Butterfly Network Inc (BFLY) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Butterfly Network Q4 2021 Earnings Conference Call. (Operator Instructions) Thank you.

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在此，歡迎大家參加蝴蝶網絡 2021 年第四季度財報電話會議。 （操作員說明）謝謝。

Good morning, and thank you for joining us today. Earlier this morning, Butterfly released financial results for the fourth quarter and the year ended December 31, 2021, and provided a business update. The release and earnings presentation, which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures, are currently available on the Investors section of the company's website at ir.butterflynnetwork.com. Dr. Todd Fruchterman, Butterfly's President and Chief Executive Officer; and Stephanie Fielding, Butterfly's Chief Financial Officer will host this morning's call.

早上好，感謝您今天加入我們。今天上午早些時候，Butterfly 發布了截至 2021 年 12 月 31 日的第四季度和年度財務業績，並提供了業務更新。發布和收益報告，其中包括管理層使用非公認會計原則財務措施與最適用的公認會計原則措施的對比，目前可在公司網站 ir.butterflynnetwork.com 的投資者部分獲得。 Butterfly 總裁兼首席執行官 Todd Fruchterman 博士； Butterfly 的首席財務官 Stephanie Fielding 將主持今天上午的電話會議。

During today's call, we will be making certain forward-looking statements. These statements may include statements regarding, among other things, expectations with respect to financial results, future performance, development of products and services, potential regulatory approvals, anticipated financial impacts and other effects of the business combination on our business, the size and potential growth of current or future markets for our products and services and the impact of the COVID-19 pandemic on our business.

在今天的電話會議中，我們將做出某些前瞻性陳述。這些陳述可能包括關於財務結果、未來業績、產品和服務開發、潛在監管批准、預期財務影響和業務合併對我們業務的其他影響、規模和潛在增長的預期等方面的陳述我們的產品和服務的當前或未來市場以及 COVID-19 大流行對我們業務的影響。

These forward-looking statements are based on current information, assumptions and expectations that are subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These and other risks are described in our filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligation to update such statements.

這些前瞻性陳述基於當前的信息、假設和預期，這些信息、假設和預期可能會發生變化，並涉及許多可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的風險和不確定性。我們向證券交易委員會提交的文件中描述了這些和其他風險。請注意不要過分依賴這些前瞻性陳述，公司不承擔更新此類陳述的任何義務。

During this call, we will refer to non-GAAP financial measures, including adjusted gross margin, adjusted gross profit and adjusted EBITDA. These financial measures are not prepared in accordance with U.S. generally accepted accounting principles or GAAP. These non-GAAP financial measures are not intended to be considered in isolation or to substitute the results prepared in accordance with GAAP. The definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of why we present these non-GAAP financial measures are included in today's press release and at the end of the slide presentation.

在本次電話會議中，我們將參考非 GAAP 財務指標，包括調整後的毛利率、調整後的毛利潤和調整後的 EBITDA。這些財務措施未根據美國公認會計原則或 GAAP 編制。這些非 GAAP 財務措施並非旨在孤立地考慮或替代根據 GAAP 編制的結果。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的定義和對賬以及我們為何提出這些非 GAAP 財務指標的討論包含在今天的新聞稿和幻燈片演示的末尾。

As a reminder, this call is being webcast live and recorded, and we will be referencing a slide presentation in conjunction with our remarks. Because there is a short delay between the live telephone audio and the presentation being shown on the webcast, for the best experience, please use either the webcast for both the audio and video content or if you have dialed in by telephone, download the slides from our website and advance them yourself. To access the webcast, please visit the Events section in the Investors section of our website, and a replay of the event will be available following the call.

提醒一下，本次電話會議正在進行網絡直播和錄製，我們將結合我們的評論參考幻燈片演示。由於實時電話音頻和網絡廣播中顯示的演示文稿之間存在短暫延遲，為了獲得最佳體驗，請使用網絡廣播同時播放音頻和視頻內容，或者如果您已通過電話撥入，請從以下網址下載幻燈片我們的網站並自己推進。要訪問網絡廣播，請訪問我們網站“投資者”部分的“事件”部分，電話會議後將提供該事件的重播。

I would now like to turn the call over to Dr. Fruchterman.

我現在想把電話轉給 Fruchterman 博士。

Thank you, Agnes, and good morning, everyone. We appreciate your taking the time to join us today. I'm excited to share with you the progress we've made in the fourth quarter and throughout 2021. I will give you an overview of our performance, and Stephanie will walk through the details of our financial results. We will end the call by taking your questions.

謝謝你，艾格尼絲，大家早上好。感謝您今天抽出寶貴時間加入我們。我很高興與您分享我們在第四季度和整個 2021 年取得的進展。我將概述我們的業績，斯蒂芬妮將詳細介紹我們的財務業績。我們將回答您的問題結束通話。

I'd like to start by highlighting that it's been 1 year since Butterfly became a public company, a meaningful milestone and opportunity to reflect on the culmination of hard work and progress that our team has made. The past year has been one of evolution in how we operate our company, innovate our solutions and bring value into the health care ecosystem. In addition to sharing our fourth quarter and full year 2021 financial results, today, I'd also like to share how encouraged I personally am by the opportunities in our markets and by the strength and foundations of our company.

首先，我想強調一下，Butterfly 成為上市公司已有 1 年，這是一個有意義的里程碑，也是一個反思我們團隊所取得的辛勤工作和進步的機會。過去的一年是我們運營公司、創新解決方案和為醫療保健生態系統帶來價值的變革之一。除了分享我們 2021 年第四季度和全年的財務業績外，今天，我還想分享我個人對我們市場上的機會以及我們公司的實力和基礎的鼓舞。

I'm also grateful to be surrounded by a group of talented individuals and leaders across technology, clinical practice, commercial engagement and operational functions, who are unified by our shared mission to transform care with Butterfly. As I look back on 2021 and ahead into 2022, I am more confident than ever in our team's ability to execute across our priorities towards the realization of our vision.

我也很高興能被一群跨越技術、臨床實踐、商業參與和運營職能的才華橫溢的個人和領導者包圍，他們被我們共同的使命統一起來，與蝴蝶一起改變護理。回顧 2021 年和展望 2022 年，我比以往任何時候都更加相信我們的團隊有能力執行我們的優先事項以實現我們的願景。

As you will hear in our dialogue today, we have gained incremental clarity, traction and insights into the strategic pathways to accelerate our clinical and commercial progress. Clinical awareness is building around Butterfly in the market. In the past 3 years, there have been more clinical publications about Butterfly than all of the handheld competitors combined.

正如您將在今天的對話中聽到的那樣，我們對加速臨床和商業進展的戰略途徑越來越清晰、牽引力和洞察力。臨床意識正在圍繞市場上的蝴蝶建立。在過去的 3 年裡，關於蝴蝶的臨床出版物比所有手持設備競爭對手的總和還要多。

However, Butterfly is about so much more than just the device. It is about the practical application of ultrasound information into the clinical workflow and the value that this information creates across the care continuum. Whether unlocking new care models or enhancing existing ones, our team is passionately innovating to bring these valuable insights to all patients worldwide. This is our mission, one we can deliver by making our innovative solution a valuable clinical tool that is as ubiquitous as the stethoscope.

然而，Butterfly 不僅僅是設備。它是關於超聲信息在臨床工作流程中的實際應用以及這些信息在整個護理過程中創造的價值。無論是解鎖新的護理模式還是增強現有的護理模式，我們的團隊都在積極創新，為全球所有患者帶來這些寶貴的見解。這是我們的使命，我們可以通過使我們的創新解決方案成為像聽診器一樣無處不在的有價值的臨床工具來實現這一使命。

We believe this is possible because Butterfly is not just about ultrasound. Butterfly is a transformational digital health company. It's our innovative device that allows for the acquisition of information. It's our software that makes the information usable and it's the availability of this real-time information that we enable at the bedside and in the workflow across care settings anywhere that leads to better decision-making and ultimately can lead to a new standard of care.

我們相信這是可能的，因為蝴蝶不僅僅是關於超聲波。 Butterfly 是一家轉型數字健康公司。這是我們的創新設備，可以獲取信息。是我們的軟件使信息可用，並且是我們在床邊和在任何地方的護理環境中的工作流程中啟用的實時信息的可用性，從而導致更好的決策並最終導致新的護理標準。

We're innovating with a focus on information transformation at scale because with Butterfly, physicians now have a tool that can help them practice better medicine. That is why Butterfly is different. We are on a journey to change the paradigm of health care by bringing affordable, easy-to-use, high-quality imaging to the pockets of clinicians everywhere to inform care decisions anywhere.

我們正在進行創新，重點是大規模的信息轉換，因為有了蝴蝶，醫生現在有了一種工具，可以幫助他們練習更好的醫學。這就是蝴蝶與眾不同的原因。我們正在改變醫療保健範式，將負擔得起的、易於使用的、高質量的成像帶到各地臨床醫生的口袋，以便為任何地方的醫療決策提供信息。

It's our unique combination of attributes, the Butterfly iQ+, our patented ultrasound on a chip technology, our education tools, our approach to AI, our enterprise workflow capabilities with Compass, our services and the way we connect these elements that enables us to move health care forward on the path from a clinical state of deducing and confirming to one of informing and knowing. This is who we are, and this is why Butterfly is well positioned to help transform health care around the globe.

