Maravai LifeSciences Holdings Inc (MRVI) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Quarter 2024 Maravai LifeSciences Earnings Conference Call. As a reminder, this call is being recorded. (Operator Instructions) I would like to now turn the call over to Debbie Hart, Head of Investor Relations. You may begin.

女士們、先生們，美好的一天，歡迎參加 Maravai LifeSciences 2024 年第一季財報電話會議。提醒一下，此通話正在錄音。 （操作員指示）我現在想將電話轉給投資者關係主管黛比·哈特 (Debbie Hart)。你可以開始了。

Good afternoon, everyone. Thanks for joining us on our first quarter 2024 earnings call. Our press release and the slides that accompany today's call are posted on our website and available at investors.maravai.com. As you can see on our agenda for today on Slide 2, Trey will first provide you with a business update, and Kevin will review our financial results and guidance. Drew Burch, President of Nucleic Acid Production; and Becky Buzzeo, our Chief Commercial Officer, will join the call for the question-and-answer session following the prepared remarks.

大家下午好。感謝您參加我們的 2024 年第一季財報電話會議。我們的新聞稿和今天電話會議附帶的幻燈片已發佈在我們的網站上，也可在 Investors.maravai.com 上取得。正如您在幻燈片 2 上今天的議程中看到的那樣，Trey 將首先向您提供業務更新，Kevin 將審查我們的財務表現和指導。 Drew Burch，核酸生產總裁；我們的首席商務長 Becky Buzzeo 將在準備好的演講後參加問答環節。

During today's call, management will make forward-looking statements and refer to GAAP and non-GAAP financial measures. It is possible that actual results could differ from management's expectations. We refer you to Slide 3 for more detail on forward-looking statements and our use of non-GAAP financial measures. Our just issued press release provides reconciliations to the most directly comparable GAAP measures. Please also refer to Maravai's SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance and financial conditions.

在今天的電話會議中，管理階層將做出前瞻性聲明，並參考公認會計原則和非公認會計原則財務指標。實際結果可能與管理階層的預期有所不同。我們建議您參閱投影片 3，以了解有關前瞻性陳述和我們使用非 GAAP 財務指標的更多詳細資訊。我們剛剛發布的新聞稿提供了與最直接可比較的公認會計準則衡量標準的對帳。另請參閱 Maravai 向 SEC 提交的文件，以了解有關可能影響我們的經營業績、業績和財務狀況的風險和不確定性的更多資訊。

Now I'll turn the call over to Trey.

現在我將把電話轉給特雷。

Thank you, Deb, and good afternoon, everyone. We appreciate having you join us for our call today. Let me briefly recap the quarter, highlight some innovative new products we are introducing and provide a few business updates before turning the call over to Kevin.

謝謝你，黛布，大家下午好。我們感謝您今天參加我們的電話會議。讓我簡要回顧一下這個季度，重點介紹我們正在推出的一些創新新產品，並提供一些業務更新，然後再將電話轉給凱文。

Let's start with our first quarter results on Slide 5. Today, we reported $64 million in revenue for Q1, $8 million in total adjusted EBITDA and a loss of $0.02 in adjusted fully diluted EPS for the quarter. Q1 revenue results exceeded the range of expectations that we shared with you during our fourth quarter conference call. Our Nucleic Acid Production segment had revenue of $46 million in Q1. The Biologics Safety Testing revenue was $18 million in the first quarter, and this was our first quarter of growth for BST since Q1 of 2023. Kevin will go into more detail on these results later in the call.

讓我們從幻燈片 5 上的第一季業績開始。第一季的收入結果超出了我們在第四季度電話會議上與您分享的預期範圍。我們的核酸生產部門第一季的營收為 4,600 萬美元。第一季生物製劑安全測試收入為 1800 萬美元，這是自 2023 年第一季以來 BST 實現成長的第一個季度。

Slide 6 shows that our adjusted free cash flow in the quarter was $4 million. Cash on hand at the end of the quarter was $562 million, down $13 million from year-end as we continue to progress with the build-out and equipment installation for our 2 new Flanders GMP facilities. Debt is $532 million gross. Thus, we maintain a $30 million net cash position. This puts us in a great position to fund our long-term growth strategy through organic investments while simultaneously pursuing external partnerships and/or M&A. We continue to see multiple potential strategic opportunities in our space where we will endeavor to responsibly deploy our capital.

第 6 張投影片顯示，本季調整後的自由現金流為 400 萬美元。本季末手頭現金為 5.62 億美元，比年底減少 1,300 萬美元，因為我們繼續推進 2 個新的法蘭德斯 GMP 設施的擴建和設備安裝。債務總額為 5.32 億美元。因此，我們保持著 3000 萬美元的淨現金部位。這使我們處於有利地位，可以透過有機投資為我們的長期成長策略提供資金，同時尋求外部合作夥伴關係和/或併購。我們繼續在我們的領域看到多個潛在的策略機會，我們將努力負責任地部署我們的資本。

As we sit here today, we remain focused on our return to growth strategy. To enable long-term sustainable growth for our business, we expect to continue to expand our product portfolio, advance our market leadership in the mRNA space and accelerate the introduction of scientific innovations in ways that support our customers' rapidly evolving needs. To the first point on product portfolio expansion and our focus on innovation, let's turn to Slide 7 and some updates in our Nucleic Acid Production segment. In our enzyme product portfolio, I'm happy to announce that our toolkit now consists of the majority of enzymes used in the mRNA IVT process.

當我們今天坐在這裡時，我們仍然專注於恢復成長策略。為了實現我們業務的長期永續成長，我們期望繼續擴大我們的產品組合，提升我們在 mRNA 領域的市場領導地位，並以支持客戶快速變化的需求的方式加速引入科學創新。關於產品組合擴展和我們對創新的關注的第一點，讓我們轉向幻燈片 7 和我們核酸生產部門的一些更新。在我們的酵素產品組合中，我很高興地宣布，我們的工具包現在包含 mRNA IVT 過程中使用的大部分酵素。

Incorporating Alphazyme enzymes into the TriLink mRNA workflow, which we trademark as CleanScript, provides our customers with industry-leading high-purity mRNAs with increased activity and reduced toxicity. We recently launched over 20 new catalog mRNA products from our TriLink Discovery Group. This project leverages our decades of RNA experience through an incorporation of our industry-leading capabilities in capping, base modifications and mRNA manufacturing workflows in addition to the enzymes manufactured at Alphazyme.

將 Alphazyme 酶納入 TriLink mRNA 工作流程（我們的商標為 CleanScript），為我們的客戶提供業界領先的高純度 mRNA，同時提高活性並降低毒性。我們最近推出了 TriLink Discovery Group 的 20 多種新目錄 mRNA 產品。該專案除了 Alphazyme 生產的酵素之外，還結合了我們在加帽、鹼基修飾和 mRNA 製造工作流程方面領先業界的能力，利用了我們數十年的 RNA 經驗。

As many of our discovery customers look to advance their programs from mRNA design to LNP or other delivery system optimization, they need to catalog mRNAs to rapidly advance their projects. With that in mind, we've launched these new catalog mRNA offerings with CleanCap M6 and N1-methyl-pseudouridine. This enables customers to use the best chemistry from the outset of their programs.

由於我們的許多發現客戶希望將其專案從 mRNA 設計推進到 LNP 或其他遞送系統優化，因此他們需要對 mRNA 進行編目以快速推進其專案。考慮到這一點，我們推出了這些帶有 CleanCap M6 和 N1-甲基-偽尿苷的新目錄 mRNA 產品。這使客戶能夠從專案一開始就使用最好的化學物質。

In addition, we've refreshed the entire catalog using the latest version of our CleanScript IVT production process. CleanScript allows us to deliver the highest purity products that have reduced double-stranded RNA levels and can enhance in vivo protein expression. The innovation doesn't stop with these newly announced catalog discovery products. We intend to launch many additional mRNA products as we move forward, and we are engaging more deeply with customers as we support their research programs with custom constructs.

此外，我們也使用最新版本的 CleanScript IVT 生產流程刷新了整個目錄。 CleanScript 使我們能夠提供最高純度的產品，這些產品降低了雙股 RNA 水平，並可以增強體內蛋白質表現。創新不止於這些新發布的目錄發現產品。隨著我們的發展，我們打算推出許多其他 mRNA 產品，並且我們正在與客戶進行更深入的接觸，因為我們透過客製化構建體來支持他們的研究項目。

Turning to Slide 8. We continue to bolster our market leadership in the mRNA space through strategic partnerships. TriLink entered into a nonexclusive license and supply agreement with Lonza for CleanCap analogs for use in Lonza's global mRNA development and manufacturing services from preclinical through Phase III programs. Lonza is one of the world leaders for producing biologic drugs. They've elected to bring CleanCap into their portfolio to enable many more customers to benefit from the advantages of CleanCap, and we see this as an important partnership for us to seed the market with our technologies. We believe Lonza's decision to incorporate our solutions in their highly regarded development and manufacturing services is a strong endorsement that CleanCap is the optimal way to produce mRNA. And we are excited for this partnership to unfold.

