LifeMD Inc (LFMD) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for joining us today to discuss LifeMD's results for the second quarter ended June 30, 2024. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for question-and-answer session.

午安.感謝您今天加入我們討論 LifeMD 截至 2024 年 6 月 30 日的第二季業績。今天加入電話會議的還有董事長兼執行長賈斯汀‧施賴伯 (Justin Schreiber)；馬克‧貝納森 (Marc Benathen)，財務長。在管理階層準備好發言後，我們將開始問答環節。

Before we begin, I'd like to remind everyone that during this call, the company will make a number of forward-looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties are described in the company's 10-K and 10-Q filings and within other filings that LifeMD may make with the SEC from time to time.

在開始之前，我想提醒大家，在這次電話會議中，公司將做出一些前瞻性陳述，這些陳述受到許多風險和不確定性的影響，可能導致實際結果與預測有重大差異。這些風險和不確定性在公司的 10-K 和 10-Q 文件以及 LifeMD 可能不時向 SEC 提交的其他文件中進行了描述。

Forward-looking statements made during this call are based on current information available to the company as of today, August 7, 2024. The company assumes no obligation to update or revise any forward-looking statements after today's call except as required by law.

本次電話會議期間所做的前瞻性陳述是基於截至 2024 年 8 月 7 日公司所掌握的最新資訊。除非法律要求，否則該公司不承擔在今天的電話會議後更新或修改任何前瞻性聲明的義務。

Also, please note that management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating LifeMD performance. Details on the relationship between those non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release issued earlier today.

另請注意，管理層將討論公司認為對評估 LifeMD 業績非常重要的某些非 GAAP 財務指標。有關這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準及其調節之間關係的詳細信息，請參閱今天早些時候發布的新聞稿。

Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the Investor Relations section of the company's website.

最後，我想提醒大家，今天的電話會議正在錄音，並將在公司網站的投資者關係部分重播。

Now, I'd like to turn the call over to LifeMD CEO, Justin Schreiber. Please go ahead.

現在，我想將電話轉給 LifeMD 執行長 Justin Schreiber。請繼續。

Thank you, and good afternoon, everyone. After the market closed, we issued a press release announcing our second quarter financial results and posted an updated corporate presentation on our website at ir.lifemd.com.

謝謝大家，大家下午好。收盤後，我們發布了新聞稿，宣布了第二季度的財務業績，並在我們的網站 ir.lifemd.com 上發布了更新的公司簡報。

During the quarter, the performance of life from this core telehealth business was very strong, led by our GLP-1 weight management offerings. This business achieved 67% year-over-year revenue growth, well surpassing our expectations. This business also achieved positive adjusted EBITDA one quarter earlier than guidance.

本季度，在我們的 GLP-1 體重管理產品的帶動下，這項核心遠距醫療業務的表現非常強勁。該業務實現了67%的年收入成長，遠超我們的預期。該業務還比指導提前一個季度實現了正向調整 EBITDA。

We are pleased with the results from our core healthcare business during the quarter and for the year, we expect continued outperformance on both top and bottom-line metrics. Work simply performance was pressured in the second quarter due to a tougher than expected advertising environment, coupled with some executional missteps from the business.

我們對本季和今年核心醫療保健業務的業績感到滿意，我們預計頂線和底線指標將繼續表現出色。由於比預期更嚴峻的廣告環境，加上業務執行上的一些失誤，第二季的工作業績受到了壓力。

These have since been addressed and we've begun to see improvements in the sign-up rates and advertising efficiency, which will translate to improved bottom line performance in the back half of 2024, with work simply expected to return to peak monthly run rate EBITDA by the end of 2024. On a consolidated basis, we exceeded our expectations for revenue and met our expectations for adjusted EBITDA, both driven by telehealth performance.

這些問題現已解決，我們已經開始看到註冊率和廣告效率的提高，這將轉化為 2024 年下半年底線績效的改善，預計工作將恢復到每月 EBITDA 高峰到2024年底。在綜合基礎上，我們超越了我們對收入的預期，並達到了我們對調整後 EBITDA 的預期，這兩者都是由遠距醫療績效所推動的。

However, the impact on adjusted EBITDA from work simply its first half results drove our decision to revise consolidated EBITDA guidance. We don't expect work simply to have a material impact on our consolidated revenue performance for the year nor our long term financial performance. Additionally, even with worksite employees performance in the first half of the year, LifeMD still generated positive net cash flow on a consolidated basis.

然而，上半年業績對調整後 EBITDA 的影響促使我們決定修改綜合 EBITDA 指引。我們預計工作不會僅僅對我們今年的綜合收入業績或長期財務業績產生重大影響。此外，即使上半年現場員工表現不佳，LifeMD 合併後仍產生正的淨現金流。

This reflects the strength of our core tell out business, which will be the driving force for the company's future revenue and profit growth. Our long-term objective continues to be to divest work simply in a way that benefits shareholders. And we continue to regularly distribute works and believe excess cash to its shareholders, of which LifeMD is the majority holder.

這體現了我們核心告訴業務的實力，這將成為公司未來收入和利潤成長的驅動力。我們的長期目標仍然是以有利於股東的方式剝離工作。我們繼續定期分發作品，並將多餘的現金交給股東，其中 LifeMD 是其多數股東。

As we continue to capitalize on the tremendous market potential for our core telehealth operation. We remain focused on the following key areas. One, continued expansion of our comprehensive weight management offering, two development of new and enhanced infrastructure capabilities, including the initial acceptance of commercial insurance and three expansion of our RexMD brand.

隨著我們繼續利用我們核心遠距醫療業務的巨大市場潛力。我們仍然關注以下關鍵領域。一是繼續擴展我們的綜合體重管理產品，二是開發新的和增強的基礎設施能力，包括商業保險的初步接受，三是我們的 RexMD 品牌的擴展。

Our weight management offering continued to perform above expectations with revenue up 82% sequentially versus the first quarter of 2024. During Q2, we added nearly 20,000 new weight management patients finishing the quarter at just over 60,000 patients subscribers. We continue to average over 400 new sign-ups per day with robust unit economics to largely broke even on a day one cash basis.

我們的體重管理產品持續表現超出預期，營收較 2024 年第一季環比成長 82%。在第二季度，我們新增了近 2 萬名體重管理患者，本季結束時，患者訂閱人數略高於 6 萬名。我們繼續平均每天有超過 400 名新註冊用戶，單位經濟效益強勁，在第一天現金基礎上基本實現收支平衡。

Retention continued to improve with our most recent cohort showing a 400 to 500 basis point improvement in six month retention rate for patients going on therapy. We continue to see growing success in getting patients approved for branded therapies with approximately 50% approval rates for Zepbound and Wegovy prior authorizations.

保留率持續提高，我們最近的隊列顯示接受治療的患者六個月保留率提高了 400 至 500 個基點。我們繼續看到患者在獲得品牌療法批准方面取得了越來越大的成功，Zepbound 和 Wegovy 預先授權的批准率約為 50%。

This figure is up nearly 700 basis points over the last month. We expect this metric as well as overall prior (inaudible) approval rates to continue to improve over time and are actively implementing work streams and investing in third party resources to drive this. Importantly, the bulk of our weight management revenue continues to come from clinical services, and we continue to offer our patients access to both branded therapies.

這個數字比上個月上漲了近700個基點。我們預計該指標以及整體先前（聽不清楚）批准率將隨著時間的推移繼續提高，並正在積極實施工作流程並投資第三方資源來推動這一目標。重要的是，我們的體重管理收入的大部分仍然來自臨床服務，我們繼續為患者提供兩種品牌療法的機會。

And if branded therapies are not accessible high-quality, trusted compounded options. I continue to believe that this business model and the holistic care services we provide with it not only provides a differentiated patient experience, but also ensures a model that is durable and adaptable to the evolving needs of the GLP-1 and medically supported weight-loss markets.

如果品牌療法無法獲得高品質、值得信賴的複合選擇。我仍然相信，這種商業模式以及我們提供的整體護理服務不僅提供了差異化的患者體驗，而且還確保了一種持久且能夠適應 GLP-1 和醫療支持減肥不斷變化的需求的模式市場。

During the second quarter, we rolled out a collaboration with Withings to integrate their smart devices, including scales and blood pressure monitors into our weight management offering, further supporting our affiliated medical group and providing patients with the highest level of fully integrated virtual care. This quarter, we expect to provide additional updates on new offerings and capabilities we are rolling out as part of our weight management program.

第二季度，我們與 Withings 合作，將體重計和血壓計等智慧型裝置整合到我們的體重管理產品中，進一步支援我們的附屬醫療團隊，並為患者提供最高水準的完全整合的虛擬護理。本季度，我們預計將提供有關我們作為體重管理計劃一部分推出的新產品和功能的更多更新。

We are also committing significant resources to improving the comprehensiveness of our weight management offering. We don't want to be a platform that patients use solely to access prescription medications. We want to be a platform that helps people access transformational and long-term health care services.

我們也投入大量資源來提高體重管理產品的全面性。我們不想成為患者僅用於獲取處方藥的平台。我們希望成為一個幫助人們獲得轉型和長期醫療保健服務的平台。

In the case of our weight management program, this means teaching our patients what it means to be metabolically healthy, how to eat nutritiously, the dangers of refined sugar and Ultra processed foods and the importance of exercise sleep and mental health. We are using our personalized treatment plans, AI capabilities, in-home tools and our mobile applications to intelligently, educate and provide timely reminders and support to our patient population on all of these lifestyle and diet components of a metabolically healthy person.

