AcuityAds Holdings Inc (ATY) 2022 Q4 法說會逐字稿

Good morning, everyone. Before we begin the official remarks, I will read the cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements within the meaning of applicable security laws, including, among others, statements concerning the company's objectives, the company's strategy to achieve those objectives as well as statements with respect to management's beliefs, plans, estimates and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts.

大家早安。在我們開始正式發言之前，我將閱讀有關前瞻性資訊的警告說明。本次電話會議中將要討論的某些資訊包含適用證券法所定義的前瞻性陳述，包括但不限於有關公司目標、公司實現這些目標的策略的陳述以及有關管理層的信念、計劃、估計和意圖的陳述，以及有關預期未來事件、結果、情況、表現或非歷史事實的期望的類似陳述。

Such forward-looking statements reflects management's current beliefs and are based on information currently available to management and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Please refer to the cautionary statements and the risk factors identified in our filings with SEDAR and EDGAR for a more detailed explanation of the inherent risks and uncertainties that could affect such forward-looking statements. Following the presentation, we will conduct a Q&A session.

此類前瞻性陳述反映了管理層當前的信念，基於管理層目前掌握的信息，並受到許多重大風險和不確定因素的影響，這些因素可能導致實際結果與預期結果有重大差異。請參閱我們向 SEDAR 和 EDGAR 提交的文件中確定的警示聲明和風險因素，以獲得可能影響此類前瞻性陳述的固有風險和不確定性的更詳細解釋。演講結束後，我們將進行問答環節。

I would now like to turn the conference call over to Tal Hayek, the Co-Founder and Chief Executive Officer of AcuityAds to update you on the operations of the business.

現在，我想將電話會議交給 AcuityAds 聯合創始人兼執行長 Tal Hayek，讓他向您通報業務營運。

Hello. Welcome to the Q4 investor presentation. This is Seraj Bharwani, Chief Strategy Officer at illumin. And here with me is Tal Hayek, CEO of illumin. Hello, Tal.

你好。歡迎參加第四季投資人演示會。我是 illumin 的首席策略長 Seraj Bharwani。和我一起在場的是 illumin 的執行長 Tal Hayek。你好，塔爾。

Hello. How are you?

你好。你好嗎？

How are you? I'm fine.

你好嗎？我很好。

Thank you. Thank you.

謝謝。謝謝。

So glad we could have this conversation today.

很高興我們今天能進行這場對話。

As am I.

我也是。

And obviously, the most relevant question today is how did illumin do in Q4?

顯然，今天最相關的問題是 illumin 在第四季的表現如何？

Well, much, much, much better than we ever expected that I can tell you.

嗯，我可以告訴你，這比我們預期的要好得多。

Nice.

好的。

So, I'd like to talk about Q4 in general and then to talk about the illumin first.

因此，我想先總體談談 Q4，然後再談談照明。

Sure. yes.

當然。是的。

So I'm very excited about the fact that it's the second quarter in a row that we're delivering positive growth results. As you know, we are in an industry that we see a lot of our competitors actually seeing negative growth. A lot of it to do with the economical issues out there.

因此，我很高興看到我們連續第二季實現正成長。如您所知，我們所處的行業中，許多競爭對手實際上都出現了負成長。這在很大程度上與現有的經濟問題有關。

Sure.

當然。

And we delivered a positive growth in Q3, now delivered positive growth in Q4. And so I'm very, very excited to be on that side. So we did deliver $40 million in revenue versus $37 million that we delivered at the same time last year. So it's a nice year-over-year growth. We'd like to see higher growth, and we're working very, very hard on that. So that's, at the end of the day, that's more or less what I can say about the quarter itself. But specifically about illumin and specifically about illumin self-serve, couldn't that be more excited to see how that is growing. So it grew to a revenue of $2.4 million versus $1.2 million that we had in Q3. So doubled.

我們在第三季實現了正成長，現在在第四季也實現了正成長。所以我非常非常高興能站在那邊。因此，我們的收入確實達到了 4,000 萬美元，而去年同期的收入為 3,700 萬美元。因此，這是一個不錯的同比增長。我們希望看到更高的成長，並且我們正在為此付出非常非常的努力。所以，總而言之，這就是我對本季本身所能說的差不多的內容。但具體到 illumin，特別是 illumin 自助服務，看到它的發展，難道不更令人興奮嗎？因此，其營收從第三季的 120 萬美元成長至 240 萬美元。所以加倍了。

Yes. Good.

是的。好的。

And we added 28 new logos that are using that system now on a regular basis, and I'm very, very excited about that.

我們添加了 28 個新徽標，現在它們定期使用該系統，我對此感到非常非常興奮。

Yes.

是的。

So I'm very, very happy about the progress and seeing the continuous progress into this year's momentum as well.

因此，我對取得的進展感到非常高興，並且看到今年的勢頭不斷取得進展。

Fantastic. I know Tal, you've been really passionate about making the self-serve really grow rapidly. What is driving the recent acceleration in adoption? What's so unique and different about illumin that's convincing and persuading the clients to want to adopt it, use it and grow with it?

極好的。我知道塔爾，你一直熱衷於讓自助服務真正快速發展。是什麼推動了近期採用率的加速？ illumin 有何獨特之處和不同之處，能夠說服客戶採用它、使用它並與之共同成長？

I think it is 2 areas to concentrate to answer that question. So area number one is the advertiser, the customers. What are we -- what problems are we solving for them? And then what did we do internally in order to move into self-serve?

我認為需要集中兩個方面來回答這個問題。因此，第一大領域是廣告商、客戶。我們是什麼——我們正在為他們解決什麼問題？那麼，為了實現自助服務，我們在內部做了哪些工作？

Yes.

是的。

So let's start with the advertiser first. There's 2 big problems that we're solving for advertiser. Number one, we give the ability to create journey advertising, okay? So that's -- it sounds very simple, but there's no other system out there that is capable of doing that. And what do I mean by that? It means as an advertiser, I would like to create a journey for my campaign. Usually, it divides into 3 different segments. There's the awareness piece, there's the engagement piece and the conversion piece.