轉向幻燈片 8。 TriLink 與 Lonza 簽訂了 CleanCap 類似物的非獨家許可和供應協議，用於 Lonza 從臨床前到 III 期項目的全球 mRNA 開發和製造服務。龍沙 (Lonza) 是生產生物藥物的世界領導者之一。他們選擇將 CleanCap 納入其產品組合，以使更多客戶受益於 CleanCap 的優勢，我們認為這是我們利用我們的技術開拓市場的重要合作夥伴關係。我們相信，Lonza 決定將我們的解決方案納入其備受推崇的開發和製造服務中，這是對 CleanCap 是生產 mRNA 的最佳方式的有力認可。我們對這種夥伴關係的展開感到非常興奮。

Alphazyme announced a collaboration with Applied DNA for scale-up manufacturing, enabling the Linea RNA Polymerase. Under the terms of the agreement, Alphazyme will perform manufacturing process development, enabling the scaling of their RNA polymerase manufacturing from its current research scale to the commercial scale necessary to empower the growing demand for the company's Linea IVT platform. We developed a full enzyme production process and have made breakthroughs in the manufacturing workflow for Applied DNA. We're fully able to support their forecasted demand and help enable their growth.

Alphazyme 宣布與 Applied DNA 合作擴大生產規模，從而實現 Linea RNA 聚合酶。根據協議條款，Alphazyme 將進行製造流程開發，將其 RNA 聚合酶製造規模從目前的研究規模擴大到必要的商業規模，以滿足對該公司 Linea IVT 平台不斷增長的需求。我們開發了完整的酵素生產工藝，並在 Applied DNA 的製造流程上取得了突破。我們完全有能力支持他們的預測需求並幫助他們實現成長。

We also continue to foster key academic partnerships to enhance innovation and accelerate market adoption of the latest technology. We currently have active research collaborations with 5 top-tier academic institutions to address a wide range of disease indications and custom nucleic acid applications, demonstrating our desire to be a technology partner to scientists developing the next-generation of medicines. We believe that investing in new product innovation and partnering with leading academic and industry partners is a key driver for creating long-term value. We are in an exceptional position to win customers early for product and technology adoption.

我們也持續培養重要的學術合作關係，以加強創新並加速市場採用最新技術。我們目前與 5 家頂級學術機構進行積極的研究合作，以解決廣泛的疾病適應症和客製化核酸應用，這表明我們希望成為開發下一代藥物的科學家的技術合作夥伴。我們相信，投資新產品創新以及與領先的學術和產業合作夥伴合作是創造長期價值的關鍵驅動力。我們處於獨特的地位，可以儘早贏得客戶採用產品和技術。

Turning to Slide 9 and tying innovation to our commercial strategy, which is a critical part of our return to growth. Again, we're in a unique position producing the process inputs used in the IVT reaction as well as the full clinical scale production of mRNA. As we work to improve mRNA production, we see several opportunities to drive new product and process innovations to improve the overall manufacturing workflow. This is a luxury in that it helps us move the mRNA field forward in a unique way. By winning early in the discovery process with our CleanCap and our CleanScript technologies, our commercial team can cross-sell NTPs, enzymes and other raw materials at earlier stages of the clinical pipeline, putting us in a position to grow with our customers to support them with their later-stage development. This can include providing either RUO or GMP materials depending on their needs.

轉向幻燈片 9，將創新與我們的商業策略聯繫起來，這是我們恢復成長的關鍵部分。同樣，我們處於獨特的地位，可以生產 IVT 反應中使用的製程輸入以及 mRNA 的完整臨床規模生產。當我們致力於改進 mRNA 生產時，我們看到了一些推動新產品和製程創新以改善整體製造工作流程的機會。這是一種奢侈，因為它幫助我們以獨特的方式推動 mRNA 領域向前發展。透過利用我們的 CleanCap 和 CleanScript 技術在發現過程的早期獲勝，我們的商業團隊可以在臨床管道的早期階段交叉銷售 NTP、酶和其他原材料，使我們能夠與客戶一起成長，為他們提供支持隨著他們的後期發展。這可以包括根據他們的需求提供 RUO 或 GMP 材料。

This year has started with exciting positive momentum, thanks to the efforts from our commercial operations and business teams. We have made great progress in evolving and building our commercial team and building the flywheel between our products and services activities. As we continue to expand our customer funnel for RUO and GMP offerings, it is important that we offer an unmatched customer experience from day 1 and for as long as the customer is with us. Our enhanced commercial team has the talent, tools and processes to help build Maravai 3.0 in support of our return to growth strategy.

在我們商業營運和業務團隊的努力下，今年伊始就呈現出令人興奮的正面動能。我們在發展和建立我們的商業團隊以及在我們的產品和服務活動之間建立飛輪方面取得了巨大進展。隨著我們繼續擴大 RUO 和 GMP 產品的客戶管道，重要的是，我們從第一天起就提供無與倫比的客戶體驗，只要客戶與我們在一起。我們增強的商業團隊擁有幫助建立 Maravai 3.0 的人才、工具和流程，以支持我們恢復成長策略。

Let's turn to Slide 10 in our Biologics Safety Testing segment updates under the Cygnus Technologies brand. As with the nucleic acid segment, we continue to innovate to bring improved products to market to support our customers. Cell and gene therapy development has experienced tremendous growth as the FDA and other regulatory agencies worldwide continue their efforts to enable innovators in this new class of medicines. The FDA and other global regulatory agencies have approved several cell and gene therapy products. And we are very proud that Cygnus kits now support all 21 of the 21 FDA-approved CAR-T cell and gene therapies.

讓我們轉向 Cygnus Technologies 品牌下的生物製劑安全測試部分更新中的幻燈片 10。與核酸領域一樣，我們不斷創新，將改進的產品推向市場，為我們的客戶提供支援。隨著 FDA 和全球其他監管機構不斷努力為此類新藥物的創新者提供支持，細胞和基因療法的發展經歷了巨大的增長。 FDA 和其他全球監管機構已批准多種細胞和基因治療產品。我們感到非常自豪的是，Cygnus 試劑盒現在支持 FDA 批准的 21 種 CAR-T 細胞和基因療法中的全部 21 種。

We are also pleased that Maravai was recognized as among FastCompany's Most Innovative Companies in Biotech in 2024 for our Cygnus MockV RVLP kit, which detects retrovirus-like particles that can be produced during the manufacturing of biologic drug products. The kit, which uses a surrogate noninfectious virus-like particle, can be run without extra safety and containment measures. This enables faster, easier and more cost-effective optimization of viral clearance to assure biopharmaceutical safety prior to human clinical trials, regulatory approval and commercialization.

我們也很高興 Maravai 憑藉 Cygnus MockV RVLP 試劑盒被評為 2024 年 FastCompany 生物技術領域最具創新力的公司之一，該試劑盒可檢測生物藥品製造過程中產生的逆轉錄病毒樣顆粒。該試劑盒使用替代的非傳染性病毒樣顆粒，無需額外的安全和遏制措施即可運作。這使得病毒清除變得更快、更容易和更具成本效益的優化，以確保在人體臨床試驗、監管批准和商業化之前的生物製藥安全。

This award adds to the many recognitions the MockV RVLP kit has received since its introduction in 2022. We remain very optimistic about the MockV product line and our ability to disrupt the viral clearance market. As in the NAP segment, we plan to continuously improve our offerings in BST to ensure superior technical support, the highest quality services and offerings and the most comprehensive catalog of products to meet our customers' needs. Cygnus consistently supports and advances the technology to improve biotherapeutic safety and accelerate the movement of new therapeutic monoclonal antibodies, biosimilars and cell and gene therapies through the development and regulatory approval process.

該獎項是 MockV RVLP 試劑盒自 2022 年推出以來所獲得的眾多認可的又一體現。與 NAP 領域一樣，我們計劃不斷改進 BST 的產品，以確保卓越的技術支援、最高品質的服務和產品以及最全面的產品目錄，以滿足客戶的需求。 Cygnus 始終如一地支持和推進技術，以提高生物療法的安全性，並透過開發和監管審批流程加速新的治療性單株抗體、生物相似藥以及細胞和基因療法的發展。

Now moving to Slide 11 and our facilities update. As many of you are aware, Flanders 1 is our new GMP manufacturing site for small molecules. I'm pleased to report that we have produced our first engineering batch of GMP small molecule products in the new facility and are quickly migrating our CleanCap M6 to GMP quality. As we approach the 1 year anniversary of the M6 launch, customers have lined up for M6 GMP batches and are eager to move CleanCap M6 into the clinic. Flanders 1 adds scale and mitigates operational risk as we now have redundant capacity to manufacture small molecules. This includes the CleanCap analogs as well as other NTPs such as N1-methyl-pseudouridine, which are needed as GMP-grade inputs for mRNA production. This will not only bolster our supply chain resilience. Flanders 1 is a designated facility to aid the U.S. government in future pandemic preparedness.

現在轉到投影片 11，我們的設施已更新。正如你們許多人所知，Flanders 1 是我們新的小分子 GMP 生產基地。我很高興地向大家報告，我們已經在新工廠生產了第一批工程批次的 GMP 小分子產品，並且正在快速將我們的 CleanCap M6 升級到 GMP 品質。隨著 M6 上市一周年的臨近，客戶們紛紛排隊購買 M6 GMP 批次，並渴望將 CleanCap M6 搬入診所。 Flanders 1 擴大了規模並降低了營運風險，因為我們現在擁有製造小分子的冗餘產能。這包括 CleanCap 類似物以及其他 NTP，例如 N1-甲基-假尿苷，它們是 mRNA 生產所需的 GMP 等級輸入。這不僅會增強我們的供應鏈彈性。佛蘭德斯 1 號是幫助美國政府做好未來疫情防範的指定設施。

We hosted our Flanders 2 grand opening in April and are now officially in the market for late-phase cGMP mRNA production. Flanders 2 was designed to meet the manufacturing requirements of mRNA-based medicines through all drug development phases. We have enabled mRNA clinical programs for over 10 years from discovery through investigational new drug or IND filings. Our new cGMP facility will serve our partners with late-phase clinical and commercial mRNA drug substance manufacturing.

