Masimo Corp (MASI) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Masimo's Fourth Quarter and Full Year 2022 Earnings Conference Call. The company's press release is available at www.masimo.com. (Operator Instructions)

女士們先生們，下午好，歡迎來到 Masimo 的第四季度和 2022 年全年收益電話會議。該公司的新聞稿可在 www.masimo.com 上獲取。 （操作員說明）

I'm pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations. Please go ahead, sir.

我很高興介紹 Masimo 的業務發展和投資者關係副總裁 Eli Kammerman。請繼續，先生。

Thank you. Hello, everyone. Joining me today are Chairman and CEO, Joe Kiani; and Executive Vice President and Chief Financial Officer, Micah Young.

謝謝。大家好。今天加入我的是董事長兼首席執行官 Joe Kiani；執行副總裁兼首席財務官 Micah Young。

This call will contain forward-looking statements, which reflect management's current judgment, including certain of our expectations and fiscal year 2023 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. You will find these in the Investor Relations section of our website.

本次電話會議將包含前瞻性陳述，反映管理層當前的判斷，包括我們的某些預期和 2023 財年的財務業績。然而，它們受到可能導致實際結果存在重大差異的風險和不確定性的影響。我們在定期向美國證券交易委員會提交的文件中詳細討論了可能導致我們的實際結果與我們的預測和預測存在重大差異的風險因素。您可以在我們網站的投資者關係部分找到這些信息。

Also, this call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles, or GAAP. We generally refer to these as non-GAAP financial measures. In addition to GAAP results, these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results.

此外，本次電話會議還將討論某些未根據公認會計原則 (GAAP) 計算的財務指標。我們通常將這些稱為非 GAAP 財務指標。除 GAAP 結果外，這些非 GAAP 財務指標旨在提供額外信息，使投資者能夠以管理層評估此類結果的相同方式評估公司的經營結果。

Management uses non-GAAP measures to budget, evaluate and measure the company's performance and sees these results as an indicator of the company's ongoing business performance. The company believes that these non-GAAP financial measures increase transparency and better reflect the underlying financial performance of the business. Therefore, the financial measures we will be covering today will be primarily on a non-GAAP basis, unless noted otherwise.

管理層使用非 GAAP 指標來預算、評估和衡量公司的業績，並將這些結果視為公司持續經營業績的指標。該公司認為，這些非 GAAP 財務指標提高了透明度，並更好地反映了企業的基本財務業績。因此，除非另有說明，否則我們今天將介紹的財務措施將主要基於非公認會計原則。

Further, we will also be referencing pro forma financial measures, which include historical results for Sound United prior to the acquisition date of April 11, 2022. In our presentation today, we will once again be referring to this business as our non-Healthcare segment. Reconciliation of these measures to the most directly comparable GAAP financial measures are included within the earnings release and supplementary financial information on our website.

此外，我們還將參考備考財務指標，其中包括 Sound United 在收購日期 2022 年 4 月 11 日之前的歷史業績。在今天的演示中，我們將再次將該業務稱為我們的非醫療保健部門.這些措施與最直接可比的 GAAP 財務措施的調節包含在我們網站上的收益發布和補充財務信息中。

Investors should consider all of our statements today, together with our reports filed with the SEC, including our most recent Form 10-K and 10-Q in order to make informed investment decisions. In addition to the earnings release issued today, we have posted a quarterly earnings presentation within the Investor Relations section of our website to supplement the content we will be covering this afternoon.

投資者應考慮我們今天的所有聲明，以及我們向美國證券交易委員會提交的報告，包括我們最近的 10-K 和 10-Q 表格，以便做出明智的投資決定。除了今天發布的收益報告外，我們還在我們網站的“投資者關係”部分發布了季度收益報告，以補充我們今天下午將要報導的內容。

I'll now pass the call to Joe Kiani.

我現在將電話轉給 Joe Kiani。

Thanks, Eli. Good afternoon, and thank you for joining us for Masimo's 2022 year-end earnings call. 2022 was a momentous year for Masimo. Our Healthcare business outperformed expectations. We continue to innovate and deliver clinically proven new products in our professional healthcare markets, and we accelerated our strategy to capture the vast consumer health market opportunity with the acquisition of Sound United, owner of iconic brands such as Bowers & Wilkins, Denon and Marantz.

謝謝，伊萊。下午好，感謝您加入我們參加 Masimo 的 2022 年年終財報電話會議。 2022 年對 Masimo 來說是重要的一年。我們的醫療保健業務表現超出預期。我們繼續在我們的專業醫療保健市場創新和提供經過臨床驗證的新產品，並且我們通過收購 Bowers & Wilkins、Denon 和 Marantz 等標誌性品牌的所有者 Sound United 加快了我們的戰略，以抓住巨大的消費者健康市場機會。

The acquisition has provided us with immediate scale across audio and automation engineering, sales and marketing and distribution that would have otherwise taken many years of diluted investment to build. Instead, we've already completed the integration of Sound United, re-branded the business as Masimo Consumer and are working to realize the tremendous potential of the hearables, wearables and telemonitoring markets unlocked by our unique combination of signal processing, physiological monitoring, audio and automation technology capabilities.

此次收購為我們提供了跨音頻和自動化工程、銷售和營銷以及分銷的直接規模，否則需要多年的攤薄投資才能建立起來。相反，我們已經完成了 Sound United 的整合，將業務重新命名為 Masimo Consumer，並正在努力發揮我們獨特的信號處理、生理監測、音頻組合所釋放的可聽式、可穿戴式和遠程監控市場的巨大潛力和自動化技術能力。

Looking back on our financial performance in fiscal year 2022, the consolidated revenues exceeded $2 billion with Healthcare revenues reaching $1.34 billion, representing 11% organic growth. The Masimo Consumer acquisition, which closed in early April last year, added $695 million to our reported revenues, bringing pro forma revenues for the consumer business to $963 million in fiscal year 2022, representing 11% organic growth as well.

回顧我們 2022 財年的財務業績，綜合收入超過 20 億美元，其中醫療保健收入達到 13.4 億美元，有機增長 11%。去年 4 月初完成的對 Masimo Consumer 的收購使我們報告的收入增加了 6.95 億美元，使消費者業務的預計收入在 2022 財年達到 9.63 億美元，也代表了 11% 的有機增長。

Our fourth quarter results continued the strong momentum we've built throughout the year with consolidated revenues of $617 million, representing 9% organic growth. This included 10% growth from our Healthcare business and 9% growth from our Consumer Audio business.

我們第四季度的業績延續了我們全年建立的強勁勢頭，綜合收入為 6.17 億美元，有機增長 9%。這包括我們的醫療保健業務增長 10% 和我們的消費音頻業務增長 9%。

In Healthcare, we benefited through 2022 from consistent success in winning new customers. We continued to capture significant new business during the fourth quarter, gaining business with the Franciscan Ministries of Our Lady (sic) [Franciscan Missionaries of Our Lady], Fresno Community Hospital and Nuvance Health.

在醫療保健領域，我們在贏得新客戶方面的持續成功使我們在 2022 年受益匪淺。我們在第四季度繼續獲得重要的新業務，與 Franciscan Ministries of Our Lady (sic) [Franciscan Missionaries of Our Lady]、Fresno Community Hospital 和 Nuvance Health 開展業務。

In addition, we renewed contracts with many of our customers, including Cincinnati Children's and Temple University Hospital. Consumer Audio growth was fueled by new product introductions, improved supply chain conditions and strong momentum in our hearable strategy. I'm excited about the long-term opportunities in this business as our integrated platform enables innovative new solutions for consumers in not just audio, but health.

此外，我們與許多客戶續簽了合同，包括辛辛那提兒童醫院和天普大學醫院。新產品的推出、供應鏈條件的改善以及我們的可聽設備戰略的強勁勢頭推動了消費音頻業務的增長。我對這項業務的長期機遇感到興奮，因為我們的集成平台不僅可以為消費者提供音頻方面的創新解決方案，還可以為消費者提供健康方面的新解決方案。

Later in the call, I'll share more details on the new product launches slated for 2023 that will support our long-term growth in our professional healthcare and consumer franchises. Our strong financial results in 2022 demonstrate our ability to capture increasing market share within the large and growing markets that we compete in. The progress we made across our portfolio and on our consumer health strategy positions us to create value for patients, clinicians and shareholders for many years to come.

在稍後的電話會議中，我將分享更多有關定於 2023 年推出的新產品的詳細信息，這些新產品將支持我們在專業醫療保健和消費者特許經營方面的長期增長。我們 2022 年強勁的財務業績表明，我們有能力在我們競爭的龐大且不斷增長的市場中獲得越來越大的市場份額。我們在產品組合和消費者健康戰略方面取得的進展使我們能夠為患者、臨床醫生和股東創造價值許多年以後。

With that, I'll pass it to Micah to review our fourth quarter and full year results in more detail and provide an update on our 2023 financial guidance.

有了這個，我將把它傳遞給 Micah，以更詳細地審查我們的第四季度和全年業績，並提供我們 2023 年財務指南的更新。

Thank you, Joe, and good afternoon, everyone. Starting with the fourth quarter, our results clearly demonstrate the earnings power of our combined business with revenues, operating profit and earnings per share all above the high end of our guidance range.

