Babylon Holdings Ltd (BBLN) 2022 Q4 法說會逐字稿

Hello, and welcome to Babylon's Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. (Operator Instructions). After today's presentation, there will be an opportunity to ask questions. If you'd like to be placed in telephone keypad. Please note this event is being recorded. Leading the call today is Dr. Ali Parsadoust, Founder and Chief Executive Officer; David Humphreys, Chief Financial Officer; and Dr. Saurabh Johri, Chief Science Officer.

您好，歡迎來到 Babylon 2022 年第四季和全年財報電話會議和網路廣播。 （操作員說明）。今天的演講結束後，將有機會提問。如果您想將其置於電話鍵盤中。請注意此事件正在被記錄。今天的電話會議由創始人兼首席執行官 Ali Parsadoust 博士主持。大衛‧漢弗萊斯，財務長；和首席科學官 Saurabh Johri 博士。

Before we begin, we'd like to remind you that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 and as further described at the end of the press release that is posted on the company's website. These forward-looking statements reflect Babylon's current expectations based on the company's beliefs, assumptions, information currently available to the company and are subject to various risks and uncertainties that could cause actual results to differ materially.

在我們開始之前，我們想提醒您，本次電話會議中所做的某些陳述將屬於1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述，並在發佈於的新聞稿末尾進行了進一步描述。該公司的網站。這些前瞻性陳述反映了巴比倫基於公司目前可獲得的信念、假設和資訊的當前預期，並受到各種風險和不確定性的影響，可能導致實際結果出現重大差異。

Although Babylon believes these expectations are reasonable, the company undertakes no obligation to revise any statements to reflect changes that occur after this call. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements can be found in the Risk Factors section of the company's annual report on Form 20-F filed on March 30, 2022, its annual report on Form 10-K for the year ended December 31, 2022, to be filed with the SEC and its other filings with the Securities and Exchange Commission.

儘管巴比倫認為這些期望是合理的，但該公司沒有義務修改任何聲明以反映本次電話會議後發生的變化。可能導致實際結果與這些前瞻性陳述有重大差異的一些因素的描述可以在該公司於2022 年3 月30 日提交的20-F 表格年度報告（其2022 年3 月30 日表格年度報告）的在風險因素部分中找到。截至 2022 年 12 月 31 日止年度的 10-K 報告以及向美國證券交易委員會提交的其他文件。

In addition, please note that the company will be discussing certain non-GAAP financial measures that we believe are important in evaluating performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found at the end of the press release that is posted on the company's website. This presentation filed for today's call are also available on the company's website.

此外，請注意，本公司將討論某些我們認為對評估績效很重要的非公認會計準則財務指標。有關這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準之間的關係以及歷史非公認會計準則財務衡量標準的調節的詳細信息，請參閱公司網站上發布的新聞稿的末尾。為今天的電話會議提交的簡報也可以在該公司的網站上找到。

With that, I'd like to turn the call over to Babylon's CEO, Dr. Ali Parsadoust. Dice, please go ahead.

說到這裡，我想將電話轉給巴比倫的執行長 Ali Parsadoust 博士。骰子，請繼續。

I would like to welcome everyone to Babylon's Fourth Quarter and Year ended December 31, 2022 Earnings Call. Thank you for your time and interest in Babylon. I'm joined today by David Humphreys, our Chief Financial Officer, who will provide more details on our financial results and Saurabh Johri, our Chief Science Officer, who will provide some further information about our AI work, after which we will open the call for any questions.

我謹歡迎大家參加 Babylon 截至 2022 年 12 月 31 日的第四季和年度財報電話會議。感謝您抽出時間對巴比倫有興趣。今天我們的財務長 David Humphreys 將提供有關我們財務業績的更多詳細信息，我們的首席科學官 Saurabh Johri 將提供有關我們人工智能工作的更多信息，之後我們將開始電話會議如有任何疑問。

I want to open our discussion today with three observations: Firstly, on the broadband industry and how we believe we are in the right place with regards to the trends we are seeing. Secondly, on our 2022 results, which have again exceeded guidance and lastly, on some recent developments.

我想以三點觀點開始我們今天的討論：首先，關於寬頻產業，以及我們如何相信我們在所看到的趨勢方面處於正確的位置。其次，我們的 2022 年業績再次超出了預期，最後是最近的一些進展。

So first, turning to the sector. I believe we are witnessing a number of key industry trends coming together to validate abalone theses and approach. These include: one, a shift in provision models from hospitals into community, retail and primary care. This trend will not stop here and we'll continue to move to home care and eventually to individuals' mobile devices to cover them wherever they are. This is why we are witnessing so many high-value acquisition activity around primary and community care providers for reasons articulated below retail, this is just the start.

首先，轉向該行業。我相信我們正在見證許多關鍵的行業趨勢聚集在一起驗證鮑魚論文和方法。其中包括：第一，提供模式從醫院轉向社區、零售和初級保健。這一趨勢不會就此停止，我們將繼續轉向家庭護理，並最終轉向個人行動設備，以覆蓋他們，無論他們身在何處。這就是為什麼我們目睹了圍繞初級和社區護理提供者的如此多的高價值收購活動，原因如下零售所示，這只是一個開始。

Two, a shift in balance of power between players and provider system. Part of this is an AM supply and demand, where we have an oversupply of hospital services while much of the activities are moving out versus an oligopoly of 7 publicly traded managed care organization. This has led from increasing balancing share of the profits in the second, the result in further consolidation by dominant payers' who are creating a really importing mechanism by acquiring and adding to their stack of services and therefore, capturing yet more of the value chain.

第二，參與者和供應商系統之間的權力平衡轉變。其中一部分是 AM 的供需關係，我們的醫院服務供過於求，而大部分活動正在轉移，而與 7 家上市管理醫療組織的寡頭壟斷相比。這是由於第二階段利潤的平衡份額增加，導致主要支付者進一步整合，他們透過收購和添加服務堆疊來創建真正的進口機制，從而捕獲更多的價值鏈。

Two, the shift in payment models, which is slowly but surely moving from fee for service to value-based care. Research has shown that when primary care groups are optimally structured as a team of health care professionals, the doctors, nurses, behaviorists, pharmacy and medical assistants working together to provide integrated Longley tutorial care to patients.

第二，支付模式的轉變，正在緩慢但堅定地從按服務付費轉向基於價值的護理。研究表明，當初級保健小組被優化為醫療保健專業人員團隊時，醫生、護士、行為學家、藥劑師和醫療助理將共同努力，為患者提供全面的朗利輔導護理。

This model can deliver a reduction of up to 55% in hospital admissions, 75% in emergency room presentation and 50% in readmission and demonstrably fewer gaps in care, for a shift from analog to digital platform. While this is part of a long-term transformation across all industries, the current severe clinical workforce shortages has become an accelerant to this trend in health care.

從類比平台向數位平台的轉變，該模型可將入院率減少高達 55%，急診室就診率減少 75%，再入院率減少 50%，且護理差距明顯減少。雖然這是所有行業長期轉型的一部分，但當前嚴重的臨床勞動力短缺已成為醫療保健領域趨勢的加速因素。

Simultaneously, emerging technology, particularly in AI are making it hard for the sector to ignore their value. This will increasingly lead to a transformation of physical to ventral services, digitization of back office, automation of patient journey, and deployment of AI as the first point of engagement to gain productivity in face of workforce shortage.