我們於 4 月舉辦了 Flanders 2 盛大開幕典禮，現已正式進入後期 cGMP mRNA 生產市場。 Flanders 2 旨在滿足所有藥物開發階段基於 mRNA 的藥物的製造要求。從發現到研究性新藥或 IND 申請，我們啟用 mRNA 臨床計畫超過 10 年。我們的新 cGMP 設施將為我們的合作夥伴提供後期臨床和商業 mRNA 藥物生產服務。

The 32,000-foot facility includes 3 Grade C manufacturing clean rooms, a dedicated fill suite and an independent buffer prep and staging area. We have on-site quality control, EM monitoring and release testing supporting 1 gram to 100-gram batch sizes. We couldn't be more excited to open our doors and help enable the life-saving medicines our customers are developing. Many of our customers have been asking to stay with our talented team as their clinical programs advance into Phase II, Phase III and beyond. And I'm so pleased that we can now support them.

該工廠佔地 32,000 英尺，包括 3 個 C 級製造無塵室、一個專用填充套件以及一個獨立的緩衝準備和暫存區。我們擁有支援 1 克至 100 克批量的現場品質控制、EM 監控和放行測試。我們非常高興能夠敞開大門，幫助客戶開發救生藥物。隨著臨床計畫進入第二階段、第三階段及以後階段，我們的許多客戶一直要求留在我們才華橫溢的團隊中。我很高興我們現在可以支持他們。

In fact, we have already signed statements of work to support a Phase II clinical trial and our first Phase III batches. We believe this is a capability extension that will make it easier for drug developers to select us for Phase I or even preclinical batches at the beginning stages of their development as they know they will have a partner who can support them through commercialization. We have a long history of innovation in mRNA. Our significant investment in these 2 facilities underlines our commitment to innovate the process for producing the next generation of genomic medicines and the raw materials that enable their production.

事實上，我們已經簽署了支持 II 期臨床試驗和首批 III 期臨床試驗的工作聲明。我們相信，這是一種能力擴展，將使藥物開發商在開發的初始階段更容易選擇我們進行第一階段甚至臨床前批次，因為他們知道他們將有一個可以透過商業化來支持他們的合作夥伴。我們在 mRNA 領域擁有悠久的創新歷史。我們對這兩個設施的巨額投資突顯了我們對創新下一代基因組藥物生產流程及其生產原材料的承諾。

This expands our capabilities to help our customers unlock the potential of mRNA and develop life-changing vaccines and therapies. The Wateridge facility will continue to support the important work underway in TriLink Discovery and act as a key partner, providing development expertise to our customers. Moving to Slide 12. I'll now ask Kevin to provide more details on our first quarter performance and our expectation for the balance of the year. Kevin?

這擴展了我們幫助客戶釋放 mRNA 潛力並開發改變生活的疫苗和療法的能力。 Wateridge 工廠將繼續支援 TriLink Discovery 正在進行的重要工作，並作為關鍵合作夥伴，為我們的客戶提供開發專業知識。轉到幻燈片 12。凱文？

Thanks for the handoff, Trey. Echoing Trey's remarks, we are pleased with the top line performance in the quarter and excited about the business accomplishments that are laying a solid foundation for our future. Today, I will summarize our financial results for Q1 and then discuss our reaffirmed financial expectations for the full year. Let's start with the Q1 financial results on Slide 13. As Trey mentioned, our revenue for the quarter was $64 million. Our GAAP net loss before noncontrolling interests was $23 million for the first quarter of 2024. This compares to a net loss of $1 million for the comparable first quarter of 2023.

謝謝你的交接，特雷。與 Trey 的言論相呼應，我們對本季的營收表現感到滿意，並對為我們的未來奠定堅實基礎的業務成就感到興奮。今天，我將總結我們第一季的財務業績，然後討論我們重申的全年財務預期。讓我們從幻燈片 13 上的第一季財務業績開始。 2024 年第一季度，我們的 GAAP 扣除非控制權益之前的淨虧損為 2,300 萬美元。

Adjusted EBITDA, a non-GAAP measure, was $8 million for Q1 2024 compared to $24 million for Q1 2023. Our adjusted EBITDA margin was 12% in Q1 2024. This adjusted EBITDA margin was slightly lower internal forecast for the quarter by about $1 million, partially tied to the timing of some operational readiness period costs for our new Flanders facility, which we are incredibly excited about.

調整後EBITDA（非GAAP 指標）2024 年第一季為800 萬美元，而2023 年第一季為2,400 萬美元。季度內部預測略低約100 萬美元，部分與我們新的法蘭德斯工廠的一些營運準備期成本的時間有關，我們對此感到非常興奮。

For the trailing 12 months or last 4 quarters combined, our adjusted EBITDA margin was 18% on revenues of $274 million. Overall, our adjusted EBITDA margin in any given quarter will vary primarily based on revenues, given the high proportion of labor and facility-related costs and the relatively low revenue-based variable costs. As it relates to labor and our previously discussed cost reduction actions, you'll see on Slide 14 we ended the quarter with 575 full-time employees compared to 673 employees we had at the end of September 2023 prior to our restructuring initiatives. And we completed all of the related actions over the course of Q4 2023 and Q1 2024.

在過去 12 個月或過去 4 個季度的總和中，我們調整後的 EBITDA 利潤率為 18%，營收為 2.74 億美元。總體而言，考慮到勞動力和設施相關成本比例較高以及基於收入的可變成本相對較低，我們在任何特定季度的調整後 EBITDA 利潤率將主要根據收入而變化。由於它與勞動力和我們之前討論的成本削減行動相關，您將在幻燈片14 中看到，本季度結束時我們有575 名全職員工，而在實施重組計劃之前，我們在2023 年9 月底擁有673名員工。我們在 2023 年第四季和 2024 年第一季完成了所有相關行動。

As we look forward, we continue to evolve our organization with an eye to the future. This includes continued investment in innovation, commercial infrastructure and GMP operations that are at least partially funded by the targeted reductions in our G&A structure and balancing our NAP operations team to the current demand profile. We continue to be focused on funding future growth opportunities while maintaining a cost-effective structure.

展望未來，我們著眼於未來，繼續發展我們的組織。這包括對創新、商業基礎設施和 GMP 營運的持續投資，這些投資至少部分由我們的 G&A 結構的有針對性的削減以及根據當前的需求狀況平衡我們的 NAP 營運團隊來提供資金。我們繼續專注於為未來的成長機會提供資金，同時保持具有成本效益的結構。

With 575 employees, our revenue per employee metric for 2024 is just under $0.5 million in revenue per employee, which is amongst the best in life science tools. This, coupled with a broad and expanding capabilities of Maravai, positions us well for operating efficiency moving forward. I will discuss EBITDA by segment in few slides. Moving to Slide 15 and EPS. Basic and diluted EPS for the first quarter was a loss of $0.09 per share compared to breakeven EPS in the first quarter of 2023. Adjusted EPS was a loss of $0.02 per share for Q1.

我們擁有 575 名員工，到 2024 年，每位員工的收入指標將略低於 50 萬美元，這是生命科學工具中最好的工具之一。再加上 Maravai 廣泛且不斷擴展的能力，使我們在提高營運效率方面處於有利地位。我將在幾張幻燈片中按細分市場討論 EBITDA。轉到投影片 15 和 EPS。與 2023 年第一季的盈虧平衡每股收益相比，第一季的基本和稀釋每股收益為每股虧損 0.09 美元。

Moving forward to the year-end balance sheet, cash flow and other financial metrics on Slide 16. We ended the quarter with $562 million in cash and $532 million in long-term debt, resulting in a $30 million net cash position. Adjusted free cash flow was $4 million for the quarter. That calculation of adjusted free cash flow, a non-GAAP measure, is based on our adjusted EBITDA less capital expenditures, which were $8 million and $4 million in the quarter, respectively.

接下來看投影片 16 上的年終資產負債表、現金流和其他財務指標。該季度調整後的自由現金流為 400 萬美元。調整後自由現金流的計算是非 GAAP 衡量標準，基於我們調整後的 EBITDA 減去資本支出，本季資本支出分別為 800 萬美元和 400 萬美元。

For Q1 2024, cash used in operations was $8 million primarily associated with the $20 million in planned retention payments associated with the 2-year anniversary of the MyChem acquisition. Capital expenditures, net of BARDA reimbursements, were $4 million in the quarter. We anticipate our quarterly 2024 capital expenditures to peak in Q2 of this year, corresponding with the final outfitting stage of our Flanders buildings.

2024 年第一季度，營運中使用的現金為 800 萬美元，主要與與 MyChem 收購兩週年相關的計畫保留金 2,000 萬美元相關。扣除 BARDA 報銷後的資本支出，本季資本支出為 400 萬美元。我們預計 2024 年季度資本支出將在今年第二季度達到峰值，這與我們法蘭德斯建築的最後裝修階段相對應。

Depreciation and amortization was $12 million in the quarter, which is in line with our expectations and previous guidance. Interest expense net of interest income was $4 million in the quarter, slightly better than our expectations as our interest rate cap contract maintained higher values, and excess cash yields stayed high based on the evolving expectation that rates will not shift downward in 2024 as quickly as previously expected.