就我們的體重管理計劃而言，這意味著教導我們的患者什麼是代謝健康、如何營養飲食、精製糖和超加工食品的危險以及運動睡眠和心理健康的重要性。我們正在利用我們的個人化治療計劃、人工智慧功能、家用工具和行動應用程序，對我們的患者群體進行智慧教​​育，並及時提供有關代謝健康人的所有這些生活方式和飲食組成部分的提醒和支持。

We also have a strong partnership with OPTAVIA one of the leading coaching and diet companies in the country that we believe will be appropriate for a segment of our population. While much of what I just mentioned is still in development. We are committed to having the most comprehensive platform in America for weight management by the end of this calendar year. I'm personally very passionate about this and I'm excited to keep you updated on our progress in the coming quarters in this area.

我們還與全國領先的教練和飲食公司之一 OPTAVIA 建立了牢固的合作關係，我們相信這將適合我們的一部分人群。雖然我剛才提到的大部分內容仍在開發中。我們致力於在今年底前擁有美國最全面的體重管理平台。我個人對此非常熱衷，並且很高興能夠向您通報我們在未來幾季在該領域取得的最新進展。

During the second quarter, we also made significant progress in expanding our capabilities, notably launching the first steps of our commercial insurance program and integrating AI within our patient support and clinical operations. In June, we began accepting commercial insurance following an extensive build-out of technology, compliance and revenue cycle management capabilities to support this offering effectively and compliantly.

第二季度，我們在擴展能力方面也取得了重大進展，特別是啟動了商業保險計畫的第一步，並將人工智慧整合到我們的病患支援和臨床營運中。六月，我們開始接受商業保險，之前我們廣泛地建立了技術、合規性和收入週期管理能力，以有效、合規地支持這項產品。

While patient volumes are still small, we plan to continue our phased expansion in additional states with the goal of having broad nationwide coverage. Additionally, we are enrolled in Medicare and expect to launch this offering after gaining more scale with private payers. As discussed on prior calls, AI is a large initiative for us.

雖然患者數量仍然很小，但我們計劃繼續在其他州分階段擴張，目標是在全國範圍內實現廣泛的覆蓋。此外，我們還加入了醫療保險，並希望在私人付款人擴大規模後推出這項服務。正如之前電話中所討論的，人工智慧對我們來說是一項重大舉措。

We've already begun to leverage this technology across our data and most recently rolled it out to support our care and provider communications for routine tasks. I'm excited to share some significant progress in this area. In the month of July alone, we utilized over 1 billion tokens in our AI systems to assist providers and support staff service messages ranging from care, coverage, order fulfillment and more.

我們已經開始在我們的數據中利用這項技術，並且最近推出了它來支援我們的護理和提供者的日常任務通訊。我很高興與大家分享這一領域的一些重大進展。僅在 7 月份，我們就在 AI 系統中使用了超過 10 億個代幣來協助提供者並支持員工服務信息，包括護理、承保、訂單履行等。

We've implemented an advanced AI powered system for message classification and routing system, efficiently categorizes incoming communications and directs them to the appropriate departments or individuals, which has significantly improved our response efficiency. We've also developed specialized AI assistant for our providers, medical assistance and support staff.

我們實施了先進的人工智慧訊息分類和路由系統，對傳入的通訊進行有效分類，並將其引導至適當的部門或個人，這顯著提高了我們的回應效率。我們也為我們的提供者、醫療援助和支援人員開發了專門的人工智慧助理。

Thanks to these initiatives, we've seen a dramatic improvement in our average response time. In fact, we've achieved a 200% improvement, which means we're now able to address patient inquiries and concerns three times faster than before. These AI driven improvements are not just about efficiency. They're also about enhancing the quality of care we provide by freeing up our medical professionals from routine tasks. We're allowing them to focus more on their number one priority of delivering incredible care and creating an amazing experience for patients that choose to use our platform for their health care.

由於這些舉措，我們的平均回應時間有了顯著的改善。事實上，我們已經實現了 200% 的改進，這意味著我們現在能夠以比以前快三倍的速度解決患者的詢問和疑慮。這些人工智慧驅動的改進不僅涉及效率。它們還旨在透過將醫療專業人員從日常任務中解放出來來提高我們提供的護理品質。我們讓他們更加專注於他們的首要任務，即提供令人難以置信的護理，並為選擇使用我們平台進行醫療保健的患者創造令人驚嘆的體驗。

Additionally, I am pleased to announce we are making significant progress in the build-out of our in-house 50 state pharmacy. This past quarter, we recruited an exceptional team of pharmacists and support personnel that had deep experience managing large commercial and compounding pharmacies. We expect our pharmacy license this month and to be fully operational in the fourth quarter of this year.

此外，我很高興地宣布，我們在內部 50 家州藥房的建設方面正在取得重大進展。上個季度，我們招募了一支由藥劑師和支援人員組成的優秀團隊，他們在管理大型商業和複方藥房方面擁有豐富的經驗。我們預計我們的藥房許可證將於本月獲得，並將於今年第四季全面運作。

Once online, we will have the capabilities to handle both mail-order and non-sterile compounding as well as integrating our existing distribution center operations within the pharmacy. We expect to realize some gross margin benefit from this initiative in 2025, as well as more efficient distribution, shorter fulfillment times and enhanced nimbeness as we expand into new product and service areas.

一旦上線，我們將能夠處理郵購和非無菌配製，並將我們現有的配送中心業務整合到藥房內。我們預計到 2025 年，我們將從這項措施中獲得一些毛利率收益，並隨著我們擴展到新產品和服務領域，實現更有效率的分銷、更短的履行時間和更強的敏捷性。

Lastly, RexMD continues to be a source of steady growth and high-margin revenue for LifeMD. For the first time in several years, we launched new indications under the RexMD umbrella. These include weight management and hormone replacement therapy or HRT treatments. I’m pleased to say that we expect a soft launch our HRT program later this month.

最後，RexMD 持續成為 LifeMD 穩定成長和高利潤收入的來源。幾年來，我們首次在 RexMD 的保護下推出了新的適應症。這些包括體重管理和荷爾蒙替代療法或 HRT 治療。我很高興地說，我們預計本月晚些時候將試啟動我們的 HRT 計劃。

In summary, despite WorkSimpli’s temporary challenges, we remain very bullish about the potential of our business, anchored by the strong performance from our core telehealth business and a very optimistic outlook.

總之，儘管 WorkSimpli 面臨暫時的挑戰，但我們仍然非常看好我們的業務潛力，這要歸功於我們核心遠距醫療業務的強勁表現和非常樂觀的前景。

And with that, I’ll turn the call over to our CFO, Marc Benathen, who will provide a summary of our financial results. Marc?

接下來，我會將電話轉給我們的財務長 Marc Benathen，他將提供我們財務表現的摘要。馬克？

Thank you, Justin, and good afternoon, everyone. LifeMD had a very strong second quarter performance from our telehealth business with revenue growing 67% versus the prior year and standalone telehealth adjusted EBITDA profitability one quarter ahead of guidance.

謝謝賈斯汀，大家下午好。LifeMD 第二季的遠距醫療業務表現非常強勁，營收比上年成長 67%，獨立遠距醫療調整後的 EBITDA 獲利能力比指引值高出一個季度。

The tremendous strength of our telehealth business supported not only outsized growth, but also strong cash flow with LifeMD generating positive net cash flow for a third consecutive quarter on a consolidated basis.

我們遠距醫療業務的巨大實力不僅支持了超額成長，而且還支持了強勁的現金流，LifeMD 在合併基礎上連續第三個季度產生正的淨現金流。

Based on current and recent trends in sign-up rates, following strategic actions by the leadership at WorkSimpli, we expect this business to return to peak profitability on a monthly run rate basis by the end of 2024. Telehealth subscriber growth remained strong with the number of active subscribers increasing 32% year-over-year to approximately 254,000. The number of WorkSimpli active subscribers contracted 8% to more than 159,000.

根據當前和近期的註冊率趨勢，在 WorkSimpli 領導層採取的策略行動之後，我們預計該業務將在 2024 年底前恢復按月運行率計算的最高獲利能力。遠距醫療用戶成長依然強勁，活躍用戶數量年增 32%，達到約 254,000 人。WorkSimpli 活躍訂閱者數量減少 8%，至超過 159,000 人。

Consolidated gross margin for the second quarter was a record 90.1%, up 273 basis points versus the prior year period. Gross profit for the quarter totaled $45.6 million, an increase of 45% from the year ago period.

第二季綜合毛利率達到創紀錄的 90.1%，比去年同期成長 273 個基點。該季度毛利總計 4,560 萬美元，較去年同期成長 45%。

Our GAAP net loss attributable to common stockholders for the second quarter was $7.7 million or a loss of $0.19 per share. This compares with a GAAP net loss attributable to common stockholders for the second quarter of 2023 of $7.5 million or a loss of $0.23 per share.

第二季歸屬於普通股股東的 GAAP 淨虧損為 770 萬美元，即每股虧損 0.19 美元。相比之下，2023 年第二季普通股股東應佔 GAAP 淨虧損為 750 萬美元，即每股虧損 0.23 美元。

Adjusted EPS is a non-GAAP financial measure that excludes interest, taxes, non-cash expenses, dividends, stocks and insurance acceptance readiness, severance, litigation expense, non-controlling interest, transaction costs and foreign currency translation. Reflecting those adjustments, adjusted diluted EPS for the second quarter of 2024 was $0.06, compared with $0.05 in the year ago period.