同時，新興技術，特別是人工智慧領域的技術，讓該產業很難忽視它們的價值。這將日益導致實體服務向腹腔服務的轉變、後台數位化、患者旅程自動化以及將人工智慧部署為在勞動力短缺的情況下提高生產力的首要參與點。

All we do in Babylon is to position us to be beneficiary of this trend. While there are many plays into one or some of these trends, we believe Babylon among the few who can capitalize on all of these trusts. In time, our focus to prepare build a digital first platform that can deliver integrated care at scale will create a more accessible, affordable and scalable medal care that should provide us with a competitive advantage.

我們在巴比倫所做的就是讓我們成為這一趨勢的受益者。雖然其中一種或某些趨勢有很多玩法，但我們相信巴比倫是少數能夠利用所有這些信託的公司之一。隨著時間的推移，我們的重點是準備建立一個可以大規模提供全面護理的數位第一平台，這將創造一個更容易獲得、負擔得起和可擴展的獎章護理，這應該為我們提供競爭優勢。

Now turning to our 2022 results. In demonstrate how we are taking the rises to deliver what was described above. While our focus last year changed from growth to profitability, 2022 was still a live year of a strong revenue growth for Babylon since much of what we brought to market has been signed the previous year.

現在轉向我們 2022 年的成果。展示我們如何採取行動來實現上述目標。雖然我們去年的重點從成長轉向獲利，但 2022 年仍然是 Babylon 收入強勁成長的一年，因為我們推向市場的大部分產品都是在前一年簽署的。

We exceeded our revenue guidance with over $1.1 billion for the year, a 3.5x increase over the previous year. We grew our fourth quarter revenue to $289 million, a 2.5x increase over the fourth quarter a year before. But as I mentioned earlier, in 2022, our focus turned to accelerating our profitability, as we have already demonstrated the scalability of our platform and its ability to grow.

我們今年的營收超過了 11 億美元，比前一年增長了 3.5 倍，超出了我們的預期。我們第四季的營收成長至 2.89 億美元，比去年第四季成長 2.5 倍。但正如我之前提到的，到 2022 年，我們的重點將轉向加速獲利，因為我們已經展示了我們平台的可擴展性及其成長能力。

This shift in focus was a direct corresponded to the change in market demand from growth to profitability. The difference in valuation between us and companies in our sector who are adjusted EBITDA profitable and fully finance is not from 20%, but more like 24. So much of Babylon attention had to return to achieving adjusted EBITDA profitability and becoming fully funded as soon as possible. In 2022, our most mature business, the U.K. operation became profitable on its cost of care delivery margin. And now our U.S. clinical services business is expecting cost of care delivery profitability in early 2023.

這種焦點的轉變直接對應了市場需求從成長到獲利的轉變。我們和我們行業中調整後EBITDA 盈利且完全融資的公司之間的估值差異不是20%，而是更像24。巴比倫的大部分注意力必須回到實現調整後EBITDA 盈利能力並儘快獲得全額融資。可能的。 2022 年，我們最成熟的業務—英國業務憑藉其護理成本利潤率實現盈利。現在，我們的美國臨床服務業務預計在 2023 年初實現護理成本獲利。

Also in 2022, our key value-based care contracts produce profitable medical margins. It is important to note that this was essentially the first full year of most of these cohorts. And as you know, for most companies, it takes a few years to make any new cohort profitable.

同樣在 2022 年，我們基於價值的關鍵護理合約將產生可獲利的醫療利潤。值得注意的是，這基本上是大多數此類群體的第一個全年。如您所知，對於大多數公司來說，任何新群體都需要幾年的時間才能獲利。

What makes us particularly confident is that Babylon rate of the engagement of value-based care vendors is increasing significantly in the latest cohort of members showing each time faster engagement than the earlier cohort. It is important as for incent in our IL cohort, which went live in January 2022, the company saw a 5% reduction in cost of care for engaged members compared with 7% general increase in cost of care for non-engaged members.

讓我們特別有信心的是，巴比倫基於價值的護理供應商的參與率在最新一批成員中顯著增加，每次都比之前的一群會員表現出更快的參與度。重要的是，我們的 IL 隊列於 2022 年 1 月上線，公司發現敬業會員的照護成本降低了 5%，而非敬業會員的照護成本普遍增加了 7%。

We expect consistent improvement on these results as the core lots become more mature. In addition to the contribution from the improved profitability of each of our businesses, we implemented $125 million in annualized cost reduction in 2022, all of which have already been executed coming into 2023.

我們預計，隨著核心批次變得更加成熟，這些結果將持續改善。除了各項業務獲利能力提高的貢獻外，我們在 2022 年實現了 1.25 億美元的年度成本削減，所有這些都已在 2023 年執行。

This meant our adjusted EBITDA margin improved to minus 16.9% for Q4 2022 versus minus 68.5% in Q4 2021. 52% improvement year-on-year. We have reduced our projected 2023 adjusted EBITDA loss to approximately minus $100 million to $120 million. I am therefore happy to say that we now expect Babylon to achieve adjusted EBITDA profitability by mid-2024 significantly earlier than what was assume before.

這意味著我們的調整後 EBITDA 利潤率在 2022 年第四季提高至負 16.9%，而 2021 年第四季為負 68.5%。年增 52%。我們已將預期 2023 年調整後 EBITDA 損失減少至約負 1 億美元至 1.2 億美元。因此，我很高興地說，我們現在預計 Babylon 將在 2024 年中期實現調整後 EBITDA 盈利能力，這比之前的假設要早得多。

Finally, turning into some recent developments. Operationally, in recent months, we have launched 10 new chronic condition management programs for Babylon high-risk members to better manage their personalized care. We have digested data for 170,000 members into our new health care identifying 25% more high-risk members with our AI that would have been detected by typical risk prevention model.

最後，轉向一些最近的進展。在營運方面，近幾個月來，我們為巴比倫高風險會員推出了 10 個新的慢性病管理計劃，以更好地管理他們的個人化護理。我們已將 170,000 名會員的資料消化到我們的新醫療保健中，透過我們的人工智慧識別出 25% 以上的高風險會員，這些會員本來可以透過典型的風險預防模型檢測到。

We continue to focus on product investments in our health care, AI models and intelligence platform, which will be central to delivering value to our members, partners and clients. In January, we launched an important digital first commercial deal began better across 6 states. With the enrollment levels about our expectations at around 30,000, we are seeing engagement rates in the first month of this commercial contract that looks more like moves that are 6 months into in the decade book.

我們繼續專注於醫療保健、人工智慧模型和智慧平台的產品投資，這對於為我們的會員、合作夥伴和客戶提供價值至關重要。一月份，我們啟動了一項重要的數位化首次商業交易，在 6 個州開始取得更好的進展。由於註冊人數約為我們預期的 30,000 人左右，我們看到這份商業合約第一個月的參與率看起來更像是十年書 6 個月後的變動。

This program has been -- has seen more members signing up faster with less activation efforts for engagement of users is exceeding all expectations. We will first deliver a digital first engagement primary retail in the U.K. and this contract means our full model of care into the United States, where we are the primary care provider a navigator for the total health care for more than 90% of the numbers.