本季折舊和攤提為 1,200 萬美元，符合我們的預期和先前的指引。本季扣除利息收入後的利息支出為400 萬美元，略好於我們的預期，因為我們的利率上限合約保持較高的價值，並且基於利率不會在2024 年快速下降的不斷變化的預期，超額現金收益率維持在較高水準。

Stock-based compensation, a noncash charge, was $12 million for the quarter, also in line with our expectations. We ended Q1 with 133 million Class A shares outstanding and 119 million Class B shares outstanding for a total of 252 million shares outstanding at the end of March on an as-if fully converted basis, in line with our expectations for Q1 and flat versus the same time a year ago.

本季以股票為基礎的薪酬（一項非現金費用）為 1,200 萬美元，也符合我們的預期。截至第一季末，我們已發行的A 類股票為1.33 億股，B 類股票為1.19 億股，截至3 月底，在假定完全轉換的基礎上，已發行股票總數為2.52 億股，這符合我們對第一季度的預期，並且與2019 年第一季持平。

Next to Slide 17 and the discussion of segment performance in the quarter. Our Nucleic Acid Production segment, which includes both our discovery and GMP products and services marketed under our TriLink, Glen Research and Alphazyme brands, had revenues in the first quarter of $46 million and adjusted EBITDA of $10 million, a margin of 22%, a lower margin than previous quarters as anticipated based on the lower revenue level over our cost base.

接下來是投影片 17 以及本季部門業績的討論。我們的核酸生產部門包括以 TriLink、Glen Research 和 Alphazyme 品牌銷售的發現和 GMP 產品及服務，第一季營收為 4,600 萬美元，調整後 EBITDA 為 1,000 萬美元，利潤率為 22%，由於收入水準低於我們的成本基礎，因此利潤率低於前幾季的預期。

Our Biologics Safety Testing segment, which includes products from our Cygnus brand, had revenues of $18 million in the first quarter and adjusted EBITDA of $14 million, a strong and consistent adjusted EBITDA margin of 77%. As detailed in these segment results, the combined adjusted EBITDA of our operating segments prior to the corporate shared service expenses was $24 million for Q1 2024, a combined margin of 37%.

我們的生物製品安全測試部門（包括 Cygnus 品牌的產品）第一季的營收為 1,800 萬美元，調整後 EBITDA 為 1,400 萬美元，調整後 EBITDA 利潤率強勁且穩定，為 77%。正如這些部門業績中所詳述的那樣，2024 年第一季度，扣除企業共享服務費用後，我們營運部門的合併調整後 EBITDA 為 2,400 萬美元，合併利潤率為 37%。

Corporate shared service expenses, including the impact adjusted EBITDA, which includes centralized functions such as human resources, finance and accounting, legal, IT and the incremental expenses associated with being a public company, totaled $60 million in the first quarter, down almost $2 million from the comparable first quarter of 2023. Let's move on to our current thinking around the full year of 2024 on Slide 18. Based on the solid start to the year and our assessment of the likely range of revenue outcomes, we are comfortable with existing 2024 total revenue guidance range of $265 million to $285 million in revenues.

公司共享服務費用，包括影響調整後的EBITDA（包括人力資源、財務和會計、法律、IT 等集中職能以及與上市公司相關的增量費用），第一季總計6000 萬美元，減少了近200 萬美元從可比的2023 年第一季開始。 2024 年感到滿意的總收入指引範圍為 2.65 億至 2.85 億美元。

Looking at the segments, our Biologics Safety Testing business printed a strong $18 million first quarter, which we see as the high quarterly mark this year, consistent with previous years and achieving an overall load of mid-single-digit growth over 2023 for this segment. After taking this estimated range for the BST business of around $65 million to $70 million for the year, we expect the NAP segment will be roughly $200 million to $215 million for the year 2024.

從各個細分市場來看，我們的生物製劑安全測試業務第一季實現了1800 萬美元的強勁收入，我們認為這是今年的高季度業績，與往年一致，並在2023 年實現了該細分市場的整體中個位數成長。根據今年 BST 業務的估計範圍約為 6,500 萬至 7,000 萬美元，我們預計 2024 年 NAP 業務將約為 2 億至 2.15 億美元。

As for the cadence of estimated revenue, we estimate the first half of the year now carrying close to 50% of the year, up from our previous expectation of 47%, which, based on the midpoint of our full year range and the Q1 results, would result in a second quarter revenue estimate at about $73 million or so. So we see the top line firming up after a solid start and balancing the first and second half of the year. We anticipate that margin will expand from Q1 with the sequential increase in revenues as we have seen in the past. We see the range of our profitability metrics within the same range as our initial guidance, adjusted EBITDA margin expectations of 23% to 25% and our full year adjusted EPS in the range of $0.00 per share to a $0.06 per share loss.

至於預期收入的節奏，我們預計今年上半年的收入已接近全年的 50%，高於我們之前預期的 47%，這是基於我們全年範圍的中點和第一季的業績，預計第二季度營收約7,300 萬美元左右。因此，我們看到在良好的開局以及上半年和下半年的平衡之後，營收將趨於堅挺。我們預計，正如我們過去所看到的那樣，隨著收入的連續增長，利潤率將從第一季開始擴大。我們認為我們的獲利指標範圍與我們最初的指導範圍相同，調整後的 EBITDA 利潤率預期為 23% 至 25%，全年調整後每股收益在每股 0.00 美元至 0.06 美元的虧損範圍內。

Our guidance also holds the following expectations in 2024: interest expense net of interest income to be between $25 million and $30 million; depreciation and amortization between $40 million and $50 million; equity-based compensation, which we saw as the reconciling item from GAAP to non-GAAP EBITDA, to be between $45 million and $50 million; as-if fully converted share count of 254 million shares; and an adjusted effective tax rate of 24%. Finally, net capital expenditures of $30 million to $35 million in 2024. Overall, a solid start to the year.

我們的指導也對 2024 年做出以下預期：扣除利息收入後的利息支出將在 2,500 萬美元至 3,000 萬美元之間；折舊和攤提在 4,000 萬至 5,000 萬美元之間；基於股權的薪酬，我們將其視為 GAAP 與非 GAAP EBITDA 之間的調節項目，介於 4,500 萬美元至 5,000 萬美元之間；假設完全轉換的股數為 2.54 億股；調整後的有效稅率為24%。最後，到 2024 年，淨資本支出將達到 3,000 萬至 3,500 萬美元。

I'll now turn the call back over to Trey.

我現在將把電話轉回特雷。

Thanks, Kevin. So to wrap up on Slide 20, we had a solid start to the year and are tracking against the revenue guidance range that we've communicated to you in March. We are executing on our return to growth strategy and year-to-date have introduced significant new innovations to the market that further extend our leadership across the entire mRNA production workflow as well as increasing our manufacturing capacity at our TriLink Flanders 1 and Flanders 2 facilities in these high-value areas.

謝謝，凱文。因此，在投影片 20 上進行總結時，我們今年取得了良好的開局，並且正在追蹤我們在 3 月向您傳達的收入指導範圍。我們正在執行恢復成長策略，今年迄今已向市場推出了重大創新，進一步擴大了我們在整個 mRNA 生產工作流程中的領導地位，並提高了 TriLink Flanders 1 和 Flanders 2 工廠的製造能力在這些高價值領域。

We have also strengthened our commercial team and continue to bolster our market leadership in the mRNA space through key industry and academic partnerships. Our TriLink, Glen Research, Alphazyme and Cygnus brands all continue to lead their fields while pushing the boundaries of innovation to offer unique and even better solutions to solve customer problems and advance discoveries.

我們也加強了我們的商業團隊，並透過關鍵的產業和學術合作夥伴關係繼續鞏固我們在 mRNA 領域的市場領導地位。我們的 TriLink、Glen Research、Alphazyme 和 Cygnus 品牌都繼續引領各自領域，同時突破創新界限，提供獨特甚至更好的解決方案來解決客戶問題並推進發現。

Our balance sheet remains strong, and we are well positioned to execute on opportunities for inorganic investments to bolster our market position and provide our customers with additional solutions. We remain confident in the fundamental strength of our end markets and the value we provide our customers for the life-changing development of drug therapies, diagnostics and novel vaccines. We remain committed to building a strong foundation for the long-term sustainable growth of our businesses. I would now like to turn the call back over to the operator to open the line for your questions. Thank you.

我們的資產負債表依然強勁，我們有能力抓住無機投資機會，以鞏固我們的市場地位，並為客戶提供額外的解決方案。我們對終端市場的基本實力以及我們為客戶提供改變生活的藥物治療、診斷和新型疫苗開發的價值仍然充滿信心。我們仍然致力於為我們業務的長期可持續成長奠定堅實的基礎。我現在想將電話轉回給接線員，以解答您的問題。謝謝。

(Operator Instructions) Your first question comes from the line of Matt Hewitt with Craig-Hallum.

（操作員說明）您的第一個問題來自 Matt Hewitt 和 Craig-Hallum 的對話。

Congratulations on the strong start to the year. Maybe first up, congratulations on the Lonza contract. How should we be thinking about the ramp of that relationship? Is it something that will kind of build over time? Or is there an initial kind of an order flow that you would expect and then kind of stabling from there? Just help us walk through that relationship a little bit.