調整後每股盈餘是一項非公認會計準則財務指標，不包括利息、稅金、非現金費用、股利、股票和保險承兌準備、遣散費、訴訟費用、非控制權益、交易成本和外幣換算。反映這些調整的是，2024 年第二季調整後稀釋每股收益為 0.06 美元，去年同期為 0.05 美元。

Adjusted EBITDA, which is a non-GAAP financial measure that excludes the same items I noted for adjusted EPS, totaled $2.5 million in the second quarter of 2024. This compares with adjusted EBITDA of $1.7 million in the year ago period.

調整後 EBITDA 是一項非 GAAP 財務指標，不包括我在調整後每股盈餘中提到的相同項目，2024 年第二季的調整後 EBITDA 總計為 250 萬美元。相較之下，去年同期調整後的 EBITDA 為 170 萬美元。

Beginning this quarter, we will also be reporting stand-alone telehealth adjusted EBITDA for our core telehealth business, which is a non-GAAP measure defined as adjusted EBITDA, excluding our WorkSimpli business. This is an important measure for investors to understand the profitability of our core telehealth business, which represents the long-term driver of the company’s growth and profitability. This measure totaled a gain of $820,000 for the quarter as compared to a loss of $2.8 million in the year ago quarter.

從本季開始，我們還將報告我們核心遠距醫療業務的獨立遠距醫療調整後 EBITDA，這是一項非 GAAP 衡量標準，定義為調整後 EBITDA，不包括我們的 WorkSimpli 業務。這是投資者了解我們核心遠距醫療業務獲利能力的重要舉措，代表了公司成長和獲利能力的長期驅動力。這項措施使本季收益總計 82 萬美元，而去年同期則虧損 280 萬美元。

LifeMD generated $4.5 million of cash flow from operations during the second quarter of 2024, of which approximately $3 million came from our core telehealth business and generated positive net cash flow after CapEx, debt service and preferred stock dividends for the third consecutive quarter. Cash balances totaled $35.7 million as of June 30, 2024, an increase of $600,000 over the end of the first quarter, driven by the strong performance of our telehealth business.

LifeMD 在2024 年第二季產生了450 萬美元的營運現金流，其中約300 萬美元來自我們的核心遠距醫療業務，並連續第三個季度在資本支出、償債和優先股股息後產生正的淨現金流。截至 2024 年 6 月 30 日，現金餘額總計 3,570 萬美元，比第一季末增加 60 萬美元，這得益於我們遠距醫療業務的強勁表現。

Today, we are reiterating our guidance for full year consolidated revenue of at least $205 million, while raising our LifeMD telehealth revenue guidance from $140 million to $150 million and WorkSimpli revenue guidance decreasing to $55 million from $65 million previously.

今天，我們重申全年綜合收入至少為 2.05 億美元的指導，同時將 LifeMD 遠距醫療收入指引從 1.4 億美元提高到 1.5 億美元，WorkSimpli 收入指引從先前的 6,500 萬美元減少到 5,500 萬美元。

We are also introducing stand-alone telehealth adjusted EBITDA guidance in the range of $3 million to $4 million for the full year of 2024, a level which is above prior expectations. For historical context, on a stand-alone basis, telehealth adjusted EBITDA in the full year 2021 was a loss of over $35 million. We not only continue to rapidly grow our core business, but we continue to do so with immense gains and profitability on a consistent and sustainable basis.

我們還推出了 2024 年全年獨立遠距醫療調整後 EBITDA 指導，範圍為 300 萬至 400 萬美元，這一水平高於先前的預期。就歷史背景而言，單獨來看，2021 年全年遠距醫療調整後的 EBITDA 虧損超過 3,500 萬美元。我們不僅繼續快速發展我們的核心業務，而且在持續和可持續的基礎上繼續獲得巨大的收益和盈利能力。

Despite the increases in our actual and implied guidance for our telehealth business versus prior expectations, we are revising full-year 2024 consolidated adjusted EBITDA guidance to $13 million to $15 million from $18 million to $22 million, solely driven by the first half softness in our non-core subsidiary, WorkSimpli. As indicated earlier, we expect this softness to be behind us and believe that WorkSimpli is on a path to achieving peak monthly run rate EBITDA by the end of the year.

儘管我們對遠距醫療業務的實際和隱含指導與先前的預期相比有所增加，但我們正在將2024 年全年綜合調整後EBITDA 指導從1800 萬美元調整為1300 萬美元至1500 萬美元，這完全是由於上半年我們的業務疲軟所致。如前所述，我們預計這種疲軟現象將會過去，並相信 WorkSimpli 預計將在年底前實現每月 EBITDA 高峰。

This wraps up our financial results. I’d now like to turn the call back over to Justin.

我們的財務表現到此結束。我現在想把電話轉回給賈斯汀。

Thanks, Mark. As we conclude our prepared remarks, I am truly excited about the Momentum LifeMD is experiencing. Our performance this quarter shows the robust growth and potential of our core telehealth operations, particularly our weight management offerings, which have not only exceeded expectations, but also set a new benchmark in patient acquisition, retention and satisfaction.

謝謝，馬克。當我們結束準備好的發言時，我對 LifeMD 正在經歷的勢頭感到非常興奮。我們本季的業績顯示了我們核心遠距醫療業務的強勁成長和潛力，特別是我們的體重管理產品，不僅超出了預期，而且在患者獲取、保留和滿意度方面樹立了新基準。

Looking ahead, we are strategically positioned to redefine the telehealth landscape. We are actively integrating cutting edge AI capabilities and expanding our commercial insurance coverage, setting a new standard for patient interaction and care delivery.

展望未來，我們的策略定位是重新定義遠距醫療格局。我們正在積極整合尖端的人工智慧功能並擴大我們的商業保險覆蓋範圍，為患者互動和護理服務設定新標準。

The imminent launch of our in-house pharmacy will further enhance our operational efficiency, aligning with our mission to build the most robust and technology advance telehealth platform in America. With these initiatives alongside the expansion of RexMD brand and the rollout of new and innovative treatments, we are crafting a future relay where LifeMD not only leads and market performance, but also in setting benchmarks for comprehensive tech-enabled health care solutions.

我們的內部藥局即將推出，將進一步提高我們的營運效率，符合我們建立美國最強大、技術先進的遠距醫療平台的使命。透過這些舉措以及 RexMD 品牌的擴張和新的創新療法的推出，我們正在打造一個未來的接力賽，LifeMD 不僅引領市場表現，而且為全面的技術支援的醫療保健解決方案設定基準。

With that, I'd like to turn -- I'd like to thank everyone for joining us today, and we'll now open the call to Q&A. Operator?

說到這裡，我想感謝大家今天加入我們，我們現在將開始問答環節。操作員？

Thank you, sir. (Operator Instructions) David Larsen, BTIG.

謝謝您，先生。（操作員說明）David Larsen，BTIG。

Hi. Congratulations on the good quarter and the profitability in health care, it’s fantastic. Can you talk a bit about the WorkSimpli business, I guess, the increase in ad costs? What caused the decline in earnings? And what gives you confidence that you’ll get back up to peak profitability by the end of 2024? Thank you.

你好。恭喜醫療保健領域取得了良好的季度業績和獲利能力，這太棒了。您能談談 WorkSimpli 業務嗎？是什麼導致了獲利下降？是什麼讓您有信心在 2024 年底前恢復到高峰獲利能力？謝謝。

Yeah, this is Marc. So, the major cause was, one, there was certainly a more competitive advertising environment in the first half of the year. And then two, WorkSimpli definitely made a couple of strategic and executional missteps. They’ve since made a couple of key personnel changes that have largely course corrected the issue.

是的，這是馬克。所以，主要原因是，一，上半年廣告環境的競爭肯定更加激烈。其次，WorkSimpli 確實犯了一些戰略和執行錯誤。此後，他們進行了幾項關鍵的人事變動，基本上糾正了這個問題。

We’ve actually seen significantly improved tax as well as sign-up rates over the last eight weeks, which is what gives us a lot of confidence to be able to get back to peak monthly EBITDA by the end of the year. Obviously, there’s a little bit of a building process because they did take a step backwards.

事實上，在過去八周里，我們已經看到稅收和註冊率顯著提高，這給了我們很大的信心，能夠在年底前恢復到每月 EBITDA 的高峰。顯然，有一些建設過程，因為他們確實倒退了一步。

But the fact is that following some of the personnel changes they made and a couple of strategic shifts, which I don’t really want to get into the details on for competitive reasons, they see nothing but sustained improved performance over the last about eight weeks of performance, which we expect to carry forward for the balance of the year, which will take them back to the peak EBITDA that they had achieved about a year ago.

但事實是，在他們進行了一些人事變動和一些策略轉變之後（出於競爭原因，我不想詳細介紹這些變化），他們除了在過去大約八年中持續提高績效之外什麼也沒有看到。週的業績，我們預計將在今年餘下的時間裡延續下去，這將使他們回到大約一年前實現的EBITDA 高峰。

That’s great. Thanks very much. And then can you talk a little bit more about the profitability within the health care business? Like what in your mind has enabled you to get it up to profitability ahead of expectations?