該計劃已經看到更多的會員以更少的激活工作更快地註冊，用戶的參與度超出了所有人的預期。我們將首先在英國提供數位化優先參與的初級零售，這份合約意味著我們將完整的護理模式帶入美國，我們是美國的初級護理提供者，也是 90% 以上人口的整體醫療保健的導航者。

The success of this team and the deals we have in our pipeline gives us even more confidence in our ability to transition the majority of our revenue mix from Medicare to commercial as we are engaging with other customers. This has been a good start and why we began this year with an additional circa 30,000 commercial lives.

團隊的成功以及我們正在醞釀中的交易讓我們對在與其他客戶合作時將大部分收入組合從醫療保險轉向商業的能力更有信心。這是一個好的開端，也是我們今年開始新增約 30,000 個商業項目的原因。

Our goal is to exit 2023 is a markedly larger number. This mix shift should also deliver a structural improvements in our gross margin as commercial pools have better medical margin than Medicare.

我們的目標是 2023 年退出，這個數字明顯更大。這種組合轉變也應該會帶來我們毛利率的結構性改善，因為商業池的醫療利潤率高於醫療保險。

As we refine the business, we are finding the right cohort and population that sets our care model. Also, because of the amount of data of the colleagues into our health graph and our AI models, we are developing increasingly more sophisticated ways of managing this and predicting issues before they turn into expensive emergence.

隨著我們完善業務，我們正在尋找合適的人群和人群來設定我們的護理模式。此外，由於我們的健康圖表和人工智慧模型中同事的數據量很大，我們正在開發越來越複雜的方法來管理這個問題並在問題變得昂貴之前進行預測。

This model is on set spot they have done it before and know how to do so again. Late last year, we announced plans to sell our IPA business mainly due to the shortfall from the SPAC funding in order to fully finance Babylon to profitability.

這個模型就在現場，他們以前做過並且知道如何再次這樣做。去年年底，我們宣布計劃出售我們的 IPA 業務，主要是由於 SPAC 資金短缺，以便為 Babylon 提供充足的資金以實現盈利。

As testing this process, we have been approached by potential investors who have suggested other strategic alternatives, some of which would include retaining the IPA business.

在測試這項流程時，潛在投資者與我們接洽，他們提出了其他策略選擇，其中包括保留 IPA 業務。

Revenue has quadrupled in the short-term Babylon has owned Medicare. And since the ballet entry for these types of assets are reasonably high in investors believe long-term shareholder value creation may be better served by further developing exact to give us more time to assess all strategic alternatives, we have agreed to a working capital facility of up to $30 million with our current we provide (inaudible) as an extension to our existing lending arrangement.

巴比倫擁有醫療保險後，短期收入翻了兩番。由於這些類型的資產的芭蕾進入相當高，投資者相信進一步發展精確性可以更好地為長期股東價值創造服務，讓我們有更多的時間來評估所有戰略選擇，我們已同意提供營運資金設施我們目前提供最高3000 萬美元（聽不清楚）作為現有貸款安排的延伸。

This supports will provide incremental time line, flexibility for Babylon to execute a solution that optimizes future value. Before handing the call over to David, as always, I would like to thank the entire Babylon team for their hard work and the relentless commitment they have shown over this past year.

這種支援將為 Babylon 提供增量時間軸和靈活性，以執行優化未來價值的解決方案。在將電話交給 David 之前，我要一如既往地感謝整個 Babylon 團隊在過去一年中的辛勤工作和不懈努力。

We have continued to deliver every day to drive a flood on our mission to provide high-quality, accessible and affordable health care to all. I am too fortunate to work with such a wonderful group. We have changed the playbook on them, flip the script and focus them on profitability over go.

我們每天都在繼續努力履行我們的使命，即為所有人提供高品質、可及且負擔得起的醫療保健。我很幸運能夠與如此優秀的團隊一起工作。我們改變了他們的策略，翻轉劇本，讓他們專注於獲利而不是繼續。

And they have been nimble, been exceptionally supportive of the company leading this time. Companies don't deliver people do. And I couldn't be more proud of our people. With that, I pass the call over to David to provide more detail about our financial results. David?

他們非常靈活，對這一次領先的公司給予了特別的支持。公司不提供人員。我為我們的員工感到無比驕傲。之後，我將電話轉給大衛，以提供有關我們財務業績的更多詳細資訊。大衛？

Thank you, Ali, and thank you to everyone for joining our call today. I'd like to share further comments on our financial results for the fourth quarter and year ended December 31, 2022.

謝謝阿里，也謝謝大家今天加入我們的電話會議。我想就我們截至 2022 年 12 月 31 日的第四季和年度財務業績發表進一步評論。

I will discuss our overall financial performance, focusing particularly on our path to profitability as a result of us beating our previous revenue guidance, driving changes to our revenue mix and the successful execution of our previously announced cost reductions.

我將討論我們的整體財務業績，特別關注我們的獲利之路，因為我們超出了先前的收入指導，推動了我們收入結構的變化以及我們先前宣布的成本削減的成功執行。

As a result of Battle on now filing reports to the SEC as a U.S. domestic registrant rather than as a foreign private issuer, all numbers provided on today's call will be referencing U.S. GAAP rather than IFRS, and most specifically communicated otherwise.

由於巴特爾現在以美國國內註冊人而非外國私人發行人的身份向美國證券交易委員會提交報告，因此今天電話會議上提供的所有數據都將參考美國公認會計準則而不是國際財務報告準則，並且大多數具體數據以其他方式傳達。

As Ali mentioned, we've had a great year and delivered another strong quarter of financial performance as summarized on Slide 3 of the presentation. We reported revenue of $289 million for the fourth quarter, which represents a 2.5x year-over-year increase and revenue for the full year 2022 exceeded our previous revenue guidance at over $1.1 billion, which represents a 3.5x year-on-year revenue growth.

正如阿里所提到的，我們度過了美好的一年，並實現了又一個強勁的季度財務業績，如簡報投影片 3 所總結的那樣。我們報告第四季營收為 2.89 億美元，年成長 2.5 倍，2022 年全年營收超過我們先前的營收指導，超過 11 億美元，年成長 3.5 倍成長。

From a profitability standpoint, we delivered an adjusted EBITDA loss of $48.9 million for the fourth quarter, which equates to an adjusted EBITDA margin of negative 16.9%. This is equivalent to a $16.3 million adjusted EBITDA loss per month during the quarter, a 52 percentage point improvement year-over-year. This comfortably exceeds our previously announced forecast in December 2022, adjusted EBITDA loss of $18 million or less per month and sets us up well to accelerate our expected path to profitability to mid-2024.

從獲利能力的角度來看，我們在第四季度調整後 EBITDA 虧損為 4,890 萬美元，相當於調整後 EBITDA 利潤率為負 16.9%。這相當於本季每月調整後 EBITDA 損失 1,630 萬美元，較去年同期改善 52 個百分點。這大大超出了我們先前在 2022 年 12 月宣布的預測，調整後的 EBITDA 損失每月不超過 1800 萬美元，這為我們加速實現盈利至 2024 年中期的預期之路奠定了良好基礎。

These numbers are particularly impressive given our previous guidance was provided on an IFRS basis. And our reported U.S. GAAP adjusted EBITDA includes some technology and lease costs that were capitalized under IFRS, but expensed under U.S. GAAP. Refer to the IFRS to U.S. GAAP bridge in the appendix of our presentation for further details.