祝賀今年的強勁開局。也許首先，恭喜你與 Lonza 簽訂合約。我們該如何思考這段關係的發展？它會隨著時間的推移而建立嗎？或者是否存在您所期望的初始訂單流，然後從那裡開始穩定？請幫我們稍微了解一下這種關係。

Sure. Thanks for the question. The arrangement with Lonza is similar to others we've announced where we just want to make sure that we open all avenues for customers' development programs to CleanCap and our other technologies. As you might guess, it's not an instant moment where things start up. It's an enablement that will take time to build, particularly you see in GMP services and particularly at the high level Lonza operates that these are contracts that are negotiated several quarters ahead of time typically. So we would expect a ramp in the consumption. But again, the idea is to make sure that there are many avenues toward incorporating our technologies, whether we are producing or others are.

當然。謝謝你的提問。與 Lonza 的安排與我們宣布的其他安排類似，我們只是想確保為客戶的 CleanCap 和我們的其他技術開發計劃開放所有途徑。正如您可能猜到的那樣，這不是事情開始的瞬間。這是一項需要時間來構建的支持，特別是在 GMP 服務中，特別是在 Lonza 運營的高層中，這些合約通常提前幾個季度進行談判。因此，我們預計消費將會增加。但同樣，我們的想法是確保有多種途徑來整合我們的技術，無論我們是在生產還是其他人在生產。

That's great. And then maybe a separate follow-up question. I've been getting a lot of questions from investors asking about the Biosecure Act and impact that, that may or may not have on respective businesses. And I'm just curious as it sounds like there's a markup meeting next week with the House. How would that impact your business if, in fact, that becomes law?

那太棒了。然後可能是一個單獨的後續問題。我收到了很多投資者的問題，詢問《生物安全法案》及其對各自業務可能產生或可能不產生的影響。我只是很好奇，因為聽起來下週眾議院將召開加價會議。如果這實際上成為法律，會對您的業務產生什麼影響？

Well, there's definitely a lot of conversation about this. And like you say, it's not law yet. As we've looked at things, we have a significant proportion of our business in the U.S. and Europe. And from the perspective of CDMO services, if something like that were to go into effect, we think it would essentially lead to a new equilibrium across geographies. And as we are a majority U.S. and Europe, we would be able to participate in that.

嗯，關於這個肯定有很多討論。就像你說的，這還不是法律。正如我們所看到的，我們的業務很大一部分在美國和歐洲。從 CDMO 服務的角度來看，如果類似的事情生效，我們認為這將從本質上導致跨地區的新平衡。由於我們是美國和歐洲的大多數，我們將能夠參與其中。

Your next question comes from the line of Tejas Savant with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Tejas Savant。

I just want to follow up on that Lonza question from earlier, Trey. Can you just give us some color on how the deal came about? Was this an unsolicited inbound? Did Lonza consider alternatives as they chose Maravai? And has this contract win sparked further discussions with either pharma customers or other CDMOs? And does it come with any minimum volume commitments at all?

我只是想跟進之前 Lonza 提出的問題，Trey。您能為我們介紹一下這筆交易是如何達成的嗎？這是未經請求的入境嗎？ Lonza 在選擇 Maravai 時是否考慮過其他選擇？此次贏得合約是否引發了與製藥客戶或其他 CDMO 的進一步討論？它是否有任何最低數量承諾？

Great questions, Tejas. Let me hand that over to Becky, who is actually directly involved in those discussions. Becky, are you with us?

很好的問題，Tejas。讓我把這個問題交給貝基，她實際上直接參與了這些討論。貝基，你和我們一起嗎？

Yes. So look, I think this is really a broader strategy that we have. We see CDMOs as a very good channel for our GMP biomanufacturing materials. And to enable the adoption of CleanCap, we realized that there are customers that have many choices and there are many choices to (technical difficulty) and certainly, capacity, expertise and desire and different partnership structures that (technical difficulty) have with different CDMOs are all part of the driver of selection. So what we're looking to do is build enablement structures to partner with Tier 1 CDMOs that have a desire to partner with us. And yes, we have a contract with them. And so there's typically a mutual agreement around wanting to bring CleanCap in as a platform technology and then have a glide path for customers to have the ease of use with that CDMO and really streamline activities between the 2 companies and make it easier.

是的。所以看，我認為這確實是我們擁有的更廣泛的策略。我們認為 CDMO 是我們 GMP 生物製造材料的一個非常好的管道。為了實現 CleanCap 的採用，我們意識到客戶有很多選擇，並且有很多選擇（技術難度），當然，能力、專業知識和願望以及與不同 CDMO 的（技術難度）不同的合作夥伴結構所有部分的驅動程序的選擇。因此，我們希望做的是建立支持結構，以便與願意與我們合作的一級 CDMO 合作。是的，我們與他們簽訂了合約。因此，通常會達成共識，希望將 CleanCap 作為一種平台技術引入，然後為客戶提供一條滑行路徑，以便輕鬆使用該 CDMO，並真正簡化兩家公司之間的活動並使其變得更容易。

Got it. That's super helpful color. And then, Trey, one for you on the opening of the San Diego facility here. Is there a backlog of work that's already in place there or building up the book of business is still ahead of you? Just help us think through sort of the capacity utilization ramp at the site. And what's the max sort of potential revenue that we can expect to see there over time?

知道了。這是超級有用的顏色。然後，特雷，為您介紹聖地牙哥工廠開業的情況。那裡是否已經積壓了工作，或者您仍然需要建立業務簿？請幫助我們思考該站點的產能利用率。隨著時間的推移，我們可以預期在那裡看到的最大潛在收入是多少？

Sure. There is definitely a buildup to be had because -- in no small part because we did not have the late-phase clinical capabilities from an infrastructure point of view until the opening of the facility. But I will hand it to Drew, who has been living this life and give you some more color there.

當然。肯定需要進行積累，因為在很大程度上是因為從基礎設施的角度來看，在設施開業之前我們不具備後期臨床能力。但我會把它交給一直過著這一生的德魯，並在那裡給你更多的色彩。

Sure. We do have -- we have taken our first committed orders for that facility. It is -- as you would expect, it's a funnel we expect to continue to grow over time. But we have already contracted late-phase mRNA builds for the facility.

當然。我們確實已經收到了該設施的第一批承諾訂單。正如您所期望的那樣，這是一個我們預計會隨著時間的推移而繼續增長的漏斗。但我們已經為該設施簽訂了後期 mRNA 構建合約。

Your next question comes from the line of Dan Leonard with UBS.

你的下一個問題來自瑞銀集團的 Dan Leonard。

So I know it's gotten harder to unscramble the egg between what's COVID and what's non-COVID nowadays. But as best you can tell, did the base business, the non-COVID business with the Nucleic Acid Production, did that grow sequentially versus the fourth quarter?

所以我知道現在要區分什麼是新冠病毒和什麼是非新冠病毒變得越來越難了。但據您所知，基礎業務（包括核酸生產的非新冠業務）與第四季相比是否連續成長？

Versus the fourth quarter?

與第四季相比？

Yes.

是的。

Well, and you're saying base non-COVID Q1 -- Q4, Q1 sequential?

好吧，你是說基本非新冠疫情第一季、第四季、第一季的順序？

Yes, best efforts because I know it's hard to unscramble that.

是的，盡最大努力，因為我知道很難理解它。

It is.

這是。

I mean, Dan, I mean, obviously, we're not breaking that out now, so I can't directly answer the question. What I would say to that, generally speaking, certainly, the Nucleic Acid Production business obviously was down versus the fourth quarter sequentially as expected. And one component of that were these GMP orders for CleanCap, which we had scheduled coming into this year. And that took a step down from the run rate we had been seeing throughout the course of 2023. And that was the largest contributor to that sequential decline. I think that's the best way for me to answer that question.

我的意思是，丹，我的意思是，顯然，我們現在還沒有透露這個問題，所以我不能直接回答這個問題。我想說的是，一般來說，當然，核酸生產業務明顯比預期的第四季下降。其中一個組成部分是 CleanCap 的 GMP 訂單，我們計劃在今年發布。這比我們在 2023 年整個過程中看到的運行率有所下降。我認為這是我回答這個問題的最佳方式。

Got it. No, I appreciate that. And my follow-up, I could use a bit of help on the gross margin line. I know you said that margins came in near your plan, but I think perhaps our model wasn't dialed in appropriately. And cost of goods were higher than we expected, and they were up year-over-year despite lesser revenue. So how can we think about -- better think about the gross margin progression from here?

知道了。不，我很欣賞這一點。我的後續行動是，我可以在毛利率方面獲得一些幫助。我知道您說過利潤接近您的計劃，但我認為也許我們的模型沒有適當調整。商品成本高於我們的預期，儘管收入減少，但仍同比上漲。那麼，我們如何更好地考慮從這裡開始的毛利率進展？

Yes, certainly, Dan. Certainly, gross margin as well as our EBITDA margin will fluctuate predominantly based on revenues. And when you really take that down to the next layer, it's within the Nucleic Acid Production segment and even a layer lower tied to our manufacturing facilities here in San Diego, where we have the most substantial amount of fixed costs and overall labor. I think another component of that, that we saw here in the first quarter, which was relatively as anticipated, was just the mix. I mean we did have a lower overall CleanCap quarter versus some of the previous quarters we had seen. And that's certainly a higher-margin product, particularly when we're doing it at higher volumes and in sort of bulk to some of our larger pharma customers for their needs.