那太好了。非常感謝。那麼您能多談談醫療保健業務的獲利能力嗎？您認為是什麼讓您提前獲利？

For example, is there a new bundled solution? And if so, how does that work? Like, for example, what is the pricing per month? What are your costs per month? Does it include part of Medifast? And then like how is that sort of partnership progressing in terms of patient flow back and forth. Thank you.

例如，是否有新的捆綁解決方案？如果是這樣，它是如何運作的？例如，每個月的定價是多少？您每月的費用是多少？它包括快驗保 (Medifast) 的一部分嗎？然後，這種夥伴關係在患者來回流動方面進展如何。謝謝。

Yeah. So this is Marc. Well the biggest driver of getting to profitability quicker than we had originally expected has been that we've obviously been outperforming in the weight management revenue that was driven by two-fold. One, our strong retention of existing patients. We think we have a really good, differentiated weight management model.

是的。這就是馬克。比我們最初預期更快實現盈利的最大推動力是，我們在體重管理收入方面的表現明顯優於我們，而這筆收入是由兩倍推動的。第一，我們對現有患者的強力保留。我們認為我們擁有一個非常好的、差異化的體重管理模式。

Yes, we offer the bundle compounded offering like others offer, obviously it as a percentage of the population that makes sense for. But our more traditional carrier-based model has shown really strong retention and the rate of new acquisitions that we had in the first half of the year also was ahead of where we had originally expected to be for the year.

是的，我們提供像其他人一樣提供的捆綁複合產品，顯然它是有意義的人口百分比。但我們更傳統的基於運營商的模式已經顯示出非常強大的保留率，並且我們在今年上半年的新收購率也超出了我們今年最初的預期。

So you put the retention together with the slightly higher acquisition rate, it's basically translated to us being able to have more rebuild dollars of existing patients than we originally had anticipated in our original guidance, which was in turn, led us to be able to get the profitability one quarter quicker than we thought. It also is a leading indicator for our ability to be able to sustain our trajectory in that business going forward through the balance of the year and into next year.

因此，您將保留率與略高的獲取率結合起來，這基本上意味著我們能夠為現有患者提供比我們最初在最初指導中預期的更多的重建資金，這反過來又使我們能夠獲得獲利速度比我們想像的快四分之一。這也是一個領先指標，顯示我們有能力在今年剩餘時間和明年維持該業務的發展軌跡。

Dave, this is Justin. I’ll just add for clarity, and I think Marc did answer this fairly directly. But the bundled compounding business is a very small percentage of our business. Still the core model is providing an amazing health care service to patients, helping them use their insurance to get coverage for these therapies.

戴夫，這是賈斯汀。為了清楚起見，我只是補充一下，我認為馬克確實相當直接地回答了這個問題。但捆綁式複合業務只占我們業務的一小部分。核心模式仍然是為患者提供令人驚嘆的醫療保健服務，幫助他們利用保險來獲得這些療法的承保。

And quite frankly, like, look, we’ve done a great job at acquiring new patients in a very competitive environment. And as we mentioned in the script, the retention numbers are good and we think they’re going to be a lot better.

坦白說，你看，我們在競爭非常激烈的環境中在獲取新患者方面做得非常出色。正如我們在腳本中提到的，保留率很高，而且我們認為它們會好得多。

Great. And one last quick one for me. Justin, you sort of mentioned a holistic approach to weight management. You don’t want to simply be an access point for compounded medications. Can you maybe talk a little bit more about that, including your relationship with Withings and just sort of your longer-term vision of the mission of the organization? Thank you.

偉大的。給我最後一個快速的。賈斯汀，您提到了體重管理的整體方法。您不想僅僅成為複合藥物的接入點。您能否詳細談談這一點，包括您與 Withings 的關係以及您對該組織使命的長期願景？謝謝。

Sure, Dave. I love that question. And for the record, I wrote that section of the earnings script myself. And when I say I’m proud of it, I am really, really proud of not only what we’re doing in this area, but what I think we will be doing by the end of the year and I want to be on record that I think LifeMD will have the best and most comprehensive platform for a weight management offering that encompasses not only prescription products, but also the educational and the diet and the lifestyle components that are essential to helping patients keep the weight off.

當然，戴夫。我喜歡這個問題。鄭重聲明，收益腳本的這一部分是我自己寫的。當我說我為此感到自豪時，我真的非常非常自豪，不僅為我們在這一領域所做的事情感到自豪，而且為我認為我們將在今年年底前所做的事情感到自豪，我希望成為據記錄，我認為 LifeMD 將擁有最好、最全面的體重管理平台，該平台不僅包括處方產品，還包括對幫助患者減肥至關重要的教育、飲食和生活方式組成部分。

And look, the vision is really simple. It’s incredible doctors, an incredible coaching component, an incredible educational component, in-home tools, like we’ve shown -- we’re committed to with our Withings partnership, wearables will be a big part of this. And then all of it is connected and enabled also by technology and artificial intelligence.

看，這個願景真的很簡單。這是令人難以置信的醫生、令人難以置信的輔導部分、令人難以置信的教育部分、家用工具，就像我們所展示的那樣——我們致力於與Withings 合作，可穿戴設備將成為其中的重要組成部分。然後所有這些都透過技術和人工智慧連接和啟用。

My viewpoint, Dave, is that everybody in this business, both on the D2C side and the enterprise side, everybody like claims to have an incredible offering and everybody claims to offer everything I just said. But I don’t -- I think that most people don’t -- most market participants don’t do a very good job at it.

Dave，我的觀點是，這個行業的每個人，無論是 D2C 方面還是企業方面，每個人都喜歡聲稱擁有令人難以置信的產品，並且每個人都聲稱提供我剛才所說的一切。但我不認為——我認為大多數人不認為——大多數市場參與者在這方面做得併不好。

And this is what I’ve challenged our team with to do a good job at it. Don’t just upload a bunch of nutritional recipes, right, and make them available to patients when you know that nobody is going to actually use those recipes, right? Don’t just throw content into a mobile app that isn’t intelligently delivered to patients.

這就是我向我們的團隊提出的挑戰，要求他們做好這項工作。不要只是上傳一堆營養食譜，對吧，當你知道沒有人會真正使用這些食譜時，再將它們提供給患者，對嗎？不要只是將內容放入無法智慧地交付給患者的行動應用程式中。

Make sure that whatever we do is delivered at the right time and it’s kind of something that we can get them engaged with and enjoying using and like create this like really awesome and intelligent and thoughtful program, right?

確保我們所做的一切都在正確的時間交付，並且我們可以讓他們參與並享受使用，並喜歡創建一個真正很棒、智能和周到的程序，對嗎？

And it’s not going to work for everybody. But my thinking is always like, if we could even really, really make a big difference for 10% to 20% of our patients and teach them what it means to be truly metabolically healthy we’re going to really change a lot of lives and that’s my vision.

而且它並不適合所有人。但我的想法始終是，如果我們真的能夠為 10% 到 20% 的患者帶來巨大改變，並教導他們真正的代謝健康意味著什麼，我們將真正改變許多人的生活這就是我的願景。

Great. I'll hop back in the queue. Thanks a lot.

偉大的。我會跳回到隊列中。多謝。

Thank you. Steve Dechert, KeyBanc.

謝謝。史蒂夫·德克特（Steve Dechert），KeyBanc。

Hey, guys. Thanks for the questions. Another quarter here of solid weight management subscriber growth. Just wanted to get your thoughts on how you see the trajectory of subscribers for the rest of the year and then into 2025? And then also, as you continue to roll out your commercial insurance and also Medicare, how do you see that impacting subscriber growth in 2025 as well? Thank you.

嘿，夥計們。感謝您的提問。體重管理訂閱用戶在另一個季度實現穩健成長。只是想了解您如何看待今年剩餘時間以及 2025 年的訂閱者軌跡？另外，隨著您繼續推出商業保險和醫療保險，您如何看待這對 2025 年訂戶成長的影響？謝謝。

Yeah. So Steve, this is Marc. Yeah look, I think you can expect to see very consistent subscriber growth heading throughout the balance of the year. Obviously, there’s the potential for upside. The upside comes from a few potential places. One is the Medifast partnership. Two is continuing to expand upon some of the offerings that Justin spoke about earlier in the script today.

是的。史蒂夫，這是馬克。是的，我認為您可以預期在今年餘下的時間裡會看到非常穩定的用戶成長。顯然，存在著上升的潛力。好處來自於一些潛在的地方。其中之一是快驗保合作夥伴關係。二號正在繼續擴展賈斯汀今天早些時候在劇本中談到的一些產品。

As far as the second part of your question, I do think in 2025, it will accelerate our subscriber growth. By how much, I can’t say exactly now. We’re in the infancy of obviously rolling out our insurance program, but there’s definitely a large market there and there’s a large market for the level of care and services that we’re providing.

至於你問題的第二部分，我確實認為到 2025 年，它將加速我們的用戶成長。我現在還不能確切地說出多少。顯然，我們正處於推出保險計劃的起步階段，但那裡肯定有一個很大的市場，而且我們提供的護理和服務水平也有一個很大的市場。

And then once we do get into Medicare, that’s an entirely new market for us. We don’t - we can’t treat those patients today. And we know that we’re turning away several patients within that market segment today. So, it could have a potentially meaningful impact on subscriber growth in 2025. I think it’s a little bit too early for me to say here’s an exact number by which you would see that increase by, but it’s definitely going to accelerate it.