這是我們獨特的屬性組合、Butterfly iQ+、我們的專利超聲芯片技術、我們的教育工具、我們的人工智能方法、我們與 Compass 的企業工作流程能力、我們的服務以及我們連接這些元素的方式，使我們能夠推動健康從臨床推論和確認到告知和知道的道路上小心前行。這就是我們，這就是為什麼蝴蝶能夠很好地幫助改變全球的醫療保健。

With that context, I'd like to now turn to our performance and business updates. In the fourth quarter, we continued to see momentum in our business. Despite the ongoing challenges in the health care system and external macroeconomic environment, we executed against key initiatives to support ongoing growth and innovation. Revenue grew 21% year-over-year for the fourth quarter and 35% year-over-year for the full year 2021. We also strengthened our foundations. We evolved our business model and go-to-market strategy. We added key leadership to the executive team and Board of Directors. We grew our employee base by 274 people.

在這種情況下，我現在想談談我們的業績和業務更新。在第四季度，我們繼續看到我們的業務發展勢頭。儘管醫療保健系統和外部宏觀經濟環境面臨持續挑戰，但我們執行了支持持續增長和創新的關鍵舉措。第四季度收入同比增長 21%，2021 年全年收入同比增長 35%。我們還加強了基礎。我們改進了我們的商業模式和進入市場的戰略。我們為執行團隊和董事會增加了關鍵領導層。我們的員工人數增加了 274 人。

We expanded and strengthened our corporate infrastructure. And we spent time learning in the market and shaping our product road map to help ensure alignment and novel innovation, alignment with the current and future needs of hospitals and health systems and novel innovation to help usher in a new standard of care everywhere.

我們擴大和加強了我們的企業基礎設施。我們花時間在市場中學習並製定我們的產品路線圖，以幫助確保一致性和新穎的創新，與醫院和衛生系統當前和未來的需求保持一致，並通過新穎的創新來幫助在任何地方引入新的護理標準。

On our business model and go-to-market strategy, we now have 4 strategic areas of focus: hospitals and health systems, international markets, home-based care, and select adjacent markets. Each of these pillars is grounded in 3 common core principles: easy, everywhere and economical.

在我們的商業模式和進入市場戰略方面，我們現在有 4 個戰略重點領域：醫院和衛生系統、國際市場、家庭護理和選擇的相鄰市場。這些支柱中的每一個都基於 3 個共同的核心原則：簡單、無處不在和經濟。

Easy is about redefining point-of-care ultrasound to make it effortless and adoptable at scale. This is our journey to enable users to do more with less effort. We plan to accomplish this with education, AI and additional technology that advances ease of use and user confidence.

Easy 是關於重新定義床旁超聲，使其輕鬆且可大規模採用。這是我們讓用戶事半功倍的旅程。我們計劃通過提高易用性和用戶信心的教育、人工智能和其他技術來實現這一目標。

Today, we offer continual introduction of new just-in-time training clips, teleguidance and quality assurance tools and regular rollouts of robust technical and clinical courses found within Butterfly Academy, our learning management system. Additionally, we are thoughtfully leveraging AI across our network to incorporate insights from images, scans and associated practitioner behavior and clinical path into our workflows.

今天，我們不斷推出新的即時培訓剪輯、遠程指導和質量保證工具，並定期推出我們的學習管理系統蝴蝶學院中的強大技術和臨床課程。此外，我們正在通過我們的網絡精心利用人工智能，將來自圖像、掃描和相關從業者行為和臨床路徑的見解整合到我們的工作流程中。

Our commitment to easy is about instilling Butterfly as a core clinical tool for novices and experts alike, one that can be used by any practitioner anywhere to make bedside information accessible without the need for extensive training. As an example of this, Butterfly was recently spotlighted in a report in the National Library of Medicine. According to the report, with limited training, paramedics were able to use Butterfly to obtain and interpret cardiac images from patients during out-of-hospital cardiac arrest.

我們對easy的承諾是將Butterfly作為一種核心臨床工具灌輸給新手和專家，任何地方的任何從業者都可以使用它來獲取床邊信息，而無需進行廣泛的培訓。作為一個例子，蝴蝶最近在美國國家醫學圖書館的一份報告中受到關注。根據該報告，經過有限的培訓，護理人員能夠在院外心臟驟停期間使用 Butterfly 獲取和解釋患者的心臟圖像。

This study is meaningful for a few reasons. One, Butterfly was used effectively with little training. In fact, 86% of the images were deemed adequate. 88% were deemed accurate, and in nearly 1/3 of the cases, these images were used to alter care management.

這項研究之所以有意義，有幾個原因。第一，Butterfly 在很少的訓練下就被有效地使用了。事實上，86% 的圖像被認為是足夠的。 88% 被認為是準確的，在近 1/3 的案例中，這些圖像被用來改變護理管理。

Two, Butterfly was seamlessly incorporated into the workflow and was used without disrupting the resuscitation protocol. Despite the high stress backdrop of cardiac arrest, paramedics were able to effectively use Butterfly and do so without disruption or distraction from the other many critical tasks they needed to carry out.

第二，Butterfly 無縫整合到工作流程中，並且在不中斷復甦協議的情況下使用。儘管心臟驟停的壓力很大，但護理人員能夠有效地使用 Butterfly，並且不會干擾或分散他們需要執行的其他許多關鍵任務。

This study also illustrates the tremendous potential for Butterfly when used in clinical settings where ultrasound is not traditionally utilized and where ultrasound expertise is not traditionally found. Yet by adding Butterfly, a practitioner can gain access to valuable clinical insights and deliver better, more effective care.

這項研究還說明了當在傳統上不使用超聲以及傳統上沒有發現超聲專業知識的臨床環境中使用時，Butterfly 的巨大潛力。然而，通過添加 Butterfly，從業者可以獲得有價值的臨床見解並提供更好、更有效的護理。

Everywhere is driven by this practical application of ultrasound information that Butterfly enables through its portability, usability and affordability that we believe can make this a clinical tool as ubiquitous as the stethoscope. We strive to have a Butterfly in every practitioner's pocket to be used on every patient every time.

無處不在的超聲信息的實際應用推動了蝴蝶通過其便攜性、可用性和可負擔性實現的這一實際應用，我們相信這可以使其成為像聽診器一樣無處不在的臨床工具。我們努力讓每個從業者的口袋裡都有一隻蝴蝶，每次都可以用在每位患者身上。

Finally, our third E centers on reinforcing Butterfly economic value. This is not just about the affordability of our solutions, but also centers around demonstrating the value it delivers, the health economic evidence that our system delivers better, more informed, lower-cost care.

最後，我們的第三個 E 集中在加強蝴蝶經濟價值上。這不僅關乎我們解決方案的可負擔性，還圍繞展示其提供的價值、健康經濟證據表明我們的系統提供了更好、更明智、成本更低的護理。

To do this, we are strengthening our portfolio of proof points that show the impact of Butterfly at the point of care, at scale and across the full spectrum of care. Reflective of such value, Butterfly is gaining adoption as a meaningful procedural assistance tool in emergency medical services, surgery, nursing and hospital in the home.

為此，我們正在加強我們的證明點組合，以顯示蝴蝶在護理點、規模和整個護理範圍內的影響。體現了這種價值，Butterfly 正在被用作緊急醫療服務、手術、護理和家庭醫院的有意義的程序援助工具。

Examples of this include nurses using Butterfly for bladder volume calculation and to ease IV access, anesthesiologists guiding central line placement and injections and care teams investigating patients at-home self-scanning to monitor things like COVID-19 or to inform better dialysis treatment outside of the hospital, which, subject to regulatory authorization, may lead to new indications. And emergency medical services who have not typically used ultrasound in their care settings are now using the Butterfly because for the first time, they have access to and the ability to use ultrasound information in the care for their patients. This is a paradigm shift.

這方面的例子包括護士使用 Butterfly 計算膀胱容量並簡化 IV 通路，麻醉師指導中心線放置和注射，以及護理團隊調查患者在家進行自我掃描以監測 COVID-19 等情況或告知更好的透析治療之外醫院，在獲得監管授權的情況下，可能會導致新的適應症。在護理環境中通常不使用超聲波的緊急醫療服務現在正在使用蝴蝶，因為他們第一次可以訪問並能夠在護理患者時使用超聲波信息。這是一種範式轉變。

Let me provide an example. STARS is an air ambulance and shock trauma rescue team that brings emergency care and helicopter evacuation to rural communities and remote areas across Canada. Butterfly is helping the STARS team reimagine what's possible when assessing the critically ill and injured in pre-hospital settings and is now with this team assisting in a number of clinical conditions.

讓我舉個例子。 STARS 是一支空中救護車和休克創傷救援隊，為加拿大的農村社區和偏遠地區提供緊急護理和直升機疏散。 Butterfly 正在幫助 STARS 團隊重新構想在院前環境中評估危重病人和受傷者時可能發生的事情，並且現在與該團隊一起協助處理許多臨床情況。

As in the example, using the Butterfly, the STARS team was able to confirm a patient who was hemorrhaging internally information that guided the decision to provide blood products, then determine the critical need to stop at a facility mid-flight for 2 more units of blood and allowed the STARS team to communicate the clear need for the receiving trauma center to activate an operating room ahead of their arrival. With Butterfly, the STARS team was able to access valuable clinical insights that help guide their team to critical care decisions.

與示例中一樣，使用蝴蝶，STARS 團隊能夠確認一名正在出血的患者內部信息，這些信息指導了提供血液製品的決定，然後確定了在飛行中途停留在設施中的 2 個單位的迫切需要。血液，並允許 STARS 團隊傳達明確需要接收創傷中心在他們到達之前啟動手術室。借助 Butterfly，STARS 團隊能夠獲得有價值的臨床見解，幫助指導他們的團隊做出關鍵護理決策。

It's stories like these that reaffirm Butterfly's vision and value, innovating to inform better decisions so people everywhere get the care they need. As we continue to position Butterfly as foundational to every clinical workflow, these targeted applications that leverage the unique attributes of Butterfly represent near-term opportunities for adoption and impact. These core principles are what we believe will help us drive utilization and adoption in our 4 strategic pillars. And now I would like to take a moment to provide some updates in each of these areas.