是的，當然，丹。當然，毛利率以及我們的 EBITDA 利潤率將主要根據收入而波動。當你真正將其深入到下一層時，它屬於核酸生產部門，甚至是與我們在聖地牙哥的製造設施相關的更低一層，在那裡我們擁有最大量的固定成本和整體勞動力。我認為我們在第一季看到的另一個組成部分相對如預期，就是混合。我的意思是，與我們之前看到的一些季度相比，我們的整體 CleanCap 季度確實較低。這肯定是一種利潤率較高的產品，特別是當我們以更高的產量和批量向一些較大的製藥客戶提供以滿足他們的需求時。

So you'll see that margin ebb and flow a little bit with the overall volume of CleanCap. When you look back at, say, the fourth quarter of '23 or the first quarter of '23, we had those larger CleanCap quarters, you see those gross margins higher. And then I think as we go into the second quarter, we do see a substantial (technical difficulty) and CleanCap based upon those contracted shipments that we have visibility to today. So lower revenue margin predominantly. And then I mentioned a little bit start-up costs related to Flanders. We do have some period costs to go through and revalidating new equipment and putting in disposable things, kits and gloves and chemicals and other things you'd need. So that was another part of it. So you'll see the margin bounce around a little bit, and that really flows down overall to the EBITDA margin as well. But as we look forward, particularly here in the second quarter, we see that bouncing back and likely to be very consistent with some of what we saw in the fourth quarter of '23.

因此，您會看到利潤隨著 CleanCap 的整體交易量而略有波動。當您回顧 23 年第四季或 23 年第一季時，我們有較大的 CleanCap 季度，您會看到毛利率更高。然後我認為，當我們進入第二季度時，我們確實看到了巨大的（技術困難）和 CleanCap，這是基於我們今天能看到的合約出貨量。因此，主要是降低收入利潤率。然後我提到了一些與法蘭德斯相關的啟動成本。我們確實需要一些期間成本來檢查和重新驗證新設備，並放入一次性物品、套件、手套、化學品以及您需要的其他物品。這是事情的另一部分。因此，您會看到利潤率略有反彈，並且整體上也確實下降到 EBITDA 利潤率。但當我們展望未來時，特別是在第二季度，我們看到這種反彈，並且可能與我們在 23 年第四季看到的一些情況非常一致。

Your next question comes from the line of Catherine Schulte with Baird.

你的下一個問題來自凱瑟琳舒爾特和貝爾德的對話。

This is Tom Peterson on for Catherine. Just to start, I guess, we've heard from peers that there's perhaps a slower-than-normal budget release from pharma this year. I guess did you see any of these dynamics in the quarter, particularly just any atypical phasing that you saw in the first quarter?

這是凱瑟琳的湯姆彼得森。我想，首先，我們從同行那裡聽說，今年製藥公司的預算發布可能比正常情況慢。我想您在本季是否看到了這些動態，特別是您在第一季看到的任何非典型階段？

Sure. The -- with our 2 different segments, there are different dynamics. Typically, in BST, we see our high point in Q1. And that has to do, I think, mostly with calendar budget, pharma program planning and really consequentially CDMO program planning. In NAP, we did see a little bit of that. I'll hand that over to Drew specifically.

當然。我們有兩個不同的細分市場，有不同的動態。通常，在 BST 中，我們會在第一季看到最高點。我認為，這主要與日曆預算、製藥項目規劃以及真正相應的 CDMO 項目規劃有關。在 NAP 中，我們確實看到了一些這樣的情況。我會專門把它交給德魯。

Yes. I would say we saw a couple of different dynamics. It's a little tough to disentangle. I think we're seeing some rationalization, both among big pharma and small pharma. That said, we also saw some situations where people are continuing to push pipelines ahead. And we saw a stronger funding environment in the public and the venture capital markets. So a little bit cross currents. I don't think in our business, we see any discernible trends from that. We assume it's probably going to take a bit of time before that -- those funding dynamics, the strengthening in funding shows up in orders. But I guess that's how I would characterize the environment.

是的。我想說我們看到了一些不同的動態。想要解開有點困難。我認為我們正在看到大型製藥公司和小型製藥公司之間的一些合理化。也就是說，我們也看到了一些人們繼續推進管道的情況。我們看到大眾和創投市場的融資環境更加強勁。所以有點橫流。我認為在我們的業務中，我們沒有看到任何明顯的趨勢。我們認為在此之前可能需要一些時間——這些資金動態、資金的加強會在訂單中反映出來。但我想這就是我對環境的描述。

Okay. That's helpful. And then maybe just one for Kevin on some of the cost actions and restructuring. How rightsized do you feel that the incorporating cost structure is today, given some of the comments around some of the commercial focus on today's call. Should we be thinking about any kind of incremental actions in '24 in either direction? And should we still be thinking about kind of $26 million of net benefit from the cost action here in '24?

好的。這很有幫助。然後也許只是凱文關於一些成本行動和重組的問題。考慮到今天電話會議上一些商業焦點的一些評論，您認為今天合併成本結構的規模有多大。我們是否應該考慮在 24 年朝任一方向採取任何增量行動？我們是否仍應該考慮 24 年成本行動帶來的 2,600 萬美元的淨收益？

Yes. I think absolutely. I think that the cost actions about -- which we're targeting about $30 million with about 2/3 of those tied to labor. Those have all happened. So with that flex in the headcount and some of the metrics that I spoke of. And we will continue to, as we spoke of, make targeted investments in commercial. So we'll continue to see, I think, that line in our R&D line, particularly continue to see incremental investments throughout the course of the year. And again, I think the right way to sort of look at this as we tried to frame in last call is if you have 200 units of cost, we weren't necessarily going from 200 units to -- down to 170 units. It was more like as opposed to going from 200 units to where it would naturally have been something at 240 or closer to 210.

是的。我認為絕對是。我認為我們的目標是大約 3000 萬美元，其中大約 2/3 與勞動力有關。這些都已經發生了。因此，隨著員工人數和我提到的一些指標的靈活性。正如我們所說，我們將繼續在商業領域進行有針對性的投資。因此，我認為，我們將繼續在研發領域看到這一點，特別是在全年中繼續看到增量投資。再說一次，我認為正確的看待這個問題的方法是，如果你有 200 個單位的成本，我們不一定會從 200 個單位下降到 170 個單位。它更像是從 200 單位到自然達到 240 或接近 210 的單位。

We sort of took some of that out of our run rate, but we also want to make sure we were still investing in R&D for innovation's sake. And we talked a lot about that progress in commercial. We talked a lot about that progress as well as in Alphazyme and in Cygnus, which continue to show good momentum and good growth. So our focus was really in taking those costs specifically out of G&A and specifically about rightsizing the operations at TriLink here in the San Diego facility and then kind of also converting some of that labor and making them punch -- move over and take care of some of the increasing demand we'll be seeing that will be driven by Flanders 2. So again, it was a very focused effort. We're very happy with how we've executed that, and we're on track to realize all those savings that we articulated.

我們從運行率中剔除了其中的一部分，但我們也想確保我們仍然出於創新目的而投資於研發。我們談了很多關於商業方面的進展。我們談論了很多關於 Alphazyme 和 Cygnus 的進展，它們繼續表現出良好的勢頭和良好的成長。因此，我們的重點實際上是從 G&A 中剔除這些成本，特別是對 San Diego 工廠 TriLink 的運作進行調整，然後轉換部分勞動力，讓他們轉過來，照顧一些人。不斷成長。我們對我們的執行方式感到非常滿意，我們有望實現我們所說的所有這些節省。

Your next question comes from the line of Matthew Sykes with Goldman Sachs.

你的下一個問題來自高盛的馬修·賽克斯（Matthew Sykes）。

This is Evie on for Matt. Could you walk through the current GMP to RUO split and how you see that trending throughout this year with the new facilities coming online?

這是埃維為馬特代言的。您能否詳細介紹一下目前 GMP 到 RUO 的劃分，以及您如何看待今年隨著新設施上線而出現的趨勢？

Yes, I can take that. And it's not something necessarily broken out. But I would say that when we look down through our business, particularly Nucleic Acid Production, we see -- we look at it in different ways. We obviously have our business units that we look at. Those represent both our Alphazyme business, which continues to grow and perform well. Our Glen Research business unit, which is part of the structure but tied more predominantly to diagnostic sequencing and some of those applications, which continues to perform extremely well. And then we have within what we brand as our TriLink products, really the bifurcation between discovery and that kind of RUO business, if you will, on the research side. And then we have GMP. And certainly, throughout the course of the year, I would say the discovery has been fairly steady and that it will ebb and flow a little bit. But it won't have sort of some of the volatility that we see in GMP, meaning you have ongoing purchases, lower ticket items, more recurring purchases and a longer tail of customers there.

是的，我可以接受。而且這不一定是被打破的事情。但我想說，當我們審視我們的業務，特別是核酸生產時，我們會發現——我們以不同的方式看待它。顯然，我們有自己關注的業務部門。這些代表了我們的 Alphazyme 業務，該業務持續成長且表現良好。我們的格倫研究業務部門是該結構的一部分，但更主要與診斷測序和其中一些應用程式相關，該部門繼續表現出色。然後，在我們的 TriLink 產品品牌中，發現和 RUO 業務（如果你願意的話）在研究方面確實存在分歧。然後我們有 GMP。當然，在這一年中，我想說這項發現相當穩定，並且會略有起伏。但它不會有我們在 GMP 中看到的一些波動，這意味著您有持續的購買、更低的票價項目、更多的經常性購買以及更長的客戶尾部。

So that's a unique dynamic and why we're managing it slightly differently. But with GMP, that's where we will see sort of the spikiness in our business as we have large bulk orders for CleanCap or as we do those GMP mRNA jobs. And certainly, those are the areas as we go throughout the course of the year with the Flanders capabilities and moving into next year, we see the opportunity to grow the business. So I would say we're focused on discovery, a little less dynamic historically. And then GMP's the one that could be a lot more dynamic. And right now, when we look at the quarter, the 2 within TriLink, we're relatively evenly split this quarter. I think that dynamic will change next quarter even as we grow because we're aware of some of the GMP jobs and commitments that we have there as well as the uplift in the GMP CleanCap orders that we already have booked for the second quarter.

