Inmode Ltd (INMD) 2022 Q4 法說會逐字稿

Good morning, and welcome to InMode Fourth Quarter and Full Year Financial Results Conference Call. (Operator Instructions) Please note that this event is being recorded.

早上好，歡迎來到 InMode 第四季度和全年財務業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I'd now like to turn the conference over to Miri Segal, MS-IR. Please go ahead.

我現在想把會議轉交給 MS-IR 的 Miri Segal。請繼續。

Thank you, operator and everyone, for joining us today. Welcome to our conference call.

謝謝運營商和大家今天加入我們。歡迎參加我們的電話會議。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and that the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please go to the Investor Relations section of the company's website. Changes in business, competitive, technological, regulatory and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today. Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些信息可能包含前瞻性陳述，今天的收益發布中概述的安全港聲明也適用於本次電話會議。如果您沒有收到新聞稿的副本，請訪問公司網站的投資者關係部分。業務、競爭、技術、監管和其他因素的變化可能導致實際結果與今天所做的前瞻性陳述所表達的結果大不相同。我們的歷史結果不一定代表未來的表現。因此，我們無法保證前瞻性陳述的準確性，也不承擔更新這些陳述的義務，除非法律要求。

With that, I'd like to pass the call over to Moshe Mizrahy, Chairman and CEO. Moshe, please go ahead.

有了這個，我想把電話轉給董事長兼首席執行官 Moshe Mizrahy。摩西，請繼續。

Thank you, Miri, and to everybody who is joining us. With me today are Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; Shakil Lakhani, our President in North America; Dr. Spero Theodorou, our Chief Medical Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remarks, we will all be available to answer your questions.

謝謝你，Miri，也感謝所有加入我們的人。今天和我在一起的是我們的聯合創始人兼首席技術官 Michael Kreindel 博士；我們的首席財務官 Yair Malca；我們的北美總裁 Shakil Lakhani；我們的首席醫療官 Spero Theodorou 博士；和我們的財務副總裁 Rafael Lickerman。在我們準備好的評論之後，我們都可以回答您的問題。

We are pleased to report another record quarter with Q4 revenue of $133.6 million and $454.3 million for the full year, an increase of 21% as compared to Q4 of 2021, and an increase of 27% compared to the full year of 2021. This is a record level of revenue for an aesthetic medical company, and especially remarkable and exciting since we are achieving this milestone during challenging global time.

我們很高興地報告另一個創紀錄的季度，第四季度收入為 1.336 億美元，全年收入為 4.543 億美元，與 2021 年第四季度相比增長 21%，與 2021 年全年相比增長 27%。這是一家美容醫療公司創下了創紀錄的收入水平，尤其是令人矚目的和令人興奮的，因為我們在充滿挑戰的全球時間裡實現了這一里程碑。

We believe our unique technology, strong dedication to the highest industry standard, our employee commitment, focused growth strategy in the U.S. and globally, and our diversified portfolio, all contribute to our leadership position in the market. We value the trust of physician and patient as we experience a growing demand across the board.

我們相信，我們獨特的技術、對最高行業標準的堅定奉獻、我們的員工承諾、在美國和全球的專注增長戰略，以及我們多元化的產品組合，都有助於我們在市場上的領導地位。隨著我們的需求不斷增長，我們重視醫生和患者的信任。

The success of the EmpowerRF platform in 2022 continued to exceed our expectations. In fact, revenue from this platform exceeding $45 million in 2022, well above our original guidance of $20 million.

EmpowerRF 平台在 2022 年的成功繼續超出我們的預期。事實上，到 2022 年，該平台的收入將超過 4500 萬美元，遠高於我們最初 2000 萬美元的預期。

As we mentioned last quarter, the Morpheus8 device is becoming the gold standard in the aesthetic category, and we believe that it will be -- it will continue to be one of our biggest growth driver going forward. This plays a major role in major platforms that we launch.

正如我們上個季度提到的，Morpheus8 設備正在成為美學類別的黃金標準，我們相信它會——它將繼續成為我們未來最大的增長動力之一。這在我們推出的主要平台中發揮著重要作用。

In 2022, we announced an exciting new addition to our portfolio and the Envision platform for dry eye treatment, which received certification in Canada last November. InMode Envision is an innovative technology that deliver targeted bipolar radiofrequency energy to small dedicated ocular area. We plan to launch the Envision platform in the United States in the first half of this year to focus on ophthalmology market, and we are encouraged from the positive feedback that we have received from Canadian market.

2022 年，我們宣布了我們的產品組合和 Envision 乾眼治療平台的新成員，該平台於去年 11 月在加拿大獲得認證。 InMode Envision 是一項創新技術，可將有針對性的雙極射頻能量傳送到小的專用眼區。我們計劃今年上半年在美國推出 Envision 平台，專注於眼科市場，我們從加拿大市場收到的積極反饋中受到鼓舞。

Additionally, the next generation of Evoke, our hand-free platform for face treatment, is planned to be launched in the second half of 2023. As part of our growth strategy, we continue to innovate as we launch new platforms or modality every year, and we continue to explore potential acquisition that could complement our presence in the aesthetic and wellness market.

此外，我們的免提面部護理平台下一代 Evoke 計劃於 2023 年下半年推出。作為我們增長戰略的一部分，我們在每年推出新平台或模式時繼續創新，我們將繼續探索潛在的收購，以補充我們在美容和健康市場的存在。

Now I would like to turn the call over to Shakil, our President in North America. Shakil, go ahead.

現在我想把電話轉給我們的北美總裁沙基爾。沙基爾，繼續。

Thanks, Moshe, and everyone, for joining us. Once again, we are pleased to report another record quarter with continued positive momentum due to our diversified portfolio, growing market demand and more frequent use of our platforms. InMode's growing install base and the increase in the number of treatments performed led to the increase in consumable sales that reached 230,000 units in the fourth quarter, more than 749,000 in 2022. To support increased market demand, we continue to grow our sales team in North America and globally.