像這樣的故事重申了蝴蝶的願景和價值，通過創新為更好的決策提供信息，讓世界各地的人們得到他們需要的護理。隨著我們繼續將 Butterfly 定位為每個臨床工作流程的基礎，這些利用 Butterfly 獨特屬性的目標應用程序代表了近期採用和影響的機會。我們相信這些核心原則將幫助我們推動 4 個戰略支柱的利用和採用。現在我想花一點時間來提供這些領域的一些更新。

Let's start with hospitals and health systems. Longer term, we are innovating for Butterfly to be as ubiquitous as a stethoscope and to serve in estimated $100 billion market comprised of 42 million health care practitioners around the globe, focusing on the full spectrum of care delivery from hospital to specialty, from acute to home based, from primary care to value-based care, to chronic care and more.

讓我們從醫院和衛生系統開始。從長遠來看，我們正在創新使 Butterfly 像聽診器一樣無處不在，並服務於由全球 4200 萬醫療保健從業人員組成的估計價值 1000 億美元的市場，專注於從醫院到專科、從急性到專科的全方位護理服務以家庭為基礎，從初級保健到基於價值的護理，再到慢性護理等等。

We are confident that in time, we will prove our value across this ecosystem, reducing time to diagnosis, accelerating treatment, driving efficiency, enhancing patient experiences and enabling higher quality care. But to realize an expanded TAM, we understand we must first drive adoption in key markets. That is why we are very focused on health care systems and home-based care, where we have aligned and focused our R&D, sales and marketing efforts.

我們相信，隨著時間的推移，我們將在這個生態系統中證明我們的價值，縮短診斷時間，加快治療速度，提高效率，增強患者體驗並實現更高質量的護理。但要實現擴展的 TAM，我們知道我們必須首先推動關鍵市場的採用。這就是我們非常關注醫療保健系統和家庭護理的原因，我們在這些方面協調並集中了我們的研發、銷售和營銷工作。

Health care systems are the hub of care delivery and often where novel standards of care are born. They represent the greatest complexity of integration and have the potential to yield the greatest impact tutorial cost of care. They're where our physicians and clinicians are trained and thus, one of the greatest opportunities to systematically overcome the knowledge gap needed to maximize value.

醫療保健系統是提供醫療服務的中心，並且通常是新的醫療標準誕生的地方。它們代表了集成的最大復雜性，並有可能產生最大的影響教程護理成本。它們是我們的醫生和臨床醫生接受培訓的地方，因此是系統地克服實現價值最大化所需的知識差距的最佳機會之一。

Given the complexity of the medical ecosystem, practitioners require a comprehensive solution that brings the value of ultrasound information into their workflow needs and improves clinical practice. Today, as mentioned in our press release, we officially bring that solution to market.

鑑於醫療生態系統的複雜性，從業者需要一個全面的解決方案，將超聲信息的價值帶入他們的工作流程需求並改進臨床實踐。今天，正如我們在新聞稿中提到的，我們正式將該解決方案推向市場。

Butterfly Blueprint represents our comprehensive offering that includes hardware, Compass software and services, specifically designed to support health care institutions to achieve enterprise-wide imaging from the bedside and encounter-based workflow across multiple care disciplines and settings. Blueprint's broad set of services includes AI-powered image capture and interpretation powered by Caption Health as well as Butterfly Academy courses and curricular.

Butterfly Blueprint 代表了我們的綜合產品，包括硬件、Compass 軟件和服務，專門設計用於支持醫療保健機構在多個護理學科和環境中從床邊和基於遭遇的工作流程實現企業範圍的成像。 Blueprint 的廣泛服務包括由 Caption Health 提供支持的 AI 驅動的圖像捕獲和解釋，以及蝴蝶學院的課程和課程。

Caption Health is the creator of the first and only FDA-cleared AI-guided ultrasound software, which will now cover cardiac assessments within Blueprint. This reinforces Butterfly as a ready-to-use tool and will enable nontraditional health care providers to more quickly participate in the acquisition of certain cardiac ultrasound exams.

Caption Health 是第一個也是唯一一個獲得 FDA 批准的 AI 引導超聲軟件的創建者，該軟件現在將涵蓋 Blueprint 中的心臟評估。這加強了 Butterfly 作為一種即用型工具的能力，並使非傳統醫療保健提供者能夠更快地參與某些心臟超聲檢查的獲取。

It is worth noting that Caption is a recent recipient of CMS authorization for technology add-on payments and NTAP, the designation awarded to new medical technologies that are expected to substantially improve the diagnosis or treatment of Medicare beneficiaries as further evidence of our core health system progress.

值得注意的是，Caption 最近獲得了 CMS 技術附加支付和 NTAP 授權，NTAP 授予新的醫療技術，這些技術有望顯著改善醫療保險受益人的診斷或治療，作為我們核心衛生系統的進一步證據進步。

In January, we announced that The University of Rochester Medical Center, URMC, upstate New York's largest and most comprehensive health care system, will deploy Butterfly Blueprint across its enterprise and will partner with us to further validate and optimize Butterfly in the hospital setting. URMC's rollout will begin over the summer, first going to medical students, primary care providers and home care nurses. We will continue to share updates on our ongoing work with URMC.

1 月，我們宣布紐約州北部最大、最全面的醫療保健系統羅徹斯特大學醫學中心 URMC 將在其企業中部署蝴蝶藍圖，並將與我們合作，在醫院環境中進一步驗證和優化蝴蝶。 URMC 的推廣將於夏季開始，首先面向醫學生、初級保健提供者和家庭護理護士。我們將繼續與 URMC 分享我們正在進行的工作的最新情況。

Additionally, earlier this month, we announced the partnership with Ambra Health, a leader in cloud-based medical imaging management that has a track record in bringing disparate imaging information together for some of the largest health systems. We believe our work with Ambra, in combination with the full Blueprint offering, will accelerate scale system deployment and integration.

此外，本月早些時候，我們宣布與 Ambra Health 建立合作夥伴關係，Ambra Health 是基於雲的醫學影像管理領域的領導者，該公司在為一些最大的衛生系統整合不同的影像信息方面有著良好的記錄。我們相信，我們與 Ambra 的合作以及完整的 Blueprint 產品將加速大規模系統部署和集成。

Next month, our team is looking forward to engaging stakeholders of the hospital health system audience at the annual HIMSS Conference, where our Blueprint will be prominently featured both within the Butterfly booth and as part of the interoperability showcase.

下個月，我們的團隊期待在年度 HIMSS 會議上吸引醫院衛生系統觀眾的利益相關者，我們的 Blueprint 將在蝴蝶展台和互操作性展示中突出展示。

Across the hospital and health system market, we believe the conversations we're having are reaffirming our strategy. At a time when health system leaders are looking to enable more informed clinical decisions, we uniquely provide access to improved clinical insights where and when they are needed to enhance clinical decision-making. Blueprint answers hospitals' and health systems' need to foundationally improve accuracy, speed, cost efficiency and care excellence, which we believe can lead to a paradigm shift in the standard of care for all patients everywhere. This is what Butterfly makes possible and what Butterfly makes practical.

在整個醫院和衛生系統市場，我們相信我們正在進行的對話正在重申我們的戰略。在衛生系統領導者希望做出更明智的臨床決策的時候，我們獨特地提供了在需要它們以增強臨床決策制定的時間和地點獲得改進的臨床見解的途徑。 Blueprint 滿足了醫院和衛生系統從根本上提高準確性、速度、成本效率和卓越護理的需求，我們相信這可以導致世界各地所有患者的護理標準發生範式轉變。這就是Butterfly 使之成為可能和Butterfly 使之實用的東西。

Let's move on to our international markets pillar. We see tremendous opportunity across developed and developing markets and a growing need for Butterfly in a range of geographies and care settings. Our team continues to assess the size and entry path for each market and at various levels is either building go-to-market plans or executing to raise awareness, nurture and build relationships and expand our global footprint.

讓我們繼續討論我們的國際市場支柱。我們在發達和發展中市場看到了巨大的機會，並且在一系列地區和護理環境中對蝴蝶的需求不斷增長。我們的團隊繼續評估每個市場的規模和進入路徑，並在各個層面製定上市計劃或執行以提高認識、培育和建立關係並擴大我們的全球足跡。

In particular, we are excited with the ongoing momentum with our current and prospect distributor partners and by early signs we're seeing within the U.K. and Germany markets. In 2022, international growth will be a key area for focused investment and longer term, we expect it will be a meaningful contributor to Butterfly's performance. Given the vast international market opportunity, I look forward to updating you on our progress throughout the year.

特別是，我們對當前和潛在經銷商合作夥伴的持續發展勢頭以及我們在英國和德國市場看到的早期跡象感到興奮。 2022 年，國際增長將成為重點投資和長期的關鍵領域，我們預計這將對蝴蝶的業績做出有意義的貢獻。鑑於廣闊的國際市場機會，我期待著向您通報我們全年的進展。

Our third pillar is home-based care. Butterfly in the home represents a meaningful market opportunity with millions suffering from chronic conditions. Butterfly's innovative device is designed to enable ultrasound information to be incorporated into the workflow of the hospital at home. It is an invaluable tool to surface information, to intercept disease through earlier detection and to manage the needs of patients living with chronic disease.