所以這是一種獨特的動態，也是我們管理它的方式略有不同的原因。但對於 GMP，我們的業務將會出現一些尖峰，因為我們有 CleanCap 的大宗訂單，或者當我們進行 GMP mRNA 工作時。當然，這些是我們在這一年裡憑藉法蘭德斯的能力所涉足的領域，進入明年，我們看到了業務成長的機會。所以我想說我們專注於發現，歷史上的活力稍弱一些。然後 GMP 可能會更有活力。現在，當我們查看 TriLink 內的第 2 季時，我們在本季的分佈相對均勻。我認為，即使我們不斷發展，下個季度這種動態也會發生變化，因為我們意識到我們在那裡擁有的一些 GMP 工作和承諾，以及我們已經為第二季度預訂的 GMP CleanCap 訂單的增加。

I think that's well said. We expect the discovery business to be much broader, diversified and like Kevin said, lower ticket item, which means probably less lumpy, which is a term you're hearing thrown around a lot this season. GMP will, of course, be more of the late-phase pharma lumpiness. So we tend not to look at the business that way necessarily. As Kevin said, we have -- we operate TriLink Discovery and TriLink GMP differently. But because GMP is so subject to those large order swings, the proportion can ebb and flow quite a bit. It's something that has to be tracked over probably longer periods.

我認為這句話說得很好。我們預計發現業務將更加廣泛、多元化，並且像凱文所說的那樣，票價較低的項目，這意味著可能不那麼笨拙，這是你本季經常聽到的術語。當然，GMP 將更多地涉及後期製藥的塊狀。因此，我們往往不一定以這種方式看待業務。正如 Kevin 所說，我們以不同的方式經營 TriLink Discovery 和 TriLink GMP。但由於 GMP 容易受到訂單大幅波動的影響，因此該比例可能會大幅波動。這是必須在可能更長的時間內進行追蹤的事情。

Okay. Definitely, that makes sense. And then second, on the EBITDA margin, could you talk about what an exit rate might look like compared to last year? I know there's a lot of puts and takes with less COVID volume but also taking into consideration some of the cost savings. So I guess just thinking about like cadence, especially as we get into like Q4 and then into 2025?

好的。當然，這是有道理的。其次，關於 EBITDA 利潤率，您能否談談與去年相比退出率可能會是什麼樣子？我知道有很多看跌期權，但新冠病毒數量較少，但也考慮了一些成本節省。所以我想只是考慮一下節奏，特別是當我們進入第四季度，然後進入 2025 年時？

Yes, sure. Certainly, with the revenue being at a low mark here in the first quarter versus what we've seen, and that translates into the lower EBITDA margin that we've seen and the lowest we've seen looking back certainly at the last 5 quarters. And we certainly see that growing. I think if you just look -- I'll just refer to the midpoints of our guidance for simplicity. That will see us printing revenue numbers on average of around $71 million for the next few quarters and EBITDA probably around average $19 million or so to get to the middle of that range. That would be 27-ish percent on average EBITDA margins for the next 3 quarters. There'll be some ebb and flow there, certainly, again, tied to some of these spikes and quarterly sequential moves on CleanCap and some of our higher-margin products.

是的，當然。當然，與我們所看到的相比，第一季的收入處於較低水平，這意味著我們所看到的 EBITDA 利潤率較低，也是過去 5 個季度我們所看到的最低水平。我們當然看到這種增長。我想如果你只是看看——為了簡單起見，我只會參考我們指南的中點。這將使我們在接下來的幾季列印的收入平均約為 7,100 萬美元，而 EBITDA 可能平均約為 1,900 萬美元左右，以達到該範圍的中間值。未來 3 個季度的平均 EBITDA 利潤率將達到 27% 左右。當然，那裡還會有一些潮起潮落，這與 CleanCap 和我們的一些利潤率較高的產品的一些峰值和季度連續變動有關。

But I think you'll see, again, those sort of on average numbers and kind of moving again with revenue. Again, as we see it right now, you see we're saying that the second quarter here will likely be up in that, in the low 70s. That will probably carry a much higher margin, and then we'll kind of revisit the rest of the year as we get into it. But I think as we're looking at the business right now getting back into the type of margins we saw exiting Q4, certainly up in the 25 to 30 range is what we're looking to do. And certainly, that will be tied to the revenue profile of the business, particularly with the NAP segment.

但我認為你會再次看到這些平均數字，並且隨著收入的增長而再次變化。再說一次，正如我們現在所看到的，我們說第二季的成長率可能會上升到 70 多歲。這可能會帶來更高的利潤，然後我們將在今年剩餘時間重新審視這一點。但我認為，當我們現在正在考慮將業務利潤率恢復到第四季度的水平時，我們當然希望將利潤率提高到 25 至 30 的範圍內。當然，這將與業務的收入狀況相關，特別是 NAP 部門。

Your next question comes from the line of Matt Larew with William Blair.

你的下一個問題來自馬特·拉魯（Matt Larew）和威廉·布萊爾（William Blair）的對話。

First question, Trey, you talked about a litany of new product and service offerings, which sort of has been the theme over the last year. But obviously, the top line impact maybe hasn't been apparent just because of the broader headwinds your business is facing. Could you maybe help us point to one or multiple of those products you see as the -- or service offerings you see as the most potentially needle moving in terms of helping to inflect the top line, be it from traction you're seeing with customers, most promising funnel building, maybe where you have the most apparent right to win just because there's so much sort of new that's going on maybe just help us focus in what you see as most meaningful.

第一個問題，Trey，您談到了一系列新產品和服務，這一直是去年的主題。但顯然，僅僅因為您的企業面臨更廣泛的阻力，營收影響可能並不明顯。您能否幫助我們指出您認為最有可能改變營收的產品或服務產品中的一種或多種，無論是來自您對客戶的吸引力，最有前途的漏斗建設，也許你有最明顯的獲勝權利，因為有這麼多新的事情正在發生，也許只是幫助我們專注於你認為最有意義的事情。

Yes, absolutely. That's a good way to look at it actually, and it sort of dovetails into the previous question about the business dynamics that are different between the discovery business, which is where those mRNA catalog products we announced here. They sit in discovery/RUO versus, of course, GMP services, where we do contract mRNA production for people but also where GMP CleanCap and other process input sit. I would say probably the most needle moving and most exciting over the past year, we are, I guess, about to hit the 1 year anniversary of the launch of CleanCap M6, which was an RUO product. I would say that, that product exceeded our initial expectations pretty significantly.

是的，一點沒錯。實際上，這是一個很好的看待它的方式，它與先前關於發現業務之間不同的業務動態的問題相吻合，這就是我們在這裡宣布的 mRNA 目錄產品的所在。當然，它們位於發現/RUO 與 GMP 服務中，我們在 GMP 服務中為人們承包 mRNA 生產，但也位於 GMP CleanCap 和其他流程輸入中。我想說，這可能是過去一年中最令人感動和最令人興奮的一年，我想，我們即將迎來 CleanCap M6 推出一周年紀念日，這是一款 RUO 產品。我想說的是，該產品大大超出了我們最初的預期。

And as we just announced taking that to GMP where we've already run an engineering batch, we're going to hit GMP M6 within a year of the launch of the RUO product, and that's pretty exceptional. And of course, the historical participation of this company in pandemic vaccines and other things comes from the GMP reagents space. So those are definitely needle movers. So I would say that probably the most exciting and needle moving of the NPIs is a great example because it was an RUO from almost exactly a year ago and now will be a GMP going forward shortly here.

正如我們剛剛宣布將其納入 GMP，我們已經運行了一批工程批次，我們將在 RUO 產品推出後一年內達到 GMP M6，這是非常特殊的。當然，該公司在大流行疫苗和其他領域的歷史參與來自 GMP 試劑領域。所以這些絕對是推動者。所以我想說，NPI 中最令人興奮和最令人感動的可能是一個很好的例子，因為它是幾乎一年前的 RUO，現在很快就會成為這裡的 GMP。

Okay. And then one for Kevin, just sort of on the cadence of G&A. You had referenced on the last call G&A being down about 5% for the full year, and we certainly modeled it down sequentially. You may have referenced some one-timers, but I think just to start hitting that upper 20s EBITDA margin range, particularly the gross margins you outlined, there would seem to be -- that require like a significant step down sequentially in G&A in the second quarter and then beyond that. Is that still right? And just maybe remind us again on the moving pieces from Q4 to Q1 and Q1 to Q2.