一旦我們進入醫療保險領域，這對我們來說就是一個全新的市場。我們今天不——我們不能——治療這些患者。我們知道，今天我們正在拒絕該細分市場中的幾名患者。因此，它可能會對 2025 年的用戶成長產生潛在的有意義的影響。我認為現在說這個數字還為時過早，您會看到這一增長的確切數字，但它肯定會加速這一增長。

This is Justin. I’ll just add a couple of points to that as well because I think it’s probably one of the most important questions right now for people listening to this call. One, like as we mentioned in the script, we’re doing a great job with getting prior auths approved by our patients insurance companies. I think if you fast forward 6 to 12 months, you could easily see 40%, 50% of our population on a branded therapy of new patients accessing a branded therapy.

這是賈斯汀。我也將補充幾點，因為我認為這可能是目前收聽此電話會議的人們最重要的問題之一。一，正如我們在劇本中提到的，我們在獲得病患保險公司批准的事先授權方面做得很好。我認為，如果快轉 6 到 12 個月，您很容易就會看到我們人口中 40%、50% 正在接受品牌治療的新患者正在接受品牌治療。

So that’s something I’m really excited about and we have a new partnership right now that we’re -- it’s a new technology company that we’re working with that is seeing 40% to 50% approval rates for branded therapies with other large providers they’re working with. So, we’re excited to get that implemented. We think that’s -- I think that’s a really important point.

因此，這是我非常興奮的事情，我們現在建立了新的合作夥伴關係，我們正在與之合作的一家新技術公司，該公司的利用率達到 40% 到 50%與他們合作的其他大型提供商對品牌療法的批准率。因此，我們很高興能夠實現這一點。我們認為這是非常重要的一點。

As Marc said, Medicare, we’re already enrolled. We’re going to be ready, whether it’s late this year or early next year, but Medicare and Medicaid are going to be big opportunities for GLP-1 therapies and we’re going to be a leader when it comes to helping patients with Medicare, especially access these therapies and our comprehensive program. There’s also a lot of innovation in this GLP-1 space. There are a lot of new candidates in the development process right now.

正如馬克所說，醫療保險，我們已經加入了。我們將做好準備，無論是今年年底還是明年初，但醫療保險和醫療補助將成為 GLP-1 療法的巨大機遇，當它到來時我們將成為領導者幫助醫療保險患者，特別是獲得這些療法和我們的綜合計劃。GLP-1 領域也有很多創新。目前有許多新的候選人正在開發過程中。

And I think there’s -- I think oftentimes people focus too much on the handful of therapies right now that are branded, they are being used by most patients. I think that there is always going to be like unique therapies that can probably be compounded for people whose insurance doesn’t cover branded therapies.

我認為，人們常常過於關注目前大多數患者正在使用的少數品牌療法。我認為總是會有一些獨特的療法可以為那些保險不涵蓋品牌療法的人提供複合療法。

So that’s a really important point. And lastly, we’re launching in the coming weeks another compounded prescription weight loss program that is not a GLP-1, that has a great safety and efficacy profile, and we’re really excited about this. We think it will be appropriate for a lot of patients that either don’t have coverage for a GLP-1 or can’t tolerate a GLP-1.

所以這是非常重要的一點。最後，我們將在未來幾週內推出另一個非 GLP-1 的複合處方減肥計劃，該計劃具有良好的安全性和有效性，我們對此感到非常興奮。我們認為它適合許多沒有承保 GLP-1 或不能耐受 GLP-1 的患者。

Great. Thank you.

偉大的。謝謝。

Perfect. William Wood, B. Riley Securities.

完美的。威廉·伍德，B.萊利證券。

Yeah, thanks for taking my questions and congratulations on a very nice quarter. So, I was actually just curious if you could maybe talk about your recently launched RexMD GLP-1 offering. That’s -- I know it’s sort of early, but how have you seen that sort of launch building?

是的，感謝您回答我的問題，並祝賀您度過了一個非常愉快的季度。所以，我實際上只是好奇您是否可以談談您最近推出的 RexMD GLP-1 產品。那是——我知道現在還為時過早，但是您如何看待這種發射大樓？

And has that been any appreciable comparison to what you’ve been seeing with your more LifeMD offering? I mean, essentially, are you -- are people more going towards the LifeMD or is the RexMD having an appreciable uptake?

這與您所看到的 LifeMD 產品有明顯的比較嗎？我的意思是，從本質上講，人們是否更傾向於 LifeMD，還是 RexMD 的接受度較高？

William, I’ll take that one. This is Justin. So, the RexMD launch has been a little slower than the RexMD GLP-1 launch has been a little slower than we expected. And I think a lot of that is just because we’ve seen such great growth on the LifeMD side and it’s we’re in the process of just continuing to like improve -- not really improve the RexMD business, but we’re just continuing to invest some resources there into scaling that up. But right now, the direct answer to your question is it’s a very, very small percentage of the overall weight loss business, definitely sub 5%..

威廉，我要那個。這是賈斯汀。因此，RexMD 的發射速度比 RexMD GLP-1 的發射速度慢一些，比我們預期的要慢一些。我認為這很大程度上是因為我們看到了 LifeMD 方面如此巨大的成長，而且我們正處於繼續改進的過程中——不是真正改進 RexMD 業務，而是我們只是繼續在那裡投入一些資源來擴大規模。但現在，對你問題的直接回答是，它在整個減肥業務中所佔的比例非常非常小，絕對低於 5%。

Got it. That's helpful. And then additionally, on the LifeMD side or actually just more on the telehealth side in general, in the past, you've specifically highlighted on sort of giving us some color on how the present quarter has been going overall maybe a quarter to date as well as mentioning the deferred revenue, just to give us an idea of how the new prescribers are coming on if they're taking at six months -- the six months program, I was wondering if you could just give us any additional color on what you've been seeing on the LifeMD side or the telehealth side, weight management specifically post second quarter?

知道了。這很有幫助。另外，在 LifeMD 方面，或者實際上只是在一般遠距醫療方面，過去，您特別強調了給我們一些關於本季度總體進展情況的一些信息，也許是迄今為止的一個季度除了提到遞延收入之外，只是為了讓我們了解新的處方醫生如果服用六個月的藥物，他們的情況如何——六個月的計劃，我想知道您是否可以給我們任何額外的信息您在LifeMD 方面或遠程醫療方面看過體重管理，特別是在第二季之後？

Yes. Look, post second quarter, as our business has gotten more mature, obviously, we’re going to start sticking mostly to reporting at the end of the quarter for consistency purposes. There’s been some confusion in the past around people quoting different subscriber amounts mid-quarter, so we wanted to end that confusion. But look, the business has continued to perform very strongly. We’ve actually seen improvements in retention as we highlighted in the script. Acquisitions tend to be very consistent with what they’ve been before. You’ll have some weeks where it might be a little lower, you’ll also have some weeks where it might be a little higher, but in general, gross sign-ups have been very consistently around that 400 or so a day, but with improving levels of retention. So, we expect that to create momentum.

是的。看，第二季後，隨著我們的業務變得更加成熟，顯然，出於一致性目的，我們將開始主要堅持在季度末進行報告。過去，人們在季度中期引用不同的訂戶數量時存在一些混亂，因此我們希望結束這種混亂。但看，該業務的表現仍然非常強勁。正如我們在腳本中所強調的那樣，我們實際上已經看到了保留率的提高。收購往往與先前的收購非常一致。有幾週的時間可能會低一點，也有幾週的時間可能會高一點，但總的來說，總註冊量一直非常穩定地保持在每天 400 人左右，但保留水平不斷提高。因此，我們預計這將創造動力。

Deferred revenues continue to grow as you’ll see or did see, it grew just under $2 million in the quarter. Obviously, the rate of growth in deferred revenue as we get bigger will be slightly smaller just because you have more revenue being recognized. We’re continuing to see more than half of people take the six-month offering.

正如您將看到或確實看到的那樣，遞延收入繼續增長，本季增長了近 200 萬美元。顯然，隨著我們規模的擴大，遞延收入的成長率會稍微小一些，因為你有更多的收入被確認。我們繼續看到超過一半的人接受了為期六個月的產品。

There’s really not a reason not to, you get a bigger initial discount. And when you think about retention, on the retention side, people are typically not getting discounts on the rebuilds and the retention. So, the fact that we’re seeing improvements in that area, I think, really speaks to the quality of the offering.

確實沒有理由不這樣做，您可以獲得更大的初始折扣。當你考慮保留時，在保留方面，人們通常不會在重建和保留方面獲得折扣。因此，我認為，我們在該領域看到的改進確實說明了產品的品質。

Got it. And then one last quick one. I know in the past, you discussed, and I believe you actually mentioned it on the call earlier about divesting WorkSimpli and just really focusing on the telehealth and the products that you offer through that.

知道了。然後是最後一個快速的。我知道您過去曾討論過，而且我相信您實際上在早些時候的電話會議上提到了剝離 WorkSimpli 的事宜，並真正專注於遠距醫療以及您透過遠距醫療提供的產品。

With sort of the slide in WorkSimpli and some of the bumps you’ve been seeing, have those potentially divestment and partner or outsourcing WorkSimpli have those discussions picked up any? Or is that still more just something on the back burner that you may or may not pursue?

隨著 WorkSimpli 的下滑以及您所看到的一些障礙，那些潛在的撤資和合作夥伴或外包 WorkSimpli 的討論是否有所進展？或者這只是你可能會或可能不會追求的暫時擱置的事情？

Yeah, I would say -- go ahead.

