Grindr Inc (GRND) 2023 Q4 法說會逐字稿

Good afternoon, everyone.

大家下午好。

My name is Bo, and I will be your conference operator.

我叫 Bo，我將擔任您的會議操作員。

Today.

今天。

At this time, I would like to welcome everyone to the Grainger Fourth Quarter 2023 earnings conference call.

此時此刻，我歡迎大家參加固安捷 2023 年第四季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

(Operator Instructions) I would now like to turn the conference over to Mr. Tolu Adeofe, Grindr's Head of Investor Relations.

（操作員指示）我現在將會議轉交給 Grindr 投資者關係主管 Tolu Adeofe 先生。

Please go ahead.

請繼續。

Thank you, moderator.

謝謝主持人。

Hello, and welcome to the Grindr's earnings Call for the Fourth Quarter and Full Year 2023.

您好，歡迎參加 Grindr 2023 年第四季和全年財報電話會議。

Today's call will be led by grinder CEO.

今天的電話會議將由grinder 執行長主持。

George Arison and CFO, Van Krantz will make a few brief remarks and then we'll open it up for questions.

喬治·阿里森 (George Arison) 和首席財務官範·克蘭茨 (Van Krantz) 將做一些簡短的發言，然後我們將開放提問。

Please note grind to release the shareholder letter this afternoon, and this is available on the SEC's website and grinders Investor page at investors dot primerica.com. Before we begin, I will remind everyone that during this call we may discuss our outlook and future.

請注意grind今天下午發布的股東信函，該信函可在SEC網站和investors dot primerica.com的grinders投資者頁面上找到。在開始之前，我要提醒大家，在這次電話會議中，我們可能會討論我們的前景和未來。

These forward-looking statements may be preceded by words such as we expect, we believe we anticipate or similar such statements.

這些前瞻性陳述之前可能會出現「我們期望」、「我們相信我們預期」或類似此類陳述等字眼。

These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

這些陳述存在風險和不確定性，我們的實際結果可能與今天表達的觀點有重大差異。

Some of these risks have been set forth in our earnings release and our periodic reports filed with the SEC.

其中一些風險已在我們的收益發布和向美國證券交易委員會提交的定期報告中列出。

During today's call, we will also present both GAAP and non-GAAP financial measures.

在今天的電話會議中，我們還將介紹 GAAP 和非 GAAP 財務指標。

Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the earnings release we issued today, which has been posted on the Investor Relations page of grinders website and in grinders filings with the SEC.

有關非公認會計原則措施的其他揭露，包括公認會計原則與非公認會計原則措施的調節，包含在我們今天發布的收益報告中，該報告已發佈在grinders網站的投資者關係頁面上以及grinders向美國證券交易委員會提交的文件中。

With that, I'll turn it over to George.

有了這個，我會把它交給喬治。

Thank you, Tolou and thank you, everyone, for joining us today. 2023, our 1st year as a public company for the success.

謝謝Tolou，也謝謝大家今天加入我們。 2023 年，是我們作為上市公司取得成功的第一年。

By every measure, we made significant improvements in our product, decreased monetizations for a weekly subscription and boost our card and exceeded our financial guidance.

從每項指標來看，我們都對我們的產品進行了重大改進，減少了每週訂閱的貨幣化，並增強了我們的卡片並超越了我們的財務指導。

We continue to work on mortgages to grinder with average amount of 8% for the year, the engagement has remained best in class with more than 121 billion checks.

我們繼續致力於抵押貸款，全年平均金額為 8%，參與度保持在同類最佳水平，支票數量超過 1210 億張。

And between users, these strong results due to the hard work of our team and also to blenders enduring relationship with the gating and we help users all over the world find connect with one another.

在用戶之間，這些強勁的成果歸功於我們團隊的辛勤工作以及攪拌機與門控的持久關係，我們幫助世界各地的用戶找到彼此的聯繫。

We also embrace a deep commitment to service in the global community, most notably through our wonderful quality initiative, including connecting users to more than 235,000 HIV test kits in the U.S., and that's what we are striving to bring to many more conference in 2023.

我們也堅定地致力於為全球社群提供服務，尤其是透過我們出色的品質舉措，包括將美國的用戶與超過235,000 個HIV 檢測套件連接起來，這就是我們努力在2023 年為更多會議帶來的成果。

We also laid a strong foundation for long-term growth, such as developing a robust product roadmap, which includes some great work we are doing on AI and adding outstanding, highly accomplished leaders to our team.

我們也為長期成長奠定了堅實的基礎，例如製定了強大的產品路線圖，其中包括我們在人工智慧方面所做的一些出色工作，以及為我們的團隊增添了傑出的、卓有成效的領導者。

In November, we completed a landmark step for blender with the refinancing of our debt closing a new $300 million facility with some of the world's leading financial institutions that we're finding through the Cortina business water.

11 月，我們透過債務再融資完成了 Blender 里程碑式的一步，與我們透過 Cortina Business Water 找到的一些世界領先的金融機構達成了一項價值 3 億美元的新融資。

So when the first public company serving the LGBTQ community can execute this type of transaction pardon with A-List institutions in a tough interest rate environment highlights then only the strengthened, but I believe our business, it also signals that we can help drive a more open and welcoming financial ecosystem.

因此，當第一家為LGBTQ 群體服務的上市公司能夠在嚴峻的利率環境下與一流機構執行此類交易赦免時，這只會凸顯我們的業務得到加強，但我相信我們的業務，這也表明我們可以幫助推動更多的業務發展。

This is very important to our mission, and I want to thank banner 13 banking partners for their work and support in making it happen.

這對我們的使命非常重要，我要感謝 13 家銀行合作夥伴為實現這一目標所做的工作和支持。

Further details about our performance and 2023 focus areas can be found in our shareholder letter, which I encourage you to read.

有關我們的業績和 2023 年重點領域的更多詳細信息，請參閱我們的股東信，我鼓勵您閱讀該信。

Next, I'd like to outline our three key priorities for 2024.

接下來，我想概述 2024 年我們的三個關鍵優先事項。

Given the robust nature of our free offering to increase monetization over the long term, we need to provide new value added features to our users that they're willing to pay for to do this feat to build features and products with a better understanding of our users.

考慮到我們免費產品的強大性質，從長遠來看，我們需要為用戶提供新的增值功能，讓他們願意付費來實現這一壯舉，以更好地了解我們的功能和產品。

We know that the vast majority of Quanta's users use it for casual dating.