那我們先從廣告商開始吧。我們正在為廣告商解決兩個大問題。第一，我們提供創建旅程廣告的能力，好嗎？所以這聽起來很簡單，但沒有其他系統可以做到這一點。我這樣說是什麼意思呢？這意味著作為廣告商，我想為我的廣告活動創造一段旅程。通常，它分為 3 個不同的部分。其中包括認知部分、參與部分和轉化部分。

The problem is when you want to go and execute something like that, you don't have any system that allows you to do it. So you just can't do it. So that's why as consumers we always see the same ads repeat over and over and over again, 20 times, 30 times, 50 times until we want to throw up by just seeing another ad. And illumin solves for that because it gives you a system that you as an advertiser can drag and drop your creatives into it and decide on the exact journey your consumer going to go through based on rules, based on logic, based on AI.

問題是，當您想要執行這樣的操作時，您沒有任何系統允許您這樣做。所以你根本就做不到。所以這就是為什麼身為消費者，我們總是看到同樣的廣告一遍又一遍地重複播放，20 次、30 次、50 次，直到我們再看到一個廣告就想吐。 illumin 解決了這個問題，因為它為您提供了一個系統，作為廣告商，您可以將您的創意拖放到其中，並根據規則、邏輯和人工智慧決定消費者將經歷的具體旅程。

So to give you an example, if I set up you watching a certain ad, I can set it up to be watching it for 5 times and after you've seen that 5 times, I'm going to move you on to the next video ad and you're going to see that 3 times. And after you've seen that, I might move you to the next level, which is maybe the engagement side. So I'm going to show you different types of ad. And let's say, you clicked on it, I'm going to bypass your journey, and I'm going to move you to the conversion side. That point, it's time to give you a whole new set of creatives. This is the time you have call-to-actions created and you try to get the customer to convert. So everything I just said now is all being able to do from one system called illumin, and we're very, very excited to be the one that's solving that problem.

舉個例子，如果我設定你觀看某個廣告，我可以設定觀看 5 次，在你看完 5 次之後，我會帶你觀看下一個影片廣告，你會看 3 次。在您了解了這一點之後，我可能會將您帶入下一個層次，這可能是參與方面。所以我將向您展示不同類型的廣告。假設您點擊了它，我將繞過您的旅程，並將您移至轉換側。那時，是時候給你一整套全新的創意了。此時，您已建立了行動號召並嘗試讓客戶轉變。所以我剛才說的一切都可以透過一個名為 illumin 的系統來實現，我們非常非常高興能夠成為解決這個問題的人。

And the second problem that we're solving is the fact that it's very, very hard to use programmatic systems out there. You need to be a highly trained expert to use it, not with illumin, illumin is a intuitive drag and drop system. We brought it down to the basic that any average person can use it with very little training.

我們要解決的第二個問題是，使用程序化系統非常非常困難。您需要是一位訓練有素的專家才能使用它，而不是使用 illumin，illumin 是一種直覺的拖放系統。我們將其簡化到基本程度，以便任何普通人只需經過很少的培訓就可以使用它。

Nice. And I can tell you Tal that was your vision from the very beginning, right? You are the [one that] I'm literally paraphrasing you, which was you wanted to democratize programmatic advertising.

好的。我可以告訴你，塔爾，這就是你一開始的願景，對嗎？你就是我想要讓程序化廣告民主化的那個人。

Exactly.

確切地。

And the way you described it by making it very intuitive and be able to cover the full range of the entire journey from the very upstream end of it, driving awareness, all the way down to really conversion and growing businesses revenue is a phenomenal way to help achieve everything from a single interface, right?

您描述的方式是讓它非常直觀，能夠涵蓋整個旅程的全部範圍，從最上游開始，提高知名度，一直到真正的轉化和增加企業收入，這是一種透過單一介面幫助實現一切的非凡方式，對嗎？

Exactly.

確切地。

Now when you do that, the ultimate proof point that any advertiser will ask for is like, okay, great, I can do all of that, but what's the proof? Can I get real results? Does it drive better outcomes? Does it really drive better ROI? And I think those are some of the things that I'm sure investors would want to know, what it is that the advertisers are benefiting ultimately by running illumin?

現在，當你這樣做時，任何廣告商都會要求的最終證明點是，好的，太好了，我可以做到這一切，但證據是什麼呢？我能得到真正的結果嗎？它會帶來更好的結果嗎？它真的能帶來更好的投資報酬率嗎？我認為這些都是投資人想知道的事情，廣告主透過經營 illumin 最終能獲得什麼好處？

Well, as you know, as you interact with the advertisers on a regular basis, we've been able to show 2 major proof points. [Number one], you can add scale to your campaign. Beyond anything that you could do before, and I think that the numbers are showing to up to 60% more scale to your campaign, which is very impressive for advertisers who are trying to achieve more revenue, more sales at the end.

嗯，正如您所知，當您定期與廣告商互動時，我們已經能夠展示兩個主要證明點。 [第一]，你可以擴大你的競選活動的規模。超越您以前所能做的任何事，我認為數字顯示您的廣​​告活動規模增加了 60%，這對於那些試圖最終獲得更多收入、更多銷售的廣告商來說非常令人印象深刻。

And then let's talk about ROI. We've been able to show that being able to contact those consumers on the awareness and the engagement stage actually increases the ROI, which means increases the conversion and then increases the amount spent for that conversion as well. So though the combination of those two things are obviously increasing ROI for customers.

然後我們來談談投資報酬率 (ROI)。我們已經能夠證明，能夠在認知和參與階段聯繫這些消費者實際上會提高投資回報率，這意味著增加轉換率，然後也會增加為該轉換所花費的金額。因此，儘管這兩件事的結合顯然會增加客戶的投資報酬率。

I think that latter evidence is quite impressive, because to your point, when people go through that experience, our studies actually do show that people tend to end up buying more, which in industry terms is the average order value goes up significantly.

我認為後者的證據令人印象深刻，因為正如你所說，當人們經歷這種體驗時，我們的研究確實表明人們最終會購買更多東西，用行業術語來說，平均訂單價值會大幅上升。

I think it's logical, right? If you're -- if I'm getting bombarded the same ads over and over and over again, it's not going to be as efficient as if I'm telling you a story. So I think this is what the whole point is there, telling the consumers the story and bring them along that journey in order to get them to conversion.

我認為這是合乎邏輯的，對嗎？如果你——如果我一遍又一遍地被同樣的廣告轟炸，那麼它就不會像我給你講故事那麼有效。所以我認為這就是重點，向消費者講述故事並帶領他們踏上旅程，以促使他們轉變。

So, Tal, it's clearly very impressive, but nothing significant of this level of transformation and change gets achieved without some fundamental changes happening to the way you run the company. What are some of those changes that you've actually made to really get where we are now?