感謝 Moshe 和大家加入我們。由於我們多樣化的產品組合、不斷增長的市場需求和更頻繁地使用我們的平台，我們再次很高興地報告另一個創紀錄的季度，並保持積極的勢頭。 InMode 不斷增長的安裝基礎和執行治療數量的增加導致消耗品銷量在第四季度達到 230,000 件，到 2022 年超過 749,000 件。為了支持不斷增長的市場需求，我們繼續擴大我們在北部的銷售團隊美國和全球。

In 2022, we enhanced our initiative to strengthen InMode's brand recognition. We sponsored several well-attended marketing events throughout the year and made a concentrated effort in expanding consumer awareness. We can say with confidence that our strong brand recognition, especially in North America, leads to a new situation where our platforms are being sought after and bought rather than sold. We expect this paradigm shift to continue and support our future growth.

2022 年，我們加強了加強 InMode 品牌知名度的舉措。我們全年贊助了多場參與人數眾多的營銷活動，並集中精力提高消費者的認知度。我們可以自信地說，我們強大的品牌知名度，尤其是在北美，導致了一種新局面，即我們的平台受到追捧和購買，而不是出售。我們預計這種範式轉變將繼續下去並支持我們未來的增長。

As mentioned by Moshe, the EmpowerRF platform has once again outperformed our projections. In addition, as we continue our strategy and expand into new areas of wellness, we plan on launching the Envision platform for the ophthalmology and optometry market during the first half of 2023, followed by the second generation of our hands-free platform for facial treatments during the latter half of the year. We believe that InMode's success in 2022 demonstrated our ability to expand into new categories and solidified our leadership position in the aesthetic and wellness market. Lastly, I'd like to thank our entire North American team for their continued hard work.

正如 Moshe 所提到的，EmpowerRF 平台的表現再次超出了我們的預期。此外，隨著我們繼續實施我們的戰略並擴展到新的健康領域，我們計劃在 2023 年上半年推出眼科和驗光市場的 Envision 平台，隨後推出第二代面部護理免提平台在今年下半年。我們相信，InMode 在 2022 年的成功證明了我們有能力擴展到新的類別，並鞏固了我們在美容和健康市場的領導地位。最後，我要感謝我們整個北美團隊的不懈努力。

I will now hand over the call to Yair for review of the financial results in more detail. Yair?

我現在將把電話轉交給 Yair，以便更詳細地審查財務結果。耶爾？

Thanks, Shakil, and hello, everyone. Thank you for joining us. Starting with total revenue, InMode generated a record $133.6 million in the fourth quarter of 2022, representing a 21% year-over-year increase, with a gross margin of 84% on a GAAP basis. For the full year of 2022, revenue totaled $454.3 million, an increase of 27% compared to 2021.

謝謝，Shakil，大家好。感謝您加入我們。從總收入開始，InMode 在 2022 年第四季度創造了創紀錄的 1.336 億美元，同比增長 21%，按 GAAP 計算毛利率為 84%。 2022 年全年收入總計 4.543 億美元，比 2021 年增長 27%。

Fourth quarter sales outside the U.S. accounted for $42.3 million or 32% of sales compared to 33% in Q4 last year. For the full year of 2022, sales outside the U.S. accounted for $155.7 million or 34% of sales, same as 2021. We are seeing growth coming from many different countries, and we are planning to establish at least one additional subsidiary later this year. To support our operations and growth, InMode now operates in total of 80 countries with a sales team of more than 220 direct reps and over 69 distributors worldwide.

第四季度美國以外的銷售額為 4230 萬美元，佔銷售額的 32%，而去年第四季度為 33%。 2022 年全年，美國以外的銷售額為 1.557 億美元，佔銷售額的 34%，與 2021 年相同。我們看到許多不同國家的增長，我們計劃在今年晚些時候再建立至少一家子公司。為了支持我們的運營和發展，InMode 現在在 80 個國家/地區開展業務，擁有一支由 220 多名直接代表和全球 69 多家分銷商組成的銷售團隊。

Moving on, capital equipment in the fourth quarter represented 87% of total revenue, while consumables and service revenues accounted for the remaining 13%, identical to the ratio for the full year.

接下來，第四季度固定設備佔總收入的 87%，而消耗品和服務收入佔剩餘的 13%，與全年的比例相同。

GAAP operating expenses in the fourth quarter were $52.7 million and $183 million for the full year, a 33% and 34% increase year-over-year, respectively. Sales and marketing expenses increased slightly to $47 million in the fourth quarter compared to $35.3 million in the same period last year. Sales and marketing expenses for the full year of 2022 were $160.6 million compared to $119.4 million for 2021. This increase is attributed to hiring more sales representatives, increasing our presence in the U.S. and globally.

第四季度全年 GAAP 運營費用分別為 5270 萬美元和 1.83 億美元，同比分別增長 33% 和 34%。第四季度銷售和營銷費用略增至 4,700 萬美元，而去年同期為 3,530 萬美元。 2022 年全年的銷售和營銷費用為 1.606 億美元，而 2021 年為 1.194 億美元。這一增長歸因於僱傭了更多的銷售代表，增加了我們在美國和全球的影響力。

Next, we look at share-based compensation, which increased to $7.1 million in the fourth quarter of 2022 and $24.5 million in the full year of 2022. On a non-GAAP basis, operating expenses were $46.1 million in this quarter compared to a total of $37.5 million in the same quarter of 2021, representing a 23% increase. For 2022, non-GAAP operating expenses were $160.4 million compared to $126.4 million for 2021.

接下來，我們看一下基於股份的薪酬，該薪酬在 2022 年第四季度增加到 710 萬美元，在 2022 年全年增加到 2450 萬美元。按非美國通用會計準則計算，本季度的運營費用為 4610 萬美元，而總計2021 年同一季度為 3750 萬美元，增長 23%。 2022 年，非美國通用會計準則運營費用為 1.604 億美元，而 2021 年為 1.264 億美元。

GAAP operating margin for Q4 was 45% and 44% for the full year of 2022. Non-GAAP operating margin for the fourth quarter of 2022 was 50% and 49% for the full year 2022. GAAP diluted earnings per share for the fourth quarter were $0.44 compared to $0.61 per diluted share in Q4 of 2021 and $1.89 in 2022 compared to $1.92 in 2021. Non-GAAP diluted earnings per share for this quarter were a record $0.78 compared to $0.64 per diluted share in the fourth quarter of 2021, and $2.42 for 2022 compared to $2.05 for 2021.