我們知道廣達的絕大多數用戶都用它來進行休閒約會。

So we often have the same users use it for much more as a primary place to find long-term relationships, a source for networking for finding information about what's going on in the community for the safe places article in different countries and much more.

因此，我們經常讓相同的使用者將其更多地用作尋找長期關係的主要場所、用於查找有關不同國家的安全場所文章社群中正在發生的資訊的網路來源等等。

So the features that better serve users specific intent will allow us to cater to the needs of our customers, creating value for them and opportunities for monetization for Brineura.

因此，更好地服務於用戶特定意圖的功能將使我們能夠滿足客戶的需求，為他們創造價值，並為 Brineura 創造獲利機會。

Our second priority focuses on our brand and ensuring that we proudly tell the story of Warner's great legacy of serving and positively impacting millions of people use their community around the world.

我們的第二優先重點是我們的品牌，並確保我們自豪地講述華納的偉大遺產的故事，為世界各地數以百萬計的社區用戶提供服務並對其產生積極影響。

Negative perception, grinder rooted in societal, cultural and historical prejudice sensationalism chain reinforced by long suit.

負面認知、研磨者植根於社會、文化和歷史偏見，透過長西裝強化了煽情主義鏈。

Resolved issues and inaccuracies about our product are still present all around us and living our audiences left unaddressed.

關於我們產品的已解決問題和不準確之處仍然存在於我們周圍，並且沒有解決我們的受眾。

These inaccurate perceptions can have a negative long-term effect on our business we recognize that creating value for our users and shareholders and is taking these issues head-on in 2024, but have focused on amplifying the crucial and impactful work that is at our core by telling the true story of Cornerstone culture and the real relevance and success of our product, both within and outside of the community.

這些不準確的看法可能會對我們的業務產生負面的長期影響，我們認識到為用戶和股東創造價值，並將在 2024 年正視這些問題，但重點是擴大我們核心的關鍵和有影響力的工作透過講述基石文化的真實故事以及我們產品在社區內外的真正相關性和成功。

And our third priority is to build a performance driven culture of excellence and innovation to start out with our return to office initiative last summer.

我們的第三個優先事項是從去年夏天的重返辦公室計畫開始，建立一種績效驅動的卓越和創新文化。

We believe strongly that the combination of an important social mission with a workforce playing to win will create great companies.

我們堅信，重要的社會使命與追求勝利的員工隊伍的結合將創造出偉大的公司。

We're focused on building out our team in key functions with high performance.

我們專注於在關鍵職能領域打造高效能團隊。

And we believe that the strong performance driven culture will help drive strong long-term growth for Brenda, starting with the 2024 guidance we are providing today.

我們相信，從我們今天提供的 2024 年指導開始，強大的績效驅動文化將有助於推動 Brenda 的長期強勁成長。

I'm excited to share more on all of these initiatives and much more about Quanta at our first Investor Day, which will be held on June 26th, 2020 for New York City.

我很高興能在我們的首屆投資者日（將於 2020 年 6 月 26 日在紐約舉行）上分享更多關於所有這些舉措以及更多關於廣達的信息。

The event will be a fantastic opportunity to gain deeper insight into our Company and engage with leadership registration details will be shared soon.

該活動將是一個絕佳的機會，可以更深入地了解我們公司並與領導層互動，註冊詳細資訊將很快分享。

With that, I'll hand it over to Werner to discuss our financial performance.

接下來，我將把它交給沃納來討論我們的財務表現。

Thank you, George, and hello, everyone.

謝謝你，喬治，大家好。

I'll start by summing up the year and then dive into the fourth quarter.

我將首先總結這一年，然後深入討論第四季。

Grinder delivered outstanding results in 2023 with revenue growing 33% to $260 million for the full year.

Grinder 在 2023 年取得了出色的業績，全年營收成長 33% 至 2.6 億美元。

And our adjusted EBITDA margin came in at 42% of revenue for a total of $110 million.

我們調整後的 EBITDA 利潤率為營收的 42%，總計 1.1 億美元。

Both revenue and adjusted EBITDA margin were well ahead of our original guidance for the year, and our revenue increased further from our guidance update in November.

收入和調整後 EBITDA 利潤率均遠高於我們今年最初的指導，而且我們的收入較 11 月更新的指導進一步增加。

Overall, our performance was driven by a combination of paying user growth and increased average revenue per paying user as we benefited from the success of the launch of the extra weekly subscription and a full year contribution from our popular boost ala carte offerings.

總體而言，我們的業績是由付費用戶成長和每個付費用戶平均收入增加共同推動的，因為我們受益於每週額外訂閱的成功推出以及我們流行的點菜服務的全年貢獻。

In fact, our direct revenue grew by 38% in 2023.

事實上，2023 年我們的直接收入成長了 38%。

We continue to see strong engagement in our app throughout the year as average monthly active users increased 8% in 2023 over the prior year, and our average paying users increased 19% to a record 937,000 our average direct revenue per paying user grew 16% year over year to $20 and $0.05, primarily driven by the extra weekly subscriptions.

我們全年繼續看到我們的應用程式的強勁參與度，2023 年平均每月活躍用戶比上一年增長了8%，我們的平均付費用戶增長了19%，達到創紀錄的937,000 名，我們每個付費用戶的平均直接收入成長了16%年增 20 美元和 0.05 美元，這主要是由每週額外訂閱推動的。

Turning now to the fourth quarter revenue was $72 million, up 32% year over year from $55 million.

現在來看第四季的營收為 7,200 萬美元，比去年同期的 5,500 萬美元成長 32%。

This includes $62 million of direct revenue, which was up 39% year over year and $10 million of indirect revenue, which was up 1% year over year.

其中包括 6,200 萬美元的直接收入，年增 39%；以及 1,000 萬美元的間接收入，年增 1%。

Operating expenses, excluding cost of revenue for the fourth quarter of 2023 were $37 million, down 0.3% versus last year.

2023 年第四季的營運費用（不包括收入成本）為 3,700 萬美元，比去年下降 0.3%。

An increase in people costs was largely offset by a decline in depreciation and amortization.

人力成本的增加在很大程度上被折舊和攤提的下降所抵消。

Operating expenses, excluding cost of revenue for the full year of 2023 were $137 million, up 5% year over year versus 2022 of $131 million.

2023 年全年營運費用（不含收入成本）為 1.37 億美元，較 2022 年的 1.31 億美元年增 5%。

This $6 million year over year increase reflects higher people costs, which includes a $9 million severance expense driven by a return to office program.

年比增長 600 萬美元反映了人員成本上升，其中包括因重返辦公室計劃而產生的 900 萬美元遣散費。

This was offset by lower depreciation and amortization costs.

