然後生產力相當高，但複雜性明顯增加，複雜性增加了約 170%那段時間我們的菜單。因此，我們看到良好的季節性，收入正常，然後利潤也有所改善。

That's very helpful. And then my second question is around your partnerships. So how have your partnerships with Walmart and Amazon have been performing since you launched them last year. And is there any material sort of contribution to revenue? And what are your expectations for these channels in 2023?

這很有幫助。然後我的第二個問題是關於您的合作夥伴關係。那麼，自去年推出以來，您與沃爾瑪和亞馬遜的合作夥伴關係表現如何。對收入有任何實質性貢獻嗎？您對這些渠道在 2023 年有何期待？

Yes. So we don't reveal specifically what those partnerships are doing. What I can say is it is not material to our revenue. We're still focused mostly on the core products. But they are doing well when it comes to really enhancing our technology and our ability to take a same-day order and deliver it immediately. That's actually something that's quite powerful for us, and we continue to see that opportunity expand for other potential uses in the future. So they're good channels for us but not necessarily material.

是的。所以我們不會具體透露這些合作夥伴在做什麼。我能說的是，這對我們的收入並不重要。我們仍然主要關注核心產品。但在真正提高我們的技術和我們接受當天訂單並立即交付的能力方面，他們做得很好。這實際上對我們來說是非常強大的，我們繼續看到這個機會在未來擴展到其他潛在用途。所以它們對我們來說是很好的渠道，但不一定是物質的。

I'd like to say not yet material. Hopefully, in the future, yes.

我想說還不重要。希望在未來，是的。

Got it. And maybe one more, if I could. Could you maybe provide us with update on your product portfolio given your focus on liquidity and sort of cost reductions? Are there any sort of recipes or meals that you are maybe deemphasizing or advocating more to customers given sort of maybe different variable cost structures?

知道了。如果可以的話，也許還有一個。鑑於您專注於流動性和降低成本，您能否向我們提供有關您產品組合的最新信息？考慮到可能不同的可變成本結構，是否有任何種類的食譜或膳食您可能不再強調或向客戶提倡更多？

Thank you. It's actually a really interesting question and an important aspect. We do continue to believe that adding variety is important both for growth of the company, but also getting to profitability because obviously, with more variety, you tend to get these higher engagement numbers. So all these customer KPIs, including AOV, are very related to the added variety. Some of the AOV may -- you might see that fluctuate going forward simply because of the promotional aspects and that comes out of AOV. So we might play with that as we think about adding more variety. So it's important to note. But that doesn't necessarily mean a negative impact on the overall business because it's the mix that actually matters. So that variety is part of why you see this record average revenue per customer continuing to go up. And so it is an important part of our strategy.

謝謝。這實際上是一個非常有趣的問題，也是一個重要方面。我們仍然相信，增加多樣性對於公司的發展和盈利都很重要，因為顯然，隨著多樣性的增加，您往往會獲得更高的參與度。因此，所有這些客戶 KPI，包括 AOV，都與增加的多樣性密切相關。一些 AOV 可能 - 你可能會看到僅僅因為促銷方面而波動，而這來自 AOV。因此，當我們考慮添加更多種類時，我們可能會使用它。所以一定要注意。但這並不一定意味著對整體業務產生負面影響，因為真正重要的是組合。因此，這種多樣性是您看到創紀錄的每位客戶平均收入持續上升的部分原因。因此，這是我們戰略的重要組成部分。

We've been able to refine a lot of our sourcing as well into Q1 of this year, being more efficient with how we think about buying proteins in particular, which tend to be one of the bigger aspects of margin play. And so we've been able to make that efficient as we've actually been working on the marketing and the overall productivity in the organization as well.

我們已經能夠在今年第一季度改進我們的很多采購，特別是我們考慮購買蛋白質的方式更有效率，這往往是利潤率遊戲的更大方面之一。因此，我們已經能夠提高效率，因為我們實際上一直致力於營銷和組織的整體生產力。

So we haven't necessarily had to deemphasize anything. In fact, the seasonal boxes that I was talking about tend to be very good margin for us and good attractiveness for bringing in customers. So the mix is actually quite healthy, and we plan on continuing to expand it, but maybe at a slightly slower rate of expanding variety than we have in the past, while we focus on profitability.