2022 年第四季度的 GAAP 營業利潤率為 45% 和 44%。2022 年第四季度的非 GAAP 營業利潤率為 50% 和 2022 年全年的 49%。第四季度的 GAAP 攤薄每股收益與 2021 年第四季度的攤薄後每股收益 0.61 美元相比，為 0.44 美元，與 2021 年的 1.92 美元相比，2022 年為 1.89 美元。本季度的非 GAAP 攤薄後每股收益為創紀錄的 0.78 美元，而 2021 年第四季度為 0.64 美元，並且2022 年為 2.42 美元，而 2021 年為 2.05 美元。

Once again, we ended the quarter with a strong balance sheet. As of December 31, 2022, the company had cash and cash equivalents, marketable securities and deposits of $547.4 million. This quarter, InMode generated $57.2 million from operating activities. I would like to mention that this quarter, it is more important than ever to focus on our non-GAAP results since in our GAAP P&L, we have recorded a couple of onetime tax entries that were adjusted for non-GAAP purposes.

我們再次以強勁的資產負債表結束了本季度。截至 2022 年 12 月 31 日，公司擁有現金及現金等價物、有價證券和存款 5.474 億美元。本季度，InMode 的運營活動產生了 5720 萬美元的收入。我想提一下，本季度比以往任何時候都更重要的是關注我們的非 GAAP 結果，因為在我們的 GAAP 損益表中，我們記錄了一些針對非 GAAP 目的進行調整的一次性稅收條目。

With regard to taxes, InMode applied the provisions of the amendment to the investment law to its exempt profits accrued prior to 2020 and made a onetime payment of $12 million to the Israeli Tax Authority. In addition, the company reached an agreement with the Israeli Tax Authority under which the company paid due in January approximately $14.3 million on its undistributed exempt income for the year ended December 31, 2021.

在稅收方面，InMode 將投資法修正案的規定適用於其 2020 年之前應計的免稅利潤，並一次性向以色列稅務局支付了 1200 萬美元。此外，該公司與以色列稅務局達成協議，根據該協議，該公司於 1 月到期支付截至 2021 年 12 月 31 日止年度的未分配免稅收入約 1,430 萬美元。

As a result, we expect to save up to $28.5 million in potential future tax payments, and our entire cash balance is now free and clear of any additional corporate tax requirements.

因此，我們預計未來可能節省高達 2850 萬美元的稅款，而且我們的全部現金餘額現在都沒有任何額外的公司稅要求。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2023. Revenues between $525 million and $530 million, non-GAAP gross margin between 83% and 85%, non-GAAP income from operations between $236 million and $238 million. Non-GAAP earnings per diluted share between $2.58 and $2.60.

在我把電話轉回給 Moshe 之前，我想重申我們對 2023 年的指導。收入在 5.25 億美元到 5.3 億美元之間，非 GAAP 毛利率在 83% 到 85% 之間，非 GAAP 運營收入在 2.36 億美元到 2.36 億美元之間。 2.38 億美元。非 GAAP 每股攤薄收益在 2.58 美元至 2.60 美元之間。

I will now turn over the call back to Moshe.

我現在將把電話轉回給 Moshe。

Thank you, Yair. Thank you, Shakil. Operator, we are ready for Q&A session.

謝謝你，亞爾。謝謝你，沙基爾。接線員，我們已準備好進行問答環節。

Hello? Operator?

你好？操作員？

(Operator Instructions) First question will be from Matt Miksic of Barclays.

（操作員說明）第一個問題將來自巴克萊銀行的 Matt Miksic。

Can you hear me okay?

你能聽到我說話嗎？

Yes. We hear you okay.

是的。我們聽說你沒事。

Great. So I have one question on the upcoming launches and then sort of a follow-up on sort of the tone and flow of your current business in the U.S. On Envision, I'm curious what sort of uptake, how should we think about the pace of that launch and what sort of investments are you making behind it in terms of your field force or training that might be notable here as you laid out your 2023 guide? And then I have one follow-up.

偉大的。所以我有一個關於即將推出的產品的問題，然後是關於您當前在美國的業務基調和流程的跟進。關於 Envision，我很好奇什麼樣的吸收，我們應該如何考慮步伐那次發布以及您在製定 2023 年指南時可能在這裡值得注意的外勤人員或培訓方面進行了哪些投資？然後我有一個跟進。

Well, Envision, we're starting to launch it in the U.S. So I will ask Shakil to answer your question.

好吧，Envision，我們開始在美國推出它。所以我會請 Shakil 回答你的問題。

Sure. So we're going to put some pretty substantial resources behind it. Obviously, as we've discussed in the past, bifurcating the sales force is something that we like to do a little different than what you'd expect. So we will be building out specialty reps that are going to be specifically focused on Envision.

當然。因此，我們將在其背後投入一些相當可觀的資源。顯然，正如我們過去所討論的那樣，將銷售隊伍分成兩部分是我們喜歡做的事情，與您的預期略有不同。因此，我們將建立專門專注於 Envision 的專業代表。

And obviously, with the size of the market, the TAM for it is huge in terms of the ophthalmology and optometry world. So we do see a large potential in terms of what we can kind of maximize out of this. But like anything else that we do, we're going to roll it out slowly. So we're doing a soft launch to start. And then as we start seeing proof of concept in terms of efficacy, in terms of marketing success for the practitioners, so on and so forth, we'll slowly start to invest further funds and resources into it.

顯然，就市場規模而言，就眼科和驗光領域而言，它的 TAM 是巨大的。因此，我們確實看到了我們可以從中最大化的巨大潛力。但就像我們所做的任何其他事情一樣，我們將慢慢推出它。所以我們正在進行軟啟動。然後，當我們開始在功效、從業者的營銷成功等方面看到概念證明時，我們將慢慢開始向它投入更多的資金和資源。

Great. And that -- and I mean, if there was one element of the guide, it seems like there was a little bit of a lift in some of the OpEx lines compared to expectations for the coming year. And I'm assuming that, that that's a factor in that dynamic. Is that fair?

偉大的。那——我的意思是，如果指南中有一個元素，與來年的預期相比，某些運營支出線似乎有所提升。我假設那是這種動態的一個因素。這公平嗎？

I would say, that's accurate.

我會說，那是準確的。

Okay. Great. And then just on the tone and the flow of business in the U.S. if you could -- you've gotten a couple of questions around sort of the mix of your -- I think everyone is curious about the sort of health and sustainability of what's been a pretty strong U.S. business in light of what might have been a spend-ahead environment a couple of years ago and what on the horizon could be some softening?