謝謝你，喬，大家下午好。從第四季度開始，我們的業績清楚地表明了我們合併後業務的盈利能力，收入、營業利潤和每股收益均高於我們指導範圍的高端。

Our consolidated revenue was $617 million, representing 9% constant currency growth on a pro forma basis. For our Healthcare segment, fourth quarter revenues were $352 million, representing 10% constant currency growth. Our driver shipments for the quarter reached nearly 79,000, yielding total driver shipments of 308,000 for the full year. With those shipments, our installed base of technology boards and instruments grew by 7% over the prior-year period.

我們的綜合收入為 6.17 億美元，按備考計算，貨幣增長率保持在 9%。對於我們的醫療保健部門，第四季度的收入為 3.52 億美元，按 10% 的匯率計算保持不變。我們本季度的驅動器出貨量達到近 79,000 個，全年驅動器總出貨量為 308,000 個。有了這些出貨量，我們的技術板和儀器安裝基數比去年同期增長了 7%。

Our Healthcare revenue growth was fueled by strong performance from our rainbow blood constituent monitoring, O3 cerebral oximetry and NomoLine Capnography and gas monitoring products. Further, we are encouraged by the progress we are making to drive adoption of our platform solutions across the various care areas in the hospitals we serve.

我們的醫療保健收入增長得益於我們的彩虹血液成分監測、O3 腦血氧飽和度和 NomoLine 二氧化碳圖以及氣體監測產品的強勁表現。此外，我們在推動我們服務的醫院的各個護理領域採用我們的平台解決方案方面取得的進展令我們感到鼓舞。

Hospitals have been adopting Patient SafetyNet and our other hospital automation solutions in the general ward setting to enable them to streamline workflows and contribute to better patient management practices. In fact, the number of beds connected via Patient SafetyNet and Iris Gateway increased by 19% and the installed base for our Root Connectivity platform grew by more than 30% in 2022.

醫院一直在普通病房環境中採用 Patient SafetyNet 和我們的其他醫院自動化解決方案，使他們能夠簡化工作流程並促進更好的患者管理實踐。事實上，到 2022 年，通過 Patient SafetyNet 和 Iris Gateway 連接的床位數量增加了 19%，我們的 Root Connectivity 平台的安裝基數增長了 30% 以上。

For our Consumer Non-Healthcare segment, fourth quarter revenues were $265 million, representing 9% constant currency growth on a pro forma basis. Easing supply chain pressures and continued execution of our portfolio innovation strategy facilitated strong performance in the quarter. We saw double-digit gains for the Denon and Marantz brands, which benefited from some successful new product introductions during the quarter. In addition, Bowers & Wilkins continue to see very strong growth in their headphone franchise with those sales doubling versus the prior-year period.

對於我們的消費者非醫療保健部門，第四季度收入為 2.65 億美元，按備考計算，貨幣增長率保持在 9%。緩解供應鏈壓力和繼續執行我們的產品組合創新戰略促進了本季度的強勁表現。我們看到 Denon 和 Marantz 品牌實現了兩位數的增長，這得益於本季度成功推出的一些新產品。此外，Bowers & Wilkins 的耳機特許經營繼續保持強勁增長，銷售額較上年同期翻了一番。

Now moving down the P&L. For the fourth quarter of 2022, we reported consolidated non-GAAP gross margin of 51.7%. This included gross margins of 61.6% for our Healthcare business and 38.5% for our Non-Healthcare business. As I mentioned on our last earnings call, we believe the fourth quarter was the floor for our gross margin due to currency headwinds and supply chain inefficiencies with steady recovery expected throughout 2023. For our consolidated business, our non-GAAP operating profit increased 24% to $104 million, and our non-GAAP earnings per share increased 9% to $1.32 per diluted share for the fourth quarter.

現在向下移動損益表。 2022 年第四季度，我們報告的綜合非美國通用會計準則毛利率為 51.7%。這包括我們的醫療保健業務的毛利率為 61.6%，我們的非醫療保健業務的毛利率為 38.5%。正如我在上次財報電話會議上提到的那樣，我們認為第四季度是我們毛利率的底線，原因是貨幣逆風和供應鏈效率低下，預計整個 2023 年將穩步復甦。對於我們的合併業務，我們的非 GAAP 營業利潤增長了 24%至 1.04 億美元，第四季度我們的非 GAAP 每股收益增長 9% 至每股攤薄收益 1.32 美元。

Fiscal year 2022 was a dynamic year as we position our company for success in capturing profitable share within the massive new markets for wearables, hearables and telemonitoring. We achieved reported revenues of $2.036 billion and pro forma revenues of $2.293 billion, representing 11% constant currency growth. We also delivered operating profit dollar growth of 23% and EPS growth of 15%. Considering we are integrating the new consumer business over the past year, we view these results as a great achievement for the Masimo team around the world.

2022 財年是充滿活力的一年，因為我們將公司定位為在可穿戴設備、可聽設備和遠程監控的龐大新市場中成功奪取盈利份額。我們實現了 20.36 億美元的報告收入和 22.93 億美元的預估收入，代表 11% 的恆定貨幣增長。我們還實現了 23% 的營業利潤增長和 15% 的每股收益增長。考慮到我們在過去一年整合了新的消費者業務，我們將這些結果視為全球 Masimo 團隊的一項偉大成就。

Now I'd like to provide an update on our full year 2023 financial guidance that we initially outlined at our Investor Day back on December 13. For the full year 2023, we are now projecting a consolidated revenue range of $2.415 billion to $2.460 billion, representing 6% to 8% growth on a pro forma and constant currency basis. Compared to our prior guidance, this represents an increase of $73 million at the midpoint of the range, which is comprised of an increase of $58 million due to foreign exchange improvement and an increase of $15 million due to our improved sales expectations.

現在，我想提供我們最初在 12 月 13 日的投資者日上概述的 2023 年全年財務指導的最新情況。對於 2023 年全年，我們現在預計綜合收入範圍為 24.15 億美元至 24.60 億美元，在備考和固定貨幣基礎上代表 6% 至 8% 的增長。與我們之前的指導相比，這意味著該範圍的中點增加了 7300 萬美元，其中包括由於外匯改善而增加的 5800 萬美元和由於我們提高銷售預期而增加的 1500 萬美元。

For our Healthcare segment, we are now projecting revenues of $1.450 billion to $1.465 billion, representing 8% to 10% constant currency growth. This represents an increase of $23 million at the midpoint of our guidance range. For the Consumer Non-Healthcare segment, we are projecting -- we are now projecting revenues of $965 million to $995 million, representing 2% to 5% constant currency growth. This represents an increase of $50 million at the midpoint of our guidance range.

對於我們的醫療保健部門，我們現在預計收入為 14.5 億美元至 14.65 億美元，相當於 8% 至 10% 的固定匯率增長。這意味著在我們指導範圍的中點增加了 2300 萬美元。對於消費者非醫療保健部門，我們預計 - 我們現在預計收入為 9.65 億美元至 9.95 億美元，代表 2% 至 5% 的恆定貨幣增長。這意味著在我們指導範圍的中點增加了 5000 萬美元。

We are also projecting consolidated non-GAAP operating profit ranging from $400 million to $405 million, representing 10% to 12% growth. This represents an increase of $35 million at the midpoint of our guidance range due to foreign exchange improvement and improved operational expectations.

我們還預計綜合非 GAAP 營業利潤在 4 億美元至 4.05 億美元之間，增長 10% 至 12%。由於外匯改善和運營預期的改善，這意味著我們的指導範圍的中點增加了 3500 萬美元。

Moving further down the P&L. We are now projecting nonoperating expense of $46 million to $48 million, which reflects higher interest expense on the portion of our debt that has a floating rate, and we are projecting a tax rate of 26.5% and weighted average shares outstanding of 55 million. Based on these assumptions, we are projecting a non-GAAP EPS range of $4.70 to $4.80. Compared to prior guidance, this represents an increase of $0.40 at the midpoint of the range due to foreign exchange improvement and improved operational expectations, partially offset by the higher interest expense.

進一步降低損益。我們現在預計非運營費用為 4600 萬至 4800 萬美元，這反映了我們浮動利率債務部分的利息費用較高，我們預計稅率為 26.5%，加權平均流通股為 5500 萬股。基於這些假設，我們預計非 GAAP 每股收益範圍為 4.70 美元至 4.80 美元。與之前的指引相比，由於外匯改善和運營預期改善，這意味著區間中點增加 0.40 美元，部分被更高的利息支出所抵消。

Turning briefly to our first quarter outlook. We are projecting consolidated revenue of $550 million to $565 million, non-GAAP operating profit of $72 million to $75 million and non-GAAP earnings per share of $0.81 to $0.86. Our first quarter guidance reflects higher litigation expenses associated with the theft of trade secrets trial against Apple as well as the timing of sales and marketing investments in preparation for the launch of our consumer health products later this year.

簡要談談我們的第一季度展望。我們預計合併收入為 5.5 億至 5.65 億美元，非 GAAP 營業利潤為 7200 萬至 7500 萬美元，非 GAAP 每股收益為 0.81 至 0.86 美元。我們的第一季度指引反映了與針對 Apple 的商業機密盜竊案審判相關的更高訴訟費用，以及為準備今年晚些時候推出我們的消費者健康產品而進行的銷售和營銷投資的時間安排。

Please reference the earnings presentation on our investor website for further details. As you can see, our outlook for 2023 reflects solid growth in the business while incorporating the strategic investments required to deliver on our consumer health initiatives and build a strong foundation for sustainable growth.