這被較低的折舊和攤提成本所抵消。

Net loss for the fourth quarter was $45 million compared with net income of 5 million in Q4 2022 for the full year and fourth quarter of 2023.

第四季淨虧損為 4,500 萬美元，而 2022 年第四季全年及 2023 年第四季淨利為 500 萬美元。

We incurred $61 million and $50 million, respectively, in expenses related to warrants and our debt refinancing.

我們分別產生了 6,100 萬美元和 5,000 萬美元的與認股權證和債務再融資相關的費用。

Adjusted EBITDA for the fourth quarter was $29 million, equating to a 40% adjusted EBITDA margin.

第四季調整後 EBITDA 為 2,900 萬美元，相當於調整後 EBITDA 利潤率為 40%。

Turning to our balance sheet, the headline for Q4 and the year was the new $350 million credit facility announced in November.

談到我們的資產負債表，第四季和今年的頭條新聞是 11 月宣布的新的 3.5 億美元信貸安排。

The facility consists of a nearly $300 million term loan A. and a $50 million revolver.

該貸款包括近 3 億美元的定期貸款 A. 和一筆 5,000 萬美元的循環貸款。

This new facility was a key objective for us in our 1st year as a public company as we focus on replacing the much higher cost of debt we carried for almost a year.

這項新貸款是我們作為上市公司第一年的關鍵目標，因為我們專注於償還近一年來所承擔的高得多的債務成本。

The new facility results in about $17 million in annual interest savings inclusive of the new term loan.

新貸款每年可節省約 1700 萬美元的利息，其中包括新定期貸款。

Our net debt position was $341 million at December 31st, 2023 we ended the year with approximately $28 million in unrestricted cash and cash equivalent.

截至 2023 年 12 月 31 日，我們的淨債務部位為 3.41 億美元，年底我們擁有約 2,800 萬美元的非限制現金和現金等價物。

Combined with our strong cash generation profile, we have ample liquidity to fund the business and execute on our growth priorities.

結合我們強大的現金產生能力，我們擁有充足的流動性來為業務提供資金並執行我們的成長重點。

Let me now turn to our outlook for 2024.

現在讓我談談我們對 2024 年的展望。

We have set guidance for this year of revenue growth greater than 23% and adjusted EBITDA margin of at least 40%.

我們為今年的營收成長設定了超過 23% 的指導，調整後的 EBITDA 利潤率至少為 40%。

Our guidance reflects our expectation of another year of strong growth and profitability driven by continued paying user growth.

我們的指導反映了我們對付費用戶持續成長推動下又一年強勁成長和獲利能力的預期。

A full year contribution from our weekly subscription offering, which was rolled out globally in May of 2023 and contributions from existing and new offerings expected later in the year.

我們的每週訂閱服務於 2023 年 5 月在全球推出，全年貢獻來自於現有服務和新服務的貢獻，預計將在今年稍後提供。

Our adjusted EBITDA margin guide reflects investments in our strategic priorities that George highlighted, including product roadmap, talent acquisition and modest brand spending.

我們調整後的 EBITDA 利潤率指南反映了喬治強調的對我們策略優先事項的投資，包括產品路線圖、人才收購和適度的品牌支出。

I also want to briefly touch on how we're thinking about international opportunities.

我還想簡單談談我們如何看待國際機會。

We continue to see fairly consistent and healthy mall growth around the world.

我們繼續看到世界各地購物中心相當穩定和健康的成長。

And we have been pleasantly surprised by the pace of monetization.

我們對貨幣化的速度感到驚訝。

International markets contribute more than 40% of total revenue in 2023, responding well to the weeklies and Boost product launches despite us not having yet focused on our end market localization and price optimization efforts.

2023 年，國際市場貢獻了總收入的 40% 以上，儘管我們尚未專注於終端市場本地化和價格優化工作，但對周刊和 Boost 產品發布的反應良好。

As a result, we will be prioritizing go-to-market optimizations in key countries with the goal of further accelerating paying user growth over time.

因此，我們將優先考慮關鍵國家/地區的入市優化，目標是隨著時間的推移進一步加速付費用戶的成長。

This effort is in the early stages, so we have not factored any uplift into our outlook for this year.

這項工作還處於早期階段，因此我們沒有對今年的前景做出任何上調。

With that, I'll ask the operator to open up the line for Q&A.

這樣，我會要求接線員開通問答線路。

(Operator Instructions) Andrew Merrick, Raymond James.

（操作員說明）安德魯梅里克、雷蒙詹姆斯。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to talk a little bit about younger users.

我想談談年輕用戶。

So can you talk a bit about your level of satisfaction in the top of funnel with younger users can been hearing anecdotal reports of burnout with dating apps and some of the mass market comps.

那麼，您能談談您對年輕用戶的滿意度嗎？

I guess how are you tuning your product and AI. to position grinder?

我猜你是如何調整你的產品和人工智慧的。定位磨床？

Well for changing consumer taste to to the extent that you see them and maybe you don't.

很好地改變了消費者的品味，以至於你看到了他們，也許你看不到他們。

So thank you, Andrew.

謝謝你，安德魯。

It's a great question.

這是一個很好的問題。

Really appreciate you joining the call.

非常感謝您加入通話。

So we believe Equinor has a lot of room to grow ahead in terms of acquiring new users, both in the US and abroad, and we're seeing that happen in general in our product, we saw 8% number of last year, and we expect that to continue in the future.

因此，我們相信 Equinor 在獲取新用戶方面有很大的發展空間，無論是在美國還是在國外，我們看到這種情況在我們的產品中普遍發生，我們去年看到了 8% 的數字，我們預計這種情況未來會持續下去。

The reasons I think threefold and bear with me as I walk through that one is that gave people have been connecting digitally for a very long time.

當我經歷這個問題時，我會進行三重思考，請耐心等待，因為人們長期以來一直在進行數位化聯繫。

And that was actually true before the Internet dating took over.

在網路約會流行之前，這確實是事實。

A lot of people would use a phone dating services to connect and then it shifted on to the web.

很多人會使用電話約會服務進行聯繫，然後轉移到網路上。

When I finish causing 2000 everybody I would need to do much in DC or New York was already on dating clarified data com and Manhunt and others.

當我完成 2000 人的工作時，我需要在華盛頓或紐約做很多事情，這些工作已經在約會澄清數據 com 和 Manhunt 等方面進行。

And so this has been part of the fabric of the of the user base for a very long time.