好的。偉大的。然後只是關於美國的基調和業務流程。如果可以的話 - 你已經得到了一些關於你的組合的問題 - 我認為每個人都對什麼的健康和可持續性感到好奇鑑於幾年前可能是提前支出的環境，以及即將出現的情況可能會有所緩和，它是一家相當強大的美國企業嗎？

And I say that's consistent with any capital equipment market that we cover, there's a nagging concern about what if spending starts to ease here or we have to do some sort of demand catch-up. Can you talk a little bit about the flow of that? And in particular, some of the dynamics around the percent of those businesses of the capital equipment sales that are being financed and how that has shifted over the past year or 2?

我說這與我們涵蓋的任何資本設備市場是一致的，如果這裡的支出開始減少或者我們必須做某種需求追趕，就會有一個揮之不去的擔憂。你能談談它的流程嗎？特別是，圍繞獲得融資的資本設備銷售業務所佔百分比的一些動態，以及在過去一兩年內發生了怎樣的變化？

Sure. So we actually haven't seen -- it's actually gotten better. Funds become a little easier. I mean, if you look at some of the stats, even for the Super Bowl and the average spending per family for people making a certain amount of income per year, it all went up by like 20% or 30%. So hopefully, with that, they'll keep eating and we'll be able to help them with some of their weight loss goals and things of that nature.

當然。所以我們實際上還沒有看到 - 它實際上變得更好了。資金變得容易一些。我的意思是，如果你看一些統計數據，即使是超級碗和每年賺取一定數額收入的人每個家庭的平均支出，也都增長了 20% 或 30%。因此，希望有了這些，他們會繼續進食，我們將能夠幫助他們實現一些減肥目標和類似的事情。

But it's -- we've seen the U.S. market just as strong as it's ever been from our perspective, and the way we finished, it was extremely good. We've had a good start to Q1 so far. So we don't anticipate anything changing there. In terms of the funding environment or the financing environment, we haven't seen much of a slowdown. We've got some really great partners, and we have some really good programs that are put together to help some of the physicians kind of get through.

但它 - 從我們的角度來看，我們已經看到美國市場和以往一樣強勁，而且我們完成的方式非常好。到目前為止，我們在第一季度開局良好。所以我們預計那裡不會發生任何變化。就融資環境或融資環境而言，我們沒有看到太大的放緩。我們有一些非常棒的合作夥伴，我們有一些非常好的項目，這些項目放在一起可以幫助一些醫生度過難關。

But in terms of spending, we haven't seen anything cut down. If everyone is talking about a potential recession, if we haven't already been in one per se. But we -- as of now, we haven't seen anything. If things change, we'll obviously keep you guys posted on that. Does that answer your question, Matt?

但就支出而言，我們沒有看到任何削減。如果每個人都在談論潛在的衰退，如果我們本身還沒有陷入衰退。但我們 - 截至目前，我們還沒有看到任何東西。如果情況發生變化，我們顯然會及時通知你們。這能回答你的問題嗎，馬特？

Yes, it does.

是的，它確實。

Next question will be from Matt Taylor of Jefferies.

下一個問題將來自 Jefferies 的 Matt Taylor。

This is [John Lee] in for Matt. Maybe I wanted to hear a little bit more on the guidance. Just the level of conservatism that's built in. Any color on quarterly cadence we should expect? And can you talk about Empower growth or the dollars embedded within the guidance?

這是 [John Lee] 替補馬特。也許我想听聽更多關於指南的信息。只是內在的保守主義水平。我們應該期待季度節奏的任何顏色？你能談談 Empower 增長或指導中嵌入的美元嗎？

Well, as always, as every year, we try to be very conservative in the guidance. For example, last year, the guidance was to -- we started with $220 million and we went all the way up to $455 million -- $420 million. The guidance we -- the guidance that we gave for 2023 is conservative, is built bottom up, territory by territory. I believe that the final will be better than that, but it all depends how 2023 will be as far as demand in other country, like the international market, what will happen between Russia and Ukraine, how the market in China will evolve with all the COVID issue there, what will be with the supply chain.

好吧，一如既往，和每年一樣，我們試圖在指導中非常保守。例如，去年的指導是——我們從 2.2 億美元開始，一路攀升至 4.55 億美元——4.2 億美元。我們為 2023 年提供的指導是保守的，是自下而上、逐個地區建立的。我相信決賽會比那更好，但這完全取決於 2023 年其他國家（如國際市場）的需求情況，俄羅斯和烏克蘭之間會發生什麼，中國市場將如何發展那裡有 COVID 問題，供應鏈會怎樣。

I believe we are prepared, but the guidance that we gave this year is similar to other years, very conservative. And we believe that eventually, hopefully, we will do better. Regarding the Empower, the embedded number is 20% higher than 2022.

我相信我們已經做好了準備，但我們今年給出的指導與其他年份相似，非常保守。我們相信，最終，希望我們會做得更好。關於 Empower，嵌入數比 2022 年高出 20%。

Okay. Great. Anything on quarterly cadence we should be aware of?

好的。偉大的。有什麼我們應該注意的季度節奏嗎？

Usually, we don't give quarterly guidance. But basically, you can take the same seasonality like in 2022 and apply the quality guidance. By the way, every quarter, we will update the total guidance as we did in 2022 and as we did in 2021. But typically, we are not giving guidance per quarter.

通常，我們不會給出季度指導。但基本上，您可以採用與 2022 年相同的季節性並應用質量指南。順便說一句，每個季度，我們都會像 2022 年和 2021 年那樣更新總體指導。但通常情況下，我們不會按季度給出指導。

Okay. Great. I guess maybe just one follow-up just on the M&A environment. You guys are definitely more focused on aesthetics and wellness. Was wondering if you can give us an update there now that you've been little bit more public on what you're looking for. How is valuations? How is the conversations with targets been?

好的。偉大的。我想也許只是關於併購環境的一項後續行動。你們肯定更關注美學和健康。想知道您是否可以在那裡給我們更新，因為您已經更加公開地了解您正在尋找的東西。估值如何？與目標的對話如何？

Well, currently, we are exploring several opportunities. We're not yet in the stage of doing official due diligence and we have not yet involved any legal team. But we're looking into 2, 3 companies in the wellness and aesthetic business, which complement our portfolio. We cannot give any time line or any timetable to the process, but we're actually searching right now and we're doing it very seriously.