有關詳細信息，請參閱我們投資者網站上的收益介紹。如您所見，我們對 2023 年的展望反映了業務的穩健增長，同時納入了實現消費者健康計劃所需的戰略投資，並為可持續增長奠定了堅實的基礎。

With that, I'll turn the call back to Joe.

有了這個，我會把電話轉回給喬。

Thank you, Micah. Thank you very much. While 2022 was a big year for Masimo, 2023 should be even bigger, both because of the record new customers that came to Masimo, but also because of all the new significant milestones we expect in 2023.

謝謝你，邁卡。非常感謝。雖然 2022 年對 Masimo 來說是重要的一年，但 2023 年應該會更大，這既是因為 Masimo 迎來了創紀錄的新客戶，也是因為我們預計 2023 年會出現所有新的重要里程碑。

We had a record year for our U.S. Healthcare business and the second best year ever for a worldwide Healthcare business in terms of new customer wins over to Masimo technologies. We anticipate achieving many significant strategic milestones in 2023 that will mark the beginning of a second phase of growth for our company and the realization of important benefits from the Masimo consumer business.

就 Masimo 技術贏得的新客戶而言，我們的美國醫療保健業務創下了創紀錄的一年，也是全球醫療保健業務有史以來第二好的一年。我們預計在 2023 年實現許多重要的戰略里程碑，這將標誌著我們公司第二階段增長的開始以及 Masimo 消費者業務的重要收益的實現。

With Masimo Consumer, we are now focused on strengthening and expanding the shared connected automation ecosystem that powers our remote monitoring products and services. One of the important components is our home health hub-based HEOS devices for data streaming used in our connected suite of products.

借助 Masimo Consumer，我們現在專注於加強和擴展為我們的遠程監控產品和服務提供支持的共享互聯自動化生態系統。其中一個重要組件是我們基於家庭健康中心的 HEOS 設備，用於我們連接的產品套件中使用的數據流。

Growth for HEOS continues to rise as we realize an increase in the number of HEOS-containing devices in the fourth quarter of approximately 200,000 devices with the HEOS installed base now exceeding 3.6 million. As we outlined at Investor Day, we plan to activate over 4 million HEOS devices in 2023, which will serve as home health hub for our secured health cloud and allow us to offer our customers untethered and connected care at home and broaden the reach of our many connected Masimo wearables with innovative new applications in the future.

HEOS 的增長繼續上升，因為我們意識到第四季度包含 HEOS 的設備數量增加了約 200,000 台，HEOS 安裝基數現已超過 360 萬。正如我們在投資者日概述的那樣，我們計劃在 2023 年激活超過 400 萬台 HEOS 設備，這些設備將作為我們安全健康雲的家庭健康中心，使我們能夠為我們的客戶提供不受限制的家庭護理，並擴大我們的覆蓋面許多連接的 Masimo 可穿戴設備在未來具有創新的新應用。

We have a series of important new product launches planned this year that should set the stage for meaningful revenue contributions from our consumer health products in the next 2 to 3 years. We shared some of these products with you at Investor Day, and we're highly encouraged by the feedback we received.

今年我們計劃推出一系列重要的新產品，這將為我們的消費者健康產品在未來 2 到 3 年內做出有意義的收入貢獻奠定基礎。我們在投資者日與您分享了其中一些產品，我們對收到的反饋感到非常鼓舞。

Up first will be the medical version of our W1 watch, which is now pending FDA 510(k) clearance. Soon after that will be our STORK baby monitoring system, which is already receiving strong interest from baby-focused retailers as we map out our launch strategy, leveraging Masimo Consumer's global reach.

首先是我們的 W1 手錶的醫療版，目前正在等待 FDA 510(k) 批准。不久之後將推出我們的 STORK 嬰兒監控系統，在我們利用 Masimo Consumer 的全球影響力製定推出戰略時，該系統已經引起了以嬰兒為中心的零售商的強烈興趣。

In the second half of the year, we plan to launch our next-generation earbuds with adaptive acoustic technology that will customize a sound spectrum for an individual's unique hearing profile. Later this year, our Freedom watch with the Android operating system is slated for launch. And our B1 sleep and fitness bands will round out our portfolio of wearables with various price points and feature sets that can be displayed together in retail stores for marketing synergy.

今年下半年，我們計劃推出採用自適應聲學技術的下一代耳塞，該技術將為個人獨特的聽覺特徵定制聲譜。今年晚些時候，我們將推出搭載 Android 操作系統的 Freedom 手錶。我們的 B1 睡眠和健身手環將完善我們的可穿戴產品組合，其具有各種價位和功能集，可以在零售店一起展示以實現營銷協同作用。

We also have new products planned for sale in drug stores later this year, the Radius T, disposable body temperature monitor, and the VS1 spot check vital science measurement device. With these new product launches, you can understand why we are so excited about our prospects for consumer health.

我們還計劃在今年晚些時候在藥店銷售新產品，即 Radius T、一次性體溫監測器和 VS1 抽查生命科學測量設備。通過這些新產品的發布，您可以理解為什麼我們對消費者健康的前景如此興奮。

At the same time, we continue to develop our professional healthcare product portfolio to strengthen our leadership in patient care settings. In December, we announced the limited market release of our Sepsis Index, a breakthrough early warning solution designed to help clinicians catch deterioration in patient condition and track their recovery from sepsis.

與此同時，我們繼續開發我們的專業醫療保健產品組合，以加強我們在患者護理領域的領導地位。 12 月，我們宣布了我們的膿毒症指數的有限市場發布，這是一種突破性的預警解決方案，旨在幫助臨床醫生髮現患者病情惡化並跟踪他們從膿毒症中恢復的情況。

In January, we announced the limited release of our AI-based visual clinical activity monitoring system, a hand hygiene compliance solution integrated into our Masimo hospital automation platform. We expect to roll both of these into full market release in the near future. In telemonitoring and telehealth, we will continue to expand our capabilities, both organically and via partnership to support our home to hospital to home initiatives and improve access to quality care.

1 月，我們宣布有限發布我們基於 AI 的可視化臨床活動監測系統，這是一種集成到我們 Masimo 醫院自動化平台中的手部衛生合規解決方案。我們希望在不久的將來將這兩種技術全面推向市場。在遠程監控和遠程醫療方面，我們將通過有機方式和合作夥伴關係繼續擴展我們的能力，以支持我們從家到醫院到家的舉措，並改善獲得優質護理的機會。

In our OEM business, we announced a new addition to our partnership with Philips in January that adds our W1 health watch to the Philips PIC iX system. The addition of W1 by Philips will improve the in-hospital experience for patients by enabling mobility while reducing work for nurses related to sensor disconnections and connections.

在我們的 OEM 業務中，我們在 1 月份宣布了與飛利浦的新合作夥伴關係，將我們的 W1 健康手錶添加到飛利浦 PIC iX 系統中。飛利浦增加的 W1 將通過實現移動性改善患者的住院體驗，同時減少護士與傳感器斷開和連接相關的工作。

In our Global Health business, we achieved strong growth as products such as Rad-G for developing economies had very healthy sales with shipments of approximately 30,000 units in 2022. These numbers are not included in the driver numbers that Micah announced. We also secured partnerships with major international humanitarian organizations that will continue to deploy Rad-G in developing countries.

在我們的全球健康業務中，我們實現了強勁增長，因為面向發展中經濟體的 Rad-G 等產品銷量非常可觀，2022 年的出貨量約為 30,000 台。這些數字不包括在 Micah 公佈的驅動程序數量中。我們還與主要國際人道主義組織建立了合作夥伴關係，這些組織將繼續在發展中國家部署 Rad-G。

Finally, I want to provide an update on our ongoing litigation with Apple. We received favorable rulings from the ITC and the PTAB, which are a critical step towards elimination of our IP in Apple's products. We look forward to continuing to advance our cases in the months ahead with both the ITC and Federal Court. We expect to have our trade secret trial in April here in California.

最後，我想提供有關我們與 Apple 正在進行的訴訟的最新情況。我們收到了 ITC 和 PTAB 的有利裁決，這是朝著消除我們在 Apple 產品中的知識產權邁出的關鍵一步。我們期待在未來幾個月繼續與 ITC 和聯邦法院推進我們的案件。我們預計將於 4 月在加利福尼亞州進行我們的商業秘密審判。

As you can see, we have a very exciting year ahead and are keenly focused on executing our strategy to bring our innovations to large markets that have unmet needs. Through our differentiated and clinically superior technologies, our proven track record of innovation and our customer-centric approach to product development, we continue to advance our mission of improving lives, improving patient outcomes and reducing the cost of care and taking noninvasive monitoring to new sites and applications.

正如您所看到的，我們將迎來非常激動人心的一年，並且非常專注於執行我們的戰略，將我們的創新帶到需求未得到滿足的大型市場。通過我們差異化和臨床卓越的技術、我們可靠的創新記錄和我們以客戶為中心的產品開發方法，我們繼續推進我們改善生活、改善患者結果和降低護理成本以及將無創監測應用於新站點的使命和應用程序。

I'm energized by the opportunities we have and confident Masimo will continue to create long-term value for all our shareholders, just as we have done since our IPO.

我對我們所擁有的機會感到鼓舞，並且相信 Masimo 將繼續為我們所有的股東創造長期價值，就像我們自首次公開募股以來所做的那樣。

With that, we'll open the call to questions. Operator?

有了這個，我們將打開問題的電話。操作員？

(Operator Instructions) We'll take our first question from Rick Wise, Stifel.