我們的第三個支柱是家庭護理。家中的蝴蝶代表了一個有意義的市場機會，數百萬人患有慢性病。 Butterfly 的創新設備旨在將超聲信息納入家庭醫院的工作流程。它是獲取信息、通過早期檢測攔截疾病和管理慢性病患者需求的寶貴工具。

It's because of this reality that I'd like to call your attention to 2 groups of clinical studies that our team plans to launch in Q2 in preparation for ultimately seeking regulatory authorization for potential at-home use by patients. One, we'll look at Butterfly as a foundational tool for home-based care for those affected by congestive heart failure. Our clinical team is working with multiple clinicians, including academic medical centers, and will shortly begin pivotal studies to measure the effectiveness of Butterfly for patient cell scanning of the lungs.

正是由於這一現實，我想提請您注意我們團隊計劃在第二季度啟動的兩組臨床研究，以準備最終尋求監管授權以供患者在家中使用。一，我們將把 Butterfly 看作是為充血性心力衰竭患者提供家庭護理的基本工具。我們的臨床團隊正在與包括學術醫療中心在內的多位臨床醫生合作，並將很快開始關鍵研究，以測量 Butterfly 對患者肺部細胞掃描的有效性。

Previous studies have demonstrated that the identification of excessive B-Lines by lung ultrasound when performed by experts can be used to reduce ED visits in this patient population. Building on this, doctors at UCLA recently published a study demonstrating that heart failure patients can rapidly learn how to perform the same lung scan using Butterfly with excellent results.

先前的研究表明，由專家進行的肺部超聲識別過多的 B 線可用於減少該患者群體的 ED 就診次數。在此基礎上，加州大學洛杉磯分校的醫生最近發表了一項研究，表明心力衰竭患者可以快速學習如何使用蝴蝶進行相同的肺部掃描，並取得出色的效果。

Our team will leverage these sentinel insights to further study the use of Butterfly to enable a dramatic new way to manage patients in the home. Our work will investigate Butterfly's role in guiding clinical management of heart failure with the objective of reducing emergency room visits and hospitalizations while improving the quality of life for millions of patients affected with this growing chronic condition. We expect to complete enrollment before the end of the year of at least one of these key studies, and we will update you on progress to the extent that we can as the year goes on.

我們的團隊將利用這些哨兵洞察力進一步研究 Butterfly 的使用，從而以一種全新的方式來管理家中的患者。我們的工作將調查蝴蝶在指導心力衰竭臨床管理方面的作用，目的是減少急診室就診和住院，同時改善數百萬受這種日益嚴重的慢性病影響的患者的生活質量。我們預計至少在其中一項關鍵研究的年末之前完成註冊，並且隨著時間的推移，我們將盡可能地向您更新進展情況。

The second group of clinical studies, I'll speak about addresses a growing patient population with a chronic condition that is prime for better care models: renal failure patients on hemodialysis. There is mounting pressure to deliver care in the home for this group due to the many virtues it provides, not the least of which is better quality of life and reduce complications.

第二組臨床研究，我將談到越來越多的患有慢性疾病的患者群體，這對於更好的護理模式來說是主要的：接受血液透析的腎功能衰竭患者。由於家庭提供的許多優點，為這一群體提供家庭護理的壓力越來越大，其中最重要的是提高生活質量和減少並發症。

We are actively instituting studies that will demonstrate the value Butterfly can bring to hemodialysis, specifically by supporting the ability to both more accurately needle the graft or fistula and to monitor volume status. We look forward to sharing results with you as studies complete enrollment, which we expect to occur this year. We are excited about the potential value that Butterfly can bring to this clinical workflow. Our studies will begin in treatment centers and will rapidly expand to home-based environments.

我們正在積極開展研究，以證明蝴蝶可以為血液透析帶來的價值，特別是通過支持更準確地對移植物或瘻管進行穿刺和監測容量狀態的能力。我們期待與您分享研究結果，因為我們預計今年會完成註冊。我們對蝴蝶可以為這個臨床工作流程帶來的潛在價值感到興奮。我們的研究將從治療中心開始，並將迅速擴展到家庭環境。

These research areas are just 2 examples of the broad applicability of Butterfly across clinical use cases, care settings and user types. We are confident they will help to demonstrate new care delivery models that Butterfly makes possible.

這些研究領域只是蝴蝶在臨床用例、護理環境和用戶類型中廣泛適用的兩個例子。我們相信他們將幫助展示 Butterfly 實現的新護理交付模式。

As a digital health company, our aim is to enhance information capture, use and flow, act from and to the home. This is in service to patients and we believe will alleviate burden from hospitals, care teams and the health care system overall. We also believe it will support the rationale for our wearable on our development road map to collect information that can be easily incorporated into the workflow and enable the interception or management of disease. We will update you on our development road maps later in the year.

作為一家數字健康公司，我們的目標是增強信息捕獲、使用和流動，以及在家中的行為。這是為患者服務的，我們相信這將減輕醫院、護理團隊和整個醫療保健系統的負擔。我們還相信，它將支持我們在開發路線圖中可穿戴設備的基本原理，以收集可以輕鬆納入工作流程並實現疾病攔截或管理的信息。我們將在今年晚些時候向您更新我們的發展路線圖。

Finally, part of Butterfly's strategy is to ignite adjacent markets where there's opportunity to bring the value of Butterfly beyond the traditional health care market and drive growth. One such market we've innovated for and continue to gain traction in is the veterinary space, where in the past year alone, we launched iQ+ Vet ultrasound, our second-generation veterinary device, which is now available in 21 international markets; announced a large-scale partnership with Rarebreed, bringing Butterfly to their veterinary hospitals to transform care delivery as part of the physical exam; supported BetterVet to supply all staff veterinarians with Butterfly iQ+ Vet across all of their mobile veterinary units.

最後，Butterfly 戰略的一部分是點燃鄰近市場，這些市場有機會將 Butterfly 的價值帶到傳統醫療保健市場之外並推動增長。獸醫領域是我們創新並繼續受到關注的一個市場，僅在過去一年中，我們就推出了第二代獸醫設備 iQ+ Vet 超聲，該設備現已在 21 個國際市場上市；宣布與 Rarebreed 建立大規模合作夥伴關係，將 Butterfly 帶到他們的獸醫醫院，將護理服務轉變為體檢的一部分；支持 BetterVet 為其所有移動獸醫單位的所有員工獸醫提供 Butterfly iQ+ Vet。

And more recently, we added Purdue University and Australia's University of Melbourne to our list of veterinary colleges that have incorporated Butterfly into their curriculum and equipped their students with a Butterfly iQ+ Vet probe. We believe this continued adoption is demonstrative of more momentum to come and are proud that Butterfly in 2021 driven by a small focused team reached the typical first year sales of an animal health pharmaceutical launch, one traditionally backed by a fully established, much larger commercial effort and team.

最近，我們將普渡大學和澳大利亞墨爾本大學添加到我們的獸醫學院名單中，這些學院已將蝴蝶納入其課程並為學生配備了蝴蝶 iQ+ 獸醫探頭。我們相信，這種持續採用表明未來會有更大的發展勢頭，並且很自豪蝴蝶在 2021 年由一個專注的小型團隊推動，達到了動物保健藥物推出的典型第一年銷售額，傳統上由一個完全成熟的、更大的商業努力支持和團隊。

With nearly 2 million veterinarians and vet techs globally who could benefit from having the power of Butterfly in their pocket, our teams are ingraining themselves within the space to optimize Butterfly awareness and penetration. I'm excited about the continued progress we will make this year and beyond.

全球有近 200 萬獸醫和獸醫技術人員可以從口袋裡的蝴蝶的力量中受益，我們的團隊正在將自己根深蒂固地融入這個領域，以優化蝴蝶的意識和滲透。我對我們今年及以後將取得的持續進展感到興奮。

I hope this recap illustrates the progress of our journey and conveys my personal excitement regarding Butterfly's future. I am encouraged by all of the progress our team has made across our strategic pillars and energized by the opportunity for us to accelerate even more.

我希望這篇回顧能說明我們旅程的進展，並傳達我對蝴蝶未來的個人興奮。我對我們的團隊在戰略支柱方面取得的所有進展感到鼓舞，並為我們有機會進一步加速而感到振奮。

Looking ahead in 2022, we expect full year revenue in the range of $83 million to $88 million, representing growth of 33% to 41% driven by continued progress with health systems, medical education, international expansion and our vet business. We have made important headway in 2021, and we are using our in-market learnings to enable care transformation and establish a path to becoming as ubiquitous as a stethoscope. We believe health care around the world needs it, that the demand for this will continue to accelerate and that we are well positioned to meet it.

展望 2022 年，我們預計全年收入在 8300 萬美元至 8800 萬美元之間，在衛生系統、醫學教育、國際擴張和獸醫業務持續進步的推動下增長 33% 至 41%。我們在 2021 年取得了重要進展，我們正在利用我們在市場上的經驗來實現護理轉型，並建立一條像聽診器一樣無處不在的道路。我們相信世界各地的醫療保健都需要它，對此的需求將繼續加速，我們有能力滿足它。

To advance our journey and long-term growth in 2022, we will invest heavier across our 4 strategic areas of focus. We believe this increased investment will accelerate our ability to innovate to meet market needs, prove Butterfly's value through a wide range of clinical studies and position us well to not only sustain our competitive advantages and innovation, but also to set a new threshold for medical imaging across all care settings and environments by instilling Butterfly as the practical application of ultrasound information in all clinical workflows.