因此，我們不一定要強調任何事情。事實上，我所說的季節性盒子對我們來說往往是非常好的利潤，並且對吸引客戶具有很好的吸引力。因此，這種組合實際上非常健康，我們計劃繼續擴大它，但在我們專注於盈利能力的同時，擴大品種的速度可能比過去略慢。

And our customer metrics are up.

我們的客戶指標上升了。

Yes, all of our customer metrics reflect that with the -- with the increased numbers, sorry. Yes.

是的，我們所有的客戶指標都反映了這一點——隨著數量的增加，抱歉。是的。

The next question comes from Ryan Meyers with Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Ryan Meyers。

This is kind of a follow-up on the last question, but obviously, you saw another strong quarter of AOV growth. Just kind of wondering if you can unpack that a little bit more. How much of that came from price versus how much of that just came from customers spending more on the platform, adding more to the boxes? Just -- it would be helpful to kind of understand what's going on there.

這是對最後一個問題的跟進，但顯然，您看到了另一個強勁的 AOV 增長季度。只是想知道您是否可以再打開包裝一點。其中有多少來自價格，有多少來自客戶在平台上花費更多，增加了更多的盒子？只是 - 了解那裡發生的事情會有所幫助。

Sure. It was about a 50-50 mix, Ryan. About -- so about half of it came from product expansion and continued growth of people adding more to the box. And then the other half came from the continued impact of our price changes, which we did pretty strategically to still stay within a good value within the market and against competitors. So it's about a 50% split.

當然。大約是 50-50 的組合，Ryan。大約——所以大約一半來自產品擴展和人們不斷增加的增長。然後另一半來自我們價格變化的持續影響，我們在戰略上做得很好，以保持在市場和競爭對手的良好價值範圍內。所以這大約是 50% 的拆分。

Okay. That's helpful. And then throughout the year, obviously, we've seen kind of a continued decline in the number of customers and order count. But I know looking back on Q1 and Q2, there was some pretty significant investments being made in the marketing. Are we just not seeing some of that flow through quite yet? Or we didn't see that flow through in 2022 and now we're starting to kind of see some of that here in Q1? I know you guys gave the commentary about the acquisition cost being down, but the flow through being even more positive. Or is there anything from like a customer demand perspective that we should be aware of?

好的。這很有幫助。然後在全年，很明顯，我們看到客戶數量和訂單數量持續下降。但我知道回顧第一季度和第二季度，在營銷方面進行了一些非常重要的投資。我們只是還沒有看到其中的一些流動嗎？或者我們在 2022 年沒有看到這種流動，現在我們開始在第一季度看到其中的一些？我知道你們發表了關於收購成本下降的評論，但流程更加積極。或者從客戶需求的角度來看，有什麼我們應該注意的嗎？

We did see some of the impact of inflationary macro trends on Q4, but a lot of it was also just the pullback on marketing spend as we started to focus on more performance channels. And frankly, we pulled back on things that would impact Q4 in order to support Q1. So we are seeing much more efficiency in our marketing channels. And again, we're continuing to play with the mix between promotion and marketing spend because that's actually an interesting lever for us going forward. But yes, the decline that you saw was actually due to both a combination of, yes, some macroeconomic trends, while our core customer base remained very strong and spending more. And then we also did intentionally moved some marketing dollars and reduced some marketing dollars in order to focus on Q1.