（操作員說明）我們將從 Stifel 的 Rick Wise 那裡回答我們的第一個問題。

Very exciting to see such a strong finish to the year. There are so many places to start. Maybe I'll start, first, just maybe some big picture. You all talked on the third quarter call about macro challenges persisting into 2023.

很高興看到今年取得如此強勁的成績。有很多地方可以開始。也許我會開始，首先，也許只是一些大局。你們都在第三季度電話會議上談到了持續到 2023 年的宏觀挑戰。

I'm just curious, at a high level, how are you thinking about -- how are you contemplating and integrating the macro pressures that remain on -- again, you talked about the first quarter about currency, supply chain, inflation. Is your strong guidance suggesting you're thinking that things have stabilized into earlier in the year? So just -- maybe just some high level to start this off.

我只是很好奇，在高層次上，你是如何思考的——你是如何考慮和整合仍然存在的宏觀壓力的——你再次談到了第一季度關於貨幣、供應鍊和通貨膨脹的問題。您的強有力指導是否表明您認為今年早些時候情況已經穩定下來？所以只是 - 也許只是一些高層次的開始。

Well, maybe I'll take a crack at and then see if Micah wants to add some more detail to it. No, I think those challenges still exist, and I'll add another one, which is census and hospitals. We have not seen a return to the levels they used to be, but what makes us feel good about our guidance are many things. I mentioned the -- for example, the record new customers that we attained in 2022.

好吧，也許我會嘗試一下，然後看看 Micah 是否想添加更多細節。不，我認為這些挑戰仍然存在，我將添加另一個挑戰，即人口普查和醫院。我們還沒有看到他們回到過去的水平，但讓我們對我們的指導感覺良好的是很多事情。我提到了——例如，我們在 2022 年獲得了創紀錄的新客戶。

Well, many of that new customer contracts have not even been deployed yet. So we anticipate these hospitals converting to Masimo and beginning to use our product that will not only benefit them, but of course, benefit us. And I believe with all of these new exciting products and solutions we have, we believe we can ride through some of those challenges.

好吧，許多新的客戶合同甚至還沒有部署。因此，我們預計這些醫院會轉而使用 Masimo 並開始使用我們的產品，這不僅會讓他們受益，當然也會讓我們受益。我相信，憑藉我們擁有的所有這些令人興奮的新產品和解決方案，我們相信我們可以克服其中的一些挑戰。

The only ones that we've seen ease so far is the supply chain. That seems to have gotten better, although not perfect. But everything else, I think, is still challenging, and we hope to be able to ride through them and, hopefully, exceed what we have even guided here. Micah?

到目前為止，我們唯一看到的是供應鏈。這似乎變得更好了，儘管並不完美。但我認為，其他一切仍然具有挑戰性，我們希望能夠渡過難關，並希望超越我們在這裡所指導的。彌迦？

Yes. Rick, the only thing to add to that is, to Joe's point at the end, was on the supply chain. We've definitely seen some stabilization there. Freight costs have improved. And as I mentioned in my prepared remarks, we feel like we saw a low point in the fourth quarter.

是的。里克，唯一要補充的是，最後喬的觀點是在供應鏈上。我們肯定在那裡看到了一些穩定。運費有所改善。正如我在準備好的發言中提到的那樣，我們覺得我們在第四季度看到了低點。

And consistent with what we mentioned in the last -- the prior earnings call, we feel that, that's going to start to really steadily improve throughout the year. We're not out of the woods yet. I don't think any company -- most companies are not out of the wood yet on supply chain issues, but they're definitely stabilizing, and we expect to see improvement.

與我們在上次財報電話會議中提到的一致，我們認為，這將在全年開始真正穩步改善。我們還沒有走出困境。我認為沒有任何一家公司——大多數公司在供應鏈問題上還沒有擺脫困境，但它們肯定在穩定下來，我們預計會有所改善。

Great. And again, lots of ways to go here, but I'm just going to focus on the W1 because Joe, you called it out, the importance of it, the next version coming soon. Maybe in a high level, talk to us about where are you with the W1 rollout?

偉大的。再一次，這裡有很多方法，但我只關注 W1，因為 Joe，你指出了它的重要性，下一個版本即將推出。也許在高層次上，與我們談談您對 W1 推出的看法？

You talked last quarter about the number of hospitals in the Middle East that are piloting W1 for COPD, CHF. Where are we there? Maybe you can roll on -- I'm asking a big W1 question. You announced the Masimo Philips W1 partnership. Maybe just update us in greater depth where are we -- what's next? And what's baked into the outlook for '23 for this driver?

您在上個季度談到了中東地區為 COPD、CHF 試行 W1 的醫院數量。我們在哪裡？也許你可以繼續——我在問一個大的 W1 問題。你們宣布了與 Masimo Philips W1 的合作夥伴關係。也許只是更深入地更新我們我們在哪裡 - 下一步是什麼？這位車手對 23 年的前景有何看法？

Thank you, Rick. So first of all, W1 is getting incredible feedback, incredible reviews from our customers and even those independent people looking at it. We have not rolled it out through our consumer channel yet. It's still a hospital play -- hospital to home play. The people that have been looking at it are happy with it. We're getting a lot of good verbal feedback.

謝謝你，里克。因此，首先，W1 獲得了令人難以置信的反饋，來自我們的客戶甚至是那些關注它的獨立人士的令人難以置信的評論。我們還沒有通過我們的消費者渠道推出它。這仍然是一場醫院比賽——從醫院到家庭比賽。一直在看它的人對此很滿意。我們收到了很多良好的口頭反饋。

We hope to turn some of them into contracts and deployment this quarter and hopefully, seeing the benefit of it in the second half hitting. I mean we're talking about systems that are looking at buying tens of thousands of these W1s and rolling them out into the home.

我們希望在本季度將其中一些轉化為合同和部署，並希望在下半年看到它的好處。我的意思是，我們正在談論的系統正在考慮購買數以萬計的此類 W1，並將它們推廣到家庭中。

As far as our plans for the Masimo Consumer team, we want to roll it out along with Freedom and B1 because I think it's important that consumers know what we imagine, not what we have right now because the other products are much more beautiful and user-friendly for those who want kind of the smart watch feel or if they want a wearable band like the Fitbit devices.

就我們對 Masimo Consumer 團隊的計劃而言，我們希望將其與 Freedom 和 B1 一起推出，因為我認為重要的是讓消費者了解我們的想像，而不是我們現在擁有的，因為其他產品更美觀，更易於使用- 適合那些想要智能手錶感覺的人，或者如果他們想要像 Fitbit 設備這樣的可穿戴手環。

So we see that happening really in Q3, Q4 of this year. We might do a presale rollout of these things just to let -- tease out the demand as well as let people know what's coming and which might even help the W1 sales to consumers. So all in all, things are going great. And I hope at the next earnings call, we'll be able to announce some concrete results from the hospital to home side of the business.

所以我們看到這種情況真的發生在今年的第三季度和第四季度。我們可能會預售這些東西只是為了讓 - 梳理需求並讓人們知道即將發生什麼，這甚至可能有助於向消費者銷售 W1。所以總而言之，事情進展順利。我希望在下一次財報電話會議上，我們能夠宣布從醫院到家庭方面的一些具體結果。

Our next question is Marie Thibault, BTIG.

我們的下一個問題是 BTIG 的 Marie Thibault。

Congrats on a strong finish to the year. I wanted to ask a question here first, probably for Micah. If we could try to understand a little bit better how you're thinking about spending and the spending cadence throughout this year. If I look at the Q1 guide for operating profit, it certainly seems a little bit lighter than what I assume we will be seeing for the full year. So should we think about that sort of some of the spending on some of these new projects being a little bit front weighted in the beginning of the year? How should we be thinking about that cadence?

祝賀今年取得了優異的成績。我想先在這裡問一個問題，可能是為了邁卡。如果我們可以嘗試更好地了解您如何考慮今年的支出和支出節奏。如果我看一下第一季度的營業利潤指南，它肯定比我假設的全年要輕一些。那麼，我們是否應該考慮在年初對這些新項目中的一些支出進行一些預先加權？我們應該如何考慮這種節奏？

Yes, absolutely. Great question, Marie. As I mentioned in some of our prepared remarks, we've got -- in the first quarter, it's -- profitability is not where we want it to be. We're doing everything we can to improve that, but where it stands right now, some of our costs that are coming in through the P&L in the first quarter are related to the Apple trade secret trial case. So working through all of that is leading to some additional investment in the first quarter.

是的，一點沒錯。好問題，瑪麗。正如我在一些準備好的評論中提到的那樣，我們已經 - 在第一季度 - 盈利能力不是我們想要的。我們正在盡一切努力改善這一點，但就目前情況而言，我們第一季度通過損益表產生的一些成本與蘋果商業秘密審判案有關。因此，通過所有這些工作將導致第一季度的一些額外投資。

Also, the strategic investments we're making for consumer health launches later in the year, we are investing that ahead of revenue as we launch those products and prepare the promotions and channels for those products so that you will see some investment ahead there.

此外，我們在今年晚些時候為消費者健康推出的戰略投資，在我們推出這些產品並為這些產品準備促銷和渠道時，我們會在收入之前進行投資，這樣你就會在那裡看到一些投資。

One thing that I did mention, though, before is, we've got about 1% of our total revenues for the company that are tied into some of the investments we're making to really drive success with all those launches this year and making sure that we're building out the right areas and building out the channel promotional activities properly to drive that success. So that you'll see in Q1. Like I said, we're going to do everything we can to continuously improve that and not only meet, but exceed expectations.