為了在 2022 年推進我們的旅程和長期增長，我們將加大對 4 個戰略重點領域的投資。我們相信，此次增加的投資將加快我們的創新能力以滿足市場需求，通過廣泛的臨床研究證明蝴蝶的價值，並使我們處於有利地位，不僅可以保持我們的競爭優勢和創新，而且可以為醫學影像設定新的門檻通過灌輸蝴蝶作為超聲信息在所有臨床工作流程中的實際應用，跨越所有護理設置和環境。

I will now turn the call over to Stephanie for a review of our financial results. Stephanie?

我現在將把電話轉給斯蒂芬妮，以審查我們的財務業績。斯蒂芬妮？

Thank you, Todd, and good morning, everyone. Fourth quarter revenues grew 21% year-over-year to $19 million. For the full year, revenues grew 35% year-over-year to $62.6 million. Revenue came slightly above the high end of the preliminary range of $61.5 million to $62.5 million that we provided on January 11. Product revenue for the quarter was $14.4 million, an increase of 15% from $12.5 million in the same period in 2020.

謝謝你，托德，大家早上好。第四季度收入同比增長 21% 至 1900 萬美元。全年收入同比增長 35% 至 6260 萬美元。收入略高於我們在 1 月 11 日提供的初步範圍 6150 萬美元至 6250 萬美元的高端。本季度的產品收入為 1440 萬美元，比 2020 年同期的 1250 萬美元增長 15%。

Units fulfilled, the main driver of product revenue, were 6,714 in the quarter compared with 7,553 in Q4 2020. The decrease in units fulfilled was primarily due to the Butterfly iQ+ product launch in the fourth quarter of 2020 and holiday season promotions that were not repeated in Q4 2021. This decrease was partially offset by higher average selling price and increased hardware sales from our veterinary, distributor and sales to health systems as well as medical education through our direct sales force. For the full year, product revenue was $47.9 million, an increase of 25% from $38.3 million in the same period in 2020.

本季度產品收入的主要驅動力為 6,714 件，而 2020 年第四季度為 7,553 件。訂單量減少的主要原因是蝴蝶 iQ+ 產品在 2020 年第四季度推出，以及沒有重複的假日促銷活動2021 年第四季度。這一下降被較高的平均銷售價格以及我們的獸醫、分銷商和通過我們的直銷團隊銷售到衛生系統以及醫學教育的硬件銷售增加所部分抵消。全年產品收入為 4790 萬美元，比 2020 年同期的 3830 萬美元增長 25%。

Subscription revenue was $4.6 million in the fourth quarter, growing approximately 46% from $3.1 million in Q4 2020. The increase in subscription revenue is due to revenue from contracts booked in prior periods, renewals of existing software contracts and the sales of additional licenses across all channels.

第四季度的訂閱收入為 460 萬美元，比 2020 年第四季度的 310 萬美元增長了約 46%。訂閱收入的增長是由於前期合同的收入、現有軟件合同的續訂以及所有軟件的額外許可的銷售渠道。

On an annual basis, our subscription mix, which we define as a percentage of our total revenue recognized in a reporting period that is subscription-based, was 23% compared with 17% for the full year 2020, a 6 percentage point increase. For the full year 2021, subscription revenue was $14.7 million, growing approximately 86% from $7.9 million in the same period in 2020.

在年度基礎上，我們的訂閱組合（我們定義為在報告期內確認的基於訂閱的總收入的百分比）為 23%，而 2020 年全年為 17%，增長了 6 個百分點。 2021 年全年，訂閱收入為 1470 萬美元，比 2020 年同期的 790 萬美元增長約 86%。

Turning now to adjusted gross profit and adjusted gross margin. Please note that reconciliation calculations to GAAP can be found in today's press release and at the end of the slide presentation. Adjusted gross profit was $10.1 million in Q4 2021 compared to adjusted gross profit of $4.9 million in Q4 2020. Excluded from the adjusted gross profit in Q4 2021 is a nonrecurring $2.3 million loss on our purchase commitment with a third-party manufacturing vendor, primarily due to a subcomponent that was not in line with product specifications. This is a different situation than the purchase commitment that we discussed in Q3.

現在轉向調整後的毛利潤和調整後的毛利率。請注意，可以在今天的新聞稿和幻燈片演示的末尾找到與 GAAP 的對賬計算。 2021 年第四季度的調整後毛利為 1010 萬美元，而 2020 年第四季度的調整後毛利為 490 萬美元。不包括 2021 年第四季度的調整後毛利是我們與第三方製造供應商的採購承諾的非經常性損失 230 萬美元，主要是由於到不符合產品規格的子組件。這與我們在第三季度討論的購買承諾不同。

Adjusted gross margin was 53% for the fourth quarter and approximately 50% for the full year of 2021, which compares to an adjusted gross margin of 31% in Q4 2020 and approximately 3% for the full year 2020. Adjusted gross margin reflected consistent performance in 2021 and a significant improvement over the prior year, primarily due to the shift of our production to TSMC in 2020 and a growing mix of revenue from subscriptions.

第四季度調整後毛利率為 53%，2021 年全年約為 50%，而 2020 年第四季度調整後毛利率為 31%，2020 年全年調整後毛利率約為 3%。調整後毛利率反映了一致的業績2021 年，並且比上一年有了顯著改善，這主要是由於我們在 2020 年將生產轉移到台積電以及訂閱收入的增長組合。

Operating expenses were $52.8 million for Q4 2021, an increase of $21.9 million or 71% compared to Q4 2020. For the full year, operating expenses were $209.8 million, an increase of $109.4 million or 109% compared to full year 2020. This increase was primarily due to the buildout of our team in 2021, investments in innovation and public company expenses. The growth in operating expenditures is a reflection of both the investments we are making to capitalize on opportunities we see to transform care as well as the constrained spend environment in which the company was operating in the prior year. In 2021, operating expenses were lower than the guidance we provided in November due to the timing of expenses, including compensation.

2021 年第四季度的運營費用為 5280 萬美元，與 2020 年第四季度相比增加了 2190 萬美元或 71%。全年運營費用為 2.098 億美元，與 2020 年全年相比增加了 1.094 億美元或 109%。這一增長是主要是由於我們團隊在 2021 年的擴充、對創新的投資和上市公司的開支。運營支出的增長既反映了我們為利用我們看到的改變護理的機會而進行的投資，也反映了公司上一年運營的支出受限環境。 2021 年，運營費用低於我們在 11 月提供的指導，原因是包括補償在內的費用時間安排。

For the fourth quarter, adjusted EBITDA with a loss of $33.3 million compared with a loss of $21 million in the same period in 2020. Full year 2021 adjusted EBITDA with a loss of $121.8 million compared to a loss of $85.2 million for the full year 2020. Adjusted EBITDA reconciliation calculation to GAAP net loss can be found in today's press release.

第四季度，調整後 EBITDA 虧損 3330 萬美元，而 2020 年同期虧損 2100 萬美元。2021 年全年調整後 EBITDA 虧損 1.218 億美元，而 2020 年全年虧損 8520 萬美元. 調整後的 EBITDA 調節計算與 GAAP 淨虧損可在今天的新聞稿中找到。

Moving to our capital resources. As of December 31, 2021, cash and cash equivalents were $422.8 million. We have a solid cash position, and we plan to invest aggressively to capitalize upon the attractive market opportunity.

轉移到我們的資本資源。截至 2021 年 12 月 31 日，現金和現金等價物為 4.228 億美元。我們擁有穩固的現金狀況，我們計劃積極投資以利用有吸引力的市場機會。

I would now like to move to our annual guidance for the full year 2022. For the full year 2022, total revenue is projected to be approximately $83 million to $88 million or 33% to 41% growth year-over-year. This revenue guidance assumes growth across our existing strategic initiatives, including health systems, medical education institutions, veterinary, international and distributor relationships. We are focused on leveraging care capabilities across a variety of customers who are starting to adopt Butterfly to benefit from more real-time information delivered at the point of care.

我現在想轉到我們對 2022 年全年的年度指導。對於 2022 年全年，預計總收入約為 8300 萬美元至 8800 萬美元，或同比增長 33% 至 41%。該收入指導假設我們現有的戰略計劃實現增長，包括衛生系統、醫學教育機構、獸醫、國際和分銷商關係。我們專注於利用開始採用 Butterfly 的各種客戶的護理功能，以從護理點提供的更多實時信息中受益。

In 2022, we anticipate subscription revenue growth. And we also anticipate that subscription revenue will increase as a percentage of revenue, but not as significantly as what we saw in 2021. As a reminder, subscription mix as a percentage of revenue is impacted by the timing of sales, revenue recognition differences between subscription and products and by mix. As a result of these factors, we continue to expect quarter-to-quarter variability for subscription revenue. But over time, we believe that recurring revenues such as subscription mix will continue to grow.

2022 年，我們預計訂閱收入將增長。我們還預計訂閱收入將佔收入的百分比增加，但不會像我們在 2021 年看到的那樣顯著。提醒一下，訂閱組合佔收入的百分比受到銷售時間、訂閱之間的收入確認差異的影響和產品和混合。由於這些因素，我們繼續預計訂閱收入會出現季度變化。但隨著時間的推移，我們相信訂閱組合等經常性收入將繼續增長。

Moving to adjusted EBITDA guidance. Through the fourth quarter, we have seen consistent performance in adjusted gross margin. As we move forward, we will focus on adjusted EBITDA as a metric for bottom line performance for 2022. With that, for the full year 2022, net loss is expected to be $225 million to $245 million, assuming no change in the fair value of our warrants. Adjusted EBITDA is expected to be negative $175 million to negative $195 million. We are assuming an adjusted gross margin that is slightly better than 2021. We are investing in line with the strategic focus and corporate principles that Todd described earlier in the call.