所以，塔爾，這顯然非常令人印象深刻，但如果不從根本上改變公司的經營方式，這種程度的轉型和變革就不可能實現。為了達到我們現在的水平，您實際上做了哪些改變？

That is an excellent question, because that's been a struggle as you know. We launched illumin 2 years ago, and our natural thought is, okay, we're going to go and sell self-serve. But coming from a company that used to selling managed for all these years, it was tough, and we had to make a lot of changes. It started by making a lot of changes on our executive side, bringing in new executives, organizing. That was a year that we invested a lot and that was really 2022. Closer to the second part of the year, we brought in a new Head of Sales, Nadeem, he came from Salesforce.

這是一個很好的問題，因為如你所知，這是一個艱難的過程。我們兩年前推出了 illumin，當時我們自然而然的想法是，好吧，我們要去銷售自助服務。但對於一家多年來一直從事銷售管理的公司來說，這很艱難，我們必須做出很多改變。首先，我們在管理方面做出了許多改變，引進了新的管理者，並進行了組織調整。那一年我們投入了大量資金，也就是 2022 年。接近下半年時，我們聘請了一位新的銷售主管 Nadeem，他來自 Salesforce。

Yes. Right.

是的。正確的。

And that was a strategic move that we made, not to bring in somebody from the industry, but bring in somebody that is used to selling maybe more long-term contracts with guarantees. So things that are not -- we're not used to in our industry, and start affect the change internally to start focusing now on the pipelines. So what's in your pipelines? How do we convert into demos? How do we convert the demos into contracts? And how do we convert the contracts into paying customers or customers using the system?

這是我們採取的一項策略性舉措，不是從業界引進人才，而是引進習慣於銷售更多有擔保的長期合約的人。因此，我們行業中不習慣的事情開始影響內部變化，現在我們開始關注管道。那你的管道裡有什麼？我們如何轉化為演示？我們如何將演示轉化為合約？我們如何將合約轉化為付費客戶或使用該系統的客戶？

Yes.

是的。

So we're bringing it down to science. We've seen a lot of lines on our pipes. We've seen a lot of demos happening on a regular basis. We're seeing those conversions. As you see in the Q4 numbers, 28 new logos in 1 quarter. That's massive amount of improvement over the previous quarters in -- what was it, Q3, we did 17 new logos, in Q2, we did 8 new logos last year. So we're improving tremendously every quarter, and we're bringing that down to science. We still have a long way to go until we figure out the exact formula, but it's looking, looking really, really good.

因此我們將其歸結為科學。我們在管道上看到了很多線條。我們經常看到很多演示活動在舉行。我們正在看到這些轉變。正如您在第四季度的數據中所看到的，一個季度內就有 28 個新標誌。與前幾季度相比，這是一個巨大的進步——去年第三季度，我們設計了 17 個新標誌，而第二季度，我們設計了 8 個新標誌。因此，我們每季都在取得巨大的進步，而這要歸功於科學。在我們找到確切的公式之前我們還有很長的路要走，但它看起來真的非常好。

It's a tough thing. I totally agree with you, Tal. I think me experiencing directly what's happening in the field, I can vouch for that in that not only have we as a company with your leadership brought about the transformation on the advertising in the industry side, but the changes that have happened internally to be able to support that level of transformation is absolutely miraculous, very impressive.

這是一件很困難的事。我完全同意你的看法，塔爾。我認為我直接經歷了該領域正在發生的事情，我可以保證，我們公司不僅在您的領導下帶來了行業廣告方面的轉型，而且內部發生的變化能夠支持這種程度的轉型，這絕對是奇蹟，非常令人印象深刻。

Let me ask you a question.

讓我問你一個問題。

Yes.

是的。

I get a glimpse of the reaction of customers when they see illumin for the first time.

我可以大致了解顧客第一次看到 illumin 時的反應。

Yes.

是的。

But do you see it all the time?

但你總是看到它嗎？

Yes.

是的。

Tell me about that?

跟我說說看？

Well, so the first reaction people get is, it's just unbelievable. I can't believe that something like this actually exists, which is a clear validation that what we went on to do was truly differentiated, truly unique. And it's one of those needs that you don't recognize until you see it. It's like the first time, it's like you could have done as much research as you wanted to, to say, does anybody want an iPhone? But nobody would know until they saw it, that that's something they had a need, and I think that's the kind of stuff illumin is.

那麼，人們的第一個反應就是，這簡直令人難以置信。我簡直不敢相信這樣的事情真的存在，這清楚地證明了我們所做的事情確實是與眾不同、獨一無二的。這是那些你只有親眼看到才會意識到的需求之一。就像第一次一樣，你可以做盡可能多的研究，比如說，有人想要一部 iPhone 嗎？但沒有人會在看到它之前知道那是他們需要的東西，我認為 illumin 是這樣的東西。

Exactly.

確切地。

Only when it was created that people recognize, oh my God, I always needed something like this. And they finally, they see they have it, and they want to figure out how they can use it. It does take a little bit of learning. It requires a change in the way they run programs and the way they run the advertising and so forth. But once they get the hang of it, which, of course, is much easier because of the intuitive nature of the platform, there is a lot of resonance in the market.

只有當它被創造出來時，人們才會意識到，天哪，我一直需要這樣的東西。最後，他們發現自己擁有了它，並想弄清楚如何使用它。這確實需要一點學習。這需要他們改變運行程式的方式、運行廣告的方式等等。但一旦他們掌握了竅門，這當然會容易得多，因為平台具有直覺的特性，市場就會產生很大的共鳴。

Yes. I love those moments when I see the reaction of new marketers and advertisers that they see the demo for the first time.

是的。當我看到新行銷人員和廣告商第一次看到簡報時的反應時，我感到很開心。

Without a doubt, it's consistently positive.

毫無疑問，它始終是積極的。

Yes. So thank you, Seraj for doing this. We're obviously doing a new format and we want make it more interesting.

是的。所以感謝 Seraj 這樣做。我們顯然正在採用一種新的形式，我們希望讓它變得更有趣。

It's fun.

很有趣。

So, thank you for coming.

謝謝您的到來。

Yes, yes, really enjoyed it, really enjoyed it. Yes.

是的，是的，真的很喜歡，真的很喜歡。是的。

And I'd like to call on Elliot to give us some financial update, please.