不過，我之前提到的一件事是，我們公司總收入的大約 1% 與我們正在進行的一些投資相關，這些投資真正推動了今年所有這些發布的成功，並使確保我們正在建立正確的領域並適當地建立渠道促銷活動以推動成功。這樣你就會在第一季度看到。就像我說的，我們將盡我們所能不斷改進它，不僅達到而且超越預期。

Okay. That's very good to hear. Like Rick said, there's a lot of good topics here, but maybe I'll leave some juicy ones for my peers. And just try to better understand the $15 million that you called out that you increased guidance by in addition to the FX benefit or the FX lesser headwind, what really drove that improved sales expectation? It certainly sounds like you had a really strong finish to the year, but was there something more to it?

好的。很高興聽到這個消息。正如 Rick 所說，這裡有很多好話題，但也許我會為我的同齡人留下一些有趣的話題。並且試著更好地理解你所說的 1500 萬美元，除了外匯收益或外匯減少逆風之外，你還增加了指導，是什麼真正推動了銷售預期的提高？聽起來你今年的成績確實不錯，但還有更多的東西嗎？

No, I think as we start to look, Marie, we had a strong finish to the year. So we basically are holding our topline guidance from a standpoint of growth rate. So we're still feeling very good about 2023. It's going to be an exciting year for us, and as we get closer to these product launches, it's giving us more confidence.

不，我認為當我們開始尋找時，瑪麗，我們在這一年取得了不錯的成績。所以我們基本上是從增長率的角度來看我們的頂線指導。所以我們對 2023 年仍然感覺非常好。這對我們來說將是激動人心的一年，隨著我們越來越接近這些產品的發布，它給了我們更多的信心。

So we're holding that overall growth rate of 6% to 8%, 8% to 10% for Healthcare and about 2% to 5% for Non-Healthcare. And on the Non-Healthcare side, the Consumer Audio, we're just being thoughtful that we mentioned at Investor Day. We -- thoughtful and prudent about the guidance. We'll see how things play out, but right now, those premium and luxury brands of Bowers & Wilkins, Denon and Marantz are holding up very well.

因此，我們認為整體增長率為 6% 至 8%，醫療保健為 8% 至 10%，非醫療保健為 2% 至 5%。在非醫療保健方面，消費者音頻，我們只是在考慮我們在投資者日提到的內容。我們 - 對指導深思熟慮和謹慎。我們將拭目以待，但目前，Bowers & Wilkins、Denon 和 Marantz 等高端和奢侈品牌的表現非常好。

And our next question is from Mike Matson, Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Matson。

I guess, I'll start with the new products, particularly in the consumer health products. So how much have you baked into your guidance for those? Is there anything in the guidance for those for this year? Or have you been very conservative to just kind of keep it out?

我想，我將從新產品開始，尤其是消費保健品。那麼，您在這些指導中融入了多少？今年的指南中有什麼內容嗎？或者你是否非常保守，只是把它拒之門外？

Yes. We've taken a conservative approach there, Mike. We've got -- I think I mentioned even back in December that we've got a modest amount of revenue in for this year, and we just want to kind of see how that plays out as we launch through those channels. Plus one key item to note is a lot of these products too are tied to FDA 510(k) approval. So we're being thoughtful about that as well.

是的。邁克，我們在那裡採取了保守的方法。我們已經 - 我想我什至在 12 月就提到過，我們今年的收入不多，我們只是想看看我們通過這些渠道推出時的效果如何。另外需要注意的一個關鍵事項是，許多此類產品也與 FDA 510(k) 批准相關。所以我們也在考慮這個問題。

Okay. I understand. And then just on the trade secret trial, I guess, how firm is the Apple timing? And then second part of the question would just be, what are the potential outcomes assuming that Masimo is victorious? I mean I'm more familiar with kind of patent trials, but I've never really seen one of these before. Would it be just sort of damages or is there potential for royalties and things like that?

好的。我明白。然後就商業秘密審判而言，我想，Apple 的時機有多堅定？那麼問題的第二部分就是，假設 Masimo 獲勝的潛在結果是什麼？我的意思是我更熟悉某種專利審判，但我以前從未真正見過其中之一。只是某種損害賠償還是有可能收取版稅和類似的東西？

Yes. The date are seeming firm. We had a conversation with our judge a couple of weeks ago, and he said, maybe at most, there will be a 1-week delay at the time. So we hope the trial will begin first week of April and it'd probably last 2 to 3 weeks. We just had a trade secret litigation in front of Judge Selna against a former employee who started a competitive product. And right before that, he went to Apple and took our stuff there, too.

是的。日期似乎很確定。幾週前我們與我們的法官進行了交談，他說，當時最多可能會有 1 週的延遲。所以我們希望試驗能在 4 月的第一周開始，並且可能會持續 2 到 3 週。我們剛剛在 Selna 法官面前提起了一場商業秘密訴訟，訴訟對像是一名啟動了競爭產品的前僱員。就在那之前，他去了蘋果公司，也把我們的東西也帶到了那裡。

So in that case, the judge did an injunction on the products that had our technology in it. So we're hoping that with this trade secret trial, we will get an injunction. And also, there are damages in this case that depending what the jury concludes and then what the judge concludes, it could be from hundreds of million dollars to billions of dollars. So we'll have to see.

所以在那種情況下，法官對包含我們技術的產品發出了禁令。所以我們希望通過這次商業秘密審判，我們將獲得禁令。而且，在這種情況下，根據陪審團的結論和法官的結論，損害賠償金可能從數億美元到數十億美元不等。所以我們必須拭目以待。

Okay. Got it. And then just one on the Non-Healthcare business. I know that the kind of spending there on the sales and marketing and R&D within that business specifically was -- from what I remember, was significantly lower than kind of on the Healthcare side. Look, I understand why that's the case, but it was also owned by private equity. So have you guys been -- or are you planning to increase any investments in sales and marketing or R&D in that business?

好的。知道了。然後只有一個關於非醫療保健業務。我知道，在該業務的銷售、營銷和研發方面的支出——據我所知，明顯低於醫療保健方面的支出。看，我明白為什麼會這樣，但它也是由私人股本擁有的。那麼你們有沒有 - 或者你們打算增加對該業務的銷售和營銷或研發的任何投資？

Well, I think you're right that previously, they weren't really investing in themselves the way they should, and I think there are certainly opportunities. But when it comes to the high end of music receivers as well as speakers, they already had a really good market penetration. So our focus is really to bolster the hearable side of their business.

嗯，我認為你之前是對的，他們並沒有真正按照他們應該的方式投資自己，我認為肯定有機會。但在高端音樂接收器和揚聲器方面，他們已經擁有非常好的市場滲透率。因此，我們的重點實際上是支持他們業務的可聽方面。

We want to go after the earbuds. We want to go after the headphones. And I think Micah mentioned that, for example, Q4, we doubled our headphone revenues compared to the same quarter a year ago. That is a $50 billion market potential that these companies combined had not even 1% of it, and we have technology that makes us believe we should have a good share of that market.

我們想追求耳塞。我們想追求耳機。我想 Micah 提到過，例如，第四季度，與去年同期相比，我們的耳機收入翻了一番。這是一個 500 億美元的市場潛力，這些公司加起來甚至還不到其中的 1%，而我們擁有的技術讓我們相信我們應該在該市場佔有很大份額。

This adaptive acoustic technology is remarkable. The actual audio quality with Bowers and Denon and Marantz still are a lot better than what's out there. So -- yes, so we will -- where you're going to see our investment compared to when it was being run by private equity is to focus them on the markets that we think are large and growing, and we have a reason to succeed.

這種自適應聲學技術非常出色。 Bowers、Denon 和 Marantz 的實際音頻質量仍然比那裡的好很多。所以 - 是的，所以我們會 - 與私募股權運營時相比，你將看到我們的投資是將它們集中在我們認為規模龐大且不斷增長的市場上，我們有理由成功。

And -- so that's going to be certainly one of them, and then HEOS. HEOS is something they were neglecting. We think it's the Rembrandt in the old house that we found, and we're going to invest in it. And we're going to bring it out and put the shine on it. And as you know, we want to use it to make wearable monitoring throughout the house connected always and easy. So we'll do what we can to invest in that without sacrificing our earnings growth that we want to continue delivering.

而且 - 所以這肯定是其中之一，然後是 HEOS。 HEOS 是他們忽略的東西。我們認為這是我們發現的老房子裡的倫勃朗，我們要投資它。我們要把它拿出來，讓它大放異彩。如您所知，我們希望使用它使整個房屋的可穿戴監控始終輕鬆連接。因此，我們將盡我們所能在不犧牲我們希望繼續實現的收益增長的情況下對此進行投資。

Our next question is Michael Polark, Wolfe Research.

我們的下一個問題是 Wolfe Research 的 Michael Polark。

One numbers one. One bigger picture one on W1. On the numbers, I just want to be clear. The healthcare constant FX growth input, like I heard 8% to 10% on this call. I'm looking at the Investor Day slides, I saw 9% to 10% there. I guess, what am I missing? Was there an adjustment there? If so, why?