那麼，目前，我們正在探索幾個機會。我們還沒有進入正式的盡職調查階段，我們還沒有讓任何法律團隊參與進來。但我們正在研究健康和美容業務中的 2、3 家公司，它們補充了我們的投資組合。我們無法為該過程提供任何時間線或時間表，但實際上我們現在正在尋找，我們正在非常認真地做這件事。

Next question will be from Kyle Rose with Canaccord Genuity.

下一個問題將來自 Canaccord Genuity 的 Kyle Rose。

So I just wanted to push back a little bit or just dig a little bit deeper into guidance for 2023. And particularly, the prior comment about Empower being a 20% grower year-over-year. I mean, look, we -- you came into the year '22, looking for that to be $20 million. You finished over $45 million. I guess -- I know you understand you're being conservative, but it seems to imply a slowdown in year 2. And I would think that it would accelerate in year 2, just given the focus you've had on rebuilding that market. So can you maybe just help us understand how you're thinking about specifically Empower in the women's health market as we move into 2023?

所以我只是想稍微推遲一點，或者只是更深入地研究 2023 年的指導方針。特別是，之前關於 Empower 的評論是同比增長 20%。我的意思是，看，我們——你進入了 22 年，希望達到 2000 萬美元。你完成了超過 4500 萬美元。我猜——我知道你明白你是保守的，但這似乎意味著第二年的放緩。而且我認為它會在第二年加速，只是考慮到你對重建市場的關注。那麼，在我們進入 2023 年之際，您能否幫助我們了解您是如何考慮在女性健康市場中具體賦權的？

Well, yes, we actually launched the Empower in Europe a few months ago. And we're now working country-by-country to get the final regulation from the regulatory bodies in each country in order to be able to sell it there. Don't forget, it's a women health product and it needs to get separate regulation.

嗯，是的，我們實際上在幾個月前在歐洲推出了 Empower。我們現在正在逐個國家努力從每個國家的監管機構獲得最終監管，以便能夠在那裡銷售。別忘了，它是女性保健品，需要單獨監管。

We did the same in Latin America in the fourth quarter, and we applied to regulation in Brazil, Mexico, Argentina and also in Colombia. Hopefully, it will not take longer to get it. So I assume that some time towards the second half of this year of 2023, we will start seeing some results in these 2 markets.

我們在第四季度在拉丁美洲做了同樣的事情，我們在巴西、墨西哥、阿根廷和哥倫比亞也應用了監管。希望它不會花費更長的時間。因此，我假設在 2023 年下半年的某個時候，我們將開始在這兩個市場上看到一些成果。

I want to remind everybody that this is something that's relatively new to us and we need to be very careful in the way we progress in this product to make sure that the doctors will be well trained and it's entitled to build training centers in every country, have a luminary doctor, 1 or 2 or 3 in every country. It's a process.

我想提醒大家，這對我們來說是一個相對較新的東西，我們需要非常小心地開發這個產品，以確保醫生得到良好的培訓，並有權在每個國家建立培訓中心，每個國家都有 1 或 2 或 3 名傑出的醫生。這是一個過程。

We try to be conservative in the guidance that we're giving, also in the United States. Yes, you're right. We gave a guidance of $20 million and we did $45 million. This is great for us. Hopefully, the numbers that we will achieve in 2023 will be higher than 20% growth. But again, we try to be conservative and to see what will happen during the year.

我們試圖在我們提供的指導中保持保守，在美國也是如此。你是對的。我們給出了 2000 萬美元的指導，我們做了 4500 萬美元。這對我們來說很棒。希望我們在 2023 年實現的數字將高於 20% 的增長。但同樣，我們盡量保持保守，看看年內會發生什麼。

I'll just add further to that. With any product launch, you're going to have some low-hanging fruit to start, and so we try to factor that in still being conservative. I think we'll have a better idea midway through the year of how we're looking, but we feel good about the market. We've seen some good stuff. We're going to penetrate the core specialties of that market a little further and continue to actually add on, very similar to what I mentioned with Envision, add on some specialty reps to that.

我將進一步補充。隨著任何產品的發布，你都會有一些容易實現的成果，因此我們試圖在保持保守的同時考慮到這一點。我認為我們會在年中對我們的展望有一個更好的想法，但我們對市場感覺良好。我們看到了一些好東西。我們將進一步深入該市場的核心專業，並繼續實際添加，與我在 Envision 中提到的非常相似，添加一些專業代表。

So we do think that there's a bright future there. But again, factoring in some low-hanging fruit that -- from new buyers who are excited about newer technology and then obviously, like we talked about with BodyTite for years, where we want to build longevity with the product. And as we've seen with, even Morpheus, it's become a brand and it's been growing like we didn't ever expect, and we're hoping to get the same here. But we're still always cautious with how we kind of forecast things.

所以我們確實認為那裡有光明的未來。但同樣，考慮到一些唾手可得的果實——來自對新技術感到興奮的新買家，然後很明顯，就像我們多年來與 BodyTite 談論的那樣，我們希望通過產品來延長壽命。正如我們所看到的，甚至是 Morpheus，它已經成為一個品牌，並且以我們從未預料到的方式發展，我們希望在這裡也能做到這一點。但我們仍然對我們如何預測事物保持謹慎。

No, I can absolutely appreciate that. And then to kind of translate that to the Envision product. I mean, it sounds like you've got some early positivity or positive signals coming out of Canada. This is going to be the first year of that product some time in the first half. Is it fair to think about that as half of the initial guidance of what you thought Empower was, so like a $10 million to $20 million product? I mean, how should we think about that launch this year?

不，我完全可以理解這一點。然後將其轉化為 Envision 產品。我的意思是，聽起來你已經從加拿大傳出了一些早期的積極情緒或積極信號。今年上半年將是該產品的第一年。將其視為您認為 Empower 的初始指導的一半是否公平，就像一個價值 1000 萬到 2000 萬美元的產品？我的意思是，我們應該如何考慮今年的發布？

Well, regarding the Envision, we decided not to give a guidance, but rather to launch it in the United States slowly, gradually. And again, this is a new market for us, learn how the ophthalmologists and the optometrists are making decision, what kind of financing they can get.