我想請艾略特向我們提供一些財務更新。

Thank you, Tal, and thank you to those joining us today on our fourth quarter and fiscal year 2022 earnings call. We reported record total revenue for Q4 2022 of $40 million, which was driven by strong annualized and sequential sales growth from illumin of 121% and 70% respectively. We are excited by the continued momentum of the illumin platform in Q4 in terms of increased revenue, customer growth, and especially the growing self-serve component of our unique journey advertising platform. These strong fourth quarter results were accomplished in a very challenging macroeconomic environment.

謝謝你，塔爾，也感謝今天參加我們 2022 財年第四季和年度財報電話會議的各位。我們報告稱，2022 年第四季的總收入創下 4,000 萬美元的紀錄，這得益於 illumin 強勁的年化銷售額和連續銷售額增長，分別增長 121% 和 70%。我們對第四季度 illumin 平台在收入增加、客戶成長以及我們獨特的旅程廣告平台的自助服務組件不斷增長方面的持續發展勢頭感到興奮。第四季的強勁業績是在極具挑戰性的宏觀經濟環境下取得的。

The growing self-serve demo pipeline we've been seeing as of late clearly speaks to the value that our prospective clients are seeing in illumin. Our targeted investments in the illumin platform and our sales efforts throughout 2022 are now being reflected in our financial results, and we believe these foundational investments will produce further benefits in 2023 as we continue to enhance and expand the breadth of the capabilities of our platform. We expect to achieve positive total company revenue growth driven by illumin in 2023 as it continues to become an even larger percentage of our overall revenue.

我們最近看到的不斷增長的自助服務演示管道清楚地表明了我們的潛在客戶在 illumin 中看到的價值。我們對 illumin 平台的定向投資以及我們在 2022 年全年的銷售努力現已反映在我們的財務業績中，我們相信，隨著我們繼續增強和擴展平台功能的廣度，這些基礎投資將在 2023 年產生更多收益。我們預計，在 2023 年，illumin 將推動公司總收入實現正成長，因為它在我們總收入中所佔的比例將進一步增加。

While not immune to the continuing recessionary pressures on ad spend into 2023, we believe our unique platform offering will be the differentiating driving force behind our continued growth. And on that note, I'll now review our financial results for the fourth quarter and the full year of 2022. Total revenue for the fourth quarter of 2022 was $40 million, as I previously mentioned, up 9% from Q4 2021 of $37 million, and up 38% sequentially compared to $29 million in Q3 of this year.

雖然到 2023 年，我們仍無法免受持續的經濟衰退對廣告支出造成壓力的影響，但我們相信，我們獨特的平台產品將成為我們持續成長的差異化驅動力。關於這一點，我現在將回顧我們 2022 年第四季和全年的財務表現。正如我之前提到的，2022 年第四季的總營收為 4,000 萬美元，較 2021 年第四季的 3,700 萬美元成長 9%，與今年第三季的 2,900 萬美元相比環比成長 38%。

Revenue growth in the quarter was driven largely by higher spend from our existing illumin clients, including illumin self-serve clients, which rose dramatically by 100% on a sequential basis compared to Q3. For the fiscal year 2022, total revenue was $121 million, mostly flat with $122 million of the prior year. This slight decrease was mainly a result of lower client spending stemming from macroeconomic headwinds such as high inflation, the anticipation of lower inventory, persisting supply chain challenges and recession concerns.

本季營收的成長主要得益於我們現有 illumin 客戶（包括 illumin 自助服務客戶）的支出增加，與第三季相比，其支出較上季大幅成長了 100%。 2022 財年總營收為 1.21 億美元，與前一年的 1.22 億美元基本持平。這一小幅下降主要是由於高通膨、庫存下降預期、持續的供應鏈挑戰和經濟衰退擔憂等宏觀經濟逆風導致客戶支出減少。

And having said that, these full year results do not represent the recent momentum we've been seeing for our illumin self-serve, which has continued into 2023. Revenue from managed services during the fourth quarter was $26.6 million, unchanged from Q4 of last year, and a 30% increase sequentially from Q3 of this year of $20.4 million. For the fiscal year 2022, revenue from managed services was $81 million compared to $91.8 million in 2021. Self-service revenue for Q4 2022 was $13.4 million, an increase of 31% compared to $10.2 million in the prior year, and a 57% increase sequentially compared to the $8.5 million in Q3 2022.

話雖如此，這些全年業績並不代表我們最近看到的 illumin 自助服務的發展勢頭，這種勢頭一直持續到 2023 年。第四季託管服務收入為 2,660 萬美元，與去年第四季持平，比今年第三季的 2,040 萬美元季增 30%。 2022 財年，託管服務收入為 8,100 萬美元，而 2021 年為 9,180 萬美元。 2022 年第四季自助服務收入為 1,340 萬美元，較上年同期的 1,020 萬美元成長 31%，較 2022 年第三季的 850 萬美元季增 57%。

For the fiscal year 2022, self-service revenue was $40.1 million, a 33% increase compared to the $30.2 million in 2021. And for the 3 and 12 months ended December 31, 2022, illumin revenue was CAD22.5 million and CAD53.7 million respectively compared to CAD10.2 million and CAD26 million in revenue in the comparable 2021 periods. And this represents continued and significant growth in the illumin platform as we reach the target customer base and begin to realize illumin significant growth potential.

2022 財年，自助服務收入為 4,010 萬美元，較 2021 年的 3,020 萬美元成長 33%。截至 2022 年 12 月 31 日的 3 個月和 12 個月，illumin 收入分別為 2,250 萬加元和 5,370 萬加元，而 2021 年同期的收入分別為 1,020 萬加元和 2,600 萬加元。隨著我們達到目標客戶群並開始實現 illumin 顯著的成長潛力，這代表著 illumin 平台將持續顯著成長。

Our gross profit or net revenue, which is defined as the total revenue less media-related costs was $19.4 million in Q4 2022, an increase of 1% compared to $19.1 million in Q4 2021. Sequentially, gross profit increased 30% compared to the $14.8 million of Q3 2022. Gross profit or net revenue for the fiscal year 2022 was $60.8 million compared to $63.6 million in 2021. Our gross profit margin for Q4 2022 was 48.4% compared to 52% in Q4 2021 and 51.3% in Q3 2022.