一數一。 W1 上的一張大圖。關於數字，我只想說清楚。醫療保健恆定的外匯增長輸入，就像我在這次電話會議上聽到的 8% 到 10%。我在看投資者日的幻燈片，我在那裡看到了 9% 到 10%。我想，我錯過了什麼？那裡有調整嗎？如果是這樣，為什麼？

Yes. So Mike, that's just because we were showing growth rates off of a range of last year. So based on the finishing point, it just -- it created a little bit wider range, a little bit of rounding there on the range.

是的。所以邁克，那隻是因為我們展示的增長率超出了去年的範圍。因此，基於終點，它只是 - 它創造了更寬的範圍，在範圍上有一點四捨五入。

Got it. So dollars hold. You'd be in the quarter.

知道了。所以美元持有。你會在季度。

Yes, dollars hold. Yes. And we're taking up revenue by $23 million in total, and I think -- if I can remember correctly -- I think currency improved by somewhere around, let's say, 20 -- about $18 million, I think. I don't have it right in front of me.

是的，美元持有。是的。我們總共減少了 2300 萬美元的收入，我認為——如果我沒記錯的話——我認為貨幣有所改善，比方說，20——大約 1800 萬美元，我想。我沒有它就在我面前。

Got it. The follow-up is on W1. Joe, I'm curious, you're talking to systems interested in buying tens of thousands of these units. I mean maybe this is a better question for some of your customers versus you, but is there a vision to use this as reusable equipment such that patient discharged, goes home, wears it for 1 to 6 months, a year, and then it goes back to the hospital and can get recycled? Or are you hearing more like patient is discharged, and they get a W1 keep or something?

知道了。後續在W1上。喬，我很好奇，你正在與有興趣購買數万個這樣的單位的系統交談。我的意思是，與您相比，對於您的一些客戶來說，這可能是一個更好的問題，但是是否有將其用作可重複使用設備的願景，以便患者出院、回家、佩戴它 1 到 6 個月、一年，然後它就會消失回醫院能回收嗎？還是您聽說患者出院了，他們得到了 W1 保留或其他什麼？

You know what, that's a really good question. I think time will tell if they'll forgive the customer and let them keep it or they'll force it back. Certainly, the product is reusable, can be cleaned, can be reused. So we'll just have to see what they end up doing.

你知道嗎，這是一個非常好的問題。我認為時間會證明他們是否會原諒客戶並讓他們保留它，或者他們會強迫它回來。當然，產品是可重複使用的，可以清洗的，可以重複使用的。所以我們只需要看看他們最終會做什麼。

Our next question is Jason Wittes, Loop Capital Markets.

我們的下一個問題是來自 Loop Capital Markets 的 Jason Wittes。

First off, just sort of clarify. I think you said prelaunch costs about 1% for a much -- a lot of the consumer products that you planned for 2023. Did I hear that correctly? And is there additional costs like advertising, et cetera, that we should expect with those launches?

首先，澄清一下。我想你說預發布的成本大約是 1%——很多你計劃在 2023 年生產的消費產品。我沒聽錯嗎？這些發布是否會產生額外的費用，例如廣告等？

Yes. So the launch costs -- or what we put in there is really promotional type advertising marketing dollars associated with some of those launches. Depending on the product, they'll go through different types of marketing, promotional through those channels of the existing consumer business. So that's what that's tied to.

是的。因此，發射成本——或者我們投入的是與其中一些發射相關的真正的促銷型廣告營銷美元。根據產品的不同，他們將通過現有消費者業務的這些渠道進行不同類型的營銷和促銷。這就是與之相關的東西。

Of course, as you know, as we talked about last December, they've got -- the consumer business has over 450 sales and marketing professionals worldwide, and that's what's really we're going to be able to leverage that channel in a big way, but we do have promotional activities associated with the investments on these launches.

當然，正如你所知，正如我們去年 12 月談到的那樣，他們已經 - 消費者業務在全球擁有超過 450 名銷售和營銷專業人士，這才是我們真正能夠利用該渠道的重要原因方式，但我們確實有與這些發射投資相關的促銷活動。

Okay. So the incremental cost is about 100 basis points and then the rest falls on Sound United's existing infrastructure?

好的。那麼增量成本大約是 100 個基點，然後其餘部分落在 Sound United 現有的基礎設施上？

That's right. We're going to leverage and synergize through that channel.

這是正確的。我們將通過該渠道發揮作用並發揮協同作用。

Okay. That's helpful. And then on W1, as you mentioned, hospitals looking to buy tens of thousands, that means should we be anticipating that when you announce contracts, there will be basically multimillion-dollar contracts? Or how do we think about W1? And how you start recognizing revenue, at least acknowledging revenue pathway for W1?

好的。這很有幫助。然後在 W1 上，正如你提到的，醫院希望購買數万個，這意味著我們是否應該預期當你宣布合同時，基本上會有數百萬美元的合同？或者我們如何看待W1？您如何開始確認收入，至少確認 W1 的收入途徑？

Yes. Yes. We anticipate multimillion-dollar contracts. And it doesn't mean every contract will be that big, but some of the systems we're talking to right now, they'll be multimillion dollars, maybe tens of millions of dollars a year. And it's a combination of the product and the service that we provide.

是的。是的。我們預計會有數百萬美元的合同。這並不意味著每份合同都會那麼大，但我們現在正在討論的一些系統，它們將是數百萬美元，也許每年數千萬美元。它是我們提供的產品和服務的結合。

So the magic of the last 20, 25 years has been our technology that really works, but caring clinicians that know how to use it. So we're providing a service where caring clinicians will be able to monitor these patients remotely, sometimes by the hospital staff, sometimes by third-party hospital staff, sometimes by people that we contract with. So yes, so those will be kind of a monthly service along with the products they need to assure the patient's safety and care is going well.

因此，過去 20、25 年的魔力是我們真正有效的技術，以及知道如何使用它的有愛心的臨床醫生。因此，我們提供一項服務，讓有愛心的臨床醫生能夠遠程監控這些患者，有時由醫院工作人員，有時由第三方醫院工作人員，有時由與我們簽約的人進行。所以是的，所以這些將是一種每月服務以及他們需要的產品，以確保患者的安全和護理進展順利。

Next is Jason Bednar, Piper Sandler.

接下來是傑森·貝德納 (Jason Bednar)、派珀·桑德勒 (Piper Sandler)。

Congrats on the quarter and the guide here, guys. Maybe I'll start here first with some questions on the STORK. I just wonder if you have any maybe update on the regulatory process there, interactions you may have had with the FDA on that? And then if you could comment the same on W1. I think that one is still pending as well, as you mentioned.

恭喜本季度和這裡的指南，伙計們。也許我會先從這裡開始，提出一些關於 STORK 的問題。我只是想知道你是否有關於那裡的監管程序的任何更新，你可能與 FDA 就此進行過互動？然後，如果您可以對 W1 發表相同的評論。正如你提到的，我認為還有一個懸而未決。

And then can you elaborate more on the interest you mentioned, Joe, from the baby retailers for STORK? And how do we think about the launch process there? What kind of adoption are you assuming following approval and launch? And I'm sorry to load a lot in here, but I would be curious if you would, maybe -- how you would qualify success for STORK as we look over the next 2 to 3 years? You've talked a lot about W1 today, but maybe if we can put kind of the same stamp on STORK.

然後你能詳細說明你提到的來自 STORK 嬰兒零售商的興趣嗎？我們如何看待那裡的啟動過程？在批准和啟動後，您假設採用哪種方式？很抱歉在這裡加載了很多東西，但我很好奇你是否會，也許 - 在我們展望未來 2 到 3 年時，你如何評價 STORK 的成功？你今天談了很多關於 W1 的事情，但也許我們可以在 STORK 上打上同樣的印記。

Sure, sure. On the regulatory climate, we've had some really good discussions with the FDA. We're encouraged. We hope to have SafetyNet alert finally cleared in the next quarter or two. Along with that, they recognize the W1 and some of the other products that we have like STORK, and we hope to get clearances for them as well.

一定一定。在監管環境方面，我們與 FDA 進行了一些非常好的討論。我們受到鼓舞。我們希望在下一兩個季度最終清除 SafetyNet 警報。除此之外，他們還認可 W1 和我們擁有的其他一些產品，例如 STORK，我們也希望為他們獲得許可。

However, we're not linking the launch of STORK with FDA clearance. While I think we'll do much better with our success with FDA clearance because it will be the first product of its kind to be cleared by the FDA. We believe we can market it internationally, including in the U.S. without FDA clearance.

但是，我們並未將 STORK 的推出與 FDA 批准聯繫起來。雖然我認為我們在 FDA 批准方面取得成功會做得更好，因為它將是同類產品中第一個獲得 FDA 批准的產品。我們相信我們可以在國際市場上銷售它，包括在沒有 FDA 許可的情況下在美國銷售。

So -- and then I think the next part of your question was, what do we think success maybe with STORK looks like. There's about 4 million births a year in the U.S., and unfortunately, maybe 5,000 babies die of sudden infant death syndrome a year. So we think it's a very essential product that kind of fulfills the whole plans for Masimo SET pulse oximetry. So I don't know, maybe it should reach $100 million, $200 million of revenue over the next few years. So we'll -- that I would call success, and hopefully, it will continue growing past that.