那麼關於昂科威，我們決定不做指導，而是在美國慢慢地，逐步地推出。同樣，這對我們來說是一個新市場，了解眼科醫生和驗光師是如何做決定的，他們可以獲得什麼樣的融資。

I mean, as we grow in this new category, we will be able to give a better guidance and a better view of the market. We're just in the starting point. We sold some system in Canada as a soft launch. And again, as I said, we have decided not to give a guidance on the Envision at that point.

我的意思是，隨著我們在這個新類別中的成長，我們將能夠提供更好的指導和更好的市場觀點。我們才剛剛起步。我們在加拿大出售了一些系統作為軟啟動。再一次，正如我所說，我們決定此時不對 Envision 提供指導。

Okay. And then last question, and I'll hop back in queue is how should we be thinking about the China business moving forward? I think historically, you framed that somewhere $2 million to $3 million, which can go to $4 million a quarter. But obviously, COVID has had a major impact there. How do we think about those trends as we move into, hopefully, more of a reopening or less of a COVID headwind from China?

好的。最後一個問題，我會跳回到隊列中，我們應該如何考慮中國業務的發展？我認為從歷史上看，你將其框定在 200 萬到 300 萬美元之間，每個季度可以達到 400 萬美元。但顯然，COVID 在那裡產生了重大影響。當我們希望更多地重新開放或減少來自中國的 COVID 逆風時，我們如何看待這些趨勢？

Well, although China opened the doors and everybody can go to China and travel, but there are some restrictions in China for the local people and we have difficulties to find doctors and trainers to go there because of the COVID situation now in China. And I'm sure that everybody understands the situation when they have around 30 million every day infected.

好吧，雖然中國打開了大門，每個人都可以去中國旅行，但是中國對當地人有一些限制，由於中國現在的 COVID 情況，我們很難找到醫生和培訓師去那裡。我敢肯定，當每天有大約 3000 萬人被感染時，每個人都會理解這種情況。

So I believe that 2023, we'll see what will happen. We're still selling in between, as you said, $2 million to $3 million per quarter. Hopefully, 2023 will be higher. But right now, until we will understand what is the situation, we're not claiming any marketing activity in China, bringing people and trainers from overseas to do some workshop and conferences because we know that the local private clinics are closed because of the COVID, although China is open. This is something that I don't understand what is -- what kind of philosophy and strategy as regard from the Government of China. But we'll -- hopefully, it will be cleared within the first quarter or the second quarter, and we'll be smarter to answer this question.

所以我相信到 2023 年，我們會看到會發生什麼。正如你所說，我們每季度的銷售額仍在 200 萬至 300 萬美元之間。希望 2023 年會更高。但是現在，在我們了解情況之前，我們不會聲稱在中國進行任何營銷活動，不會從海外帶來人員和培訓師來舉辦一些研討會和會議，因為我們知道當地的私人診所因 COVID 而關閉，雖然中國是開放的。我不明白中國政府的理念和戰略是什麼。但我們會——希望它能在第一季度或第二季度內得到解決，我們會更聰明地回答這個問題。

Next question will be from Mike Matson, Needham & Company.

下一個問題將來自 Mike Matson, Needham & Company。

I just want to go back to the guidance for your OpEx or operating income, I guess, maybe it's a better way to put it. So it sort of implies about a 400 basis point decline from around 49% operating margin in 2022 to 45% in 2023. So can you maybe just talk about why that's declining as much as it is and kind of where you're investing in '23 to cause that?

我只想回到你的運營支出或營業收入的指導，我想，也許這是一個更好的方式。因此，這有點意味著營業利潤率從 2022 年的 49% 左右下降到 2023 年的 45%，下降了大約 400 個基點。那麼，你能不能談談為什麼下降幅度如此之大，以及你在哪些方面進行投資？ 23 造成的？

Yes. I mean, the gross margin basically will stay the same. The guidance for the gross margin will be between 83% to 85%. So on average, it will be 84%. And I believe it's a great achievement taking into consideration the cost of electronic components and the supply chain, which is still broken. It's not yet back to normal. But we have decided to spend more on marketing from 31% of revenue to 35% or 34.5% of revenue. We have decided to increase R&D and clinical work, especially in the women health and also in other elements. And basically, we have decided to hire more people. And therefore, the EBIT will go down by 4.5%, almost from 49% to 44.5%. But we see that as an investment.

是的。我的意思是，毛利率基本上會保持不變。毛利率的指引將在 83% 至 85% 之間。所以平均而言，它將是 84%。考慮到電子元件的成本和仍處於斷裂狀態的供應鏈，我相信這是一項了不起的成就。現在還沒有恢復正常。但我們決定將更多的營銷支出從收入的 31% 增加到 35% 或 34.5%。我們決定增加研發和臨床工作，尤其是在女性健康和其他方面。基本上，我們決定僱用更多人。因此，息稅前利潤將下降 4.5%，幾乎從 49% 降至 44.5%。但我們將其視為一項投資。

We will invest heavily in 2023 on the Empower and also on Envision, which are new territories for us. It's not like aesthetic. And therefore, we have decided, we have the resources and we need to develop it. Although it's an expense, but we consider it as an investment.

我們將在 2023 年對 Empower 和 Envision 進行大量投資，這對我們來說是新領域。這不像審美。因此，我們決定，我們擁有資源，我們需要開發它。雖然這是一項支出，但我們將其視為一項投資。

Okay. Got it. And I mean, this is -- this will be, at least based on your guidance, the second year where your EPS growth has lagged your revenue growth. So just stepping back and looking a little longer term, I mean, can you get back to driving operating leverage or at least growing your earnings in line with revenue? Or is this going to be a continual theme where we see earnings growth slower than revenue growth because of these investments? I'm talking in like '24 and beyond.

好的。知道了。我的意思是，這將是——至少根據你的指導，這將是你的每股收益增長落後於收入增長的第二年。因此，退後一步，從長遠來看，我的意思是，你能回到推動經營槓桿或至少增加你的收入與收入一致嗎？或者這是否會成為一個持續的主題，因為這些投資，我們看到收益增長慢於收入增長？我說的是 24 世紀及以後。

Well, I believe '24 and beyond, once they Empower and the Envision will position themselves as leaders in the market, leader products in the market, like all of our aesthetic portfolio, we will continue to bring product to the wellness in the ENT, urology, erection dysfunction and other. And therefore, I believe 2024 might be the same because with new products and new category and new territories will require additional investment in marketing, R&D, et cetera.