鑑於我們先前的指導是根據國際財務報告準則提供的，這些數字尤其令人印象深刻。我們報告的美國公認會計原則調整後的 EBITDA 包括一些根據國際財務報告準則資本化但根據美國公認會計原則費用化的技術和租賃成本。有關更多詳細信息，請參閱我們簡報附錄中的《國際財務報告準則》與《美國公認會計準則》的橋樑。

Let me now add some additional color and details on the Q4 results. Top line revenue growth, as shown on Slide 4 of the presentation was again primarily due to the growth in value-based care revenue, which increased by 177% year-over-year to $268 million in Q4 2022. While U.S. BBC membership grew 1.6x year-on-year to a total of over 261,000 BBC members as of December 31, 2022.

現在讓我對第四季的結果添加一些額外的顏色和細節。如簡報投影片 4 所示，營收成長再次主要歸功於基於價值的護理收入的增長，該收入在 2022 年第四季度同比增長 177%，達到 2.68 億美元。而美國 BBC 會員人數增長了 1.6截至2022 年12 月31 日，BBC 會員總數超過261,000 名，較去年同期成長x。

BBC and related revenue accounted for 93% of total Q4 2022 revenue. We continue to focus on diversifying our BBC leadership mix, as shown in Slide 5 of the presentation by increasing our proportion of higher PMPM and easier to engage digital first, Medicare and commercial populations.

BBC 及相關收入佔 2022 年第四季總營收的 93%。我們繼續專注於使 BBC 領導組合多樣化，如簡報投影片 5 所示，透過增加較高 PMPM 的比例以及更容易吸引數位優先、醫療保險和商業人群的比例。

These two populations grew from 27,000 members in Q4 2021 to 54,000 members this quarter, generating nearly 50% of our BBC revenue in Q4 2022, an increase from 27% in Q4 2021. Turning to look at our operational costs. We're pleased to see our cost of care delivery, technology and SG&A expenses all falling as a percentage of revenue this quarter.

這兩個群體從2021 年第四季的27,000 名會員增加到本季的54,000 名會員，占我們2022 年第四季BBC 營收的近50%，比2021 年第四季的27% 有所增加。轉向我們的營運成本。我們很高興看到本季我們的護理服務成本、技術和銷售、一般行政費用佔收入的百分比均有所下降。

This reflects our digital scalability and a successful execution of $125 million of cost reduction actions, as highlighted on Slide 13 of the presentation. Combining both claims expense and clinical care delivery expense, our total cost of care delivery expense for the quarter was $283 million, which is an increase from $129 million in Q4 2021 due to the increases in our value-based care membership described earlier.

這反映了我們的數位可擴展性以及成功執行了 1.25 億美元的成本削減行動，如簡報投影片 13 所強調的。結合索賠費用和臨床護理提供費用，我們本季度的護理提供費用總成本為2.83 億美元，較2021 年第四季度的1.29 億美元有所增加，原因是我們前面描述的基於價值的護理會員數量的增加。

However, cost of care delivery expense as a percentage of total revenue decreased from 110% in Q4 2021 to 98% in Q4 2022.

然而，護理服務成本佔總收入的百分比從 2021 年第四季的 110% 下降到 2022 年第四季的 98%。

Our technology expenses, which are comprised of platform and application expenses and research and development expenses of $16 million for this quarter. A decrease of $9 million in Q4 2021. And -- due to the operational leverage of our technology, technology costs decreased significantly as a percentage of revenue and 21% in Q4 2021 to just 5% in Q4 2022.

本季我們的技術費用為 1,600 萬美元，其中包括平台和應用程式費用以及研發費用。 2021 年第四季減少 900 萬美元。而且，由於我們技術的營運槓桿，技術成本佔收入的比例大幅下降，從 2021 年第四季的 21% 降至 2022 年第四季的僅 5%。

Similarly, our SG&A expenses, which decreased to $53 million this quarter versus $73 million in Q4 2021 have also decreased as expantage of revenue. SG&A expenses reduced to 18% of revenue in Q4 2022 compared to 62% in Q4 2021, reflecting the successful execution of our previously announced cost reduction initiatives.

同樣，我們的 SG&A 費用也隨著營收的擴張而減少，本季從 2021 年第四季的 7,300 萬美元降至 5,300 萬美元。 2022 年第四季度，SG&A 費用佔收入的比例從 2021 年第四季的 62% 降至 18%，這反映出我們先前宣布的成本削減計畫的成功執行。

Moving to the balance sheet. Cash and cash equivalents as of December 31, 2022, was $104.5 million, including $61 million of cash and cash equivalents classified as held for sale. To conclude, I'm incredibly proud of the strong financial results we delivered this quarter and throughout the entire year.

轉向資產負債表。截至 2022 年 12 月 31 日，現金及現金等價物為 1.045 億美元，其中包括 6,100 萬美元歸類為持有待售的現金及現金等價物。最後，我對我們本季和全年所取得的強勁財務業績感到非常自豪。

I'd like to thank our whole team of Babylonians for their hard work this year and their continued commitment to deliver the best possible care for our members. I'm proud to continue to work our onside them every day to drive forward in our mission to make high-quality health care accessible and affordable for everyone on earth.

我要感謝我們整個巴比倫團隊今年的辛勤工作以及他們為我們的會員提供盡可能最好的護理的持續承諾。我很自豪能夠繼續每天與他們一起工作，推動我們的使命，讓地球上的每個人都能獲得並負擔得起高品質的醫療保健。

With that in mind, I'd like to turn it over to Saurabh.

考慮到這一點，我想把它交給 Saurabh。

Thank you, David, and everyone else joining the call today. As we've all seen, (inaudible) AI has taken the world by storm, and it has the potential to significantly impact every industry in which it's acquired. Of course, health care is no different.

謝謝大衛和今天加入電話會議的所有人。正如我們所見，（聽不清楚）人工智慧席捲了世界，它有可能對其收購的每個行業產生重大影響。當然，醫療保健也不例外。

However, the application of AI and specifically generative AI for health care does come with some unique challenges, which must be addressed to overcome errors, factual inaccuracies and other unintended consequences of these technologies so they can support is averse, anchors and orders for AI disease to health care.

然而，人工智慧，特別是生成式人工智慧在醫療保健領域的應用確實帶來了一些獨特的挑戰，必須解決這些挑戰，以克服這些技術的錯誤、事實不準確和其他意外後果，以便它們能夠支持人工智慧疾病的厭惡、錨定和命令。到醫療保健。

This will be necessary to drive the type of person and predictive solutions that are capable of driving increased engagement and improved health outcomes within for our members as well as the automation required to reduce the burden on our clinicians by debrining more of the care our members need by a soft care or by dressing members to less expensive health care providers.

這對於推動人員類型和預測解決方案是必要的，這些解決方案能夠提高我們會員的參與度和改善健康結果，以及通過去除會員所需的更多護理來減輕臨床醫生負擔所需的自動化通過軟護理或讓會員接受較便宜的醫療保健提供者的治療。

Our investment in AI technology, together with our IP and know-how of developing, integrating and deploying AI technology for our members and clinicians over the past few years places us in a unique position to leverage the power of generative AI to deliver a conversation for us products and solutions that are at the heart of our additional first model of care.