我們的毛利或淨收入（定義為總收入減去媒體相關成本）在 2022 年第四季為 1,940 萬美元，較 2021 年第四季的 1,910 萬美元成長 1%。與 2022 年第三季的 1,480 萬美元相比，毛利環比成長 30%。 2022 財年的毛利或淨收入為 6,080 萬美元，而 2021 年為 6,360 萬美元。我們 2022 年第四季的毛利率為 48.4%，而 2021 年第四季為 52%，2022 年第三季為 51.3%。

For the full year, gross profit margin was 50.2% compared to the 52.1% in 2021. This decrease was mainly attributable to a strong shift in product mix during the quarter as self-service revenue, which carries a lower gross margin continued to increase as a percentage of overall revenue during both the 3 and 12 months period. Our total operating expenses for the fourth quarter of 2022 were $19.6 million compared to the $16.1 million in the same period last year, and $16 million in Q3 of this year.

全年毛利率為 50.2%，而 2021 年為 52.1%。這一下降主要歸因於本季產品結構的強勁變化，因為毛利率較低的自助服務收入在 3 個月和 12 個月期間佔總收入的百分比持續上升。我們 2022 年第四季的總營運費用為 1,960 萬美元，而去年同期為 1,610 萬美元，今年第三季為 1,600 萬美元。

Our total operating expenses for fiscal 2022 were $66.3 million compared to the $53 million in 2021. As a percentage of revenue, operating expenses were 49% in our fourth quarter compared to 44% for the same period in 2021 and compared to 55% in Q3 of this year. For the fiscal year 2022, operating expenses as a percentage of revenue were 55% compared to 43% for 2021. This increase in operating expenses was consistent with our expectations as it reflects our strategic investments in 2022 in sales and marketing and technology development to enhance the illumin platform and to drive its success in the marketplace.

我們 2022 財年的總營運費用為 6,630 萬美元，而 2021 年為 5,300 萬美元。以營收百分比計算，第四季的營運費用為 49%，而 2021 年同期為 44%，今年第三季為 55%。 2022 財年，營運費用佔收入的百分比為 55%，而 2021 年為 43%。營運費用的成長符合我們的預期，因為它反映了我們在 2022 年對銷售、行銷和技術開發的策略性投資，以增強 illumin 平台並推動其在市場上取得成功。

And as a result, we've generated EBITDA in Q4 2022 of $2.4 million compared to $5.9 million during the same period in 2021 and $1.6 million in Q3 of this year. For the full year 2022, adjusted EBITDA was $5.8 million compared to $20.3 million in 2021. This year-over-year decrease is mainly due to the strategic investments I mentioned previously to grow illumin revenue and to implement further platform enhancements. The net loss for Q4 2022 was $0.8 million compared to net income of $2.7 million for the same quarter last year and $3.2 million in Q3 2022. For the full fiscal year 2022, our net loss was again $0.8 million compared to net income of $11.8 million in 2021 due to the factors I described earlier.

因此，我們在 2022 年第四季的 EBITDA 為 240 萬美元，而 2021 年同期為 590 萬美元，今年第三季為 160 萬美元。 2022 年全年調整後的 EBITDA 為 580 萬美元，而 2021 年為 2,030 萬美元。同比下降主要是由於我之前提到的為增加 illumin 收入和實施進一步的平台增強而進行的策略投資。 2022 年第四季的淨虧損為 80 萬美元，而去年同期的淨收入為 270 萬美元，2022 年第三季的淨收入為 320 萬美元。由於我之前描述的因素，2022 財年全年我們的淨虧損再次為 80 萬美元，而 2021 年的淨收入為 1,180 萬美元。

And now onto the balance sheet. Turning to our balance sheet as of December 31, 2022, our cash and cash equivalents balance stood at $85.9 million compared to $102.2 million as of December 31, 2021. The lower cash balance compared to last year was mainly related to the share repurchases we made throughout the year under our share buyback program, reflecting the belief of our management and Board that the current price of our common shares does not reflect the inherent value and potential.

現在來看資產負債表。回顧我們截至 2022 年 12 月 31 日的資產負債表，我們的現金和現金等價物餘額為 8590 萬美元，而截至 2021 年 12 月 31 日為 1.022 億美元。與去年相比，現金餘額較低主要與我們全年根據股票回購計畫進行的股票回購有關，這反映了我們管理層和董事會認為我們普通股的當前價格並未反映其內在價值和潛力。

Along those lines, during the 12 months, we repurchased 4.7 million common shares via our normal course issuer bid at an average price of $3.08, totaling $14.5 million. Before moving on, I'd like to comment on our capital deployment strategy. We continue to invest capital in a targeted and strategic manner to support illumin's and Acuity's future growth. And given our latest financial results, we remain confident, our investments are focused on producing strong returns for our shareholders and our strategic focus as well as our share repurchases are all aligned towards this goal. Looking at the shares outstanding, as of December 31, Acuity had 56.8 million shares outstanding compared to 60.7 million at the same time last year.

沿著這一思路，在 12 個月內，我們透過正常發行人出價以平均 3.08 美元的價格回購了 470 萬股普通股，總計 1,450 萬美元。在繼續之前，我想先評論一下我們的資本配置策略。我們將繼續以有針對性和策略性的方式投入資金，以支持 illumin 和 Acuity 的未來發展。鑑於我們最新的財務業績，我們仍然充滿信心，我們的投資專注於為股東創造豐厚的回報，我們的策略重點以及我們的股票回購都朝著這個目標邁進。從流通股來看，截至 12 月 31 日，Acuity 流通股數為 5,680 萬股，去年同期為 6,070 萬股。

And in conclusion, we remain focused on growing our illumin platform with emphasis on the self-serve component, which we expect will be a main driver of our Acuity's overall growth in 2023. And to support this growth, we will continue to make strategic investments to support illumin's development and market growth. With our balance sheet and cash position, we are in a solid place to continue on this course. And at the same time, our considerable cash balance also enables us to cautiously continue exploring targeted M&A opportunities to accelerate our growth even further. This remains a key focus for us and an important part of the company's long-term strategic plans.

總而言之，我們將繼續專注於發展我們的 illumin 平台，重點關注自助服務組件，我們預計這將成為 2023 年 Acuity 整體成長的主要驅動力。為了支持這一成長，我們將繼續進行策略性投資，以支持 illumin 的發展和市場成長。憑藉我們的資產負債表和現金狀況，我們有能力繼續推進這一進程。同時，我們充足的現金餘額也使我們能夠謹慎地繼續探索有針對性的併購機會，以進一步加速我們的成長。這仍然是我們關注的重點，也是公司長期策略計畫的重要組成部分。

And with that, I would like to pass it over back to Tal and Seraj.