是的，我會說——繼續。

Yes, I’ll take that one. I mean, look, we’re -- as we’ve said on prior calls, William, like we have regular interest from potential acquirers of WorkSimpli. We’re committed to doing what’s right for that business and for our shareholders. I can tell you that presently, we have some very strong interest in WorkSimpli, but we’d like to be conservative with shareholders when we make -- when we forecast what we’re -- what’s going to happen and when, right?

是的，我會接受那個。我的意思是，正如我們在之前的電話中所說的那樣，William，WorkSimpli 的潛在收購者經常對我們感興趣。我們致力於為我們的業務和股東做正確的事情。我可以告訴你，目前，我們對 WorkSimpli 抱有非常濃厚的興趣，但當我們做出——當我們預測我們是什麼——將會發生什麼時，我們希望對股東保持保守。 ？

But I think we do think we’ll sell that business at the price point that we’ve guided in our investor presentation. And at some point in the future, it could be in the back half of this year and it could be next year, but we think that’s something that will likely happen.

但我認為我們確實認為我們會按照我們在投資者介紹中指導的價格出售該業務。在未來的某個時候，可能是今年下半年，也可能是明年，但我們認為這很可能會發生。

What we’re really focused on is working with Sean right now and just being supportive shareholders and seeing the business get back to peak EBITDA, which we’re really confident about. We have a lot of clarity now on just kind of that business recovering to where it was at its peak.

我們現在真正關注的是與 Sean 合作，成為支持股東，並看到業務恢復到 EBITDA 峰值，對此我們非常有信心。我們現在非常清楚該業務正在恢復到巔峰狀態。

Sean is actually working on a few new products that will further diversify the business that are very exciting and are pretty large markets where there’s a lot less competition. And so, we’re -- we think very highly of this business. We think it’s a very valuable asset. And we’ll -- but we are working to sell it at the appropriate time.

肖恩實際上正在開發一些新產品，這些產品將進一步使業務多元化，這些產品非常令人興奮，而且市場相當大，競爭也少得多。因此，我們對這項業務評價非常高。我們認為這是一項非常寶貴的資產。我們會——但我們正在努力在適當的時間出售它。

Got it. Very helpful. Thank you for taking my questions. I'll jump back in queue and congratulations on a nice quarter. Appreciate it.

知道了。非常有幫助。感謝您回答我的問題。我會插回隊列並祝賀這個季度的美好表現。欣賞它。

Thank you. Sarah James, Cantor.

謝謝。莎拉詹姆斯，康托爾。

Thank you. I want to go back to telehealth reaching profitability a quarter ahead of your expectations, which is a huge accomplishment. Can you talk in a little bit more detail about where retention is now versus where you thought it would be when you thought break-even would be a quarter later?

謝謝。我想回到遠距醫療，比您的預期提前四分之一實現盈利，這是一項巨大的成就。您能否更詳細地談談現在的保留率與您認為一個季度後將達到收支平衡時的保留率？

And can you remind us what the margin or contribution ramp looks like when you initially bring a customer on their versus when they’ve been retained for either the six-month period or whatever time frame you feel is most relevant?

您能否提醒我們，當您最初吸引客戶時，與他們保留六個月或您認為最相關的任何時間範圍時相比，利潤或貢獻斜坡是什麼樣的？

Yeah, Sarah, this is Marc. So essentially, as we mentioned earlier on, we are seeing at the six-month mark for patients to go on therapy. As we talked about before, there is that initial 20% the 25% fall off within the first 30 days related to patients who can access therapy, which is heavily driven by denials from insurance companies and then not wanting to access the compounded therapy or not wanting to cash pay, those rates are very consistent.

是的，莎拉，這是馬克。因此，本質上，正如我們之前提到的，我們看到患者將在六個月後繼續接受治療。正如我們之前談到的，與可以獲得治療的患者相比，最初的 20% 到 25% 在前 30 天內下降，這在很大程度上是由於保險公司的拒絕，然後是不想接受複合治療。要現金支付，這些費率非常一致。

Where we're seeing improvement is as you get out to about six months and we would expect this to flow through the 12 months as well.

我們看到的改善是在大約 6 個月後，我們預計這種情況也會持續到 12 個月。

We just have a limited number of people and the 12 month mark, since we launched in April '23, we're seeing about a 400 to 500 basis point improvement in those people. So previously, we had expected that we would be somewhere around 40% at the six-month mark, we're starting to see more like 45%, 46%. And then when you go to the 12-month mark saying somewhere typically in that 30% to 35% range, and that includes the 25% of folks that, how often the initial 30 days and did not go on therapy.

我們的人員數量有限，自 23 年 4 月推出以來，在 12 個月的時間裡，我們看到這些人員的素質提高了約 400 到 500 個基點。之前，我們預計 6 個月後會達到 40% 左右，現在我們開始看到 45%、46% 左右。然後，當你達到 12 個月的標準時，通常在 30% 到 35% 的範圍內，其中包括 25% 的人，最初 30 天沒有接受治療的頻率。

So the bit what we would expect to see though is because the majority of what has driven our business has been getting people on therapy.

因此，我們期望看到的是，推動我們業務發展的大部分因素是讓人們接受治療。

We would expect to see that 400 to 500 basis point improvement, at least a good portion of that flow through to the 12-month mark and obviously remains to be seen how that flows through after the first year on that in turn is creating a fair amount of upside on the top line. It's creating upside for the quarter of about a couple of million dollars of which we saw roughly about 40% of that 50% of that flow through off to the bottom line, which obviously contributed to us getting to profitability one quarter quicker than we had expected as far as on a go-forward basis.

我們預計會看到 400 到 500 個基點的改善，至少其中很大一部分會持續到 12 個月，顯然還有待觀察第一年後如何流動，從而創造一個公平的市場環境。 。它為本季度創造了約幾百萬美元的收益，其中 50% 的大約 40% 流入了利潤，這顯然有助於我們比預期快一個季度實現盈利。

And as we've said before, new patients obviously are the acquisition advertising costs with typically you're spending the first, call it, two to three months to breakeven on a new patient. We are layering on returns on ad costs and then about a two to one return on investment on the net basis after 12 months rebuild patients and the rebuilds are obviously growing faster than we had originally modeled in the guidance because of increasing retention rates and slightly better on acquisitions. That's where the vast majority of those dollars do flow to the bottom line.

正如我們之前所說，新患者顯然是獲取廣告成本，通常您會花費第一個月，稱之為，兩到三個月來在新患者上實現收支平衡。我們將廣告成本回報分層，然後在12 個月重建患者後，以淨值計算大約二比一的投資回報，並且重建的增長速度明顯快於我們最初在指南中建模的速度，因為保留率不斷提高，並且稍好一些關於收購。這就是絕大多數美元確實流向利潤的地方。

I mean you have some COGS, you have merchant fees, but typically you're looking and some additional clinical costs to support that. But by and large, you're looking at about 60% of those incremental rebuild dollars flowing through to the bottom line.

我的意思是你有一些銷貨成本，你有商家費用，但通常你會尋找一些額外的臨床費用來支持這些費用。但總的來說，您會發現增量重建資金中約有 60% 流入了利潤。

That’s very helpful. And then on a bigger picture basis, is there any way you can help us frame up what the demographic mix is of your telehealth customers and how it might be impacted by the consumer and job market headlines that we see going on now?

這非常有幫助。然後，從更大的角度來看，您是否可以幫助我們確定遠距醫療客戶的人口結構，以及我們現在看到的消費者和就業市場頭條新聞可能如何影響它？

Hi, Sarah, this is Justin. I can try to take a stab at that. So, with -- if we’re -- we have two very large businesses inside of LifeMD. For the RexMD -- on the RexMD side, it’s a men’s health business. Average age of a RexMD patient is in their kind of low-50s. The [AOVs] there are still significant. We have a lot of patients that spend $500 to $1,000 upfront on treatment for erectile dysfunction, for instance. So in the past, as we’ve seen some swings since we’ve launched that business, we really haven’t seen softness there.

嗨，莎拉，這是賈斯汀。我可以嘗試一下。因此，如果我們是的話，我們在 LifeMD 內部有兩個非常大的業務。對於 RexMD 而言——在 RexMD 方面，這是一家男性健康業務。RexMD 患者的平均年齡約為 50 多歲。[AOV] 仍然很重要。例如，我們有許多患者預先花費 500 至 1,000 美元來治療勃起功能障礙。因此，在過去，自從我們推出該業務以來，我們已經看到了一些波動，但我們確實沒有看到那裡的疲軟。

And then if you look at the LifeMD of the side of the business, I think that health care and even weight loss is something that if you look back historically, it’s not an area that’s going -- where you’re going to see a big effect from a more difficult economic environment. The average age -- that patient population skews a little bit more female. It’s about 70% women.

然後，如果你看看 LifeMD 的業務，我認為，如果你回顧歷史，醫療保健甚至減肥都不是一個你正在發展的領域。平均年齡－患者群體中女性略多。大約 70% 是女性。

It’s a slightly younger demographic than on the RexMD side. It’s -- the average age is around 40%. And we really are not concerned about pressure on the consumer. We think that these are priorities in people’s lives, the types of conditions that we treat. Health care is clearly a big priority for patients. We’re also -- we’re not the most expensive offering out there.