過去幾年，我們對人工智慧技術的投資，加上我們為會員和臨床醫生開發、整合和部署人工智慧技術的智慧財產權和專業知識，使我們處於獨特的地位，可以利用生成式人工智慧的力量，為患者提供對話。我們的產品和解決方案是我們額外的第一個護理模式的核心。

Version 1 of our AI technology, which we direct in our early days, (inaudible) AI that's grabbed in robust clinical knowledge with a focus on meticulously modeling our date for medical records, and this was the basis for our first commercial AI products, Triage, which was our sentence.

我們早期指導的人工智慧技術的第 1 版（聽不清楚）人工智慧汲取了豐富的臨床知識，重點是對醫療記錄的日期進行精心建模，這是我們第一個商業人工智慧產品 Triage 的基礎，這是我們的句子。

Triage demonstrates our ability to leverage conversational AI technology to deliver self-care triage and differential advice and recommendations to members in numerous markets labeling. Merging 2 of our AI, which has been our focus over the past 18 months has been about building out an intelligence platform capabilities to scale the injection and modeling of data from third-party sources, such as claims, EHR like (inaudible)exchanges, devices, labs and pharmacies as well as the development and deployment of a growing library of AI models and intelligent agents in the next 12 months, including third-party AI models, such as GPT-3 and others as they emerge and which our teams are currently integrated deeply within our own AI technology.

分類展示了我們利用對話式人工智慧技術向眾多市場標籤的會員提供自我照顧分類和差異化建議和建議的能力。合併我們的人工智慧，這是我們在過去18 個月一直關注的重點，一直是建立一個智慧平台功能，以擴展來自第三方來源的資料注入和建模，例如索賠、EHR（聽不清楚）交換、設備、實驗室和藥房，以及在未來 12 個月內開發和部署不斷增長的 AI 模型和智慧代理程式庫，包括第三方 AI 模型，例如 GPT-3 以及我們團隊正在出現的其他模型目前已深度整合到我們自己的人工智慧技術中。

This proves eversion is core of our AI, which will be our focus over the next 12 to 18 months, and we will be focused on the delivery of our conversation first member experience, driven by genitive AI again to deliver personalized, engaging and proactive experiences, which leverage the foundations of our robust clinical knowledge from version 1 as well as the scalable injection and modeling of health care data and rapid development deployment of AI models via our intelligence platform.

這證明外翻是我們人工智慧的核心，這將是我們未來12 到18 個月的重點，我們將專注於提供對話優先的會員體驗，再次由genitive AI 驅動，以提供個人化、有吸引力和主動的體驗，它利用了我們從版本 1 開始的強大臨床知識的基礎，以及透過我們的智慧平台可擴展的醫療保健資料注入和建模以及人工智慧模型的快速開發部署。

As I mentioned previously and no doubt that as some of you will have experienced when experimenting with chat yourselves, although impressive, these systems still produce errors in factual inaccuracies because although they've been trained on large volumes of data, they have still not been adequately compounded with knowledge and facts.

正如我之前提到的，毫無疑問，正如你們中的一些人在自己嘗試聊天時所經歷的那樣，儘管令人印象深刻，但這些系統仍然會產生事實不准確的錯誤，因為儘管它們已經接受過大量數據的訓練，但它們仍然沒有被訓練出來。充分結合知識和事實。

This is precisely where our investment in robust clinical knowledge in the form of our clinical knowledge graft technology will be a game changer for applications of generative AI and health care. One can think about clinical knowledge providing a form of verification or back checking degenerative AR systems, ensuring that they deliver safe and reliable results.

這正是我們以臨床知識移植技術的形式對強大臨床知識的投資將改變產生人工智慧和醫療保健應用的遊戲規則。人們可以考慮臨床知識提供一種驗證或回溯退化 AR 系統的形式，確保它們提供安全可靠的結果。

Our teams of AI since is engineers actively developing and testing these systems with impressive results, which will be translating into the core bar technology and product experience over the coming 12 to 18 months.

我們的人工智慧團隊工程師積極開發和測試這些系統，並取得了令人印象深刻的成果，這些成果將在未來 12 至 18 個月內轉化為核心酒吧技術和產品體驗。

We'll now back to your question-and-answer session. (Operator Instructions). -- Over queue -- our first question today is coming from David Watson from BTIG.

我們現在回到問答環節。 （操作員說明）。 -- 佇列過多 -- 我們今天的第一個問題來自 BTIG 的 David Watson。

Congratulations on a good year and a good quarter. Can you talk a little bit about the sale of the IPA? It sounds like you're considering retaining at least a portion of it. Just some more detail there would be great. And then how much cash would you expect to bring in from a transaction with the IPA? And will that bring you through like to EBITDA profitability?

恭喜您度過了美好的一年和一個美好的季度。您能談談 IPA 的銷售嗎？聽起來您正在考慮保留至少一部分。只要有更多細節就太好了。那麼您希望透過 IPA 交易獲得多少現金？這會為您帶來 EBITDA 獲利能力嗎？

David, thank you for your question and also for your kind remarks. As we said, when we put the IPA for sale, we were approached by others who gave us alternative solutions for our financing requirements. We like the IT business we bought. There was a logic to it.

大衛，感謝您的提問以及您的友好評論。正如我們所說，當我們出售 IPA 時，其他人找到我們，為我們的融資需求提供了替代解決方案。我們喜歡我們購買的 IT 業務。這是有邏輯的。

We believe that technology can enable and empower clinicians to do a lot more than what they're doing now. And in the same way that our technology has made our business so much more scalable, we think that, that can work for other primary care providers.

我們相信，科技可以使臨床醫生能夠做比他們現在所做的更多的事情。就像我們的技術使我們的業務更具可擴展性一樣，我們認為這也適用於其他初級保健提供者。

So that was the logic for Baring. We show how we can scale that business. We quadrupled in a year, but we couldn't really have the time then by the time we decided that we probably have to sell it in order to get the cash we need to bring the business to profitability -- by that time, we didn't really implement the kind of changes we do to make the businesses more efficient and more profitable.

這就是巴林的邏輯。我們展示瞭如何擴展該業務。我們在一年內成長了四倍，但當我們決定可能必須出售它以獲得使業務盈利所需的現金時，我們真的沒有時間 - 到那時，我們沒有我們並沒有真正實施那些旨在提高企業效率和利潤的變革。

The option now has been given to us to consider keeping the IPA or at least, as you mentioned, a proportion of the IPA and making it performed the way that we know how to and therefore, significantly increasing its value.

現在我們可以選擇考慮保留 IPA，或者至少，正如您所提到的，保留 IPA 的一部分，並使其按照我們知道的方式運行，從而顯著提高其價值。

We are now considering those options. And I think we have given ourselves a little bit more time to see what is the best possible outcome for all our stakeholders. And so that's pretty positive. I mean, we are very encouraged that we have other alternatives now. And whichever way we do, we do need to get this business fully financed, as you mentioned, and that is absolutely our...