我們確實看到了通貨膨脹宏觀趨勢對第四季度的一些影響，但其中很多也只是營銷支出的回落，因為我們開始關注更多的績效渠道。坦率地說，我們撤回了會影響第四季度的事情以支持第一季度。因此，我們看到營銷渠道的效率大大提高。再一次，我們將繼續在促銷和營銷支出之間進行混合，因為這實際上是我們前進的一個有趣的槓桿。但是，是的，你看到的下降實際上是由於一些宏觀經濟趨勢的結合，而我們的核心客戶群仍然非常強大並且支出更多。然後我們也確實有意轉移了一些營銷資金並減少了一些營銷資金以專注於第一季度。

But a lot of the spend that we made earlier in 2022 really focused on building that upper pool of customers so that brand awareness of 81% that I was talking about earlier. And that will serve us well in 2023, as we apply performance marketing to those on driving the customer base. But our focus right now is making sure that we're getting significant return on investment on our customers because it's all about getting adjusted EBITDA lower throughout the year, and that's really where we're going to be spending our time. So you will see some, what I would call, quieter numbers in customer numbers, and that's intentional as we drive towards profitability.

但我們在 2022 年初所做的很多支出實際上都集中在建立上層客戶群上，以便我之前談到的 81% 的品牌知名度。這將在 2023 年為我們提供良好的服務，因為我們將績效營銷應用於推動客戶群的營銷。但我們現在的重點是確保我們從客戶身上獲得可觀的投資回報，因為這一切都是為了在全年降低調整後的 EBITDA，而這正是我們要花時間的地方。所以你會看到一些，我稱之為，客戶數量中的安靜數字，這是我們推動盈利的故意。

(Operator Instructions) The next question comes from Dan Kurnos with The Benchmark Company.

（操作員說明）下一個問題來自 The Benchmark Company 的 Dan Kurnos。

Linda, I guess this is the topic of the day. I'm going to stick with it just a little bit, maybe a little bit more nuanced, I guess, on sort of the marketing front. Can you talk a little bit about on, first of all, from your existing customer base where you're starting to see it seems like incremental traction again and I know that was a sort of a historical strategy and a refocused point here. I mean this kind of toggle between promo, new offerings. But can you talk a little bit about like how exactly you're marketing to them to drive the upsell?

琳達，我想這就是今天的主題。我會稍微堅持一下，我想，在某種營銷方面，可能會更微妙一些。你能談談嗎，首先，從你現有的客戶群開始，你開始看到它似乎再次增加了牽引力，我知道這是一種歷史戰略，也是一個重新關注的點。我的意思是這種在促銷和新產品之間切換。但是你能談談你是如何向他們營銷以推動追加銷售的嗎？

And then on the new customer add count, I guess, we would expect that obviously to be muted. But the way that you go to market, is it kind of like, again, with that brand toggle -- with the contra-toggle versus direct marketing? Is that sort of like the market is more accepting of a lower upfront price and those people come in and subsequently convert with incremental add-ons because you're able to sort of offer them what looks like better upfront deal and did you have such strong brand awareness? Or -- just help me think through some of those nuances there.

然後在新客戶添加計數上，我想，我們顯然希望它被靜音。但是你進入市場的方式，是不是有點像，再一次，用那個品牌開關——用對立開關與直接營銷？這有點像市場更能接受較低的前期價格，那些人進來並隨後通過增量附加組件進行轉換，因為你能夠為他們提供看起來更好的前期交易並且你有如此強大的品牌意識？或者 - 只是幫助我思考其中的一些細微差別。

Sure. So what we've talked about before, we do continue to see in marketing for meal kits in specific, which is, people are very price sensitive at the beginning trying a meal kit. And then once they're in, they are far less price sensitive. So a big part of what we think about going forward is, how do we actually balance those promotional dollars. Not just any promotional dollars, and I'll tell you a little bit about kind of some of the things that we're doing there where we're focusing a lot more on the conversion side of the funnel. But balancing those promotional dollars with media spend because we have the ability to sort of say, okay, let's target fewer customers with a better promotion, bring them in and then the lifetime value gets higher as they come in because they are engaging with those additional products and those additional add-on services, again, including some things like those seasonal boxes.