所以 - 然後我認為你問題的下一部分是，我們認為 STORK 的成功可能是什麼樣的。美國每年大約有 400 萬新生兒出生，不幸的是，每年可能有 5,000 名嬰兒死於嬰兒猝死綜合症。因此，我們認為這是一款非常重要的產品，可以滿足 Masimo SET 脈搏血氧儀的全部計劃。所以我不知道，也許它應該在未來幾年內達到 1 億美元、2 億美元的收入。所以我們會——我稱之為成功，希望它會繼續發展。

Okay. I mean maybe just -- I'm trying to reconcile this real time. So apologies on -- admittedly, maybe not good at math sometimes. But I thought you guys were talking about 100 basis points of contribution from new products, and now we're -- that was at the Investor Day. And now we're talking about maybe $100 million to $200 million from STORK and tens of millions from W1 contracts, and that doesn't include B1 or Freedom.

好的。我的意思是也許只是——我正在努力調和這個實時。所以很抱歉——誠然，也許有時數學不好。但我以為你們在談論新產品貢獻的 100 個基點，現在我們 - 那是在投資者日。現在我們談論的可能是來自 STORK 的 1 億到 2 億美元和來自 W1 合同的數千萬美元，這還不包括 B1 或 Freedom。

And I was going to ask some questions here on Radius T and [VSP] if that get lumped in there. I'm just -- I'm having a hard time reconciling that 100 basis points that maybe it was a little bit conservative, but now we're having some pretty big numbers that are thrown out there for some of these launches. So maybe help me with that, maybe what am I missing or misestimating there?

我打算在這裡問一些關於 Radius T 和 [VSP] 的問題，如果它們被集中在一起的話。我只是——我很難調和這 100 個基點，這可能有點保守，但現在我們有一些相當大的數字被拋出，用於其中的一些發布。所以也許可以幫助我，也許我在那裡遺漏或錯誤估計了什麼？

Well, I think we're -- first of all, the numbers we give you are numbers we're comfortable in meeting and, hopefully, beating. But the truth is, Masimo Consumer Health is a start-up within our company, and with start-ups, you really can't predict it really well. I've done one of those before. Fortunately, good news is, the first start-up I did became a lot more successful than I anticipated, but it took a lot longer than I anticipated.

好吧，我認為我們 - 首先，我們給你的數字是我們很樂意滿足並希望擊敗的數字。但事實是，Masimo Consumer Health 是我們公司內部的一家初創企業，對於初創企業，你真的無法很好地預測它。我以前做過其中一個。幸運的是，好消息是，我做的第一家初創公司比我預期的要成功得多，但花費的時間比我預期的要長得多。

So as far as where we see success, which is I think the question you asked me on STORK, success would be in the $100 million to $200 million a year. Is it going to be this year? No. I think certainly on the next few years. Hopefully, 2 to 3 years.

所以就我們看到的成功而言，我認為這是你在 STORK 上問我的問題，成功將是每年 1 億到 2 億美元。會是今年嗎？不，我認為肯定會在未來幾年內發生。希望2到3年。

And then as far as my earlier response regarding the W1 revenues, those tens of millions of dollars in the contract, they're not going to get deployed overnight. They're going to be deployed more systematically by our hospital partners who are going to deploy them, but that will be the size of those contracts.

然後就我之前對 W1 收入的回應而言，合同中的數千萬美元不會在一夜之間部署。它們將由我們的醫院合作夥伴更系統地部署，他們將部署它們，但這將是這些合同的規模。

So how much of that will hit 2023? I don't know. And if I try to tell you I did, I'd be guessing. But we're doing this because we are hoping what we started with Masimo Health is going to be a lot bigger, a lot better, a lot more impact to humanity than what we did the first time. Otherwise, why take the risk? Why go after it?

那麼到 2023 年會有多少呢？我不知道。如果我試圖告訴你我做到了，我會猜測。但我們這樣做是因為我們希望我們從 Masimo Health 開始的事情會比我們第一次做的更大、更好、對人類的影響更大。否則，為什麼要冒這個險？為什麼要追呢？

Okay. Fair enough. I'll follow-up more offline, but maybe squeeze one more in here. Just we are coming up on the word nomination windows opening. I'm just curious if you could talk about whether there's been any discussions that have or haven't been had with the activist investor that is present right now.

好的。很公平。我會在線下跟進更多，但也許會在這裡再擠一個。我們剛剛談到提名窗口開放這個詞。我只是想知道你是否可以談談是否與現在在場的維權投資者進行過或尚未進行過任何討論。

Well, I'd rather not get involved with that. I'm planning to hopefully meet with our shareholders I know along the last few months, and historically, this is something we've done. And it will include also our new activist shareholder. So at the end of the day, when I took Masimo public, I knew it's no longer my baby, it's our baby.

好吧，我寧願不參與其中。我計劃滿懷希望地與我在過去幾個月認識的股東會面，從歷史上看，這是我們已經做過的事情。它還將包括我們新的維權股東。所以最終，當我將 Masimo 公開時，我知道它不再是我的孩子，而是我們的孩子。

While I'm the single largest shareholder in the company, I don't own the majority of Masimo. And I think it's going to be something that our shareholders have to decide what's the best future for Masimo, and hopefully, they'll make an educated decision and something that we can all be happy about long term.

雖然我是公司的單一最大股東，但我並不擁有 Masimo 的大部分股份。我認為這將是我們的股東必須決定 Masimo 最好的未來的事情，希望他們能做出明智的決定，並且我們都可以長期滿意。

Our next question is Jayson Bedford, Raymond James.

我們的下一個問題是傑森貝德福德，雷蒙德詹姆斯。

Maybe just a few. I wanted to ask about Healthcare gross margins in the fourth quarter. The business has kind of been historically 65%, 67% in the quarter, just south of 62%. Can you just comment on the factors impacting gross margin, be it supply chain, FX, et cetera?

也許只有幾個。我想問一下第四季度醫療保健的毛利率。從歷史上看，該業務為 65%，本季度為 67%，略低於 62%。您能否評論一下影響毛利率的因素，無論是供應鏈、外匯等？

Yes, Jayson, great question. So Healthcare gross margin is around 62%. I think we're looking at those being around 63% in Q1 and steadily improving throughout the year. In Q4, they did come in softer than we expected. We did have a little bit more cost carry in from prior quarters, just from where we capitalized some of the supply chain inefficiencies and manufacturing inefficiencies.

是的，傑森，好問題。因此，醫療保健的毛利率約為 62%。我認為我們正在關注第一季度的 63% 左右，並且全年穩步提高。在第四季度，他們的表現確實比我們預期的要疲軟。與前幾個季度相比，我們確實有更多的成本結轉，就在我們利用一些供應鏈效率低下和製造效率低下的地方。

And those roll out over our inventory turns, they came in a little higher. We knew about most of those, and we had some -- also some onetime inventory-related charges in the quarter. Nothing significant, but it did suppress our gross margins a little bit in the fourth quarter. But we are still -- based on what we're seeing with improving freight costs, things are starting to stabilize there.

那些在我們的庫存周轉期間推出的，它們的價格更高了一點。我們知道其中的大部分，並且我們在本季度有一些 - 也有一些與庫存相關的一次性費用。沒什麼大不了的，但它確實在第四季度壓低了我們的毛利率。但我們仍然——根據我們看到的貨運成本改善情況，那裡的情況開始趨於穩定。

Inventory spot buys and higher costs related to components are stabilizing. Still not where we want them to be, but they're stabilizing as well and that's where we're getting more confident that we'll see some steady improvement throughout 2023.

庫存現貨購買和與組件相關的更高成本正在穩定。仍然不是我們想要的位置，但它們也在穩定下來，這就是我們更有信心在整個 2023 年看到一些穩步改善的地方。

And Micah, I may have missed this, but outside of the 51.7% in the fourth quarter being the floor, did you comment on gross margin in '23?

Micah，我可能錯過了這一點，但除了第四季度的 51.7% 之外，你對 23 年的毛利率發表評論了嗎？

Sorry, in '23?

抱歉，23 年？

Yes.

是的。

Yes, We've got our gross margins out there. We did provide guidance for 2023 for gross margins. For the full year, we're still -- we're looking at about 54% for the combined company on gross margin. Healthcare, about 63.5% roughly. Non-Healthcare, somewhere between 40%, 41% for the full year.

是的，我們有我們的毛利率。我們確實為 2023 年的毛利率提供了指導。對於全年，我們仍然 - 我們預計合併後公司的毛利率約為 54%。醫療保健，約佔 63.5%。非醫療保健，大約在 40% 之間，全年為 41%。

Okay. That's helpful. And then maybe just on the other side, pricing. You mentioned you renewed a handful of contracts, maybe a couple of handfuls, with existing customers in the fourth quarter. Were you able to capture some price on these renewals?

好的。這很有幫助。然後也許就在另一邊，定價。你提到你在第四季度與現有客戶續簽了幾份合同，也許是幾份。您是否能夠從這些續訂中獲得一些價格？

Yes, yes. For those who used to be with us years ago, every year, our prices used to go down a couple of percentage points, and we stabilized that. And for the last several years, they've been stable, flat, but recently, we have raised our prices. We held back on that because we're trying to understand whether the cost increases were temporary or permanent.

是的是的。對於那些幾年前和我們在一起的人來說，每年我們的價格都會下降幾個百分點，然後我們將其穩定下來。在過去的幾年裡，它們一直穩定、持平，但最近，我們提高了價格。我們對此猶豫不決，因為我們正試圖了解成本增加是暫時的還是永久的。

We also -- new hospitals were struggling with COVID patients and lack of surgery and revenue. So with both of those things now being more clear, we have increased our prices, not 20%, 30% like some people have, but a few percentage points. And we'll probably continue doing that for a while until it kind of helps us catch up with our normal gross margins.