因此，很長一段時間以來，這一直是用戶群結構的一部分。

And all the research that we see out there suggest that this is going to continue.

我們看到的所有研究都表明這種情況將會持續下去。

And secondly, the reason this is true is because our the community is not as big as the state population, likely a subset of the population and so you want to be around people who are more like you will have something in common with you.

其次，之所以如此，是因為我們的社區不像州人口那麼大，可能是人口的子集，所以你想和那些更像你的人在一起，他們會與你有一些共同點。

And the digital channels like Wrangler are a great way to connect 50 per quarter like you, especially with younger users who are still trying to figure themselves out, they just 2018, it became it out and they came out potentially or just finished college figuring out what life would be like asking someone who is no different than majority.

像Wrangler 這樣的數位管道是每季度連接50 個像你這樣的人的好方法，特別是對於那些仍在試圖弄清楚自己的年輕用戶，他們只是2018 年，它已經出來了，他們有潛力或剛剛完成大學弄清楚如果問一個與大多數人沒有什麼不同的人，生活會是什麼樣子。

The population allows you to do that better.

人口可以讓你做得更好。

If you are around people like you and so that benefits will be in a product like vendor that has the full subset of the of the people in that community.

如果您周圍有像您這樣的人，那麼像供應商這樣的產品就會帶來好處，該供應商擁有該社區中所有人員的子集。

And then lastly, even in real life people oftentimes moving to large cities and they go into neighborhoods and living gave a growth rate, every luxury, they have the capability and grind or is it a bit further on your digital device because they gave it on the phone.

最後，即使在現實生活中，人們也經常搬到大城市，他們進入社區，生活也有了增長率，每一種奢侈品，他們都有能力和磨礪，或者在你的數位設備上更進一步，因為他們把它提供給了你的數位設備。

And so we are able to recreate that in real life experience for users already.

因此，我們已經能夠在現實生活中為使用者重現這種體驗。

And that's actually why our users use provider for so many other ways than just daily on all the other kind of ways in which they connect with each other.

這實際上就是為什麼我們的用戶以多種其他方式使用提供者，而不僅僅是每天以其他方式相互聯繫。

So that's kind of what we're seeing so far.

這就是我們目前所看到的情況。

And what we think will continue to happen in the future as far as products are concerned, is very sure that to have a ton of room and opportunity to build new products to address the needs that you have to have.

我們認為就產品而言，未來將繼續發生的事情是非常肯定的是，有大量的空間和機會來建立新產品來滿足您的需求。

Our product development is done through understanding what users want and then trying to meet them in those needs through new features and products.

我們的產品開發是透過了解使用者的需求，然後嘗試透過新功能和產品來滿足他們的需求來完成的。

We have built a really robust product strategy over the last year that we are really excited about.

去年我們制定了非常強大的產品策略，對此我們感到非常興奮。

And I think a lot of it is addressing their needs.

我認為其中很多都是為了滿足他們的需求。

So we're pretty excited about giving you a chance to kind of see more of that and hear more about it at the June Investor Day.

因此，我們非常高興能讓您有機會在六月投資者日看到更多內容並聽到更多相關資訊。

That will not great, really appreciate the color there.

那不太好，真的很欣賞那裡的顏色。

Very helpful.

很有幫助。

And then maybe one more, if I could.

如果可以的話，也許還有一個。

On it sounds like you're still working on scaling your team back up after the return to office mandate.

聽起來你仍在努力在重返辦公室後擴大團隊規模。

How has the progress been against your goals to date, any significant learnings there?

到目前為止，與您的目標相比進展如何？

And maybe any specific areas that have been easier or harder to add headcount in than you had thought in total?

也許有哪些特定領域的員工數量比您想像的更容易或更難？

Yes.

是的。

I mean, as you can see from our financials that we had about 100 people at the end of last year, so the 18 much smaller than we had inherited when we joined, we peaked at about 25 or so.

我的意思是，正如你從我們的財務數據中看到的那樣，去年年底我們大約有100 名員工，因此這18 名員工比我們加入時繼承的要少得多，我們的峰值人數約為25人左右。

And it's very important for us to be able to hire the right talent that is really committed to both the mission of the business and to working the way we address business went to work and we are really committed to a performance-driven culture in which what matters we're doing really big thing.

對我們來說，能夠聘用真正致力於業務使命和以我們處理業務的方式工作的合適人才非常重要，我們真正致力於以績效為導向的文化，在這種文化中，重要的是我們正在做一件非常大的事情。

The goals are ambitious and we want people who want to go after those goals but wasn't working.

這些目標雄心勃勃，我們希望人們能夠追求這些目標卻不付諸實踐。

And so I do not expect us to be able to get back to the numbers we're at in a year.

因此，我不希望我們能夠在一年內恢復到目前的數字。

Can you hire that many people in the year?

一年能招那麼多人嗎？

Absolutely.

絕對地。

But you won't be able to maintain your bar as well.

但你也無法維持你的酒吧。

And you won't be able to integrate people into the company as well.

而且你也無法將人們融入公司。

And so we don't want to go there.

所以我們不想去那裡。

We are fortunate that we can supplement any that we have in hiring contractors would have a really strong set of contracts supporting us in engineering and product and some of the other areas they're fully integrated with our team.

我們很幸運，我們可以補充我們在僱用承包商方面的任何能力，他們將擁有一套非常強大的合同，在工程和產品以及他們與我們團隊完全整合的其他一些領域為我們提供支持。

So our pause in engineering for example, combined contractors and full-time employees together.

例如，我們暫停了工程，將承包商和全職員工結合在一起。

And so it's a very integrated model of working, and that's been going really well.

所以這是一個非常全面的工作模式，而且進展非常順利。

And that said, we've had actually incredible success in hiring.

也就是說，我們在招募方面實際上取得了令人難以置信的成功。

I won't share any specific numbers, but I was really pleasantly surprised over the last three months, for example, at the speed of being able to hire engineers and bring folks on board has been really awesome.

我不會透露任何具體數字，但在過去的三個月裡，我真的感到非常驚喜，例如，能夠僱用工程師並讓人們加入的速度真的很棒。

I think it speaks to the fact that we have over the music business, it's not common to find businesses that are growing as well as binder is growing and that have a higher EBITDA margin as we move to put a lot of people who want to be in a nimble environment where they can have with the big impact grinder that would be appealing place to work.

我認為這說明了這樣一個事實，即我們在音樂業務上的發展，隨著我們把很多想要成為這樣的人的人投入進來，找到像Binder 一樣不斷增長的業務並且具有更高的EBITDA 利潤率的情況並不常見。

And so we've seen really great progress in bringing on board a great engineering talent into vendor over the last year.