當然。所以我們之前談到的，我們確實繼續看到具體的餐盒營銷，也就是說，人們在開始嘗試餐盒時對價格非常敏感。然後一旦他們進入，他們對價格的敏感度就低得多。因此，我們考慮未來的很大一部分是，我們如何真正平衡這些促銷資金。不僅僅是任何促銷資金，我會告訴你一些我們正在做的事情，我們更多地關注漏斗的轉化方面。但是要平衡這些促銷費用和媒體支出，因為我們有能力說，好吧，讓我們針對更少的客戶進行更好的促銷，把他們帶進來，然後隨著他們的加入，生命週期價值會變得更高，因為他們正在與那些額外的人互動產品和那些額外的附加服務，再次包括一些東西，比如那些季節性的盒子。

So it's just continuing to test, test, test, test and make sure that we're driving the best balance between those two because the price sensitivity coming in does not necessarily represent what's potential for long-term health. It's more about demographics and psychographics. So you'll see our media dollars go down as we focus on some of those healthier targets. And then you'll see us playing with some of those promotional dollars to attract those media targets, but only paying for the conversions of those in some of the channels that historically have been a little bit more about overall traffic and registrations. Like, for example, affiliates, we're getting much more focused on the conversion and the health of the customer getting to that 13-week mark that we were just talking about. Does that answer your question?

因此，它只是繼續測試、測試、測試、測試並確保我們在這兩者之間取得最佳平衡，因為出現的價格敏感性並不一定代表長期健康的潛力。它更多地是關於人口統計和心理統計。所以你會看到我們的媒體費用下降，因為我們專注於一些更健康的目標。然後你會看到我們用一些促銷資金來吸引那些媒體目標，但只為某些渠道的轉化付費，而這些渠道在歷史上更多地關注整體流量和註冊。例如，像附屬公司一樣，我們越來越關注客戶的轉化率和健康狀況，達到我們剛剛談到的 13 周大關。這是否回答你的問題？

Yes. No, that's helpful. And I guess it's obviously, it's too early to ask about sort of initial new cohort retention from some of the new plans, I guess I'll save that for a future call.

是的。不，那很有幫助。而且我想很明顯，現在詢問一些新計劃的初始新隊列保留還為時過早，我想我會把它留到以後的電話會議上。

Yes, we can save it for future call, but what I will say is we are very good at marketing behavior throughout the entire early stage process. And so we are seeing strong behavior from their early behavior patterns of order rate, et cetera, that tell us that this mix play is going to be very interesting for us in 2023.

是的，我們可以將其保存以備將來調用，但我要說的是，我們非常擅長整個早期階段的營銷行為。因此，我們從他們早期的訂單率等行為模式中看到了強烈的行為，這告訴我們，這種混合遊戲在 2023 年對我們來說將非常有趣。

Okay. Well, that's helpful and a better answer than I expected this early on. So super helpful. And just on the cost side. Well, yes, I know it's a double point, right? So the other question just on the cost savings front, obviously, still the other key component here. Super helpful on the CPA metrics and the productivity. Just talk about sort of the phasing in timing of some of the cost savings efforts. And look, obviously, we saw egg prices continue to finally come down. Those were ridiculous. How do we think about sort of the mix of variable versus fixed and incremental opportunities as we work our way through the year? And Linda, just conversely, if you do get better traction with your marketing efforts, is there a point at which you say, "Hey, listen, this is working super well. Maybe we want to step on it a little bit here."

好的。好吧，這很有幫助，而且比我早先預期的要好。非常有幫助。只是在成本方面。好吧，是的，我知道這是雙倍積分，對吧？因此，另一個問題只是關於成本節約方面的問題，顯然，這仍然是另一個關鍵組成部分。對 CPA 指標和生產力非常有幫助。只是談談一些成本節約工作的時間安排。看，很明顯，我們看到雞蛋價格繼續下降。那些太荒謬了。在我們全年工作的過程中，我們如何考慮可變與固定和增量機會的混合？而琳達，恰恰相反，如果你的營銷努力確實得到了更好的牽引力，你是否會說，“嘿，聽著，這非常有效。也許我們想在這裡稍微踩一下。”

Yes. So first of all, I'll address the cost questions and then I can get into some of the efficiency questions. So on the cost side, we are absolutely focused on making sure that we can maintain our quality while still reducing cost. And for that, for us, that's a lot about productivity and that continued management of food waste.