說完這些，我想把它交還給 Tal 和 Seraj。

Thank you, Elliot.

謝謝你，艾略特。

So Tal, would you like to summarize in your own words Q4 overall and how it performed? And with the backdrop of where the economy is and where the conditions are right now, how you expect illumin to perform this year?

那麼 Tal，您想用自己的話總結一下第四季度的整體情況及其表現嗎？考慮到當前的經濟狀況和條件，您預計 Illumin 今年的表現如何？

Yes, definitely. Start with Q4. We delivered $40 million in revenue in Q4 over $37 million at the same time last year. I'm excited to go back to growth. It's the second quarter in a row that we're showing growth, and we're seeing a lot of our competitors showing negative growth during the same period. So I'm very, very excited that we're showing growth. And I think the reason that we're showing growth is because we have this product that is totally unique and we're going out there to the market.

是的，當然。從 Q4 開始。我們第四季的營收為 4,000 萬美元，超過去年同期的 3,700 萬美元。我很高興能夠恢復成長。這是我們連續第二季實現成長，而我們發現許多競爭對手在同一時期都出現負成長。因此，我對我們的成長感到非常非常興奮。我認為我們之所以呈現成長是因為我們擁有這款完全獨特的產品，而我們正在將其推向市場。

And it was a really good question about the economical situation. And it's hard for me to exactly answer it because we're doing well, but maybe in normal times we would be doing even [extendedly] better. But we're still going into a market, programmatic market, which is over [$150 million], and we're going after the customers who are already using it. So it's not so much a function of how much is the market growing. It's a function of our -- we are going into a market with a unique product and displacing our competitors, okay?

這是一個關於經濟情勢的非常好的問題。我很難準確地回答這個問題，因為我們做得很好，但也許在正常時期我們會做得更好。但我們仍在進入一個市場，一個規模超過 [1.5 億美元] 的程式化市場，我們正在爭取那些已經在使用它的客戶。因此，這不太取決於市場成長了多少。這是我們的功能——我們正以獨特的產品進入市場並取代我們的競爭對手，好嗎？

So it's a huge market to displace in, and illumin is something that nobody else has and that's why we're seeing the success there. And I'm super pumped about the fact that we're doing it on self-serve. We were able to double revenue in Q4 over Q3 on the self-serve illumin side. But more importantly, just starting to bring it more back to science. And I think one of the other things that I would like to share is we're testing something that is pretty hard to do in our industry. We're testing long-term committed contracts. So our normal way of doing business in the adtech space on the managed side of things, even on self-serve is usually no commitments from guarantees or short-term commitments.

所以這是一個巨大的市場，而 illumin 是其他公司所沒有的，這就是我們在那裡取得成功的原因。我對我們採用自助服務的方式做這件事感到非常興奮。與第三季相比，我們在第四季的自助照明收入翻了一番。但更重要的是，開始將其帶回科學。我想分享的另一件事是，我們正在測試一些在我們的行業中很難做到的事情。我們正在測試長期承諾合約。因此，我們在廣告科技領域的管理方面（即使是自助服務）的正常經營方式通常不承擔任何擔保或短期承諾。

We are testing long-term commitments between 1-year and 3-year contracts with minimum guarantees means the customers are guaranteeing that the contracts as well. And we're starting to see some early results. It's too early to really call it and to provide feedback on it, believe me, we will when we have proper and solid feedback. But there's only other 2 other companies that can do it in our space, and we're seeing that customers are willing to sign for those things. So that's a great sign. And the reason they're doing that is just because they love the concept of illumin. So that's the way I see, that's the way I look at Q4.

我們正在測試 1 年期和 3 年期合約之間的長期承諾，最低保證意味著客戶也要保證合約。我們開始看到一些早期成果。現在就下結論並提供回饋還為時過早，相信我，當我們得到適當和可靠的回饋時，我們就會採取行動。但在我們的領域只有另外兩家公司可以做到這一點，而且我們看到客戶願意簽署這些東西。這是一個好兆頭。他們這樣做的原因只是因為他們喜歡 illumin 的概念。這就是我的看法，這就是我看待 Q4 的方式。

And looking at this year, my strong belief that we're going to see another growth year, and it's going to be more and more of adoption of illumin. And Q1 is already looking good and we're happy about what we're seeing there. Obviously, we're in the middle of the quarter, but so far early signs are really, really good. And I'm very excited about what's here to come. I didn't get a chance yet to thank the Acuity team for delivering such an amazing quarter. By the way, Q4, the $40 million was a record quarter for Acuity. So we're very, very thankful and full of gratitude for that as well, and for our investors and all our other partners that made this possible. So I'd like to thank everyone.

展望今年，我堅信我們將迎來另一個成長年，照明的採用率也會越來越高。 Q1 的表現已經很好了，我們對所看到的感到滿意。顯然，我們正處於本季度的中期，但到目前為止，早期跡象確實非常好。我對即將發生的事情感到非常興奮。我還沒有機會感謝 Acuity 團隊創造瞭如此出色的季度業績。順便說一句，第四季度，4000 萬美元是 Acuity 創下的季度紀錄。因此，我們對此非常非常感謝，也充滿感激，感謝我們的投資者和所有其他合作夥伴，是他們讓這一切成為可能。所以我要感謝大家。

And we are going to now go to Q&A.

我們現在進入問答環節。

Thank you, Tal and Elliot. (Operator Instructions) Your first question will come from Darren Aftahi at ROTH Capital Partners.

謝謝你，塔爾和艾略特。 （操作員指示）您的第一個問題來自 ROTH Capital Partners 的 Darren Aftahi。

Hey, guys. Can you hear me? I think you guys are on mute.

嘿，大家好。你聽得到我嗎？我認為你們都靜音了。

How is it now?

現在怎麼樣了？

Great. Good to see you guys. Congratulations. Nice work. So 2 for me. The 28 logo number, sort of a inflection point, if I'll use that word. I'm just kind of curious, what do you think, like is it an inflection? And then, I guess secondarily like is -- has something changed where you feel like adoption is kind of mainstream now? That's my first question.