我們也——新醫院正在與 COVID 患者和缺乏手術和收入作鬥爭。因此，隨著現在這兩件事變得更加明確，我們提高了價格，不是像某些人那樣提高了 20%、30%，而是提高了幾個百分點。我們可能會繼續這樣做一段時間，直到它能幫助我們趕上正常的毛利率。

Okay. And just competitively, is pricing pressure to the extent that you believe there was any pricing pressure out there, has it eased at all?

好的。就競爭而言，定價壓力是否達到您認為存在任何定價壓力的程度，它是否有所緩解？

Yes, it has because we have learned to be disciplined and sell the value, something that I didn't think would happen, but retrospectively, looking back, it has happened. Masimo SET pulse ox is the only pulse ox that has made a clinical outcome benefit. I know it's a big thing to say, but it's true.

是的，因為我們學會了自律和出售價值，我認為不會發生的事情，但回想起來，它已經發生了。 Masimo SET pulse ox 是唯一一種對臨床結果有益的 pulse ox。我知道這是一件大事，但這是真的。

Whether it's in the neonatal ICU, reducing retinopathy of prematurity, or whether it's in the postsurgical ward, dealing with patients with opioids, nothing else has made a positive difference than we have. And that positive difference isn't only improving clinical outcomes, but it's also been in reducing cost of care.

無論是在新生兒重症監護病房，減少早產兒視網膜病變，還是在術後病房，處理服用阿片類藥物的患者，沒有什麼比我們所做的更能產生積極的影響。這種積極的差異不僅改善了臨床結果，而且還降低了護理成本。

So that has, over time, given our sales force the confidence to charge a fair price, which, by the way, is 30% to 50% lower than where pulse ox sensor pricing used to be when we first launched Masimo SET. But we did not continue the price reduction when our competitor had nothing else to do except that and bundling. So yes, so I'd say, that pressure has been reduced, and our team knows how to sell the value of our technology.

因此，隨著時間的推移，這使我們的銷售人員有信心收取合理的價格，順便說一句，這比我們首次推出 Masimo SET 時脈搏血氧傳感器的定價低 30% 至 50%。但是當我們的競爭對手除了捆綁銷售之外別無他法時，我們沒有繼續降價。所以是的，所以我會說，壓力已經減輕，我們的團隊知道如何出售我們技術的價值。

We have Matt Taylor from Jefferies.

我們有來自 Jefferies 的 Matt Taylor。

I wanted to see if you had any thoughts or comments on LiDCO because it was the first ITC to go across Biden's desk, and they got a good outcome there. You've got yours. Is there any read through, you think, from that? And maybe you could help us think about the crosscurrents of having kind of 2 shots on goal at least here with that and the trade secrets case.

我想看看你是否對 LiDCO 有任何想法或評論，因為它是第一個經過拜登辦公桌的 ITC，他們在那裡取得了很好的結果。你有你的。你認為，是否有任何通讀？也許你可以幫助我們考慮至少在這裡有 2 次射門和商業機密案的交叉流。

Yes, of course. We -- obviously, we're very happy to see that not only in the ALJ and the LiDCO case, but the commission recommended an injunction and Biden administration did not reject it. It's the best way to make sure that innovation is protected when patents are respected, and injunction is really the last place to go to make sure that people don't think infringement is in any way an efficient way of going about things.

是的當然。我們——顯然，我們很高興不僅在 ALJ 和 LiDCO 案中看到這一點，而且委員會也建議了禁令，而拜登政府也沒有拒絕。這是在尊重專利的情況下確保創新受到保護的最佳方式，而禁令確實是確保人們認為侵權無論如何都不是有效解決問題方式的最後途徑。

As far as Masimo's case, as you know, the ALJ also found that Apple infringed our patent and recommended in a 330, I think, page decision that Apple should be enjoined. It's down in front of the commission. We hope that the commission will also find a forward path for our injunction. And given that President Biden did not enjoin or did not intervene in the LiDCO decision, hopefully, that means he won't intervene in ours either.

至於 Masimo 的案例，正如你所知，ALJ 還發現 Apple 侵犯了我們的專利，並在我認為的 330 頁面決定中建議禁止 Apple。它在委員會前面。我們希望委員會也能為我們的禁令找到前進的道路。鑑於拜登總統沒有禁止或沒有乾預 LiDCO 的決定，希望這意味著他也不會干預我們的決定。

So -- yes, so we're very happy about that. And at the same time, one thing we have going for us that -- maybe 2 things we have going for us that LiDCO didn't. One, we are the leading pulse oximetry company in hospitals. We didn't just make products for consumers. So that's a huge thing where the LiDCO product performance is probably similar to Apple's. Ours is significantly better. So there's really no reason not to enjoin it because the pulse ox isn't a serious product that they're offering, ours is.

所以 - 是的，所以我們對此感到非常高興。同時，我們為我們做的一件事——也許我們為我們做的兩件事是 LiDCO 沒有做的。第一，我們是醫院中領先的脈搏血氧儀公司。我們不只是為消費者生產產品。因此，LiDCO 產品性能可能與 Apple 相似，這是一件大事。我們的要好得多。所以真的沒有理由不禁止它，因為脈衝牛不是他們提供的嚴肅產品，我們的是。

The second thing is that the patent that the judge did find violated and based her decision on to enjoin them was just recently also upheld by PTAB and the IPR challenge. Interparty reexaminations is something that Apple had just taken for granted that they will get every time they seek one. Well, they didn't get it on this one. So our patent is held valid, it was held violated -- and held violated by the ALJ. And yes, so we feel good about that, and then we have, as you said, other things that we're doing in the trade secret case.

第二件事是，法官確實發現專利受到侵犯並根據她的禁令做出決定，最近 PTAB 和 IPR 挑戰也支持了該專利。黨際複審是 Apple 剛剛認為理所當然的事情，他們每次尋求時都會得到。好吧，他們沒有得到它。所以我們的專利被認為是有效的，它被認為是被侵犯的——並且被 ALJ 認為是被侵犯的。是的，所以我們對此感覺良好，然後正如您所說，我們在商業秘密案件中正在做其他事情。

But I got to say, at the end of the day, this is all really regretful. When we first met with Apple in 2013, we were hoping that we would be working with them for the betterment of not just our companies, but the customers. This shouldn't have happened like this. It's not something that we enjoy or want to do. We just unfortunately had no choice but to defend our innovation.

但我不得不說，歸根結底，這一切真的很遺憾。當我們在 2013 年第一次與 Apple 會面時，我們希望與他們合作，不僅要改善我們的公司，還要改善客戶。這不應該像這樣發生。這不是我們喜歡或想做的事情。不幸的是，我們別無選擇，只能捍衛我們的創新。

Maybe I could sneak one more in for Micah. Micah, I was just hoping it's the first full year of Sound. Could you remind us of any special seasonality or orders, anything that we should be thinking about as we cadence our models that was stronger or weaker throughout the year last year that would factor in as we forecast this year?

也許我可以為 Micah 再偷一個。 Micah，我只是希望這是 Sound 的第一個完整年。您能否提醒我們任何特殊的季節性或訂單，我們在調整去年全年更強或更弱的模型時應該考慮的任何事情，這些都會影響我們今年的預測？

Yes. No, I think -- Matt, it's a great question. So Q1, we're, of course, giving you a guidance there. It's out in our earnings presentation in more details there. That's the low point for that business, and then it should steadily improve in Q2, Q3 with the high point in Q4.

是的。不，我認為——馬特，這是一個很好的問題。所以第一季度，我們當然會在那里為您提供指導。它在我們的收益報告中有更多詳細信息。那是該業務的低點，然後它應該在第二季度、第三季度穩步改善，並在第四季度達到高點。

If you looked at some of the pro forma numbers that are out in the earnings presentation, you'll see that Q2, Q3 and Q4 last year in 2022, now that we're looking at '23, those are probably more normalized quarters. Q1 was above the trend line. So it's a very, very tough comp in the first quarter. I think if you looked at the pro forma growth in Q1 of 2022, which was not reported under us, but that growth was due to some -- a lot of supply chain bottlenecks eased up in that first quarter, and they were able to shift through those.

如果你查看收益演示中的一些備考數字，你會看到去年 2022 年的第二季度、第三季度和第四季度，現在我們正在查看 23 年，這些可能是更標準化的季度。第一季度高於趨勢線。所以這是第一季度非常非常艱難的比賽。我想如果你看看 2022 年第一季度的預估增長，我們沒有報告，但增長是由於一些 - 第一季度許多供應鏈瓶頸得到緩解，並且它們能夠轉移通過那些。

So that was above trend line in Q1 of 2022, and that was about 22% constant currency growth. So we're going to be facing a tough comp on a pro forma basis for that business in '23 in the first quarter, but you'll steadily see those revenues improve and then the fourth quarter being the highest again.

因此，這高於 2022 年第一季度的趨勢線，即約 22% 的恆定貨幣增長率。因此，我們將在第一季度 23 年的備考基礎上面臨艱難的競爭，但你會看到這些收入穩步提高，然後第四季度再次達到最高水平。

Thank you all for joining us. We look forward to our Q1 earnings call. Have a wonderful rest of your week. Thank you.

謝謝大家加入我們。我們期待第一季度的財報電話會議。祝你度過愉快的一周。謝謝。

Once again, everyone, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

各位，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。