因此，去年我們在供應商引進優秀工程人才方面取得了巨大進展。

Appreciate the detail.

欣賞細節。

Thank you.

謝謝。

Rohit Kulkarni, ROTH.

羅希特·庫爾卡尼，羅斯。

Again, thank you and congrats on a great quarter and a good year 23 on first question to you, John, just on the first priority that you outlined on your the better understand user intent from speed, you can double-click on that and perhaps talk about how are you thinking about new products, incremental investments and the auto, why it seems as if auto is going to come in 25 and not in 24.

再次感謝您，並祝賀您在第23 年取得了出色的季度和良好的業績，約翰，關於您提出的第一個問題，即您概述的“從速度中更好地理解用戶意圖”的首要任務，您可以雙擊它，也許談談你如何看待新產品、增量投資和汽車，為什麼汽車似乎會在 25 年而不是 24 年出現。

So just maybe talk about them, what is it that you want to achieve when it comes to learning user intent?

那麼也許談談它們，在學習用戶意圖方面您想要實現什麼？

Yes, absolutely.

是的，一點沒錯。

So we believe that Grainger is used in a lot of different ways that's based on data.

因此，我們相信 Grainger 可用於多種基於數據的不同方式。

We may not even share some data publicly.

我們甚至可能不會公開分享一些數據。

Now 90% of people are using grinder for for casual dating, but about 50% to 60% of people want to use it for long-term relationships, for example.

現在，90% 的人使用grinder 進行休閒約會，但大約 50% 到 60% 的人希望使用它來建立長期關係。

And then we also know that they use it for travel to kind of figure out what they should be doing when they travel to new places.

然後我們也知道他們在旅行中使用它來弄清楚當他們去新的地方旅行時應該做什麼。

And 20 was kind of a lot, I think a really quick one kind of thing to do for health information on public health, about inflammation in particular for social connections with each other, but French's.

20 是很多，我認為這是一種非常快速的公共衛生健康信息，關於炎症，特別是關於彼此之間的社會聯繫，但法國人。

So there's a broad set of use cases that people already use the product for, which is really fantastic.

因此，人們已經在使用該產品的廣泛用例，這真是太棒了。

We love that and that's the reason why we have as much engagement as video.

我們喜歡這一點，這就是為什麼我們的參與度與影片一樣多的原因。

We paid $121 billion chat on shared last year.

去年我們在共享聊天上支付了 1210 億美元。

And so what we want to do with the product as we extend the product functionality to support all the different use cases right now, a lot of this happens to be chatting with each other, which is great we want to encourage that.

因此，當我們擴展產品功能以支援現在所有不同的用例時，我們想要對產品做什麼，其中很多事情恰好是互相聊天，我們希望鼓勵這一點，這很好。

But imagine a world where with a click of a button, you could go into a part of the product where everyone is engaged in a desire to have a long-term relationship with a subset of our users, but they all want to take maybe your profile.

但想像一下這樣一個世界，只需點擊一個按鈕，您就可以進入產品的一部分，其中每個人都渴望與我們的一部分用戶建立長期關係，但他們都想拿走您的輪廓。

There is a little bit different, maybe slightly different type of profile than I am and you might have for your more tangible dating experience, maybe you say different things in it because people aren't in different inflation.

有一點不同，也許與我的個人資料類型略有不同，你可能有更具體的約會經歷，也許你在其中說了不同的事情，因為人們並不處於不同的通貨膨脹中。

Maybe your photos are different as well.

也許你的照片也不同。

So that would actually be will be appealing to our users because we've heard that from them.

因此，這實際上會對我們的用戶有吸引力，因為我們已經從他們那裡聽到了這一點。

They want that and we believe that that will create better engagement with users to be able to kind of understand what their desires are.

他們希望如此，我們相信這將與用戶建立更好的互動，從而能夠理解他們的願望是什麼。

And so the products that we are envisioning are all built around what the users need for do we hear from users and how can we satisfy those needs as far as the ROI on those things, we tend to think of the upfront development and where it kind of drives revenue and a very interconnected way, both along our cards and infrastructure, some of the products that we're building and testing such as teleport power conversion as ala carte products.

因此，我們設想的產品都是圍繞著使用者的需求而建構的，我們是否聽到使用者的意見，以及我們如何滿足這些需求，就這些事情的投資報酬率而言，我們傾向於考慮前期開發以及它的類型推動收入和一種非常互聯的方式，無論是我們的卡還是基礎設施，我們正在建造和測試的一些產品，例如作為點菜產品的傳送電源轉換。

So those would be on a per use basis, people will pay for them.

因此，這些都是按使用次數計算的，人們會為此付費。

And then some of the other products like dating, which is a combination of many, many features, we probably envision as a new subscription tier where people will pay for that because it's a big value add in general, my experience in building technology now for nearly 20 years that when you create value for people, they are very excited to pay for it because they see a lot of benefit from that.

然後還有一些其他產品，例如約會，它是許多功能的組合，我們可能會設想作為一個新的訂閱層，人們會為此付費，因為總的來說，這是一個很大的增值，我現在建立技術的經驗近 20 年來，當你為人們創造價值時，他們會非常高興地為此付出代價，因為他們看到了從中受益匪淺。

And so as long as we build products that create value, I'm very confident that we'll be able to drive good financial performance.

因此，只要我們打造出能夠創造價值的產品，我就非常有信心我們能夠推動良好的財務表現。

And Rohit, just to add a little bit to that.

羅希特（Rohit）只是補充一點。

I mean, when we think about ROI, we're really thinking about just increasing number of paying users.

我的意思是，當我們考慮投資報酬率時，我們真正考慮的是增加付費用戶的數量。

And as you saw, we increased it by 19% in 2023.

如您所見，我們在 2023 年將其增加了 19%。

And so as we put out more use cases that we've already done research on to recognize that, yes, our users are looking for TellApart.

因此，當我們推出更多我們已經做過研究的用例時，我們認識到，是的，我們的用戶正在尋找 TellApart。

They are looking for things like right now and dating.

他們正在尋找諸如現在和約會之類的東西。

There's like a lot of research that we put into play before we design the product and make sure it's pretty successful.

在設計產品並確保其非常成功之前，我們進行了大量研究。

That being said, usually our products take a V. one or a V. two to actually really hit perfection and that's what you saw with boost this year.

話雖這麼說，通常我們的產品需要 V.1 或 V.2 才能真正達到完美，這就是您今年看到的提升。

Posted a very nice job in our ala carte is performing nicely for us.