好的。然後是凱文的一首，有點像 G&A 的節奏。您在上次電話會議中提到，全年 G&A 下降了約 5%，我們當然也按順序對其進行了建模。你可能提到了一些一次性的人，但我認為，要開始達到 20 多歲的 EBITDA 利潤率範圍，特別是你概述的毛利率，似乎需要在第二年的一般管理費用方面按順序大幅下降四分之一，然後再超出。仍然是這樣嗎？也許再次提醒我們從第四季到第一季以及從第一季到第二季的變化。

Yes. I think that one of the things you have to obviously carve out of there are the non-EBITDA impacting items. That's certainly part of that view. So when you look at that, you have the, I guess, I would say, the stock, which is going up fairly materially this year versus last year's (technical difficulty) with what we're seeing in the G&A line as far as the trends there. And so I think that, that's -- when you peel back that, we are seeing that decline and that added to contribution to the overall EBITDA margins. When I look at our adjusted just G&A expense for the first quarter here versus where we were a year ago, that is down -- gosh, let me just look at this real quickly before move on. It's down just under 20% year-over-year on the expenses to hit the EBITDA line. So I think we're very happy with the progress we're making there and have made and see that as a steady run rate to achieve that full year savings.

是的。我認為，你必須明顯擺脫的事情之一是非 EBITDA 影響專案。這當然是這種觀點的一部分。因此，當你看到這一點時，我想，我會說，與去年（技術難度）相比，今年的股票大幅上漲，我們在 G&A 行中看到的情況是那裡的趨勢。所以我認為，當你剝離這一點時，我們會看到這種下降，並且這增加了對整體 EBITDA 利潤率的貢獻。當我看看我們第一季調整後的一般管理費用與一年前相比，情況有所下降——天哪，讓我在繼續之前快速看看這個。達到 EBITDA 線的費用年減了近 20%。因此，我認為我們對在那裡取得的進展感到非常滿意，並將其視為實現全年節省的穩定運行率。

Your next question comes from the line of Michael Ryskin with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Michael Ryskin。

This is [Bob Chen] on for Mike. So I wanted to take back up on the kind of biotech funding line of questioning. Understandably, an uptick in biotech funding isn't going to immediately become revenues for Maravai, but I'm interested in your thinking around are you seeing this reflected in your conversations? Or how should we kind of think about the lag between an improvement in the end market and then that translating into your order book and eventually revenues?

這是麥克的[Bob Chen]。所以我想重新討論一下生技融資方面的問題。可以理解的是，生物技術資金的增加不會立即成為 Maravai 的收入，但我對你的想法感興趣，你是否在談話中看到了這一點？或者我們應該如何考慮終端市場的改善與轉化為訂單和最終收入之間的延遲？

Yes. I think we touched the idea that the -- let's call it, the thawing of that environment will be beneficial going forward, definitely not an immediate thing. But maybe, Drew, if you have some color or anonymized examples.

是的。我認為我們觸及了這樣的想法：環境的解凍將有利於未來的發展，但絕對不是立竿見影的事。但也許，德魯，如果你有一些彩色或匿名的例子。

Yes, sure. Look, I think every customer has their own journey and kind of translating through their new funding where they have achieved such into new clinical plans, putting those to work, purchasing raw material inputs or purchasing mRNA. It's going to be a variety of time. I think, look, we landed where we expected to land for Q1 or maybe a little bit stronger. We haven't seen any kind of dramatic change as a result of the funding in aggregate, but every customer journey is maybe a little bit exposed.

是的，當然。看，我認為每個客戶都有自己的旅程，並透過他們的新資金將其轉化為新的臨床計劃，將其付諸實施，購買原材料投入或購買 mRNA。這將是一個各種各樣的時間。我認為，看，我們達到了第一季預期的水平，或者可能更強一些。我們還沒有看到融資總額帶來任何巨大的變化，但每個客戶的旅程可能都有點暴露。

Got it. Appreciate the color there. And then kind of pivoting a bit. I noticed through the presentation you mentioned your openness to M&A a couple of times. Wondering if there are any areas of the portfolio that you see as particularly suited to inorganic additions. Then are you -- what are you seeing in terms of seller expectations in terms of -- regarding valuation now that the broader sector has started to catch a bit?

知道了。欣賞那裡的顏色。然後有點旋轉。我在演講中註意到您多次提到了對併購的開放態度。想知道您認為產品組合中是否有任何領域特別適合無機添加。那麼，既然更廣泛的行業已經開始受到關注，那麼您對賣家的期望有何看法？

Very insightful question. We have definitely been active. And one of the tricks with all of this is that we can't really talk about it until it's official. But one of the things I would say is we have seen a tremendous number of things that are strategically aligned. And obviously, that's what we look for first. The challenge to date has been finding strategically aligned opportunities that are also financially aligned. At the -- our specialty at Maravai has been a scientific founder-driven category-leading companies. We think that's a very good niche that we fill, and there's certainly plenty of opportunities to do that. But your comment is correct about expectations. This has been such a dynamic environment with the pandemic, with the pandemic falloff, with interest rates, with funding. It has been head-spinning, to be sure. The challenge, I would say, for us has not been a challenge of finding strategically aligned opportunities more so financially aligned. But we continue to look for that right fit, and we're definitely still very active in that area.

非常有見地的問題。我們確實一直很活躍。所有這一切的技巧之一是，在正式發布之前我們不能真正談論它。但我要說的一件事是，我們已經看到了大量戰略一致的事情。顯然，這就是我們首先要尋找的。迄今為止的挑戰是尋找策略上一致且財務上一致的機會。在 Maravai，我們的專長是一家由科學創辦人驅動的產業領導公司。我們認為這是一個我們可以填補的非常好的利基市場，並且肯定有很多機會可以做到這一點。但你對期望的評論是正確的。這是一個充滿了疫情、疫情衰退、利率和資金的動態環境。確實，這令人頭暈目眩。我想說，對我們來說，挑戰並不是尋找策略一致的機會，更重要的是尋找財務上一致的機會。但我們會繼續尋找合適的人選，並且我們在該領域仍然非常活躍。

Your next question comes from the line of Conor McNamara with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部的康納·麥克納馬拉 (Conor McNamara)。

This is [David Carter] on for Conor. I just wanted to touch on what the step-up in volume and revenue is for customers as they move up in clinical trials?

這是康納的[大衛卡特]。我只是想談談隨著客戶在臨床試驗中的進展，數量和收入的提升是什麼？

Okay.

好的。

For your Flanders 2 as it come up.

當您的 Flanders 2 出現。

Okay. Yes. I mean this comes back a little bit to the prior theme where in RUO, you have PO sizes in the 5 to 6 figures, sometimes in the 7 figures. In GMP, you typically start in the 6 figures and go into the 7 or even 8 figures, but it's completely program dependent. When you sell a GMP reagent, for example, it's simply a function of scale. But when you do a contract mRNA service under GMP, each and every program is unique, bespoke. And it completely depends on yield, purity, analytical services, all sort of the litany of things. They're all custom quoted. So there's not -- unfortunately, if I understand your question correctly, there's not necessarily a standard expectation there. Those are big line items, and they're big projects, but they're all very different.

好的。是的。我的意思是，這有點回到之前的主題，在 RUO 中，PO 大小為 5 到 6 位數字，有時為 7 位數字。在 GMP 中，通常從 6 位數字開始，然後進入 7 位甚至 8 位數字，但這完全取決於程式。例如，當您銷售 GMP 試劑時，它只是規模的函數。但是，當您根據 GMP 提供合約 mRNA 服務時，每個程式都是獨特的、客製化的。它完全取決於產量、純度、分析服務等等。它們都是客製化引用的。所以不幸的是，如果我正確理解你的問題，那裡不一定有標準的期望。這些都是大項目，都是大項目，但它們都非常不同。

Could you also provide some color on the impact of the Thermo CleanCap partnership that you announced in relation to the [M] message?

您能否也提供一些關於您宣布的與 [M] 訊息相關的 Thermo CleanCap 合作夥伴關係的影響的資訊？

What was the last part of that, sorry? Thermo partnership.

抱歉，最後一部分是什麼？熱能合作夥伴關係。

The Thermo including your [MCAP] in there in vitro [transcription] kits?

Thermo 在體外 [轉錄] 試劑盒中包含您的 [MCAP]？

Yes. Okay. So that's another example, I would say, of our wanting to make sure that we are seeding the market with our technology, whether the discovery market or the GMP market. So we -- that's another public license where Thermo is licensed to incorporate chemistries in their in vitro transcription kits. This is one of the many ways that developers will get mRNA in their own hands. In that case, they might have to template themselves and run the IVT process on the bench. That's an RUO-only application. But that's, I think, just another of the broad examples of our trying to make sure that we have broad accessibility for all of our technical solutions in the market.

是的。好的。我想說，這是我們希望確保用我們的技術播種市場的另一個例子，無論是發現市場還是 GMP 市場。所以我們——這是另一個公共許可，Thermo 被許可將化學物質納入其體外轉錄試劑盒中。這是開發人員將 mRNA 掌握在自己手中的多種方式之一。在這種情況下，他們可能必須自行建立範本並在工作台上執行 IVT 流程。這是一個僅限 RUO 的應用程式。但我認為，這只是我們努力確保市場上所有技術解決方案具有廣泛可近性的另一個廣泛例子。

That concludes our Q&A session. I will now turn the conference over to Debbie Hart.

我們的問答環節到此結束。我現在將會議交給黛比·哈特。

Great. Well, thank you, everyone, for joining us today. We'll be attending several conferences in the coming months. So I encourage you to look at our Events section of our website. And hopefully, we can catch up with you in person at one of those events. Feel free to connect with us with any further questions, and we hope you have a great evening. Good night.

偉大的。好的，謝謝大家今天加入我們。我們將在接下來的幾個月內參加幾個會議。因此，我鼓勵您查看我們網站的活動部分。希望我們能夠在其中一場活動中親自與您見面。如有任何其他問題，請隨時與我們聯繫，我們希望您度過一個愉快的夜晚。晚安。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。