好吧，我相信 24 世紀及以後，一旦他們授權和 Envision 將自己定位為市場領導者，市場領導者產品，就像我們所有的美學產品組合一樣，我們將繼續為耳鼻喉科的健康帶來產品，泌尿外科、勃起功能障礙等。因此，我相信 2024 年可能是一樣的，因為新產品、新類別和新領域將需要在營銷、研發等方面進行額外投資。

I don't think the numbers that we're investing on R&D, on marketing are higher than any one of our competitors or any other company in the medical devices. I believe we are below the average. As far as G&A, we're in between 1% and 2%. We're still keeping that, try to be lean and mean. Gross margin, I believe, will continue to be in the same range of 83% to 85%. But if you ask me about '19 -- 2024, it probably will be similar to 2023.

我不認為我們在研發和營銷方面的投資數字高於我們的任何競爭對手或醫療設備領域的任何其他公司。我相信我們低於平均水平。至於 G&A，我們在 1% 到 2% 之間。我們仍然保持這一點，盡量精簡和刻薄。我相信，毛利率將繼續保持在 83% 至 85% 的同一範圍內。但如果你問我 19 年到 2024 年，它可能與 2023 年類似。

Okay. And then just on Envision. So I think when I spoke to you guys at our growth conference earlier this year, you mentioned that the timing on the dry eye clearance was expected to be in the -- FDA clearance, sorry, was expected to be in the third quarter. So it sounds like you're going to be launching the product before you have dry eye cleared. Is that right?

好的。然後就在 Envision 上。所以我想當我今年早些時候在我們的增長會議上與你們交談時，你們提到干眼清除的時間預計將在 - FDA 批准，抱歉，預計將在第三季度。所以聽起來您要在清除乾眼症之前推出該產品。是對的嗎？

And then how big of a deal is that for the kind of initial quarter or 2, selling it without that? It seems like it's sort of a key feature on the product, but maybe the ophthalmologists understand that, hey, if I buy this thing, I'll get this feature in a couple of months or whatever.

那麼對於最初的一季度或第二季度來說，沒有它就賣掉它有多大意義呢？這似乎是產品的一個關鍵功能，但也許眼科醫生明白，嘿，如果我買了這個東西，我會在幾個月或其他什麼時候得到這個功能。

Well, you are right. We're in the process to get indication from the FDA for dry eye. But I have to say that the 2 hand pieces involved with Envision, the Forma Eye and the Lumecca IPL, they are cleared for other indications and also for around the eyes. So we have the right to launch the product. In addition, we already have a study which was published. So we are showing some good results to the doctor and to the optometrist. And hopefully, in the third quarter, once we will return -- or the second half of the year, once we get the indication from the FDA, it will increase the momentum.

嗯，你是對的。我們正在從 FDA 獲得乾眼症的適應症。但我不得不說，與 Envision 相關的 2 個手件，Forma Eye 和 Lumecca IPL，它們已被清除用於其他適應症以及眼睛周圍。所以我們有權推出該產品。此外，我們已經發表了一項研究。所以我們向醫生和驗光師展示了一些好的結果。希望在第三季度，一旦我們返回——或者下半年，一旦我們從 FDA 獲得指示，它就會增加勢頭。

(Operator Instructions) Next question will be from Jeff Johnson of Baird.

（操作員說明）下一個問題將來自 Baird 的 Jeff Johnson。

Just a couple of questions here from me. One, Moshe, I just want to go back and clarify as you were talking about 2024 operating margin or EBIT margin. You said kind of the same, but then you also talked about incremental investments. So do you feel like this 45% level that were going to be added in 2023, 44.5% to 45%, that should stay consistent from here? When you say the same? Is that kind of moving into 2024 can hold that mid-40% range? Just want to make sure that's what you were meaning there.

我這裡只有幾個問題。第一，Moshe，我只想回去澄清一下你在談論 2024 年營業利潤率或息稅前利潤率。你說的有點一樣，但你也談到了增量投資。那麼，您覺得 2023 年將增加的 45% 水平，即 44.5% 到 45%，應該保持一致嗎？你什麼時候說的一樣？這種進入 2024 年的趨勢是否可以保持在 40% 的中間範圍內？只是想確保這就是您的意思。

I believe, for your financial model, if you use 45% EBIT for 2023 and 2024, that will be correct. I don't want to give any guidance to 2025 because this is too far away, this is 2 years away. We'll see how these 2 years will develop, and we'll give a guidance some time in 2024.

我相信，對於您的財務模型，如果您使用 2023 年和 2024 年的 45% EBIT，那將是正確的。我不想對 2025 年給出任何指導，因為這太遙遠了，已經有 2 年了。我們將看看這 2 年將如何發展，我們將在 2024 年的某個時候給出指導。

Yes. Understood. That's helpful. And then, Yair, just -- now that the profit and all the cash on the balance sheet is unencumbered from a tax perspective and that -- just how to think about use of free cash flow. Obviously, I think you guys have talked a little bit about some early stage looking at some M&A opportunities. Any other uses of cash there on buyback or anything else we should be thinking about?

是的。明白了。這很有幫助。然後，Yair，只是——現在資產負債表上的利潤和所有現金從稅收的角度來看都沒有受到阻礙——如何考慮自由現金流的使用。顯然，我認為你們已經談過一些關於早期階段尋找併購機會的問題。現金在回購中的任何其他用途或我們應該考慮的其他任何事情？

Now all the options are absolutely on the table. We removed any restrictions or any tax -- additional tax requirement whatsoever. We are looking at all directions. The main thing we are looking right now, as Moshe mentioned, is some M&A opportunities. But buybacks or dividend or combination of buybacks with M&As, they are always an option.

現在所有選項都擺在桌面上了。我們取消了任何限製或任何稅收——任何額外的稅收要求。我們正在觀察各個方向。正如 Moshe 提到的，我們現在正在尋找的主要內容是一些併購機會。但回購或股息或回購與併購的結合，它們始終是一種選擇。

But we don't have any approved plan by the Board right now to do any of the buyback or dividend. This is just ideas that, in case we will not find any complement acquisition, we will consider it. But it's not on the table right now for 2023.