在我們的點菜中發布了一份非常好的工作，對我們來說表現得很好。

We did tweak it at the beginning of 2023 to really develop that kind of incremental again.

我們確實在 2023 年初對其進行了調整，以真正再次開發這種增量。

So yes, we think about the ROI, but we recognize that it could be a V one or V. two.

所以，是的，我們考慮了投資回報率，但我們認識到它可能是 V 1 或 V 2。

And before we do it.

在我們這樣做之前。

We certainly do user research to make sure we actually prioritize the products that they want.

我們當然會進行用戶研究，以確保我們確實優先考慮他們想要的產品。

Okay.

好的。

Thank you, guys.

感謝你們。

And one on 24 guidance, to the extent you can provide more color on the drivers behind the revenue growth, both on the paying users and kind of RPU as well, directionally even and also, obviously, margins, you're guiding to slight step down in margins, although when all's said and done, they may still be above 23 levels.

一對24 的指導，在某種程度上，您可以提供更多關於收入增長背後的驅動因素的信息，包括付費用戶和RPU 的類型，方向均勻，而且顯然還有利潤率，您正在指導稍微邁出一步利潤率有所下降，儘管歸根結底，它們可能仍高於 23 水平。

Maybe just just a double-click on that to what's your hiring outlook as well as the on how should we think about the cadence of margins as the year progresses?

也許只需雙擊它即可了解您的招募前景以及隨著時間的推移我們應該如何考慮利潤率的節奏？

So and certainly, we're really excited about another strong year in 2024.

因此，當然，我們對 2024 年又一個強勁的一年感到非常興奮。

And I would say that our guidance is still extremely Excellent.

我想說，我們的指導仍然非常出色。

And certainly with respect to 2024, we're really thinking about the weeklies in the first half of the year as you know it really fully launched midyear in 2023.

當然，就 2024 年而言，我們確實在考慮上半年的周刊，因為你知道它在 2023 年年中真正全面推出。

So we'll get the full year benefit of that.

所以我們將獲得全年的收益。

We also have and a few new products that we've alluded to that will be rolling out that are already in test.

我們還有一些我們提到的即將推出的新產品已經在測試中。

Again, it could be the one kind of version.

同樣，它可能是一種版本。

So right now you see our guidance at 23% for revenue growth remember, last year we showed 25% and we actually ended the year with 33.

所以現在你看到我們的收入成長指引為 23%，請記住，去年我們顯示了 25%，而我們實際上在年底達到了 33%。

So there will be more to come as the year progresses.

因此，隨著時間的推移，將會有更多的事情發生。

I think you probably recognize our philosophy is certainly to be more prudent at the beginning of the year as we're still continuing to test before the full rollout goes out.

我想您可能認識到我們的理念肯定是在年初更加謹慎，因為我們仍在全面推出之前繼續進行測試。

With respect to our investments like George said, we have three real investments, PRODUCT brand headcount.

關於我們的投資，就像喬治所說的那樣，我們有三項真正的投資，即產品品牌員工人數。

I would suggest that really from a EBITDA perspective, you're not going to see too much movement there because a lot of our consultants that are onboard now we're going to flip into FTE.

我建議，實際上從 EBITDA 的角度來看，你不會看到太多的變動，因為我們的許多顧問現在都在職，我們將轉向 FTE。

So I don't think you're seeing like any big bumps in terms of headcount spend, again, prudent in our guidance at the beginning of the year to confirm that we will absolutely hit our numbers.

因此，我認為您在員工支出方面沒有看到任何大的波動，再次強調，我們在年初的指導中保持謹慎，以確認我們絕對會達到我們的數字。

So they get a lot of growth at the onset of the roadside and thanks and congrats again.

因此，他們在路邊一開始就獲得了巨大的成長，再次感謝和祝賀。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

Great, thanks.

萬分感謝。

I have two questions.

我有兩個問題。

First State, you mentioned that you plan to amplify the brand story as part of your 2024 priorities, do you have plan to adjust marketing efforts or launching a branding campaign to help with the story?

First State，您提到您計劃將放大品牌故事作為 2024 年優先事項的一部分，您是否計劃調整行銷工作或發起品牌活動來幫助講述故事？

Just kind of curious around color there.

只是對那裡的顏色有點好奇。

And then the second question would be around payer conversion to step up in 2023.

第二個問題是關於 2023 年付款人轉換率的提高。

I'm just curious about the drivers of the improvement there and then kind of can we expect further conversion uptick as part of the 24 outlook?

我只是對改善的驅動因素感到好奇，那麼作為 24 日展望的一部分，我們是否可以期待轉換率進一步上升？

Thank you.

謝謝。

Great.

偉大的。

Thank you very much for those questions.

非常感謝您提出這些問題。

I'll take the first one and then I guess I will take the second one.

我會選擇第一個，然後我想我會選擇第二個。

So on marketing, just from a spend perspective, any increase in marketing spend is fairly limited.

因此，在行銷方面，僅從支出角度來看，行銷支出的增加相當有限。

So its impact on margins is very small, but we do think that the work that we will be doing in marketing is still very important and critical for the future.

因此，它對利潤率的影響非常小，但我們確實認為我們在行銷方面所做的工作對於未來仍然非常重要且關鍵。

So Grainger has done amazing things historically in the community and frankly, for the world and put it to work for for people who need our product.

因此，Grainger 歷史上在社區中做出了令人驚嘆的事情，坦白說，為世界做出了令人驚嘆的事情，並將其用於需要我們產品的人。

We are in 100 countries and about 60 of those utilities look at the game and kind of the only way to be able to connect in many of those places.

我們遍布 100 個國家/地區，其中大約 60 個公用事業公司關注這一遊戲，並認為這是在許多地方實現連接的唯一方法。

And but at the same time, there are a lot of assumptions about the product and keep in mind that are just even not true for maybe were true a decade ago and have long been addressed and are cautious there differently now and so what our objective with marketing is on the one hand is to correct some of the assumptions and to really amplify the awesome things that granted us to talk about the fact that, for example, last year 200,000, about 5,000 people in the U.S. ordered an HIV test provider.

但同時，關於產品有很多假設，請記住，這些假設甚至都不正確，因為十年前可能是正確的，而且早已得到解決，現在對此持不同的謹慎態度，所以我們的目標是什麼行銷一方面是為了糾正一些假設，並真正放大令人敬畏的事情，讓我們能夠談論這樣一個事實：例如，去年，美國有 20 萬人，大約 5,000 人訂購了 HIV 檢測提供者。

We're able to get that into home and about a third of those people had never had initially said before.