偉大的。很高興見到你們。恭喜。幹得好。所以對我來說是 2。 28 這個標誌數字，有點像是轉折點，如果我願意用這個字的話。我只是有點好奇，您覺得怎麼樣，這是一種語調變化嗎？然後，我想其次是——您是否覺得現在收養已經成為主流了？這是我的第一個問題。

Second one, everybody for the most part we've heard from in this space has just talked about how Q1 to date is not great. But yet Tal, I heard you at the end of your prepared remarks talking about how Q1 look good. I'm just sort of curious if you can kind of speak to that context? Thanks.

第二，我們在這個領域聽到的大多數人都只是談論第一季迄今為止的表現如何不太好。但是塔爾，我聽到你在準備好的演講結束時談到第一季看起來如何很好。我只是有點好奇，您是否可以談談這個背景？謝謝。

Yes, absolutely. Great questions. So inflection point, well, let's share the numbers of new logos throughout the year. In Q1, 5 new logos, in Q2, 8, in Q3, 18, and in Q4, we have 28. [Is that an answer]? No, I think we're going to -- we can raise that number up a lot -- to -- by a lot. And the question is what changed? A lot changed internally. So we spent last year really organizing the company, and part of it was moving our kind of DNA from selling managed to selling more SaaS, which we consider that our self-serve platform, selling contracts versus insertion orders, which are short-term orders.

是的，絕對是。很好的問題。那麼，拐點來了，讓我們來分享一下全年新標誌的數量。第一季有 5 個新標誌，第二季有 8 個，第三季有 18 個，第四季有 28 個。 [這是答案嗎]？不，我認為我們可以將這個數字提高很多。問題是發生了什麼變化？內部發生了很多變化。因此，我們去年花了一年時間真正地組織公司，其中一部分工作是將我們的 DNA 從銷售管理轉變為銷售更多的 SaaS，我們認為這是我們的自助服務平台，銷售合約而不是插入訂單，即短期訂單。

So that takes time, and a big focus started around mid-year when we brought in our new Head of Sales, Nadeem, that has lots of experience from his previous life in Salesforce, running salespeople with selling contracts. So I think that's the main thing that changed in our company. The product, of course, got better as well, and we're adding new and new things to it all the time. But that's what changed from the sales focus. And I think indicators are showing that we're doing great in Q1 from the self-serve illumin perspective, but also we're going to be -- we believe we're going to see growth in Q1 as well over Q1 of last year as well.

所以這需要時間，我們在年中開始重點關注，當時我們聘請了新的銷售主管 Nadeem，他在 Salesforce 工作期間積累了豐富的經驗，負責管理銷售人員並簽訂銷售合約。所以我認為這是我們公司發生的主要變化。當然，產品也變得更好了，我們一直在添加新的功能。但從銷售重點來看，情況已經改變了。我認為各項指標都表明，從自助照明的角度來看，我們在第一季表現非常出色，而且我們也將——相信在第一季度，我們將比去年第一季看到成長。

So I would say yes, I -- like I did say before, it's hard to say how it would've been in good economic times, but we're doing well under these circumstances, and I think the reason is because we have a product that is very unique and we're creating a lot of excitement for advertisers.

所以我會說是的，就像我之前說過的，很難說在經濟形勢良好的情況下情況會如何，但在這種情況下我們做得很好，我認為原因是我們擁有一款非常獨特的產品，並且我們為廣告商創造了很多興奮點。

Your next question will come from Laura Martin at Needham & Company.

您的下一個問題來自 Needham & Company 的 Laura Martin。

Okay.

好的。

Laura, did you like the new format?

蘿拉，你喜歡新的格式嗎？

I'll ask my 2 questions also simultaneously. One is really great revenue growth and great illumin mix, but tell me about costs. Costs are rising a little faster than we thought in the quarter, and you said you're going to have growth into '23. Can you talk about what you think is going to happen to cost growth compared to the revenue growth in '23 as we think about modeling that? That's my first. Yes, go ahead with that one, I guess.

我也會同時提出兩個問題。一是收入成長確實很大，照明組合也很好，但請告訴我成本。本季成本上漲的速度比我們預想的要快一些，而您說過到 23 年成本還會繼續成長。當我們考慮建模時，您能否談談您認為與 23 年的收入成長相比，成本成長會發生什麼變化？這是我的第一次。是的，我想，繼續吧。

Yes. I would say cost is increasing exactly how we designed it to increase. We communicated very well to the market that we're investing last year in the organization and in the sales and marketing side. So that, that is the cost base that we had increased last year is carrying us into this year as well. And we're definitely seeing the results from that. Anything you'd like to add?

是的。我想說成本的成長正是按照我們設計的方式進行的。我們向市場很好地傳達了我們去年在組織以及銷售和行銷方面的投資。因此，我們去年增加的成本基礎也將帶動我們進入今年。我們確實看到了其成果。您還有什麼要補充的嗎？

Yes. I think (technical difficulty) definitely, we are continuing our program of building into the advantage that we have. So the focus has shifted to more of even more technology and product evolution. So into 2023, we are working hard to create additional capabilities, so there'll be definitely additional focus there and on our marketing and our market presence, which I think we've kind of not invested as much as we could have in the past. So there is -- but we are quite cautious about, and we have redirected costs from other areas that we think are less strategic. So it's more of an allocation between the two.

是的。我認為（技術難度）肯定存在，我們正在繼續我們的計劃，以鞏固我們的優勢。因此，重點已經轉移到更多的技術和產品發展。因此，到 2023 年，我們將努力創造更多能力，因此肯定會更加關注我們的行銷和市場佔有率，我認為我們在這方面的投入不如過去那麼多。所以有——但我們非常謹慎，並且我們已經將成本從我們認為不太具有戰略意義的其他領域轉移。因此這更像是兩者之間的分配。

Okay. And then my second question is about does illumin, I know you used to have a lot of mattress work. Is that back? And more specifically stepping up a level, is illumin particularly well suited for certain types of products that you find yourself like in the 28 win -- logo wins in Q4 or the 18 in Q3 or the 8 in Q2. Are they coming in certain verticals typically these logo wins?