我們現在正在考慮這些選擇。我認為我們給了自己更多的時間來看看對所有利害關係人最好的結果是什麼。所以這是非常積極的。我的意思是，我們現在有其他選擇，我們對此感到非常鼓舞。無論我們採取哪種方式，我們確實需要為這項業務提供充分的資金，正如您所提到的，這絕對是我們的...

Okay. And it sounds like you pulled forward the timing for EBITDA profitability for the entire organization. Can you talk a little bit about the drivers for that? And also, how has the nature of conversations with health plans evolve? What are they asking you to do for them? How does the pipeline look...

好的。聽起來你把整個組織的 EBITDA 獲利時間都提前了。能談談驅動因素嗎？此外，與健康計劃的對話性質是如何演變的？他們要求你為他們做些什麼？管道看起來怎麼樣...

David. So when we think about the acceleration here to profitability midpoint of 2024. For us, that continued focus on revenue mix is key. We've really been pleased with what we've accomplished there. Our revenue in Q4 over 50% of our BBC mix, was outside of Medicaid. We see that continue into FY '23, particularly we've launched the Ambea transaction. And our membership there, the latest numbers we've got in at 34,000 members there. So that's huge in terms of moving up towards profitability.

大衛。因此，當我們考慮到 2024 年獲利能力中點加速成長時。對我們來說，持續關注收入組合是關鍵。我們對在那裡所取得的成就感到非常滿意。我們第四季的收入超過 BBC 收入的 50% 來自醫療補助計劃之外。我們看到這種情況會持續到 23 財年，特別是我們啟動了 Ambea 交易。還有我們在那裡的會員，我們得到的最新數字是那裡有 34,000 名會員。因此，這對於實現盈利而言是巨大的。

Second up, we're seeing, as we mentioned in the release, great COCD margin improvements. Our U.K. business is already profitable. Our U.S. clinical services revenue is well on the way to being there shortly here this year. And finally, on our medical margins, we're seeing great margins coming through, particularly from our portfolio contracts that are in that sort of 12- to 15-month years of tenure.

其次，正如我們在新聞稿中提到的，我們看到 COCD 利潤率有了很大的提高。我們的英國業務已經獲利。我們的美國臨床服務收入今年很快就會實現這一目標。最後，在我們的醫療利潤方面，我們看到了巨大的利潤，特別是我們的投資組合合約的期限為 12 至 15 個月。

Finally, when I think about profitability, what we successfully executed are cost savings initiatives -- so we've got $125 million of OpEx savings there, which we'll walk through on an annualized basis in '23.

最後，當我考慮獲利能力時，我們成功執行的是成本節約計劃，因此我們節省了 1.25 億美元的營運支出，我們將在 23 年按年計算。

The next question is coming from Allen Lutz from Bank of America. Thanks for the questions.

下一個問題來自美國銀行的艾倫‧盧茨 (Allen Lutz)。感謝您的提問。

Ali, you mentioned a 5% reduced cost per engaged members. Can you talk about where those savings are coming from and what the company has learned? And then as you expand more into commercial, I think you mentioned that, that's going to accelerate as a percent of its total over the course of the year. How do you think about the differences in engaging a commercial population versus the Medicaid population?

Ali，您提到每位參與會員的成本降低 5%。您能談談這些節省的資金來自哪裡以及公司學到了什麼嗎？然後，當您更多地擴展到商業領域時，我想您提到過，這一比例將在一年內加速成長。您如何看待吸引商業人群與醫療補助人群的差異？

So thank you for that, Dan. The answer to the first question is that it's almost coming from everywhere. So what we do the way we assess and engage a new member. We fundamentally are assessing the data I'm figuring out what it is that we think are the risk areas for them and then enrolling the need to programs that add versus that risk area.

謝謝你，丹。第一個問題的答案是它幾乎來自任何地方。那我們要如何評估和吸引新會員呢？我們從根本上正在評估數據，找出我們認為他們的風險領域是什麼，然後登記針對該風險領域添加的計劃的需求。

Often is mentor behavioral health issues, it could be a chronic care management issue. And in reality, as you know very well, about 2/3 of all costs in health are predictable, preventable diseases or illnesses that just remain untreated until they become crisis and emergency which are more expensive.

通常是導師行為健康問題，也可能是長期照護管理問題。事實上，正如您所知道的那樣，大約 2/3 的健康成本是可預測、可預防的疾病或未經治療的疾病，直到變成危機和緊急情況，而這些疾病的成本更高。

So what we do, and we expect that trend to grow is that as we engage people and bring them on to the platform and can monitor them and assess them, we proactively manage whatever condition that they have in order to keep them healthier, happier and obviously financially more attractive.

因此，我們所做的，我們預計這種趨勢將會成長，當我們吸引人們並將他們帶入平台並監控和評估他們時，我們會主動管理他們的任何狀況，以使他們更健康、更快樂、更健康。顯然在經濟上更具吸引力。

On your second question, the difference between maybe that maybe -- and commercial, to be honest, the difference is significant. So actually, if you look at our most recent commercial members, the engagement rate has been 8x faster than I'll maybe take members -- maybe cable members.

關於你的第二個問題，也許——也許——和商業之間的區別，老實說，區別是巨大的。所以實際上，如果你看看我們最近的商業會員，你會發現參與率比我可能接受的會員（也許是有線電視會員）快 8 倍。

Remember, the very first new detail numbers we've got were people that almost our clients could not almost even find that where they are, and they were highly unengaged in their health care. And that's why they were attributed to us on our very first contract.

請記住，我們獲得的第一個新的詳細數字是幾乎我們的客戶幾乎無法找到他們在哪裡的人，而且他們高度不參與他們的醫療保健。這就是為什麼我們在第一份合約中就將它們歸於我們。

As we prove what we can do with them and move to commercial, I think it's significantly easier to engage people, and we are now seeing in our commercial contracts in the United States, the same rate of engagement that we are seeing in our contracts in United Kingdom, and therefore, we expect the same results that we achieved in the U.S.

當我們證明我們可以用它們做什麼並轉向商業時，我認為吸引人們變得更加容易，我們現在在美國的商業合約中看到的參與率與我們在美國合約中看到的參與率相同。英國，因此，我們期望獲得與美國相同的結果

I appreciate that color. And then one for David. How much of the IPA revenue, if any, is embedded within the guidance? And then for revenue? And then how to think about the trend of revenue over the course of 2023? Because I guess this we're backing out IPA that's about $100 million a quarter. Just trying to figure out what's embedded in the guidance and how to think about the ramp ex IPA over the course of 2023.

我很欣賞那種顏色。然後是給大衛的一張。指南中包含了多少 IPA 收入（如果有）？然後為了收入？那麼該如何看待2023年的收入趨勢呢？因為我猜我們將取消每季約 1 億美元的 IPA。只是想弄清楚指南中包含的內容以及如何考慮 2023 年期間的 IPA 升級。

Yes, sure. So let me start with the IPA and then let's talk about the revenue ramp for the non-IPA business. So starting with the IPA business, do you say that business has broadly been running $100 million or so of revenue a quarter? We're assuming that we do execute a sale of that business when we're providing our revenue guidance here and signaling our assumption in our model would be sale of that business in the middle of this year.