我們能夠將這一點帶入家裡，而其中大約三分之一的人最初從未說過。

Those are the kinds of stories that we don't talk about a lot, but we need to so that people have a better appreciation of what Grainger is it does and the role that it plays in society.

這些故事我們不常談論，但我們需要讓人們更了解 Grainger 的業務以及它在社會中所扮演的角色。

And then secondly, with our users themselves, you know, they come to our social media channels to enjoy really fun kind of content that can be really powerful in creating engagement with our users outside of the products as well as keeping us top of mind with new users in the future.

其次，對於我們的用戶本身，你知道，他們來到我們的社交媒體管道享受真正有趣的內容，這些內容對於在產品之外與我們的用戶建立互動非常強大，並使我們始終牢記在心未來的新用戶。

And that's really a fact that we have really powerful social channels out there.

事實上，我們擁有非常強大的社交管道。

And so investing in content in those sorts of social channel is really valuable for us.

因此，投資此類社交管道的內容對我們來說非常有價值。

And so we just recently brought on board a new leader for Progress brand marketing and actually moved him from the UK because we're so uniquely qualified to be effective for us.

因此，我們最近剛聘請了一位新的 Progress 品牌行銷領導者，實際上，他是從英國調來的，因為我們擁有獨特的資質，能夠為我們帶來高效的服務。

And already we are seeing really positive impact of the work that he and his team are doing.

我們已經看到他和他的團隊所做的工作產生了真正積極的影響。

For example, recently, they launched a new podcast has just taken off in a really incredible way with hundreds of thousands of people engaging with that podcast content across different social media channels.

例如，最近，他們推出了一個新的播客，剛剛以令人難以置信的方式起飛，數十萬人透過不同的社群媒體管道參與該播客內容。

We think that's really powerful and connected community that we will be done.

我們認為我們將完成一個真正強大且相互連結的社區。

So nothing in terms of user acquisition, focus from cost perspective, but that's not something we need to do or would like to have.

因此，在用戶獲取方面沒有什麼，從成本角度關注，但這不是我們需要做或想要做的事情。

But in terms of telling our story better across broader channels as well as social channels.

但就透過更廣泛的管道和社交管道來更好地講述我們的故事而言。

It can be very lumpy.

它可能非常凹凸不平。

And then on the second question of the 40 plus, I'm not sure it's Thank you for the question.

然後關於 40+ 的第二個問題，我不確定是不是謝謝你的問題。

So you saw that we grew our paying users by 19% in 2023.

所以你看到我們的付費用戶在 2023 年成長了 19%。

And really, we can attribute that to our new product offerings.

事實上，我們可以將其歸因於我們的新產品。

Yes, we put out a weekly subscription tier, which was really the same as the extra, but a lower price point.

是的，我們推出了每週訂閱套餐，這實際上與額外套餐相同，但價格較低。

We were extremely pleased with how little cannibalization we had, how we converted more and more users.

我們對自己的蠶食程度如此之低以及如何轉換越來越多的用戶感到非常滿意。

And in fact, we have a double benefit because often the weeklies ended up renewing and therefore, that actually also impacted our ARPU.

事實上，我們有雙重好處，因為周刊最終會更新，因此，這實際上也影響了我們的 ARPU。

In terms of conversion, you're absolutely right we had a very nice lift in 2023.

就轉換而言，您說得完全正確，我們在 2023 年取得了非常好的提升。

Our conversion, what I would suggest is we certainly see and continued now growth.

我的建議是，我們的轉變肯定會看到並且現在仍在持續成長。

And you should imagine that our conversion rates like there's no real no real expectation in our guidance so far of changes in conversion, we had a nice uplift in 2023.

你應該想像一下，我們的轉換率到目前為止，在我們的指導中並沒有真正預期轉換率的變化，我們在 2023 年有一個不錯的提升。

That's great.

那太棒了。

Thanks for the color.

謝謝你的顏色。

If I can.

如果我能。

I could just do one quick follow-up.

我可以做一個快速的跟進。

George, just curious about your or your view of the competitive environment and match launched Archer last last year last June.

喬治，只是好奇你或你對去年六月推出的 Archer 的競爭環境和比賽的看法。

So just curious just a general competitive environment in the US and outside the US for granted?

那麼只是好奇美國國內外的整體競爭環境是理所當然的嗎？

Absolutely.

絕對地。

So we know that our users are going to be using more than one out.

所以我們知道我們的用戶將使用不只一種產品。

That's very common in the dating space for people to have more than one hour, and that's perfectly, okay.

這在約會空間中很常見，人們的時間超過一小時，這完全可以。

What we do want to make sure is that our users are looking at plan or it has been a first in wallet product.

我們真正想要確保的是，我們的用戶正在查看計劃，或者它是錢包產品中的第一個。

If you think of the credit card analysis, meaning they want to come to us often.

如果您想到信用卡分析，這意味著他們想經常來找我們。

And for all the things that they want to accomplish in the product.

以及他們想要在產品中完成的所有事情。

And it's really important for us to be serving them correctly through the right features and services to meet their needs.

對我們來說，透過正確的功能和服務來滿足他們的需求，為他們提供正確的服務非常重要。

I think if you look at our engagement numbers that they're kind of speak for themselves in terms of how active users are with the funds.

我認為，如果您查看我們的參與度數據，您會發現它們可以說明用戶對資金的活躍程度。

And so that's going really well.

一切進展順利。

And we haven't seen any concerns on that front in the last year and don't expect to see anything in the future.

去年我們沒有看到這方面的任何擔憂，預計未來也不會出現任何問題。

And so from that perspective of competition, we obviously are we welcome competition and keep us on our toes, but it's not something that we are in any way concerned about.

因此，從競爭的角度來看，我們顯然歡迎競爭並保持警惕，但這不是我們所關心的事情。

As far as our just specifically, no, I think there has not been a lot of conversation about that in the community because it hasn't really taken off.

就我們具體而言，不，我認為社區中對此沒有太多討論，因為它還沒有真正起飛。

And so on that one specifically, we're not in any way concerned, but obviously, we're always looking at competition and ensuring that we are focused in the right thing in Napa.

具體來說，我們不以任何方式擔心，但顯然，我們一直在關注競爭並確保我們專注於納帕正確的事情。

But I think in general, for a business like ours, the best we can do is listen to the user and tried to follow either direction that either wants to go to them that we can probably pick products, et cetera.