轉向調整後的 EBITDA 指導。到第四季度，我們看到調整後的毛利率表現一致。隨著我們的前進，我們將專注於調整後的 EBITDA，將其作為衡量 2022 年底線業績的指標。因此，假設 2022 年全年的淨虧損為 2.25 億美元至 2.45 億美元，假設公允價值不變我們的認股權證。調整後的 EBITDA 預計為負 1.75 億美元至負 1.95 億美元。我們假設調整後的毛利率略好於 2021 年。我們的投資符合托德早些時候在電話會議中描述的戰略重點和企業原則。

More specifically, we expect our operating expenditures will be impacted by the annualization of the investments we made in 2021 as well as incremental investments in our product pipeline in hardware, software and AI to support our sales, marketing and clinical efforts and to build tools and processes to support future growth for the business. In addition, we are expecting expenses like travel to return as business activities begin to normalize.

更具體地說，我們預計我們的運營支出將受到我們在 2021 年所做投資的年度化以及對硬件、軟件和人工智能產品管道的增量投資的影響，以支持我們的銷售、營銷和臨床工作，並構建工具和支持業務未來增長的流程。此外，隨著業務活動開始正常化，我們預計旅行等費用將恢復。

To help with modeling, we are also providing additional color on balance sheet and other financial line items. We have assumed an investment of $20 million to $30 million in capital expenditures. A large component of these capital expenditures represents capitalized software costs related to the larger innovation software investments that the company is making.

為了幫助建模，我們還在資產負債表和其他財務項目上提供了額外的顏色。我們假設資本支出為 2000 萬至 3000 萬美元。這些資本支出的很大一部分代表了與公司正在進行的更大的創新軟件投資相關的資本化軟件成本。

For working capital, we expect continued investment of $20 million to $30 million, primarily in inventory. Finally, we are expecting stock-based compensation expense of $40 million to $50 million.

對於營運資金，我們預計將持續投資 2000 萬至 3000 萬美元，主要用於庫存。最後，我們預計基於股票的補償費用為 4000 萬至 5000 萬美元。

As Todd mentioned, our financial plan for 2022 reflects our desire to accelerate our market position by aggressively investing across our commercial business and continued innovation and R&D efforts, as well as establishing additional infrastructure to support our long-term ambitions as a public company.

正如托德所說，我們 2022 年的財務計劃反映了我們希望通過積極投資於我們的商業業務和持續的創新和研發工作，以及建立額外的基礎設施來支持我們作為上市公司的長期雄心壯志，從而加快我們的市場地位。

And with that, I will now turn it back over to Todd for summary comments.

有了這個，我現在將把它轉回給 Todd 以獲取摘要評論。

Thank you, Stephanie. I am excited about what we learned in 2021, the progress we made and our continued commercial evolution. Providing the solution to help practitioners make more informed decisions where and when they need to is how Butterfly will help transform care delivery around the world. This is a big aspiration, one we are all proud of at Butterfly and one that we are working to realize. I look forward to 2022 and our ongoing work towards this goal.

謝謝你，斯蒂芬妮。我對我們在 2021 年學到的東西、我們取得的進展以及我們持續的商業發展感到興奮。提供解決方案以幫助從業者在需要的時間和地點做出更明智的決定，Butterfly 將如何幫助改變世界各地的護理服務。這是一個很大的願望，我們都為蝴蝶感到自豪，也是我們正在努力實現的目標。我期待著 2022 年以及我們為實現這一目標所做的持續努力。

Before we move to Q&A, I would like to acknowledge the hard work and efforts of Stephanie Fielding. As most of you already know, Stephanie is resigning from the company effective April 30. On behalf of myself, the Board of Directors and the entire executive team, I would like to thank Stephanie for her contributions, including her work to transition Butterfly to the public company it is today.

在進入問答環節之前，我要感謝 Stephanie Fielding 的辛勤工作和努力。眾所周知，Stephanie 將於 4 月 30 日從公司辭職。我謹代表我自己、董事會和整個執行團隊感謝 Stephanie 所做的貢獻，包括她將 Butterfly 過渡到今天是上市公司。

As we transition, I have the utmost confidence in our ability to execute our business strategy with our current finance team and to advance performance against our innovation and market priorities. We wish Stephanie the best in her next endeavors, and I look forward to announcing a new Chief Financial Officer appointment in the near future.

隨著我們的過渡，我對我們與現有財務團隊執行業務戰略並根據我們的創新和市場優先事項提高績效的能力充滿信心。我們祝愿 Stephanie 在接下來的工作中一切順利，我期待在不久的將來宣布任命新的首席財務官。

I would also like to thank the Butterfly team for their dedication to our mission and the excellent progress we continue to make as a transformational digital health company. And to end the call, I thought I would turn it over to Stephanie to say a few words. Stephanie?

我還要感謝蝴蝶團隊對我們使命的奉獻以及我們作為一家轉型數字健康公司繼續取得的卓越進展。為了結束通話，我想我會把它交給斯蒂芬妮說幾句話。斯蒂芬妮？

Thank you, Todd. I would like to thank the team, the Board and the many stakeholders, including those of you on this call, with whom I've had the pleasure of working either directly or indirectly. My time with the company has represented a critical growth period and a time of transformation. It is a privilege to have contributed to Butterfly's journey. I continue to believe in the mission and promise of Butterfly, and I'm excited to see what comes next.

謝謝你，托德。我要感謝團隊、董事會和許多利益相關者，包括本次電話會議中的你們，我有幸與他們直接或間接合作。我在公司的時間代表了一個關鍵的成長時期和轉型時期。為蝴蝶的旅程做出貢獻是一種榮幸。我繼續相信蝴蝶的使命和承諾，我很高興看到接下來會發生什麼。

With that, we'll open it up for questions.

有了這個，我們將打開它的問題。

(Operator Instructions) Your first question comes from the line of Josh Jennings with Cowen.

（操作員說明）您的第一個問題來自 Josh Jennings 和 Cowen 的台詞。

I appreciate the thorough download on the 4Q update, and Stephanie, good luck on your next chapter. I was hoping to just start off on the health system or enterprise channel, Todd, and maybe you could just give us an update on where you feel Butterfly is positioned to kind of attack this channel scale beginning of 2022 versus the beginning of 2021. I just would like to better understand the evolution of Blueprint and now the collaboration with Ambra and how this -- the evolution of the software capabilities is positioning you better to have success in the enterprise channel?

感謝第 4 季度更新的徹底下載，斯蒂芬妮，祝你下一章好運。我希望從衛生系統或企業頻道開始，托德，也許你可以告訴我們你覺得蝴蝶在2022年初與2021年初相比在這個頻道規模上的定位的最新情況。我只是想更好地了解 Blueprint 的演變以及現在與 Ambra 的合作，以及軟件功能的演變如何讓您更好地在企業渠道中取得成功？

Thanks, Josh. As we've said, and we tried to give you a lot of color this morning on kind of the progress that we made. But as we went into '21, we're really absorbing the impact of the capabilities of the device itself. And I think our evolution through '21 really was understanding that it's not about doing ultrasound with Butterfly, it's about using the information from ultrasound that Butterfly can provide. And that's really fundamentally what we make possible.

謝謝，喬希。正如我們所說，我們今天早上試圖為您提供很多關於我們取得的進展的信息。但當我們進入 21 世紀時，我們真的在吸收設備本身功能的影響。而且我認為我們通過 21 年的發展確實是理解這不是關於用蝴蝶做超聲波，而是關於使用蝴蝶可以提供的超聲波信息。這就是我們真正使之成為可能的根本原因。

So our pivot in '21 was a lot of investment and capabilities and scale in the utilization of the information and the practical application of that information. That came together with a lot of our learnings from being in the market already. And I think that was one of our advantages, was we were working with a lot of customers and we were absorbing both how they were trying to do ultrasound with Butterfly but what they were trying to do with Butterfly as we were getting our head around what that would take.

因此，我們在 21 年的重點是在信息利用和信息的實際應用方面進行大量投資、能力和規模。這與我們已經在市場上學到的很多東西相結合。我認為這是我們的優勢之一，我們與很多客戶合作，我們既吸收了他們如何嘗試使用 Butterfly 進行超聲檢查，又吸收了他們嘗試使用 Butterfly 做的事情，因為我們正在思考什麼那需要。

And so we made a lot of investment and aggregated a lot of the components of what we put together in Butterfly and Butterfly Blueprint in '21. So Butterfly Blueprint is really the road map for us moving forward in health systems. And it's really that ability to understand how to deploy the hardware so to get the Butterfly into the health system, the training that it requires to get people their competency for the use cases that they need in a seamless and not high-burdened way.

因此，我們進行了大量投資，並彙總了我們在 21 年的蝴蝶和蝴蝶藍圖中組合的許多組件。所以蝴蝶藍圖確實是我們在衛生系統中前進的路線圖。這真的是理解如何部署硬件的能力，以便讓蝴蝶進入衛生系統，它需要的培訓讓人們以無縫而不是高負擔的方式獲得他們需要的用例的能力。

And then the software pieces with Blueprint, with our Compass software really to look at the things that we need with quality assurance, credentialing, documentation, the throughput of information, these are all a lot of learnings when you go in and you're not just doing ultrasound, but you're using ultrasound and putting it in counter-based workflows. And that's really what our learning, our investment and the evolution of our vision of where we're going.