是的，當然。讓我從 IPA 開始，然後我們來談談非 IPA 業務的收入成長。那麼從 IPA 業務開始，您是否認為該業務每季的收入大致在 1 億美元左右？當我們在這裡提供收入指導並表明我們在模型中的假設將在今年年中出售該業務時，我們假設我們確實執行了該業務的出售。

Then sort of switching over to the non-IPA business. As I mentioned earlier, the embedded contract went live in January 2023 and is already outperforming our own internal expectations. And actually, we've had some really great momentum in our U.K. business, particularly on the private side, and we're seeing both pricing and volume uptick in that business at the start of '23.

然後轉向非 IPA 業務。正如我之前提到的，嵌入式合約於 2023 年 1 月上線，並且已經超出了我們自己的內部預期。事實上，我們在英國的業務，特別是在私人方面，已經取得了一些非常好的勢頭，我們看到該業務的定價和銷售在 23 年初都有所上升。

So a lot of our '23 growth is really already baked in and coming through in the early part of the year here. In terms of -- sorry, what still left to do, and can focus on and close to sending out an arrangement with an existing customer that is clearly in our sort of land and expand category.

因此，我們 23 年的大部分成長實際上已經在今年年初開始醞釀和實現。就——抱歉，還有什麼要做，可以集中精力並接近與現有客戶達成一項安排，這顯然屬於我們的土地和擴展類別。

What do I mean by that was a Medicaid arrangement today. We are close to sort of extending that relationship into another commercial deal. And look, our team has got a great track record of executing on revenue growth. So we'd like to continue that here as we get into '23.

我今天所說的醫療補助安排是什麼意思？我們即將將這段關係延伸到另一項商業交易。看，我們的團隊在執行收入成長方面擁有良好的記錄。因此，我們希望在進入 23 年後繼續這樣做。

(Operator Instructions)-- Our next question is coming from Daniel Grosslight from Citi.

（操作員說明）—我們的下一個問題來自花旗銀行的 Daniel Grosslight。

It's great to see you're accelerating your time to profitability to mid-'24. Just wanted to dig in a little more on that. By my math, you'd have to reach care margins in the mid-teens to do that from around 2% today. You're at 99% MLRs. Obviously, that's going to improve as you grow more into commercial, more into Medicare Advantage.

很高興看到您將盈利時間加快到 24 年中期。只是想進一步了解這一點。根據我的計算，你必須將護理利潤從今天的 2% 左右提高到十幾歲左右才能做到這一點。您的 MLR 為 99%。顯然，隨著您更多地進入商業領域、更多地進入 Medicare Advantage，情況將會有所改善。

But I just want to make sure that I'm thinking about that correctly to achieve EBITDA profitability, your care margins are going to have to expand into the mid-teens, mid- to high-teens. And what care margin do you have to achieve? And what MLR do you have to achieve more specifically to reach that breakeven...

但我只是想確保我的想法是正確的，為了實現 EBITDA 獲利能力，你的照護利潤率必須擴大到十幾歲、中十幾歲。您必須達到多少護理裕度？更具體地說，您必須實現什麼 MLR 才能實現盈虧平衡…

Dan, its David here. So look, we would not project getting to that level of MLR or medical margins in order to achieve profitability in 2024. We do, as we've mentioned, see that the focus on revenue mix towards commercial does give us more upside opportunity on a medical margins.

丹，我是大衛。因此，我們不會預期要達到MLR 或醫療利潤率的水平才能在2024 年實現盈利。正如我們所提到的，我們確實看到，對商業收入組合的關注確實為我們帶來了更多的上行機會醫療邊際。

But as we've talked before, there is our contracts are relatively young still. So to get to that double-digit growth would take out a bit of a period of time here. What we are seeing though is margin improvement across the business. We talked about that in terms of our U.K. cost of care oil re-margin, -- we've talked about that in terms of U.S. clinical services.

但正如我們之前所說，我們的合約還相對較新。因此，要達到兩位數的成長需要花費一些時間。不過，我們看到的是整個業務的利潤率有所改善。我們就英國護理油重新保證金成本進行了討論，我們已經就美國臨床服務進行了討論。

And then, obviously, we are seeing improvement mix come through on the BBC margins. The final bit I would probably say in here, remember, just on the cost savings standpoint, we will get the full benefit of the GBP 125 million on an annualized basis in '23.

然後，顯然，我們看到 BBC 的利潤率得到了改善。我可能會在這裡說的最後一點，請記住，僅從節省成本的角度來看，我們將在 23 年按年計算獲得 1.25 億英鎊的全部收益。

So when we think about that path to profitability, the successful execution of that, which we've already done is a big chunk of the gap there.

因此，當我們考慮獲利之路時，我們已經完成的成功執行是其中很大一部分差距。

Got it. And maybe if you could just give us some guidepost on what -- how you're thinking about MLRs as you reach adjusted EBITDA profitability in mid-...

知道了。也許您能給我們一些指導，告訴我們當您在中期達到調整後的 EBITDA 盈利能力時，您如何看待 MLR…

Yes. So we -- when we think about realize, we, first of all, bucket up contracts by contract type. So we think about our Medicaid portfolio. We think about our commercial portfolio when we think that our Medicare portfolio. We partially look at the tenures of those contracts. And when we progress things out, we speak about that from a couple of perspectives.

是的。因此，當我們考慮實現時，我們首先按合約類型劃分合約。所以我們考慮我們的醫療補助組合。當我們考慮我們的醫療保險投資組合時，我們也會考慮我們的商業投資組合。我們部分關注這些合約的期限。當我們取得進展時，我們會從幾個角度來談論這個問題。

One is what our engagement statistics look like. So for example, the embedded model where you'll see in our presentation materials, our engagement is keep time as fast as we've done in history. So there, the path to that increased margin is significantly more in our mind than some of the contracts we have today where that engagement is tougher -- so those prices will come into place when we map out on a contract-by-contract basis, thinking about what is the type of contract, what is that engagement level and how long into a contract value.

一是我們的參與度統計。例如，您將在我們的演示材料中看到的嵌入式模型，我們的參與是保持時間與我們歷史上所做的一樣快。因此，與我們今天簽訂的一些合約相比，我們更關心提高利潤率的途徑——因此，當我們逐一合約制定時，這些價格就會到位，考慮合約的類型、參與程度以及合約價值的持續時間。

Okay. Okay. And maybe if we can also talk a little bit more about your commercial strategy. Obviously, better is outperforming as you mentioned but then if you sell Medicare in the second half, you might see a little bit of a dip in commercial membership, too, just because that asset isn't largely commercial.

好的。好的。也許我們還可以多談談你們的商業策略。顯然，正如您所提到的，更好的是表現出色，但如果您在下半年出售醫療保險，您可能也會看到商業會員資格略有下降，只是因為該資產主要不是商業性的。

So the question is, do you anticipate signing new commercial contracts this year? Or is all that commercial growth really going to be through and better? And if you're going to sign more commercial contracts, what would do you think the cadence of that? And I assume that's really all going to be in the individual market?

那麼問題是，您預計今年會簽署新的商業合約嗎？或者所有的商業成長真的會實現並且變得更好嗎？如果您要簽署更多商業合同，您認為簽署的節奏如何？我想這真的都是在個人市場嗎？

Yes. Let me just start on the IPA business. That business actually is a mix of Medicaid, Medicare and commercial. The commercial book in terms of revenue contribution, it is actually fairly small. When we think about the commercial growth, as you say, and bear 34,000 membership is the later number is a huge contribution to '23. And from, as I mentioned earlier, in terms of a pipeline perspective, we're very much focused on that commercial space.