但我認為總的來說，對於像我們這樣的企業，我們能做的最好的事情就是傾聽用戶的意見，並嘗試遵循任何一個方向，要么想要去找他們，要么我們可以選擇產品，等等等。

Thank you.

謝謝。

Thank you so much.

太感謝了。

(Operator Instructions) Emily Stykes, New Street Research.

（操作員說明）Emily Stykes，新街研究公司。

Hey, yes, thanks for taking the question.

嘿，是的，感謝您提出問題。

So a theme across a lot of ATMs right now is that they seem to be struggling to provide again the audience specifically with an experience that meets their expectations to feel grinder faces similar challenge?

因此，目前許多 ATM 機的一個主題是，他們似乎正在努力再次為觀眾提供滿足他們期望的體驗，讓他們感覺到研磨機面臨著類似的挑戰？

And if so, what is the plan to help cater to the specific audience, Peter?

如果是這樣，彼得，有什麼計劃來幫助滿足特定受眾的需求？

So actually, we are not finding that at all, in fact, and we continue to enjoy an influx of users beginning at the age of 18.

事實上，我們根本沒有發現這一點，而且我們繼續享受從 18 歲開始湧入的用戶。

It really is a place where they discovered themselves and they become part of the community and a chat with other folks in the community and really, I think Lincoln Connect.

這確實是一個他們發現自己、成為社區一部分並與社區中的其他人聊天的地方，我真的認為 Lincoln Connect。

And so we haven't seen any of those trends.

所以我們還沒有看到任何這些趨勢。

In fact, you can see from our results, the paying users continue to go up, our now continues to grow by 8%, and this is a very, very healthy environment.

事實上，從我們的業績中你可以看到，付費用戶持續上升，我們現在持續成長8%，這是一個非常非常健康的環境。

Remember that grinder and was launched 15 years ago with the primary goal of connecting the community and it has done so in 190 countries were number one in over 180 of those.

請記住，grinder 於 15 年前推出，其主要目標是連接社區，它已在 190 個國家/地區做到了這一點，並在其中 180 多個國家中排名第一。

And our metrics in terms of chat remember time spent is 60 minutes on the app that has not dropped at all.

我們的聊天記錄指標是在應用程式上花費的時間為 60 分鐘，根本沒有下降。

It really suggests to us that we remain a vital fabric of the community.

這確實向我們表明，我們仍然是社區的重要組成部分。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions) It appears we have no further questions this afternoon, Mr. Arison, I'd like to turn things back to you, sir, for any closing comments.

（操作員指示）看來今天下午我們沒有其他問題了，阿里森先生，我想將事情轉回給您，先生，請您發表任何結束意見。

Quite well, thank you very much for everyone who joined the call and for taking the time.

非常好，非常感謝大家加入通話並抽出時間。

It had been a way to go.

這是一條路要走。

I always thought our 1st year as a public company and done really well.

我一直認為我們作為上市公司的第一年做得非常好。

And so we are excited to be sharing these results.

因此，我們很高興分享這些結果。

I'd just like to close out by emphasizing a few points.

最後我想強調幾點。

First, we are obviously very proud of the performance and the finance team delivered in 2023.

首先，我們顯然對 2023 年的業績和財務團隊的表現感到非常自豪。

It was, in some respects, a challenging year and from the perspective of our some departures and whatnot.

從某些方面來看，從我們的一些離職等角度來看，這是充滿挑戰的一年。

And so given that in that environment, the team performance was it did it is really exciting.

因此，考慮到在那種環境下，團隊的表現確實令人興奮。

And we're also really excited about what we can do in 2024.

我們也對 2024 年我們能做的事情感到非常興奮。

As we have spoken to our guidance, we have really great momentum in the business for both users and the products that we have today.

正如我們在指導中所說的那樣，我們在用戶和我們今天擁有的產品方面都擁有巨大的業務發展勢頭。

As well as really great momentum, both domestically and internationally and for the things that we want to do over the near and medium term.

無論是在國內還是國際上，以及我們在近期和中期想做的事情上，都有著巨大的動力。

And there's a lot of potential to offer new offerings to our users, some of which are already in test for us and some are being built this year to go into test late this year or next year.

向我們的用戶提供新產品的潛力很大，其中一些已經在為我們進行測試，還有一些正在今年構建，以便在今年年底或明年進行測試。

And I think that's going to have it will be fantastic impact on the business, both from a user engagement perspective and a financial perspective, as we've seen many times, we're really early or as we've said many times, we're really early in our journey as a company that's focused on financial growth in addition to user engagement.

我認為這將對業務產生巨大的影響，無論是從用戶參與的角度還是從財務的角度來看，正如我們多次看到的那樣，我們真的很早，或者正如我們多次說過的那樣，我們作為一家除了用戶參與度之外還注重財務成長的公司，我們還處於起步階段。

And so that really has positioned us really well to show great growth in the future.

因此，這確實使我們在未來展現出巨大的成長。

Quanta has built a really incredible asset over the last 15 years, and we're just coming up on our 15-year anniversary in Q1 exciting and our team realizes how important it is to nurture that asset in the future and to grow it at a durable, profitable and highly cash-generating business.

廣達在過去15 年裡建立了一項真正令人難以置信的資產，我們剛剛在第一季度迎來了令人興奮的15 週年紀念日，我們的團隊意識到在未來培育該資產並以更高的速度成長它是多麼重要。

We also recognize that we have work to do to help investors understand our story even better and appreciate that great business and product refineries and to help make it easier for you to invest and so we are excited for investors to come on the journey.

我們也意識到，我們還有很多工作要做，可以幫助投資者更好地了解我們的故事，欣賞優秀的業務和產品精煉廠，並幫助您更輕鬆地進行投資，因此我們很高興投資者加入我們的旅程。

We look forward to sharing a lot more about our story and what we intend to do in the future.

我們期待分享更多關於我們的故事以及我們未來打算做的事情。

At our Investor Day in June and really look forward to seeing you there and introducing you to more members of our team.

在我們六月的投資者日，我們非常期待在那裡見到您，並向您介紹我們團隊的更多成員。

So thank you for joining us today and hope everybody has a great day.

感謝您今天加入我們並希望每個人都有美好的一天。

Thank you, Mr. Ayers.

謝謝你，艾爾斯先生。

And again, ladies and gentlemen, that will conclude the grinder Fourth Quarter 2023 earnings conference call.

女士們先生們，研磨機 2023 年第四季財報電話會議到此結束。

Again, we'd like to thank you all so much for joining us and wish you all a great day.

再次，我們非常感謝大家加入我們，並祝大家有個愉快的一天。