是的。所以首先，我將解決成本問題，然後再討論一些效率問題。因此，在成本方面，我們絕對專注於確保我們能夠在保持質量的同時降低成本。為此，對我們來說，這在很大程度上與生產力和食物浪費的持續管理有關。

So again, this is sort of that secret that most people don't understand about meal kits and continues to be really important not only for the company but for the customer. The reduction of food waste, eliminating that 40% that most -- 40% of food in the U.S. is mostly thrown out. We don't have that because of the fact that we order exactly what we need and we send the customer what they need. So that is the key, along with labor productivity, which has improved greatly. As we said, we're seeing numbers we haven't seen since 2020, I guess, in productivity. And those two things in combination really help manage some of those food inflation costs.

因此，這又是一個大多數人不了解餐包的秘密，它不僅對公司而且對客戶仍然非常重要。減少食物浪費，消除最多的 40%——美國 40% 的食物大部分被扔掉了。我們沒有那個，因為我們訂購的正是我們需要的東西，我們向客戶發送他們需要的東西。所以這是關鍵，隨著勞動生產率的提高，勞動生產率也有了很大的提高。正如我們所說，我們看到了自 2020 年以來未曾見過的生產力數據。這兩件事結合起來確實有助於管理其中一些食品通脹成本。

I think some of the challenges we had last year was, we were struggling a little bit with inflation from all aspects of the supply chain. And this quarter, we're already seeing significant improvements in being able to balance out both our food purchasing costs as well as increasing productivity in our fulfillment centers. So no change in quality, but much, much more agile purchasing processes that will help us with that.

我認為我們去年面臨的一些挑戰是，我們在供應鏈各個方面都在努力應對通貨膨脹。本季度，我們已經看到在平衡食品採購成本和提高運營中心生產力方面取得了顯著進步。因此，質量沒有變化，但採購流程更加敏捷，這將幫助我們實現這一目標。

On the marketing side, I do completely believe in marginal ROI marketing spend. So as we continue to test some of these different nuances and as we continue to manage the capital structure of the business, we will absolutely invest more if we can do it at the right return on investment. I'll be honest with you, for the most part, we'll be looking at shorter return on investment right now. And then as we fix the capitalization of the business, we can look at still very efficient paybacks but allowing us a little bit more time on a marginal ROI basis. But yes, leaning in is 100% what we plan to do as we learn what works best.

在營銷方面，我完全相信邊際 ROI 營銷支出。因此，隨著我們繼續測試這些不同的細微差別，並繼續管理企業的資本結構，如果我們能夠以正確的投資回報率做到這一點，我們絕對會投資更多。老實說，在大多數情況下，我們現在會考慮更短的投資回報率。然後，當我們確定業務的資本化時，我們可以看到仍然非常有效的回報，但允許我們在邊際投資回報率的基礎上多一點時間。但是，是的，在我們學習最有效的方法時，100% 是我們計劃做的事情。

Got it. Thank you for bearing with my two multi, multipart questions and all...

知道了。感謝您忍受我的兩個多方面問題和所有...

No, no, no, it's totally fine. Hopefully, I hit all of it.

不，不，不，完全沒問題。希望我全部擊中。

You did.

你做到了。

Ladies and gentlemen, this will conclude today's question-and-answer session. I'd like to turn the conference back over to Linda Findley for any closing comments.

女士們，先生們，今天的問答環節到此結束。我想將會議轉回 Linda Findley 以徵求任何結束評論。

Thank you, everyone, for your time today. We look forward to providing an update on all of our efforts soon. And in the meantime, if you have any additional questions, please don't hesitate to reach out to us directly.

謝謝大家今天的時間。我們期待盡快提供有關我們所有工作的最新信息。同時，如果您有任何其他問題，請隨時直接與我們聯繫。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。