但是我們現在沒有任何董事會批准的計劃來進行任何回購或派息。這只是想法，如果我們找不到任何補充收購，我們會考慮它。但它現在不在 2023 年的談判桌上。

Understood. Last question. I think I ask you guys this every year on the fourth quarter call. And historically, we've tried to track kind of your penetration rates in the U.S. plastics and derm markets, things like that. With the success you've had on Empower, that's getting harder to do. I think as the company has matured here, I don't know yet if you're in the stage of replacing some systems. But when I look at that almost 8,000 placements cumulatively that you have in the U.S. now, any way to help us out on where you are penetration in kind of your core plastic and derm offices? How much penetration room do you think is left in those markets over the next several years? Just help us think about kind of that core business on the AccuTite, BodyTite, FaceTite, Morpheus8 and all that. How much more can that penetrate into certain offices here in the U.S.?

明白了。最後一個問題。我想我每年都會在第四季度電話會議上問你們這個問題。從歷史上看，我們曾嘗試跟踪您在美國塑料和皮膚市場的滲透率，諸如此類。隨著您在 Empower 上取得的成功，這變得越來越難了。我認為隨著公司在這裡的成熟，我還不知道你們是否處於更換某些系統的階段。但是當我看到你現在在美國累計有近 8,000 個職位時，有什麼方法可以幫助我們了解你在核心塑料和真皮辦公室中的滲透率？您認為未來幾年這些市場還有多少滲透空間？幫助我們思考 AccuTite、BodyTite、FaceTite、Morpheus8 等核心業務的種類。這還能滲透到美國的某些辦公室嗎？

I would defer this question to Shakil and maybe I'll comment after.

我會將這個問題推遲給 Shakil，也許我會在之後發表評論。

Yes, certainly. So again, we've talked about this before, but we still have a very large runway in terms of what we're looking at. Because we have so many different platforms, not every platform has been put into each office. But as we continue to help our practitioners implement some of these devices into their practices and basically become successful with them, we have a lot of great traction in terms of returning customers, buying their second, third, fourth units, so on and so forth.

是的，當然了。再次重申，我們之前已經討論過這個問題，但就我們正在研究的內容而言，我們仍然有一個非常大的跑道。因為我們有這麼多不同的平台，並不是每個平台都放到了每個辦公室。但隨著我們繼續幫助我們的從業者將這些設備中的一些應用到他們的實踐中並基本上在他們身上取得成功，我們在回頭客、購買他們的第二、第三、第四個設備等方面有很大的吸引力.

So I still think in terms of penetration, we have a long way to go, a lot of physicians out there. And then again, with Empower, I think we're going to start seeing some more traction in the core markets as we put more focus on it. And with the soft launch of Envision transitioning from the soft launch to full launch, we'll start seeing some good upside there.

所以我仍然認為就滲透率而言，我們還有很長的路要走，那裡有很多醫生。再一次，有了 Empower，我認為隨著我們更加關注核心市場，我們將開始在核心市場看到更多的吸引力。隨著 Envision 的軟啟動從軟啟動過渡到全面啟動，我們將開始看到一些好的好處。

Shakil, can I push you on that? I mean, just -- sorry, but just we have Shakil here on the call. Just -- do you -- would you put your penetration in core plastic and derm offices? Does it have a 1 handle on it, a 2-handle, a 3-handle? 10%, 15%, 20%, 25%, are we pushing 30% yet? Just of the offices you could go into there, just help us ballpark kind of where you are?

Shakil，我可以推動你嗎？我的意思是，只是 - 抱歉，我們有 Shakil 來接聽電話。只是 - 你 - 你會把你的滲透放在核心塑料和真皮辦公室嗎？它上面有 1 個把手、2 個把手、3 個把手嗎？ 10%, 15%, 20%, 25%，我們是不是在推動 30%？只是你可以去那裡的辦公室，只是幫助我們大致了解你在哪裡？

It's tough to say, and it's not that I'm trying to dance around what you're asking, but it's really hard to say. Each year, obviously, there's newer doctors out there who are in training programs with our technology. So they're very familiar with what we're offering. It's hard. I just don't want to give you a number and be totally way off to mess with your model. But I do -- as I said, I think we have -- I think we still have a really large runway for this.

這很難說，並不是說我想繞著你問的問題跳舞，但真的很難說。很明顯，每年都有更新的醫生參加我們的技術培訓項目。所以他們非常熟悉我們提供的產品。這個很難（硬。我只是不想給你一個數字，而完全不想弄亂你的模型。但我確實 - 正如我所說，我認為我們 - 我認為我們仍然有一個非常大的跑道。

I mean, I would like to add to what Shakil said, just for comparison. Right now, there are more than 30,000, 35,000 active laser equipment in the United States, or even more than that. So we are now in the range of 8,000. So just figure out that every doctor who are using laser for static future and eventually will use RF for static as well. So we have a long way to go.

我的意思是，我想補充一下 Shakil 所說的話，只是為了比較。眼下，美國有源激光設備有3萬多台、3.5萬台，甚至更多。所以我們現在在 8,000 的範圍內。所以只要弄清楚每個使用激光治療靜電的醫生，最終也會使用射頻治療靜電。所以我們還有很長的路要走。

Thank you. This concludes our question-and-answer session. Now I'd like to turn the conference back over to Mr. Moshe Mizrahy, Chairman and CEO. Please go ahead.

謝謝。我們的問答環節到此結束。現在，我想將會議轉回給董事長兼首席執行官 Moshe Mizrahy 先生。請繼續。

Thank you, everybody, for joining us. I want to extend thanks to all employees of InMode around the globe. I want to thank the management of InMode for the great year. We have finalized all the plans for 2023 and start working on another exciting year. I hope that 2023 will be another record year for us. Thank you all, and see you soon in the end of the first quarter. Thanks.

謝謝大家加入我們。我要感謝全球 InMode 的所有員工。我要感謝 InMode 的管理層度過了偉大的一年。我們已經完成了 2023 年的所有計劃，並開始為又一個激動人心的一年而努力。我希望 2023 年對我們來說將是又一個創紀錄的年份。謝謝大家，第一季度末見。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。