然後是帶有 Blueprint 的軟件，我們的 Compass 軟件真的可以通過質量保證、認證、文檔、信息吞吐量來查看我們需要的東西，當你進入時，這些都是大量的學習，而你不是只是做超聲波，但您正在使用超聲波並將其置於基於計數器的工作流程中。這就是我們的學習、我們的投資以及我們對前進方向的願景的演變。

Our partnership with Ambra was kind of an innovative approach to helping us move Blueprint and Compass on top of an architecture and some, I guess, you think about it as digital plumbing as a way for us to accelerate to move up and to think progressively about how to get more relevant and scale faster. So we were able to work with them, collaborate and then kind of put Compass and essentially the Blueprint solution on top of some of their infrastructure that they have established being one of the leaders in cloud-based medical imaging management.

我們與 Ambra 的合作是一種創新方法，可以幫助我們將 Blueprint 和 Compass 移動到架構之上如何獲得更高的相關性並更快地擴展。因此，我們能夠與他們合作、協作，然後將 Compass 和本質上的 Blueprint 解決方案置於他們的一些基礎設施之上，他們已將其確立為基於雲的醫學成像管理領域的領導者之一。

Great. And then just wanted to ask just a couple of questions on the Rochester win. And maybe just to be helpful to better understand the sales process your team experienced in the account, how long did it take from getting the door open to getting into the backstage and how this big win informs your enterprise strategy going forward? And then I'll just have one last follow-up.

偉大的。然後只想問幾個關於羅切斯特獲勝的問題。也許只是為了幫助更好地了解您的團隊在客戶中經歷的銷售流程，從開門到進入後台需要多長時間，以及這一重大勝利如何影響您的企業戰略向前發展？然後我將進行最後一次跟進。

Sure. I think Rochester was a great example of the evolution of what we learned in '21. And not to repeat myself on the pivot to getting back to the application of the information. Our approach to Rochester was, I think, an evolution of our learning what we have going on with a lot of our other accounts, which is we approached Rochester from the clinical perspective of the application of ultrasound in the clinical workflow.

當然。我認為羅切斯特是我們在 21 年學到的東西演變的一個很好的例子。並且不要重複我自己的重心，回到信息的應用上。我認為，我們對羅切斯特的方法是我們了解我們在許多其他帳戶中所做的事情的演變，即我們從臨床工作流程中超聲應用的臨床角度接觸羅切斯特。

So we were able to start those conversations with a lot of clinical advocacy and senior leadership around practice management along with what they were trying to do with imaging and how they were trying to manage imaging throughout the institution. And so I think what was different about Rochester and what's informing our approach moving forward is really it's going about with the value proposition of how do you want to transform care? How can this information be valuable to you? And how can we partner with you to get to those objectives and where you want to go?

因此，我們能夠與圍繞實踐管理的許多臨床倡導和高級領導開始這些對話，以及他們試圖對成像做什麼以及他們如何嘗試在整個機構中管理成像。所以我認為羅切斯特的不同之處以及我們前進的方法的信息實際上是關於你想如何改變護理的價值主張？這些信息對您有何價值？我們如何與您合作以實現這些目標以及您想去的地方？

And I think that's really the value of Butterfly in the sense of it's really a clinical tool that institutions can deploy to achieve objectives and how they want to evolve and transform care. We were ready and took a lot of our learnings into the Rochester conversation.

而且我認為這確實是蝴蝶的價值，因為它確實是一種臨床工具，機構可以部署以實現目標以及他們希望如何發展和轉變護理。我們已經準備好，並把我們學到的很多東西帶到了羅切斯特的談話中。

And we're really excited about how they're thinking about it and what we were able to do in the partnership as that sales cycle took us a good portion, about half of the year, which was a big improvement over some of our previous sales cycles. And I think that's what we're really trying to do is figure out how do we continuously package the information we have, the learnings we have and that's the advantage that Butterfly has by being out in the market and then continuing to make that scalable and reproducible. And so we see -- we hope to see improvement each time we go about doing these large implementations.

我們對他們的想法以及我們在合作夥伴關係中能夠做的事情感到非常興奮，因為銷售週期花了我們很大一部分時間，大約半年，這比我們之前的一些改進銷售週期。我認為這就是我們真正想要做的就是弄清楚我們如何不斷地打包我們擁有的信息，我們擁有的知識，這就是蝴蝶在市場上的優勢，然後繼續使其具有可擴展性和可重現。所以我們看到——我們希望每次進行這些大型實現時都能看到改進。

Great. And just how should we think about Butterfly using Rochester as a reference for either future enterprise or health system customers to become comfortable and confident in the Butterfly iQ value proposition? And as part of the Rochester experience going to include the accumulation of accrual of cost effect in this data, I'm not sure how you can go about that. But I think one of the intuitive benefits of handheld ultrasound, particularly Butterfly's platform, as you said on the call, just the potential for cost effectiveness, streamlining care, reducing inappropriate -- level of inappropriate diagnostic tests outside of ultrasound and coming to a clinic diagnosis earlier in the process? But just -- sorry, a multipart question again, but that's my last one.

偉大的。我們應該如何看待蝴蝶使用羅切斯特作為未來企業或衛生系統客戶的參考，以便對蝴蝶 iQ 價值主張感到舒適和自信？作為羅切斯特經驗的一部分，將在此數據中包含成本效應的累積，我不確定您如何才能做到這一點。但我認為手持超聲的直觀優勢之一，尤其是蝴蝶的平台，正如你在電話會議上所說，只是成本效益的潛力，簡化護理，減少不適當的 - 超聲波以外的不適當診斷測試水平和來到診所早期診斷？但只是——抱歉，又是一個多部分問題，但這是我的最後一個問題。

No problem. So one of the things that we're excited about with Rochester is it's a true partnership. They're very excited about the incorporation of digital information in forming care, advancing care and the utilization of technology to improve care. So they're very excited about how they look at AI across systems. They're looking at data aggregation and how do they take information and improve care with that.

沒問題。因此，我們對羅切斯特感到興奮的一件事是，這是一次真正的合作。他們對將數字信息納入護理、推進護理和利用技術改善護理感到非常興奮。因此，他們對如何看待跨系統的 AI 感到非常興奮。他們正在研究數據聚合以及他們如何獲取信息並改善護理。

So Butterfly was very exciting to them as a way to acquire information as I've spoken to you about before. Really, if you think about Butterfly as a clinical tool, it's really about using Butterfly to acquire information, the software to use the information and then take that useful information, inform decision-making and evolve and transform care.

所以蝴蝶對他們來說是非常令人興奮的，因為它是一種獲取信息的方式，正如我之前和你說過的那樣。真的，如果您將 Butterfly 視為一種臨床工具，它實際上是關於使用 Butterfly 獲取信息，使用軟件來使用信息，然後獲取有用的信息，為決策提供信息，並發展和改變護理。

That fit right really well into where they were thinking. So they very much want to partner with us. And so part of this whole deployment was both looking at how do we measure and how do we learn together on what it takes to get people confident? How do you deploy this into workflows? What is best practice to learn and evolve to do that? How do we get information around that? How do we look at evolving, improving the clinical care pathways and then the returns and the economic benefits of doing that?

這非常適合他們的想法。所以他們非常想與我們合作。因此，整個部署的一部分是關注我們如何衡量以及我們如何共同學習如何讓人們自信？您如何將其部署到工作流程中？學習和發展以做到這一點的最佳實踐是什麼？我們如何獲得這方面的信息？我們如何看待不斷發展、改進臨床護理途徑以及這樣做的回報和經濟效益？

So we went into this in partnership with them. They're dedicating resources, we are dedicating resources, and this is a true partnership. And I think it really also stems from the tremendous progressive leadership of Rochester in the sense that they want to transform care. And when we've had conversations with them, they've come out and said, "Look, there were challenges before we went into the pandemic with how care is being delivered. We want to come out of the pandemic not thinking about how do we get back to how we were practicing medicine before. We want to take these opportunities to deploy and move forward and evolve care."

因此，我們與他們合作開展了這項工作。他們投入資源，我們投入資源，這是真正的伙伴關係。而且我認為這也確實源於羅切斯特的巨大進步領導力，因為他們想要改變護理。當我們與他們交談時，他們站出來說：“看，在我們進入大流行之前，我們面臨著如何提供護理的挑戰。我們希望擺脫大流行，而不是考慮如何做“我們回到了以前的行醫方式。我們希望利用這些機會來部署、推進和發展護理。”

And I think they're thinking aggressively around how do you take something like a Butterfly, that information and use that to truly transform care. So it's a partnership. And we're going to learn a lot, and we're going to study a lot. And I think it will become a very important referenceable institution, not just for Butterfly but how you should think about incorporating digital information to help inform and transform care.

而且我認為他們正在積極思考如何獲取像蝴蝶這樣的信息，並使用它來真正改變護理。所以這是一種夥伴關係。我們會學到很多東西，我們會學習很多東西。而且我認為它將成為一個非常重要的可參考機構，不僅對於蝴蝶，而且您應該如何考慮整合數字信息來幫助告知和改變護理。

Your next question comes from the line of Matt Taylor with UBS.

您的下一個問題來自瑞銀集團的馬特泰勒。

So the first question I wanted to ask was, I guess, around Rochester and other enterprise-wide deployments. So you mentioned the sales cycle took about half the year. I know in the release that you put for Rochester before, you talked about that really starting to ramp up in the second half of the year. So first question I have is just on Rochester, how should we think about that ramp and the ultimate size of that specific agreement? And how does that impact the phasing of your revenue through the year?