是的。讓我從 IPA 業務開始。該業務實際上是醫療補助、醫療保險和商業的混合體。商業圖書就收入貢獻而言，其實是相當小的。當我們考慮商業成長時，正如你所說，擁有 34,000 名會員是後來的數字，是對 '23 的巨大貢獻。正如我之前提到的，從管道的角度來看，我們非常關注商業空間。

The next question is coming from Richard Close from Synacor Genuity.

下一個問題來自 Synacor Genuity 的 Richard Close。

Yes. Maybe just clarifying some of the other questions and answers sort of provided here. So on the Medicaid book of business, is there anything we should be thinking about in terms of contracts coming up or potentially ending and lives rolling off first with respect to the Medicaid.

是的。也許只是澄清這裡提供的一些其他問題和答案。因此，在醫療補助業務方面，我們應該考慮即將簽訂或可能終止的合約以及首先與醫療補助有關的生命。

Sure. So yes, as I mentioned earlier, the Medicaid book for our largest contracts -- we typically are in that to just finish their first full fiscal year. Those have been showing a very good positive medical margins. And clearly, areas that we're invested in continuing on as we go forward to '23.

當然。所以，是的，正如我之前提到的，我們最大的合約的醫療補助計劃 - 我們通常剛剛完成第一個完整的財政年度。這些已經顯示出非常好的積極的醫療利潤。顯然，隨著我們進入 23 年，我們將繼續投資的領域。

The 1 or 2 smaller and actually older Medicaid contracts where we are actively engaging with our customer around the contract terms there, as we look ahead here, we're just challenging ourselves. We have the right contractual terms to get them to the profitability profile that we want to see in the business. So we continue to work those through with our customers.

1 或 2 個規模較小且實際上較舊的醫療補助合同，我們正在圍繞合同條款與客戶積極互動，當我們展望未來時，我們只是在挑戰自己。我們擁有正確的合約條款，可以讓他們達到我們希望在業務中看到的獲利能力。因此，我們將繼續與客戶一起解決這些問題。

Okay. So no significant ramp down with respect to any contracts on Medicaid?

好的。那麼醫療補助合約沒有大幅減少嗎？

As I mentioned, there are 3 contracts that we are in active negotiations on and we'll update you all if we reach conclusions on where we are there with the negotiations.

正如我所提到的，我們正在積極談判 3 份合同，如果我們就談判進展得出結論，我們會向大家通報最新情況。

And then would the land and expand, you had mentioned one Medicaid customer you're looking at expanding with that customer in the commercial. How should we think about like if that's successful when those lives come on, is that just for the new benefit year so in January of '24? Or do you have the potential for new lives coming on during 2023 from opportunities like that.

然後是土地和擴張，你在廣告中提到了你正在考慮與該客戶一起擴張的一位醫療補助客戶。我們應該如何思考，如果當這些生活到來時這是成功的，這只是為了新的福利年，所以在 24 年 1 月嗎？或者你有可能在 2023 年透過這樣的機會開啟新的生活嗎？

Yes. We believe we've got the opportunity to bring new lives on in '23. If you back historically, we do have a track record of doing that. Typically, it might be the first day of the quarter. But our expectation is that we will be able to bring on additional lives during 2023.

是的。我們相信我們有機會在 23 年開啟新的生活。如果你回顧一下歷史，我們確實有這樣做的記錄。通常，這可能是季度的第一天。但我們的期望是，我們將能夠在 2023 年創造更多的生命。

Okay. And just to clarify, the IPA business in terms of the revenue guidance at $1.1 billion plus, roughly $200 million of IPA revenues included in the $1.1 billion.

好的。需要澄清的是，IPA 業務的收入指引為 11 億美元以上，11 億美元中包含約 2 億美元的 IPA 收入。

So as I mentioned, when we think about the guidance, we've assumed a sale of the IPA business in the middle of 2023. That is a growing revenue business. Our expectation would be the revenue contribution on a month-by-month, quarter-by-quarter basis on the IPAs would be larger in '23 than it was in '22.

正如我所提到的，當我們考慮指導意見時，我們假設在 2023 年中期出售 IPA 業務。這是一項不斷增長的收入業務。我們的預期是，IPAs 按月、按季度計算的營收貢獻將在 23 年高於 22 年。

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

我們的問答環節已經結束。我想請大家再發表進一步的評論或結束評論。

Thank you very much, operator. Thank you, everybody, for attending this call. I am super grateful for everybody for your time. I think we -- as you saw, we had generally a great year. We increased our revenue by 3.5x. More importantly, we changed the pay book we moved from growth into profitability.

非常感謝您，接線生。謝謝大家參加這次電話會議。我非常感謝大家抽出時間。我認為，正如您所見，我們總體上度過了美好的一年。我們的收入增加了 3.5 倍。更重要的是，我們改變了工資簿，從成長轉向獲利。

Not only we save significant costs out of our operating expenditures and more importantly, by focusing on each of our operations, we turned our U.K. business profitable, it's just about to turn our U.S. clinical services business profitable, and I'm super proud of the fact that the most important of maybe our value-based care contracts.

我們不僅從營運支出中節省了大量成本，更重要的是，透過專注於每項業務，我們使我們的英國業務實現盈利，它即將使我們的美國臨床服務業務實現盈利，我對此感到非常自豪事實上，最重要的也許是我們基於價值的護理合約。

It demonstrated that we could return them profitable even in the year 1. When you look at other value-based contracts and companies, you know that it takes up to 3 years and usually more than that in order to take those contracts profitable.

它表明，即使在第一年，我們也可以讓他們盈利。當您查看其他基於價值的合約和公司時，您就會知道，要使這些合約盈利，需要長達3 年的時間，而且通常需要更長的時間。

And we are competing in mind share with companies who've been in the United States for longer than 10 years or just about that period. We have only been there for about 2 years and have taken this contract, and they're already showing strong results.

我們正在與那些在美國經營時間超過 10 年或大約 10 年的公司競爭心智份額。我們只在那裡待了大約兩年，並簽訂了這份合同，但他們已經表現出了強勁的業績。

We remain confident that '22 will be a great year for us. And I think that quarter after quarter, we will hopefully continue to outperform talks and the targets we could for ourselves, and we're looking forward to becoming profitable sooner than we guided on before and be massive of our own destiny and our own cash going forward.

我們仍然相信，22 年對我們來說將是偉大的一年。我認為，一個季度又一個季度，我們將有望繼續超越談判和我們自己的目標，我們期待比我們之前指導的更早實現盈利，並為我們自己的命運和我們自己的現金儲備做好準備向前。

Thank you so much for your time. On that basis, I know many of you one-to-one conversations with our team, and we look forward to seeing you... Goodbye.

非常感謝您的參與。在此基礎上，我認識你們中的許多人與我們團隊進行了一對一的對話，我們期待見到你們……再見。

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

謝謝。今天的電話會議和網路廣播到此結束，我們此時斷開您的線路，祝您度過美好的一天。我們感謝您今天的參與。