好的。我的第二個問題是關於 illumin 的，我知道您以前做過很多床墊工作。那是回來了嗎？更具體地說，提升一個級別，illumin 特別適合某些類型的產品，你會發現自己在第四季度的 28 個勝利 - 標誌勝利或第三季度的 18 個勝利或第二季度的 8 個勝利。這些標誌是否在某些垂直領域中獲勝？

Right. The job of the platform is to work on any vertical, and that's what the AI always adopts to. A lot of times we would see what's -- what the big spenders are spending online at a certain time, then naturally we will see more revenue coming from that way, but it can literally work on anything and adopt to anything. So it's really not geared to any specific verticals. So that would be my answer. I mean, we do see -- every quarter, we see certain verticals doing better and certain verticals doing work like the mattress, for example, definitely not doing anywhere close to what it used to do, but it's a function of the times.

正確的。平台的工作是在任何垂直領域開展工作，而這正是人工智慧始終採用的方式。很多時候，我們會看到大手大腳的消費者在某個時間在網路上消費了多少錢，然後我們自然會看到透過這種方式獲得更多的收入，但它實際上可以作用於任何事物並適應任何事物。所以它實際上並不適合任何特定的垂直行業。這就是我的答案。我的意思是，我們確實看到——每個季度，我們都會看到某些垂直行業表現更好，而某些垂直行業的表現，例如床墊，肯定沒有達到以前的水平，但這是時代的變化。

Our next question comes from Daniel Rosenberg at Paradigm Capital.

我們的下一個問題來自 Paradigm Capital 的 Daniel Rosenberg。

Tal and Elliot, my first question was around the expenses. I just wanted to understand as you went through this year of investment, is the way to think about next year all that investment that was sort of onetime in setting illumin up, that's going back into sales and marketing?

塔爾和艾略特，我的第一個問題是關於費用的。我只是想了解一下，當您經歷了今年的投資時，您是否會考慮明年所有用於建立 illumin 的一次性投資，這些投資是否會重新投入到銷售和行銷中？

Okay. So the investments that we make mostly in people, right? So all those people that we made investments on are not a onetime investment. Those are investment to increase the capacity of the sales force, to increase the capacity of the tech people building the product, of the product people. So it really was all around. And don't forget on the executive side, we've done a lot of work as well in order to get us ready for the next phase of growth.

好的。所以我們主要對人進行投資，對嗎？因此，我們對所有這些人進行的投資並不是一次性投資。這些投資是為了提高銷售團隊的能力、提高產品製造技術人員的能力以及提高產品人員的能力。所以它確實無所不在。並且不要忘記，在執行方面，我們也做了很多工作，以便為下一階段的成長做好準備。

So those are things that will stay with us from an expense point of view. Again, Daniel, this is a choice that we can make and unmake at any time, but we don't see us unmaking that choice because we're seeing the results from all those investments. And the main thing for us is we're seeing the addition of the self-serve clients month-over-month. And that creates a component effect on the revenue where you have your existing clients and you add new clients to it. So every month we're seeing the revenue and the number of clients on the system grow. So this is really what we're focusing on.

因此，從費用的角度來看，這些東西將會留在我們身邊。再說一次，丹尼爾，這是一個我們可以隨時做出或取消的選擇，但我們不會取消這個選擇，因為我們已經看到了所有這些投資的成果。對我們來說最重要的是，我們看到自助服務客戶的數量逐月增加。這會對您現有客戶的收入以及新客戶的收入產生影響。因此，每個月我們都會看到系統的收入和客戶數量正在增加。所以這確實是我們關注的重點。

So when in the past, we used to focus on different things. Today, we really, really focus on the pipeline of self-serve, and then on the conversion to demos, the conversion from demo to sign contract, and then to activation. So that has been our focus, and we're starting to bring it down to science. We still have very short time data, but it's looking good so far and we're making adjustments to it all the time.

所以過去我們常常關注不同的事情。今天，我們真正關注的是自助服務的流程，然後是演示的轉換，從演示到簽訂合約的轉換，再到激活。這就是我們的重點，我們開始將其歸結為科學。我們仍然擁有非常短的時間數據，但到目前為止看起來不錯，並且我們一直在對其進行調整。

And then on the sales pipeline of the self-serve customers, could you characterize in terms of any trends you're seeing on size or spend? Are you able to target a different type of customer versus what you had done in the past? And then I'll pass the line.

然後，在自助服務客戶的銷售管道中，您能否根據規模或支出趨勢來描述？與過去相比，您是否能夠瞄準不同類型的客戶？然後我就通過了。

Yes. So our main target market is the medium advertisers and medium agencies. That's what we get the most amount of business from. But at the same time, we are getting a lot of interest from the bigger entities out there, and we are working on those as well, but the majority of it is on the midsize. Remember, (technical difficulty) also simplifies the whole process. So sometimes people that would never access programmatic because it's so complicated, now it gives them the ability to do it. So it opens up a big market for us as well.

是的。因此我們的主要目標市場是中型廣告商和中型代理商。這就是我們獲得最多業務的途徑。但同時，我們也得到了許多大型實體的關注，我們也正在與這些實體合作，但主要還是針對中型企業。請記住，（技術難度）也會簡化整個過程。因此，有時人們永遠不會訪問程式化，因為它太複雜了，現在它讓他們能夠做到這一點。因此這也為我們開闢了一個龐大的市場。

Thanks for that, and congrats on the quarter.

謝謝您，並恭喜本季取得佳績。

Nice to see you. Nice to see you back in the office.

很高興見到你。很高興看到你回到辦公室。

Thank you, Daniel. I will give a minute to see if there are any other questions from our analysts. It would seem that we have no more questions. Tal, I will hand it back over to you for any final remarks.

謝謝你，丹尼爾。我將花一點時間看看我們的分析師是否還有其他問題。看來我們沒有其他問題了。塔爾，我會把它交還給你，以便你做最後的評論。

Thank you. Thank you. So again, I'd like to thank our investors, without our partners, we would not be where we are today. So big thank you to all our partners, to the Acuity family for delivering a record quarter and for doing all those hard movements to move us into the self-serve world. And that's it for today. Thank you.

謝謝。謝謝。所以，我再次感謝我們的投資者，沒有我們的合作夥伴，我們就不會取得今天的成就。非常感謝我們所有的合作夥伴，感謝 Acuity 大家庭創造了創紀錄的季度業績，並付出了所有艱苦的努力，將我們帶入了自助服務的世界。今天的內容就到這裡。謝謝。

Thank you very much.

非常感謝。

This concludes our Q4 2022 and full year results. You may now disconnect.

這就是我們 2022 年第四季和全年的業績。您現在可以斷開連線。