因此，我想，我想問的第一個問題是圍繞羅切斯特和其他企業範圍的部署。所以你提到銷售週期大約需要半年。我知道在你之前為羅切斯特發布的新聞稿中，你談到了這一點在下半年真正開始增加。所以我的第一個問題是關於羅切斯特的，我們應該如何考慮這個坡道和具體協議的最終規模？這對您全年收入的分階段有何影響？

So Matt, we've talked about this, and I think my last answer to the question is really, first and foremost, we're looking at Rochester to really prove the embodiment of our strategy, which is the practical application of ultrasound information into the clinical workflow. So we're also learning how to package this and move it out and make it more digestible for other institutions.

所以馬特，我們已經討論過這個問題，我認為我對這個問題的最後一個答案是，首先，我們正在尋找羅切斯特來真正證明我們戰略的體現，即超聲信息的實際應用臨床工作流程。因此，我們也在學習如何將其打包並將其移出，使其更易於其他機構消化。

We've talked about -- and so we've talked about the pieces. And we really want to understand the deployment of the IT backbone and the improvements that we have with the elements of Blueprint and Compass. We're going to -- we're taking a little bit of time here, and we're going to, as the middle of the year comes, really start deploying the probes and really getting things into workflow.

我們已經討論過——所以我們已經討論了這些片段。我們真的很想了解 IT 骨幹網的部署以及我們對 Blueprint 和 Compass 元素的改進。我們將 - 我們在這裡需要一點時間，隨著年中的到來，我們將真正開始部署探針並真正將事情納入工作流程。

So we're going to do some implementation and training. And then we would see that the back half of the year being around the true utilization and then the ramp going forward. We've talked about this as a multiyear journey with them and with thousands of probes over time being deployed.

因此，我們將進行一些實施和培訓。然後我們會看到今年下半年圍繞真正的利用率，然後是前進的斜坡。我們已經將其視為與他們的多年旅程，並且隨著時間的推移部署了數千個探測器。

But right now, what we're focused on, most importantly, is evolving Compass to make sure that it can be scalable and deployed across other institutions, the efforts that it takes and the efficiencies that we can drive in getting people up to scale for the deployment and then seeing the incorporation into the workflows and then starting to measure the benefits. So we see this first year as a growing and learning and deploying year. And then we see -- we'll hopefully see even more expansion over time in Rochester and then deployment with other accounts.

但現在，我們最重要的重點是發展 Compass，以確保它可以在其他機構中擴展和部署，我們需要付出的努力以及我們可以提高效率以使人們適應規模部署，然後將其納入工作流程，然後開始衡量收益。因此，我們將第一年視為成長、學習和部署的一年。然後我們看到 - 我們希望隨著時間的推移在羅切斯特看到更多的擴展，然後與其他帳戶一起部署。

Okay. And I just wanted to know for your guidance for the year, does that assume any other enterprise conversion? Could you talk about any of the assumptions by channel or any important wins that underpin your expectation for this growth?

好的。我只是想知道您今年的指導，這是否假設任何其他企業轉換？您能否談談基於渠道的任何假設或任何支持您對這種增長預期的重要勝利？

Yes. So as we look at the year, it wasn't really an overview, it's really what our approach to the larger enterprise institutions are this year, right? The -- we're not at the place where we're seeing that we have these packaged, and we just do multiple, multiple deployments.

是的。因此，當我們回顧這一年時，這並不是一個真正的概述，而是我們今年對大型企業機構的方法，對吧？ - 我們沒有看到我們已經打包了這些，我們只是進行了多次、多次部署。

So I would see maybe another 1 to 2 large-scale institutional deployments this year to help us really refine what a scalable enterprise strategy looks like. The way that we will texture revenue over the course of the year is in working within the institutions within departments around targeted workflows, the capabilities of the device, segments and elements at Compass. And so it's going to always be working both sides of the spectrum across the entire continuum of care that we will be working to package and deploy so that we can top-down deploy enterprises at scale and that we can build up from what's in with specific capabilities and targeted applications in departments and settings so that we can continue to deploy the capabilities of ultrasound information into the workflow. And that's the balance that we have this year, Matt, of leveraging the capabilities of the device versus changing the fundamental thinking of the paradigm of how care is delivered in institutions.

因此，今年我可能會看到另外 1 到 2 次大規模的機構部署，以幫助我們真正完善可擴展的企業戰略。我們將在一年中調整收入的方式是在部門內的機構內圍繞目標工作流程、設備的功能、Compass 的細分市場和元素開展工作。因此，在我們將努力打包和部署的整個護理過程中，它將始終在頻譜的兩個方面發揮作用，以便我們能夠自上而下地大規模部署企業，並且我們可以根據具體情況進行構建部門和環境中的功能和目標應用程序，以便我們可以繼續將超聲信息的功能部署到工作流程中。這就是我們今年的平衡，馬特，利用設備的功能與改變機構提供護理的範式的基本思維。

And at some point, those 2 shall meet and cross, but that's kind of where we are in the journey and in the spectrum. So we're working both sides of them.

在某些時候，這兩個會相遇和交叉，但這就是我們在旅程和光譜中的位置。所以我們正在為他們雙方工作。

Okay. And then you went through a few investments that you're making in software and CapEx. I was wondering if you could help us with like a bridge year-over-year in terms of understanding the increase in spending. What are kind of the key elements that are new and inverse, and the ones that are into life last year?

好的。然後你經歷了一些你在軟件和資本支出方面的投資。我想知道你是否可以幫助我們了解支出的增長情況。哪些是新的和逆向的關鍵元素，哪些是去年進入生活的？

So Matt, I think that we talked about the kind of core elements, and many of them are things that we've learned over the course of 2021. And we'll -- some are areas we're continuing to build on next year. So certainly, there's a focus on R&D, both from a software, which Todd has clearly described the importance of as well as the continued investment in our hardware pipeline.

所以馬特，我認為我們討論了核心元素的類型，其中許多是我們在 2021 年學到的東西。我們將 - 有些是我們明年將繼續發展的領域.因此，當然，無論是軟件研發，托德都清楚地描述了研發的重要性以及對我們硬件管道的持續投資。

Certainly, we'll be continuing to invest in our commercialization and go-to-market strategies, both the kind of direct sales but also the supporting aspects of it. And I think there is the ongoing investment in us as a public company and the tools and processes that enable us to scale for the longer term. So it really is a combination of the components that we described in the call earlier.

當然，我們將繼續投資於我們的商業化和上市戰略，無論是直銷還是支持方面。而且我認為，作為一家上市公司，我們正在持續投資，以及使我們能夠長期擴展的工具和流程。所以它確實是我們在前面的調用中描述的組件的組合。

And could you give us any thoughts on longer term how you expect profitability to evolve? Do you have an expectation for a revenue level where you'll be profitable? Or like when would you start to get more (technical difficulty) from on these investments?

您能否就您對盈利能力的長期發展有何看法？您是否期望能夠盈利的收入水平？或者你什麼時候開始從這些投資中獲得更多（技術難度）？

So Matt, like I -- this has been a big shift for us. And I tried to be really transparent about it. And it's an evolution for us and to be honest, we've never been more excited about an opportunity that we have. And so we are really trying to pull the elements together of the revenue and how that pieces together as we -- I just gave you that overview or insight as to how we're thinking about the deployment.

所以馬特，就像我一樣——這對我們來說是一個很大的轉變。我試圖對此保持透明。這對我們來說是一種進化，老實說，我們從未對我們擁有的機會感到如此興奮。因此，我們真的在努力將收入的要素以及我們如何將這些要素整合在一起——我只是向您提供了關於我們如何考慮部署的概述或見解。

We're also piecing together how we capture the value of using the ultrasound information and the workflow, how do we deploy at an institutional level, where do we look across the continuum. And some of that is still coming together. And so while we see clearly the opportunity that we have, the market moving position that we have, the learnings that we have, we know that we have to bring this all together and piece it together.

我們還在拼湊我們如何捕捉使用超聲信息和工作流程的價值，我們如何在機構層面進行部署，我們如何看待整個連續體。其中一些仍然融合在一起。因此，雖然我們清楚地看到了我們擁有的機會、我們擁有的市場移動位置、我們擁有的經驗，但我們知道我們必須將這一切整合在一起並拼湊起來。

And I would say over time -- and we're clearly making that investment. It is absolutely clear that this has value and that we have the ability to be part of care transformation, and we are aggressively investing in that. We know that with time here, we need to get our revenue growing faster than our investment, and we see that occurring. And we know we need to get you a better longer-term view.

我會說隨著時間的推移 - 我們顯然正在進行這項投資。很明顯，這很有價值，我們有能力成為護理轉型的一部分，我們正在積極投資。我們知道，隨著時間的推移，我們需要讓我們的收入增長快於我們的投資，我們看到這種情況正在發生。我們知道我們需要讓您有一個更好的長期觀點。

So I'm hoping that as this year evolves, we'll be able to bring the pieces together so that we can better articulate that and put that in a longer-term plan so we can help you see some of the outer years. So I just -- we need a little bit more time to let things evolve as the course of the year goes here, but we will definitely be working towards both of those understandings sometime a little bit later in the year. Thank you so much. Thanks, everybody.

所以我希望隨著今年的發展，我們能夠將各個部分整合在一起，以便我們能夠更好地表達這一點並將其納入長期計劃，以便我們可以幫助您了解一些外部年份。所以我只是 - 我們需要更多時間讓事情隨著今年的進程而發展，但我們肯定會在今年晚些時候的某個時候努力實現這兩種理解。太感謝了。謝謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。