這是一個比 RexMD 方面稍微年輕的人群。平均年齡約 40%。我們真的不擔心消費者面臨的壓力。我們認為這些是人們生活中的優先事項，也是我們治療的疾病類型。醫療保健顯然是病患的首要任務。我們也不是市面上最昂貴的產品。

We take a lot of pride that our services are affordable to almost every American. And so yeah, we’re pretty confident that even if we see a slowdown in the economy, that there will be strong demand for our products and services.

我們感到非常自豪，因為幾乎每個美國人都能負擔得起我們的服務。所以，是的，我們非常有信心，即使我們看到經濟放緩，對我們的產品和服務的需求也會強勁。

Great. Thank you.

偉大的。謝謝。

Thank you. Yi Chen, H.C. Wainwright.

謝謝。陳毅, H.C.溫賴特。

Thank you for taking my questions. Do you have a rough timeframe within which to achieve the goal of divesting WorkSimpli?

感謝您回答我的問題。您是否有一個大致的時間表來實現剝離 WorkSimpli 的目標？

Yeah. Yi, this is Marc. As we’ve said, I mean, we’re not going to commit to an exact time line for that. We’ve actually received a fair amount of interest this year, continue to obviously pursue appropriate deals. And when we get to that point, we can update people.

是的。伊，這是馬克。正如我們所說，我的意思是，我們不會為此承諾確切的時間表。今年我們實際上收到了相當多的興趣，顯然會繼續尋求合適的交易。當我們達到這一點時，我們可以向人們通報最新情況。

Obviously, our goal is to do a divestiture. There is always the potential of a divestiture this year and next year. But we’re not going to obviously pinpoint an exact month or quarter until we have a definitive agreement signed.

顯然，我們的目標是剝離。今年和明年總是有剝離的可能性。但在簽署最終協議之前，我們不會明確指出特定的月份或季度。

And got it. And there’s different that drug shortage -- drug shortage of tirzepatide is over, affect your business in weight management in any way?

並得到了它。不同的是，藥品短缺—替西帕肽藥品短缺已經結束，會對您的體重管理業務產生任何影響嗎？

This is Justin. I’ll take that one. First of all, tirzepatide is according to the FDA’s website is still on the shortage list today. So but even if tirzepatide or other GLP-1s were to come off the shortage list in the near future, I mean we feel really good for the -- we feel really good about our weight management business being able -- again, being able to help patients access branded medications through the prior auth process.

這是賈斯汀。我要那個。首先，根據FDA網站，替西帕肽至今仍在短缺名單上。因此，即使替西帕肽或其他 GLP-1 在不久的將來從短缺名單中消失，我的意思是，我們對我們的體重管理業務能夠再次感到非常高興，能夠幫助患者透過事先的授權流程獲取品牌藥物。

We’re really optimistic about coverage continuing to improve there. We’re -- we expect that at some point in the future, Medicare will cover these drugs. We’re prepared for that. Again, we do think there will always be a compounding avenue for patients that don’t have coverage for branded therapies to access them through a compounding pharmacy where we do believe that that’s not going away anytime soon. And then like I said, we also have alternative therapies that are prescription strength and are very efficacious.

我們對那裡的覆蓋範圍繼續改善感到非常樂觀。我們預計，在未來的某個時候，醫療保險將承保這些藥物。我們已為此做好準備。同樣，我們確實認為，對於那些沒有品牌療法承保範圍的患者來說，總會有一條複合途徑，可以透過複方藥房獲得這些藥物，我們相信這種情況不會很快消失。然後就像我說的，我們還有替代療法，它們具有處方強度並且非常有效。

So, we believe this is a very durable and long-term business. And there’s not going to be anybody in the country that has a more comprehensive program for helping people lose weight with a GLP-1 medication. And there’s not going to be anybody that’s better than LifeMD at helping patients use their insurance, get a prior auth approved and access these therapies.

因此，我們相信這是一項非常持久且長期的業務。而且國內不會有任何人擁有更全面的計劃來幫助人們使用 GLP-1 藥物減肥。在幫助患者使用保險、事先授權批准以及獲得這些治療方面，沒有人比 LifeMD 更好。

But let’s all be clear, there’s still even with -- even if we do those two things, which we will and we are, there’s going to be a percentage of the population that doesn’t have insurance coverage for these therapies.

但讓我們都清楚的是，即使我們做了這兩件事，我們將會並且正在這樣做，仍然會有一定比例的人口不會這樣做有這些療法的保險。

And right -- until the price points, until there are more patient assistance programs put in place by pharma manufacturers to help Americans that don’t have blue-chip insurance or don’t have insurance period, we, as a country and as health care providers are going to need to have another avenue for those people to access these medications.

是的，直到價格上漲，直到製藥商推出更多患者援助計劃來幫助沒有藍籌保險或沒有保險期的美國人，我們作為一個國家和因為醫療保健提供者需要為這些人提供另一條獲得這些藥物的途徑。

And so because we always do what’s right for patients, that’s our first priority as a company, we’re going to continue to help patients access compounded therapies. Until there are enough patient assistance programs to help Americans that don’t have insurance or don’t have insurance that covers these medications access them. And that’s the right thing to do, it’s the ethical thing to do and it’s what we’re going to continue to do again until the environment changes.

因此，因為我們始終為患者做正確的事情，這是我們作為一家公司的首要任務，所以我們將繼續幫助患者獲得複合療法。直到有足夠的患者援助計劃來幫助沒有保險或沒有承保這些藥物的保險的美國人獲得這些藥物。這是正確的做法，是道德的做法，也是我們將繼續做的事情，直到環境改變。

Thank you. A quick follow up to do majority of our patients on our platform today have access to branded drugs?

謝謝。快速跟進我們今天平台上的大多數患者是否可以獲得品牌藥物？

No. We’ve talked about this number before. It’s in the 20% range of our patients that are on a branded therapy.

不。我們之前已經討論過這個數字。在我們接受品牌治療的患者中，有 20% 屬於這種情況。

Thank you.

謝謝。

Thank you. Alex Fuhrman, Craig-Hallum Capital Group.

謝謝。亞歷克斯·福爾曼，克雷格-哈勒姆資本集團。

Hey guys. Thanks for taking my question. Justin, I mean, great results on the weight management business, really impressive that you are inflecting the profitability sooner than expected there and it sounds like you’re seeing some really positive signs in terms of prior authorization for the branded therapies. It’s certainly an area where there has been a lot of new entrants. Everyone has a little bit of a different offering.

嘿夥計們。感謝您提出我的問題。賈斯汀，我的意思是，體重管理業務取得了巨大的成果，令人印象深刻的是，您比預期更快地改變了盈利能力，而且聽起來您在品牌療法的事先授權方面看到了一些非常積極的跡象。這無疑是一個有很多新進入者的領域。每個人都有一些不同的產品。

It seems like some are really pushing compounded medications only and certainly some other companies that offer branded medications seem to be talking about insurance coverage continuing to be very challenging, maybe even getting a little bit more challenging.

似乎有些公司確實只推銷複合藥物，當然其他一些提供品牌藥物的公司似乎正在談論保險範圍仍然非常具有挑戰性，甚至可能變得更具挑戰性。

What is it about your program that you’re starting to see these big wins in terms of prior authorizations, in terms of profitably growing your business, not just in terms of gross adds because it’s not LifeMD is a household brand name and you certainly don’t have the cheapest offering out there? Can you talk about what it is that you’re doing differently than the competition that’s really enabling you to profitably scale the business?

您的計劃是什麼讓您開始看到在預先授權方面、在業務盈利增長方面取得的巨大勝利，而不僅僅是在總增加方面，因為它不是一個家喻戶曉的品牌您肯定沒有最便宜的產品嗎？您能否談談您的做法與競爭對手有何不同，真正使您能夠擴大業務並實現盈利？

Thanks, Alex. You gave me a lot of questions there, and let me turn and do my best to answer them. I mean, look, first of all, we’re not surprised about the profitability and us getting the business to profitability a little bit ahead of schedule.

謝謝，亞歷克斯。你在那裡給了我很多問題，讓我盡力回答。我的意思是，首先，我們對盈利能力並不感到驚訝，而且我們比計劃提前了一點讓業務實現盈利。

We expected to do that. The retention numbers are good. They’re really right where we expected them to be. I think an important thing to point out is that we can do a lot better. There’s just -- there’s so many other opportunities when you think about the long-term wellness programs, that we’re launching inside of LifeMD. When you think about like all of the other like optimization programs that we’re launching that help kind of really help patients long term and not just to get to like whatever their weight loss goal is.

我們希望這樣做。保留率很好。它們確實符合我們的預期。我認為需要指出的重要一點是我們可以做得更好。當您考慮我們在 LifeMD 內部推出的長期健康計劃時，還有很多其他機會。當您想到我們正在推出的所有其他類似優化計劃時，這些計劃可以真正幫助患者長期受益，而不僅僅是喜歡他們的減肥目標。

And I mean, look, do we have a household -- is LifeMD a brand that everybody knows? No. But I think the key -- I think what we’re doing right is we’re providing incredible health care. I think that our strategy around making almost every one of our patients talk to one of our providers that are also really bought into this mission and providing, I think, really unique and great care for a virtual model, I think that’s really special.

我的意思是，看看，我們有家庭嗎？ LifeMD 是每個人都知道的品牌嗎？不。但我認為關鍵——我認為我們正在做的正確的事情是我們正在提供令人難以置信的醫療保健。我認為我們的策略是讓幾乎每位患者與我們的一位提供者交談，他們也真正參與了這項使命，並為虛擬模型提供了真正獨特和出色的護理，我認為這真的很重要特別的。

Very few almost -- there are one or two other companies out there that I found out recently are doing this, but most are not. And so that’s something that we’re super proud of. And look, we are seeing a lot of patients that are on therapy and are referring friends of theirs. And I think that we are really starting to build an incredible brand and a lot of equity in the LifeMD brand.

我最近發現，幾乎只有一兩家公司正在這樣做，但大多數都沒有。因此，這是我們非常自豪的事情。看，我們看到很多正在接受治療的患者，並且正在轉介他們的朋友。我認為我們確實開始建立一個令人難以置信的品牌並在 LifeMD 品牌中擁有大量資產。

So, as far as your first question on the prior auth process, yeah, there are a lot of these companies out there. We diligenced at least 10 of them. We found one that we think is really exceptional. The numbers that they’ve shared with us on prior auth approval rates would more than double the number of patients that we have on a branded therapy.

因此，就您關於先前身份驗證流程的第一個問題而言，是的，有很多這樣的公司。我們對其中至少 10 個進行了調查。我們發現了一個我們認為非常出色的產品。他們與我們分享的有關事先授權批准率的數字將使我們接受品牌療法的患者數量增加一倍以上。

So, as you can imagine, like I’m really happy about that and excited for that. It’s going to be a -- we’re going to have this live in the next couple of weeks. And I’m generally really optimistic as well about coverage improving. And I think that as these drugs, everybody likes to talk about these drugs coming off the shortage list. That’s great. It’s really great that we can now make these incredible drugs that are helping so many people.

所以，正如你可以想像的那樣，我對此感到非常高興和興奮。我們將在接下來的幾週內上線。我總體上對覆蓋範圍的改善也非常樂觀。我認為，就像這些藥物一樣，每個人都喜歡談論這些藥物脫離了短缺清單。那太好了。我們現在可以製造出這些令人難以置信的藥物來幫助這麼多人，這真是太棒了。

But the other part of the conversation that no one is talking about is once these things are able to be made and supplied to the US population, concurrent with that, we need pharma companies to start talking about patient assistance programs. And let’s start talking about what we’re going to do as a society to help patients that don’t have coverage for these drugs, access them.

但沒人談論的另一部分是，一旦這些東西能夠製造出來並供應給美國民眾，與此同時，我們需要製藥公司開始談論病患援助計畫。讓我們開始討論作為一個社會我們將採取哪些措施來幫助那些沒有這些藥物承保的患者獲得這些藥物。

And by the way, as those patient assistance programs come online, guess who’s going to be really, really well positioned to help people access drugs through those assistance programs. It’s going to be LifeMD.

順便說一句，隨著這些患者援助計劃上線，猜猜誰將真正非常有能力幫助人們透過這些援助計劃獲得藥物。這將是 LifeMD。

And so look, I really think that no matter what happens here, what we know is that these drugs are likely a major, major breakthrough and are doing so many incredible things for people. This is a very long-term thing. It’s not going away. People -- most people are going to access these drugs through a virtual environment.

所以看，我真的認為無論這裡發生什麼，我們所知道的是這些藥物可能是一個重大突破，並且正在為人們做許多不可思議的事情。這是一個非常長期的事情。它不會消失。人們—大多數人將透過虛擬環境獲取這些藥物。

A comprehensive offering is essential. We all agree on that. Even if there’s long-term use, you still want a comprehensive program that helps people make other diet and lifestyle changes to maximize the outcomes of these therapies. Everything I just said like we’re perfectly positioned for. So that’s why I feel really confident about this being a very, very long-term business for us and certainly for a lot of other virtual care companies out there.

全面的產品至關重要。我們都同意這一點。即使長期使用，您仍然需要一個全面的計劃來幫助人們改變其他飲食和生活方式，以最大限度地提高這些療法的效果。我剛才所說的一切都好像我們已經做好了充分的準備。這就是為什麼我非常有信心，這對我們來說是一項非常非常長期的業務，當然對於許多其他虛擬護理公司來說也是如此。

That's really helpful, Justin, really appreciate that thorough answer. Thank you.

這真的很有幫助，賈斯汀，非常感謝你的徹底回答。謝謝。

Thank you. Ilya Zubkov, Freedom Broker.

謝謝。伊利亞·祖布科夫，自由掮客。

Hey good afternoon. Thank you for taking our question and congrats with another record quarter. I have a question on new members’ retention in health care business. So, the share of weight management members in the total active users count is growing.

嘿下午好。感謝您提出我們的問題，並祝賀又一個創紀錄的季度。我有一個關於醫療保健行業新成員保留的問題。因此，體重管理會員在活躍用戶總數中所佔的比例正在增加。

And I’m curious to get your perspective on how you plan to retain these users once they reach their weight loss goal? Probably, you already have some users who have met their desired weight level taking GLPs. And could you give us a color on the options these users have to stay with [liking] these products for longer?

我很想知道您對一旦這些用戶達到減肥目標後打算如何留住他們的看法？也許，您已經有一些用戶透過 GLP 達到了所需的體重水平。您能否告訴我們這些用戶必須更長時間地[喜歡]這些產品的選項？

Yeah, I actually – I think I understood your question. Let me take a stab at it. We have two programs for patients that reach their goal weight with LifeMD. One is our 6s wellness program, which is really just like a complete program that helps people focus on their lifestyle, their mental health, lots of things like sleep and other aspects of wellness.

是的，實際上我想我理解你的問題。讓我來嘗試一下。我們為透過 LifeMD 達到目標體重的患者提供了兩個計劃。其中一個是我們的 6s 健康計劃，它實際上就像一個完整的計劃，幫助人們專注於他們的生活方式、心理健康、睡眠和健康的其他方面。

And we -- this program is really delivered by people inside of LifeMD and supported by a LifeMD provider. And alongside of that program, patients have access to urgent primary care and using their in-home tools and their app and everything else that our platform offers.

我們——這個計劃實際上是由 LifeMD 內部人員提供的，並得到 LifeMD 提供者的支持。除了該計劃之外，患者還可以獲得緊急初級護理，並使用他們的家用工具和應用程式以及我們平台提供的所有其他內容。

We also have a second program, which is designed for patients that want to use a GLP-1 longer term, which is designed for patients to reach their goal weight and maybe don’t want to use a full dose or want to use a GLP-1 less regularly than they have in the past.

我們還有第二個計劃，專為想要長期使用 GLP-1 的患者而設計，該計劃是為達到目標體重但可能不想使用全劑量或想要使用半劑量的患者而設計的。的頻率比過去少。

And so, we’ve built some other unique, what we call GLP-1 maintenance programs to help the patients that are in that situation as well. And then I’ll also mention that there are a number of other more or less like health optimization programs that we’re building that I think are really appropriate next step for some patients that have this transformational weight loss experience with LifeMD.

因此，我們制定了一些其他獨特的、我們稱之為 GLP-1 維護計劃來幫助同樣處於這種情況的患者。然後我還要提到，我們正在建立的其他一些或多或少類似的健康優化計劃，我認為對於一些透過 LifeMD 獲得這種變革性減肥經歷的患者來說，下一步確實是合適的。

And some of those -- I mean, I think hormone therapy is a really interesting program that if you have women on the platform to lose weight and we have a lot of those patients that just naturally ask us to do hormone testing for them and want to talk to their doctor about that, I think that there are a number of more lifestyle like telehealth offerings, that would be of interest to a large number of patients that successfully use our platform to improve their metabolic health and lose weight.

其中一些 - 我的意思是，我認為激素治療是一個非常有趣的計劃，如果您有女性在減肥平台上，並且我們有很多患者，他們自然會要求我們為她們進行激素測試並希望與他們的醫生談論這一點，我認為還有許多更多的生活方式，例如遠距醫療產品，這將引起大量成功使用我們的平台來改善代謝健康和減肥的患者的興趣。

Okay. Thank you. That's very helpful. And just one brief on the Medifast partnership. I'm wondering what is the current progress in the launch of the bundled product and how much this partnership is anticipated to contribute to the subscriber growth this year?

好的。謝謝。這非常有幫助。這裡僅簡單介紹一下 Medifast 合作。我想知道目前捆綁產品的推出進度如何，預計這種合作關係將為今年的用戶成長做出多少貢獻？

That's a question for Medifast. We've -- I think we've -- we're not going to discuss any of Medifast to resolve certain patient numbers, especially given that they're also a public company. And I would suggest if you look at their recent guidance or the recent earnings report, they spoke fairly extensively about where they're at with the launch of their bundled offerings.

這是快驗保的問題。我們——我想我們——我們不會討論任何 Medifast 來解決某些患者數量問題，特別是考慮到他們也是一家上市公司。我建議如果你看看他們最近的指導或最近的收益報告，他們相當廣泛地談論了他們推出捆綁產品的情況。

Okay. Okay. Thank you.

好的。好的。謝謝。

Thank you. And I'd now like to turn the call back over to Justin Schreiber for any closing remarks.

謝謝。現在我想將電話轉回賈斯汀·施賴伯 (Justin Schreiber)，讓其結束語。

Thanks, everybody, for your questions and for your continued interest in LifeMD. We look forward to speaking with you once again when we report our third quarter results in November. Have a great evening.

感謝大家提出問題以及對 LifeMD 的持續關注。我們期待在 11 月報告第三季業績時再次與您交談。祝您有個美好的夜晚。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。